Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-16

the SOSh of September,
1915, 8o,5ooo73 so
Total amount of the nation
al debt on the SOth OF Sept.
1915, 1865 SIS IS
1t is proper to remark, that the aggre-
gate of the national debt, thus stated to
the SOth of September 1915, is su ject to
considerable n nges and ad lions. The
floating debt in treasury notes is converts
bic, at the pleasure of the creditors, into
funded deb; and independent of dire
application of the current revenue TO dis
charge the treasury notes, AS wei as the
temporary loans, there must be great,
though graluil redu ton of the floating
debt, b. the payments made in treasury
notes for duties, taxes, AMI publ lands.
There are, indeed, some claims known to
exist for onns, supplies, and services, du-
ring the late war, whck have not seen Ii
quidate'i, or are not embraced by existing
appropr atons and, doubtless, there are
othar lsg Il and equitable CT inns VIII CHI
have not yet been brought into. view, in any
form, at the accounting departments, but
which may evsntu lily receive the sanction
of congress. Il is not, however, within TIC
scope of any estimate hitherto made, to
state the probable addition to the fund d
debt, under all circumstances, at mo C than
100000 of dollars, whi~h would ccnse-
quenty place the agg'e s ate Of tn funded
debt created in consequence OF the war at
sum not much exceeding 70 oOO,O 900 of
dollars. But it may be important to recol,
lcct, that the war debt has not been en-
tirely incurred for objects limited to tie
continuance of the war and that the mi
liyary and naval establishments in p rticu-
l5r, have derived durable adv intages from
the expenditures OF the treasury.
For the payment Of the interest, and the
reimbursement, or gradual extinguishmcnt
OF the national debt, the IL sources Of the
tire asury are abundant /; although the state
or the circulating medium (Which viii be
more particularly con ,idered hercaGter)
has rendered it impraCtica5le to obt in at
al! times, upon reasonable terms, the local
currency of some of the places appointed
tr the discharge of the public engage
m~nts. These resources depend upon the
sinking fnn', connected with the faith of
the United States. which is pledged t, sup
ply t ON the existing. or from other sub
Jects of revenue, &c deficiencies OF that
fund.
TIE SINKING FUND.
The pub ic debt amounted, on the 1st of
January 1871, to the SUN of rs ass ,476 dol
lars 80 is; and t consisted
OF the foreign debt, 12,812,s2 90
Of the domestic debt, 62,65O654 60
75,46S ,476, So
The foreign debt experience various
chang in form and in amount. From
1892 to 1895 it rose above the amount
st.t.d fer 1871 but from that period it was
gradually reduced; a d on the 1st f Janu-
a'y 1901, It stood at the sum Of 1O.419 GOO
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 experienced
various changes in form and amount Il
was originally stipulated that it should be
subject to redemption by payments not ex-
ceediug, in one year, on account both of
principal and interest, the proportion of 8
dollars upon 100 dollars ofthe stock; and
when the sinking fund was constituted and
organized, provision was made for eff Ct
ing the payments in that proportion, until
the whole debt should be extlnguished, bv
dividends payable on the last DAYS of
March, June and September, il each year,
at the rate of 1-2 per cent. ald on th,,
last day of December in each year, at the
rate of 1-2 per cent. upon the orginal
capital. During the first period of about
ten years, from 1871 until the Is. of Janua-
ry 1901, the amount Of the domestic
debt never fell below the sum which has
be n stated, and in 1901 it stood at about
the sum of 70, GIG, $50 dolls. so cts. Tie
augmentation created ON account Of the
purchase Of louisiana (,mountine 70
15,0O0,000 dsllars) raised the capital of
the domestic debt in 1904. to tn sum Of
80.691 100 dolls. IS cts. but from that
period there WAS considerable annual Dit
minution Of the amount, until it was re-
duced on the 3Oth Of September, 1915. to
the already specified sum Of 3o,135, 434
dolls. SO cts.
The shaking fund, by whose operali ions
these beneficial effects have been produced.
may be regarded as coeval with the organ
izatien Of the present government but It
has undergone many important modifca-
TORS.
1. The early appropriations Of the reve-
venue were confined to the payment Of the
interest and instalments of the freien
debt and TO the payment of the interest
OF tine domestic debt; but 50 early as the
9TH Of August 1890, the proceeds Of the
sales OF the public lands in the western
territory were permanently and exclu-
svely appropriated and pledged towards
sinking and Gischarging the debts for
which the United States were then holden.
The annexed table ID wi exhibit state
mcnt If the quantity Of the public lands.
which have been annually sold, and Of the