The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-12-03


United States to pay in full the purchase |
money OF Louisiana, and encreascd their &c
Venue near two millions Of dollars.
1t the amount OF annual payments on ac-
Count OF both the principal aud interest of
the public debt. during the last eight years,
be Contracted with the payments hereafter
necessary tor the same purpose, the differ
ence will be still more striking. Eight mil
liors of dc:iars will have Seen annually pai,
on that account during these eight YEARS.
The whole amount payable after the year
1912, including the annual reimbursement OH
the six per cent. and deferred stocks, is
3,T9S,3S2 dollars, making an annual differ
ence Of more than four millions two hundred
dollars, which will be liberated
from that appropriation. And this annual
payment of about three millions eight hun
dred thousand dollars, wculd have been suf-,
fcicnt, with some small variations, to dis
charge in ten years the whole Of the residue
Of the existing debt, with tho exception o;
the three per cent. stock, The annual interest
on which amounts only 10 ABS COO dollars
The aspect OF the foreign relations of the
United states forbids, however, the hope oi
seeing the work completed within that short
period.
The redemption of principal has been CT
fected without the ait, Of any internal taxes,
either direct or Indirect, without any additi-
ON during the last seven years to the rate OF
duties Oh importations, which on the Contra
ry htve been impaired by the repeal of that
on salt, and notwithstanding the great dini-
mutton of commerce during the last four
years. 1t therefore proves dceisivcly the
ability OF the United States with their ordi-
nary revenue, to discharge, in ten years of
peace, debt of forty two millions of dollars !;
a fact which considerably lessons the weight
OF the most formidable objection to which
that revenue, depending almost solely on
commerce, appears to be liable. In time of
peace, it is almost sufficient to defray the
eXpences of war; in time of war it is
hardly competent to support the expcnces
Of peace establishment. Sinking at once
under adverse circumstances from fifteen to
six OF eight millions of dollars, it is only by
perseverng application of the surplus, which
it affords in years of prosperity, to the dis
charge of the debt, that total change in the
system OF taxation, or perpetual accumu-
lation of debt can be avoided. But if "a SINH
lar application of such surplus be hereafter
strictly adhered to, forty millions OF debt
contracted during five or six years of war,
may always, without any extraordinary ex-
ertions, be reimbursed in ten years of peace.
This view of the subject has at the present
crisis appeared necessary for the purpose OF
distinctly pointing out one OF the prinCipa!
resources within the reach OF the Y. States.
But to be placed on 4 solid foundation, it re-
quires the aid of a revenue "sufficient at
least to defray the ordinary expences OF
government, and to pay the interest on the
public debt, including that on new loans
which may be authorised"
PROVISION FOR THE ENSUING YEARS.
The revenue is derived from two sources,
che duties on importations, and the sales of
public lands.
The nett revenue arising from duties
on merchandise and tonnage, which accru-
ed during the year 1909, amounted to
S 6,527, 1913
The nett revenue arising from the same
sources, which accrued during the year 1910,
amounted, as will appear by the statements
IA. &c Is. to S12,513, 400
The same revenue for the year 1all, is
estimated, as has already been stated, at
S7,500,OOO
A portion Of the revenue Of this year hav-
ing been collected on British merchandise
imported before the prohibition took effect,
the permanent revenue, arising from duties
on tonnage and merchandise, will not proba-
bly,, at their present rate, and underexistine
circumstances, exceed s 6,O0O, COG
an estimate which is corroborated by the
view of the subject exhibited in the state
ment (B. 2.)
Ihe sales OF public lands north of river O.
hio, have during the year ending on the 3Oth
september, 1911, amounted, as appears by
the statement CO. to 207 900 acres, and the
payments by purchasers to 500, 600 dollars.
1t has already been stated that those pay
ments on the average of the two last years,
amount, after deducting the expences, and
charges on that fund, to the annual sum of
S 900, 900.
The sales in the Mississippi territory being
in the first instance appropriated to the
payment of 100000 dollars to the state of
Georgia, are distinctly stated.
The permanent revenue, or annual
receipts after the year 1872 eacu.
lated ON the existing state of affairs
may therefore be estimated at G 600
Which, Quoted from the annual
expenditures calculated on the same
principle, and amounting by the
preceding estimate OF the year 1919,
to 1900, 900
Lesves deficiency to be provided for
Of 100000
An addition of fifty per cent to the pre-
sent amount of duties together with con-
tinuance of the temporary duties heretofore
designated by the name OF enid eterranean
Fand'') will be sufficient TO supply that de-
fciency, and is respectfully submitted. This
mode appears preferable for the present to
any internal tax. With respect to the sales
of public lands, besides afordng q supple
mentaYy fund for the ultimate redemption OF
t.ic public debt, they may, without any di-
mmution of revenue, be usefully applied as
a bounty to soldiers enli5tiug In the regular