Winchester gazette. [volume] (Winchester, Va.) 18??-1826, 1824-12-10


'kcfe seized in port as well as Il,
sea, md tIeir cargoes csnGsca,cd, :ndem.
nisy has been expected, but has not VI,
Seen rendered. 1T was uEd,r the infu-
eEeeof the latter, that our vessels were
likewise. seized by the Governments OF
SPAIN, Holland, Denmark, Sweden, and
Naples, and from whom indemnity has
been claimed and is still expected wild, the
exception oil Spain, by whom it has been
rendered. With both parties we had a
bundant cause OF war, hut we had no al
tentative out to resist that which was not
powerful at sea. and pressed us nearest at
home. With this, all differences were set
tied by treaty founded on conditions fair
and honorable 10 both, and which has
been so far executed with perfect good
faith. 1t has been earnestly hoped, that
the other would, of its own accord, and
from sentiment OF justice and concilia-
ton, make to our citizens the indemnity to
which they are entitled, and thereby re-
move from our relations any Just cause of
discomfort on our side.
1t is estimated that the receipts into the
Treasury during the current year, exclu-
sive of loans, will exceed eighteen mil
| lions five hundred thousand dollars, which
with the sum remaining in the Treasury,
at the end OF the last year amounting to
nine millions four hundred sixty1hree
| thousand nine hundred twenty-five dollars
and eighty-one cents, will, after discharg-
ing the current disbursements of the year.
the interest on the public debt, and up
wards of eleven millions five hundred
thousand dollars of the principal, leave a
balance OF more than three million dollar
in the Treasury ON the first day of Janua
ny next.
A larger amount of the debt contracted
during the late war, bearing an interest OF
six per cent. becoming redeemable in the
course OF the ensuing year, than could be
discharged by the ordinary revenue, the
act of the twenty-sixth OF May, authori.
zed loan of five million dollars at four
| and half per cent to meet the same. By
this arrangement an annual saving will
accrue to the public of seventy-fve thou
sand dollars.
Under the act of the twenty fourth of
May, last, loan Of five million dollars.
was authorized in order To meet the d
wards, under the Florida Treaty, which
was negotiated at par, with the Bank of
| the United States at four and half Per
cent. the limit OF interest fixed by the act.
by this provision the claims of our citi-
zens, who had sustained so great loss
by spollations, and from whom indemnity
had been so long withheld, were promptly
paid. For these advances the public will
be amply repaid, at no distant day, by
the sale OF the lands in Florida. OF the
great advantages resulting from the acqu-
sltion of the territory in other respects.
too high all estimate cannot be formed.
1t is estimated that the receipts into the
Treasury, during the year one thousand
eight hundred and twenty-five. viii. be suf-
ficient to meet the disburst ments OF the
year, including the sun, of ten millions of
dollars, which is annually appropriated
by the act constituting the Sinking Fund,
to the payment of the principal and inter.
est of the publ, debt.
The whole amount of the public debt on
the iIrst OF January next, may be estima-
ted at eighty-six millions of dollars, in
elusive of two millions FIVE hundred. thou.-
and dollars of the loan authorized by the
act OF the twenty-sixth Of Nay last. In
this estimate is included stock of seven
million dollars issued for the purchase o.
that amount OF the capital stock of the
Bank of the United States, and which, a:
the stock of the Eank, still held by tn,
Government, will at least be fully equal tc
ITS reimbursement, ought not to be con
Sidered as constituting part of the public
debt. Estimating then, the whole amour
OF the public debt as seventy-nine millior
dollars, and regarding the annual receipt.
and expenditures OF the Government,
well founded hope may be entertained
that, should no unexpected event occur
the whole public debt may be discharge
in the course of ten years, and the Gov
eminent be left at liberty thereafter, to APP
ply such portion Of the revenue as ma,
not be necessary for current expenses, t.
such other objects as may be most condu
Give to thespublic security and welfare
That the sun applicable 10 these objects
will be very considerable, may be fairly
concluded, vhen it is recoliected tina
a large amount of the public revenue ha
been applied since the late war, TO tin
construction of the public buildings in thi
city to the erection OF notifications alon,
the coast, aud OF arseDals in diferen
parts of the Union to the augmentation
OF the navy, to the extinguisbment of tn
indian title to LARGE tracts of fertile tori