Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1810-03-27

2dly. 1t has already been stated IN N.
annual report of November IN l8o1 -
fe'red TO IN that of this year 8 that tn. ~
veral banks of the Ulitel States nigh, f. al
1t convenient. as che dininishe / CO on,rrs
OF the cpuntry night require less CAPITAL.
10 loan the government, a considerable nor.
non OF lheir capri al stock, then computed
az ABOUT forty millions of dollars" Such
em9orary loans can be obtained orlv 10 a
linit-d amount but they ace Convenient
IN two respects LIST. Taey do mot di,,,ns
lsh the facility of obtaining other loans
from Individuals, inasMuch as they do no,
increase the amount Of stock at market.
gay. Being reieemabie at will, and IN A
ny suhS which may suit the convenience
Vi gosefnment, interest is paid only as lon,-
as theQmoney is wanted and the ex,in'
guisnrnenfor the deot Contracted is render.
ed more easy and certain.
sd. Loans may be obtained from, ind;
viduais to an extent Commensurate WIN
tnc natlonal Capital, and limited by the CIV
is'inS demand tor that capital for nriva,e
purposes, The terms must vary accord
ms 10 circumstances, always giving the
preference to the most simple torn that
cah ehect the object. A portion of the
Puohc lands may fperhaps, if necessary.
preinium or by giving an option
~ suosIiners. oe sadvantageously applied
IN facilitating ioans or improving their.
terms. LICK
4th. Treasury notes, bearing interss,
ana payable to order, None year liter date.
may De annually ISSUED to a moderate
''ouhe, and be put in circulation both
Trough the medium OF banks, and in paw
nene OF supplies. A portion would be az
sorosa during the year by the payment OF
Puoiic ianus aud revenue bonds. and tbe
.eesuplon OF the residue be provided tor
"y theio OF the ensuing year. This an
nudi anticipation ct the revenue. theu.,,
,laoie te.a5use, may, it kept within sLrScr
oouHds, Facilitate BON the collection or che
revenue and the loans themselves
an relation to the extinguisf ment os the
debt ccntracteds those who borrow can do
hotninS more than to provide and Dtedge
iuhas suincIene for that OBJECT, and to
give SUCH focrl TO the DEBT as NAV nnt
impede its redeDptiony 10 render 1t ir
redeemable for NO longer time than is me-
-ccssary, IN order to OBTAIN the noneyto
make It reimbursable by instalments az 6x
&c periods-~neVeT 10 create, for tile sa<e
OF diminishing tue annual interest a great
er nominal amount of stock than the sum
actually borrowed, and ABOVE all never TO
incur expenses which are nor actually ne
cessary tor the defence or welfare o, me
country, are principles essential for a ma
tioa Which does noe contemplate systsm
vi perpetual and increasing debt. But for
It's actual reimbursement We must nrInc
paily depend On the return OF prosoerous
circumstances, on the growing resources
OF tbs country, and on the wisdom of onr
successors. The artificial provisions OF q
sinking fund may always DE rendered in.
efficiently the necessities CT extrayapaace
OF government. The real amount OF A IA
iicnal debt Cannot be diminished unsess the
aggregate OF revenue including the funds
assigned TO the sinking fund, and exclu
sivsly OF new loans, exceeds the aggre
gate OF expenditures, other than those for
the payment OF the principal of the debt.
Favorable circumstances, and a rigid @
economy IN the current expences have on.
abled the United States to reimburse du,ing
the last eight years, one half of the debr
created by the revolutionary war s. dur
ing some of the ensuing years. Similar
circumstances, and an adherence to the
same principles will be requisite 20 secure
the actual reimbursement OF the debtwhicb
II may now be necessary to Contract. BUT
that government Wall possess resources
amply sufficient for that object, Cannon he
DOUBTED. Inc proceeds of the public lands
would alone, slowly perhaps, but certain
", eztngHish much greater dent than
the United States have it now in Their, now
er to create. And Ir is sufficiently ascer.
tanned that the national wealth of the IF
States, and therefore the means of raising
revenue increase in a ratio still more rand
than their population, population which
almost doubles every twenty years.
lhose considerations, connected with
theirs stated at large in the annual renorts
OF november 1907 and Dec. 1903. have
produced conviction that loans miqbt
Without danger be Eesorted to as the nrIn
clpal resource Tor supporting war. per.
uit me al the same time to observe. that
the suggestion has been confined 70 sbat
object alone, sad that, excepting che Go
u war either immediate or contemDla,.
CD u appears consistent with sound polIcv
70 raiss during the year the means OF d.
irayIng all the national expeaces borrow
inS no largar sum than the amount of prin.
opal OF OLD debt paid during the wear. che
propriety for providing, even in time of war.
a revenue equal 20 she annual exp enses on
peace establishment, the interest of the
EXISTING debt, add that on the loans whioo
may be raised, has also been suggested IN
former reports.
Increase Of Duties.
On that subject but little can be added
TO the opinions expressed on former ocea
slOpS. | Sill thtulr fh.t ,I,. ="