Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1824-12-10

Dy the ordinary revenue. the act of 26th
May. authorized loan of 5000. 900
at ~ per cent to meet the same. BY
this arrangement an annual saving will
accrue to the public OF SIS, 900.
Under the act of the 2Gth May last. a
loan of S5,ooo.00o vas authorized. in
order to meet the awards under the Flo
rida treaty, which was negotiated at par
with the Bank of tho United States, at
- per cent. the limit of interest fixed by
the act. BY this provision the claims Of
our citizens who had sustained so great
a loss by spoliations, and from whom in
demnity bad been so long withheld, were
promptly paid. For at no distant day.
by the sale of the lands in FLORIDA. OF
the great advantages resulting from the
acquisition of the territory, in other res
poets, too high an estimate cannot be-
| formed.
II is estimated that the receipts into
the treasury, during the year 1925, will
be sufficient tc meet the disbursements
OF the year, including the sum of ten
million dolls. which is annually app,o-
prated by the act constituting the sink
ing fund, for the payment OF the princi-s
pal and interest OF the public debt.
The whole amount of the public debt.
on the first day of January next, may
be estimated at $50, 900, 600, inclusive
of S2,5oo.o0o of the loan authorized by
the act OF o6th May last Ia this esti--
mate is included stock of S7,oo0,0o0s
issued for the purchase of that amount
of the capital stock of the Bank of the
United States, and which, as the stock
| of the bank still held by the government,
will at least be fully equal TO its reln-
bursement, ought not to be considered
as constituting part of the public debt.
Estimating, then, the whole amount of
the public debt at S79,ooo,0o and re-
garding the annual receipts and expen-
dltures OF the government, well-foun-
ded hope may be entertained, that.
should no unexpected event occur, the
whole of the public debt may be dis
charged in the course of ten years, and
the government be left at liberty after
wards to apply suct portion of the re-
venue as may not be necessary for cur
rent expenses, to such other objects az
may be most conducive to the public
security and welfare. That the sums APP
picable to these objects will be very
considerable, may be fairly concluded.
when it is recollected, that large a.
mount of the public revenue has been
applied, since the late war, to the con-
struction of the public buildings in thi.
city, to the erection of for,ii cation, "a
long the coast, and OF arsenas in the
different parts of the Union; 10 the aug
mentation of the Indian tile to lrge
tracts OF fertile territory; to the acqui-
sition of Florida, to pensions TO revo-
lutionary officers and soldiers; and TO
invalids Of the late war. On many Of
these objects, the expense will annually
be diminished, and at no distant period
cease on most of all. On the first day
OF January, 1917, the public debt a.
mounted to Sl23, ,965 10, and, not@
outstanding the large sums which have
been applied to these objects, it has
been reduced. since then, S37,4i6,96i
7s. The last Of the public debt will be
redeemable on the first ofJanuary, 1885,
and while there is the best reason to be-
lleye tnat the resources of the govern
ment will be continually adequate such
portion of it as may become due, in the
interval, it is recommended to congress
to seize every opportunity which may
present itself, to reduce the Fate of in.
terest upon every part thereof. The
high state of the public credit, and the
G. eat abundance of money, are at this
time very favorable TO such a result. II
must be very gratifying to our fellow
citizens to Witness this 1ourishing state
OF the public finances, when it is recol-
lected that no burden, whatever, has.
been imposed upon them
The military establishment, in all it,
branches, in the performance Of the va
rious duties assigned to each, justifes
the favorable view which was presented
Of the efficiency Of its organization. at
the last session. All the appropriations
have been regularly applied to the OBJ
jects intended by congress; and, so far
as tie disbursements have been made,
the accounts have been rendered and
settled, without loss to the public. Tho
condition of the army itself, as relates
to the officers and men. In science and
discipline, is highly respectable. The.
military academy, on which the army
essentially rests, and to which it is much
indebted Tor this state of Improvement