C and D-Continued.-Statement of Loans effected at Amsterdam and Antwerp for account of the United States remaining unpaid on Dec. 31, 1794. Of the Loan of 5,000,000, per contracts of June 11, 1782, at interest from June 1, 1794 3,000,000 1,000,000 1,000,000 Per contract of March 13, 1788, at interest from June 1, 1794 1,000,000 5,000,000 Effected under the late Government. Per contract of February 1, 1790, at interest from February 1, 1794 3,000,000 2,500,000 6,000,000 Per contract of December 14, 1791, at interest from September 1, 1794 6,000,000 1,000,000 Being a reloan of the first instalment, due on June 1, 1793, on the Loan of 5,000,000, per contracts 3,000,000 Per contract of April 10, 1794, at interest from January 1, 1794 1,000,000 15,500,000 Effected under the present Government. 20,500,000 Four per cent Loans effected at Amsterdam. 2,000,000 Per contract of March 9, 1784, at interest from February 1, 1794, To which add premiums and gratifications which will be payable on said Loan 2,000,000 2,467,500 2,000,000 Effected under the late Government. 3,000,000 Per contract of December 24, 1791, at interest from January 1, 1794 - 3,000,000 Amount of four per cent. Loans, including premiums and gratifications to amount of 467,500, upon 8,417,500 2,050,000 Four-and-a-half per cent. Loan effected at Antwerp. Of a Loan of 3,000,000, per contract dated November 30, 1791, at interest from December 1, 1794. (Of this Loan, 950,000 have been suppressed) 2,050,000 Effected under the present Government. Amount of four-and-a-half per cent. Loan 30,500,000 Amount at interest. Amount to be paid Public Credit. C & D-Continued. Statement of one year's interest on the Foreign Loans effected on account of the United States, as due on the 31st of December, 1794. Guilders, Dolls. Cts. 20,500,000 guilders, amount of five per cent. Loans effected at Amsterdam - 1,025,000 2,050,000 guilders, amount of four and a half per cent. Loan effected at Antwerp 7,950,000 guilders, amount of four per cent. Loans effected at Amsterdam 30,500,000 amount at interest. 467,500 guilders, amount of premiums and gratifications to be paid on a Loan of 2,000,000 guilders. 30,967,500 guilders, amount to be paid for Loans effected at Amsterdam and Antwerp. Amount of one year's interest on the Dutch and Antwerp Loans- Livres. s. d. 92,250 318,000 1,435,250 574,100 00 12,188,040 12 2 balance due to the French Government, a 4.706 per cent. per annum, being an average of interest payable on the French Loan when obtained Which, at 18.15 cents per livre, is Livres, 573,569 3 9 104,102 80 Amount of one year's interest on the foreign Loans, as due on the 31st of Dec., 1794 $678,102 80 Statement of Interest payable on the Domestic Debt. 1st. Interest payable by the existing contracts on the Debt, as it stood on the last day of December, 1794: $29,046,730 62 On the unfunded Debt, per From which deduct indents of interest, which bear no interest Unfunded Debt bearing interest 1,100,518 40, a6 per ct. 66,031 10 $2,405,272 60 Total of interest payable annually, by the contract existing at the close of the year 1794 2d. Interest payable after the year 1800, on the principles of the contract existing at the end of 1794: Total of interest which would be payable after the year 1800, on the whole Domestic 3d. Interest which would be payable if the whole Domestic Debt was subscribed to the Loan: On six per cent. stock $29,967,397 80, a 6 per ct. $1,798,043 86 19,967,936 00, a 3 per ct. 599,038 08 $3,276,674 52 Public Credit. $14,890,204 90, a 6 per ct. Annual interest till the close of the year 1800 2,397,081 94 893,412 29 $3,290,494 23 E. View of Sinking Fund, according to plan proposed in the Report. Present annual amount of Sinking Fund, supposing the investment of the residue of the surplus of revenue to the end of 1790, and of the arrears of interest on the debt to foreign officers, in the purchase of six per cent. stock, at par, and exonerating the fund from the charge to which it is subject by the last section of the act making provision for the reduction of the Public Debt, viz: Interest for a year on stock actually purchased and redeemed, to the last of December, 1794, and carried to the credit of the fund $68,225 55 Interest for a year on subsequent arrears of interest, not included in the above Interest for a year on the principal and arrears of interest, to the end of 1790, on the debt to foreign officers 11,892 44 1,547 05 24,699 56 $106,364 60 1,911 00 408,134 64 Interest for a year on the Loan Office certificates, bearing interest on the nominal principal which (those certificates being paid off as proposed) would accrue to this fund Add this sum, to be appropriated out of the revenue from imports and tonnage, for the redemption of stock, bearing a present interest of six per cent. according to the fifth proposition in the report The amount of two per cent. on $25,820,512 20, being the amount of stock unredeemed, bearing a present interest of six per cent. exclusive of State balances $516,410 24 Dividends on Bank stock, deducting interest on such instalments of the Loan of the Bank as had not accrued in the year 1794 Sum to be paid in addition thereto, on the 1st of January, 1796, out of the revenues from