Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-12-20
I,I62,sSa 20

Which, after discharginy the difference between
Tue balance IN the Treasury The LIST OF Jan. 1922
anu .ne baianceot appropriations chargeabIe upon
IT, will leave in the Treasury on The LIST OF AN 1928
Il balance estimated at S67l ,375 80
MS however, proper to siate that, in the estimate
Tor TIE naval service, only $500 900 OF the ann, APP
preparation OF SoOO,OO0 for tue gradun, increase of
the navy Is included but that, of the amount es-
mated by the Secretary of War a sum larger than
Tie balance oil that appropriations is for arrearases
Tor revolutionary pensions and the Indian depart
ment, which will not be embraced i'm the estimates
for the year 1923.
lhe expenditure OF the two succeeding years il
IS believed, Will not exceed that of the year 1922
unless further expenditure shall, in the intermed-
ite thie, be authorized by law. But in the expen-
dlure OF The year 1870, and also of 1898 and 1894
no part oil the annual appropriation of $4,000 600
constituting the sinking fund, is COMPREHENSIVE ex-
cep what Is necessary 10 discharge the interest OF
the pubic debt, and the reimbursement OF the six
per cent. deferred stock. On the fist of jan 1925
ana the three succeeding years, tie debt contracted
during the years 1872 1873, 1884, aud 1915, becomes
redeemabie III the will of the governments These
sums greatly exceed the amount of the SINKING fund
applicable IN those years 10 the redemption Of the
punhc deot As the current value OF the five per
cent Stock, created during the last and present years
eAceeos thnt OF the seven per cent. stock, and of
The SIX percent stock of 1912 and 1873 il is pre-
sumed that the holders of those stocks will be dis
Poseu 10 exchange them Tor an equal amount OF five
per cent. stock, redecnlGbe nj such periods as 10
give iuii operation 10 the sinking fund rs at pre-
sent constituted. According this view of the sub
ject, 200 900 oil the stocks which will he re-
ueemabie IN the years 1928 and 1885, may be ex-
cnangeu Tor i've per cent. stock, rcdcen,ablc, Que
thiid on the LIST of Jan. 1881, and one third on the
same days of 1882 and 1888. This exchange of six
per cent stock, if effected on the lst of I'm 1898
WI" P'onuce an annual reduction OF the interest OF
the public debt, from that time 10 the FIRST mentions
ed period, OF $4,000, and an aggregate saving
'hrouSh the Whole period, of 50 100000. If The
whoIe oil the seven per cent. stock should be ex-
changed, the saving will be considerably increased
al i,.,l
eNpcdIent or impracicable, Il saving of equal il
MOI greater extent, may be effected n the wears
lo. l0-O, ld< and 1925, by borrowing, AT the rate
OF oper cent IN the first and each successive wear
sum equal 10 the differ ence between the amount
redeemable, and that portion ofthe Sinking Fund
api''ctbie to It's redemption the five per cent stock
30 cieated' 10 he rcdeeinablc such periods US 10
give ini! operation TO the Sinking Fund, until the
whole ol the public debt shall, he redeemed If the
I'VE per cent. stock shall, during those wears he a.
p9ye par saving beyond that proposed 10 he effect
euDy tie exchange OF stock ia 1872 will be secure
cess. - - ' Pr
tut, 1t possible that the progressive increase of
."e rc'en"e' which has been anticipated, and which
Is necessary TO the full operation of the Sinkn,
+ uud, may not be realized In that event the null
lIc expenditure authorized by law may after the list
OF jan 1873, exceed the public revenue
Inc remedy IN such eases must be-Is, an increase
VI INC puphc revenue by an addition TO the existing
ipPos'i"ns or, "a, reduction of the Sinking Fund
Hs'' a general revision and correction OF the tiu-
ueS imposed upon foreign merchandise seem TO he
equiic9 Many OF the articles which pay but ID per
cent "u EN-, ought in justice as well as policy
~ NC Pi"Ceu AT 70 per cent. which is the duty paid
upon me principal articles of woolleu and cotton
manufactures. 1he same observation is applicable
70 some OF Inc articles Which pay 20 per cent al va
orem. correction of the existing duties with
view 10 an Increase OF the public revenue, could
hardiy tau 10 effect that object 10 the extent OF
nearly 81 OOO,OOO annually It is highly probable,
however, that an increase of duty Oh some of those
ARTICLES might eventually cause "A reduction of the
revenue bur this only take place where smiInr
'rliceS are manufactu ed in the country. In that
eVeht, domestic manufactures will have been foster
eG' and the general ability of the community TO con-
tribute to the public exgcnces will have been bro
port!onIbly increased
second II il should be deemed expedient TO re-
duce the Sinking Fund, in preference to the imno.
uoh VI additional duties, II may be satisfactory to
niIow tnt an annual appropriation for that object of
9,vUO'OOO dolars, commencing the first OF January
1879, VIII eStlngis the whole of the pnbc debt, ex
elusive OF the three per stock in the wear 1870
should the Sinking Fund lie reduced TO 5000 coo
collars, an exchange OF 36,000,O00 dollars of six
per cent Tor hive per ceut stock may be effected in
e course OF the year 1922 if the present price of the
at'er STOCK should continue, without diminishing IN
any degree the operation of that fund in the redemp
tion OF the public debt Such exchange would re-
duGe the interest annually 100000 dollars
ne ioan OF 100000 dollars which was authoriz-
cd by tue act OF Sd March 1921 has been obtained t
an average premium of nearly $50 per cent upon
l',e issue OF per cent stock, redeemablc at the will
oil me government, after the LIST of january 1886
All oi which IS respectfully submitted
WIN. II. CRAWFORD.
A rnE lion