Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1810-03-26


ton. To what extent can this be carried
with safety! Can any other resources ex.
-cept taxes and loans be relied on for imme.
date revenue?
have the honor to- be, ..
~, With'respect, ...
Your most Obedient,
.! T.. JOHN w. EpPES.
,ABert Gallatia, Esq.
Secretary Of the Treasury. ..,
49,. ;TREAsuRY DEPARTMENT,
O. February IS, 1870.
SIR, t.-"
HAVE the honor to submit the fol-
lowing observations in answer to the sevs-
raj objects of enquiry embraced by your
letter of the 9Th ultimo. The amount of
extraordinary expences which may be au.
thorized by Congress being yet unascer-
tanned, it is not even practical 70 state with
precision the sum which may be wanted ON
loan tor the service of this year. And in
relation to ensuing years, =. it would be pre-
mature to lay down any general rules re-
speeding the most eligible mode Of borrow.
ing sums OF money, commensurate with the
exigencies OF the United States in case of
war. 1t is therefore thought sufficient 70:
the present to point out some of the most
obvious means of effectine loans generally
leaving it subject of consequent conside-
ration TO decide according to existing cir.
eurnstances ON the most eligible mode, and
on the arrangement Of details.
The enquiries Of the committee of ways
and meaus apply to the three following
points: LIST. What is the most eligible
mode Of obtaining money BY loans, keeping
in view both the facility Of borrowing sums
commensurate with the exigencies Of the
United States, and the ultimate ex,inguish.
msns Of the debt contracted .2dIy. To
what extent can an increase OF duties on
importation be carried with safety? 3Jly.
Can any other resources besides taxes and
loans be relied on for immediate revenue:
49,. Loans.
list. The commissioners of the sinking
fund will, on. Of rhe annual approx ration
of eight millions If dollars for The payment
of the, debt, reimburse, in 1910, the residue
of the exchanged six per cent. stock, a.
mounting to s,7So,ooo dollars, and in 1911,
the whole of the converted six per cent.
stock, amounting to $4,000 dollars. 1t
is probable that the owners of those two spr-
;cies of stock would consent to re.loan the
amount, provided it was irredeemable for
few years. :.
~2dly. Ithas already been stated in the
annual report of November 5,h 1907, refer
red to in that Of this year, {" that the seve-
raj banSs. OF the United States might find it
convenient as the diminished commerce of
the country might require less capital, TO
lean TO governments considerable portion
Of their capital stock, then computed a. A.
bout forty millions of dollars" Such tenn
porary loans can be obtained only to a IL
mitted amount /; but they are convenient in
two respects LIST. They do not diminish
the facility of obtaining ojher loans from in
diyiduals. inasmuch as they do not increase
the amount Of stock or market :. IDLY. Be.
ing rsdeemable at will, aud in any sums
which may suit the Inconvenience Of 60
vernment, interest is paid only as long as
the money is wanted and the .xsinguish-
neut of the debt contracted Is rendered
more easy and certain. E<..A .~.a,~ 1
p, Sd. Loans may be, obtained from iudi-
yiduals to an extent mnensurate with
the national capital, and limited BY the sx-
listing demand for that capital Tor -pfivate
purposes. The terms must vary accord
ine to circumstances always giving the /
preference to the most simple form that can
efsee. the object. A portion Of the public
lands may perhaps, TI necessary, either a.
n premium or,by giving an opdsn to sub /.
sss;bess, be adyantageously applied in IA
silisasips losas orimProvins their terms.