Thus he allows himself to be seduced by the wages of sin; and discontent and vexation, perplexity and fear, and every disastrous consequence of vice, at once take possession of his heart. From want

religion and nature will be ever increasing, as he has no need to fear it will ever be lost.

THE SECRETARY OF THE

Quite otherwise is it with the christian, who expects immortality. He daily endeavours to augment his knowledge and to improve in virtue, and thus daily promotes his true felicity. He can never be wanting in encouragement to firmness and zeal in his generous endeavours; and the futurity which is ever in his view, renders all he undertakes, in this design, not only easy but pleasant. How pleasant, he says in the simplicity of his heart, how pleasant to me are the meditations 1 indulge on the perfections of my God and father, the greatest and best of beings! What a pure delight streams through my soul, when I consider his ways and admire his works! How it exalts my spirit when I perceive the wisdom of the Creator in his creatures, and trace out the marks of his greatness! How reviving my meditations on my divine Redeemer, and his consolatory office! My knowledge indeed, in all respects, is very imperfect and weak; but this shall not dishearten me from constantly labouring, with renovated ardour, at its extension and improvement. In the matters of most importance I have the gospel for my guide, and am safe from all deception. By that I perceive an eternity approaching. The real knowledge I shall here collect, is out of the power of that spoiler death. Hereafter, in the world of spirits, I shall pursue my researches; what is false will evaporate from my attainments, and what is solid and just will form the basis of my higher perfection. Thus does the hope of futurity animate the christian; and the pleasure he procures from the contemplation of

TREASURY.

THE annual net proceeds of the duties on merchandise and tonnage had, in former reports, been estimated at nine millions five hundred thousand dollars. That revenue, estimated on the importations of the years immediately preceding the late war, and on the ratio of increase of the population of the U.S. have been under-rated. The net revenue from that source, which accrued during the year 1802, exceeds ten millions one hundred thousand dollars, The revenue which has accrued during the two first quarters of the present year, appears to have been only fifty thousand dollars less than that of the two corresponding quarters of the year 1802; and the receipts in the Treasury, on account of the same duties, during the year ending on the 30th of Sept. last, have exceeded ten millions six hundred thousand dollars.

These facts prove that the wealth of the U. S. increases in a greater ratio than their population, and that this branch of the public revenue may now be rated at ten millions of dollars.

The same revenue for the two last years of the late war, at the present rate of duties, averaged 11,600,000 dollars a year; but though it might be supposed that the renewal of hos- tilities will produce a similar increase, no inference from that period is now drawn in relation to the revenue of the ensuing years.

Although the sales of public lands during the year ending on the 30th Sept. last, were lessened by the situation of the western country; two hundred thousand acres have been sold during that period; and

independent of future sales, the sums already paid to the receivers, with those which, exclusive of interest, fall due during the three ensuing years, amount to 1,250,000 dollars, the annual revenue arising from those sales, may be estimated at four hundred thousand dollars.

The extension of post roads, and the acceleration of the mail, while diffusing and increasing the benefits of the institution, have rendered it less productive. The receipts have amounted, during last year, to 27,000 dollars; but as neither these, nor those arising from some other incidental branches, effect any ge neral result, the whole revenue of the U. S. will be only ten millions four hundred thousand dollars.

1.The appropriation of 7,300,000 dollars, for the payment of the principal and interest of the debt; of which about three millions and an half are at present applicable to to the discharge of the principal, and the residue in the payment of interest, Dolls. 7,300,000

2. The expenses of government, according to the estimates for the year 1804, viz.

For the civil department and all domestic expenses of a civil nature,

For expenses attend- ing the intercourse with foreign nations, including Algiers, and all ex- penses relative to the Barbary powers,

For the military and Indian departments,

For the navy, supposing two frigates and four smaller vessels be in commission,

791,000

875,0

which, with the increase of specie in the Treasury during the same

9,800,000 And deducted from the pemanent revenue of 10,400,000

Leave

1,320,000

4,416,700

year.

The payments on account of the principal of the public debt, from the first day of Sept. 1803, were Dolls. 9,924,004

The specie in the Treasury, on the first

of April, 1801, 1,794,000 on the

And

Leaves,

13,990,004

1,287,600

12,702,404 in favour of the U. S. for that period of two years and an half.

From that view of the present situation of the U. S. the only question is, whether any additional revenues are wanted to provide for the new debt, which will result from the purchase of Louisiana.

