rived from these sources, to wit: IMPORTED ARTICLES; the TONNAGE of ships and vessels; SPIRITS distilled within the United States, and STILLS; the POSTAGE of letters; FEES ON PATENTS; DIVIDENDS of bank stock; SNUFF manufactured within the United States; SUGAR refined within the United States; SALES AT AUCTION; LICENSES to retail wines and distilled spirits; CARRIAGES for the conveyance of persons.

2. That, of these revenues, the principal part of the duties on imported articles, those on the tonnage of ships and vessels, those on distilled spirits and stills, those on the postage of letters, patent fees, the dividends on bank stock, are permanent (the three first being commensurate with the existence of the debt for the payment of the interest of which they are pledged, the fourth and fifth having no limit assigned in the laws, and the last being commensurate with the duration of the property in the stock), all the others temporary; being limited to continue no longer than till the end of the session of Congress next after the expiration of two years from the respective times of passing the laws which established them, except the temporary duties on imports and tonnage, which are to continue till the 1st of January, 1797.

3d. That the permanent duties on imported articles, the tonnage duties, the duties on spirits distilled within the United States, and on stills, are subject to these permanent dispositions:

1. To an annual reservation of 600,000 dollars, for the support of the Government of the United States and their common defence.

2. To an appropriation of so much as may be necessary to pay the interest on the foreign loans, provided for by the funding act.

3. To an appropriation of so much as may be necessary to pay the interest on the stock created by the loan in domestic debt, or more properly in the original debt of the United States.

4. To an appropriation of so much as may be necessary to discharge the interest on the stock created by the loan in the debts of the respective States.

5. To an appropriation of so much as may be necessary to

pay the interest on the balances due to creditor States, which dispositions establish priorities, according to the order in which they are here enumerated.

4th. That the surplus, if any, of the duties on spirits distilled within the United States, and on stills, has an ultimate appro priation, that is, to the reduction of the public debt, but that the surpluses of the other duties have no such ultimate appropriation.

5th. That the duties on the postage of letters, and the net dividend on bank stock, have no permanent or particular appro priation.

6th. That the temporary duties are charged with a specific sum of 1,292,137 dollars and 38 cents; and with the payment of interest on a sum of 1,000,000 of dollars, authorized to be borrowed for the expenses of foreign intercourse.

7th. That the whole of the foreign debt, and all that part of the domestic debt, being now nearly the whole, which consists of the stock created by the loans in the original debt of the United States, and in the particular debts of the several States, and by the balances due to creditor States, are bottomed on cer tain specified revenues, pledged or hypothecated for the payment of the interest upon them; and thus constitute the FUNDED DEBT of the United States.

8th. That the funded DOMESTIC debt of the United States consists of three species of stock, one bearing a present interest of six per cent. per annum; another bearing a like interest after the year 1800; a third bearing a present interest of three per centum per annum: the interest in each case payable quarter yearly.

9th. That the six per cent. stock, present and deferred, can be redeemed in no greater proportion than at the rate of eight per centum per annum of the original sum, on account both of principal and interest; but the three per cent. stock is redeem able at pleasure.

10th. That the provision for subscribing to the loan in domestic debt, expired on the last of December, 1794, and that no further provision has been made for the unsubscribed residue.

11th. That the funding act expressly confirms the contracts and rights of the creditors of the United States, who shall not think ||

it to subscribe to the loan, and gives an expectation to them of furher and other arrangements, upon the event of the propositions nade to them.

12th. That the proceeds of all the lands of the United States n the Western territory are appropriated to the redemption of all that part of the public debt, for which, prior to the funding act, or by virtue thereof, the United States were or are liable.

13th. That, in addition to this, a regular SINKING FUND has been successively constituted, to be applied under the direction of five principal officers of the United States, with the approbation of the President, hitherto composed of three parts: 1st. The surplus of the duties on imports and tonnage to the end of 1790. 2dly. The proceeds of loans not exceeding 2,000,000 of dollars, authorized to be borrowed for the purpose (these two funds to be invested in purchases); and 3dly (in which the two former resolve themselves), the interest on the public debt, purchased, redeemed or paid into the treasury, together with the surpluses, if any, of the moneys appropriated for interest, to be applied first to purchases of the debt, till the fund is equal to two per centum of the outstanding stock, bearing a present interest of six per cent.; second, to the redemption of that stock, and lastly, to purchases of any unredeemed residue of the public debt. But there is reserved out of this fund, a sum not exceeding eight per centum per annum, towards the payment of interest, and reimbursing of the principal of the loans made for purchases of the debt. To this recapitulation of the leading features of our fiscal system, it may be useful to add a summary exhibition of certain results, which appear more in detail, or are deducible from the tables or statements annexed to this report.

The particulars and amount of the debt of the United States, are as follow:

Foreign debt, as per statements

B and C,

Deduct instalment of foreign debt in the year 1795, to be paid out of proceeds of 'for

$14,599,129 35

This is exclusive of a sum of $1,400,000 due to the Bank of the United States, on account of the loan of $2,000,000 had of that institution, pursuant to the eleventh section of the act by which it is incorporated, and which is not included in the mass of the debt, because it is more than counterbalanced by a greater value in stock. It is also exclusive of those loans which are temporary anticipations of the revenue.

The particulars and amount of the annual current revenues of the United States, are as follow: