Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-12-19

per cent; Sl2, 1872 GOO 20 at an interest oil hye
per cent; 10 994 ,06i IL at an neies, of four and
a half per cent; and $si3 .296, PAT 20, the rem
nant of the Revolutionary debt, at all interest OF
three per cent.
ltremsns 10 offer such suggestions, connected |
with the debt, TO: the year ensuing, as provden,
regard TO the public is thought 10 point
out. II is seen, from the recitals that have pre-
ceded, that much the largest Fart of the deb;
exists at present in stock Of Fix per cent
Ihs is the hishes, rate of interest which Is
paid by the Government. II is conceived to be
higher than it is proper should be paid, unless
where demanded by the public iai,h. The time
and concomitant circumstances which chaTac-
terized the creation OF th part of the debt,
ssriiy burdened it with 10 heavy rate OF interest,"
but, that with the ample REQUIRES, the unqres-
toned security, and the exalted credit of the Go
vernmen'. II should continue TO pay il, where the
option coacurs with the presumed ability 10 shake
it OIL seems no longer warran,able. Of the whole
SUN, apps oaching thirty-two millions of dollars,
which stands at this interest nine mill ons have
been redcenabie within the present year. Thir-
teen millions will become redcemable on the first
OF January, 1927, and nine millions on the FIRST OF
January, 1928. Fractions are dropped in the re-
equalization. The advantage to the nation of con-
ver,ing, by loans, or by exchanges, large
portion possible OF this part of the debt into
deb, that shall be charged with lower interest, APP
pears to be obvious, that he expectancy of re-
commenting TO Congress the proper measures TO
effect 1t, again suggests itself an incumbent
obligation upon the Department 1t is not over
looked, that the probability of obtaining loan for
| this purpose, dminishes, other tbings remaining
equal, brought nearer 10 the time pro-
posed for it's redsmptio9. gu, the prospect of OBJ
tanning it is still believed be sufficient, to Justify
the endeaVor Ii is, therefore, respectfully re-
commanded, that authority be given By law, and
! at an early period of the session, to borrow the
sum of sixteen millions OF dollars, al a rate of in
erest not TO exceed five per cent. TO be redeema,
bic at the pleasure of the United States, in equal
| portions in 1929, and $50. These years are
fixed as the periods of redemption, for the reason
tia, operated last year; namely, that, under the
present arrangement of the entire debt only very
| small portion OF it Cess than million of dol
lars) becomes redeemable in either of those years
Should such loan succeed, il would pay of al
once more than one half OF all the stock at six per
cent. thereby producing clear saving the nation
OF at least one per cent CAPT; al of SIG 600 900
tor two years; and FOR longer period on part of
that capital. The residue OF the six per cent stock
amounting TO s ,S3S, $50 rs, would await the
application of the dsposabe means of the Treasury
during the years 1927 and 1928. Whether those
means would prove sufficient for its complete re-
duciion within those Year,. depends upon events
that cannot be accurately fore-known. All that
can be remarked is, that TO the full OF The
! ability OF the Treasury. The means would be an.
piled; and at The periods OF time best adapted to
the exigencies Of the public SERVICE under the d.
rections of the sinking fund act, and the lights Of.
past experience at the Treasury. If, neyerthe-
less, part Of this residue of the six per cent
stock sh uld be found uRexinsushed on the ar
rival Of the year 1929, as probably would be the
case, the obligation of paying it off then, would
constitute neither objection inconvenience to
The measure OF a loan upon the terms proposed
1t is, consequently, believed, that, under all views
OF the subject. the measure would give promise of
public advantage. Such law as il recommended
being passed, and its execution confided 10 the
discretion OF the Executive, that discretion would
be exerted to ensure the accomplishment of its OBJ
lJect, regarding both the time OF obtaining the loan
and its conditions, in manner the most sa,isfac-
tory.
III. Estimate of the Public Reyenue and Ez-
| penditnre TOR 1897.
The Importation of foreign articles into tine
United States, in 1925, was larger than common,
having amounted, as by the statements transmitted
10 Congress the 'hrtieth of last March, 10 more
than ninety six millions of dollars in value This
| exceeded, by about sixteen millions OF dollars the
average value OF imporiaiions for the three years
preceding. The excess larger than could be
justified by the gradually Increasing demand
oil the country, through its increasing populousness
Tor foreign supplies, and could only have proceeded
Influence OF those accidental and Temporary
! causes, which, ia CONNER cal countries, are al
ways affecting the operations of trade. A supply
| 90 redundant, Tor one year, might have been ex-
pected, by the natural rrhuN of these operations
10 be followed by supplies more limit ed for the year
succeeding. On this account, well as through
other causes that were adveried to in the Annual
Report OF last December, the probability of there
being falling OF in The value OF the importa.ions
Of 1926, compared with those Of 1925, was
minated, and has been the fact. The whole i'm
pofiations for 1926 have amounted from the returns
and estimates at present before the Treasury, to
about eighty-fi millions OF dollars in value The
Whole of the exports, for the same time, TO about
seventy-eight millions. OF the imports, about
eighty millions have been carried in American
vessels and, Of the exports, about seventy mil
lions OF the latter, about ffythree millions con-
sisted of the productions OF the United States and
! the remainder of foreign productions. The diIni-
nishcd value OF Importsions for 1925 has obvious
ly arisen In some degree from the tall of prices in
( those countries OF Europe from which the largest
quantity of manufactured articles cent to he
United States, and give countemance TO the cpin
ION that the decrease III quantity has not been in
proportion TO the decrease in value. IT. indeed
the comparative amount and value of exports be
assumed as the measure of correct Judgment,
upon this point, it would lead TO the inference
that, regards some of the principal articles Of
importation into the United States for 1926, there
has been decrease in quantity, compared
with the mportations OF 1925. The value Of
exports from the United States for 1925, exhib-
its greater excess those of 1926 than is
seen in the imports; yet, in of the chief ar
tices Of export, the records Of The Treasury at
test, that the quantity, far as yet known was
greater in 1926. In 1925, the export of cotton
was one hundred and seveniy-six millions oil
pounds. In 1926, il was one hundred and ninety.