The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-12-13

tensively sustained by the Commercial and
interests in Great Britain, has
not bees without a perceptible recoil upon
ourselves. A reduced importation from abroad
is necessarily succeeded by a reduced return
to the treasury at home. The net revenue of
the present year will not equal that Of the
last. AAd the receipts of that which is 10
come viii fall short Of those in the current
year. The diminution, however, is in part
attributable to the fourishing condition Of
sone Of our domestic manufactures, and so far
is compensated by an equivalent more protita-
bic to tae nation. 1t is also highly gratifying
to perceive, that the deficiency IN the raven
ue while il scarcely exceeds the anticipatious
Of the last years estimates from the treasury,
has not interrupted the application of more
than eleven millio:is during the present year, to
the discharge OF the principal & interest oithe
debt, NOR the reduction Of upwards ofseven mil
lions of the capital debt itself. The balance
in the treasury on the first of Jan. last, was
five millions two hundred and one thousand
six hundred and fifty dollars and for:y-threc
cents. The receipts from that time, 10 the
30ih OF Sept. last, were nineteen millions five
hundred and eighty five thousand nine hun
dred and ;hirty two dollars and fifty cents
The receipts Of the current quarter, estimated
at six millions of dollars, yield, with the sums
already received, a revenue of about twenty
I've millions aud bali for the year. The ex-
pendii ures for the three first quarters Of the
year, have amounted to eighteen millions sew
en- hundred and fourteen thousand two hun
died and twen;y-six dollars and sixty-six
cents. The expenditures OF the current
quarter ere expected, including the two mil
lions of the principal debt to be paid, 10 bal
ance the receipts. SO that the expenses Of
the year, amounting TO upwards of million
less than lis income, will leave proportional
lyjncreased balance in the treasury ofthe first
Of January, 1927, over that of the first of Jam
nary last. Instead of five millions two hun
dred thousand, there will be SIX milliAns four
hundred thousand dollars.
The amount of duties secured on merchan-
disc imported from the commencement Of the
year until the 30th OF September, is estimated
at twenty one millions two hundred and fftv
thousand dollars, and the amount that will
probably accrue during the present quarter,
is estimated at four millions two hundred and
fifty thousand, making for the whole year
twenty-five millions and half, from which
tie drawbacks being deducted, wi leave a
clear revenue from the customs, receivable in
The year 1927, of about twenty millions four
hundred thousand dollars, which, with the
sums to be received from the proceeds of pab-
lie lands, the bank dividends, and other 10 =
ciiental receipts, will form an aggregate Of
about twehty-three millions, sum falling
short OF the whole expenses Of the present
year, little more than the portion OF those ex-
penditures applied to the discka &c of the
public debt, beyond the annual appropriation
Of ten millions, by the act of Sd March, 1917.
At the passage Of that act, the public debt a.
mounted to one hundred and twenty three
millions and half. On the frat of January
next, it will be short of seveDty four millions.
In the lapse Of these ten years, fifty millions
OF public debt, with the annual charge OF
upwards of three millions of interest upon
them, have been cztinguishcd. At the pas
sage OF that act, Of the annual appropriation OF
the ten millions, seven were absorbed in the
payment of interest, and not more than three
millions went to reduce the capital o. the
debt. or the same ten millions, at this time
SCARCELY focr ore applicable 70 che Interest,
and upwards of six are effective in melting
down the capital. Yet our experience has
proved that revenue consisting so largely OF
imposts and tonnage, GIBBS and flows to an OK
traordinary extent, with all the fluctuations in
ciieut 10 the general commerce of the world.
1t is within our recollection that even in the
compass OF the last ten years, the receipts oil
the Treasury were not adequate 10 the expen-
ditures OF the year; and that III two succc ssive
years il was found necessary to resort to loans
to meet the engagements OF the nation. The
returning tides of the succeeding years replen-
ished the public Golfers, until they have again
begun to feel the vicisstudes OF decline
10 produce these alterations Of fulness and
exhaustion, the relative operation Of abundant
or OF unfruittul seasons. the regulations Of for
eign governments, political revolutions, the
prosperous or decaying condition Of manutac-
lures, commercial speculations, and many 9th
er causes, not always TO be traced, various!y
combine. We have found the alternate swells
and diminuions embracing periods of from wo
to three years. The last period Of depression
to ia was from 1919 to 1929. The correspond
ing revival was from 1923 to the commence
ment Of the present year. Still we have no
cause to apprehend depression comparable
to that of the former period, or even 10 antici.
pate deficiency which will intrench upon the
ability TO apply the annual ten millions 10 the
reduction of the debt. 1t is we'll for us, how
ever, TO be admonished OF the necessity of a.
biding by the maXims Of the most vigiiant
economy, and ofresortng to all honorable and
useful expedients, for pursuing with steady and
infex Bile perseverance the total discharge Of
the debt.
Besides the seven millions Of the loans Of
1913, which will have been discharged in the
course Of the present year, there are nine mil
lions which, by the terms of the contracts,
would have been, and are now, reasonable.
Thirteen millions more, of the loan Of 1914
will become r-deemable from and after the
eXpiration Of the present month aud min. 9TH
~ millions from and after the close of the en-
suing year. They constitute mass of thirty
one millions Of dollars, all bearing an interest
Of six per cent. more than twenty millions OF
which will be Immediately redeemable, and
the rest within little more than year. l.eav-
ing, of this amount, fifteen millions TO continue
al the interest of six per cent but to he, as far
as shall be found practicable, paid off in the
1907 I'D 1000 LI.a.s E.