lit. The amount of the jfftiuity conili tuted the' third year, which will have been liberated by rvimbui fitment of the third loan. 2d. The arrears of interest not previ ously appropriated, and which are com puted at 200,000 dollars. There will con ff que fitly be a deficiency this year of 810,661 dollars and 27 cents, which will require to be luppiied by a temporary loan to be reimbursed out of the surplus of the fund which on the lit day of January 1802 will exilt for future redemptions, and which surplus will be fufficient to re niburfe this temporary loan in aboat thir teen years and an half. It may be proper to rematk, that this deficiency upon one year, is fuffered to txiit to avoid an unncceffary augmentati on of revenue, materially beyond the film permanently requilite. No inconvenience cnfues, because this temporary deficiency is rtiade up by the surplus of the perma nent fund, within the period mentioned. And that fund, from the 111 January 1802, is, adequate to all future redemptions, in the full proportion permitted by the con trail. The table in the schedule B, herewith submitted, will (hew in one view the prin ciples and operation of this plan. T)ie schedule C will exhibit the means of constituting the feveial annuities pro pofed-to be established. From it, will be seen, that the proposed annuities are to be compofl-d, partly of taxes to be fucceflive ly laid, at the refpeftive periods of cre ating them, partly of the surplus dividend to be expected on the (lock belonging to the government, in the bank of the Unit ed States, beyond the interest to be paid on account of it, and partly of the funds heretofore pledged for the payment of in terest, which will have been liberated up on so much of the debt, as will have been extinguished. The refpe&ive amounts of the taxes to I>e severally laid, will be:—ln the firft year 43,199 dollars and 6 cents ; in the lecond year 109,391 dollars and 60 cents; in the third year 115,955 dollars and 17 cents; in the fourth year 102,912 dolls, and 48 cents; in the fifth year 102,743 dollars and 12 cents; in the lixth year 107,680 dollars and 20 cents ; in the se venth year 109(649 dollars and 32 cents ; making together 691,530 dollars and 95 cents. The sum which will have been redeem ed prior to the firft day of January 1802, will be 5,443,607 dollars and 37 cents. The sum redeemable on the firft of Janu ary 1802, will be 1,126,616 dollais and 44 cents; and the fund which will thenceforth exist for the purpose of future redemp tion, (as is particularly (hewn by the schedule D.) will be 1,210,744 dollars and 34 cents, exceeding the sum necefTary by 84,127 dollars and 90 cents— a fund, which, including the interest from year to year liberated, will, as already in <imated, be completely adequate to the final redemption of the whole amount of the 6 per cent, (lock, (as well the defer red as that bearing a present interest) ac cording to the right which has been re let ved for that purpose. In the mean time, a further impression will be made upon the debt by the iiiveft ment of the residue of the funds hereto fore eftablilhed, in the purchase of it; and it is hoped, that the restoration of peace with the Indians will enable the applica tion of the surplus of the existing revenues, together with the proceeds of the ceded lands in our Western Territory, to the fame These, whenever they can be biought into adtion, will be important au.s , materially accelerating the ultimate redemption of the entire debt. The em ployment of these resources, when it can be done by increaling the iatereft-fund, will proportionably k-flen the necessity of using the resource of taxation for creatine the proposed annuities, if the government ihalll judge it advifeable to