Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-31
lOS,745,8ls 90

Add Che amount Off per cent. stock,
winch II Is estimated will be created dur
ing the lastquarter of the year, by fund
ing small Treasury notes, $40, 405 90.
Makes the estimated amount OF the
public debt, on the LIST of January, 1917,
100, 266, 223 %.
The subscription TO the Bank OF the
United States, on the part of the govern
ment, will create 5 per cent. stock TO the
amount of 100000 co.
And the compromise with the Yazoo
claimants has created stock TO the amount
| of 4 .00S, 6i5 90
But as the first is only an exchange for
| tile same amount of bank capital, which
| will, probably, produce an excess of di-
Nidends, beyond the interest PAYABLE on
the Stock, equal TO the reimbursement of
| the principal, before the expiration of the
| charter, and the second hears no interest.
| and will, probably, be reimbursed bvthe
sales of the public lands, in the Missis-
| sippi Territory during the three succeed
| ing years, no further provision for their
ultimate redemption appears to be neces-
sary.
SINKING FUND.
According to the existing laws, the
sinking fund consists of permanent ap-
preparation of S,O0O,00 dollars per ail
| mum, which is vested i'll the commission
eis of the sinking fund to be bv them
| applied TO the payment of the interest of
| the public debt, and 10 the redemption of
the principal Of this sum there will be
| required, during the wear 1917. for the
| payment of interest, SIS, 1884, AS 03: leav-
| the sum of 81 ,9l5,5 S4 OF TO be applied TO
| the redemption of the principal Of the
! debt This sum, operating upon the
| principle OF compound interest will not
| redeem the whole amount of the funded
| debt before the year 1912. An attentive
| examination of the rise and progress Of
| public debts IN other countries, cannot
| fail te impress the American republic
| with the necessity Of making suitable
exeriions, in periods of peace, 10 release
! the national revenue from so heavy amen
| cumbrance. Although, from our happy
| form OF government, and from our lortu-
| nate geOgraphl al position, we may rea-
| sOnably calculate upon being less fre-
| quently subjected 10 the calamities of
war, than has hitherto fallen TO the lot of
other civilized nations, yet. reason and ex-
| peTlPnce forbid the expectation that we
| shall he exempted from IFS evils until The
! redemption offhe public debt shall be Ct
fected by the operation Of the existing
sinking fund.
1 1v lttfitlft ~ llft ldNS dIInOlfIlNV
! the several loans, which during the late
war lave swel'ed the public debt TO IFS
present amount Congress has uniformly
pledged fhe faith Of The nation to provide
suite lent fluids for the payment Of the
interest, and theredemption OF the princi-
pal Of tie debt so created. Tile fine
has now arrived when That pledge ought
80 Oe redeemed. tits, therefore, respect
fully proposed, that there be annually ap-
propfiaied the sum Of 50 OOO coo, IN adj
difiOp 10 The sum Of 3 100000 now APP
! piieable to tlic PAY meui Of the interest,
and ihe rcdenplionoitli tie principal of tho
! public debt and. that that sum be vest
cd ~ the commissioners Of ihc sinking
/ fund, to be applied 10 the same manner
as the sting sinking fund u is, also.
| proposed that when he six per cen.
stock can be ptrcbasea nj par or ihe 2