Two loans having been authorized, of sixteen and seven and a half millions, they will require for their due reimbursement two millions three hundred and fifty thousand dollars of the three millions expected from the taxes lately imposed. When the produce shall be known of the several items of these taxes, such of them as will make up this sum should be selected, appropriated, and pledged for the reimbursement of these loans. The balance of six hundred and fifty thousand dollars, will be a provision for 6½ millions of the loan of the next year; and in all future loans, I would consider it as a rule never to be departed from, to lay a tax of 1/10, and pledge it for the reimbursement. In the preceding calculations no account is taken of the increasing population of the United States, which we know to be in a compound ratio of more than 3 per cent. per annum; nor of the increase of wealth, proved to be in a higher ratio by the increasing productiveness of the imports on consumption. We shall be safe therefore in considering every tax as growing at the rate of 3 per cent. compound ratio annually. I say _every tax_, for as to those on consumption the fact is known; and the same growth will be found in the value of real estate, if valued annually; or, which would be better, 3 per cent. might be assumed by the law as the average increase, and an addition of 1/33 of the tax paid the preceding year, be annually called for. Supposing then a tax laid which would bring in $100,000 at the time it is laid, and that it increases annually at the rate of 3 per cent. compound, its important effect may be seen in the following statement: The 1st year 103,090, and reduces the million to $972,000 2d " 106,090, " " " 938,810 3d " 109,273, " " " 899,947 4th " 112,556, " " " 854,896 5th " 115,920, " " " 803,053 6th " 119,410, " " " 743,915 7th " 122,990, " " " 676,719 8th " 126,680, " " " 600,793 --------- 915,913 It yields the 9th year $130,470, and reduces it to $515,382 10th " 134,390, " " 419,646 11th " 138,420, " " 312,699 12th " 142,580, " " 193,517 13th " 146,850, " " 61,181 14th " 151,260 over pays, 85,491 ---------- 1,759,883 This estimate supposes a million borrowed at 7½ per cent; but, if obtained from the circulation without interest, it would be reimbursed within eight years and eight months, instead of fourteen years, or of twenty years, on our first estimate.