Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-12-27

change, be continued by law, nforce without ii.
imitation, but with proper amendments, to render
the collection OF the duties more eqnal and more
certain: And MAT Che act of the 18Th of Decein-
ber, 1914, imposing duties on carriages and the
harness tbefeior; and that so much OF the act of
the esd o. December 1914, as relates TO the du
ties,on sales at auction, aud to the increasing Of
The rates of postage, be allowed to remain IN
force.
Third 1t is respectfully proposed, that there
be "a reduction OF modification in the following
taxes and duties;
l. That the direct tx be reduced from six mil
Lions to three MILLIONS OF dollars, for the year
1916, aud fir each Succeeding year.
2A THAT the duties on distilled spirits be discon-
tinued after the 30th day of June, 1916, and
that the duty on licences to dlstillers be raised
on that day, to double the amount fixed by the
act OF the Oath ofaJuly, 1915.
3. That the dates on licences TO retailers of
wines, spirituous liquors, and foreign merchan-
disc, be reduced to the rates of the year 1918,
with proper regard to the periods when Ii
cences commence and expire.
Fourth. 1t Is respectfully proposed that the act
ofthe 18th of January, 1915, and the actof the
9th of February, 1875, imposing duties on varl
Gus articles manufactured or made for sale with
in the United States, and the act of the 18Th of
January, 1915, imposing duties on household fur
nit,ne aud watches, be absolutely and entirely
repealed
Fifth. III, respectfully proposed, that the act
OF the Bird of March, 1915, further to provide for
the collection of the duties on lmposts and ton
mage; and the act of the 3rd of March, 1915,
10 fix the compensation and increase the respon-
sibility of the collectors of the direct tax and III
ternal duties. and for other purposes connected
with thecollection thereof, far il relates to
the compensation of the collectors of the dTec
tax and internal duties, be continued III force
without limitation.
2. Psobositions relating to The Sinking FGld.
The SINKING fund, as IL is at present
constitu ed, amounts to the annu-
al sum of 100000
It's charged in the first instance with
the payment OF the interest and
the annual rehnbursementsof the
principal of the old funded debt,
which will require, for 1916, and
each of the two ensuing years, the
ium of 3,46o,o0
And tits charged with the payment of
tie interest & eventual reimburse.
nent of the principal of the new
funded debt. The interest COM
puted on a capital OF 100000
ofdollars, will require for the year
1916, and each subsequent year
the sum of 4,2o0.o0o
The total present charge on the
sinking fund, on account ofthe
funded debtlbe nS tne annual sum
of 100000
In The year 1918 the fund will be released
from the annual charge Of 1883 GOO dollars, ac
cruing upon the old six per cent. stock, as the
stock will be then paid and extinguished; but IN
the same year it will be subjected 20 charge
of3000,000 dsllars, for the first nstaIment O.
theprincipal ofthe Louisiana stock, which will
49,. !. l.. 4. ral.-
ceedng years similar sum will be payable and
in the year 1921 such sum will be payable as
may be cessary to complete the reimbursement
of that stock, and which is estimated at 1923,
500.
The sinking fund is also at present, charged
with the payment Of the principal and interest OF
the treasury notes issued under the act of March.
1914, and prior acts; and Of certain temporary
loans obtained under the loan acts of1Si2, and al
subsequent years. The several acts charging
these payments upon the si0k ng fund have III.
rected that such sums, in addition to the annual
appropriation of 8, 100000, should be taken from
sny funds in the treasury not otherwise appropr,-
ated, as should be necessary to meet and satisfy
the demands. The temporary leans and treasti.
ny noes will therefore probably be pad or sbeor.
bed in 18l7;isnditis deemed unnecessary, for the
present purpose, TO include them in the conslder
alton of the form bnd cxtentwhichi il is proposed
to give to the sinking fund in that year
E In lSO3, when TIE sinking fund was establish.
cd onits present footng the principal of the
public debt was about sc, 100000 Of dollars, and
the interest annually paid upon il, about 1 10000
dollars. At that time there was assigned 10. tle
sinking fund out Of the public revenue 5000 OOU
of dollars OF which about 8 5000 900 dolars
were annually applicable to the reduction Of the
principal of 100000 oftollars. At the com.
Inencenent of the year 1917, it is estimated thai
the principal Of the funded debt VIII amount to
11O,000,o00 OF dollars, requiring the sum Of
6l50,0Oo dollars fcf the payment Of rs annual
interest IF sum applicable to the reduction Of
the principal of the deb, were not to be assign
ed, bearing the same proportion TO that prime.
pal which the sum assgned in 1894 then bore
20 the principal, it would amount to about a. $50
600 dollars. Whenitis added, therefore, to the
sum f6,150o00 dollars which IS necessary TO
the payment of the interest, there would be re
quired for the amount now to be set apart tt
constitute the sinking fund, tie sum of JIG. 80,
600 per annum. II is proposed, however, to car
ny the smount only TO the sum of 10000, 900 q
dollars, which win allow about 85O,0gO dollar,
as applicable to the reduction of The pri1cjpai q
the debt; sum sufficient, if strictly and regu
larly applied without Interruption, upon a com
pound principle, to pay of the whole of the foun
ed debt in period less than eighteen years
Upon these grottnds, then, the Secretary o
the Treasury, res ecuyely submits the folowinl
Prob9sition,
That in the year 1917, and annually in every
subsequent year, there be appropriaied the sun
of 100000 dollars IN addition 10 the sum az 8 mr.