The Litchfield County post. [volume] (Litchfield, Conn.) 1826-1829, 1826-12-12

pensated by an equivalent more profitable to
the nation. II is also highly gratifying TO per-
ceive, that the deficiency in the revenue, while
il scarcely exceeds the anticipatiOns of the
last years estimates from the Treasury, has
not interrupted the application of more than
eleven millions during the present year, to the
discharge of the principal and interest of the
debt, nor the reduction of seven millions of
the capital debt itself. The islance in the
Treasury on the first of January last, was five
millions two hundred and one thousand six
hundred and fifty dollars and forty cents.
The receipts from that time to ti.e 5Oth of
September last, were nineteen millions five
hundred and eighty five thousand nine humid
red and thirty-two dollars and fifty cents.
The receipts ofthe current quarter, estimated
at six millions Of dollars, yield, with the sums
already received, a revenue of about twenty
five millions and ii hall 70" the year. The ex-
penditures for the three first quarters of the
year have amounted to eighteen millions sey
en- hundred and fourteen Thousand two humid
red and twenty six dollars and sixty six cents.
The expenditures of the current quarter are
expected, including the two millions of the,
principal debt to be paid, to balance the re-
ceipts. So that the expenses Of the year, r.
mounting to upwards of a million less than its
income, viii leave proportionally increased
balance in the Treasury on the first Of Jan.
1897, over the frstsof January last. Instead
of five miiiionstwO hundred thousand, there
| will be six millions four hundred Thousand
dollars.
The amount of duties secured on mercEan-
disc imported from the commencement of the
year until the S0th of September, is estimated
at twenty-one millions two hundred and fifty
Thousand dollars, and the amount that viii
/ probably accrue during the present quarter, is
estimated at four millions TIVE hundred and
iftv Thousand, making for the whole year
twenty-five millions and half from which
tho drawbacks being deducted, will leave
clear reyenuc from the customs, receivable
in the year 1897, of about twenty millions
four h.-ldred thousand dollars, which, with
! the sums to be received from the proceeds Of
Public Lands, the Bank dividends, and other
incidental receipts, will form an aggregate Of
| about twentythree millions, Il s',:n falling
| short Of tie whole expenses of the present
| year. little more than the portion of those cx-
| penditures applied to the discharge of the
| public debt, beyond the annual appropriation
Of ten millions, by the act Of Sd March, f817.
| At the passage OF that act the public debt "a
| mounted to- one hundred and twcsty three
millions and af;lalf. On the first OF January
| next. it will be short of scyenty-f,uT millions.
| In the, lapse ofthsse ten years, City millions of
public debt, with The ANNA! charge % upwaads
of three millions interest upon them, have been
extinGushed. ~ tfi; passage of that, of the
| annual appropriation Of the ten millions. seven
were absorbed III the payment Of interest, and
not more t..at, three millions went to reduce
the capital Of The debt. OF the sanis. ten mill!
ions, at this time scarcely four are applicable tn
the interest, an,;tipNards Of six are effective
| to melt down the capital. Yet correspondence
has proved thata revenue consisting so large
| iy Of inrrs;s and tonnage, ebhs and flaws to
an extraordinary extent, with all the tl,icti,a-
tons incident to the general commerce of the
world. It is within oar recollection AMI eren
in the compass of the same last ten years, fhe
receipts OF the Treasury were not adequatrts,
the expenditures of the year; and that III two
| successive years it was found necessary ia. re-
sort to loans to meet the engagements Of the
| nation. The returning tides Of the succeeding
years replanisfed the public Golfers. until they
have again begin 70 feel the vicssitrdrs of a
decline. Toprod'Ice these alternations Of full
ness and eXhailsta!ion, the relative operation
of ahundent or ',njraitful seasons, the reGnla-
ti0ns q! t:rr":gc Governments, political revoi,i-
/ tions, the prosperous or decaying condition of
manufact ures, commercial speclf!ntions and
many other causes, not always to he traced.
| yario,isly combine. Wehavc farnd the alter
nate swells and diminutions embracing periods
OF from two to three years The last period
of depression to us was from 1919 TO 1899.
| The corresponding revival WAS from 1928 To
the commencement Of the present year Still
we have no cause to apprehendsa oppression
comparable to that of the former period, or a.
ven to anticipate deficiency which will in
trench upon the ability to apply the annual ten
millions to the reduction of the debt. IL is well
for us, however to be admonisled or the ne
cessity of abiding by the n,axims of the most
vigilant economy, and of rcsorting to all ham
durable and useful expedients, for pursuing
with steady and iniexible perseverance the to-
| tai discharge of the debt. ~ a#
Besides the seven millions of the loans of
| 1913, which viii have been discharged in the
course Of the, present year, there are nine mil
lions which,by the terms of the contracts,
would have been, and are now, rcdcenlablc.
from and after the expiration of the present
month; aid nine other millions from and af-
ter the close Of the ensuing year. They con-
stitute mass of thirtyo one millions of dollars,
all bearing nterestof six percent. more than
twenty millions Of which viii be Immediately
redeemable, and the rest within little more
than year. Leaving of this amount, fifteen
millions to continue at the interest of six per
cent, but to be, as far as shall be found prac-
ticabIe, paid off in the years 1897 and 1898,
| n Il. Al...4 kt.n.S