The U. S. may have to pay, by virtue of that treaty, fifteen millions of dollars. First, 11,250,000 dolls. in a stock bearing an interest of six per cent. payable in Europe, and the principal of which will be discharged at the Treasury of the U. S. in four instalments, to commence in the year 1818....2dly, A sum which cannot exceed 3,750,000 dollars, payable at the Treasury of the U. S. during the ensuing year, to citizens having certain claims on France.

As two millions of dollars may be paid from the specie now in the Treasury, on account of the last item; and the new debt cannot exceed thirteen millions of dollars, the interest of which is 780,000; but on account of commissions, and variations of exchange, will be eight hundred thousand dollars.

The surplus revenue of the U. S. will discharge six hundred thousand dollars of that sum, and it is expected that the net revenue collected at New-Orleans will be equal to the remaining two hundred thousand dollars.

The statement (G) shews that the exportation from the Atlantic States to those Colonies, of articles not of the growth or manufacture of the U. S. amounted for the years 1799, 1800, and 1801, to 6,622,189 dollars; making an average of more than two millions two hundred thousand dollars, of foreign articles, liable to pay duty, annually exported to Florida and Louisiana from the U. S. alone.

The exportations from the U.S. to Florida are so trifling that that statement may be considered as applying solely to N. O.; it is also known, that almost the whole of those exportations were consumed within that colony, and that during the war the supplies from the U.S. constituted by far the greater part of its imports.

Thence it results that the annual importations into the ceded territory, of articles destined for the consumption of its own inhabitants, and which will, under the laws of the U. S. pay duty, may be estimated at two millions five hundred thousand dollars: which, at the present rate of duties, will yield a revenue of about 350,000 dollars. From that revenue must be deducted 150,000 dollars, for the following: viz.

1st. The duties on a quantity of sugar and indigo equal to that which shall be imported from N. O. into the U. S.; as those articles being imported free from duty, will diminish by so much revenue now col

lected in the seaports of the U. S. The whole amount of sugar exported from N. O. is less than 4,000,000 of pounds, and that of indigo is about 30,000 pounds. Supposing that the whole of those articles should hereafter be exported to the U. S. the loss to the revenue will be about 100,000 dollars.

2d. No increase of expense in the military establishment of the U. S. is expected on account of the acquisition of territory; but the expenses of the province and of the intercourse with the Indians; are estimated at 50,000 dollars, leaving for the net revenue derived from the province, and applicable to the payment of the interest of the new debt, 200,000 dolls.

The only provisions necessary, are,

1. In relation to the stock of 11,250,000 dollars to be created in favour of France;

That that debt be made a charge on the sinking fund, directing the commissioners to apply so much of its proceeds as may be necessary for the payment of interest and principal, in the same manner as they are directed to do in relation to the debt now charged on that fund.

That so much of the duties on merchandise and tonnage as will be equal to seven hundred thousand dollars, being the sum wanted to pay the interest of that new stock, be added to the annual permanent appropriation for the sinking fund; making, with the existing appropriation, eight millions of dollars, annually applicable to the payment of the interest and principal of the public debt;

And that the said annual sum of eight millions of dollars remain in trust for the said payments, till the the whole of the existing debt of the U. S. and of the new stock, shall have been redeemed.

As a sum equal to the interest of the new stock will thus be added to the sinking fund, the operation of that fund, as it relates to the extinguishment of debt, will remain

on the same footing as has been heretofore provided by Congress. The new debt will neither impede nor retard the payment of the principal of the old debt,; and the fund will be sufficient, beside paying the interest on both, to discharge the principal of the old debt, before the year 1818, and that of the new, within one year and an half after that year.

11. In relation to the American claims the payment of which is assumed by the convention with France:

That a sum not exceeding 3,750,000 dollars, inclusive of the two millions appropriated by the last session of Congress, be appropriated for the payment of those claims, to be paid out of any monies in the Treasury not otherwise appropriated.

That for effecting the whole of that payment, the President of the U. S. be authorised to borrow a sum not exceeding 1,750,000 dollars, at an interest not exceeding six per cent. a year.

And that so much of the proceeds of the duties on merchandise and tonnage as may be necessary, be appropriated for the payment of interest and principal of the loan to be thus effected.

It is not proposed to charge that loan on the sinking fund, because its amount cannot at present be ascertained; and because it may perhaps be found more expedient to pay out of the sinking fund, the whole or part of the two last instalments, payable by virtue of conventions with Great-Britain.

The possibility of thus providing for the payment of the interest of a new debt of thirteen millions of dollars, without recurring to new taxes or interfering with the provisions heretofore made for the payment of the existing debt, depends on the correctness of the estimate of the public revenue which has been submitted. It rests principally on the expectation that the revenue of the ensuing years shall not be less than that of the year