Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-09-10

a
the collection. The indulgence granted, has.
indeed, been considerable but, in every case
where further thine was allowed, additional
security has been obtained. Ii may be worthy
OF enquiry; however, considering that the pro-
ceeds OF the Customs constitute the principal
part OF the public revenue how far il is prudent
TO continue TO add TO the precariousuess. to
which they must always be exposed by the
huc'"atiops IN our foreign commerce, the un-
certaiuty ofcollection Which must necessarily
result from the credit-system which now pre-
walls at the custom-houses.
From tie Public Lands the receipts have
been highly satisfactory. Ii was in THIS branch
OF the revenue that the greatest falling OFT
was anticipated ;-ewing 10 the disordSred
state of the currency in the principal part of
the western Country. But, in proportion 20
tue diAculty which was appreheuded, has
been The care employed TO ohviate il. And ii,
IN tins important branch OF the national in
come, the receipts have not only not fallen short
ont have exceeded,tse general expectation, il
IL, IN great measufe, To he attributed to the
arrangements made by the Secretary of the
treasury Tor facilitating The means ST paw
hent by the purchasers of lands. This ac-
cOHmouatiOH lie has been able to afford with
safety TO The public. And, moreover, the mea-
snres adopted tor that purpose have had a be-
nehciai effects opon Tie money-cOncetns OF
hose parts of tiss UNION included within their
operation; aud, while they have tended to
oring them To Il sounder state, they have miti-
gated The evils TO which they had exposed the
whole western country. The nett sum paid
INTO the Treasury during the last quarter.
rem The Pat'ac Lands, exceeded one million, one
h'.ndred thousand dollars: besides large amount
OF mississippi Stock received for lands i'm
mississippi aud Alabama
=, lie whole of the nett receipts into the
Treasury for the halt year ending on the 3Oth
June last, may he stated us follows:
From the Customs S 10 $40 900
- Public Lands 2293 600
- miscellaneous sources 929 600
Total 1850 900
In the present conjmncture of our affairs.
any cenIectures respecting the future state of
HE revenue must he, Eercssarily uncertain
~ Is hoped, however, that the causes which
now affect IL so nntavOrahIy will not increase.
~ This hope be well founded, it is probable
thaf Tue receipts from the Customs during the
whole of the lear 1919, will approach the sum
estimated by the Secretary of the Treasury;
while these from the public lands have alrea-
ny almost doubled the amount estimated for
the Whole year, and will, perhaps, 20 on at
nedris The same rate during the current sin
months. JUDGED, there seems reason 10 be-
ueve, that Notwithstanding all the adverse
circumstances before alluded to- the revenue
received into the Treasury during the present
year. will be sufficient 10 jetIay the whole
expenditure OF the year; besides paving off
az the public debt which, by the conditions
OF The respective loans, is now rsdoenaLle.
some observations have been made in vari-
Gus papers Of the United States respecting
Tue payment OF the Louisiana Stock. These
policy Of that measure III the present circum-
stances ni the country. Ii is not however the
circumstances OF the country noreventhe state
OF Inc Treasury, that tie Commissioners OF the
SHINING FUND have to regard They are re-
fuIred bylaw, to apply To the extincushment
OF me public debt. ten millions Of dollars an
nnaiIy, lOr so mach of that sum as the copdi-
IONS OF the loans and the prices of stock will
Pefmi'J Whatever may be the stale of the
country, or oil the Treasury: and all the NIB
nc moneys III tho Treasury, except SIX hundred
thousand dollars, are placed at their disposal
tor ihat purpose. In addition 10 these ten
millions, they are authorized 10 apply wlate-
yer other moneys may remain i'm tile treasury
more than TWO milisus of dollars after all the
appropriations made by law are discharged.
NOW, The public debt can be eXiinguished
by The commissioners of The Sinking Fund on
~ In two ways by purchase, and by redemp-
non. HE price OF stocks being above the
price limited by law, they could not be pur-.
chased aud The louisiana debt being the OIL
~ one OF which any part was redeemable
81, OF course, presented itself, as the proper
OBJECT on Which TO apply the means at the
disposal OF the Commissioners. By the
terms of the Louisiana Convention the re-
denpton OF this debt was 10 begin on the Dist
oi October, 1918; and it was TO be discharged
III annual instruments OF not less than three
iniii!oEs of dollars each. -Ihe debt then
amounted 10 nearly ten millions of dollars
"ud although the convention wonld have been
satisfied by The payment of oue-third, the pro-
visions of tile law. which required the Com
"lssiohers TO apply as much of the ten millions
aud OF auy moneys in The Treasury exceeding
the appropriations by two millions of dollars,
as, by The conditions of the loan, could be APP
piied, but would net have been satisfied " ith
that sam. The payment al ut least one haH tie
debt became. therefore ,0JHguf0fy upon Than
The insialmrnt OF the Louisiana debt which
the Commissioners determined TO pay oil 10
October last, amounted 10 1877 ,959-ef
Which 3,7Ol 500, Was owned in Europe. The
IuStalmebt paS able next month IS ) 2 OBS Og3s
mar fita NJ.
ed abroad. Tie whole sum however is pay-
able in the United States. And. it part
shouidbe Withdrawn from the country by The
foreign owners, Whatever Inconvenience NAV
ne Produced by the transfer, is chargeable on
the Laws which permit ed foreigners TO own the
debi, aud which prescribed the time OF pay
meh'I-ahd not 10 the Secretary of the TTea-
snTy,-who pans only what the law enjoins
Respecting the pecumiary embarrassmpnts.
Whlch the measnre in question Is supposed TO
have brought upon the cUuEiry. il may not be
amiss TO OHer one observation. No charge
was ever more untOUnded than HAT which AT
tributes to the Secretary of the Treasury an
indifference TO the state OF the times Ii will
be seen, by the records of Congress that he
more Than once presented to the view of the
Legislature, the pressure upon the community
anG, during the whole of his administration of
the affairs of tie Treasury, his endea,or has
been 10 alleviate the distress. His conduct
towards the public dtbtOIs tOWatdsthe Bapk
OF the United States, and towards the State
BhHksi a5"rdS abundant evidence of the fact.
As II respected the raynert OF the debt, his
duty was Imperative. All that !lp has done
was erJoneh by the laws. Bat, if any previ-
o''s preparation "cie necessary, las there
! b. Ell no cause OF blame ei.twhcIei Have the
reifeHchhlcnts, required tor the Orcasion, been
| made by Tie community Itself! She Louisiana
Convention has been sixteen years upon tie
| 5fdtute Sock. IL must therefore, have been
| hh""h 10 every one, tI,hi the first iISialinput
| OF TIE Louisiana dcbi ~as payable Ou the 2Isl
| OF october, 1919 Ii was equally well known
| th"t tlus inStdimeni could rnf BE less ilan
! ih'ee mutton" 0I 'inliafs Aud, II was known
] hN lie kchnIf of lie NrcrAIn, of III. I,nn.n'