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