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Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO JEFFERSON. - Albert Gallatin, The Writings of Albert Gallatin, vol. 1 [1879]

Edition used:

The Writings of Albert Gallatin, ed. Henry Adams (Philadelphia: J.B. Lippincott, 1879). 3 vols.

Part of: The Writings of Albert Gallatin, 3 vols.

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GALLATIN TO JEFFERSON.

[Received] 15th November, 1801.

Dear Sir,—

. . . No letters received by last mail.

I have found so much difficulty in arranging, or rather procuring correct statements amongst the Treasury documents, that I cannot yet give any probable estimate of the revenue within half a million,—of course cannot give any opinion of the propriety of abolishing the internal revenues; but I am clearly of opinion they should all go or all remain. It would not be worth while to preserve the excise alone at such monstrous expense and inconvenience as the collection now costs. The two documents of “receipts and expenditures for 1800,” and of “estimates for 1802,” cannot accompany your message, as they are directed by positive resolutions of the House to be laid yearly before them by the Secretary. But as they must be supposed to have been communicated by him to you, they may with propriety be referred to in the message. They are matters of form prepared by the Register, and to which for the present year I have concluded to make no alteration in point of form.

If possible, I will on Tuesday lay before you general results sufficient to give you all the information you may want in relation to the general views you intend exhibiting in the message. But in the mean while could you calculate what will be the annual sum wanted to pay the interest on, and pay off within eight years, a debt of $21,955,900, bearing an interest of $1,310,401; it being premised that $6,481,700, part of the said debt, bears an interest of eight per cent., and must be paid the last; and that $950,965 of the debt are already paid out of the Treasury, but without stopping the interest. If three millions will do, I think we can, with the impost and lands, pay off thirty-eight millions within the eight years 1802-1809. The total amount of unredeemed debt on 1st January, 1802, will be $77,866,402, of which we shall have already remitted to Holland the above-stated sum of $950,965. The reduction, or rather abolition, of internal revenues will necessarily depend on the extent of the navy establishment.

I will give a first reading to-morrow to the sketch of the message, and write some notes; but I cannot pay to it the proper attention till after Tuesday, and will of course return it Monday morning with a wish to see it afterwards once more.

Respectfully, your most obedient servant.