$8,131,313 03 The annual appropriations for the year 1814, amounted to the sum of The sum necessary to meet the engagements, in relation to the public debt, was about 38,003,691 28 11,560,586 39 The gross charge on the Treasury for the year 1814, was 49,563,277 67 JANUARY, 1815. From this statement, therefore, it appears 57,694,590 70 That the Ways and Means of the 57,170,500 53 $524,090 17 And this excess of charges on the Treasury amounting to 524,090 17-100 dollars, beyond the ways and means, actually appropriated, will be payable out of the revenue, uncollected on the 31st of December, 1814. But, independent of the general view thus taken of the existing charges on the Treasury, and of the ways and means designated by law, for the service of 1814, it is necessary to present a statement of the actual receipts and disbursements for that year. The actual receipts at the Treasury, during the year 1814, amounted to the sum of $40,007,661 53, and consisted of the following items: 57,694,590 70 The cash in the Treasury on the 1st of January, 1814, 2. The Ways and Means of the Treasury for 1814. The gross charge upon the Treasury for the year 1814, amounting to $57,694,590 70, included, as above stated, the balance of the appropriations of 1813, remaining unsatisfied, at the close of that year. It is, therefore, proper to place to the credit of the Treasury, the outstanding revenue and resources, at the commencement of the year 1814, and these consisted of the following items: Of cash in the Treasury on the 1st of Of revenue received at the Treasury in the first quarter of 1814 4,236,062 28 Of revenue received in the $5,196,482 00 The actual disbursements at the Treas- For the civil department - 933,327 97 7,227,280 00 40,007,661 53 38,273,619 28 1,734,042 25 To these views however, first, of the general charges on the Treasury, and of the ways and means designated by law, for the service of 1814; and second, of the actual receipts and disbursements at the Treasury, during that year, it is proper to add a statement of the result, showing the condition of the Treasury at the end of 1814, in relation to the unsatisfied demands, and to the unexpended ways and means. The unsatisfied demands on the Treasury at the close of 1814, amounted to $19,420,971 42, and consisted of the balances of appropriations for the following objects: For the civil department For the diplomatic department $519,967 11 - 1,285,682 36 230,940 10 - 9,458,898 33 - 4,468,251 72 - 3,457,231 80 19,420,971 42 H. OF R. From this view it appears, that ways and means -23,396,881 25 must now be provided for an expenditure of the sum of $56,032,034 69, in the year 1815, independent of such additions as may arise from the contemplated establishment of a sinking fund, in relation to the public debt created since the war, and from any other new object of expense, which shall be authorized during the present year, 3,975,909 83 The conclusion from this statement of the situation of the Treasury at the close of 1814, under the different views which have been presented, would seem to establish, that the ways and means provided for the service of that year were considerably more than the demands on the Treasury would require. But it must always be recollected that the demands are positive and urgent; while a great portion of the ways and means rests upon a precarious foundation, Thus: The unsatisfied demands on the Treasury for the service of 1814, positive and urgent in their nature, $19,420,971 42 amount to The cash in the Treasury and the outstanding revenue only amount to 6,234,042 25 13,186,929 17 And, consequently, the payment of the difference, amounting to $13,186,929 17, for the service of 1814, must depend on the success of raising money by loan, or by issues of Treasury notes, under the unexecuted 13th CoN. 3d SESS.-35 2. The Ways and Means of the Treasury for 1815. The outstanding and uncollected revenue, at the commencement of 1815, has been considered as appli cable to the payment of the unsatisfied balances of the appropriations for the preceding year; and, conse quently, only such parts of the revenue as shall accrue, and be actually received at the Treasury, during service. But it also follows, from that view of the subject, that the Treasury is entitled to be credited in 1815, for the excess, in the provision of ways and means, to meet the expenditure of 1814. This excess, consisting of cash, of outstanding_revenue, and of an authority to borrow, or to issue Treasury notes, amounts, as above stated, to the - $3,975,909-83 sum of The net sum receivable into the Treasury in the year 1815, for the duties on goods imported during that year, cannot be safely estimated at a greater sum than 1815, can be embraced in the resources for the current III. It is respectfully proposed that the additional sum to be raised by the specified taxes shall be appropriated as follows: 40,906,124 86 1. Towards establishing a sinking fund, in It will be readily seen that the estimates of the product of the direct tax, and of the new internal duties, are applicable only to the present year; and that, in every succeeding year, the amount will be greatly augmented. It must also be repeated, that in the statements now presented, no provision is inserted for the contemplated sinking fund; nor for the payment of a considerable amount of unliquidated claims upon the Government for services and supplies; as these objects seem to require