Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1825-12-28

acts win have had precisely the SAME o. ject Tho
second, should i, succeed, will only have consuu-
mated an operation which will date its inception
from the first. Ii is therefore considered that it
will belong to proper estimate of good fifth to
place the stockholders unler both uron icol-
ing of equality. Those who were willing to ac-
cede 10 the terms of the Government at an early
day in this ction, should not be left in a
worse situation than those who may have held
back in the hope OF better offers Let all be treat
ed alike 1t is thus that the Government will exal
itself before the nation 1t is thus that substitute
ing expanded justice for the letter OF bar
gain, it will be likely invite still larger conf
dence in future. 1t is thus that it will Ultimately
be the gamer, by that connection invariably sub
sisiing between the permanent Interest OF every
Government, and lis standing of unimpeachable
and spontaneous equity in the eyes of the public
creditor
Should an act for the loan of nine millions he
passed, considerable surplus Of debt at six per
cent. will sill remain 10 be provided for for the
service of 1927. More than thirteen millions of
the stock OF 1914 becoming redeemabe in 1927,
the whole cannot be redeemed in that ear Blu, iih
the aid of loan. ~ loan oil six millions would
be sufficient, in all probability. for this purpose,
and is accordingly recomn ended. The interest
not TO exceed five per cent. and the amount to be
also subject 10 redemption in 1929 and 1890, in
equal portions The effect Of the two loans re-
commended, which it would be most desirable to
authorize IN distinct acts, would, is believed, be-
10 enable the Government to redeem the whole Of
the six per cent stock of 1913 and 1914, in the
course of 1926 and 1927. 1t would also throw
upon each OF the years 1929 and 1850, an amour,
OF debt equal to about eight millions and half,
instead OF less than one million, according to the
distribution as at present existing. The only re-
naming stock OF six per would then be that
oil 1915, in amount under nine millions and half
IedeemabIe IN ISIS Should no unforeseen expen-
dIiures aiise, and a proper economy be kept up in
the public administration, IL may reasonably be
hoped as before intimatcd, that the surplus revenue
at the disposal of the Treasury in 1928, will be
equal To the reimbursement of that sun A fer
1850, the whole amount OF debt, on the results
he, Elm assumed, would stand at about forty mil
lions, full one-h half of which will be redeemable AZ
the pleasure o. the Government. No portion off,
VIII be at an interest exceeding hve per cent.
whilst the principal part will be rate still low
err With these views OF the public debt, so en-
couraging in their bearing upon its speedy certain
and regular eXiIngushmeli, II Is deemed neces-
sary 10 recommend at present any other measures
il relation TO it than the two loans described
III. " the Estimate of the Public Repenue
and Expenditure for 1926.
The public revenue Is derived in an snonnt. So
preponderaiing from foreign commerce that the
state OF the latter is always 10 be chiefly Looked 10
In every prospective view of the national income
As the internal business of the country has worn
character OF activity and increase during the preseat
year, has also its foreign trade, Ly that close
connection which subsists between them. Tie ex-
ports for the year ending on the 3Oth September
last have exceeded nnety-two million ms of dollars
The imports have exceeded ninety-one millions
VI the exports, upwards of sixty-sx millions
we're OF domestic, and the remainder of foreign
productions.
Of the imports, upwards of eighty-six millions
were IN American vessels OF The exports. up-
aVftef 4 aIsr lf.
vessels OF tGo>e foreign nations with which the u
DIed States have the most extensive commercial
intercourse, are now placed upon footing OF
eqn li'y as 10 duties aud charges, OF " hatever kind
IN our ports, with the vessels of the United States
this heav! excess OF American tonnage is a signal
proof OF the iiourishns state OF ma ieation lie
may serve 10 show how The efficient d. ot.c ion ey
tended to il by the early laws oneress succeed
ed IN establishing 1t In manner meet and over.
come oil compeii on. Before the era oil those
laws, 1t Is known how this great interest," languish--
ed; how little able II proved, before the auxiliary
hand OF Government stretched out to supDorb
Itself against the established superiority and over
whelning competition which it had to face i'm the,
world
The foregoing amount of exports exceeds. BIZ a.
bout seventeen millions of dollars, the average a.
mount Tor the three ears preceding. The IN ports
exceed, by about eleven Millions the same IN erage
Mist thIs large excess OF exports during the past
year arises cheAy from the produce OF the soil j, 10
satisfactory 10 know, that domestic manufactures
ha' leni their contribution. Ofth latter there have
been exported 10 the value OF between five and six
millions OF dollars This Is an excess of sipht
hnndr ed thousand dollars over those exoorted in
1874, and OF more than two millions of dollar.
over those exported IN 1928. The prosressiyein in
crease IN this branch of industry Is naturally ascr
able to the ne tariff
The effects OF the tariff upon the course of our
foreign trade. n N herr l.
out very partially disclosed More time nust o.
lapse before such body OF successive facts can be
presented under IT as may lay n ioundltion for
conhdent conclusions. The law itself bv the
tenn OF It's enactment, has not yet comeinto Gdu
operation ia all Its parts, and the returns in nos
SESSION OF the treasury are not yet complete, even
Tor the short period during which its principal n,n
visions have mad aud efficacy. One thing seems
apparent that its effect, up to the present neriod
mas not been 10 diminish the general aggregate oF
me foreign trade oil the country In osimatino the
value OF The imporiatioEs for the last wear il il ro
Osoie mat even an Increase will be found 10 have
taken place In some articles on which the duties
were raised; as IN fabrics of cotton, and in several
articles composed of iron; whilst in other articles
OF this last material, as well as in some articles
composed OF DOL, decrease will be Observable
but TACT challenges notice that can SCARCELY have
ueen wihoui us operation upon our imporiations
curing the commercial year JUST closed 1t is he
extensive changes that were announced in March
las' IN lhe farm oil Great Britain. The trade of
That countr exerts such influence upon the trade
OF o'her countries, that any important alterations
III the former must always be likely to affect. TO
greater or less extent, the markets of Eurone and
o. the commercial world. The larger Admission
ln'o England which tie above changes authorized,
OIL NE commodities OF other countries, heretofore
positively or virtually excluded, for age. from her
roIS, mus nave ELECTED the prices of portion at
least oil those commodities, by the prospect Of