The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1825-01-21

"s 10 'h't's WIN siihclent eNactness iDf
the prescott purpose. IL has been found
That. upon The whole impodatiuns Iestina
ing their value at the rates adopted in
forming the statistical repori) in the three
| quarters OF the year ending on the s0ih ri
june, 1874, the gross amount of duties was
s2f'4s per cent. and that if the rates al
Tie present tarih had been applied In the
| same importailons, the duties would haxr
amounted 10 s30.So per cent. which is
equal 10 an increase upon the amount of
duties OF $40 80 per cent. Ii also appears,
that, in eight oil the principal ports of the
United States, the ratr OF duties upon TIN.
whole amount of inportations during tn.
third qua'i"r OF the year 1898, was S28.SB
and, during the corresponding quarter OF
the year 1924. il WAS sao.98 per cent
But, 1t Is to he observed that, IN the third
quarter Of 1871 the importatuns from be
You'd the Cape nf Good Hope we're not
subjected 20 the Increased rates of the new
tailf. These, ii is estimated, would have
made the rate OF dulles ia that quarter
S3i.4 per cent. which is equal to IN in E.
crease, npoo the amount nf duties, Of S7s7
/ per cent. The new tarih may, perhaps,
have some elect upon the importation OF
those articles which pay high rates of duty,
and for which articles of Il lower rate may
be substituted. But, as the yalac of the
Imports depends more upon the ability of
the importing country To pay than upon
the amount OF daty levied upon the articles
imported, it is not probahr, that, under
the present circumstances ofthe commerce.
of the United States, there will hr any iii
mlnation in the aggregate. Upon the
whole, therefore, IL is believed that the re
venue derived from imports viii be incrtas.
ed by the operation of the new tariff in "A
ratio yearly equal 10 that in which il is
estimated TO have been increased during
the third quarter Of the present year in the
ports above mentioned --or, about u per
cent. This increase, however, will pt odnce
less augmentation Ia the actual receipts intu
The Treasury during the year 1925, than
III subsequent years.
With these ,icnsof the subject, III. re-
ceipts iato the Treasury during the year
1875, are estimated as follows: Customs,
20, 900, 900 dollars lands 200, 900 dollars ;
bank dividends $780, o0 dollars niscrla-
neous and incidsnta, i5o, 900 dollars ma
king together g 500, 900 dollars ; and the
res,dur ui the loan authorised by the act of
goth May last 2,45o,0O0 dollars forming
an aggregate OF 23,950, 900 dollars.
The expenditures nf the year ave cstlma.
ted as follows: Civil, diplomatic and mis-.
cellaneous SI,685,020 10 military service,
including Qualifications, ordnance, Indian
department, revolutionary and military
pensions, armlng tue militia, and arrrarngts
PRIOR 10 the Isl January, l9Iz, S5,0I3,283
80 naval service, including the gradual
increase at the navy S3,0l4,789 81 public
debt, including payment of 81 .G5a,J70 50
1rtp 4 = 4 l..
ttier sal ,7O5,ie3 I'll which viii leave in
the Treasury ON the LIST of January, 1895,
after sAtsf, ing all the demand Of the year
1929, II surplus estimated at S2,24l,336 Sc.
On the tiyst Of January, 1925 a large "a
mount Of debt incurred by the late wa,,siz.
l9,5o0,900 dollars OF the six per cent. stock
ot the year 1913, will be redcrmabIe. As
II IS not probable that the surplus means Of
t0r year 1896 "Al more than equal tn,
amount OF The sinkiog fund for that year,
'onl. 100000 dollars Of that stock can be-
dIochargtdout of ht ordinary ievetue Of
the year. On the LIST Of Jan. 1927 the q
per cents. of 1871, another war debt,
mounting To Is 600 900 dollars will become
redecnhble and in that year, also, it Is
probable that not moret than 7 600, GOO dolls.
III the principal can be discharged. There
600 dollars Which cannot he paid out of the
revenue of those t"e yearo. In 1923, the
amount otprinclpaI redeelnablr VIII proba
bly, not exceed the means of the Treasury.
In the years 1929 aud 1880, no part of the
public debt is redcemablc, and, in 1891,
less than $4,000 dollars. Policy would
SEEN to suggest, with view both 10 tie
can.enience Of the government and the ad
A. "a N In 80 r Ih.tf Ib,.
al debt which cannot br discharged ~ 1896
aud 1897, shonId be thrown IN equal por
tions, apoG those years IN Which nothing is
payable. For the present, however, IT my
be sulhcienttn confne such an arrangement
10 the excess of the year 1926. From The
stale IL The money market, and the high
credit of the gnyernmenh n" doubt IS en-
tertained that the Il, 600, 900 doliars requir
I'd To provide for the excess of the debt on
the ist january, i82G, may he borrowed at
per cent. rrimbursalae IN 1899 and 1890.
Aud. il sucii an arrangement is approved,
II ~ respectfully proposed that astho'lty be
given by Law for that purpose.
The same Object might. perhaps, be nc
conpIished by an exchange of the stock
rtdermable on the kst of January, 1928,
for per cent stock, redeemahIe IN 1879
aud 1880. But, 1t is believed that bet
Ter terms may be obtained by loan.
proposal for d loan invites competition
from all the moneyed capitalists, including
the Bank oft the United States whereas an
exchange of stock confines the demand for
the new stock 10 the holders OF the old
stock, who constitute not only small per
ton of the capitalists, but a portion inter
ested in preventing the accomplishment of
the exchange. Moreover, the experience
OF the government, during the last two
years, lus,ies the preference for loan
In 1922, law WAS passed aulhorlslns an
exchange of &c, 600, QUO dolIais of the seven
per cents, and OF the 6 per cents OF ihe
years 1912, 'l3 IL aud rs, tor "a five per
ceut stock, rrdeemabie in the years 1880,