Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-01-04

ception from the hrst IL Is thefeio'e co"''u''
ed that it will belong to proper estimate OF
good faith to place the stockholders under ooth
acts upon footing Of equality. Those who
were willing to accede to the terms oil the 20
yernment at an early day in this transaction,
should not be left in worse situation than
those who may have held back in the hope OF
better offers. Let all be treated alike. 1t is
Tins that the Government will exalt itself be-
ERE the nation. 1t is thus that, substituting
an exnanded Justice for the mere letter OF
barpain. it will be likely to invite still larger
confidence in future. 1t is thus that 1t will ul-
timately be the gamer, by that connection in
yariably subslsting between the permanent In
terest of every Government, and its standing
of unlmpeachable and spontaneous equity In
the eyes of the public creditor.
Sbould an act for the loan OF nine millions
be passed, considerable surplus OF debt at SIX
per cent will still remain to be provided Tor,
for the service of 1927. More than thirteen
millions of the stock Of 1914 becoming re-
deemable in 1927, the whole cannot be redeem
ed in that year but with the aid of loan. A
loan Of six millions would be sufficient, in all
probability, for this purpose, and is according.
iy recommended. The interest not to exceed
five per cent. and the amount to be also subject
10 redemption in 1929 and 1880, IN equal por'
tons. The effect of the two loans recommend
ed. which it would be most desirable to autho-
rze in distinct acts, would it is believed, be, to
enable the Government to redeem the whole OF
the six per cent stock of 1918 and 1914, in the
course Of 1926 and 1927. 1t would also throw
upon each Of the years 1929 and 1880, an
amount of debt equal to about eight millions
and half, instead of less than one million, ac-
cording to the distribution as at present exist
ing. The only remaining stock OF six per cent.
would then be that of 1915, in amount under
nine millions and half, redeemable i'll 1928 -
Should no unforeseen expenditures arise, and
proper economy be kept up in the public adj
ministration,iit may reasonably be hoped, as be-
fore minated, that the surplus revenue at the
disposal of the Treasury in 1928, will be equal
10 the reimbursement Of that sum- After $50,
the whole amount of debt, on the results here
in assumed, would stand al about forty millions,
| full one half of which will be redeemabe at
the pleasure Of the Government No portion
of it will be at an interest exceeding five per
cent whilst the principal part will be at rate
still lower. With these views OF the public
debt, so encouraging in their bearing upon its
speedy, certain, and regular extingulshment, 1t
is not deemed necessary to recommend at pre-
sent any other measures in relation to it than
the two loans described
III. of The Estimate Of the Public Rersnue and
Expenditure for 1926.
The public revenue is derived in an amount
so preponderating from foreign commerce, that
the state of the latter is always to be chiefly
looked to in every prospective view of the ma
., ;pcop,e Ac he al I'm nf the
country has worn character Of activity and
increase during the present year, so has also
its foreign trade, by that close ec,on which
subsists between them. The exports for the
year eadng on the goth September last, have
exceeded ninety-two millions of dollars. The
imports have exceeded ninety-one Millions
Or the exports, upwards of sixiy-six millions
were of domestic, and the remainder Of foreign
production.
OF the imports, upwards of eighty-six mil
lions were in American vessels. Of the ex-
ports, upwards of eighty-one millions Con-
sidering that the vessels Of those foreign ma
tons with which the United States have the
most extensive commercial intercourse, are
now placed upon footing of equality as to du-
ties and charges, of whatever kind, in our ports,
with the vessels of the United States, this hea-
Wy excess Of American tonnage is signal proof
OF the flourishing state of our navigation. 1t
may serve to show how the efficient protection
extended to it by the early laws Of Congress
succeeded. in establishing it in manner to
meet and overcome all competition. Before
the era Of those laws, it is known how this
great interest languished; how little able it
proved, before the auxiliary hand Of Govern
ment was stretched out, to support itself against
the established superiority and overwhelming
competition which it had to face in the world
The foregoing amount Of exports, exceeds,
by abou, seventeen millions of dollars, the ave-
rage amount for the three years preceding
The imports exceed, by about eleven millions
the same average Whilst this large excess of
exports during the past year arises chiefly
from the produce of the soil, it is satisfactory
to know, that domestic manufactures have lent
their contribution. OF the latter there have
been exported to the value of between five and
six millions Of dollars. This is an excess Of
eight hundred thousand dollars over those ex-
ported in 1924, and of more than two millions
Of dollars over those exported in 1928. The
progressive increase in this branch Of industry
is naturally ascribabe to the new tariff
The effects Of the tariff upon the course of
our foreign trade, in other respects, have, as
yet, been but very partially disclosed. More
time must eapse before such body of success
siye facts can be presented under it as may lay
foundation for confident conclusions. The
law itself by the terms Of its enactment, has not
yet come into full operation in all its parts, and