Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1806-12-23
To IL Gems Siagle.l

Nv. The revenue derived from customs
during the year 1902, which was year of
European peace, was much less in propor-
ton than that of any OF the immediately pre-
ccdins or following years, and yet eie ceded
ten millions of dollars. As it has been as.
certained that the population of the United
States. increase at the rate of thirty FIVE
per cent in ten years the revenue derived
from customs for the year 1912, may be es-
tmated at thirteen millions FIVE hundred
thousand dollars to which, adding. only
five hundred thousand dollars, for the an
nual proceeds of the sales of public lands.
will give fourteen millions ofdollars, for the,
total revenue of that year, or for the ave.
rage revenue of the years.1S09-ISl5. And
this must be considered as very moderate.
computation, since it does not include the
revenue derived from New Orleans is
predicated on the supposition, that the
wealth OF the United States increases in no
greater ratio than their population and
does not exceed the sum, which exclusively
of the Mediterranean fund was received
last year into the treasury. =
The annual payments on account of
the public debt, will, during.th the same pc
Rod, amount, as has been already stated,
to 100000 dollars ,All 1.-The other ex-
pcnces of the United States, whether do
mestic or foreign, of civil nature, or for
the support of the existing military and ma
val establishment, do not at present exceed
3,500,000 dollars. The total annual expen-
diture, allowing four hundred thousand doll
lars year for contingencies, NAV there
fore be estimated after the year 1903, ar
eight millions and half which deducted
from revenue of fourteen millions, will
leave nett annual surplus of FIVE millions
and half of dollars.
The question now recurs, whether por-
ton of that surplus would not be most adj
vantageously employed in fastening the re-
duction of the debt Whether some mode
may not be devised to provide, within a
short period, for its final and complete re-
imoursement, and thereby release the pub
lie revenue from every incumbranceS
This can only be effected by mcdifica-
ton or the debt assented to by the public
creditors; and a conversion of the Old six
per cent. deferred, and three per cent.
stocks, on terms mutually beneficial, into q
common six per cent. st TX, redaemable
within limited time, has appeared the
most simple and eligible, if not the only
practicable plan that can nc adopted. For
its details a reference is respectfully made
to a letter written in January last, to the
chairman of the committee of ways and
means, copy of which marked I'D is an
nexed. 1t will only be necessary to state,
that if such plan should be sanctioned by
congress, and accepted by the creditors,
those several species of debt amounting on
the 1St January, 1909, to something more
than forty six millions OF dollars. would be
converted into six per cent stock, amoun-
ting to less than forty millions of dollars;
which the continued annual appropriation
ofeight millions of dollars, would (besides
paving the interest on the Louisiana debt)
reimburse within period of less than Sc
ven years, or before the end Of the wear
1915, as will appear by the table marked
(H)
The total annual expenditure for those
seven years would then, allowing still 81
100000 dollars for currnet expcnces, and
100000 dollars for contingencies, amount
to something less than twelve millions of
dollars which deducted from revenue
of fourteen millions of dollars, would still
leave, after the year 1903, clear sur
plus of more than two millions of dollars,
applicable to such new objects of general
Improvement or national defence, as the
legislature might direct, and existing cir
cumstances require. And after the year
1915, no other membranes would remain
on the revenue, than the interest and
reimbursement of the Louisiana stock
the last payment Of which in the year
1921, would complete the final extinguish-
ment of the public debt.
All which is respectfully submitted.
ALBERT GALLATIN,
Secretary Of Me TreaSuyy.