Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-12-07


hundred and one thousand six hundred and fifty
dollars and forty-ihree cents. The receipts from
that time TO the 30h OF September last, were nine.
teen millions five hundred and eighty five thou.
saud nine hundred and thirty two dollars and fifty
cents. The receipts OF the quarter, estma-
ted at six millions OF dollars, yield, with the suns
already received, revenue of about twenty-five
millions and half for the year. The expenditures
Tor the three fret quarters of the year have amour
| ted to eighteen millions seven hundred and four
teen thousand two hundred and twenty-six dollars
and sixty-six cents. The expenditures of the cur
rent quarter are expected. including the two mil
lions OF the principal debt TO be paid, to balance
the receipts. So tina, the expenses OF the year,
| amounting to upwards of million less than its
income, will leave propor,lonay increased ba-
lance in the Treasury the first OF January, 1927,
over.that OF the first of January last. Instead of
1--WE miilionstwo hundred thousand, there will be
six millions four hundred thousand dollars.
The amount OF duties secured on merchandise
| imported from the commencement of the year until
the 3Uth OF September, IL estimated at twenty one
millions two hundred and fifty thousand dollars,
and the amount that will probably accrue during
the present quarter, is estimated at four millions
| two hundred and fifty thousand, making for the
| whole year twenty-five millions and half, from
which The drawbacks being deducted, will leave a
clear revenue from the customs, receivable in the
year 1927, OF about twenty millions four hundred
1 'iiousdHu which, Win the sums be p
ceived from the proceeds of Public Lands. the
Bank Dividends, and other incidental rerep,s.
Will form an aggregate of about tvs enty three mil
hons, sum falling short of the whole expenses of
the present year, little than the portion of
hose expenditures applied TO the discharge of the
pubic debt, beyond the annual appropriation of
ten millions, by the act of Sd March, 1877 At
the passage OF that act the public debt amounted 10
one hundred and twen,y-three millions and half
nj lam ,.,,n H.. - &
seVenty-iour millions. In the lapse of these ten
years, nifty millions of public debt, with The annu-
al charge OF upwards OF three millions Of interest
upon them, have been ex,inguished. AT the pas.
sage oil that act, of the annual appropriation of the
len millions, seven were absorbed in the payment
OF Interest, and not more than three millions wen,
to reduce the capital of the debt. Of the same ten
millions, at this time scarcely four are applicable
TO the interest, and upwards of six are effective in
melting down the capital. Yet our experience has
= proved that revenue consisting so largely of i'm
posts and tonnage, Gibbs and flows TO an extraor-
Z binary extent, with all the fluctuations inciden,
! 10 the general commerce of the world. II is
within our recollection that even in the compass
oil the same last ten years, the receipts the Trea
sury were not adequate 10 the expenditures of the
!, year and that in two successive years il was
found necessary to resort TO loans to meet the
engagements OF the nation. The returning tides OF
The succeeding years replenished The public cof-
iers, until they have again begun feel the yicis-
situde oil decline. To produce these alterations
OF iuiness and exhaus'ation, the relative operation
oil abundant or OF uniruitul seasons, the reeuia
TONS OF foreign Governments, political evolutions
the prosperous or decaying condition of manufac-
. ture-, commercial specualops, and many other
causes, not always to be traced, variously combine
we nave found the alternate swells and dminu-
tons embracing periods of from two TO three years
The last period of depression TO us was from 1919
10 iS22. The corresponding revival was from
1873 to the commencement of the present year
StIil we have to apprehend a depression
comparable TO that of the former period, or even
10 anticipate deficiency which will nlrencb upon
the ability TO apply the annual ten millions 10 the
reduction OF the debt. 1t is well for us, however.
10 be admonshed OF the necessity OF abiding by the
maxims OF The most vigilant economy, and of re-
sorting TO all honorable and useful expedients. for
pursuing with steady and nfexible perseverance
| the total discharge OF the debt.
| Besides the seven millions OF the loans of 1914
which will have been discharged in the course OF
the present year. there nine millions which bv
the terms OF the contracts, could have been and
| are now, redeemabIe Thirteen millions more of
the loan Of 1914 will become receemsble from and
| alter the expiration of the present month; and
nine other millions from and after the close of the
ensuing year. They constitute mass of thirtyone
millions OF dollars, all bearing an interest of six
per cent. than twenty millions of which vii,
be Immediately redeeuabie, aGd the rest within Ii,
tie more than year. Leaving OF this amour,
fifteen millions To continue at the interest of six npr
cent, but TO be- far as shall be found practicable
paid off in the years 1927 and 1928 there il
| ~ DOUBT, that the remaining sixteen millions
might, within few months, be DISCHARGED h,
loan at not exceeding five per cent redesmable il
the years 1929 and 1880. BY this operation
sum of nearly half million of dollars mav he
saved TO the nation; and the discharge of the whole
| thirty one nIllions within the four years NAV he
greatly facilitated. if not wholly accomplished
BY an act of'Congress of Sd March. 1925. n
| loan, Tor the purpose now referred to- or sub
scrIpion TO stock, was authorized, al an interest
not exceeding feur and half per ceat But At
tina! time large portion of the floating cspi,aI
| OF the country was absorbed In commercial specu
laions, and so little was left for investment in the
stocks, that the measure was but partially success
full. AT the last Session of Congress- the condi,io,
OF the funds was still unpfopous TO the measure.
but the change so soon Afterwards occurred that
had The authority existed TO redeem the nine mil
lions now redeemabe by an exchange of stocks or
loan at five per cent, it is morally certain tina, !,
might have been effected, and with it YEARLY saw
ing OF ninety thousand dollars
With regard TO the collection of Revenue nj I'm
post, certain occurrences have, within the last wear
oeen discIosed IN oneor two OF our principal ports
which engaged the attention Of Congress at their
last session, and may hereafter require further con
sideration. Until with very few years the ex
ecution of the laws for raising the REVENUE lii.
that OF all our other laws, has been ensured moro
by the moral sense of The community, than bv ,be
rigors OF jealous precaution, or by penal sane
tons. Coniidng in the exemplary punc,ualitv and
unsued integrity OF our importing merchants. a
gradual relaxation from the provisions of the Col
lection Laws, close adherence to which would
have caused Inconvenience and expense to them, |
had Inpu h.i. 81.