Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-02-04

pciatc spirit OF speculation, which has pro,or-
TONED our suppiyo foreign articles neither To
tue denand nor the means of payment il may
have impaired the mercantile capital of the
sountry, which is closely connected with its
prosperity. Attribute what we may az this re !.
venue, however, TO chance or imprudence. i.
cannot tan to convince us that the means of
the Ea,lon are adequate to the early re,lemp,i-
on Gifts debt.
The debts indeed of no one war can he ex
pected to reach an amount 10 the DISCHARGE of
which, within reasonable time, the resources
OF the Uuited States would be inadenuate =
IL Is by the accumulation of the debts of differ
ent wars, which, in seasons ofpeace. are allow
ei IL be unredaced, or az least uudiscbarred.
'iat tue system oil borrowing grows toan enor-
mtts when eAacts from Il nation, rs the arn,I-
III interest OF its debt, a proportion of its in
como greater than would have s,itficed, AT an
early period. to have prevented or removed the
incumbrance. The proposals, in regard to the
redemption of the public debt which the corn
initteeot ways and means suggest to the consi-
deration OFT tue house. in the sequel OF this re-.
port, so far they depend upona view of the
probable revenue aud expenditure of the couu-
yarefounded upon the estimates contained i'm
the report of the secretary OF the treasury. If
ms estimates OF revenue be somewhat lower
aud OF expense higher than il NAV be Snnposed
ny many that some succeeding years will realize
II was probably prudent 10 guard his plans from
the failure TO which in the unsettled state our
trade, and, in some degree, OF our expenses
more saigune calculations might have expos
ed them. The numerous, aud often incou-
Sruous, provisions OF the present laws in re-
lation TO the sinking fuad require, in the opiu-
ION OF the committee, general revision Eut
their views upon the subject will be explained
by the bill which accompanies this report: and
they VIII conhno their further remarks princi-
Paiiy TO some OF its provisions III which they
propose 20 deviate from the plan recommended
bs the secretary of the treasury.
ime certain appropriation OF ten millions an
hna'iy, tue committee do not propose to in
crease while II is entirely within the means
OF the treasury to discharge, il will probably
be competent with heaitl which il will derive
from the other provisions of the blu to redeem
the public DEBT, reduced, as it has been. bv
the payments or the last year, within a term
nearly ms short as has ever been contenln,ated
for IT'S eXtinguishment.
he large amount of revenue which accrued
during the last year, enables congress in the o.
pinOn OF the committee TO .apply so consiscra-
bic sum to the payment orpurchase of prbIic
stock in 1917, as to increase. very sensibiv the
eTect OF every subsequent wears approximation
and materially to hasten the entire reoemntio,
OF the pnblic debt. They propose that, in adj
dition to the permanent and ree,Ilar annn,i.,,
preparation, there should be paid, in the wear
1917, To the commissioners o. the sinkiu,. fund
the sum OF nine millions of dollars. together
with four millions, to be considered AS an adj
vance OH account oil the regular appropriation
OF me succeeding year II is obvious that no
advantage can arise from keeping in the treas
ury sum to be applied, at some future peri-
Oh, to the payment of the principal OF debt
Where II IS TO be applied TO the payment ofin-
tefest, orol the expenses of government the
case IS somewhat different land the COMMITTEES
nave, therefore, confined TO proposing an adj
vance III 1917 of that part of the appropriation
Tor 1918 which may be considered as aDDli
SaDie 10 the payment OF the principal OF the
In addition to the ANIMAL appropriation of fen
millions, 1t has been proposed by the Secretary
OF Tue reasury TO make, IN each year a turth-
e: appropriation of one million whenever II
can De done, without reducing the balance in
the Treasury, az the end fthe year below two
millions. wv
The committee admit that it may be pruden;
10 apply only such part of the surplus i'm tjle
Treasury may be paid without reducing tl,o
balance below the sum which has been ,ser 1its
oned, but they think that whatever surplus
though 1t should exceed million, can be an
piied without such reduction, should also. be
appropriated he bill which they report pro-
1917. Sa
The advantage which may be derived from
tile last provision, is too uncertain in amouut
10 admit of calculation or of estimate. Such
is not, however, the character OF the ad1i
tlonal appropriation proposed to be made in
iotI-lhls mnst diminish the interest TO be
pad for the next year by 500. 00O. i'm 1870
by, 800 900, and in 1920 by $50 900, and
YIN leave IN the Treasury, adopting in the
Secretary estimates Of revenue and expendi
ture,) on the ist of January 1918, s.. 65a ,OeG;
on the Is of Jaa. 1919. 81 100 900 and on the
istot Jan. 1920, 81 10000: after which. lit is
estimated, that the produce of the revenue will
be increased.
In adding tothe amount of the sinking fund
1t appears TO the committee not unworthy of
the wisdom OF the legislature to simplify it's
operations. The Observation-Disclosures to the
last treasury Report, shcw, that on the Ist of
OctOberlaSt, there were near thrty-four mil
lions OF Stoek OF fourteen different tiescrinti-
0ns, and carrying seven different rates of i'm
terest, standing ON the book of the Treasure
10 the credit of the commissioners of the sink
i,ug iutld, ON winch interest IS supposed regu-
larry TO accrue and 10 be paid with 10 other
effect THAI that of adding to the labors Of
those who keep and those who wish TO under-
stand the accounts Of the government. The
committee propose that all certificates ofpub:
lie debt when they are redeemed sl,siI 10
destroyed 1t may he said to be hardIv worth
making change in our law to produce no
praciicel effect, and il is true, that in either
lnoue, the dInlnut,on of national debt will be
the same but tits respectfully su0gesfed ti,at
even # the trouble wchit will save IN making
up the accounts be of no moment, /; Is ofsome
consequence that tjIcr state shonld he sucb aS
to admit of being easily and generally under-
STOOD, and that whatis, in itself, plain should
less fiction.
The committee report " a bill to provide
Tor the redemption OF the public debt" and
also BILL to repeal so much of any acts now
~ force, as authorizes loan of money or an
ssuc OF Treasury notes
Gen. dJnistroag Prirafeer.-'rhe Washington
W eckly Gazette, rcmarking on the claim fo,
indemnity, and Tie Report Of the committee
It the Senate on The petition of the owners.
observes,
The report is untavorabIe to the PRAYER of
the petitioners, and tho reasons SET forth are
nst and conclusive. There is no fixed prin
'ipie OfIaw or equity under which, the United
itates can be called upon to make gooda loss
ustalnCd under the circumstances Of fhc ,ta |