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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.

Department of the Treasury, November 12, 1806.

Dear Sir,—

I stated in a memorandum sent during last year that a continuation of the Mediterranean fund for three years, including the current year, without repealing the salt tax, would enable us to pay the sum contemplated for Florida, without affecting the operations relative to the debt; and that at the end of that period, viz., 1st January, 1809 (at which time the 8 per cent. foreign debt, and all other species of redeemable debt, shall have been paid off), we might do without either the salt or Mediterranean.

The question as you now propose it would be to give up the salt duty immediately, keeping the Mediterranean for two years longer. That will make a difference against the revenue of less than one million for the two years. I think that the revenue of this year has exceeded, or will exceed, the estimates by a sum nearly equal. Of that I will be more certain within a fortnight, but not sooner. If it shall prove so, there will be no objection to the proposal but the unsettled state of affairs with Spain. For if the message recommends an increase of the military establishment, of gunboats for the defence of New Orleans, or of any temporary expenses for mounted militia, &c., this must be taken into consideration, in order to avoid the danger of inconsistency, and the greater one of weakening ourselves if we think there is any apprehension of war.

I would wish to know what is the amount of expenses contemplated for all objects in addition to the usual establishments. By comparing it with our accounts of revenue, I will be able to prepare a correct statement for your consideration.

Respectfully, your obedient servant.