Amounting altogether to one million, one hundred and eighty-seven thousand and sixteen dollars and seventy-eight cents. The balance of specie in the Treasury, amounted on the first of April, 1801, to 1,794,044 dollars and 85 cents, on the first of October, 1801, to 2,946,038 dollars and 73 cents, making a difference in favour of the Treasury of 1,151,993 dollars and 88 cents; which last sum, added to the above stated payments on account of the principal of the debt, makes an actual difference in favour of the United States of 2,339,010 dollars and 66 cents, during those six months. The principal of the public debt unredeemed on the first of January, 1802, is arranged under four heads, viz. 1st. Six per cent and deferred stocks. The nominal amount of this debt. The interest, at the rate of six per cent, on which sum is Dol. Cents. 36,851,784 60 9,211,107 08 Th This last debt being payable in insta ments, at certain fixed dates, and it b ing necessary to purchase remittances America, near six months before the pay ments are made in Holland, the stateme has been added, to shew the payment both on account of principal and interes which become annually due in Hollan until the final redemption of the debt i 1809; and the sums which it will be ne cessary every year to provide in Americ in order to meet those payments. greater part of this debt becomes due in th course of the five next ensuing years; an the annual payments,, on account of princ pal and interest for that period, excee on an average, two millions of dollar The inconvenience and difficulty of pro curing remittances to that amount and th real injury arising from such heavy disburse ments abroad, render an extension of th terms of payment, by partial reloans, a de sirable object; and measures have bee taken to ascertain its practicability. All tha seems wanted is, that the gross amount payments which are to take place durin the eight next years, should be mor equally apportioned amongst those years and any greater surplus of revenue whic might be freed by that operation, woul be applicable to the redemption of thos species of the domestic debt which it ma be thought most eligible to reimburse. Whether this operation shall be effecte or not, no difficulty is apprehended from want of resource, to discharge every in stalment as it shall become due; the sur payable in 1803, in which year the larges payments must be made in Holland, a mounting, including both those, and a other actually due, on the account of the in terest and reimbursement of the domesti debt, to only 7,100,000 dollars, or t 200,000 dollars less than the annuity 7,300,000 dollars, which has been estimate as the surplus of the revenue applicable t that object. If that surplus does exist, and if it wi be sufficient to meet all the engagement of the United States as they become due, I the only remaining objects of enquiry seem ito be: what impression will, during the next eight years to which these estimates refer, be made on the public debt, by the annaal application of that surplus? In what time would the same annuity discharge the whole of the public debt? He next exhibits the effect produced at the end of the year 1809, on the debt, by the annual application of that sum (1,300,000 dollars) to the payment of both principal and interest, and shews that at the end of those eight years it shall have paid the whole of the Dutch debt; of the temporary loans due to the bank; of the Tavy six per cent. and of the five and a half per cent. stocks; 5,525,300 dollars and 38 cents of the eight per cent. stock; 150,387 dollars and 26 cents of the four and a half per cent. stock; and 11,399,263 dollars and 6 cents of the principal of the 6 per cent. and deferred stocks, amounting altogether to 32,289,150 dollars and 70 cents. The public debt would, therefore, on the 1st January 1810, be reduced to 45,592,739 dollars and 59 cents, viz. 954,899 dollars and 62 cents of the eight per cent stock; 15612 dollars and 74 cents of the four and a half per cent. stock (both of which would be discharged during the four first months of the year 1810;) 80,000 dollars of the 1796 six per cent. stock; 25,452,521 dollars and 60 cents of the six per cent. and deferred stocks, and the 19,079,705 dollars and 63 cents, three per cent. stock. It is true that this statement is predicated on the supposition that the whole of the remittances to Holland may be purchased at par, which is not probable; but, on the other hand it is calculated on the principle of a yearly, instead of a quarter-yearly payable annuity; or, as if all the payments made in one year, on account of the principal of the debt, took place only at the end of the year, instead of being made, as will be the case, in the course of the year, and stopping the interest from the end of the quarter in which they may be made.