Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-12-19

luI VIRTUALLY ttVAs W. 49, .,,
|476 dollars SO cents; and it consisted
|Of the foreign debt l2,Sl2,SSl ~
|Of the domestic debt 62.o5O,os4 o,)
75,463,476 SCI
The foreign debt experienced varions
changes in form and in amount. From
1899 to 1895. it rose above the amount
stated for 1871 but from that periodi q
was gradually reduced; and on the LIST
of January 1901, it stood at the sum OF
|1o,419,ooO dollars. From the year 1901.
however, the annual reduction was more
rapid and in the year 1910, the foreIgn
debt became extinct.
The domestic debt has also expert
|enced various changes in form and a.
mount. 1t was originally stipulated that
lit should be subject to redemption by
payments not exceeding, in one year, on
account both of principal and interest.
the proportion of 8 dollars upon 100 dol
lars of the stock and when the sinking
fund was constituted and organized, pro-
vision was made for effectipg the pay
ments in that proportion, Until the whole
debt should be extinguished, by dividends
payable on the last days of March, June
and September, in each year, at the rate
OF 10 per cent. and on the last day of
December in each year, at the rate of s
liz per cent. upon the original capital.
During the first period of about ten years,
,frem 1871 until the LIST of January 1901,
the amount of the domestic debt never
fell below the sum which has been stated,
land in 1901 it stood at about the sum OF
I72,6l9,O dollars 80 cents. The aug
lmentation created on account of the pur-
chase of Louisiana amounting to $4,000,
Goo dollars) raised the capital OF the do
nestle debt in 1904, to the sum of 80,
l691, 100 dollars SO cents but from that
period there was considerable annual
ldiminut on of the amount, until it was
lreduced, on the sOth of September, 1915,
to the already specified sum of S9,ls5,
4S4 dollars sc cents.
The sinking fund, by whose operations
these beneficial effects have been pro
Iduced, may be regarded as coeval with
1.-THE organization of the present govern
ment out it has undergone many I'M
|portant notifications.
/ 1. The early appropriations OF the re-
venue were confined to the payment OF
THE interest and instalments of the TO.
reign debt and to the payment of the
Interest Of the domestic debt; but SO
early as the 4th of August 1870. the pro
leeds of the sales of the public lands in
1.-THE western territory were permanently
land exclusively appropriated and pledg.
ed towards sinking and discbarging the
debts or which the United States were
then holden. The annexed table ID will
tA,-hihit a statement of the quantity of the
public lands, which have been annually
sold, and of the proceeds of the sales, as
tar as can be now ascertaIned.
Q. In the year 1872, however, COM
missioners were designated and autho-
rized to purchase the public debt, at its
market price, not exceeding the par va,
Iue and the interest of the debt pur-;
chased, together with the surplus OF GER
tain other appropriations, was assigned
for that purpose. When the annual a.
mount of the fund thus created should be
}equal to 2 per cent on the 6 per cent
Estack, it was directed to be first applied
ito the redemption OF that stock, accord /
ling to the right reserved /; and then te
THE purchase, at its market price. of any
Iother public stock.
8. In the year 1895, g The Sinking
Fund" was established by name its re-
sources were vested in the same COM
lpissioners andgts operations were sub
Uected to their direction and manage
lment. The duty of the commissioners,
independent of temporary objects, con-
Isisted. in applying the sinking fund, LIST.
Ito the payment of the 6 per cent stock,
1.-THE stipulated rate of per cent per
Esnnbm; Cd, to the payment of the de-
terrea stock after the year 1901, accord :
fing y the same stipulation and Sd, if
jan4 sslrplus remained, towards the fur
6sf Aal inal redemption of the public
every denomination. For the|
comp ishinsnt Of these purposes, there
lIvere psEmanently appropriated and
Ipledg ihE addition to the other MONIES
icons litatiRg the sinking fund, and the|
IiHfefes of tie amount of the purchased
debt, 1st, sufficient sunni
|asisihg yearly, and every year from the|
flutes on imports and tonnage, and theI
|daty on domestic distilled spirits andl
IRfiils. as nlirhf he rinhfEnllu maid of thai