American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1826-12-22


certificates to be redeemed, until their aggregate
amount should represent the sum intended to be
paid of; and such was the plan pursued. nc
precise mode in which it was carried into eHec',
will be seen by an explanatory paper (L] among
the docum.nts transmitted. This resort 10 chance
terminated in giving small excess over the sum
wanted; so ,ha, the sum be paid of on the hrs,
of January, amounts in exact figures, 10 S2,oO2,
3O6 II.
II NAV be proper to mention, that the unpaid six
per cents. OF 1918, were stated last year at 6io,21O
797 "a. when the true amount was Slo,3lo oy9 70
The difference was included in the four and hall
n.r cent stock, under the act Of March the Sd 1895
since ascertained TO have belonged to the stock oil
1873 1t should be further mentioned, that the
three per cents. were stated last year at Sl329o,'
23l 45 to which have been added this year sixteen
dollars twenty FIVE cents, since issued for interest
on The old registered debt under the act OF the 18th
OF June, 1898.
After the proposed payment Of 82.0o2506 ~,
shall have been made on the FIRST OF January, the
funded debt will have been reduced from SSo'9oo,-
557 70. its amount last year, to 373,920o44 10
the amount at which it will stand on the FIRST oil
January, 1897. II hence appesrs, that the means
which the Treasury was found to possess Tor The
educ ton of the principal Of the debt within the
year 1926, using those means as largely as could
be justified, and as the Commissioners OF the Sink
ing Fund bought proper TO sanction, amounted 10
81, O67.059 Sc /; and that this sum has served 10
Iexlnguish by mech the unpaid SIX per cent.
loans oil 1918, amounting as by statement, IN me
annual report OF December last, TO 8lo,27o,79l "a
The poyment of interest upon The whole deot with
III the year, will have amounted, by the close oil the
last quarter to 1894 $50 SO, making in the whole,
principal and interest. applied 10 the debt IN 1870,
i,0il 500 dollars, sixty nine cents.
Sc q 7 IF Nh
the debt will consist on the FIRST OF January, 1927,
S3l $50 $50 rs will be at an interest Of six per
cent; Sl2792 600 30 at an interest oil live per
cent Is 994 0G4 IL at an interest OF four and
half per cent and Sl3,256,247 70, the remnant OF
he Revolut ionsry debt, at interest Of three per
cent.
1t remain. TO offer such suggestions. connected
with the debt, for the year ensuing, as provident
frsafd to the public resources Is thought TO point
out. Il is seen, from the rectals that have prece-
ded, that much the largest part Of the debt exists
at present in stock of six per cent. This Is the
highest rate Of interest which is paid by the Gov
eminent. Ii i. conceived TO be higher than II is
proper should be paid. unless where demanded by
the public faith The time and concomltant cir
Icumsances which characterized the creation OF TINS
part OF the debt, necessarily burdened It with SO
heavy ra,e Of interest; but, that with the ample
resources the unques,ioned security, and the exal
ted credit Of the Government, II should continue to
pay it, where the option concurs with the presumed
ability to shake il off seems 10 longer warrantable.
OF the whole sum, approaching thirytwo millions
oil dollars, which stands at this interest, nine millions
have been rcdeemabe within the present year
Thirteen millions will become redeemable on the
first OF January, 1927, and nine millions on the first
Of January, 1928 Fractions are dropped in the re-
cspituation The advantage to the nation OF con
verlinc, by loans. or by exchanges, as large por
ton possible OF this part Of the debt into debt that
shall be charged with lower interest appears to be
80 obvious, that the expediency OF recommending to
CO. gress the proper measures to effect 1t, again
suggests itself as an incumbent obligation upon the
Department II is not over looked, that the proba
bllly Of obtaining loan for this purpose, diminishes
other things remaining equal as We arc brought
nearer to the time proposed tor its redemption But
he prospect OF obtaining il is still believed to be
sufficient 10 justify the endeavor II is therefore,
respectfully recommended, tina. authority be given
by law and at early period oil the session. TO bor
the of sixteen millions Of dollars, at rate
Of interest not to exceed FIVE per cent to be re.
deemanlc at the pleasure Of the United States, in
equal portions in 1929 and 1880. These years
fixed as the periods OF redemption, Tor the reason
that operated last year; namely, that, under the
present arrangement OF the entire debt, only very
small portion OF Qess than million OF dollars
becomes redeemablc in either ofthOse years. Should
such lean succeed, it would pay off at once more
than half oil all the stock at six per cent thereby
producing clear saving to the nation oil at leas.
one per cent a capital OF sixteen millions OF dol
lars for two years and for longer period on part
Of that capital. The residue Of the six per cent.
stock, amounting to Sl5,83s53 Is, would await
the application OF the dsposable means Of the Trea-
sury during the years 1927 and 1898. Whether
those would prove sufficient for its complete
reduction within those years, depends upon events
that cannot be accurately foreknown. All that can
be remarked is, that. to the toll extent OF the ability
Of the Treasury, the means would be applied; and
at the periods Of time best adapted to the cxigencr:
Of the public service under the directions Of the
sinking fund act, and the lights OF past experience