The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1826-12-28


thought 10 point ont. II IS seen, from ihel reci
'nis Tut hive preceded. thai much tie LARGEST
p'''"ilhe debi exists vt present IN stock OF SIX
per ee'h Tins IS the highest rate Of interest
"hrh Is pad by thr Government. IL il con
ceiNed TO be higher than II "A proper should be
Pa'a, onirsa where demanded by the public
ihlh- ne ulne and coneeniiant CT cuinst0ncrs
which characterized the creation of I'M. bart
oltlie debt, necessarily burd ned il with SO hea.
W u rate Of interest but tut with tho annie
resources, the unqucstioned security, and the er.
0led credit of the Government il shtuld ron.
tiane 10 nnY II, where the option eoneufa with
Tie presumed abiliiy TO shake II of seems no
longer wauantabic. Uftht whole sum, an.
pioaehnr thiriy-two miiianaaf dollars wbith
sinnds II tins interest, uinr millions have bon
redeemabe WITHIN The present. wiz Ihirtecn
millions vii becemr rcdemable on the ht.t Of
january, ls27, AID pne NJ io1s on tho Grst
OF Jannai - iS4t. Fractions oe dropped in the
teeapitilaboni Ahc Advantage 10 the nation or
converting, by loans, OF b, exchanges, MS lare.
portion a sssihie Of this pan OF The deb, into
dehi thai shall BE- charged viii lower it.i.gf.als
pears 10 he 50 obvious, that thc espodiency Of
recommending t. congress the proper meas
utes 10 eject H. again suggests iisei rs an in
ennihtni obligation upon the Department. Ills
not overlooked, that the probability OF obtain
ing oan tof this purpose dinimishos othct
thmes remaining cquni, as We ae brought near
ef TO the time proposed fol rs redemption Bus
ne prospect OF obtaining II IS still believed TO he
sufficient toiustily the cndeatol II Is, there
fore, respectfully recommended thai Authority
be given by law, aud at an early period ~ the
session, 10 borrow tho sum Of slxleen millions OF
dollars, nj n rate OF interest not 10 exceed FIVE
pei cent. 10 be redccmable nj The pleasure ofthe
thl'th States, IN equal portions 10 1879, and
ihio. These years are hSed A. the periods Of
redemption, for tho reason that opstntrd laet
yenr namely that under the present urange-
ment oi the entire debt, only very small por-
uoh Of Tess thhn one million Of doliars) be-
tones fedeemable IN either OF ihoRe ycnrs
Should such loan succeed II ould pay OF nj
once more than one half OF all the stock al aix
pen cent. thereby producing clear 81, lug 10 the
uniiop OF at least one per cent ON n capital of
sixteen millions oidoia,s fui two yenls aud for
y longer period on paftoi iHat oalhsl, The
residue u Tie slA PEI cent STOCK amounting Il,
Tlos{s .3d2 10, would aHaif she appitention of
the dspossghe mctus Of tln IIsasulV ,ur,ng
the years Ia, and 1873 Whether tI,osf means
would psofe sufficient lnt IT complete reduction
within those year, depends upon events than
cannot be accurately onhaosr All that can
be remarked Is, tla tY Tie MI ekte,n of ,be
- 'lty ii the Treasury, the mans would be
applied and at tie periods d llne best adal,-
ted 10 thc rabIic service, uudta thu directions Of
the sinking tnedUet, and The lights Of past ex.
pensnee ~ III l,casmy. II, nevertheless, a
pan 81 thls i,siiuv ~ the SIS pfi cent stock
should he l9ilad neAltuguiehed IN The arrival
~ The srhf Is2p, a. probHbiy would be- The case
the obligation OF payn8 iton then, wonId con
siints neither objection nor Inconvenience 20
the measure Ola ionn upon the iefns proposed
-, consequently, believed. that under all views
OF The subject. the measure would give promise
MI ti4T nd Han a..
