Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1817-12-19

between the ,st day of October and the
lst day Of January 1917 inclusive, a
mounting to 8l5,4s4 AZ; leaving the SUM
of 7,06l,9S 10
Making the public debt, which was un-
redeemed on the lst day Of January 1917,
rs appears by statement (s) amount to
us 8D7 1905 4S; from the 1st day OF
January to the 3Oth day of September
1917 inclusive there was, by funding
Treasury Notes, added TO the public
debt, as appears by statement (6) the a
mount OF l,O97.sl5 as; making on that
day as appears by statement Ia the ag-
gresate amount Of 1l6,9O5,l2 81
During the same period there was pur-
chased and redeemed OF the public debt.
including five hundred and fifty thousand
dollars Of temporary loans, the sum OF
l6,99s,2T5 Sc; which, deducted from
the amount OF the public debt last stated,
leaves unredeemed on the 1st day OF DC
tober 1917 as per statement (S) the a.
mourt of 99,9l1,s45 Al
Since the sOth September there has
been purchased or redeemed of the public
debt, as appears by statement (5) the a.
mount of Sss.ss5 Is; and there will be
reimbursed of the principal Of the old six
per cent. and deferred stock to the LIST
day Of January 1918 inclusive the a.
mount of 7O9,5lS 10; making together
l,042 74a Sc; which being deducted
from the aggregate amount Of the public
debt on the lst October there will remain
unredeemed on the 1st January 1918 the
sum of 90, 1862 96 SIS
By the same statement (5) it appears
that the principal Of the public debt pur-
chased aud redeemed during the year
1917, including $4,000 dolls. Of tempo
rary loans, amounts to 1906, 1928 7s
In this sum is included all the funded
debt held by the Bank Of the U. States.
The old six per cent. stock will be re,
deemed 10 the course of the year 1918.
The first instalment OF the Louisiana debt
falls due on the 2lst day OF October that
year. According to the terms OF the con-
yentioa this debt is to be discharged by
annual instalmcnts of not less than three
millions each. 1t is therefore presumed
that consistently with the letter OF the
convention the whole debt cannot be dis
charged in one payment But for this
obstacle, in the present state OF the l'rea-
sury, and under the existing provisions
of the sinking fuId, the whole amount OF
the stock might be redeemed on the 2lst
day of October next. 1t is believed that
neither the letter or spirit Of the conven'
ton forbids the redemption Of that stock
in two annual instruments, by which the
whole debt will be redeemed on the 2lst
day OF October 1919.
After the redemption Of the Louisiana
stock, there is no part of the principal OF
the public debt redeemable at the will oil
the government until the first day OF ia
nua y 1895, except the 5 per cent. stock
subscribed to the Bank Of the U. States.
AS the commissioners of the sinking fund
are not authorised to redeem the per
cent. stock, the permanent annual appro-
priation of 100000 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 gradual reimbursement OF the Prin-
cipal of the 6 per cent. deferred stock ;
and will leave during that period an an-
nual surplus Ct nearly five millions oil
dollars.
During the year 1928, tho exchanged 6
per cent stock, the 6 per cent stock Of
1912, aud the stock created by funding
treasury notes, amounting together to
Sl8,s95 ,456 23 will be redeemable. To
the redemption of the whole of this stock
within that year, the sinking fund, by the
aid Of its surplusses, will noe only be en-
tirely adequate, but will be amply sufii
Gent to redeem the remainder Of toe pub.
lie debt at the several periods at which
the different stocks OF which it is COM
posed become Tedeemable. The whole
debt, Including the 5 per cent stock. will
be extingulshed during the year 1880 ex-
cept the per cent stock which is not re-
deemable at the will of the government.
II is not presumed that taxes will be
imposed and collected, for the express
purpose Of purchasing the funded debt a
Bove its nominal value. 1t is, however,
believed to be unsafe to reduce the reve-
nue. below the permanent annual expen-
diture as now authorised by law, includ-
ing the appropriation constituting the
sinking fund A reduction below that a.
mount would postpone the redemption OF
the public debt beyond the periods when
the several loans Of which it is composed
become redeemable, or impose upon the
legislature, the duty of resorting to then