The enquirer. [volume] (Richmond, Va.) 1804-1815, 1806-12-13
CITE GnQutrsr.
RICHMOND, 1873 DECEMBER.
PUBLIC DBnr is A PUBLIC CURSE

APUBLIc DRBT is PUBLIC CURSE.
We have received from a friend at Walh-
Ingtou, the S. Of the Treafury's annual Report
on the Revenue, Expenditure, & Debt of the u.
! 5. Nothing is more catering than the Cefcrin
ton which it exhibits OF the flourif,inc
fate OF our finances for it appears that during
| the eniuiHg year, the receipts ari6ng from du-
ties on merchandise and tonnage (incIuive of
| the Mediterranean fund.- may be eitimated Al
| l4,Soo,oCo dollars beides "A balance in the
Treaiury OF little more than four millions OF
dollars.
But by far the mot interefing part OF this
document i'not its fatts, hut its theory not its
view OF what actually exifs, but OF what may
De adopted Tor the improvement OF our finan-
ces. Err. Ga.!atin has once more propofcd his
ingenious icheme for eifecting the rapid rsdemp-
ton or the whole of our public debt, which ne
10 ttronsly recommended iaft winter, and which
was to- frangeiY rejected. No cxpedient is
more admirably adapted. to improve orr fyf-
tenn of inance /; and for th. rcafon we flall at
tenn pit to bring 1T into the view OF our readers
The Secretary of the Treafury aTerts:
L hat the amount or debt re-
deemed from the Il or April
1901, to the LIT January next, Blk. Cte.
Is s4,o44,792 "a
And that the principal, which
will he re;mhurfed during the
years so7, and 1908, will a.
mount to e.114o5s o.
sS,75o,lso 90
Which will be the great amount of pu5Ec
de6t redeemed during the iail and prefent terms
OF AIR. Jsiferion's administration.
That the d>bt yeuaiuias uu1aid on the n
day OF January, 1909, will amount altogether
to Eear 81 2 millions OF dollars:
That OEt of lSi5 aSbf. no mart Of th. T o,,;E
aTa 'tock is rein'burfable ill the year sos.
the 1896 TX Der cent flock is not redecma-
bic till 1919;
the three per cent in its prefent 4ape is abfo
utety irredeemable;
the Bnredeemed amount of the old FIX Der
cent, and deferred ftocks, are rc-imburfa-
BILE oNp at the rate ofeiebt per cent wear
for principal! and intereh) on the nominal
amount.
From the irredeemable nature of thefr
itnckS, IT follows, that after paying the whole
annual interef due on them, and that portion
OF the principal which is permitted TO be rcim-
buried, there will ftill remain 4 part of the
| 100000 dolls. annually u1attro5,iatr1 TO the
payment OF the public debt and that the
whole OF the annual expenditure (inclpiive of
the intereit and annual re-inburfemen1 will be
reduced to 4 100000 dollars.
| But let this fun be added to the 8 ooo. ooo
doliarS winch are the eaimated expeuces oftbc
government (incluHve of contingencicsl and the
total annual expenditures of the government.
| may therefore be eftimated af!er the wear 1908.
| at eight millions and half.
Let this fun now be dedu6ted from the fun
| OF fourteen millions, which is enimated to he
the total reT,snHe of the year 1919, or the NJ
Terage revenue of lso9-1s15 aHd there will
remain from the year 1905 to the wear Is1s.
nett annual furplus OF five millions and half
of dollars.
And bere the Secretary of the Trearury fuh-
mts the important quefton, " whether bor-
fo1 OF that /rbiuJ would not be moR adyanta
ge0uily employed in hafening the Reduction of
the dent Whether fome mode may not b..
devifrd to provide within Mort period, for its
lInal and complete Reimbursement, and thereby
reieaie the public revenue from every incum-
brance % "Ihis Gays Mr.. Gallatin) an only be.
Effected by modification of the debt afented
10 oy the public creditors; and eoHUeJEog of
the Old fix per cent. deferred, and three per
cent itocks, on terms mutually beneficial, into
common Tx per cent. flock, re4reuabt qv;fb-
IN a HI"iffd Hmr, has appeared the mott fmple
and eligible 1t not the only praGicabie plan that
can be adopted. 1t will only be nece.lary to
rate, that 1t fuCh plan fhOuld be Cu9ioned
by Congrefs, and accepted by tie creditors.
thoie ieVera ipeces Of debt amounting on the
III January, 1909, 10 fomething more than for
ty-lx millions OF dollars, would be converted
INTO Tx per cent. Rock, amounting to lt5 fba1
t9rtI mHHenI OF dollars which the continued
annual appropriation of 5000, 900 dolls. would
(9ehdes paying the iDteret on the Louifana
debt) relmburit within period of ielj fbas r.
zen teorJ, or before the end of tbs year 1915"
Neither can this arrangement be ebjs7ed to
on the ground, that there will I've no fefonrces
to cary on iuch obje6is OF generai enforcement
or n"fi0H@Iacfe"ee, as exiting circumstances may
TeqmTe 6ecduie the total annual exbeAdifare
TOT mole ie'en years amounting 60 fometbiug
leis than IL millions Of dollars; and the wLolr