Excluding from the estimate now proposed the value of unimproved grounds in the towns, and forest lands in the states and territories, it appears safe to estimate the productive real and personal estate (the cultivated farms, stock, goods and motley) of the people of this country at three thousand millions of dollars. One hun dred and seven millions of dollars were the value of our exports in 1806 ; and one hundred and eight millions in 1807. Their value, in 1811, was sixty-two millions of dollars, besides ships sold abroad, and the stores of vessels going to foreign countries, which are never placed on the statements of exports. This sum, ac cording to the rule 01 the best economists or statistical writers, is one third of the whole result of the national industry, which would carry us to one hundred and eighty six millions, the effective principal of three thou sand one hundred millions of dollars. The provisions of all ships, and the value of those sold abroad, are thrown in to make a safe calculation, and we add the goods and coins, which go by land, or unreported, to foreign countries. The value of lots or grounds in our towns, and of our uncultivated forests, though thrown out of the estimate, add greatly to the mass of our in trinsic wealth.
The surplus cotton of the United States, which is capable of use in winter clothing, is three or four times the weight of the wool employed in foreign countries to make the clothing consumed in United America. Our power to produce cotton may be called unlimited, since the small proportion of 600,000 acres of land, at the very low rate of one nundred pounds of clean cotton to the acre, would produce our whole exported surplus. There are many counties in the southern states contain ing that quantity of land. But when it is considered that England has seven sheep to every eight and one half or nine acres of land, our progress in the multipli cation of that animal, and in the growth of machines for the manufacture of wool, cannot be doubted.
Under all the disadvantages of trade in the year 1811, the revenue of the twelve months, ending on the 30th of September, was 13,541,446 dollars.
There remained in the treasury nearly four millions of dollars.
Above forty-six millions of the public debt have been ref aid in ten years following the last day of March, 1801; and a debt for Louisiana of 11,250,000 dollars was contracted in that term. The whole public debt of the Uni ted States,on the first day of the year 1812, was 45,154,189 dollars, being a little more than the sum of 10,000,000/. sterling. The first lien on the public revenues of the United States, is the interest of the public debt. It is the best secured national debt in the world, considering the soundness of our constitution in regard to the obliga tion of contracts.
A considerable portion of the public debt of the Uni ted States, is due to the several states, which is a strong and peculiar security for the fulfilment of the engage ments to the public creditors.
During ten years of peace there has not been either an internal revenue of excise, or a land or direct tax among the revenues of the United States ; and during the last seven of those years there has been no import duty on salt.
The increase of the post offices and post roads is very rapid, and is astonishing, even to the best informed of the people of the United States; and the beneficial con sequences under a form of government, and in a state of human affairs, requiring prompt and accurate intelli gence, is of incalculable importance to the country. The making of new ordinary roads is incessant and ex tensive.
There are no powerful and dangerous neighbours to the United States on the continent of America, either civilized or others, nor any having an interest to invade their dominions.
Several very important canals are either completed, commenced, authorized, or proposed, in various quar ters.
The system of mitigating punishments and rendering them more effectual towards repentance and NAM ma tion, operates in a manner highly honourable to the po licy and humanity of the American legislatures. The vindictive quality is extracted from our penal code, and cast away, as contrary to the dictates of religion, and strongly tending to the deterioration of governments, which indulge that unworthy passion. The good of the community, and of the criminal himself, and the ho nour of the Deity, by the amendment of the offender against divine and human laws, are the pure and ele vated objects of our penal regulations and institutions. The experiment was an early work of the peace of 1783, and was happily commenced in the state of Pennsylvania.
If our public councils have happily been slow to an ger, the military character of the United States, when ever it has taken the name of action, has not been af fected unfavourably by our long abstinence from regular war. The signal defeat of the Indians, in 1794, by a departed hero of the American revolution, the late ma jor-general Anthony Wayne; the action with the French frigate Insurgente ; the daring enterprize against the fleet and castles of Tripoli ; and the recent defeat of the Indians, by governor Harrison and colonel Boyd, with a mixed corps of militia and regulars, under a variety of inconvenient and disadvantageous circumstances ; are continued proofs of the capacity and resolution of the American people, in the field of action, on the land and on the ocean, whether the foe be civilized or savage. Nor ought the enterprize of Eaton against Derne to be omitted in this place, or at this time, when the wars of Europe seem, more than at any former moment, tending to involve us.