Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-12-16

l,ol2,7sS SO

lncN, beng deducted from the
ag- regdte amount of the pub
lic debt. on tie tst October,
tlerc will remain, uuredeem-
Ell, cu the LIST January 1918,
the sum OF 9s 500 O9S ~
By the same statement (5l APP
pears that the principal olahc
public debt, purchased aud
redeemed during the year
1917, including i50,0Oc dollars
OF temporary loans, amounts
TO lSO3e e23 ~
In this sum is included all the funded debt
held by the Bank OF The United Staies
The old6 per cent. stock will be redeemed
IN the course OF The year 1918. The FIRST in
stainent OF the Louisiana debt falls due on the
2lSt day of October OF ihat year. According
TO the terms of the convention, this debt iS 10
be discharged by annual instruments of not
less than three millions each. II . therefore
presumed that, consistently with the letter of
The convention, the whole debt cannot be dis
Charged IN one payment. But for this obsta-
Gle, IN the present state of the ireaSurv and
under the existing provisions OF the siukiug
tund, the Whole amount of the stock miniIt ne
redeemed or the Dist day of October next
III Is believed that neither the letter or spirit
OF the convention forbds the reclamation of
that stock i'll two animal instruments, by which
the whole debt will be redeemed ON The 1Ist
day OF October, 1919.
after the redemption OF the Louisiana stock
there IS no part of the principal of the public
debt redecmabe at the will of the govern.
ineht nhtu the LIST day of January, 1875, except
TIE per cent. stock subscribed to the Bank
OF the United States. As the commissioners
OF the sinking fund are not authorized 10 re-
deem Tue i've per cent. stock, the permanent
annual appropriation, of 10000, 900 of dollars
from the year 1919 to 1925, under the existing
laws, can only be applied To the payment Of
the interest OF the public debt and to the era-
dual reimbursement of the principal OF the six
per cent. deferred stock; and will leave, du.
rug that period, an annual surplus of nearly
D ,1O, SOC of dollars
During the year 1926, The exchanged per
cent stock, the 8 per ceut. stock flSl2, and
lhe stock created by funding treasury notes,
amounting together to 5 IS. sos. 456 %. will; me-
redeemable. To the redemption of the whole
OF this steck within that wear, the sinkinl,
tuna, oy tue AID Of It's suTplusses, will not on,y
De entirely adequate, but will be amply suiIici-
ent to redeem the remainder of the uubIic
debt, AZ the several periods at which the diff.
fereni stocks OF which il is composed become
redeemable. The whole debt, including the
hVe per cent. stock, will he exchanged during
The year 1880, except the per cent stock
when is not redeemable at the will OF the gov.
eminent.
1t is not presumed that taxes will he impos
ed, ana collected, for the express uurnose of
purchasing the funded debt above its nominal
value. III IS however believed to be unsafe 10
reduce the revenae below the permanent an
nuai expenditure as now authorized by law.
including the appropriation constituting the
sinking fund. reduction below that amount
debi beyond The period when the several loans
OF which II is composed became redeemable.
impose upon the legislature the duty of resort,
ing TO them anew for that object.
III, then, the revenue shall. until the wear
1875, be equal to the present annual expendi-
tHre. ii Is respectfully suggested whether the
public interest Will not be promoted, bv an.
thOrlZlng the commissioners of the sinking
fund 10 purchase the funded dehtat such RATE,
above par, as I'D their judgment viii he for the
interest OF the nation, rather than TO suffer the
annual surplus of the sinking fund to remain in
the treasury unappIied, for five successive
years. should such an authority be given 10
the commissioners of the sinking fund IL is
probable that the different species of stock
would advance in price above their present
current value; but as the authority would he
permssive, not imposing the obligation 10
purchase, IL IS probable that the surplus Of the
sinking might be more benescially employed
ia purchasing the public debt, than by re-
manning Idle i'm the treasury until the wear
1879. Ii that surplus could be Annually invest.
Ell early IN each year, at the present prices oG
the different species ofstock, il would pro.
Once saving TO the nation OF not less than
fouT millions ct dollars, between the first DAYS
otJanuary, 1920 and 1925 The interest which
VIII accrue on the five per cent stock, between
the Isl days OF January, 1920 aud 1875, when it
IS estimated the whole redeemable debt will
be discharged, will amount TO 5 500, 900 IT,
therefore, it is intended to redeem that stock
tie surplus ia the sinking fund NAV be Iegiti.
u
1920 and 1921.
By Sfatement(S>it appears that
the treasury notes which have
issued under tile several acts
OF Congress on that subject
have amounted to 35J32 7Ot
OF which there has
been cancelled at
the treasury l6,574,i3I
There is now in the
treasury, which
viii be cancelled
when settled, eZ-
elusive Of 425,5is
dollars, ~ cents,
the estimated IN
terest upon them,
the amount of S,G23 800
Making together the sum of 35, ~ .s3I
Leaving outstanding, an estima-
ted balance Of G35 ,05S
As the outstanding Treasury notes are con.
vertlble into funded debt, which is cOnsidera.
bly, above par, it's presumed that such portion
OF them as are not lost or destroyed. will he
funded, instead Of being paid into the Treasu.
ry Iu DISCHARGE Of duties and faxes II is,
therefore, probable that an addition to the
public debt will be made during tie year 1918.
nearly equal 10 the Treasury notes estimated
70 be outstanding.
Statement r presents the state Of the Land
Office IN the State Of Mississippi. and in the
Alabama Territory, from which II appears that