The Sun.
London, England, 1826-01-23 00:00:00

tclanO of the Pelted States,-one hair In !ley the Florida claims,
the ether half to nay MI the 6 per cents. of 1812, under the act
f en:q;icis of thy 26, 1824, 10,000,000 d. In 1832; stock at
per cent., under the act of Congrees of May 15th, Deft,
999,999 d. 13c. In 1833, stock at 5 per cent. being the remain-
ing subscribed under the net of April 20, 1822, 18,901 d.
69e. In 1833, stock at 44 percent. being one moiety of the
amount subecribtal in exchange for 6 per cent. stock of 1813,
„hurler the act of May 26th, 182,1, 2,227,333 d. 97e. In 1834,
stock at 4i per cent., being the other roomy subscribed as last
above stated, 2,227,363 d. 98c. In 1836, stock at 6 per cent.,
being the amount issued under the act of Congress of March 3,
11194 4,745,29(k1- 30e, , •-- -
Total redeemahle at the periods specified, 60,689,306 d. 27c.
Total redeemable at the pleesture of the Government-
-20,298,2314.46c.
The total amount of funded funded debt on the let October,
185, 89,9101,537 d. 72c.
Theamount of treasury notes outstanding on the•lst of Oc-
tober, 1825, is estimated at 16,1100 d. And the amount of Min.
sissippi stock unredeemed on that ilay, including awards not
applied for, at 7,850 d. 17c.
The foregoing recapitulation exhibits the precise amount of
the . public debt now due, as well as the different periods at
which, by the terms of the several loans under which it was
contracted, the United States are at liberty to pay it off.
Of the sum of 11,074,087 d. 79c., mentioned under the
head of expenditures for 11325, as having been paid off in that
year, 7,727,052 d. 19e. were on account of principal of the debt,
and the remainder on account of interest during the three first
•quArters of the year. Nearly the whole of the principal thus
paid was outstanding at an interest of 6 per cent. Looking to
the,above recapitulation, it appears, that in the year 1826, and
1827; a larger amount of debt becomes redeemable than it will
fall within the ordinary surplus means of the Government to
ptiy in the course of those years, viz. a sum exceeding 16 mil-
lions in the former, and 13 millions in the latter year. Both
these portions of the debt are also at an interest of 6 per
cent. In 111211, the amount redeemable is at a point which
may he hoped the stated means of the treasury for that year
will reach the ability to pay off, increasing as the process of
red fiction advances, both by the increasing means of. the na-
tion and the annuahiberation of interest on the amount of debt
reduced. But in the year 1829, only a very small amount be.
eerriee redeemable-viz. less than one million, anti in the year
1039; a sum no larger.
At the period of the last annual report from the Treasury, no
portion of the debt became redeemable in either of those
years;. and, with a view to a more equal diffusion of pay.
faints, as well as to, effict a saving in interest, it was recom-
mended, that the excess of debt which could not, by the ordi.
nary re:Sources of the treasury, be discharged in 1026 and
1827, the debt redeemable in the former year, then standing at
19,000,0004., should be thrown, in equal portions, upon the
years 1829 and 1830.
To carry this recommendation into effect, so far as applied
to the year 11126, a loan of 19 millions was recommended at
five percent., one half to be redeemable in 1829, the other half
in 1830; the entire 12 millions being intended to constitute a
fund whit which, in conjunction with the annual surplus
means of the treasury, to pay off the 19 millions redeemable
in 18211. The principal of the tecomrhendution was adopted
by Congress, but tot its precise terms. An act was passed on
the 311 of March, 1025, authorising an exchange of stock to
The amount of 12 millions of dollars, at four and it half per cent.
fur a stock (Wilke amount at six per cent., the latter being in
much of the stock of 1813 as was Intended by the act to be
redeemed. The act also authorized a loan to the same amount,
and at the same rate of interest, to accomplish the same object ;
both modes not to be pursued, it' either succeeded. The new
stock of 44 per cent., whether proceeding front the exchange or
• the loan, was, by the terms of the art, to be subject to redemp.
don in 1829 und 11130, in equal portions. The proper measure,
were taken to execute the act, but have prevailed .only to a
limited extent. The operation of exchange which was first re-
sorted to took ellect to the amount of 1,5135,138 d. 88c.; and
this sum, divided into equal parts, forme the two sums that
now stand in the general table of he debt, as redeemable in
the years 1829 and 1830, whilst they have also served to (Hod.
nish by so much the 6 per cent. stock of 1813. Proposals for
a loan for the residue of the sum wanted werenext issued, but
no offers were received. The causes of the failure, it may be
presumed, were the low rate of intent» and short periods of' rc.
ilemption held out by the act, In conjunction with an activity
In the commercial and manufacturing operations of the country
affortilog higher inducements to the investment of capital..-
This mode of deuling with the debt, whereby, through the in.
strumentality of new loans, stock at a high interest is converted
into stock at a reduced interest, and whereby, also, the extin,
guishment of the principal is made to fall in payments as
nearly equal as may be throughout a given number Of years,
is evidently advantageous to the public; since it not only lex-
suns the national expenditure, on account of interest, but guards
against the possible el:cumulation of money in the treasury, la
years when it might remain inactive, towards the progressive
reduction of the debt. As it is a mode fully sanctioned by
Congress heretofore, it is respectfully reCAlalltsetalea on this
occasion, that an act be passed at an early tiny of the Session,
giving authority to borrow 9,000,000 of dollars, at an interest
novesceeding
in' er gent„ redeemable,. in equel proportion*,
in 1829 end 1830, rder that the treasury iney he enabled to
pay oft, in 1826, the entire remaining amount of the six per
cent. stock of 1813, redeemable in that year. • Nineenillione,
with the disposable timing which the treasury will 'probably,
have at command in 1826, it is believed, will fbrm a suiricom.
meneurate with this object. , Five per cent. is. named as the
maximum of interest ; nutl, considering the short periods of re-
deniption, it its not probable that the loam could be obtained at
a lower rate. The contingencies of the money-market might,
indeed, produce more favourable offers ; but these are not to
he minted upon with any approach to that certainty, which
should form the basis of such a financial operation.
Should an act for the loan of nine million* he panted, a con-
eiderable surplus of debt at 6 per cent. will still remain to ha
provided for, for the service of 1827. More than thirteen mil.
lions of the atock of 11114 becoming redeemable in 11327, the
,whale cannot be redeemed. in that year but with the aid of a
Joan. A loan of six millions would be sufficient in all pro-
bability for this purpose, and is accordingly recommended.-
The interest not to exceed b per cent., ants the amount to be
also subject to redemption In 18211 and 1830, in equal portions.
The effect of the two loatnrecommended, which it would to
most desirable to authorise in distinct acts, would, it is be-
lieved, be, to enable the Government to reticent the whole of
the six per cent. Mark nrllll3 and 11114 in the course of 1826
and 1827. It would also throw upon each of the years 1329
and 11130, an amount of debt equal to about eight millions and
a half, instead of less then one million, eecordthg to the distri-
bution as at present, coining. The only remaining stock of
six per cent. would don be duit of 1(015, in amount under nine
millions and a half, redeevriable in 1028. Should no unfore-
34mn expenditure arise, and a proper economy be kept up in
the public adrninistretion, it may reasomibly tie hoped, art be.
fore intimated, that the eurplus revenue at the disposal' of the
Treasury in 11128 will be equal to the reimbursement or dud still). After 1830, the whole amount of debt, on the results
herein assumed, would stand at about 40 millions, 11111 one half
of which will be redeemable at the pleasure of the Oovernment.
Nap portion of it will be at an interest exceeding five per cent.,
Met the principul part will be at a rate still lower. With
these views of the puldie debt, so encouraging in their bearing
upon its speedy, certain, and regular extinguishment, it Is not
deemed.neceseary to recommend at present any other measures
in relation to it than the two loans described.

