The near contingency imposed the necessity of an immediate examination of the sources of revenue.

In January, 1812, Mr.Gallatin was requested by the chairman of the Committee of Ways and Means to give his opinion as to the probable amount of receipts from duties on tonnage and merchandise in the event of war.

This, in view of the vigorous restrictions laid by France under her continental system of exclusion, Mr.Gallatin estimated under existing rules as not to exceed $2,500,000.

He then stated, without hesitation, that it was practicable and advisable to double the rate of duties, and to renew the old duty on salt.

The sum acquired, with this addition, he anticipated, would amount to $5,400,000.
On the basis of annual loans of ten millions of dollars during the continuance of the war (the sum assumed by the committee), the deficiency for 1814 would amount, by Mr.Gallatin's estimate, to $4,200,000.