Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-23

Fourth. 1t is respectfully proposed, that
the act of the 18Th of January, 1915, and
the act of the 9Th of February, 1915, inn
posing duties on various articles mAnufac-
tnred or made for sale within the United
States, and that the act of the 18Th OF ia
| nuary, 1915, imposing duties on house
hold furniture and watches, be absolutely
and entirely repealed.
Ftffh. 1t is respectfully proposed, that
the act of the Sd of March, 1915, further
10 provide for the collection of the duties
on imPosts and tonnage; AMI the act of the
Sd Oh March, 1915, to fix the compensation
and increase the responsibility of the col
iectors OF the direct tax and internal dr-
ties, ana tor other purposes connected with
the collection thereof, as far as it relates
to the compensation of the collectors of the
direct tax and internal duties, be continued
in force without limitation.
2. PROPOSITIONS rciating 10 the Siakinp
Fund.
The sinking fund, as it is at
present constituted, amounts
to the annual sum of 10000 600
1t is charged in the first in
stance with the payment of
the interest and the annual
reimbursement of the prin-
cipal of the old funded debt,
which will require, for 1916,
and each of the two ensuing
years, the sum of 3.45o o0O
And 1t is charged with the
payment ofthe interest and
the eventual reimbursement
OF the principal of the new
funded debt. The interest
computed on a capital of
70,000.OOO of dollars, will
require for the year 1916,
and each subsequent year,
the sum OF 100000
The total present charge on
the sinking fund, on account
OF the funded debt, being the
annual sum of 6eo ono
In the year 1918 the fund will be releas-
ed from the annual charge of $3.50, 600
dollars, accruing upon the old six per cent.
stock, as the stock will be then paid and
extInguished; but in the same wear it will
be subjected TO charge of 5000, 900 dol
lars Tor the first instalment of the principal
OF the Louisiana stock, which will then be-
come payable In each of the two sue
ceeding years, a similar sum will be paya-
BILE; and in the year 1921 such sum will
be payable as may be necessary to COM
plete the reimbursement of that stock, and
La
The sinking fund, is also, at present.
charged with the payment of the principal
and interest ofthe treasury notes issued an
der the act of the 18th March, 1914, and
prior acts; and of certain temporary loans
obtained under the loan acts of 1919, and
OF subsequent years. The several acts
charging these payments on the sinking
fund have directed that such sums, in ad-
diton to the annual appropriation of 5000
quo, should be taken from any funds in the.
treasury not otherwise appropriated, as
should be necessary to meet and satisfy
the demands. The temporary loans and
treasury notes will therefore probably be
paid or absorbed in 1917; and it is deem
ed unnecessary, for the present purpose,
to include them in the consideration of the
form and extent which it is proposed to
give to the sinking fund in that year.
In 1908, when the sinking fund was es-
tabilshed on its present footing, the princi-
pal OF the public debt, was about &c, 900 600
OF dollars, and the interest annually pava
Dle upon it, about 4,50OOO0 dollars. At
that time, there was ass gned to the sinking
fund out OF the public revenue, 5000, 900 Of
dollars; of which about 3,5OO,OOO dollars
were annually applicable to the reduction
OF the principal of $1,000, 900 of dollars. At
l..
estimated that the principal of the funded
debt will amount to 110, 600 600 of dollars.
requiring the sum of 6,15O,OO0 dollars for
the payment of its annual interest. fla
sum applicable 10 the reduction IF the prln
cipal OF the debt, were now to be assigned.
bearing the same proportion to that princi
pal which the sum assigned in 1904, then
bore to the principal, it would amount to
about 4.35O,OO0 dollars. When it is added,
therefore, to the sum Of 6,150,OOO dollars
which is necessary for the payment of the
interest, there would be required for the
amount now u be set apart, to constitute
the sinking fund, the sum Of 10000, 900 dol
lars per aBnum. 1t is proposed, however.
to carry the amount only to the sum of
100000 of dollars, which will allow A.
bout S,85O,OO0 dollars as applicable to the
reduction Of the principal Of the debt a
sum sufficient, if strictly and regularly APP
Piled without interruption, upon a com
pound principle, to pay off the whole of the
funded debt in pcrod less than eighteen
years.
Upon these grounds. then, the Secretary
OF the Treasury respectfully submits the
following
PROPOSITION.
That in the year 1917, and annually in
every subsequent year, there be appropri-
ated the sum of 100000 dollars in addition
to the sum Of 100000 of dollars now an
nually appropriated for the payment ofthe
interest and principal Of the public debt
that the f,-xsr,,r..f 81 fl.s az J.t,o,T ,....-