The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1825-01-21
1877, 4,f35. no s. Ate pcr oenf

pieasur' Oh lhe government. a., under the
foregoing view If the debt. MI TINT will he re-.
deemsblc alter the yesr 1923, will he ut an
| interest oi per cent or icS,--and ~ the five
percent stock, subscribed To the bank. is re-.
| lmbursahle IN snrh portions ~ the govern.
| 'nent may please, any su1plusses which may
remain 'n 1929, and subsequent ,rars, after
| 'iischsrg'ng the debt redeennhir, aud propo-
sed tu he made tedeemai,ie, ~ those yehrs,
| may be applied 10 the pnyme NJ OF ihai stock
or, IL IL be dcemed adviseable 10 reserve any
| such snrplnsses for other ubiects, there j. no
doubt that SUM sufficient 10 pay of that
| stock, may lie obtained at "a per cent or even
| At n lower rate al interest, reimlmfsalhe ia
1894, IN which YEAR it will be perceived only
n small srtn is redeemnble.
| According To this exhibition of tine sub.
irct, reckoning the principal and interest
Of the public debt. until lis extinction, al
about SUI zoo 00o, Independent Of the
stock subscribed Ia the Bank, which ma,
always he considered as offset by the go.
,ernmcnt SHARES in the Bank, il viii hc
perceived that, by allowing $40. 600, 900 am
nually, wiit an additional million in the
first yehr, ,he VII lie of the public dea of
the United States will be ex,iuguished by
the end OF thu year 1895.
| In speaking 1T the public debt. IL may hr
proper I" n"llce tire reduction that has
been effected, during the last eight years,
both IN the amount ofprincipal and rate of
intcr"st On The Isl "f January, l8l7, the
whole debt the United States WAS Sl23,-
49l ,9G3 10 OF which sll5 e57. 305 "a were
funded, bearing an average nt,r.at ri 81
Sb5 per cent. per anuum. TN III. lst
January next, The whole debt viii h. sa6,
oAo,00j lS, hearing an average Interest Of
S5.23d WHICH siieMs reduction of $751;,
40, sol % of principal, and OF D a6 IN the
average rate nj interest.
q Ii is, al.o, deemed proper 10 state, that
III" loan OF $4,000 900 fur the payment of
the wards under the Florida Treaty, and
the loan OF 50, 100000 for payin9ith. u per
vent, stocks of 1919, both at which mere
authorized at the last session of Congress,
nj ~ per cent have been taken by thr
Bank az the lnItsd Statrs, at par. Thu
means of dischargipg the awards under The
Florida Treaty, were required SO soon after
the authority WAS gwen To make the loan,
Ms not To leave time sufficient for receiving
proposals from distance aud the offer
of the hank for whole loan, at par. Was nc
crpted. For the subsequent %,an, ,aiinus
proposals were received, amounting, in the
whole, Independently Of that of the hank,
Ia &2,55i,5B6 81, at rates varying between
par and ~ per cent. premium, and forming
an ,eragu premium of OF I per nt
on the whole amount off, red. The pro
posai of the Bank MAS for the Who'll. sum,
At par. Although the individual o1ew are,
apparently, more favorable than that ot the
bank, yet, taking into consideration that
the Government is the proprietor Of ONE
fifth OF the capital of the bank, and that
portion o| the means OF the hank, equal to
the amount of The loan, would otherwise
hug 4 a..
bank ut par, was decidedly the most advan
lageous to the Con erp,nrnt; being equal
10 an individual oner of ~ per cent pre-
mium.
Thai, during the progress ofthc redemp
ton OF the public debt, considerable a
mount may be applied, by Judiciolls mao
agem"nt OF the public revenue, Ia other
than tir ordinary Objects of expenditure,
Is apparent as veil from "a retrospect III
what has been done in iii" lat risht years,
rs by comparison between the probable
receipts and expenditures in Subsequent
years.
For the eight years, commencing on the |
lst Of Jannary, igl7, the total means oi The |
Treasury, including II balance ON hand on
that day, of S2s ,0s3,5l0 le, and lhe sun
OF SIG 1856, 747 81, since derived from loans, |
may .be rstlpated al $40, 275,899 IL, ana
the total expenditure, ii $2O5, 769,230 20.
of this amount, nearly one half will have
been applied 10 the pa yin.m of the pripci
pal and interest of lhepublic debt, w SOL,
200 81, To the payment of claims un
der the Florida treaty S4,89l ,3B8 So, In
the pensioners of the Re, outlun 50, 400. |
oeO, to the erection U Forllicalions 81 200,
900, to the increase Of the Navy Sc ,OO0,-
ln pI t1I al ia
NJ lsIns out of the late war not less than
81, 5OO, 900, leaving, loI all other Objects of
expenditure, including the civil list, inter
course with foreign nations, army aud M
W. pensions aIming the militia, building Of
il1hl houses, extinction OF indian titles, and
Surveying of public lands, &c. &c. &c. S75,
100000, which sum, divided among the
eight years, is about Se.425, 900, per annum
Ii i'll be perceived, that, excluding the
loans, the annual average of receipts, IN
those years, ma, be estimated AT S2I,700,
900, and, upon the data already shown,
the annual revenue, IN sub 1equent wears, +
may also he estimated al S2i Doe 900.
Should no important change bs made IN
the existing national Establishment, the nr
binary ANIMAL expenditures, exclusive of
~ hal may be required for the erection ri
Notifications, and III. Increase OF The navy,
may lee estimated at about $4,000, 300.
Thus, after ptnsIdinS tu' the annual de
mands Tor the payment of the principal and
Interest uf the public debt, and for all the
ordinary cNpenses nj the Government,ilrele
" III rcma,n, for the next eleven Years, an
annual surplus of about $4,000 900 which,
after the extinction of The debt IN the year
1885, wil! recri, an annual addition of the
$40 900 Geo. now appropriated 10 the pnh
Ilc debt: which surpiussts may be applied
To such Objects, eondnciv" to the com
mon defence aud general wr'fae of the
nation, MS may he within the constitution
al pum crs of Congress, aud as they in their
wisdom, may deem proper