The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1811-12-18


Amounting together to s9,40o,000
And exceeding by 100000 dollars the
probable amount Of receipts. This deficit
may be paid out Of the SUN of three millions
Of dollars in the treasury. Blu; under exist
ing circumstances, it does not seem eligible
to exhaust that fund and the estimate Of re-
ceipts being also liable to more than usual
uncertainty, the propriety Of authorizing a
loan sufficient to supply thar difference, and
TO defray such other extraordinary expenses
as my be incurred during the year, is res
pecty submitted.
1t must at the same time be observed that
the sum of 100000 dollars, thus stated as
the amount of current expenses for the year
1912, includes in fact portion OF extraordi-
nary expenses arising from the present state
OF affairs For If the military and naval ex-
penditure had been estimated at a sum not
exceeding the amount actually expended for
those objects during the year ending on the
3Oth of September 1871, that is to say, at
100000, ins;esd Of 5,eoO,o0o dollars, the
estimate of receipts would exceed that Of
current expenses.
The disbursements on account Of the
val establishment have amounted in the
year ending OH tho 30th September, 1910,
TO s 1,675.ooo
And in the yeap ending on the 3oth Sept.
1911, to 2,I36,ooO
They are est imated for the year 1872 At 2,50O,000
The disbursements on account Of the mil
itary establishment have amounted IN the
year ending ON the 30th September 1910,
to 2,3oo,000
to 2,l29,OOo
They are estimated for the year 1912 at S,l95,ooO
But the detailed annual estimates for the
1912 will show that they are predicatcd on
the employment of almost the whole ot the
naval force, and OF the whole military estab-
lishment OF the United States, authorized by
law, covering, Besides several other items,all
the expense Of more than 1900 effective
men in the land and sea service.
With respect to the payments on account
Of the principal Of the debt, tits evident that
an authority 10 borrow sum equal that which
will be reimbursed during the year l8l2,wili
be necessary. The pay m enls which accord
ing to law, must be made during that year
on that &C count, consist oil
1. Annual rel mbursement Of six per
cent. ard deferred stock l,51O,ooo
g Reimbursement OF the residue OF
the converted stock ooo,o'o FL
Amounting together to 2,l35,3l8 Al
This sum, and that payable for interest, a.
mounting together to 4,seo,ooo dollars,leavc,
in order to complete the annual appropriation
Of eight millions, q balance of 3,o40,ooo dol
lars which can be applied IN no other manner
than in purchases of stock at the prices linz
tied by law. The amount which may be thus
applied is therefore uncertain.
PuBLICK DEBT.
Ii appears by ,he state nent % that the
\ savmcnss IN account Of the principal oil the
4 publick dcbs will from the lst OF Oct. 1910
n "a Sic 3 lst. Dec ISL, have exceeded SIX
v xnilliona our hunite cd thousand dollars. With
the x:cec.4on OF the annual reimbursement
H of the s per cent. and deferred stocks, there
viii emsin Il the end of The year 1911 so
I. other portion Of the publick debt reinbursa-
\ blc at the will Of the United States than the
residue OF converted stock, amounting, as a.
boye stated, to $4,000 dollars, aud which
VIII ac paid in the year 1919. There being
\ nothing afterwards left, on which the laws,
Sssscd subsequent 20 th, y.@ tslc, tor the
sc.s rnpuon Of the dest, rm cpcratc, gen.
sl view Of the sesul, end effect of those
laws viii now be presented.
Exclusively Of near three mil''c.S ot un-
funded debt, since reimbursed, MS detailed in
the report Of ia,h April isos the puoiick
debt Of the United States amounted - the
LIT of April 1901, to STs,o9e,s29
The whole amount OF principal sx,in.
guished during the period OF ten years and
nine mon,hs, commencing on the hrstot A
pril. 1871, and ending on the 3lst OF Dec.
isii. exceeds forty six millions of dollars,
viz
Foreign .ebt PAID in full l0,o75004
Eight per cent Eve and half
per cent four and half per cent.
and navy six per cent. stocks
and temporary loans due on the
frs, of April, 1901, TO the bank