Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-01-20

Making the excess of revenue added, "a
boYe that deducted, 90,660
And the annual revenue, 25,S69,O00
In the report of the Secretary of the
Treasury, which has been referred to the
conmittee--
The amount of the annual civil, diplomatic
and miscellaneous expenses is
estimated at S 100000
The annual military expen-
ces, at 5,f12J5o
The annua! naval expense, at e,7l6,5I0
The interest on the funded
!, debt, at about 6.15O.OOO
s 1913 1869
To this estimate of annual expenditure
might be added the amount of about
s hS5O,000, appropriated tothe payment Of
the principal of the public debt which,
with the S6,l00,000 applicable to the cay
ment of the interest. constitutes the sink.
ing fund of S8,000,000. But perhaps an
easier view OF the subject may be afforded
by stating separately the whole sum which
it is proposed to apply to the payment of
the principal of the public debt, exclusive
W OF the interest.
If the annual revenue, under the law
proposed, be S25, 500 800. and the ordi-
nary annual expense be SIS, ~ s, 500, there
will be balance of S9,590.951, which
may be applied, as Congress shall direct,
to national defence, TO internal improve
ment, and to the exhnguishment Of the
public debt. The considerations which
have been ready adyerted to as eBioining
the policy of providing Tor the extinguish-
ment Of the public debt as soon as the re-
sources of the country and the conditions
'ofits contracts will permit, irduce the
committee to propose that to that object
may be annually appropriated seven mil
ions, after the year 1916; which, added
totae sum appropriated to the payment of
interest, will form sinking fund of SIS
$50, 600 and extinguish the public debt
IN less than twelve years. This appropri-
alton would sill leave an excess OF annual
revenue above the estimates OF ordinary
expenditure furnished by the secretary OF
the treasury of upwards of two millions
and a half, to be applied to any other
branch of the public service.
The committee have confined their OBJ
servations to the receipts and expendi-
lures OF permancntpsace establishment.
The modification of the plan of the secre-
tary of the treasury which they have pro-
posed, will produce too small an effect
upon the receipts of 1916 20 require dis
tinct exposition OF them, and the deficiency
IN the receipts of 1916, (whichis suggest
ed IN the treasury report,) cannot disturb
the calculations which have been submit
ted OF the. receips and expenditures OF
succeeding years, siuce the estimated de-
fciency is less than seven millions, and
the outstanding revenue on the 1st of Jam
uary 1917, will be about twenty millions.
II, however, the demands upon the treasu-
ry IN 1917, III consequence of Congress
assuming the payment Of expenses incur
red during war which it has not yet sane
toned, or from any other cause, shall be
increased beyond the present estimates or
beyond an smOunt for which the unappro-
3iiated revenue may provide, the Striking
fund may be charged for the year 1917
with the payment of the treasury notes
which may he issued under the laws now
in force. In preventing an addition OF
new funded debt, IT will perform its office
as usefu y as in extingulshing the old debt.
/. Resotred, That it is expedient to
continue ia fnrce, until the 50th day OF
June oext, and until an act shall be passed
establishing a new tariff of duties, the aci
entitled :. all act for imposing additional
duties upon all goods, wares, and MGR
chandihe, imported from any foreign port
" place, and for other purposes :" passed
on the 1st July, 1919.
2 2. Resolved, That it is expedient to con-
tinuc in force the act entitled :" an act Law.
inga duty on imported salt granting
bounty on picked fish expo ted, and al
iOwances to certain vessels employed IN
The fisheries ;''passed onthe 20thJuIy, 1878.
8. fss0tUed, That it is expelient to con
tinue in force the act entitled = an act Law
ing duties on sugar refined within the Uni
ted States :" passed on the oath July, 1878.
4. Rescued, That tits expedient to con
tinue i'll force the act entitled g an act lay
ing duties on notes Of banks, bankers, and
certain companies on notes, bonds, and
obligations discounted by banks, bankers,
and certain companies and or bills of ex,
change Of certain descriptions !" passed OIL
tie Cd on August, 1813-and also the act
supplementary thereto, passed on the 10th
day Of December, 1914.
5. ResOired, That it is expedient TO re.
peal, ON the day of next, Sc
much Of the act entitled +" an act to provide
additional revenues for defraying the ex.