Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1805-04-17

Reserved out OF the Mediterranean fund
tor meeting the extraordinary expenses
lone hundred thousand dollars. Making
altogether eleven millions, FIVE hundred
i. and forty thousand dollars, leaving sur.
plus OF more than two hundred Thousand
dollars.
| On the thirtieth day of September, in
the year one thousand eight hundred and
four, the money in the treasury is sssaascS1.
10 be four millions, eight hundred and
fcighty-two thousand, Two hundred and
twenty-five dollars, and eleven cents. In
the treasury on the 6rst day Of April, in the
year one thousand eighthundredS * one, one
million, seven hundreds ninety-four thoa.
sand, and forty-four dollars, and eighty
i've cents being three millions, eighty
eight thousand, one hundred and eighty
dollars, and tw-nty-six cents, increase ;
from which tledueling the proceeds ofthe
sales OF the bank shares, ono million, two
hundred and eighty-sevcn thousand, and
SIX hundred dollars, leaves one million,
eight hundred thousand, FIVE hundred and
eighty dollars, and twenty six cents, the
increase arising from the ordinary reye-
nue..
From the first day of April, one thou
| sand eight hundred and one, to the Thrift
eth day of September, one thousand eigh,
hundred and four, the following debts,
which originated prior to that period, have
been discharged. Paymeat on account of
the principal of the public debt, thirteen
millions, i've hundred and seycnty-six
thousand, eight hundred and ninety one
| dollars, and eighty-six cents, and sum
ot eight huodred and eighty-eight thou
sand dol'ars, being the 6rstinstalncnt of
the sum parable to Great Britain, in salts
isetion and discharge fthe money which
the United States might have been liable
to pay IN pursuance of the provisions of
the sixth article of The treaty of one thos
sand seven hundred and ninety -four; ma
king altogether sixteen millions two hun
I dred and sixty. five thousand four hundred
! and seventy two dollars, and twelve cents !:
from which dedu6ting fifteen millions of
dollars, the putc chase money of Loussiana,
leaves difference of onelmiIlion, two hun
dred aud sixiy-Eve thousand, four hun-
cired and scvcnty-two dollars, and twelve
cents. The United States being vested
with the right and title, and in possession
ut the country of louisiana, with the an
proving consent Of all the powers hereto
fore therein interested.
BY an annual ditninution Of the princi-
pal OF debt, an annual diminution of in.
ierest is effected. IL a sum certain, ersa.
ter than given interest, be appropriated
TO be paid annually in extinpuishment oil
a debt and interest, the interest PAYABLE
the second year, will be less than that paid
, the hrst year; consequently, a greater
sum OF the principal viii be paid the se-
cond year, than was the first year !; for the
same reason more of the principal will be
discharged every subsequent year than
was the preceding one, until the debt and
interest be all extinguished. On this
principle IS predicated the mode adop-
ted for extingushing the public debt
OF the United States, and If it be per-
severedin, musteventualIy accomplish the
end, By the operation of eight millions Of
dollars annually, to be paid for that Dur
pose, as appropriated by law. If hereaf.
ter the revenue will admit additional an.
propria,tcns OF money To be made for
the same object, the bubtic debt NAV
+ probably be all discharged at AN ear
! ler period than hath been suppose Il.
The population of the United States in
creasing annually, will require for con.
sumption larger importation Of foreign
merchandise, and the revenue, provided
the laws now in force be continued, will
be proportionably augmented.
J To people believing national deb, a
! national blessing large army aud nurne.
rous navy, may be subjects of contempls-
tive pleasure; but 10 people who believe
otherwise, large armies and nayies will he
causes OF humiliation. The annual ex-
peDse Of one small frigate of the United
States, namely, the frigaie President, car.
rying forty-four guns, with crew of aboo,
three hundred and forty nine peopLe. il
stated to be one hundred and fifteen thou.
sand two hundred and fourteen dollars and
I twenty-five cents. The army of the Uni.
tsd States Is very small indeed, but il costs
annually, about six hundred and n;ne,v-
four thousand FIVE hundred and twelve dol.
lars, exclusive of Qualifications, arsenaIs
armories, and magazines.
/ During the year 1904, one hundred .rd
hine'y-one thousand and ninsty-two ME
cea Of o4fyor. IF ~. ~