The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-12-18

OF the converted six per cent,
STOCK and must, in order TO
complete the annual appropr,
alton of eight millions of dol.
lars, amount to $3.50 Gao
Making for the whole amount of
the expenditures of The year
1911 13.4so 600
or about one million of dollars
more than the receipts for the
same year. ~
III wherefore this estimate could be relied
on, an ah'hority to borrow o,te million ns
collars would DC 81 hcient to enable govern
ment to pay a,l;he current expences. and 70
reimburse nearly tour millions ord a half
the principal OF The debi, leaving a, the same,
time In the Treasury balance Of two milf
ohs OF dollars, a SUN not greater than whae
under existing Gil circumstances it is elis;bIf.
TO reserve. But deficiency may take place
IN me receipts, Ut the amount of tlebenturcs
should exceed what has been estimated aud
the expenses Tor The Military and Naval De-
partments, (Which, according to the es,i..
mates OF those departDents. aud exclusiyely
OF She sum necessary Tor the fe:. ;i,,,s
amount 10 1915, 600 dollars) may be greater
man the amount actually expended tiuriue- g
cue year ending on the S0th Of September
1910, In order TO provide for these an,,
OF authofisinS reIoan not exceeding in the
whole the amount OF The principal of the.
dept reimbursed duiing the same year, is
respectfully submitted
PH6iic Debt
AZ appears by the statement CD that the
payments on account of the principal of the
Puplc deot nave amounted duriog the year
enoing on the 30th day of September 1910.
10 Z, $500 dollars; and during the nine
years and ahalf ending On the same tsa. TO
near goo dollars exclusively of iIiore
than SIX mi.hons Of dollars paid in conforms.
ty with the provisions of the Convenion
with Great Britain and of the Louisia ma Con-
vention. -
iakihg the calendar year 1910 BY itself,
the principal OF the debt actually reimbursed
VIII amount TO 5,163, 376 dollars, viz.
Annual reinibur sement Of six per
Cent and deferred stocks SLAP esx
ACCOMPLISHMENTS of the six Ser
cent. Exchanged Stock s,751 125.
5,163. 376
From which deducting the loan
from NE bank OF 2,75o,Ooo
Leaves tor the actual decrease of
tue deot during the year 2,415 s7e
ne loat authorised by the act of last
session had a. first been negotiated in tbex
iatter end ot May, for S $50 OOO dollars bur
cue expenses havIng proven less than haG
Dseh supposed, II was bf mutual consens
reduced in October to 9 $50 600 with that,
obJcct IN view, IN order that no srre,te,, s,,r.
shoatd DC ultimately borrowed than mieht he,
necessary and also in order to avoid as LONG
as pfacucaoie an increase Of stock IN ,he.
n,"'he', ana that OF a more permanent spe-
Cies or debt temporary loan from the hsnlc
y, 'ne onited 9'ales. was preferred 10 any
o'uSi Hooe. 1t rs reiIDbursable on the last
DAY OF December 1911. with a reservatior,
that the bank may, in case of non r,.,,e,y,1
on It's charter, demand an earlier payment ON
giving three moaths notice This coudifiop
may, II enforced. save some interest to thr,
punhc, and can produce no irconyen;rnc..
as tAere WIZ be no greater difficulty in eff
lecung new loan Unnecessary in the mid.
oie than IN the latter end of the wear me
documents F. G. II. /. shew both the ohiecr
aud the terms Of the loan.
rom what has been stated. il appears har
DO "ther provisions are necessary Tor the car
ioii than continuance of the addit, aal
- percent. duty, commonly called the,
Mediterranean Fund and an authority to-
oorro" sum, probably muchless, and cer-
amy not greater than the amount Of tie
principal OF the public debt which will ~,
reimbursed during the year. But as in co.n-.
!of haity with The act OF 1st OF May 1910 40
importation OF articles the growth. prod .ce,
OF manufacture OF the d0minions. color,es
and dependencies of Great Britain will he
prohibited after the I'd day of Februar[
next II That nation shall not, before thac
time, SO revoke or modify her edcts as th-t
they shali cease to violate The neutral com.
merce OF the United States some provisions
appear necessary for The purpose Of supDlv.
ing ihe deficiency IN The revenue aIi,,np-
from inst cause, and If giving to rbaf u,.,a..
Su's ali the ehcacy OF which il is suscepti-s
BILE.
Ihe probable defalcation in the revenue
Cannot Tor obvious reasons, be at this time
t,s' mated with aoy degree of precision.
ne erIence OF the ensuing year can q.
Ions afford sufficient data for a nermancnr
ana detailed plan adapted to that state OF
lhihss, and calculated 90 ensure Dcrse YER.
ance IN the syatsm as iong IS NAV be thoaghs
proper But IN the mean while. il appears
essential to lay he foundation of such plan
ana toguar1 in time against any great def
Gu I'D the receipts of the year 1912. If &c
neIeVed mat under existing circum stances
u "ouid De sufficient to render those recf.tpt@
equal and nearly equal to The current G xpen
uiture' including therein the interest or me:
Pu0iic de0t, and estimated at alb INT echr
millions OF dollars And with view to
that OBJECT, considerable and immediate
increase OF the present duties ON imnortati
ons IS respectfully suggested
u IS not less important that the act should
be tree of legal difficulties and of well found
eu Directions and n ot -