RI, Or THE EIVETMATE or THE ii.crEr4 Or AND
EXPENnit uftz rem 180,
The public revenue is derived in an amount so prepon,
aerating from foreign commerce, that the state of the latter is
always to be chiefly lookt4 at in every prospective view of the
national income. As the internal business of the country bas
warp a character of activity and increase during the present
year, so has also its foreign trade, by that close connexion which
subsists between them. The exports for the year ending on the
30th of September last, have exceeded 92 millions of dollars.—
'Me imports have exceeded tfl millions. Of the exports up,
ward* of 841 millions were of domestic, and the remainder of fo-
reign productione.
Of the imports upwards of liti,ooo,ooo were in American vet.
sell. Of the exports, upwards of 81,000,000. Considering
that the vessels of those foreign nations with which the United
States have the most, extensive commercial intercourse, ore now
placed upon a footing of equality as to duties and chair es, of
whatever kind, in our ports, with the vessels of the United
States, this beaiy ...areas of American tonnage is a siwail
proof of the flourklung state of our navigation, 14 may serve to
litOW how the efficient protection extended to It by the early
laws of Congress succeeded In establishing it Ina manner to
tweet and overcome oil competition. Before the era of those
laws it Is known how this great interest languisithl-f-how little
unfelt proved, before the auxiliary hand of Government wee
stretched out, to support Itself against the 'established supe-
riority and overwbehrung competition which it had to faCe in
rite world.

7'lle foregoing amount of exports exceed% by about 17 mil-
lions of dollars, the average amount for three years preceding.
The importe exceed, by about 11 millions, the 110110 average.
Whilst this large excess of exports during the past year arises
chiefly from the produce of the soil, it le satisfactory to know
that domestic manufacturers have lent their contribution. Of
the Latter, there have been exported to the value of between
five, and six millions of dollars. 'this is an excess of eight
hundred thousand dollars tree those exported in 1024, and-of
nude (lair
s over those exported in 1823.
The progressive increase in this branch of industry is naturally
owcritsthle to the new Witt:
?lnt tifrects of the tariff' upon the course of our foreign trade,
iP other respects, bare, es yet, been but very partially disclosed.