Account of the Customs for the last Six Years.
In the following tracts I have reckoned, among the destructive consequences of the war with America, the loss of a considerable part of our trade. In consequence of several accidental causes, particularly the demand created by the war, this effect has not yet been so much felt as was generally expected. The truth, however, is, that the war has operated in this way to a degree that is alarming, as will appear from the following account of the Customs for the last six years.
| Gross Receipt. | Debentures. | Net Receipt. | Payments into the Exchequer. | |
|---|---|---|---|---|
| 1772 | 5.134,503 | 2.214,508 | 2.441,038 | 2.525,515 |
| 1773 | 5.159,800 | 2.463,767 | 2.221,460 | 2.431,071 |
| 1774 | 5.068,000 | 2.132,600 | 2.455,500 | 2.547,717 |
| 1775 | 5.146,900 | 1.904,900 | 2.709,340 | 2.476,302 |
| 1776 | 3.726,970 | 1.544,300 | 1.633,380 | 2.460,402 |
| 1777 | 3.293,200 | 932,860 | 1.846,390 | 2.199,105 |
It should be observed, that though, in 1776, there had been no importation of tobacco, yet the duties on tobacco brought into the Exchequer as much as ever, these duties having been paid for old stock taken out of the warehouses for home consumption, instead of exportation. This is one of the causes which kept up the payments into the Exchequer in 1776, notwithstanding a sudden fall of near a MILLION AND A HALF in the gross receipt, and a MILLION in the net receipt.—In the last year, or 1777, the duties on tobacco fell very short; and this contributed to diminish the payments into the Exchequer near a quarter of a million. But what seems of more importance is, that the debentures (or duties returned at exportation) which had fallen in 1775 and 1776 above a fourth, continued to fall in 1777; and did not then amount to more than two-fifths of the usual sum.
I have examined the customs from the Revolution to the present time; but cannot find that any thing like such a fall in them has ever happened before.