The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1826-01-02

rnnfdener IN future. rs mus ths1 II WI
oltlns,,i, be- the g.iarr, by that epnnrc-
lion ~ ariai.i, stb,istisg between thr PEE
uan.of interest uf esefg government, aha
/ its stsndine of unimpraehable and -pouia-
nrous equity in the eyes ot the Puoir ere
diinr.
Should an act for the loan of nine MI,
lions II, psss.d. A considerable surplus 81
d,bt AZ 8 Der cent. will still remam Ia tie
provided for. for III. service of 1927. Moe
than thirteen million. of the stock of l3il
brco ming r.dreinablr In 1897, the whoie
cannot be redeemed IN that year bat WIN
the aid # a loan. A loan ct SIX millions
would be sufficient IN all probability, Tor
th- pnrpns,., aud is accordingly recon-
inended. The interest M, 10 exrtrn hNr
per cent. and the alnonnt 10 BIZ also SUD
lect la redemption IN 1929 and 1880, III
equal portions. The effect OF the two
loans recommended, whrh il wopid be
most desirable to auihorzr III distinct acts,
would, il is believed, BIZ, 10 enable ihr 9"
yernnent Ia redeem the whole ut the SIX
per cent. stock Of 1913 and 1914, IN the
course of 32G and 1927. II would ala"
throw upon zach of the years 1919 and
! 1880, an amount of drdt equal In ah"nt
csht millions aud hall, instead of less
ihan one million, according ia the dlstrIbu-
/ tion az at present rxstlng. The only re-
naming stuck of six per cent. would then
be that If 1915, in amount under nine MI
lions and half, redseinabr 10 1923.
/ Should no unforeseen expenditures arise,
aud proper ecun"my be kept mp IN the
public administration, IL may reasonably
! be hoped, as before minated, that the
surplus revenue at the dtsposal nj the
/ Treasury in 1919 will he equal 10 the re-
/ endorsement OF that sum. After 1859, the
whole amount OF debt on the results here
! in assumed, would stand At about forty
] mIIilun,. full halt of which will be- re
dremhhle at The pleasure Of the govern
m'nt. Nn portion of 1t viii he II an To-
trrtst exceeding five per cent. whilst the
! principal paft will be ut IA ate still lower.
With three We've Of the public debt, so
encouraging in their bearing upon lis spec.
dy, cert IL, anh regular exting0lsIIm-nt, il
= not deemed n"cessars tn recommend at
present any other ineasurro in relation To
Il than HE Two loans described.
Ill. Ofthe estimate ofthe Pnbtic Reuenue
and Erycndttutt for l&26.
TIE public revenue is derived IN an n
mount 50 prepondcratlng from farelgn CON
metCr that the state of thr ia'ler /, .,lw "
IL he chiefly looked Ia IN every prospective
view e the natlonal income. A. 'he luts--
nal BUSINESS of the country his worn a
character of activity and increase daring
Ihe prescott year, So has also H. fnrrlgu
trade, by that close connection which sub
s-ts hrtWepn them. The exports for the
year ending on the l'tleth September la4t
have exceeded III 'rts- two millions Of dol.
lar-. The Impo,ts have exceeded ninrt
one millions. OF The exports, upwards II.
sixty mliions were of domestic, aud thr
rem 1iuder of for iSi productions.
OF the imports, upwards of eighty-siV
millions we're in American vessels. Ofth,
EXPORTS upwards of eighty one millions
Considering that The vessels of those 70
reign nations with which the u States aaro
the most extensive commercial intercourse
are now placed upon footing of equality
AZ to duties and charges, OF whatever kind.
! in our ports, With the vessels of the United
Statre, this heavy excess of American tou-
nag is Il signal proof Of the iloutishing st'tr
of our Ma isailon. 1t may serve to sho"
how the efficient protertlo extended to II
by tn" early laws of Congress succeeded
III e3tabsh = it in manner IT, meet ADD
overcome I'll competition. Before the era
e those laws, II is KNEW haw this great in
terest langnished; how little able it proved,
before the auxiliary hand of government
was stretched out, To support itself against
thu established superiority and oyrrwheln-
ing cnmpetiti n which It had IL face in the
world.
The foregoing amount 0frxports exceeds
| by about seventeen millions of dollars. the
average amount for thu three YEARS pre-, T.
ding. The imports exceed by about ele-
vsn millions, the same average. Whilst
this large excess of exports drring thu pas,
year arises chiefly from the produce.of the
soil, it is satisfactory TO know, that dnmes
tie manufactures have lent their contrihu-
ton. or the latte, thele have been expnr
ted 10 the value Of between five and six
millions of dollars. This is an excess of
eight hundred thousand dullas over thuse
exported in l824, and of more than two
million. OF dollars over those exported in
! 1873. The progressive increase in this
branch of industry Is naturally ascrihable to
The new tarIn.
The effects of the tariff upon the course
of oar foreign trade, in other respects, have
as yet, been but very partially Discussed
More time must eapsr before such body
OF successive facts can hr presented under
IT az may lay foundatioo for cortidrnt
conclusions. The law itself. by the terms
of its enactment, has not yet come into full
operation in all It's parts,--and the
returns in possession of the Treasury
are not yet complete, even for the short
period during which i1s principal provis-
inns have had any efficacy. Que thing
seems apparent: that It's fleet, up to the
present period, has got been to diminish