Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1825-01-20

1855, 4735 1876 30, at ) per cent.
This includes eli the public debt of the Uni
tedIStates, except z 900 900 OF 5 Der cent. stock,
subscribed to be the ca ltal OF the Bank Of the
United States, and pI3 296 23i IS. of 9 per
cents; both of which are payable at the plea
sure Of the government. As, under the forgo-
irg view of tie debt, all that will be redeena.
bic after the year 1923, will be at an interest OF
S per cent stock, si5scri bed to the Bank, is
reimburseable in such portions as the govern.
ment may please, any surplusses which may
remain in 1929. and subsequent Years, after
dlscharging the debt redeemabie, and propo-
sed to be made redeemabie, IN these years. may
be applied to the payment OF that stock; or, ii
it be deemed advisable to reserve any such
surplusses for other objects, there is no doubt
that a sum sufficient 10 pay of that stock, may
be obtained at a per cent or even at a low
er rate o finterest, 'reimburseabie IN 1884, in
which year, it will be perceived, only a small,
sum is redtemabie.
According to this exhibition of The subject
reckoning the principal and Interest ofthe pub
lie debt, until IT'S extinction. at about bill 000.-
900, independent Of the stock subscribed to the
Bank, which may always be considered IS offsett
by the government shares in the Bank, it will
be perceived that, by allowing ten millions OF
doilais annually with an additional million in
the first year, the whole of The public debt of
the United States will be extlnguished by the
end of the year 1885.
In speaking of the public debt, if NAV be
proper TO notice the reduction that has been
effected, during the last eight yesrs, both in the
amount OF the principal and rate of interest.
On the Isl OF January, 1917, the whole debt of
the listed States was one hundred and twenty
three million four hundred and ninety one thou.
sand nine huGdFed and sixty-fve dollars and
ctvfann af uk.-I - ~ ~
teen million two hundred and fifty seven thou.
sand eight hundred and FIVE dollars and forty
eight cents were funded. bearing an average
interest OF IS 500 per cent. per annum. On
the list January next the whole debt viii be
eighty six million forty five thousand and three
dollars and eighteen cents, bearing an average
interest OF S5-23f: which shews a reduction OF
thirty three million four hundred and forty six
thousand nine hundred aud sixty one dollars
and ninety eight cents of principal, and of O.364
in the average rate of interest
1t is, also, deemed proper to state, that the !
loan of five millions Of dollars for the payment
ofthe awards under the Florida Treaty, and the
loan OF FIVE million of dollars for paying the 6
per cent stocks of 1872, both of which were
authorized at the last session of Congress, at
~ per cent. have been taken by the Bank of
the United States, at par. The means Of dis
Cudi 5lIE AhS dNdEuS uIIGF the EiOflua treaty,
were acquired so soon after the authority was
given to make the loan, as not to leave time
sufficient for receiving proposals from a dis.
lance; ard the offer OF the bank for the whole
loan, at par, was accepted For the subsequent
loan. various proposals were received, amoun-
ting, IN the whole, independently Of that of the
bank, to twoimlliiOn five hundred and fifty four
thousand five hundred and eighty six dollars
and thirty seven cents at rates varying between
par and Al percent premium and forming an
average premium of O.97 8 per cent. on the
whole amount offered. The proposed Of the
Rank was for the whole sum, at par. Although
the individual offers are. appearantly, more ia
yoraole than that of the bank, yet, taking into
consideration that the Government is the pro.
prietor of one.filth Of the capital of the bank,
and that a portion of the means Of the bank,
equal to the amount Of the loan, would other
wise have been unemployed the offer of the
bank at par, was decidedly the most advanta-
geoas to the Government; being equal to an
individual offer OF q per Cent. premium.
That during the progress of the redemption
OF the pubic debt, q considerable amount may
be applied, by ajnd.cious management of Tie
pubic revenue to other than the ordinary OBJ
Jec's OF XfendIiure' S apparent; as well from
a retrospect OF what has been done, in the last
eight years, as by a comparison between the !
probable receipts and expenditures in subse
qnent years.
for ihe eight years, commencing on the Isl
Ut %JaiIuary- 1917, the total means of the Traa.
ury, hcitd d a balancc on hand, on that day.
Of twenty lwo million twenty three thousand
ave hundred and nineteen dollars and nine cen |
enls, and the sum ofslxtcen m lion three hun.
dreG aud thirty SIX Thousand seven hundred and
'orty seven dollars and thirty four cents. since
from loans, may be
estimated at S2TO G75 500 II
AID the total expenditure, At &O5 769 $50 .. |
Vi his amount, nearly QUE