Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-12-20

iotdu auiOunt OF the nat Onal teDt
on the 3O,h ofSeptembet, 1915, 11o 6S5 $50 IS
Ii is oper to remark, that the aggre ate
oil tie national debt, thus stated to the SOtn
OF Sept 1915 is subject to oon>ide a le
changes a I'd additions. TIE floating debt
IN treasury notes is convertible at the llea-
sure OF the creditors, into funded debt;
and independent of direct application of
the current revenue to discharge the trea-
sure not.s, as well as he temporary loaus
there must bea great though gradual re-
duction 1.-THE fidating debt, by thepayments
made In treasury notes for duties. taxes. &
public lands. There are, indeed, some
Claims known to exist for loans. supplies,
ana services, during the late war, which
nave not been liquidated, or are OF embrl-
Ged by existing appropriations; and
o,uDtless, there are other legal and equi-
table claims, which have not vet been
brought into view, in any form at the ac-
counting departments, but which NAV e.
yentuaily receive the sanction of congress,
1t is not however, within the scope Of any
estimate hitherto made, to state the proba-
bic addition of the flu ded debt. under
all circumstances, at more than S. 600.
600 OF dollars, which would place the az
gregate of the funded debt C! Gated in ca. 4.
sequence of the late warat sum not mach
exceeding 100000 nfdolars. But itnav
be important to recOlect, that the wal.
debt has not been entirely incurred for OBJ
Jects limited to the continuance of the
war and that the military and naval es-
ADJUSTMENTS In particular, have derived
durable advantages from the expenditures
of the treasury.
For the payment of the interest. and e
reimbursement t, or gradual extineuishment
oil the national debt. the resources of the
treasury are abundant although tbe state
OF the ulating medium (Which will he
more particularly considered hereafterl
has rendered it impracticabIe to obtain at
all times. upon reasonable terms, the local
currency OF some of the places appointed
tor the discharge of the public engage
ments. These resources depended upon the
sinking 'und. connected with the faith Of
tie Urited States, which is pledged to sup
ply from the exis g, or from other sub,
lects of revenue, tie deficiencies of that
fund.
SINKING FUND.
The pubic debt amounted, on the lst Of
January 1871, 20 the sum of 75.463. 476
dollars SO cts; and it consisted
vi the foreign debt. 1870 S91 90
Of the domestic debt, e.. $50 654 60
75,46 ,476 So
The foreign debt experienced various.
cha ges in form a'id in amourt. From
1892 t, 1895. it rose above the am,unt
sta'ed lor 1871 but from thar per nd #
was gradually reduced aud on the r -
January 1901, il stood at The sum f 10.
10000 dollars. F ON tine wear IprI.
howe er the annual reduction wa. mo o
ranid; and in the year 1910, the f,re..n
debt became extinct.
The dnnestic debt has also experienced
various change in fOim and amnu, +. 4
was originally stipulated that it should q
subject to redemption by payments not ev-
ceedlng, IN me yea'. on account both f
principal and interest. the rnportion {
dor ars upon 100 dollars of tie stock
and when the sinking fund was ccnsut,
ted and organized, provision was ma G
for eftectlng the payment 10 t..at pro ur-
ton, until the whole debt should e ex;.
guished, by dividends payable ON the last
days of March, June and September. in
each year at the rate OF 10 per ca, I.
and on the last day Of December in each
JN"i9 OF niC tdlC W. > IL per cent.
on the original capital. During the first
period of about ten years, from 1871 until
the LIST of January 1901, the amount of the
domestic debt never fell below the sum
which has been stated, and in 1901 II stood
at about the sum of 70, GIG, O5O, dolls. so
cts. The augmentatioa created on account
of the purchase of Louisiana lamountipg
to l5,000,000 dOllars) raised the ca, tai If
the domestic debt in 1904, tn the sum Of
8O,69l,l20 dolls. SS cts. but from that
period there was considerable ANIMAL
diminutiOn Of the amount, until il was re-
duced, on the 30th of Sc, TENDER, 1918. To
the already specified sum Of SO, I85.48l
dolls. &c cts.
The sinking fund, by whose operations
these beneficial ELECTS have been proluc-
ed, may be regarded as coevai with tbe
organization of the present government,
but it has undergone many important mo-
dificaiions.
}. TIE early appropriations of the reve-
nue. were confined to the payment Off
interest and InstameDs of the f,rei "A
deJt and to the payment of the interest f
the domestic debt ;but so early as the 4th
Of August 1870, the proceeds Of the sales
IT the public lands in the western TERRITORY
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