imports and tonnage, for reimbursement of the 4th instalment of the above Loan Amount of annual instalments of $2,000,000, had of the Bank of the United States, pursuant to the 11th section of the act of incorporation $62,500 00 137,500 00 $200,000 00 The surplus of the dividends on Bank stock will increase each year $12,000; the interest, liberated by payment of each annual instalment of principal, and the sum to be paid out of the revenue, will annually decrease in the same ratio. The yearly average of the sums successively payable out of the revenue from imports Two per centum of $12,478,837 93, the amount of unredeemed stock which, on the 1st of January, 1801, will bear interest at six per centum per annum, exclusive of State balances, and which will be payable on the 1st of January, 1802, is $101,500 00 152,500 00 249,576 75 Public Credit. Yearly interest, which, on the 1st of January, 1801, will begin to accrue to the Sinking Fund, in the deferred stock standing to its credit, is $52,319 97. Further sum necessary for payment of the above two per centum 197,256 78 $249,576 75 This sum of $197,256 78 will, in the years 1802, 1803, be payable out of the revenues from imports and tonnage. But the yearly dividends on Bank stock, free from charge after the 1st of January, 1803, being The sum thenceforth payable out of the revenues from imports and tonnage, for pay- Is equal to the amount of redeeming annuity of deferred stock, being $152,500 00 44.756 78 52,319 97 $249,576 75 Hence the permanent appropriations out of the revenue from imports and tonnage, for the redemption of the whole of the unredeemed funded stock, which now bears, and hereafter will bear, an interest of six per centum per annum, exclusive of the stock standing to the credit of certain States, pursuant to the report of the Commissioners, is $408,134 64 44,756 78 For that bearing a present interest Total annual extra appropriation to Sinking Fund, out of the revenues, exclusive of $452,891 42 The whole of the stock bearing a present rate of interest, will, by this fund, be redeemed in something less than twenty-three years, and the interest then set free, to wit, in the year 1818, will be $1,631,259 72 408,134 64 $2,039,394 36 To which add the further appropriation towards principal, as above This annuity, applied to payments or purchases of the Foreign Debt, on a calculation of five per cent. interest, would, by the 1st of January, 1824, extinguish that Debt, and yield a surplus of $122,502 29 The whole of the stock bearing a future interest of six per cent., will, by the fund to be applied to it as above, be also redeemed in something less than twenty-three years from the mencing the redemption, that is, by the year 1824, and the interest then set free will be The sum appropriated towards the redemption, then also set free, is To which, add the sum liberated by the redemption of the present six per cent, stock And the interest on $13,745,379 35, being the amount of the Foreign Debt extinguished as above time of comon that stock, - $801,050 24 197,256 78 2,039,394 36 638,480 58 - $3,676,181 96 Thus will the whole of the Foreign Debt be extinguished by the year 1824, and the Sinking Fund will then possess an annuity of And a sum, in gross, of Together - $3,676,181 96 122,502 29 - $3,798,684 25 Which, in two years, would more than pay off the whole of the balances to creditor States, and the whole of the unfunded Debt, if not sooner discharged. So that, supposing the proceeds of the Western lands to be sufficient, by the same time, to redeem the three per cent. stock, the whole of the present Debt of the United States, foreign and domestic, funded and unfunded, may be redeemed by the operation of the provision proposed by the fifth proposition, by the year 1826; and there would revert to the United States a yearly revenue of $4,435,320 89. TREASURY DEPARTMENT, January 17, 1795. ALEXANDER HAMILTON. NOTE. The calculations in this statement would require, to assure their perfect accuracy, a revision; but it is certain, that any errors it may contain, will be too inconsiderable to affect any important result. 3d CoN.-45 Public Credit. F.-Comparative view of annual current Revenue and Expenditure. CURRENT REVENUE, year - $6,087,546 26 Nett duties on imports and tonnage, as appertained 1793 per account Deduct for extra drawbacks, which would become pay- Deduct amount of temporary duties on imports 1,091.872 32 Permanent re- $7,179,418 58 1,500,000 00 1,479,626 91 2,979,626 91 Permanent duties on imports and tonnage Dividends of Bank stock beyond the interest payable to Nett duties on postage of letters, as ascertained in 1793, Duties on spirits distilled within the United States, and upon stills Add interest of two instalments, which, being paid off, will increase the dividend Duties on imports, as stated above Estimated product of duties on snuff manufactured, and sugar refined within the United States, carriages for the conveyance of persons, licenses for selling wines and spirits at retail, sales at auction Total temporary revenue Total annual current revenue venue. $1.479.626 91 380,000 00 1,859,626 91 $6,552,300 74 Expenses of light-houses and other establishments for the benefit of navigation |