a distinct consideration. Propositions. I. It is respectfully proposed that provision be made to raise a sum of $40,906,124 86, in addition to the amount of the existing revenue, for the service of the year 1815-partly by taxes, partly by an issue of Treasury notes, and partly by an authority to procure money by loan. II. It is respectfully proposed that an additional sum be raised by taxes, to the amount of $5,000,000; and that the following objects, or a selection from these objects of taxation, graduated in the amount to produce that sum, to be made equally productive, shall form the basis of the additional levy: 1. A tax upon inheritances and devises, to be paid by the heirs or devisees, may be made to produce 2. A tax upon bequests, legacies, and statu- 3. An auxiliary tax upon all testamentary $900,000 IV. It is respectfully proposed that there shall be an emission of Treasury notes, for the service of the year 1815, to the amount of $15,000,000, on the following plan: 1. The denominations of the notes shall be such as the Secretary of the Treasury, with the approbation of the President, may direct. 2. The notes of the denomination of $100 and upwards shall be made payable to order, and shall bear an interest of 5 2-5 per cent. per annum. 3. The notes of a denomination less than $100, and not less than $20, shall be payable to order, and bear an interest at the same rate; or shall be payable to bearer, and bear no interest; as the Secretary of the Treasury, with the approbation of the President of the United States, shall direct. 4. The notes of a denomination under $20 shall be made payable to the bearer, and shall be circulated without interest. 5. The notes shall be issued, and be made payable to the Treasury only; but, any portion of them may 500,000 be deposited with the loan officers of banks throughout the United States, for the purpose of being put into general circulation. 6. The holders of the Treasury notes not bearing 200,000 an interest may at any time exchange them, in sums not less than $100, for certificates of public stock bearing an interest of 7 per cent. per annum, and irre deemable for twelve years from the date of the certifi- The demands on the Treasury, as above, cates respectively. 7. The notes shall be receivable in all payments of the United States, but in such cases they may be reissued. 8. The notes shall be payable by annual instalment, according to their dates, and in the manner to be notified by the Treasury, to wit: In 1816, the sum of, (one-fifth) In 1817, 9. The reimbursement of the notes shall be effected, according to the instalments, either by the payment of the principal and interest to the holders, or by taking out of circulation and destroying the amount of the instalment in notes which have been paid to the United States for duties, taxes, or other demands. being deducted, amounting to H. OF R.. 56,032,034 69 Leave a surplus of ways and means of $4,093,875 14 The surplus of ways and means, for the year 1815, will be applicable to the establishment of the contemplated Sinking Fund, and to the payment of any ad-$3,000,000 ditional expenses that Congress may authorize. 3,000,000 In making the present communication, I feel, sir, 3,000,000 that I have performed my duty to the Legislature of 3,000,000 the country; but when I perceive that more than forty 3,000,000 millions of dollars must be raised, for the service of the $15,000,000 year 1815, by an appeal to public credit, through the medium of Treasury notes and loans, I am not without sensations of extreme solicitude. The unpromising state of the public credit, and the obstructed state of the circulating medium, are sufficiently known. A liberal imposition of taxes, during the session, ought to raise the public credit, were it not for counteracting causes; but it can have no effect in restoring a national circulating medium. It remains, therefore, with the wisdom of Congress to decide, whether other means can be applied to restore the public credit, to re-establish a national circulating medium, and to facilitate the necessary anticipations of the public reveThe humble opinion of this Department on the subject has been respectfully, though frankly, expressed on former occasions, and it remains unchanged. I have the honor to be, with great consideration, sir, your most obedient servant, A. J. DALLAS. 10. There shall be an appropriation of such a portion of the taxes, above specified, as will be adequate to the payment of the successive instalments of the notes; and the faith of the United States should be pledged to make good any deficiency. 11. There shall be no additional issue of Treasury notes, except upon a specific pledge of the same taxes, or of other competent taxes, to an amount equal to the reimbursement of the notes, according to the stipulated instalments. V. It is respectfully proposed that authority should be given to the President to borrow the sum of $25,000,000, on the faith of the United States. 1. The loan to be accepted on the most advantageous terms that can be obtained. 