avail itfelf of the fubJlHiitr, which may accrue from that Circumltance. Having now glvcn a geaera , y j ew of the plan, which has appeared upon the whole the molt eligible, it is necekry in the next place, to present to the confi de rat ion of the House the requisite funds tor commencing the execution of it. These will embrace a provision for the firft annui ty only ; that alone requiring, by the flan, immediate provilion. With regard to a proviljon for the subsequent annuities, Which is proposed to be fucceflive, the Se cretary will content himfeif with this ge -2S o ?Sr , i , °".' th3t He d,Tcernß no in tnnftc difficulty ,« making provision for triem, as fail as (hall be ncceflary, with due convenience to the people, and con fidently with the idra of abilaining from taxing lands and buildings(with the stock and implements of farms) reserving them as a iefource for those great emergencies, which call for a full exertion of all the contributive facilities of a country. The following means for conltituting the firft annuity, are refpedifully submit ted, viz. Annual surplus of the dividend oa the ilock of government in the bank of the United States, beyond thtfintereft to be paid out of the laid dividend, clti mated at ' Dollars 60,004 Tax on horses, kept or used for the purpose of riding or of draw ing any coach, chariot, phaeton, chaise, chair, fulkey, or other carriage for conveyance of persons— Excepting and exempting all horses which are usually and chiefly employed for the puipofes of husbandry, or in draw ing waggons, wains, drays, carts, or other carriages for the transportation of produce, goods, merchandize, commodi ties, or in carrying burthens in the course of the trade or occupation of the persons to whom they refpe£tively belong,and the horses of persons in the military service of the United States, viz. For every horse not above excepted or exempted, at the rate of one dollar per an num, where only one is used or kept by the fame person ; with an addition of fif ty cents per annum, per horse, where more than one and not more than two horses are kept or used by the fame person—with an addition of one dollar per annum, per horse, where more than two, and not more than four, are kept or used by the fame perfon--and with an ad dition of one dollar and a half dollar, per horse; per annum, where more than four are kept or used by the fame person. Provided, that this addition shall not be made in refpedt to hoifes usually employ ed in public (lages, for the conveyancc of paflengers. This progteflive increase of rates on the higher numbers, has refeience to the presumption of greater wealth which ari ses from the pofTjffion of such higher numbers. The product of this tax will probably be abont equal to the lefidoe of posed annuity, which is43 l dollars and 6 cents. How near the truth thiseftimate may prove, experiment alone can, in f0 untried a cafe, decide. An aid to this fund may be derived from the surplus di vidend on the bank stock, for the half year ending the last of December next, which, it is presumed, will not be less than 20,000 dollars. Should a deficiency ap pear, upon trial, it can be supplied by a future provision. Proper regulations for the colle&ion of this tax, will, it is be lieved be found not difficult, if the tax itfelf shall be deemed eligible. Its sim plicity has been a considerable recom mendation of it. Qualified, as it is, it is not likely to fall on any but such who can afford to pay it. The exemption from the tax, in regard to horses which are appro priated to the purposes of hufbandty, or of any trade or occupation, or to the tiasportation of commodities, feeins to obviate all reasonable objection. If, however, there should appear to the legislature, reasons