American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1825-01-11
Public debt, including
a payment of 1854.
$40 95 of principal 1i,962,0G8 81
Making together ------ 2l.7O5,l6s 4.
al.7o5,l6s q
Which will leave in the Treasury,
on the LIST of January, 1896, after
satisfying all the demand of .he


satisfying all the demand of the
year 1925, surplus estimated at 8 9244 GAG %
On the first of January, 1896, a large anonn, 4
debt incurred by the late war, viz 1880 O00 r.
the six per cent. stock of the year 1918, will i,
redeemable. AS it is not probable that The surnlos
means OF the year 1896 will more than equal bs
amount OF the sinking fund Tor that year. onlv
100000 OF that stock can be discharged ont Of The
ordinary revenues Of the year. On the Isl Il
January, 1897, the per cents. Of 1914, anohe,
portion Of the war debt amounting to 15OoO0do
will become fedeemable and, in that year also
is probable that not more than 1000 600 Of The
principal can be discharged. There will then re.
main IN those two years l8,00o000, which canto
be paid out OF the revenue of th,se two years. IN
$685. the amount of principal redeemablr will po.
lbably not exceed the means oil the Treasury In
the years 1929 and 1880, part of the public dth
is rcdeemabe, and in 1881, less than 600 poicv
would seem to suggest with view both to The con-
yenence OF the government and the advantage Of
the community, that the excess OF debt which cam
not be discharged in 500 and 1897, should BE- |
thrown IN equal portions upon those years IN which
nothing is payable. For the present, however i
may be sufficient TO confne such an arraGpe mentt
the excess oil the year 1896. From the state oflbe
money market, and the high credit OF the Govern
ment, no doubt is entertained that the lo O0OOCO
required to provide for The excess of the debt on The
reimbursable in 1929, and 1880 And, ii such an
arrangement is approved, it is respectfully proposed
that authority be given by law Tor that purpose.
The same object might perhaps be accomplish
ed by an exchange OF the stock Iedeemabie on the
st Of January, 1896, for ) per cent stock e
deemabe in 1929 aud 1850. But, il is believed that
better terms may be obtained by loan. propo.
sal Tor loan invites competition from all the money.
led capitalists, including The Bank Of the United
tphe hnr
demand for the new sock 10 the holders Of the old
stock, who constitute not only small portion Of the
capitalists, but portion interested in preventing
the accomplishment OF the exchange. Moreover,
the experience OF the government, during the las,
two years. justlhes the preference Tor loan In
1929, law was passed authorizing an exchange Of
t2b,00oO00 OF the per cents and oil the per cents
Of the years 1872 is, Id and rs, for per cent
stock, redeemabe in the years 1850, 81, '32, and
So, and only 5o,104 II were exchanged: and under
the act OF the last session. auhorz ng an exchange
OF l5,OO0 600 dollars of The per cents oil 1915,
only 308, 3O7 As were exchanged
should the suggestion herein offered, be adopted
tor dsposlng OF the excess OF debt reteemable in
SIG and 1897, the amount of Public debt, re.
deemahle in each year, will be as follows:
In 1925, 81 ,654,57n 90 OF per cents
| 1926, 7,002,556 90 per cents
| 1927 7,00l,437 63 per cents.
1928, 9,49o,o99 10 6 per cents.
io29' oooO, 900 oO,proposed to be at S per cent
| $780, 5000 600 90, the same.
1881, 6,0lS,90l 50. the same
| 1882, 6,0l8,902 70, Of which / ,Ol8 600 . are
at > per cent and 50O0,0UO
al 4 2 per cent
1883, 6,673,055 81, all al Al per cent. exceps
-, 10 9ol 90, at per cent
| 1854, 1,654,l55 70, al 4 l-2 per cent
| 1855, 4,755,296 so, at per cent.
This includes all the pupI;c debi ,r IN. JT,,,ed
States except 100000 OF per cent stock, sub.
scrIbed to the capital OF the Bank of The u States
aud l3,296,23l 10, OF per cents both of which
are payable at the pleasure of the government. AS
Under the foregoing view of he debt, all that will
DC redeemabe after the year 1928, will be al an in.
'efest OF per cent, or less-and as the Der cent
stock, subscribed to the bank, is remburseable in
such portions as the government NAV please any
IsurPlusses which may remain in 1929, and subse
quent years, after discharging the debt redeemabe
and proposed to be made redeemable in those wears
may be applied to the payment of that stock or il
II be deemed advisable reserve any such snrnuss
es Tor otner objects, there is no doubt that a sum
sufficient to pay off that stock. may be obtained at
* per cent, or even at lower rate of interest,"
reimbus eabie In 1884, in which year. it will be per-
ceived, only small sum is redet mabe.
According to this exhibition of the subject. reck.
ohing The principal and interest of the public debt,
until It's extinction, al about III 900 OlO indepen.
cent oil the stock subscribed 10 the Bank which
may always be considered as offset by The Govern.
ment shares IN the Bank, it will be perceived that
by allowing 100000 annually, with an additional
milon IN the hist year, the whole O! the public debt
OF Inc United States will be exlingulshed by the end
OF the year 1885.
In speaking OF the public debt, it may be proper
70 holce the reduction that has been effected du.
ring the last eight years, both in the amount Of
principal and rate OF interest. On the LIST of Janu-
lary' 1917, the whole debt of the United States was
l2S,49l 500 10; OF which lis, s57. sos az we're
iunded' bearing an average inleres. of $50 Q per