2. The amount of the loan, for the payment and security of principal and interest, to be placed on the same footing as the rest of the funded debt created since the war. If the propositions submitted to the consideration of the Committee of Ways and Means should be adopted, the Treasury will be placed on the following footing for the year 1815: 1. The ascertained demands upon the 4. The taxes now proposed are estimated to produce, for 1815 3,975,909 83 5,000,000 00 $56,032,034 69 nue. J. W. EPPES, Esq., Chairman, &c. Schedule A. TREASURY Department, any REVENUE OFFICE, Dec. 16, 1814. quest, to submit the annexed estimates of the products SIR: I have the honor, in compliance with your reof the existing internal duties, and of the additional duties proposed to be laid by the bills now before Congress; the first statement exhibiting the products for an entire year after the respective duties shall be in full operation, and the last statement showing the amounts that may be expected to be received from each duty during the year 1815. It may be proper to add, that the materials do not exist for forming estimates, with regard to the new duties, on which a perfect reliance should be reposed. I am, very respectfully, your obedient servant, 15,000,000 00 Refined sugar 150,000 Licenses to retailers 900,000 25,000,000 00 1,238,000 Operation of the Direct Tax. JANUARY, 1815. 60,000 Mr. MCKEE, from the Committee on the Pub170,000 lic Lands, reported a bill granting a donation of 75,000 three hundred and twenty acres of land to An66,000 thony Shane; which was read the first time, and, 50,000 on motion, the said bill was read the second time, 200,000 and committed to a Committee of the Whole 80,000 House to-morrow. 200,000 Mr. INGHAM, of Pennsylvania, presented the 400,000 petition of sundry inhabitants of Pennsylvania, praying for the establishment of an uniform sysem of bankruptcy.-Referred. 350,000 200,000 $10,379,000 Estimate of the amounts that may be expected to be received from the foregoing duties, during the year $510,000 300,000 210,000 150,000 Stamps Sales at auction Licenses to retailers Refined sugar Mr. EPPES, from the Committee of Ways and Means, reported a bill to provide additional revenue for defraying the expenses of Government, and maintaining public credit, by laying a duty on lotteries; a bill for the relief of Saltus, Son, & Co., merchants, of the city of New York; and a bill to amend the act laying duties on retailers' licenses, for the relief of domestic manufacturers of wine, who themselves dispose of their product; the two first of which were committed, and the latter ordered to be engrossed for a third reading. OPERATION OF THE DIRECT TAX. 875,000 Mr. EPPES, from the Committee of Ways and 2,600,000 Means, made a report on the petitions of the in250,000 habitants of the counties of Hickman and Dick50,000 1,238,000 son, in the State of Tennessee; which was read, 70,000 and ordered to lie on the table. The report is as 60,000 follows: 170,000 That the petitioners pray to be relieved from the unequal operation of the act imposing a direct tax. The section of the act authorized the several State Legislatures to vary the sums imposed on the respective counties. The Legislature of the State of Tennessee passed an act, requiring the assessors of the 570,000 United States, after the valuations were completed, to equalize and apportion the tax on the several counties. The Congress of the United States passed a law declaring its assent to the act of the State of Tennessee, with a proviso, declaring, "that in case the assessors should, from any circumstance, fail to make the equalization and apportionment required by the act of the State of Tennessee, that then, and in that case, the tax should be levied and collected in the form prescribed by the law of the United States, imposing a direct tax." It appears that some of the assessors performed the duties required by the act of the State of Tennessee; the assessor from the county of Murry refused to discharge the duties required by the act; in consequence of I which the counties of Hickman and Dickson were de $7,053,000 This estimate has been made on the supposition that the bills laying the new duties will be passed previously to the 1st of January next. MONDAY, January 23. Ordered, That the Committee of Ways and prived of the advantages derived from the equalization Means be discharged from the further considera- and apportionment, and the tax was levied and coltion of the petitions of the tallow-chandlers in lected in conformity with the provisions of the law of Philadelphia; the brewers in the city of New the United States, declaring the assent of Congress to York; non-resident owners of lands lying in the the act of the State of Tennessee. The petitioners State of Ohio; the Paper Manufacturing Society state, that the refusal of the assessor to act, has subof Pennsylvania; inhabitants of the city of New Jected the county of Hickman to a tax of fifty-four cents in the hundred dollars, and the county of DickYork, praying for the establishment of a National son to a tax of forty cents, while the county of Murry, Bank; F. F. Breman; Stephen Girard; as also, the place of residence of the assessor, is subjected to a from the resolution of the 4th of October last, in- tax of only nineteen cents in the hundred dollars. structing them to inquire into the expediency of The petitioners pray, either that the equalization may allowing the proprietors of spirituous liquors dis-be now made, or that the counties of Hickman and tilled from domestic materials of which they are themselves the growers, to sell, without license, any quantity thereof not less than one gallon. Dickson may be allowed a credit for the sum with which, from the conduct of the assessor, they were made chargeable. It cannot be doubted but that the |