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

Mount OF interest, respectively payable
at lhose two dates 1,967,g42
The disposab,c national revenue, or tho,
portion which alone is applicable TO dsflay
the annual national expenses, consists only of
the surplus OF the gross amount OF revenue
collected, beyond the amount necessary for
paying the interest on the publlck debt. A
dimlnution OF that interest Is, with respect to
the ability OF defraying the other annual ex-
pcnscs, positive encrease OF revenue TO the
same amount. With an equal amount of
gross revenue, tho revenue applicable to de-
fray the national expences is now, by the ef-
feet of the reduction OF the debt, two mill
lions six hundred thousand dollars greater
than on the Isl day OF April, 1901. Or if "a
mother view of the subject be thought more
correct, the laws for the reduction of the
debt have in ten years and nine months, cna-
bled the United States to pay in full the pur-
chase money of Louisiapa, and cncrcascd
their revenue near two million of dollars.
If the amount of annual payments on ar-
count Of both the principal end interest Of
Tire pubick debt, during the last eight years,
be contrasted with the payments hereafter
necessary for the same purpose, the differ
ence will be still more striking. Eight mil
lions Of dollars have been annually paid on
that account during those eight years. The
whole amount payable after the year 1912,
including the annual reimbursement ON the
six per cent. and deferred stocks, is 3,792,38
dollars, making an annual difference OF more
than four millions two hundred thousand dol
lars, which will be libcrated from that appro-
priation. And this annual payment Of about
three millions eight hundred thousand dollars,
would have been sufficient, with some sjnali
variations, TO discharge In ten years the whole
of the residue OF the existing debt, with the
exception of the three per cent. stock, the
annual interest on which amounts only 10
1000 dollars. The aspect OF the foreign
relations of the United States forbids, how
ever, the hope of seeing the work completed
within that short period.
The redemption OF principal has been e(-
fected without the aid of any internal taxes,
either direct or indirect, without any addition
during the last seven years TO the rate of du-
ties or mporta,ions, which on the contrary
have been impaired by the repeal fof that on
salt, and Notwithstanding the great diminu-
ton Of commerce during the last four years.
1t therefore proves dccisiyely the ability of
the United States with their ordinary rsyen-
uc, to discharge, in ten years OF peace,
debt Of forty tive millions of dollars, fact
which considerably lessons the weight of the
most formidable Objection to which that rev
cnue, depending almost solely on commerce,
appears 10 be liable. In time of peace, it is
almost sufficient to defray the expenses of a
Was, in time of war it is hardly competent to
support tho expenses of peace establish
mcnt Sinking at once under adverse Cir
cums,anccs from fifteen to six or eight mill
lien OF dollars, il is only by persevering
sppiicatlon cf the surplus, which 1t affords in
years os prosperity, to the discharge OF The
debt, that total change in the system OF tax
atioc, or q perpetual accumulation OF debt
can DC avoided But if a similar application
OF such surplus be hereafter strictly adhered
20, forty millions Of debt contracted during
five or six years of war, may always, withou,
any extraordinary exertions, be reimbursed
in ten years Of peace. This view OF the sub
ject has at the present crisis appeared ncces-'
sary Tor the purpose of distinctly pointing out
one of the principal sources within the reach
of the United States But to be placed on
solid foundation, it requires tho aid OF a rev.
cnuc /" sufficient at least to dcfray the ordina-
ny expenses of government, and to pay the
interest ON the publck debt, including that
OH new leans which may be authorised"
PROVISION FOR THE ENSUING YEAR.
The revenue is derived from two sources,
the duties OH importaliens, and the sales OF
publick lands.
The nett revenue arising from duties on
merchandise aud tonnage, which accrued dur
iug the wear 1909, amounted to S6,577, ,l6s.
The nes revenue arising from the same