Jenks's Portland gazette. [volume] (Portland [Me.]) 1799-1802, 1802-01-25

IS. 1'hefe include the I've and ba,f ror.
navy TX, 1896 OK and eight per cent noe, half
temporary loans obtained from The bank ~ eng iAe
"ge'ieF y dollars la,o,5..o1u
The interel on allthefe confiturr a. itemof o.o--
4th The foreign debt due in Holland -
i 'u'lIu"s P'''H'l[Hs and gratfcation,
The interea on which, commaion, ,rd 2L5'ooo
cluded. j., FOR the year 8oR, --tsta n.
This lah debt being payable ia naaln,o,-
tain fixed dates, and beng necefaey to GER
fnittances in america Fix months bera Fe-
ments made in Holland the aatenra.e I te pay
been added 70 flcw the payments, both \. LIZ has
Of principal and IntereR, which become MI account
il Holland, until the final redemption II ~ Qua
800 and the lums which it will be nee. e ueot N
year to provide IN America, in order to ny eSery
payments The greater part Of this deb 4 mole
due IN the cour1e Of the FIVE next enGIino o0comes
the annual payments, on account Of Drinci1, sad
tereit for that period, exceed, On an aversgs - III
hons OF dollars. The Inconvenience and di;eti.
procuring remittances TO that amount, and ~. "
jury arihng from iuch heavy dilburlemens .S.. -
render an extenfon OF the terms Of pavmrnt L1'
ual reoans, deGrabie object and meaiures M. "a
taken ~ sicerlan Jts Praiicability AL thar So
wanting 49, that the gro6 amount or y avuient. I.t
4, r.
more equally apPOrtioned amongG thofe wears 80
auy greater iurplus of revenue which might h. 60
oy that operation, would be applicable 70 The redemo
tun o thoie ipcces of the dcmelic debt which i ~
oe thought mot eligible 70 reimburie.
Whether this operation fhall Be effected or ~,
no oifhcuty IS apprehended from want Of refonr'
ces, 20 dltcharge every infalment as it fan beor.
due ; the fun payable in 1903, 10 which wear fbs
In get payments NUT be made ID Holland, amount
rs, including both thOie, and all other aqualIv
Gur, on the account Oi the iRteEef and reimbprTe
mcnt w the dOmcltiC debt, 10 only ", 100 600 do,
lars, or TO 100000 dollars l(s than the annuity of
1900 600 dollars, which has been eftmated as the
Ia Plus Of reveuue applicable 10 that obe0.
Az that iurqiUs does eXIh, and if it will he fuff
Circuit to meet ALI the engagements Of the IT. States.
as they bccTnt due, the Onl-r remaining obirEs NJ
inquiry te1m 70 he what imprelion will duFin,
me next eiIat years to which thyle climates re-
ter, be made on the public debt, by the annual
application Of that furpus? To what time wouM
tbe lame annuity df-harge tbe whole ofthe public
debt
The fatement TS exhibits TIE effect produced
az The send Of the year 1909, ~ the debt, BY Tie
annual application Of thar fun (7.3oo, 600 dollsr0
10 the payment of both principal anG intereR, and
inewS that at the end of tkOle eight years il IbaH
have paid The whole Of the Dutch dab Of the
temporary loans due 10 the bank OF tic navy ~
per cent, and of the five ana half per cent R0cks
$500 AOiIhIa dtu CENTS OF t-@ ClRI ptr
hOCk $685. dollars and IS cents of the princ-
pal of the II per cen, dook; and iI,3s9,a6,
dollars and cents Of the principal Of toe per cent
and deferred Rocks, amounting altogether to
52,189,I5o dollars and 70 cents.
The public debt would, therefore, on the Ih
January 1910, Be reduced 70 4SS91,739 dollars
aud cents, viz 9e4,899 dollars and O. cents Of
the eight per cent Cock; 25,6Il dollars and "a
cents of the IL per cent flock (both of which
would be discharged during the four hrtt months
of the year 1910 N 80 900 dollars of the 1895 ix
per Gene flock 1S,451,5zI dollars and 80 CentSOf
the fix per cent aud deferred Rocks, and The
I9,o79,7o5 dollars and IS cents, three per cent
ttOCk.
Ut is true that this Ratement is prediCatrdou the
luproGtOn that the whole Of the remittauces ts
Holland may be purchafed al par, which Is not
probable bot 90 the other EaRd i Is calculated on
the principal Of yearly, iDftead Of quarter YEAR
ly payable annuity as If all the payments made
"a one year, account Otthe principal OF the debts
took place only AZ the eRd ot the year, l1Head q
teing made, as will ID the cafe IN Che Courie OF the
year, and Popping the intereR from the END Of The
quarter in which they may be made The iuPPol-
"a extra colt Of bills on Holland is at leaf partly
covered by that difference and cannot materially
affect the general Teiult.
Ii may in the fame manner DC ihewn that the
fame annual fun Of ?, 100000 dOars, applied 60 inc
Bayment Of the principal aad interef of the pu6Ic
debt, WORc on the tuppOHtlOn tnat tht Whoe "
the tx per cent and deferred tscks may be redeem
ed at par, and that the whole ofthe three cent
ttock lhoud be Tcimburfed at its nominal values
dilcharge the whole Of the public debt in i;vtn
years and half after the year 1909, Or within tas
year 1917.
The only part Of the preceding climates which
is liable to any material error, what relates to tne
probable annual revenue derived from the mPot
and fromthe fae6 Of land.--Should theie prove to
have b-en correct, X will refult, that the Preent
revenues Of the Union are fuficent To defraYaa
The expencts civil and military, Of governments 70
the extent authorized by exiting lave; TO meet
an ne engagements Of the United States, aud to
dilcharge, within eight years, 81 millions otdoI,
lars Of the principal, and, within 6Fteen years ana
A half the whole of the public debt /: that any IN
create of expeaf1 will, probably. either render an
inc cate Of taxes utcshlry, or rctard the ultimate
payment Or the debt and that any reduction N
The precent rate Of expenditure, may permit re-,
dudion Of the preltnt taxes, or Be the means OF
acctlerating the redemption Of the public debt'
AN which u m0t respectfully unlimited.
ALBERT GALLATIN,
Secretary az the Trealury'
Trs9G,ry- Dsbarf,revf. 1870 DEE. 1901.