Northern star, and Warren and Bristol gazette. [volume] (Warren [R.I.]) 1826-1830, 1826-12-16

f1lme sIbgt of TIA Stbpla. expenses54k
tke prVspHt yesrs little more than N
6rtjon of(bosS expeo odnnrss 'spplied ~
keadischssgs of Abe psblict dent b.
yand tlse. annual appropriation of ~
mjlEonS. By The acf of 81 March, 1917,
the :pasasge Of that act, the publick'
) etf anpou united to one bpsdred and twGn
|tv ihree MILLIONS - ~ haIf Go sbel
f;fSt of January aeIg. II win be shcr: e
sSventy' four millions. In the lapse &C
tIs6se leo years, fifiy niillians Of public
debt, with the annual charge Of three
millions or interest upon them, have
been extinguished. At the psssage or
that act. of the annual appropriation of
the zen millions. seven. were absorhed
ia the payment Of interest, apd not
more than three millions went TO re-,
duce the capital debt. Of the same ten
miIlisas, at this time scarcelyx(vnr are
applicable 10 the interest, and Upwards
Of six are effective in melting down the
capital. Yet our experience has prov
ed that a revenue consisting so largely
Of imposl- and tonnage, ebb. and flows
on an extraordinary extent, with all
the hucl ua' ieps.ipcident 10 the general
commerce tftlle world II il within
our recollection that even h the COM
pass Of the same last ten years, The re-
ceip,s ofthetressury were not adequate
to the expenditures ofthe year; and
that in two successive years it was found
necessary to resort to lQens to meet the
engagements Of the nation. The re-
turning tides Of the sue. eeding years
replenished the pubIick Golfers until
they have again began TO feel the vicis-
situde ola decline. To produce these
alterations Of fuIness and exhau stion.
the relative operation Of abundant aud
|.uofrnitful seasons, the regulations Of
foreign governments. political revolu-
lions, the prosperous or dccaying con-
dition Of manu- iactures, ,cpmmereia srec
uIations aud many -o.,ler causes, not al.
ways to be traced, va.iously combine.
We have found the alternate swelis and
diminutions embracing periods Of from
two TO thee years. The last period
Of depression 10 US was from 1919 10
1899. The corresponding revival was
from 1923 to the commencement Of the
1 present year. Still we have no cause
10 apprebend a depression comparable
to that Of the former period, or even
ito apprehena deficiency which will
inlrehch upon the ability 10 apply the
annual ten millions 80 the reduction OF
the debt. II Is we'll for us, however,
to he admonished Of the necessity Of T.
biding by the maxiins Of the most yigi-
lant. economy, and of resortine to all
honourabie and useful expedients fcr
lpursuiug with steady, and inf}exibie per-
seve ance the total discharge of the
debt. s<
Besides the seven millions, Of the
loans Of 1918. winch viii have been
discharged in the course ofthe present
! year. there are nine millions, which, by
1.-The terfns Of the contracts would have
been, and are now redcemabie. fh,r.
teen millions more Of theIoasi Of 1914,
will become redeemable from and after
he expiration otthe pre,cnt> month !;
and nine other millions from and alter
the close Of tie ensuing year. They
constitute 1ass Of thirty one millions
Of dollars. all beariog IN interest OF six
| per cent, more than twenty millions Of
which will he immediately redeemable,
and the rest within li,tle more than u
yer. Leaving Of this amount fifteen
ltni!lions to coninue ut the interest Of
SIX per cent but to be, as far as shall
be found practicable, paid of in the
years 1927 and 1929, there IL a:arcely
| a doubt, fl,at the remaining fifteen IN Il
iQns might within a few nfonths, be dis
charged by foam not exceeding Eve
per cent. redeemable ip the years 1929
and $50. BY this operation a spm of
nearly a million Of dollars may b4ssvr
ed to The nation, and the discharge of
the whole thirty one fnSiIlicts within
the four years, M be 8, eally fsclila-
led isnol evAoity accomplished.
BY an,pct sof Congtes. Of Sd March
1926, Ioan 6or the purpose now re-
fssred t6. or a subscription to stock /.
stock was auth0rized at AN interest not
exceeding four and y half per cent
But nj that time, SO large portion OF
the Aoa'ing capital Of The couniry was
absorbed 10 commes cial specplations,
and SO little was left for invesiment in
the stocks that the measure was but
partially successful AT the los, sess.
ion OF Congress, the condition OF the
funds was still nnpropitious TO the meas
are; but the change so soon afierward
| occurred, that had the authority exist
ed to redeem the nine millions now re-
deemabIe by an exchaogs Of STICKS, or
a loan at five per cent, il is morally
certain that II might have been effected.