Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-03-18
by Tie ect of
the March.
1912, amount
ing fer 1915,
TO the sum of
And would leave q
surplus of
S674.4s72 %

1t appears on this view of the sinking fund,
the operation of the past yea r,
that there viii be surplus of 4,437, % dol.
lars, to be further applied to the reduction IF
the principal both OF the old and the new pub.
lie debt But this can only be now done by
purchases in the market.
The proposition to he, at this time, submit
ted TO the consideration OF the committee of
ways and means, in relation 10 the stock debt
created since the war, Involves the following
points
l. That provision be made for the payment,
or for the funding, of The treasury note debt, so
as to relieve the sinking fund from that charge,
2 That the sinking fund be applied, in the
frSt place TO the interest and reimbursement
of the old six per cent. stock, acc rod,ng TO the
existing laws.
5. That the sinking fund be applied, in the
secpnd place, TO the payment of the principal
and interest OF the temporary loans, obtained
under the act Of March, 1912.
4 That the sinking fund be applied in the
THIRD place, to the payment of the interest
accruing upon the stock debt created since the
war.
s. That the annual surplus of the sinkin q
fund, after satisfying the above objects, be APP
piled TO the purchase OF the stock created since
the war and that the interest upon the ST X
annually purchased, be added, from time to
time, 20 that appropriation, for the purpose of
making new purchases.
After the presept year, there is reason to
presume, that ~ public revenue will consi {.
ldeTsby exceed the public expenditure, and,
consequently yfhat the necessity of borrowing
will cease, z AT that period, more satisfacto-
~ view may be taken of the subject, than can
be taken while,the amount of the public debt
! remains, in some measure, unascertained the
operation and product Of the new taxes, as we'll
as the impost upon The revival of commerce,
are conJectural, and the Legislative intentions
respecting apeace establishment, have not
been declared.
Since, therefore, the existing sinking fund
ebeing relieved, in manner before intimated,
from the incumbrance of the treasury note debit
/ is already charged with the payment Of the in :
terest on the stock created since the war. and
will be sufficient for that purpose, besides paw.
ing the interest, and the annual reimburse
! ment OF the stock created before the var. 7
respectfully propose, that no further step be
taken during the present session of Congress
, than to authorize the subscription of Treasury
notes to the loan which is now under Iegisla-
tive consideration, and to direct the surplus of
the SINKING iund to be applied to purchases of
tue stock created since the war, for the emo
lument OF the fund. But it will be proper 10
cohfine the benefit of subscribing to the loan
TO such Treasury notes only as have been or
may be, issued under the acts which render
them charge upon the sinking fund, namely,
the acts OF the 3Oth of June, 1912; of the 25th
OF February, 1913, and OF the 4lh of March,
1914 and the Secretary of the Treasury should
be authorized to designate the notes TO be re-
ceived in subscription from time to time, ac
cording to the date of the issues.
have the honor 90 be,
Very respectfully, sir,
Your most obedien: servant,
A. J. DALLAS.
u. ~, Ethics, Esq Chairman of the
Committee Of Hays and Means.