Berkeley and Jefferson intelligencer. [volume] (Martinsburg, Va.) 1802-1810, 1803-11-18

terest and principal Of the public debt.
And that the said annual sum OF eight
millions of dollars remain thus pledged
and be vested in the commissioners of
the sinking Fund in trust for the said
payments, until the whole of the exist
ing debt ofthe United States, and OF the
new stock, shall have been reimbursed
or redeemed.
As sum equal to the interest accru-
ing on the new stock will thus be added
to the sinking fund, the operation Of
that fund, as it relates to the extinguish-f
mentof the existing debt, will remain
precisely on the same footing as has been
heretofore provided by Congress. The
new debt win neither impede nor retard
the payment Of the principal Of the old
debt; and the fund win be sufficient be-
sides paving the interest on both, to dis:
charge the principal Of the old debt, be-
fore the year 1918, and that Of the new
within one year and half after that year.
II. In relation to the American elsims'
the payment of which is assumed BY the
contention with France
That sum not exceeding $4,000
dollars inclusive Of the two millions ap-
propriated by law Of the last session Of
Congress for defraying the extraordinary
expenses incident to theintercourse with
foreign nations, be appropriated for the
payment Of those claims, to be paid out
of any monies in the Treasury not other
wise appropriated.
-Iha, for the purpose Of effeeting the
whole Of the payment, the President Of
the United States he authorised to bor-
row sum not exceeding S l,75o,ooo
at an interest not exceeding six per cent
year ;+':-:,.,
And that so much of the proceeds Of
the daties on merchandise and tonaSe
as may be necessary. be appropriated for
the payment ofthe interest and for the
reimbursement Of the principal Of the
loan which may eventually be effected BY
virtue Of the proceeding provision. -
is not proposed to charge that loan
on the Sinking Fund, because itsamount,
in case it shall be effected, cannot at pre-
sent be ascertained and because it may,
perhaps under the then existing cireum-
stances OF the Treasury, be found more
expedient not to borrow the money, and
IN lieu. OF it, to pay out of the sinking
fund the whole or part Df the two last ir4
stalments payable by, virtue of the Con.
vention with GreGt Britain, as authors.
BY the act making provision for the pay
N. Mt of the whole Of the public debt.
1t is evident that the possibility Of
thus providing for the payment Of in.
terest of a new debt Of thirteen MiIliena
of dollars, without either recurring to
new taxes or interfering with the provi-
sions heretofore made for the payment
Of the existing debt, depends on the COR
rectness Of the estimate ofthe public Re.
venue which has been submitted. Al
though it is not without difidenee that
the hope of such favorable result Is en-.
tertaihed, some reliance is placed on the
solidity Of the basis on which the esti-
mate Is grounded. 1t rests principally
on the expectation that the revenue Of
the ensuing year shall not be less than
THAI which accrued in the year 1901
No part of it depends on the prohahls
increase which NAV result from the neu.
trality Of the United States during the
war IN Europe ner exsf on the pro-,
gressive augnenta,ions which from past
experience may naturally be expected to
arise from the gradual increase Of popu-
lation and wealth. Nor has that effect
been taken into consideration which the
uninterrupted free navigation ofthr Mis-
sissiPPi, and the acquisition OF New-0..
leansrnay have either on the sales Of pub
lie lands, or on the general resources Of
the inhabitants ofthe western STATES.
An which is respectfully submitted. y
ALBERT GALLATIN,
.Hscrcfnrt, a e HhA I|r.u.,,...