The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1821-12-26

stituiing the si0king fund, Is compe nended,
except what Is necessary to dischs,le the in
terest OF the public debt, and the reimburse
ment of ihe six per cent. deferred lock. On
tho iyj OF Jan 1898, and he three sgceedins
yea. $, ihe debt Contracted duribgbs years
isl&yrtSl3,~ 1914, and iBI5, beemes re-
-dceuable at the will Of she goxrnneDt.
These sums greatly exceed the mount Of
the sinking fund application in thos. years to
the redemption OF the public debt. As the
cerrent value Of the five per cent spsk, ere.
s,cd during the last and p'esen, !ears, tS.
ceeds that Of the seven per cen, ssoE aud Of
The six per cent stock oi 1912 and 1918, it~is
presumed that the holders OF those stocks
will be disposed 10 exchange them br aD e.
quail amount Of Eve per cent. stock, edeem-
able at such pe'iods as to give full o,eration
70 me sinking fund, as at pTesent continued.
Acc ofding 20 this vie~ et ,ihe subject, S24.
900 900 OF the stocks vhIch viii be, rsdcema.
bic in The years 1925 and S26, nay be ex.
changed foI FIVE per cen, stock, ? eilss,nab!e,
one third on tse fret Of J4r. lsal aud one
';bfrd on the same Days Of 1882 rad 80. This
Exchange oi six pc. ceaI s,ock,If Elected on
ZOE lstof jan. ls23, will proddce 40 annual
,:duc,ion of lhz interest or the public deb,
] On 'hs, Ine TO the 6rst msDi,oned d-period,
vi S240,0 aDd nD aggregate ssving,
nrough tbv wtoIe period, oi S21leQ0oo III
'Ie WHO'S. qf the seven per cent sotk should
bsFexchansed, the saving will bs consid"a-
by increased. e II
II such on exchange CT stoct should os
deemed ,inex xped'snt o. lmp'scicsble. a saw
'hs oi equal, II nor 'euersxieRt, tusy te ef>
faced it, the years 1928, 1925, 1927 and 1928
by borrowing, al .be ,aie ol five per cent. m
,he first aud each successive yeaf, sum e.
ayai 10 the difference between the amount re.
dsemabie;i end tina, por,ion Of the Sinkiog
Fund, sppiiosbio 70 ITS rede tho hve
per cent. stotk, so cfeaiee, 10 be .rcdeemsoie
OF such perfods.as 10 give ltOPcr alton 10 'he
Sinking Fund. until Inc Whole of tho public
debt shall bc redeemed It.ihe lvo.pcr cent.
stock shall during those yests. be above par,
q saving beyond tina, proposed to be sfected
by The exchange OF stock 10 1922 viii b. Sc
cured, to the extcnt oil thst d.H:,enee, by tho
latter ~ oeess.
But, il is possible, tha, 'te progressive in
cJea,o Of the revenue, which has been sntici.
pated. and which is necessary 10 the fah ope-
IA, .on OF The Sinking Fund, may not be realis.
utoorized by law, may, a.ier the lst Of Janu.
a,y, 1925, exceed the pubic reYeDuc.
: Tho remedy in such CASE musI be~.l lst, an
increase of The public teysnue By an addition
10 the existing imposiIitns; or, 2nd, ssdao-
sioo ottho Sipkin8 FUND.-
the duties imposed Upon foreign mere hsndzo
see 10 to be 'eqni,ed, Many oi the articles
which pay but hiteen per cent. ad vslorcm
ought, 10 justice as well az policy, to be p'ac
ed at twenty-five per cent which is the dI,y
paid upon the principal articles OF woollen
and couon mauutsc,ories. The same obser-
sstiouis applicable TO some. of The articles
WHICH pay twenty cent od valorem. A COR
rec,ion oil the existing du,ies, WITH. view to
an increase ofthe public revenue, could hardly
fail 70 effec' that object 10 the ex,cn, Of near
iy 1000 COO collars annually. II 10 highly
probobIe, howev1r, then an increase of dupy
on soNe OF those articles might eventually
sapsc = tedlciJn OF the revenue but this
can only 'tskv pace where sipi!ar articles are
mau uiac III d IN he county. In that event
domestic rhanofac,u.es win have been fostcr.
ed, aud thc'genersI solh'y Of the com nun,ly
TO contribute to the puDiic exigencies will
have been pt toportiooably increased.
Second II j, should be deemed expsdient
TO reduce the Siukiug Fund, id preference to
the imposition Of sdditional duties, ir-may be
satisfactory TO know Cha, On 'snousf appr opria-
tion Tor thai object Of @ 900 ,otro dai,ars. CON.
mencing on the first Of Janusry,, 1924, will
extinguish the whQie OF ,be public debt, cx.
oiusise OF tho hsee per cent, stock, ia the
yea 1859 Should the Sinking Fund,be re.
dueed to 100000 dollars, an exchange Of
Ss,ooo'ooo dollars Of SIX per een,. for fisS
pe' cent sock may be effected in tho courss
ui the year 1922, if the present price OF the
lat'er stock should continue, without dimin.
ishing IN aoy degree, The opers,ion OF that
iund, In the redemp'ion OF tho public dob,.
Such an exchange would reduce the inseres,
annually 36o,o doiisrs. ~
The iosu of 5000, 900 loIlars, which was
authorized by the &C. of 81 March, Is2i, has
been obtained a, an ave aye premium oi near.
ly S 50 per cent; upon the issue Of FIVE per
cent. stock, redeem able a, tho will OF the gov.
sF nf,nv h. 4,