hended being passed, and lts execution conhdes
10 The discretion Of the Executive, that dis
cretinn would be excrtod 10 ensure the accom-
plbmnem Of is object regarding both the time
81 obtaining the loau and IL condition 10 man
net Tie most satisfactory.
lll.--iafatate ~ the PubHe Rerfnne. and Er-
Ycgd8Wc for ls27
The importation ui iurgign trticles into the
Umtcd Suites, 10 ls2t, was luiret thau conn on,
having ah9mtat, as by the slgrineofs uans-
miltd t. GeaRfsse 0o the thirteen 5fiast NJ III
To mo thhn pHriy-, millions Of 1ollai H. ~.
uc. Tbs exceeded, b., abonl siSionn ,ni.aons
OF dollars tae average vaue oi ,Gpo, taliqn, for
the thee yeiua preceding II eaess uasIar-
ger than could D. justified by ia mere gfadual-
" increasing demand vi ths country through
us increasing popu.Uusuras, tof Iorei2u glppi'os,
aud could only nave pr errded fluu4 The iniiu-
'nee OF ihose accidental and temporary ctuses,
which, IN connt cid countries. a,r sl.yays az
lcclihe TN operations Dt lDde. supply, 50
redundant, lot onr year, mig nave been cxpec-
Tea, by TIE natural reiluX OF those npcraions,
70 De followed by supplies more hunted TO- DE
year succeeding On this account, as wclgy
through otnef CAUSES that We adverted 10 in
he Annual Report Of last December. the piotn-
blhis Of thefe beng falling oil III The Yaiue Of
thc lmf9ratlons OF 1870. as compared with those
of 1879 was mtinatcd, aud has been the fact.
he whole Ilnp0Itailons ior 1870 lave amounted,
from Tie returns and estimate At present before
the Treasury 10 about cighty.tiyc millions OF
dollars ia value. The whole OF he exports, for
The Some time, 10 about seenty.tfrnt millions.
VI III imports, hbout eighty millions have been
carried ~ American vessels aGd Of the cx-
ports, about seventy millions OF the latter.
about fflg-thfee millions consisted of the pro
ductions of the United States and the remain,
den OF foreign Productions. The diminished
value Of Imporialior3 for 1876. has obviously
arisen IN some degree from The fall Of ~ iccs
IN those countries of Europe from which the
largest quantity oimanuGtctured articles are sent
TO The United States, aud gives oountenancc To
the opinion that tine decrease ia quantity has rot
been IN proportion T. the decrease H. talne II,
indeed the comparative amount and talue Of ex-
ports be assumed rs the measure 4 a corr =
judgment upon this point, II w0ud ayrn ea4 TO
'''' M I'LL unit is 'tkdtd hDHlt 81 Hlt tifais
pal articles ofnnpgItatIun mo ete EAicd stalos
for 1876, therehds been no dec sase m un,i u.
~, as compared With the impota Of 20. =.
The value Of exports from the United STATES .or
1928, exhibits a greater excess over those OF
IS2b, than IS seen ~ the imports yet, ~ s1fne
1 the chef articles Of export, the records o ,he
Treasury attest that the quantity as fan az zee
Known was greater in ls26. In 1875. TIE x.
port Of cotton vas one hundred and se,cnis-six
millions of pounds. In 1926, il was one buuere6
aud nacty-iwo millions. The value of the lat
ci, or larger quantity, was twentg-aur millions
II dollars. Inc value of the former, or sm,'i-
~ quantity, was thirty-six millions. Inlkemar-
ler, the quantity Of 1our exported IN ls26 =
greater than = ls25, whist the value was less
hough not IA me same proportion as with cot
on. The same IS true OF rice. The export OF
lourm $50, was, in quantity, e5s 300 barres
--ln value Il 1868 dollars. In ls25, il was
7i3,9o6 barrels; and in value, 4,2l2, l27 doll
lars The export Of rice in 1926, was l0l ,66