for preferring a tax on carriages for pleasure, which, it may be observed, will operate on nearly the fame description of persons, the sum required may, it is believed, be produced from the following arrangement of rates, viz. Upon every coach, the annual sum of four dollars—Upon every chariot, the annual sum of three dollars—Upon every other carriag tfor the conveyance of persons, having four wheels, the annual sum of two dollars—-and upon everychair, fulkey, or other carriage for the conveyance of per sons, having less than four wheels, the an nual sum of one dollar. The col.e&ion of this tax will !«r as iimple and easy, and perhaps more cer tain, than that which has been primarily fubmrtted. ' With regard to the second obieft re ferred to the Secretary, namely the plan of a provision for the reimbursement of the loan made of the bank of the United States, pursuant to the Xlth feftion of ,i, .b y whlch is incorporated, th« following „ refpeilfullyfubmitted, towitj That power be given by law to borrow the sum due, to be applied to that reim bursement ; and that so much of the di- Lank as may be necessary, be appro 224 priated for paying tKe interest of the sum to be borrowed. From this operation, it is obvious, thai a saving to the government will result, equal 10 thedifferencebetweentheintereft which will be payable on the new loan and that which is payable on the sum now due to the bank. If the proposed loan can be effected, at the rate of those la ft made in Holland, the nett saving to the government may be computed at the annual sum of 35,000 dollars ; which saving, whatever it may be, is contemplated as part of the means for conltituting the proposed annuities. The benefit of this arrangement will be accelerated, if ptovifion be made for the application of the proceeds of any loans heretofore obtained to the payment suggested, on the condition of replacing PRICE CURRENT. w, _ DUt.Cts. Diu. o, Mo I a fie s pr.gall. 4q c FSt QUANTITY. —Do LLaR 5i oo Cents cach. M u st a rd per.lb. PHILADELPHIA, December 12. P'l> Bitio pr cafe 2 ' 0 Sweet, best, in fla(ks,pr.box 1050 Dlls.Cts. DUt.Cts. 'Ditto baskets, 12 bottles 5 ANCHORS pr. lb. 7 10 Spermaceti pr. gall. 4 g Allum, Engliih, pr.cwt. 433 2 4 27 Ditto, ltoch pr. lb. 18 ' Whaie 2 a 24 Arties, pot, per ton, 120 Porter pr. caflc, - -Pearl, 137 140 7 London, pr.doz. l 6» Arrack pr.gall. 133 116 —.—American ditto bot.incl. 14 160 Brandy, common, 90 Pitch, pr. bbL 173 2 Coniac 1 1 11 Pork, Burlington, per barrel, 11 20 BraziUtto, pr. ton. 32 34 Lower county 10 Bricks, pr. M. 4 7 Carolina Bread, (hip, pr. cwt. 167 2 Peas, Albany pr. bushel 73 Ditto, pilot 367 Pepper, pr. lb. 38 Ditto, finall water, per keg 36 40 Pimento Beer, American, in bottles, Raisins, best, pr. keg 8 pr.doz. bottles included, 1 40 Djuo pr.jar 2 3 Ditto pr. barrel, 467 Ditto pr. box 2fa Boards Cedar pr. M feet, 20 Rice pr. cwt. New England < 12 14 Rosin pr. barrel f Oak l 4 lf * Rum, Jamaica, pr. gallon 1 7 Merchantable pine 20 24 Antigua ! Sap, do. 12 13 Windward 1 86 Mahogany, per foot 10 Barbados 80 The above are the shallop prices, Country, N.E. 67 for the yard price, add 1 dol- Salt petre, pr. cwt. 14 00 Jar 33 cents per 1000. Saffafras pr. ton 6 8 Brimstone in rolls, pr.cwt. 2 67 Shot ditto 140 141 Beef, Boston, per barrel 7 8 Steel, German pr.lb. 9 Country ditto 6 7 Englifh,bliftered, pr. cwt. 10 Fresh, per cwt. 333 467 American pr. ton Ix 3 33 Butter pr.lb. 16 -Crowley's pr. faggot 1067 in kegs 9 10 Snake root pr. lb. 20 42 Candles, Sperm, pr.lb. 43 Soap, Brown perJb. 