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Publick Debt

5,722,857 01 Military Service, including Fortifica.

tions, Ordnance, Indian Department, Revolutionary and Military Pensions, Arming the Militia, and Arrearages

prior to the 1st of January, 1817 ... 5,108,097 52 Naval Service, including the gradual Increase of the Navy

2,452,410 27

The Receipts of the Year will, therefore, exceed the estimated Expenditure by

.........Dollars...1,162,338 20

Which, after discharging the difference between the Balance in the Treasury on the 1st of January, 1822, and the Balance of Appropriations chargeable upon it, will leave in the Treasury, on the 1st of January, 1823, a Balance estimated at 671,375 Dollars 50.

It is, however, proper to state, that, in the Estimate for the Naval Service, only 200,000 Dollars of the annual Appropriation of 500,000 Dollars for the gradual Increase of the Navy, is included; but that, of the amount estimated by the Secretary of War, a sum larger than the Balance of that Appropriation is for Arrearages for Revolutionary Pensions and the Indian Department, which will not be embraced in the Estimates for the Year 1823.

The Expenditure of the 2 succeeding Years, it is believed, will not exceed that of the Year 1822, unless a further Expenditure shall, in the intermediate time, be authorized by Law. But, in the Es. penditure of the Year 1822, and also of 1823 and 1824, no part of the annual Appropriation of 10,000,000 Dollars, constituting the Sinking Fund, is comprehended, except what is necessary to discharge the interest of the Publick Debt, and the reimbursement of the 6 per cent. Deferred Stock. On the 1st of January, 1825, and the 3 succeeding Years, the Debt contracted during the Years 1812, 1813, 1814, and 1815, becomes redeemable at the will of the Government. These sums greatly exceed the amount of the Sinking Fund applicable in those Years to the redemption of the Publick Debt. As the current value of the 5 per cent. Stock, created during the last and present Years, exceeds that of the 7 per cent. Stock, and of the 6 per cent. Stock of 1812 and 1813, it is presumed that the Holders of those Stocks will be disposed to exchange them for an equal amount of 5 per cent. Stock, redeemable at such periods as to give full operation to the Sinking Fund, as at present constituted. According to this view of the subject, 24,000,000 dollars, of the Stocks which will be redeemable in the Years 1825 and 1826, may be exchanged for 5 per cent. Stock, redeemable, one-third on the 1st of January, 1831, and one-third on the same days of 1832 and 1833. This exchange of 6 per cent. Stock, if effected on the 1st of January, 1823, will produce an annual reduction of the Interest of the Publick Debt, from that time to the first mentioned period, of 240,000 Dollars, and an aggregate saving, through the whole period, of 2,160,000 Dollars. If the whole of the 7 per cent. Stock should be exchanged, the saving will be considerably increased.

If such an exchange of Stock should be deemed inexpedient or impracticable, a saving of equal, if not greater extent, may be effected in the Years 1825, 1826, 1827, and 1828, by borrowing, at the rate of 5 per cent. in the first and each successive Year, a sum equal to the difference between the amount redeemable, and that portion of the Sinking Fund, applicable to its redemption; the 5 per cent. Stock, so created, to be redeemable at such periods as to give full operation to the Sinking Fund, until the whole of the Publick Debt shall be redeemed. If the 5 per cent. Stock shall, during those Years, be above par, a saving beyond that proposed to be effected by the exchange of Stock in 1822 will be secured, to the extent of that difference, by the

latter process.

But, it is possible that the progressive increase of the Revenue, which has been anticipated, and which is necessary to the full operation of the Sinking Fund, may not be realized. In that event, the Publick Expenditure authorized by Law may, after the 1st of January, 1825, exceed the Publick Revenue.

The remedy in such case must be, Ist, an increase of the Publick Revenue by an addition to the existing Impositions; or, 2d, a reduction of the Sinking Fund.

1st. A general revision and correction of the Duties imposed upon Foreign merchandize seem to be required. Many of the articles which pay but 15 per cent. ad valorem, ought, in justice as well as policy, to be placed at 25 per cent, which is the duty paid upon the principal articles of woollen and cotton manufactures. The same observation is applicable to some of the articles which pay 20 per cent. ad valorem. A correction of the existing Duties, with a view to an increase of the Publick Revenue, could hardly fail to effect that object to the extent of nearly 1,000,000 Dollars annually. It is highly probable, however, that an increase of duty on some of those articles might eventually cause a reduction of the Revenue; but this can only take place where similar articles are manufactured in the Country. In that event, domestic manufactures will have been fostered, and the general ability of the Community to contribute to the publick exigencies will have been proportionably increased.

2ndly. Ifit should be deemed expedient to reduce the Sinking Fund, in preference to the imposition of additional Duties, it may be satisfactory to know, that an annual Appropriation for that object of 8,000,000 Dollars, commencing on the 1st of January, 1825, will extinguish the whole of the Publick Debt, exclusive of the 3 per cent. Stock, in the Year 1839. Should the Sinking Fund be reduced to 8,000,000 Dollars, an exchange of 36,000,000 Dollars of 6 per cent for 5 per cent. Stock may be effected in the course of the Year 1822, if the present price of the latter Stock should continue, without diminishing, in any degree, the operation of that Fund, in the redemption of the Publick Debt. Such an exchange would reduce the Interest annually 360,000 Dollars.

The Loan of 5,000,000 Dollars, which was authorised by the Act of 3d March, 1821, has been obtained at an average premium of nearly 5.59 per cent. upon the issue of 5 per cent. Stock, redeemable at the will of the Government, after the 1st of January, 1835. All which is respectfully submitted.

