Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1825-12-15


during the current quarters estimated
at millions and half:--fsem these
81 millions, deducsing the drawbacks
estimated at less than millions, a sum
exceeding "a millions viii constitute
, the revenue OF the year; and will en-
coed the whole expenditures of the
year The entire amount Of public
debt remaining due on the first OF Janu-
airy next, will be short OF ST millions of
dollars.
BY an act Of Congrss Of the Sd Of
March last, a loan OF . millions of dol
lars was authorized VT Al per rent, or
an exchange ofstock to that amount Of
u per cent for stoek Of 6 per cent to
create fund for exupguishing an equal
amount of the public debt bearing an
interest Of p. C. releemable in 1895
An accoun. Of tbs measures taken TO
give effect to this act will be laid before
you by the secretary of the treasury.
AZ the object which II had 10 view has
been but partially accomplished, 1t will
be for the consideration of congress
whether the power with which 1t clothed
the Executive should not be renewed
at an early day Of the present session
and undes what notifications.
The act of congress of the Sd Of
March last, directing the secretary Of
the treasury to subscribe in tha name
and for the use of the United States for
1909 shares of the capital stock Of the
Chesapeake and Delaware canal con-
pany, has been executed by the actual
subscription for the amount specified,
and such other measures have been a
dopted by that officer order the Act as
the fultilment OF its intentions requires.
The latest accounts received OF this i'm
porsant undertaking, authorize the be-
lief that it is in successful progress.
The payments into the treasury from
proceeds of the sales of public lands dur
ing the present year were estimated at
one million Of dolla,s. The actual re-
ceipts ofthe 6rst two quarters have fal
len very little short oil that sum; ii is
not expected that the second half Of the
year will be equally productive but
the income of the year from that source
may now be safely estimated at mil
lion and a half The act cf congress
Of 18th May, 1924, to provide for the
axtinguisbment Of the debt due to the
United States by the purchasers Of pub
lie lands, was limited in its operations Of
relief 10 the purchaser, 10 the 10th Of
April last Its effect at the endof
the quarter during which it expired
was to reduce that debt IRON ten 10
seven millions by the operation Of
similar prior LAWS of relief from and
since that Of I'd March 1891. the debt
has been reduced from upwards Of 20
millions to ten. II is exceedingly desi-
rabls that il should be extinguished all
together; and to facilitate that consum-
nation, recommend to congress the
revival for one year more, Of the act OF
18th May. 1924, with such provisional
modification as may be necessary to
guard the public interests against fraud
uient practlcesin the resale Of relinquish-
ed land. The purchasers of public
lands are among the most useful OF our
fellow citizens, and since the system of
sales for cash alone has been introduced,
great indulgence has been Justly extern
ded TO those who had previously pur-
chased upon credit. The debt which
had been contracted Under the credit
sales had become unwieldy, and its ex-
tinction was alike advantageous to the
purchaser and the public. Under the
system OF sales matured, as it has been,
by experience, and adapted to the ex-
igencies OF the times the land will con-
tinue, as they have become an abundant
source ofrevenue and when the pledge
of them to the public creditor shall have
been redeemed by the entire discharge
of the national debt, the swelling tide
of wealth with which they replenish the
common treasury may be made to re-
How in unfailing streams Of improve
ment from the Atlantic to the Pacific
ocean.
The condition Of the various branch
es of the public service resorting from
the department Of war, and their ad.
mlnlstrailon during the current year,
will be exhibited in the Report from the
secretary Of war, and the accompany
ling document herewith comm dnicated.
The organization and discipline Of the
army are effective and satisfactory
To counteract the prevalence of dsser-
ton among the troops, il has been sug-
gested to withhold from the men small
portion Of their monthly pay until the
period oftheir discharge; and some ex-