6 Wax 53 56 White 8 Myrtle 13 Cafiile * u Mould, tallow 11 Starch 7 -Dipped 10 Snuff pr. doz. hot. 4 5 60 Cheese, EngLish, pr. lb. 19 Spermaceti, refitted, pr.lb, 48 IT • Country 3 10 Sailcloth,Engli(h,No.i,pr. yard, iS Chocolate 18 20 1? a t j .. n Z. Boston, No. I. ditto 30 tinnamon 240 267 •j V j q jj p' OVCS *33 Sugar Lump, pr.lb " 24 Cocoa pr. cwt. 16 T erf c j n , r r , o Loaf, finale refined 25 CofFee pr.lb. 17 18 r\ t , j '. , . r 1 v , - , ' ——Ditto, double do. 3O Coal pr. buihel 2C 22 u „ , , • ,0 n r r Havannah, white 17 Copperas pr.cwt. 167 r. • , , r r a a „ r o Ditto, brown, 11 12 Cordage, American, per cwt. 767 o ~ ,■ % . , f 0 1 IL ,r 4 ' Mulcovado, or. cwt 13 15 Cotton pr. lb. 27 -37 o • •. t- n 0 J r„. . SpirttsTurpentine pr. gallon 37 Cunants 12 c i. Aii 1 n 1 oalt, Allum pr. buihel £4 Duck. Rullia, pr. piece 11 33 Liverpool N 54 Ravens 8 93 9 67 Cadiz S° Dutch fail duck, 18 20 Lisbon $ Feathers pr. lb. 48 Ship build. W. O. frames p.ton, 15 Flax ditto 11 12 Ditto Live Oak, 1867 Flaxfeed pr. bulh. 90 1 10 Ditto red cedar, per foot 33 40 Hour|Siiperfiue pr. barrel 567 Shingles, 18 inch, per M. 333 367 Common, 533 Ditto 2 feet, 533 6 Bur middlings, best 467 Ditto 3 feet, drefled, 13 15 — Meal, Indian o Staves, Pipe pr. 1000 32 ditto Rye, 3 White Oak hoglhead, 20 33 -Ship-ftuff pr. cwt. Bt> 1 Red Oak do. 19 50 Fustic pr. ton, 20 Leogan 2t 33 Gin, Holland, pr. cafe, 4 66 Barrel 16 Do. pr. gall. 8o 90 ——Heading 25 33 Glue, pr.cwt. 20 21 33 Skins, Otter, best pr. piece 467 Ginger, white race, per lb. 7 -Minks 20 4° Ditto, common 7 Fox, grey 40 Ditto, ground pr.lb. / 10 ——Ditto red 1 *• Ginfcng, 20 24 ~ Martins 24 1 Gunpowder, cannon, pr. q.cafk, » 70 4. Fishers 33, 67 Ditto, fine glazed 4 Bears 3 Grain, Wheat pr. bufli 1 20 Racoons 27 Rye 66 11 Mufk-rars it 20 Oats 35 -Braver, pr. lb. 67 133 Indian corn 60 Deer, in hair 20 3° B ' rlc l „ 1 1 6 Tar, N.Jersey, s 4 gal.p. bbl. ' Best (helled pr. lb. 7. Carolina, 3 e gall. 133 >6? Buckwheat, per bulh. 30 Turpentine pr. bbl. 167 2 Hemp, imported, pr. ton, 120 146 67 Tobacco, J. River, best loolb. 360 3?3 American, pr. lb. 4 • inferior 3 33 Herrings, pr. bbl. 3 old 4^7 Hides, raw pr. lb„ 9 11 Rappahannock ?33 Hops j,y Coloured Maryland, 533 ® Hogfhcad hoops, pr. M. i 5 Dark, 24* Indigo French per lb. >so ,53 2 *'3 Carolina i i2O r , 0 [mnt —Carolina,new » 7 3 rons, lad pr. ton, ,33 33 • 31 I*on, Callings pr. cv/t. 3 4 ~ , ,1 , 2 g ~l" 4 fi •——Hyson fkm, ——Sheet S4 >73 33 Souchong, H * Na ' lr ° d ' 110 l'' —Bohe? S« Juuk, pr.cwt. 4 5 Bohca. S3 Lard, hog, pr. lb. 4 g 5 t Tallow, re_fined, per lb. 9 Lead, in pigs pr. cwt. 533 567 Tw P r box ' 3J ' 3? in bars 7 Veidigreafe pr. lb. 47 vp -white 10 io 67 Vermillion, do. 133 2 r< *d 6 40 6 67 Varnish, per gallon 33 Leather, foal, pr.lb. 17 20 Wax, Bees pr.lb. 25 Lignum vita pr. ton, 560 6 Whale-bone, long pr.lb. *3 Logwood go w ac f p l r '? b - ... 9 COURSE OF EXCHANGE. Mackarel, best pr. bbl. 8 On London, at 30 day., per too/. Iter!. 44° —— second quality 6 4 at 6o J d ' 43' 33 Madder, best pr.lb. l 6 20 . at qo oay, 434 a s' wrou S^ t J P 1 "* foot, 133 267 Amftrrdam, 60 days, pr. guilder, ' "ast spars dmo 33 90 day,, 8 37 PRICE CURRENT. thefums which may be so ap-li-d c ... of the proceeds of the loan or loans, which lhall be made purfuatit to the power above proposed to be given. It will also conduce to the general end in view, if the Legislature (hall think p-o ---per to authorise the investment of the funds destined for purchases of the debt in purchases of 6 per cent, dock, at the' market price, though above p ar . The comparative puces of the several kinds of (lock have been and frequently may be such, as to render it more profitable to make in the 6 per cents, than in any other species of stock. All which is humbly submitted. ALEXANDER HAMILTON, SECRETARY of the TREASURY. Treasury Department, "> Nov. 30,179 a. j
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