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

atoms, was assigned for that purpose -
When the annual amount OF the fund thus |
created should be equal to- per cent. on |
the per cent. Stuck, it was directed to-
be first applied to the redemption of that
Stock, according to the right reserved and
then to the purchase, at its market price,
ofany other public Stock.
5. In the year 1895, /" The Sinking
Fund.- was established by name it's re.
sources were vested in the same Commits
sloners sand its operations were subjected
TO their direction and management. The /
duty OF the Commissioners, Independent of
temporary objects, consisted in applying
the Sinking Fund, 1st TO the payment of
the e per cent Stock, at the stipulated rate
OF per cent per annum Cd, to the pay
ment of the Deferred Stock after the wear
1901, according to the same stipulation,
and Sd, ifany surplus remained, towards
the further and final redemption of the
public debt, of every denomination. For
the accomplishment of these purposes,
there were permanently appropriated and
pledged, in addition to the other monies
constituting the Sinking Fund, aud the in
terest of the amount of the purchased or
redeemed debt, 1st, a sufficient sum aris-
ing yearly, and every year from the du-
ties ON imports and tonnage, and the duty
on domestic distilled spirits and stills. as
might be rishtiully paid of the principal of
the 6per cent. Stock, commencing. on tie
first OF January 1895 and of the deferred
Stock, commencing on the first of January
1909. Cd. the dividends on the public
shares in the Bank of the United States.
but the shares were sold in 1896 and 1902,
under an authority given in 1895. Sd, the
net proceeds OF the sales of public lands in
the western territory. 4th, monies receiy-
ed into the Treasury on account of old
debts. 9Th, the snrpluses of revenue, be-
yond the amount of the appropriations.
4. Such was the outline of the Sinking
Fund, when on the 9th ofApril 1902, the
internal duties were repealed, and on the
10Th of April 1902, a new and additional
provision was inside for the redemption of
public debt. Thus (; an annual sum Of
7,3OO,0OO dollars, was permanently appro-
priated and vested in the commissioners of
the Sinking Fund, TO be produced, lst, by
the monies (Otber than the SURPRISES of re-
yenue) which then constituted the fund, or
should arse to it By virtue of any previous
provisions I'D, by the sums annuallyre-
quired to discharge the interest and charg-
es of the public debt and Sd, by so much
OF the duties on merchandise and tonnage.
as would be necessary, together with the
preceding resources, to complete the an
nualinvestment of Il, 500, coo dollars.-The
Act not only placed the reimbursement of
the principal, but also, the payment on ac-
count ofinterest and charges, of the public
debt, under the superintendance of the
Commissioners making it their duty to
eau the fund to be applied in payment,
LIST, of such sums as by virtue of any Acts
they had previously been directed to pay
Cd, of such sums as may be annually want
ed to discharge the interest and charges
accruing on any other part of the then debt
of the United States: Sd, of such sums as
may be annually required to discharge any
instalment of the principal Of the then
debt ; and 4th, as to any surplus, tn apply
it towards the further and final redemption.
by payment or purchase Of the then debt.
The act of the 10Th Of November 1905.
having Great per cent. Stock to y
amount Of II 100000 dollars. in pursuance
o the convention for the purchase of Lou
Isiana, added an annual sum of zoe. 900
dollars to tie Sinking Fund, to be paid ont
Of the duties on merchandise and tonnage;
and to be applied by the Commissioners to
the payment of the public debt, including
the Louisiana Stock, in the manner above
stated. II may be added, that the inter-
est on the Louisiana Stock is payable in
Europe but tie principal is reimbGrsable
at the Treasury oftae United States in
four annual instruments commencing in
1908.
II is abvionr that sinking fund Of 100000 of
dollars (independent Of the general pledges in
prior laws) vas ample for the payment of the in
terest and the primo pal'of public debt, amount
ing only to the sum Of Sc, 100000 dollars extin-
gushing the 6 per cent. stock in 1878. the de-
ferFeh Stock in 1924, and the Louisiana stock IN
1892, as fast as The terms OF the Contracts, and
the policy of the government, would ptrInit-
The general operation of the fund, indeed, has
been shewn but it is proper, more particularly
20 add, that on the 1st of January 1915 here had
been transferred 20 the credit Of the G. mrnission-
ers, in the books ofthe treasury, an amount Of
public debt equal TO the sum Of 80 S73 463 dollars
90 cents ofthe following determinations, 10 wit
1 Foreign De6t
6 per cent stock 100000
~ per cent stock $4,000
4 per cent stock 2,f80,0O0
--12,2 100000
2 DomesGc De6f.
5per cent