Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1802-09-18
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With sn accompanying OIL making pro-
-ision Tor its entire redemption. The fol- |
owiAg is ire report:
" The propriety OF pursuing efficient
For the final extingu.shIoent of
Inc public c-at is position too obviously
true. in ths opinion of your commit
tee, to require any illustration from them.
The unexampled prosperity OF our coun-
Try, the hourishing state Of our finances,
and he restoration of peace among the
Euro pean powers, all contribute To render
the present period peculiarly suspicious
to thi5 important undertaking. Should,
however, the United States neglect 70 a.
yajl themselves ofs peace which promises
70 % OF no short duration, If the length
and destructive effects from the proceed
ing war from any criterion by which to
estimate the time necessary Co reinvigo-
rate the exhausted beliigerent parties,
ahould q season of great and increasing
financial prosperity be suffered to pass a.
way without q vigorous exertion 10 exone-
rat2 The Union from its present inotim-
frances, every hope may he abandoned
that nation shall ever be found to dis
charge tic principal of debt which she has
once funded: and the United States must
rest content, TO encounter with embarrass-
Ell resources, any emergency which may
hereafter arise. 4 Just confidence is,
however, entertained that every desciipti-
or Of persons, IS well as those who adyo.
cate extensive waflikc establishments. as
those who are DESTROYS Of lcssening the
public contributions, will unite III support
- q measure, which for iiberating the re-
venues of the Union from their present
heavy incnrabrances, can alone enable its
government % launch into expensive ua-
val preparations, or to reduce the duties
% imports
" That no eff 'tual provision for the f.
nM redemption OF the whole present debt
OF th- United States does at this time ex-
-, 81 reonrrence TO the iett-r Of the Secre.
vary OF the Treasury. hercanto annexed,
vii readily demonstrate. TO the mea-
sures which have already been adopted in
reittioa to this subject, t.Ieir comPexi.y-
forms an obie hon inferior only 70 their
ineficiency. TO establish a plan as sim
ole as the nature Of the existing system,
Oh which it 3 necessarily snsrafled, viii
permit, and altogetaer adequate ~ It's opc-
ration, has been the design OF the co2l-
niitee. To appropriate, permanently
50 mlch OF the annual revenues as N nv
be requisite, Appeared th5. only measure
calculate 70 eiie I this last and principal
purposs. This sum does not exceed the !
probable excess OF theGnraal receipts be-
Yond me current expenditure of the 60
Venmeut. In making the necessary ap-
preparation to The SINGING fund instead Of
4eavnf 70 II only such surplus IS the 90. |
yernmenc might npt choose 10 employ on
any other Object IA adherence 10 economy
IS secured, whiis. the resources Of the :
rountrs - meet any Extraordinary ciaer-
Gsncy remain unin7'.rcd' Nothing less |
thFn tie reguIar operaion II 4 permanent !
system can ndGce the national axce6tati- /
on that the debt wiz ever be .;inTuishcd. J
Care, ny the sln,e ane, has been takel, !
ii,at such portion Ut the sa0i appropriated
as the commissioners NAY. be unable an
nually 70 apply 20 tie redemption of the
debt shall be returned ia-o tlr public t-ea-
sury."
70 the report was subioined letter
lDm the Secretary Of the Treasury exit
biting, with GREAT perspicuity, the existing
provisions Cor the redernp3i m Of The dcGt,
IL. The finds appropriated the man
neT o applying them, and the operation OF
inc provisions.
BY I've rarot II gBPears taat 5,225,OOo
ioilars are &c present p1it IT, The shape GT
ntsrest and tlai m -ppropfiation If z,
1000 dollars would leave aDo,t 400,
100 applicable 20 ti5.h4l5s Of The prin-
.ipal.
10 previous communicated q the
'ecretary ~ the Treasury il j. stated that
be eject produced 1t tAe nd a. the year !
BOG, on ths debt. bv the annual apDi.ca-
ion of the SON (79soooO doliws) u The !
'ayment Of both principal AMI interest, (
You'd b. ~ the epd Of eight wears, thc I
'1yrnent Of the whole oil the Dutch debt; /,
Che Temporary loans due 10 the bank {
y the navy siX per cent. and d the FIVE
rda half perceni. stocss 5.525, 500 dol (
.r5 and SO cents % llc eiV't pcr cent I,
-3cki i5c,587 dallars sni twenty SIX
'ls Of TIE four anil q half pen cent stocs
~ il.}09.259 dollars and SIX cents ofthe
'rincipj Of the siy per cen aDl deferred
t3c'a, amousting altogether 20 Cfrty-two
7Hiions two hundred audcighty- nine thou-
ed, one hundred ani fifty dollars and Sc
.entF cents.
The public debt would, Therefore, on
= st January, 1910, be reduced 10 81,