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

measure by the Treasury, especially in The districts
where the public lands are sold, adequate pre-
vious notice directed to precede its enforce
ment.
II. OF the Pu6Rc Debt.
The total funded deb, due 'st of October
iS25, 50 as5,5s7 ~
OF the above amount, the only portion remain
ing unpaid, of,ne Revolutionary debt, j, thu
per cents, amounting 10 1895 25i IS. This sum
and the subscription eli muious Bk
2i ,he u States, ath'e per cent. Que u States
holding an equal amount in the shares OF Tint
ins,,u,inn,l are relvcn,ahle al the pleasure Of
'he government, making, together 2oc95c5i -
The residue cf the public debt contracted .uL.,,i, 90
the first OF January ial2 and amounting 606S9SO6 a. x
'' IN the following Portions and rtdeenanie follow
L" io2d, beng the residue unpaid of losn.
In 1871 being the residue unpaid of loan.
made ~ isii, isOao542 90
rhestoek Of the foregoing portion. of the debt
Ia isas, stock at 4 aud an half per cent being
the moIe,y ui per cen. took or 1915, ,Ncian-
sed under the act Of Cong OF March 81,
's1S, 7s?,seo A
the o,as, "o' exchanged ia,i sio,. stated 1850 a
Ia 1881, 'tyek Al 3 PEI cent This i une-thrd
OF the sum ol 500, n, issued ~ e>ehnsef,r
lac pes cent, Ut iBlG 1914, and 1874 ., .up,cIi-
bea under , the act the -Oho April 1922, Iseo SO
tniTd paiivi the suu, subscribed, as last above
''a,ro 1891 SO
Iowod OF The Bank ufthe U. Stai,s, onc-iarto
ny ihe fori"' eiam' tne other half to pay
Congo, &C. "a d;y 20 Isel' 100000 90
!" I"2-, to t pr cent, under the Act Of
CSrsrses,..| May 10 iS-o s9s,s99 IS
l"e ihHd, subscribed unGer the ACT OF Aprm 20
'S ~ 1855. stock >. 4 and ob,ir 1891 50
me MORT, o. ihe amount 'ua,c.incd in eN9
change i"i rtt cent. sioek OF lGiS under Act
L. 1854, och at aud au hiatt per ee H. helm, %
tue oh Dvy subscribed lat above stated 2227 3G3 es
IA u. .tItA q & he,u tur,
,s,ea n"d'' 'Ae ACT Ut Congress OF March 81,
1884, 4,735,2o5 so
Total clc'mstle The period, specified GoGgg1s -
io'a icie.n-"ie al Tie pleasure the soy' 2JZ93I IS
Total amount Of iund' deb, On,h f.,ds, of
October 1922 ssO9f5 81 70
The amount of Treasury Notes outstanding on
the fir, of October, $50, l. estimated AT < 6 900
And the amount of Mississippi Stock. unredeen,-
ed on tta' day, including awards not applied Tor at
- $50 n
The FOREGOING rec'pi;ilation exhibits the precise
amount OF de public debt noA due, as well as the
different periods at which, by the terms OF the
several 10 under which it was contracted, the
Unlted States are at liberty to pay it off
OF The sum of - ,O7l,ss7 70, mentioned under
the head OF expenditure for lS25, as having been
paid OF in that year, 7,727,o52 10 were on ac-
count ct principal Of lac deb, and .he remainder on
account o. interest curing the ;hree frs, quarters of
The year Merry the hole OF The principal, thus
y 10 was ousta"dinS IL an IN crest OF per cent
Looking to tie above re, apii lation IL .ppeors
that, IN The ears s26 and 1927, loIger amount
OF debt becomes Fedeemable til. It WI fall within
me ordinary surplus means of the q Iyemment 10
pay IN the course OF those years, sum cx-
ceedins sixteen millions in the former and thirteen
millions III 'he latter year. Bo'n ;hese portions of
tie debt are, also, al interes' Of xix per cent
In ISIS. Tie "Inourt redeem sbie point " hich
II may be hoped. Le stated means nj The Tr.a.ur,
tor that will bo M
creasing as the process oil rcduc or advances both
by the increasing means OF the i on and the an
nual lDerauon oI Interest on tie amount OF debt
reduced But, in 5he year S29, only very small
amount becomes redeeu.abe, viz: less han one
million, and, in the wear $50, sum no larger.
AZ the period of me las. annual report f. ON The
Treasury, no portion OF lie debl became edeemabIe
in either OF those years. aud, with a view 20
more equal diffusion of payments, as well as to
effect saving in interest, IL as recommended that
the excess o. debt which could moi, 10y The ordinary
resources oi the Treasury, i've discharged la 1926
and lS2I--tie debt redeemable In tie former YEAR
then standing, at 10000 200 should lie thrown,
IN equal portions, upon the years 1929 and 1880
o carry tins recommendation into effect so tar rs
applied 10 the year 1876, loan of Twelve millions
was recommended At per cent, one-la!f to be
re''eemdbie Ia iSz9 th= other half in 1880; the
entire twelve millions being intended to constitute
fund with which, in conjunction with the annual
surplus means OF The Treasury, o pay off the nine
teen millions redeemable in 1926 The principle
OF the recommendation was adopted BY Congress
bat no us precise terms. An act was passed on the
Sd oil March, 1925, authorizing ar exchange of
STOCK 10 lie amount OF Twelve millions of dollars
al iour ard hall per cent, for stock OF like
amount n SIX pes cent, the latter being so much
oil the stock Of Isl = as was intended by the Act
to be redeemed. The a ct also authorized loan
to the same amount, aud at tie same rate of inter
ozf ff .csf Itch, q no -. 1 81
TO be pursued, If either succeeded The new siocl;
OF iour and half per cent, whether sroceedi.g
from the excharg e the loan, wa by the term OF
the act, TO be SUBJECT to redemp tIon in 1929 and
1880, in equal portions. he proper measures
were taken TO execute tns Act, but hay prevailed
only TO a limited extent. The operation of ex-
change, which first resorted to- took effect TO
the amount OF ,5S5, 1873 SO; and this sum, III ded
into equal parts inrus tie TWO sums that now stand
Ia the general table 81 he debt as redeemabie in The
years 1929 ard 1880, whilst they have also served
10 diminish, by 10 much, the six per cent STOCK Of
1913. Proposals to- n loan for he residue OF tfc
sum wanted we're next issued; but no offers v ere
received The causes Oi he failure, il may be pre-
suuied, were, the low rate of interest and short
periods of redemption, held out by the act in con-
junction with I'll actiyl!y IN the commercial and
manufacturing operations OF the country ahordiDg
higher Inducements TO lie Investment of capital.
III mode OF dealing with The debt, whereby,
through tire insruwe jsiity of new loans stock at
a high interest is converted into stock at reduced
interest, and whereby, also, The extinguishnenl of
the principal is made to fall in payments as nearly
equal as be, Throughout; given number of
years, Is evidently advantageous to he pubc since
not onl lessons The national expenditure or ac-
count OF interest, but guards against The possible
accumulation Of money in the Treasury, in years
when it might remain inactive, towards the pro-
gressiye reduction Of the debt. As t is mode fully