-The supposed extra cost of bills on Holland is at least partly covered by that difference, and cannot materially affect the general result. It may in the same manner be shewn that the same annual sum of 7,300,000 dolhr, applied to the payment of the principal and interest of the public debt, would, on the supposition that the whole of the six per cent, and deferred stocks may be redeemed at par, and that the whole of the three per cent. stock should be reimbursed at its nominal value, discharge the whole of the public debt in seven years and a half after the year 1809, or within the year 1817. nue The only part of the preceding estimates which is liable to any material error, is what relates to the probable annual reveue derived from the impost and from, the sales of land. Should these prove to have been correct, it will result that the present revenues of the Union are sufficient to defray all the expenses, civil and military, of government, to the extent authorized by existing laws; to meet all the engagements of the United States, and to discharge, within eight years, 32,000,000 of dollars of the principal, and, within fifteen years and a half, the whole of the public debt; that any increase of expense will, probably, either render an increase of taxes necessary, or retard the ultimate payment of the debt: and that any reduction in the present rate of expenditure, may permit a reduction of the present taxes, or be the means of accelerating the redemption of the public debt. mitted. All which is most respectfully subALBERT GALLATIN, Secretary of the Treasury. Treasury Department, 18th Dec. 1801. DUTY ON PRINTING PAPER. A petition has been presented to Parliament for the repeal of the act, by which an additional duty was, last year, imposed on this article. I, who purchase no inconsiderable quantity of printing paper, have refused to sign the petition, and I therefore, think it not altogether improper for me, on the present occasion, publicly to state the reasons, on which that refusal was founded. The grounds of complaint, as stated in the petition, are: 1. the additional capital, which the high price of paper keeps dead in the warehouse of the bookseller; 2. the diminution in the home demand for books; 3. the diminution, and the threatened annihilation of the export trade; and 4. the injury done to literature by increasing the expenses of publishing its productions." 1. I am ready to acknowledge, that the duty on paper may, possibly, demand an increase of capital in the hands of the bookseller; this, I shall be told, that many works an at this moment, with-held from the pre'till the effect of the petition be know So far am I from denying this, that I a ready to acknowledge, that I myself ha a large work in this very situation; but a reduction in the duty had never be talked of, this work would have been alrea in the press. 3. The diminution, and the threatened anni. I am not, however, sure of this, for the books in store, if they are dearer than they would be, without the duty on them, are fewer in number, or else the plea of diminution, as well as that of the injury to literature are totally unfounded; and, even supposing the necessity of an increase of capital to exist to a very considerable amount, I am yet to learn, that that circumstance is calculated to diminish either the profit or the respectability of the book-lation of the export trade. If any man in selling trade. The truth is, that the comparative profits and respect arising from different trades, are generally in a due proportion to the value, and not to the quantity, of the articles traded in. The hucksters of old iron and broken glass sell infinitely more articles than the silversmith or the jeweller, yet, I believe, no one would ex-guidance of common sense, and a comme change the profits or the respect, attached to the latter, for those, which may possibly be attached to the former. Why is the trade of a banker more respectable and more profitable than that of a bookseller? only because he deals in paper which requires a superior capital. Majesty's dominions be immediately int rested in this part of the question, if a one will severely feel the effect of this su posed diminution, it is myself. In propo tion to our small capital, nobody exports many books as my partner and myse Supposing me, therefore, to be under t portion of what is very properly called ti first law of nature, I should have been t first man in the kingdom to be alarmed the danger, to which, it is said, the du on paper has exposed the export trade books. Yet, I have felt no sueh alarm and I am fully convinced, that, when th petitioners give themselves time to reflec they will laugh at their own apprehension Of this part of the subject, I may, witho any great degree of presumption, preter to some knowledge, and, therefore, Ralpho says, "I shall enlarge upon th "point." The export trade of books, in which th diminution is dreaded, the petitioners di vide into two parts: the exportation to th Continent of Europe, and exportations to th United States of America. 