WM. H. CRAWFORD. Treasury Department, 10th December, 1821.

SPEECH of the Lord High Commissioner, on the Opening

of the Legislative Assembly of the United Ionian States.

4th March, 1822. MR. PRESIDENT AND GENTLEMEN,

The extraordinary occurrences which have taken place subsequent to your last Constitutional Adjournment, have made me far more anxious on the present occasion to meet the Representatives of the Ionian People, than at the Opening of any former Session of the Parliament of these States.

The period I allude to has indeed been one of a most eventful nature; and

your Executive Government, placed in a situation perfectly novel, had to adopt such measures as were calculated to obviate the difficulties with which it was surrounded. On the nature of those measures, and on the necessity which dictated them, it will now be my duty to enter into an explanation, with the same openness and candour which I have ever used in all my Communications with this Assembly.

At the commencement of the last Session, I congratulated you on the internal quiet we enjoyed, whilst on the one side the Kingdom of Naples was in a state of complete revolutionary convulsion, and on the other the whole of Epirus in that of rebellion against its established Government. I strongly inculcated then, the absolute necessity of the strictest neutrality and non-interference, as the only line of conduct on the part of the Ionian Government that could preserve the People from a participation in those horrors which desolated the immediate Vicinity.

Now, however, the spirit of Revolution has extended itself far be yond the boundaries of Epirus; and it is known to you all, that it thoroughly pervades the whole of Acarnania, and generally every part of Greece ; whilst the Morea in particular has becomes the theatre of barbarities at which human nature shudders!

Under these circumstances, your Executive Government continued strictly and religiously to adhere to that principle of Neutrality of which it had already felt the benefit: and to this wise and salutary line of conduct is to be attributed the perfect tranquillity now reigning in every part of the Ionian States; though the Measures in its support unavoidably became of a stronger nature, in proportion as a disposition appeared to contravene the system laid down by the Government.

I shall not, however, now enter into a very minute detail of the nature and progress of those measures. They were all open and avowed, and are well known to every Member of the Assembly; but I have ordered the different Proclamations issued to be laid upon your table, which will give you an opportunity of examining each individually, and of founding inquiry on them; to assist which, the Executive Government will readily furnish any Document or Paper connected with the subject which the Assembly may wish to have before it.

Nor is it my intention to detain you by a precise detail of those pumberless acts of violation of neutrality which the Government was called on to restrain and repress. I shall however advert to some of the most prominent; and particularly to that unfortunate transaction at Zante, which forced the Executive Government to adopt the most decisive steps, at once to crush the tumultuous and rebellious spirit which had thus shown itself in these States.

However deeply I may lament the irritation which has existed, I am willing to allow that it admits of great palliation under all the cir. cumstances of the case. It did not surprise the Executive Government, that, when the spirit of revolt against the Turkisk yoke reached the Continent immediately adjacent to the Southern part of these States, the People should display the strongest sympathy ir favour of the Insurgents, who were of the same religious persuasion as themselves, with similar habits, language, and manners: and it naturally was to be expected that enthusiasm would prevail for the emancipation of those who had long suffered under a rule of great severity.

These considerations were sensibly felt by the Government; and it was therefore not only desirous of overlooking trifling deviations from its orders, but of passing under silence many acts, which, abstractedly considered, must have been held of a most culpable nature. Determined, however, as the Government was to save the Ionian People from the consequences of an infatuation, it could no longer abstain from adopting measures absolutely necessary for the support of the

principle it had declared, when it found that the People were disposed to act, so as to endanger the internal tranquillity of the Islands, and to destroy the whole publick character of the Government.

As a proof that these measures were forced on the Executive Government, I shall call to your recollection the numerous Emigrations (particularly from the Islands of Cephalonia and Zante) of the People of these States; not individually withdrawing themselves, without ostentation or tumult, to follow their own particular fancies and inclinations, but, throwing off their allegiance, they quitted the lonian Shores in the face of day, with Arms in their hands, openly braving the Orders and the authority of the Government, to wage War against a Power in profound amity and peace with their own Country, against which they at least had no ground of complaint.

I shall beg to remind you, that the Proclamations against clandestine departure from the Islands were not issued till scenes such as these had passed; nor till a regular Manifesto had been published in the Morea, signed by Natives of Cephalonia and Zante, declaring themselves the Chiefs and Generals of the United Forces of those Islands.

The conduct of the Parganots is also to be noticed, as one which it was impossible for the Government to pass over, unless it tamely consented to be considered as a party to a transaction the most lawless and unprincipled. I allude to the regular Military Expedition from these Islands against Parga, by its former Inhabitants who had found an asylum in these States; and to the positive refusal on the part of this Government again to receive them after the defeat they had suffered in their predatory expedition.

I will not dwell on the horrible massacre of the unfortunate Turks in the Island of Cerigo, for I wish for ever to throw a veil over that transaction.

And, lastly, it remains for me to speak of the unhappy affair of Zante, with which is immediately connected the declaration of Martial Law, and the decisive measure of disarming the Population of the Ionian States. It is to no purpose to enter into a long detail of what passed on this occasion, but a brief statement is necessary.

A Turkish Brig of War surrounded by Greek Cruizers, after resisting their attack, anchored in a bay at the back of the Island, in the vicinity of the Town; the population of which, and of the neighbouring Villages, had assembled to witness the Naval engagement. A small detachment, of an Officer, and 20 Men, were sent to ensure the observance of the Sanita Laws on the part of the Turks, when the People commenced an attack upon His Majesty's Troops, wounding an Officer, killing a Soldier, and wounding 2 others, before they could retreat into a house from which they might defend themselves; and when a reinforcement arrived, the People retired for the time.

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