Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-11
ANNUAL TREASURY REPORT
ooNrIxuEp.

lprlnclpal Of the pHniic neDt WAS aoGi'
| 86.O0a.00O Of dollars, and the interes
ANNUALLY p .vable upon it, abont 4.5C0.0t
dollars. AT that time there was assig.
ed to the sinking fund out of the publse
revenue, 6, OO0,C GOO Of dollars /; Of whic
about s.500.OO0 dollars were annually
applicable TO the reduction Of the princ
Ipai of 86.OOO.GO0 of dnlIars. At tic
commencement of the year 1917, it is es-
ltimated that the principal Of the funded
debt will amount to 10000. 600 of del.
liars, requiring the SUN of 6,l50.0M dol
lars for the payment of it's annual int
rest. IL a sum applicable to the reduc
ton of the principal OF the debt we're
now to be assigned, bearing the same
proportion to that principal which the
sum assigned in 1904 then bore to the
principal, il would amount to about
I4.95n.000 dol ars. When it is addict.
therefore. TO the sum of 6,150,G00 do
lars which is necessary for the PAYNE
Of the interest, there w0uId I've required
for the amount now to be set apart t.
constitute the sinking fund. the sum OF
$500. 0GO dollars per anuum. 1t is
proposed, however, to carry the amount
lonIy to the sum of 10,0C0.000 of dollars
which will allow about 3,850.000 doIIars
as applicable to the reduction ofthe prin
cipal OF the debt: SUN sufficient, !,
strictly and regarly applied without IN
;terruption, upon compound principle
to pay off the whole of the funded debt
lin period less than eighteen years.
Upon these grounds. then, the Secreta
Try of the Treasury respectfully submits
the following
pROPoSITIoY.
That in the wear 1917, and anrnans
in every subsequent year, there be ap-
Ipropriated the sum $4,000. 600 dollars il
addition to the sum Of 100000 of dol
lars now annually appropriated for the
paw nent Of the interest and principal Of
the pubic debt /; that the payment Of
this additional sum be made ont of tie
proceeds of the revenue derived from.
the customs, the sales Of public lands
land the internal duties, or from eithel
| of them available sfter the payment OF
the sums for which they are now respect
lively pledged or appropriated: and thai
| the said additional sum Of 2,O0O.O00 o.
dollars annually, be payable to the com
missioners of the sinking fund, TO be !.
piled by them in the same manner as the
Imonies which thpv are now entitled b,
Ilaw to receive that is to saw: lst u
the Davment of the interest on the pub.
ilic funded debt (: Cd, 10 the reimburse
ment of the PRINCIPAL. from time to time.
az the same. or any portion OF il. shall!
become reimbursable, according to thej
terms of the contracts by which it has|
been created Sdlv. After having az
swered these purposes. if there shall rel
main surplus at their disrOsal, to thel
ou, chase of such parts of the funded pub
IIic debt as shall appear to them 10 be |
most for the advantage nj the United
States, in the manner prescribed nv Law
and at rate not exceeding the par va
lue.
3dly. Proposition ro'at'Er u tie A;a.I
tionat Circulating .Npdium.
The delicacy of this subject is onlv|
equslled by S Importance. In present
ing it, therefore, to the consideration of
congress, there is occasion for an i'm
plicit reliance upon the legislative indul-
gence.
BY the constitution o. the L. States.
congress is expressly vested with the
power to coin money, TO regulate the va.
|lue of the domestic and foreign coins in
regulation. and as necessary implica-
|ton from positive provisions) TO emit
bills of credit while it is declared bv
The same instrument. that 'no state shall
coin money, or emit bills of credit"
Under this constitutional authority, the
money of the United States has been es-
|tablished by law, consisting Of coins
made with gold. silver, and copper. All
foreign gold and silver coins, at speeif-
ed rates, were placed, in the first in
stance. upon the same footing with the
coins of the United States, but they
ceased, with the exception Of Spanish
|milled dollars, and parts of such dolars)
TO be legal tender for the payment of
debts and demands in the year 1909.
The constitutional authority to emit
|bills of credit, has also been exercised
lin a qualified and limited manner. Dur
ling the existence of the bank of the u
niled States, the bills or notes of the
|copporatioa we're declare by law, to be
|receiyabie in all payments IN tho Tinted