The enquirer. [volume] (Richmond, Va.) 1804-1815, 1809-12-16
mo. 65.

cient To state that il the actual expenditure
OF the year 1910 for all military and naval
purposes should lie estimated at the same
sum which was disbursed by the Ire asury
Tor these objects during the year ending on
the 30th September, 1909. and exceeding as
above stated six millions of dollars, The de-
hciency according to tie preceding esti-
| mates would amount to three millions on
which superstition, it would seem prudent.
| III order To provide against any deficiency n
! the receipts beyond what has been estima-
ted, to authorize Il loan OF four millions of
dollars
in the event OF war, the necessity of rem
dering it efficient and of calling for that pur.
pose into action all the resources of the
country. Is too obvious to require any COM
ment. On that subject nothing will at this
time be added by this department to the
suggestions respe ctfully submitted in the two
preceding annua! reports. Loans reimburs-
able Ivy instalments and at fixed periods af-
te! the return ofpeGce, must constitute the
principal resou, &C for defray ing the extra
ordinary expenses of the war. For the sup
port Of public credit, the basis on which rests
the prac;icablity of obtaining loans on rea.
'onabie terms. /! appears necessary that the
revenue shonld, i'll the meanwhile, be equal
10 the interes, on the public debt including
that =" the new loans. and to ali the cur
rent EXPENSES of government calculated on a.
peace establishment, or, for the present, to
about eight ,rillions of dollars. An imme-
dia.e and Considerable encrease OF th- exis-
ting duties will, it is believed, be requisite
Tor that purpose III order to cover the defai-
cation which a maritime war must necessa-
rily produce in reNer1ue almost exclusive
ly depending on commerce. That encrease
appears preferable in the present situation
OF the United States to any other source of
taxation. and Is not, III time of war, liable
to the objection of IT'S encouraging snug
cling. 1t is only in the event of that revenue
being still more affected by war than is ap-
pretended, that a resort to internal taxes
either direct or Indirect may become ncccs-
sary.
1t war should not be resorted to, it d,tes
no appear requisite unless Congress shsuld
resolve on a permanent encrease of Tie mi
litary and naval establishments in time of
peace, to lay at present'any additional du-
ties. beyond mere continuance Of the two
and a halt per ccut. known under The name
OF " Mediterranean fund" 1t has already
been stated that an cncr "A sc OF the impo.t
would not supply the ef:iercy which may
take place liz the year 1910, and exclusive
| ly ct the reimbursement of the loan which
may be wanted Tor the service of that year,
all the national expenses calculated on H. g.
| peace establishment and ON tina average Of
the actual expenditures Of the six Years
| 1902 u 1907, will not exceed ten millioDs of
dollars for the year 1871, and eightmillions
after that wear
For, the onlv portion of the existing debt
which according to law it will be practical
| bic after the year 1910 to reimburse. will,
Exclusively Of the annual reimbursement of
the six per cent. ana deterred stocks, cou-
| sist only of the converted six per cent. stock,
which amounts to less taan tv o millions Of
dollars. The payments, On account of the
annual appropriation of eight millions of
dollars sfor the debt, cannot for that reason
Except for the purpose of reimbursing the
loan which may be wanted for the servica
OF the year 1SlO,) much exceed six millions
OF dollars in the year 1911, and four millions
OF dollars annually after that year. The
years may, therefore, if calculated on
peace establishment, be estimated as fol-
loweth viz