Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1825-02-08

! II is estimated, would have made the
rate OF duties, in that quarter, 1914
/ per cent which is equal TO an increase
upon the amount OF duties OF S7.57 per
cent. The new tariff may, perhaps,
have some etieci upon the importation OF
those articles which pay high rates of
duty, aud for which articles of lower
rate may be substituted. But, as the
value oil imports depends more upon the
ability OF the importing country to pay
than upon the amount OF duly levied up
on the articles imported, il is not proba-
bic that, under the present circumstances
OF the commerce OF the United States,
there will be any diminution in the as-
gregate. Upon the whole, therefore,
II IS believed that the revenue derived
from Imports will be increased by the
operation of the new tariff In ratio near
| ly equal to that In which il is estimated
10 have been increased during the third
quarter OF the present year, in the ports
above mentioned; or, about7 10 per
cent. This increase, however, will
produce less augm entation 10 the actual
receipts into the Treasury, during the
year 1925, than in subsequent years.
With these views of the subject, the
receipts into the Treasury, during tae
| year 1898, are estimated as follows
Customs 30 1000; lands 900 600;
bank dividends $4,000; miscellaneous
and incidental l5o, ooo--making togo
| Their 81, 100000 And the residue oil the
loan authorized by the act of the Goth
May lasi 2,45o ooo-forming an asgre-
gate Of % $50 600,
! The expenditures of the year are est-
mated as follows
| Civil, diplomatic, and miscellaneous,
l,685,o26 rs; milltary service, inclod
ing ioriificaIions, ordnance, Indian De
panment, revolutionary and military pen
sions, armiDg the militia, and arrearages
| prior 10 the January, 1917, 5,Ol3,283
90 naval service, including the gradual
increase of the navy, 3,O44,789 81; pub
lie debt, including pawn Mt OF 7 654,-
$40 % of principal, ll,962,o63 97--ma-
King together 2l,7O5, 1853 6e which will
leave il the Treasury 90 the Is 81 Janu
ary 1926, after satisfyin ing ali The demands
Of the year 1925, surplus estimated at
2244 $50 SO.
| On the first OF January, 1896, large
amount OF debt incurred by the late war,
Ieiz; 1900 600 Of the per cent. stock
Of the year 1918, will be redecmable.
Asst IS not probable that the surplus
means OF the year 1926, viii more than
equal the amount o the sinking fund for
ihat year, only 100000 of that stock
can be discharged out OF the ordinary re.
venues OF the year.-On the LIST OF Jan
uary, 1927, the 6 per cents, of 1914,
another portion u the war debt, amount
ing 10 5000, 200, will become redeema-
bic and, IN that year, also, ii is proba-
pie that not more than 1000 900 OF the
principal can be discharged. There
900 900, which cannot be paid ont Of
the revenue OF those years. In 1928 the
anount of principal redeemabie viii.
probably not exceed the means OF the
Treasury. In the years 1929 and 1880,
no pant OF the public debt Is redeemable,
Abb III 10 tpoii iS,SScs oslN1
would seem to suggest, with view boh
% lhe convenience OF the Government
and the advantage Of the community, that
he excess oil debt which cannot be dis
charged in 1926 and 1927, should be
thrown in equal portions, upon those
years in which nothing is payable. Fol
the present, however, II may be sutfi-
cent to confine such an arrangement to
the excess OF the year 1926. From the
State OF The money market, and the high
credit OF the Government, no doubt Is
entertained thai the 100000 required
10 provide for the excess OF the debt on
the Isl OF January, 1926, may be Dor
rowed at per cent, reimbursable in
1929, and 1880. And, il such an ar
rangement is approved, II is respectful
| ly proposed that authority be given by
law for That purpose.
The same object might, perhaps, be
accomplished, by an exchange of the
stock, redeenable on the LIST OF January,
1926, for 5 per cent. stock, redeema-
bic IN 1929, and 1880. But it is belev
ed that better termsstnay be obtained by
loan. A proposal Tor loan invites
competition from all the monied capl-
tallsts, including the Bank ot,he United
States whereas an exchange OF stock
Confines the demand, Tor the new stock,
to the holders of the old stock, who con-
slitute not only small portion OF the
capitalists, but portion Interested in
preventing the accomplishment of the