Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-12-06

OF six are effective in melting down the capital
Yet our experience has proved that revenue
consisting so largely OF imposts and tonnage
ebbs and flows 10 an extraordinary extent, with
all the fluctuations incident to the general com.
merce ofthe world II is within our recollec.
ton that even in the compass OF the same LAST
ten years, the receipts Of the Treasury were No,
adequate TO the expenditures OF the year; ard
that In two successive years 1t was found ne.
cessary to resort to loans to meet the ENGAGE.
| nents Of the nation. The returning tides os
the succeeding years repenished The public
Golfers, until they have again begun to feel n.
ylcissitude of decline. To produce these al
terations OF fulncss and exhaustion, the rela,iv.
operation Of abundant or Of unfruitful Seasons
the regulations Of foreign Governments, noI;,;''
cal revolutions, the prosperous or decayine
condition of manufactures, commercial sp.cn'
lations, and many other causes, not always 10 ho
traced, variously combine. We have found Mo
alternate swells and diminutions embracing no.
RODS Of from two TO three years. The last NJ.
Rod of depression TO US was from 1919 10 1900
The corresponding revival was from 1922 -
the commencement of the present year. Sin
we have no cause 10 apprehend a depression
comparable to that of the former period, o.
even to anticipate deficiency which will in.
trench upon the ability 10 apply the annual
ten millions to the reduction Of the deb,. I,is
we'll for us, however, to be admonished of the
necessity Of abiding by the maxims Of the most
vigilant economy, and O! resorting to all homo.
rable and useful expedients, for pursuing with
steady and inhcxible perseverance the total dis.
charge Of the debt.
Besides the seven millions Of the loans Of
1918, which will have been discharged in the
course ot the present year, there are nine mil
lions, which, by the terms of the contracts,
would have been, and are now, redeemable-
Thirteen millions more of the loan of 1914 will
become redeemable from and after the expira.
ton of the present month; and nine other mil.
lions from and after the close Of the ensuing
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 res;
within little more than year. Leaving ofthis
amount, fifteen millions TO continue at the inter-
est Of six per cent, but to be, as far as shall be
found practicable, paid Off The years 1927 and
1928 There is scarcely doubt, that the re-
naming sixteen millions, might, within few
months, be discharged by a loan at not exceed
ing five per cen, redeemable in The years 1929
and 1880 By this operation, sum of nearly
hafa million of dollars may be saved to the ma
ton; and the discharge Of the whole thirly-one
millions within the four years, may be greatly
facilitated, if not wholly accomplished.
BY an act of Congress Of the Sd Of March,
1925, loan, for the purpose now referred 10,
or subscription 10 stock, was authorized at
an interest not exceeding four and half per
cent. But, THAT time, so large portion Of
the floating capital Of the country was absorbed
in commercial specuIations, and so little
left for investment in the stocks, that the mea.
sure was but partially successful. At the last
Session of Congress, the condition Of the funds
was still unproPtious to the measure; but the
change so soon afterwards occurred, that had
the authority existed to redeem the nine mil
lions now redeemable by an exchange Of stocks,
or loan at FIVE per cent. it is morally certain
that it might have been Effected, and with il
yearly saving Of ninety thousand dollars.
With regard to the collection Of Revenue of
Impost, certain occurrences have, within the
last year, been disclosed in one or two of our
principal ports, which engaged the attention Of
Congress at their last Session, and may heT@ai-
ter require further consideration. Until within
a very few years, the execution Of the laws Tor
raising the revenue, like that Of all our other
laws, has been ensured more by the moral sense
of the community, than by the rigors OF Jea'
lous precaution, or by penal sanctions Conhd.
ing in the exemplary punctuality and unsullied
Integrity of our importing merchants, gra-
dual relaxation from the provisions of the Col
lection Laws, a close adherence to which would
have caused Inconvenience and expense 10 them,
had long become habitual; and indulgenc:s had
been extended universally, because they hadne'
yer been abused. 1t may be worthy Of your sc,
rious consideration, whether some further Ie-
gislatiye provision may not be necessary to
come in aid of this state of unguarded security.
From the reports herewith communicated OF
the Secretaries of War and Of the Navy, with
the subsidiary documents annexed 10 them, will
be discovered the present condition and adm
nistration of our Military establishment on the
land and on the sea. The organization OF tie
Army having undergone no change since its
reduction to the presen, Peace Establishment
in 1921, it remains only to observe, that it Is
yet found adequate to all the purposes for which
permanent armed force in time Of peace can
be needed, or useful. I, may be proper to add,
that, from difference of opinion between tie
late President Of the United States and the Sem
ate, with regard to the construction Of the aeS
OF Congress of I'd March, 1921, to reduce anu
fix the Military Peace Establishment OF nc