2. The diminution in the home demand for books, with which I may couple the 4th proposition, the injury done to literature. All our books may be fairly reckoned amongst the luxuries of life, except those for the use of the established churches of England and Scotland; and these are exempted from duty. Whether, therefore, books are dear or cheap, precisely the same sum of money will be expended in the purchase of them; if paper be high priced, there will, indeed, be a less number of books; there will also be a less number of items in the book- On the Continent of Europe we hau seller's account; but its total will be the never been able to support a competitio same, and the profits will be somewhat with Paris, Basle, Frankfort, the Hagu greater, because fewer hands will be em- Hamburgh, &c. &c. The cheap rate, ployed in the reception and emission of the which the standard English works hat goods. If it should be admitted, then, as I long been printed at those places, has le persuade myself it will, that the duty on us no market on the Continent, except f paper produces no diminution in the amount the supply of those, who preferred Londo of the bookseller's sales and profits, it ne- editions, be the price what it might, au cessarily follows, that it will produce nonc this market we shall still retain, let th in the products of the labour of the author. duty on paper be what it may It Authors, male and female, will, probably, stated in the petition, that many of th be somewhat diminished, in number; but works of the best English authors are no of this, I imagine,. few persons, particularly printed at Paris, and sold for one half of whi booksellers, will have cause to complain. It the saine works, in the same style, can b will hereafter beseen, that, if the daty be afforded for in this country. Now, if the taken off, it will take only 5d from the pre-be correct, and I believe, it is perfectly st sent price of a common octavo volume, a de-how is it possible for a repeal of the net duction which cannot possibly be considered as an object worthy of the attention of any one, who has money to expend in the purchase of books. In contradiction: to dirty to enable us to rival the Continenta booksellers 2 The new duty iš 24d. pe pound weight the average weight of an octave volume (Johnson's Works; for it 339 sance) is a pound, and the average price such a volume, in sheets, is 75. so that, by consenting to the prayer of the petition, Lie Parliament would enable the English bookseller to export such a volume cheaper than he now can export it; and this is to countervail the 16, which he has how to contend with!!! I am aware, that ' will be urged, that the duty swells as it ves through the hands of the paper maker and stationer; agreed: but I cannot allow that it swells to more than double its origiaal amount; if, therefore, both the new and the old duty were to be taken off, ad if they are both estimated at double ter amount, there would be a deduction of only rod. in an octavo volume, which would thereby be brought no lower than ta. 2d. while the Parisian booksellers can mish it at 3s. 6d. It is useless to say anything more on this point; for, from the statement of the petition itself, it is evidant, that all competition, as to cheapness, with the Continental booksellers, is, if it Ter existed, now at an end. In the book trade with the United States < America the Americans themselves have -planted us: nor, can any act of our vernment enable us to contend against arrivals (if, indeed, we ought to call bem so), in that country. To establish This fact, I have only to make a very simple statement of prices, taking for my crite non a ream of demy printing paper, of a middling quality. Such a ream of paper costs, in England, £1: 14:0. It weighs about 28lb. all the duty on which amounts to £0:11:.8. If this duty were taken off, a would cost £1:2:2, to which must 'e added for freight, insurance, and shipting expenses, 5 per. cent.; for duty in e American port 16 per cent. and, for profit to the American importer, 12 per cent. at least, which would bring the ream up to £197, while paper, full as good, an be purchased at Philadelphia for three ulars and a half, which is fc: 15:9. Thus, ten, if the whole of the duty were taken , instead of the half, which is prayed by the petition, paper from this country wald be nearly as dear again as that which is to be found, in great abundance, is the warehouses of the American staoners. If I am asked, how it happens, then, that we export any books at all to America? I answer, that we export only uch books as are not called for in Amea in a sufficient number to enable the Lotsellers there to print an edition for their own country, and such new books as stand a chance of being sold before an American edition can be got out, neither. of which description of books can, either now or hereafter, be supplied by any country but England. That some few of the copies of the ornamented Parisian Shakespeares (if, indeed, they are ever printed) will reach America, I have no doubt; but the Americans have printed Shakespeare long enough ago; if they purchase foreign editions it will be for the sake of the ornaments, the compara... tive value of which ornaments will, in nowise, be affected by the duty on English paper. All that the government can possibly do, in this case, to serve the booksellers and printers, is to yield efficient protection to our domestic and colonial trade, which it can do by making the duty on all foreign printed books so high as to amount to a prohibition, which is not, at present, the case. Books can now be imported from France, and, after paying all the duties and charges, can be sold much cheaper than English printed books of the same size and quality; nay, books are so imported and sold, in great abundance, and, at the very moment that I am writing, I know that there are 500 copies of a Grammar (of which I myself ain the author, and which I now have in