Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1825-01-08

Il IoN I,Wlf457 az 6 per cents
| 1928 9,490,099 10 s Der cents
+ 1929 10000 90, proposed to be- =, 6,
Il 1850 100000 90 the s,ms Pc
i 1881 6,01s,9 01 50 the SANE
j 1882 6,01s,9Oo 70, of which 81 .o,s mn
I arc at 6per cent and
-. 5000, 900 at "A DR. r.
| 1883 6673,055 81, all at A Der cent r -. =
j cept sl8,90l SO At 5
| 1884 l,654,l5s 70 at Al er..,.
1895 ass e6 80 ats per cent
| This includes all the public deb, 81
the United States, except 7,ooo.ooo u
per cent stock subscribed to the csn;
tai of the bank of the U. States aps
8ls,2se,2sl As of three per cents
both of which are payable at the plea.
sure of the government. AS undo,
the foregoing view ofthe debt. all tina,
will be redeemable after the wear 1902
will be an interest Of FIVE per cent. or
less /; and as the FIVE per cent. stoct
subscribed to the bank, is redeemable
in such portions as the government
may please, any surplusses which NAV
remain, in 1899, and subsequent wears
after discharging the debt redeemable
and proposed to be made redeemabie
in those years may be applied to the
payment Of that stock, or, if it be
deemed advisable to reserve anv such
SURPRISES for other objects, there is no
doubt that sum sufficient to pay of
that stock, may be obtained al a. Der
cent. or even at lower rate Of inter-
est, reimbursable in 1884, in which
year, it will be perceived, only a small
sum is redeemable.
According to this exhibition of the
subject, reckoning the principal and
interest Of the public debt, un.il its
extinction, at about Slll,OOO,oOo indie
pendent of the stock subscribed to the
bank, which may always be consider
ed as Offset by the government shares
in the bank, it will be perceived that,
by allowing Slo,O0o,OO0 annually, with
an additional million in the first wear,
the whole Of the public debt Of the U.
States will be extinguished by the end
Of the year 1885.
In speaking ofthe public debit may
be proper to notice the reduction that
has been effected during the last eight
years, both in the amount of principal
and rate of interest. On the LIST of Jan.
1917, the whole debt of the U. States
was Sl23,49l,e65 Is; of which SlIs,-
257,so5 4s were funded, bearing an a.
verage interest Of 5.sea per cent. per
annum. On the lst January next, the
whole debt will be S86,o45,oo3 l6,bear-
ing an average interest interest of Ss.-
2s4; which shows a reduction of $751;
446,96l SO of principal, and of o.S64
in the averate rate of interest.
1t is, also, deemed proper to state,
that the loan of 5000, 900 for the pay
ment of the awards under the Florida
Treaty, and the loan Of Ss,Ooo,Oo0 for
paying the per cent stock 1912, both
of which were authorised at the last
session of Congress, at 81 per cent.
have been taken by the Bank Of the U.
States, at par. The means Of dis.
charging the Florida treaty, were re-
quired so soon after the authority was
given to make the loan, as not to leave
time sufficient for receiving proposals
from distance; and the offer Of the
bank for the loan, at par, was accepted.
For the subsequent loan, various pro.
posals were received, amounting in the
whole, independently of the bank, to
62,554,5S6 81, at rates varying between
par and Al per cent. premium, and
forming an average premium Of o.97a
per cent. on the whole amount offered,
as appears by statement M. herewith
transmitted. The proposal Of the bank
was for the whole sum, at par. Al
tho the individual offers are, apparent
y, more favorable than that OF the
bank, yet, taking into consideration
that the government is the proprietor
Of one fifth of the capital Of the bank,
equal to the amount of the loan, would
otherwise have been unemployed, the
offer of the bank at par, was decidedly
the most advantageous to the Govern
ment; being, as it is explained in state
ment N. equal to an individual ofer oil
Il per cent premium.
That, during the progress OF the
redemption Of the public debt, a con-
amount may be applied, bya
iudicious management OF the PUBIC
revenue, to other than the ordinary
objects Of expenditure, is apparent; as
we'll from retrospect OF what has been
done, in the last eight years, as by a
comparison between the !probable re-
ceipts and expenditures in subsequent
years. 49,.
For eight years, commencing on the
LIST of January, 1917, the total means
Of the Treasury, including balance
on hand, on that day, Of S22'O33,'is
le. and the sum of Sl6,336,7H 81,
since derived from loans, may be est'
mated at .o,., 600 :,