Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1822-01-15

oahce, indian department., revolutionary
and military pensions, armingth militia,
and arrearages prior to the LIST Of January,
1917, 5,lOS,097 So; naval service, in
Guiding the gradual increase of the navy,
2,452,4lo 81. ~.
The receipts of the year will, there
fore, exceed the estimated expenditure
by l,l62,338 90.
| Which, after discharging the differ
ence between the balance in the Trea-
sury, on the First of January, 1922, and
the balance appropriations chargeable
upon it, will leave in the Treasury on
the lst of January, 1928, balance esti-
mated at 81 ,S75 dollars SO cents.
1t is however, proper to state that in
the estimate for the naval service, only
100000 dollars ofthe annual appropria-
ton oil 100000 dollars for the gradual
increase of the navy is included; but
that of the amount estimated by the Sc
cretary of War, sum larger than the
balance Of that appropriation is for ar
rearages for revolutionary pensions and
the Indian department, which will not
be embraced in the estimates for the year
1928.
The expenditure Of the two succeed
ing years, it is believed, will not exceed
that of the year 1929, unless further
expenditure shall in the intermediate
time, be authorized by law. But in the
expenditure of the year 1922, and also Of
1928 and 1924, no part OF the annual APP
preparation of 100000 dollars con-
stitu,ing the sinking fund, is comprehen-
ded, except what is necessary to dis
charge the interest of the public debt, and
the reimbursement of the six per cent.
deferred stock. On the LIST of January,
1928, and the three succeeding years,
the debt contracted during the years
1879, 1913, 1914, and 1915 becomes re-
deemab)e at the will ofthe government.
These sums greatly exceed The amount
ofthe sinking fund applicable in those
years to the redemption OF the public
debt. As the current value Of the five
per cent. stock, created during the last
and presen, years, exceeds that OF the
seven per cent. stock OF 1912 and 1878,
i, is presumed that the holders of those
stocks will be disposed to exchange
them for an equal amount Of five per cent
stock, redeemable at such periods as TO
give full operation to the sinking fund,
as at present constituted. According TO
this view OF the subject, 24,ooo,ooo dol
lars of the stocks which will be redeema-
h In nd Is
exchanged for FIVE per cent. stock, re-
lecmable one third on the first of January,
1891, and one third on the same days Of
1882 and 1855. This exchange Of six
per cont. stock, if Effected on the first of
January, 1925, will produce an annual
reduction of the interest Of tie public
debt, from that time to the first mention
ed period, of 10000 dollars, and an ag-
gregate saving through the whole period,
Of 2, 10000 dollars. 1.-THE whole OF the
seven per cent. stock should be ex-
changed, the saving will be considerably
increased.
If such an exchange of stock should
be deems inexpedient, or impractical
Bile, a sn..s Of equal, if not greater ey- |
tert. may be effected in the years 1925,
1926, 1927, and 1928, BY borrowing, at
the rate of five per cent. in the first, ard !
each successive year, sum equa! 10 the !
difference between the amount rcdeeina-
bic and that portion Of the sinking fund
applicable to its redemption; the five
per cent. sock, so created, to be redeem
able at such periods as to give full ope-
ration TO the sinking fund, until the. whole |
Of the public debt should be redeemed.
It the FIVE per cent. stock shall during |
those years, be above par, q saving, be-
yond that proposed to be effected by the
exchange of stock in 1922, will be Sc
cured, to the extent ofthat difference, by !
The latter process. t.r
But, i, is possible, that the progressive
increase Of the public revenue, which
has been anticipated, and which is ne
ressary to The full operation of the sink
ing fund, may not be realized. In that
event, the public expenditure authorized
BY law, may, after the frs. Of January,
1925, exceed the public revenue.
The remedy in such case must be
FIRST, an increase OF the public revenue
BY all addition to the existing imposi-
lions; or, second, reduction Of the
sinking fund. |
/ lst A general revision and correction
Of the duties imposed upon foreign
seem to be required. Ma
ny Of the articles which pay but fifteen
per cent. ad vaIorem, ought, in justice
as we'll as policy, to be placed at twenty
i've per cent. which is the duty paid up
On the. principal articles Of woollen and