the press here) actually on the way from Paris to London. This is a Grammar for Frenchmen to learn English by, and is, of course, in the French language. Two editions of it have been published in France, from an American copy. It cannot be sold here, because [ have the copy-right; but, were it not for that circumstance, it could be sold in London for not much more than one half of what I shall be able to sell my edition for," The taking off the duty on paper would, therefore, yield me no sort of protection; nor is the present duty on foreign books sufficient to answer that purpose; it should be, at least, 35. on each pound weight, both here and in the colonies. It will be perceived, that I have all along proceeded upon the supposition, that there is no drawback on exported books; but, the fact is, that Mr. Pitt, in imposing the duty, in both instances, took care to provide a drawback to the full amount of the duty imposed; and, though this allowance does not make up for the whole of the bookseller's disbursements, on account of the duty, yet it does much towards re moving the ground of complaint, as far, at least, as relates to the branch of exportation. As the result of these statements I am decidedly of opinion, that, the present duty upon paper is injurious neither to the interest of the bookseller, the interests of literature, nor the interest of commerce, and, under this persuasion I could not set my hand to the petition, especially when I considered, that I should thereby join in a prayer for the diminution of those resources, which are now more than ever necessary to the preservation of that gowernment, to which, I trust, the petitioners bear an attachment equal to my own, and on the credit and the energy of which, the prosperity, the happiness, and the safety of us all so essentially depend. head of it the arms of Malta, united wi those of the empire, has, in the first nu ber of the present year, discontinued the Zurich, Jan. 28. A spirit of insurrecti reigns in this Canton, highly alarmin which arose from the disgust of the peop at the appointment of certain Public Fur tionaries, who were the objects of gene detestation. The few French troops th were here, were compelled to retreat int greatest disorder by a considerable body armed peasants, who likewise arrested ma of those Functionaries who were obnoxio to them. The news, however, of the a proach of a large body of French troo has put an end for the present to the revo Frankfort, Jan. 28. It is said that union will be formed between the Ecc siastical Princes of Germany, for the pu pose of acting in concert, relative to t affairs of the Secularizations. M. de D bey, Bishop of Constance, and Coadjut of Mayence, is the main-spring of this co federacy. The distresses of the, bookselling trade have arisen merely from the increase of that trade, which has, of late, been bloated to an unnatural bulk. It has, for some time, been upon the wane; it has declined much, and this decline will be hastened by the peace, which will diminish the profits of commerce in general, which profits furnished the means of purchasing books. No act of the legislature, no measure that can be adopted, whether of a public or private nature, will stop this decline, which must and will continue, 'till the manufacproaching cession of the right bank of ture of books be reduced to a level with the demand. Pall Mall, 16 Feb. 1802, Wm. Cobbett. FOREIGN INTELLIGENCE. Constantinople, Dec. 28. We have just received news from Egypt, by a vessel from Alexandria, that General Hutchinson caused to be buried, with great funeral pomp, the bodies of the five Beys who were killed in attempting to resist the detachment which was conducting them on board the fleet, by order of the Captain Pacha. The difference which arose between the Captain Pacha and the English Admiral and General, had at one time become serious. Jan. 29. The Elector of Bavaria has fix a day for the payment of the arrears of in posts due in that country, under penalty military execution in case of non-payme which is regarded as a proof of the a Inn. Paris. Feb. 10. A patent for the term 15 years has been granted to Alexand Sagniel and John Milne, residing at Ma ley, for a spinning machine for the maki of cottons.-Feb. 11, The Pope has appoint M. Arezzo, Apostolic Nuncio to the King Etruria.-Accounts from Berlin remove apprehensions occasioned by the indispo tion of Prince Henry.-Feb. 14. The ha for receiving the General Congress, Amiens, is in great forwardness. DOMESTIC OCCURRENCES. The Royal Family will come to to every Tuesday, and remain at the Queer House till Friday. Every fortnight t Madrid, Jan. 12. His Catholic Majesty Queen will hold a Drawing-Room; and has issued an order (which will be found in the alternate Thursday their Majesties w a preceding page of this work) "to pre-honour one of the Theatres with their p vent, in future, any other merchandizes than those of France, from enjoying the same advantages on their importation into Spain." Petersburgb, Jan. 15. The Petersburgh Gazette, which had hitherto borne at the sence. From Madras, under the date Sept. 9 intelligence has been received of the ca ture of the French Frigate La Chiffront of 42 guns, by his Majesty's ship La Sybel Captain Charles Adam. It is stated, t |