The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-12-12

Leaves balance to be provided for
by loans of Dolls. 1925, 900
OF this sum more than one million is already
tracted for, and there remains on han balance of
about million and half in treasury notes not vet
disposed ct. An authority to- issue notes for
boat two millions and half more, being the amount
reimbursable in 1918, will still keep the whole a.
mount issued at five millions, and reduce the amount
of the loan to ahont fifteen millions of dollars.
In order to facilitate the loan, and perhaps i'm
prove its terms, it may how be elig be to leave
some discretion in the executive as to the respective
amounts of stock and notes to be issued which may
be adyantaseouy varied according to circumstances,
without encreasing the aggregate of both
The preceding estimates DO not embrace the
pense incident to the proposed increase of the navy
nor any other expenditure not yet authorised by law
In order to meet any new expenses which may thus
ne authorised by Congress- it will therefore he
cessary to epcrease the loan to corresponding
mount.
The sums received or to be received on loan tu-
ring the calender year 1912, have been stated at
1880, 200
The payments on account of the
principal of the debt during the same
year, though not yet precisely ascer-
tanned may be estimated so far as as
certained on the LIST of December, at
the treasury at $3.50, 200
Making the actual encrease of debt
during that year 10000, 900
II appears, according to the preceding estimate
that the whole sum to he borrowed during the year
1878, viii amount to about twenty millions OF dollars
land that the payments account of the principal
ot the public debt will exceed FIVE millions max
ing the actual increase of debt during that year,
| SIS 0OoOoO
OF the revenue which will accrue during the year
1878, and on which the receipts of the year 1914
Will principally depend, it is not practicable at this
moment to form correct estimate. Sn far NAV
he inferred from the experience Cf the short period
which has elapsed since the declaration of it ia
mot probable that the revenue derived from customs
he. af & SIT ar ~ ich
had been estirATtei in FORMER corn n,unic aton.--
The duties accrued, which will accrue, during
the last months Of this year, after deducting draw
hacks and expenses Of collection are estimated at
less than 9,O0a,000 Dollars. which deductng about
| SIS, ooo0o OH aecount Of dntes the late mPor-
tations from Great Britain. and one million for the
| duties on importations FROM Calcutta and China,
would not leave more than 100000 for the orIina-
ry revenue those branches of commerce which
are permitted by law, and from which the U. S will
not be nearly excluded by the law
All which is respectfully submitted.
ALBERT GALLATIN
Treasury Department, Dec l, 1912.
Monday, Dec 7.
Mr.. Grey appeared and took his seat.
On motion of Mr. I'diinGdSe,
| RsSoIUed, That the Secretary of War he directed
olay before this House statement exhibiting the
expenditure of the annual appropriation OF two hnn
dred thousand dollars, made by the law entitled,
An act making provision for arning and equipPng
the whole body of the Militia of the o. s." nassed
on the 23l day Of April sos with information as
to the number Of" arms and military equipments"
that have been purchased ar made. and the manner
and proportion in which they have been transmit
ted and distributed TO the several states and terrific
ries in pursuance of provisions and acquisitions
of the sad act,
| MERCHANTS BONDS.
| The House again in committee OF the whole on
this subject
! Messrs. Richaydsor, H. Clay and .1P Kim, spoke
in succession against the report Of the committee
and in favor of total remission Of the bonds,
less in particular cases, distinguished by the wilfu
character of the violations of law which they in
| volve.
| At 8 o'clock the committee rose, reported prog
| ress and obtained leave to sit again.
|
| ld1 The amount was stated in the Presid emit
Message at the of the session at ele
ven millions of dollars. The other two millions have
been contracted for subsequent to its date.