The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1826-01-02
Add The smouui Of Mississippi Stock,


,inredeeIned an thai DAY, including awards
not Applied iar, At 1850 II.
The foregoing reeapilnlation exhibits the
precise anIpaBi If the public debt n"" due
as well as The different periods al winch ny
tie terms of The several loans under ~hwh
| il was coaii actrd III. United States are al
| lbrriy tnpa, II III
OF lhe sun, Of / ,e74 9G7 -, mentioned
under thr head 81 expenditures far l325,
~ having been paid III 10 thai year, 1927 :
/ 052 10, were Oh accouat Of principal oi 'ii'
! Il b., aud The remainder on account oi IN
/ trrcsi during the three H. st quarters ot The
! year. NraIiy the = hole al the princlphh
| lho4 paid, Was outstanding at IN nlerr-I 81
| 6 per cent Looking 10 the above rrcapl-
/ tulaion. II appears that in The ,rars 1926
and 1927 u larger amount OF debt becomes
radremablc lhan il Will fall within the "
binary surplus means of the government Ia
pay IA the course Of those years, w. a sum
exceeding sixteen mIlIlons IN the inrinrr,
aud thrtseu millions in the latter year
Both these purtInn- I'll The debt are, also,
Al al interest at o per cent. IL 1923. the
amount Itdeemable, IS at point which
may be hoped the stated means ot The
| Treasury, for thh year, will reach the n
bHIty Ia pay of increasing as the process
III reduction adj, snces, both by The IL
crossing mran- Of The nation aud The au-
dual liberation oflntetest on the amou /
ii deb, reduced. But, in the year 1879,
bul4 ssrJ smaliamount becomes rcdee -
abIr,. u. Is ian one million, aud, IA the
yrdI 1870, i sum no larger.
At The period Of the last annual reroI
from tn, Treasury, no portion Of The drbt
brcame redetmabc IN either OF thUs.
y-acs and, with view to u more equal
dilu,iuu ot pdyments, as we'll as Ia tlfct
saving III interest, II MAS recommended
nat the EXCESS OF debt which coniJ not.
h the ordinary resources Of the Treasury,
be discharged ia I826 aud 1847-the deb
rrdccmahle Ia the former year, then stand
~ al 10000 900, should be thrown, u.
goal portions, upon the years 1920 aud
1880.
To carry this recommendation into rf-
irct so tar.as applied Ia the year 1876.
ioan of twelve millions WAS recon nended
al five per cent. Que halt to he redrcmablt
II 1929, lhr other hall IL 1880; the entlr,
twelve millions being ntrud, d t. constitute
Il fund win which. IN rOnJurlion with tie
annual surplus means III The Treasury, 10
pay off the nineteen millions ,rpdefnl,h. =
III 1926 The principle OF the recommcq.
datlon VAS adopted by Congress but moi
lis precise terIEs. An act Wa passed ~
the Sd of March, 1873, authorizing al OK
chang" ot stock To ,he amount oi NcIvr
mill'ons of dollars, nj ioAr aud half pr.
cent, for n stock OF like amount at Xix pee
cent, The latter being 81 much of the stock
ri 1913 as MAS lnended by the Act to Ia
redeem d. The Act also authorized loan
tn the same amount, and at the SAM rate
OF interest, 10 accomplish the same OBJECT
both modes not tn be- pm sued, il rlth,r
Succeeded. The new stock of four and =
half per cent, whrthe. proceeding from
the exchange or thu loan, wa, by thr
terms of the act, to bp subject IL redemp-
ton III 1929 and 1880, IN equal PORTIONS
The proper measures were taken To exc.
cute This Act, but have prevailed only 10
hunted extent. The operation of exchange,
" ich WAS first reso ted 10, took effect To
the amount of 1885 l38 80 and this sam,
divided into equal parts, forms the two
sums that nov stand IN the general table
Of the debt, as redeemable IN the years
1929 and 1880, whilst they have also serV-
ed to diminish, b, so much, the SIX per
cent stock OF 1918. Proposals for a loan
lpr the residue OF the sum wanted were
next ISSUED but no offers were received
The causes of the failure, it may be pre-
aumed, Mere, the low rate of interest, and
short period, of redemption, held out by
h.. l.
lht Commercial aud manufacturing opera
tons of the country, ailOrdlog higher ia
duccments To the Investment st capital
This mode of dealing with the debt, where
by, through the lnstrumcntality Of new
loans, stock att high interest is converted
into stock al a reduced interest, aud where
by, also, the exluguIsnment Of the princi-
pal IS made to fall IN payments as nearly a.
quail rs may be-, throughout given mum
her Of year,, is evidently advantageous to
the public since 1t not only lessen the
national expenditure, on account of inter-
est, but guards agairst the possible accu-
mutation of m 'ney III the treasury IN
years when it might rrmain inactive, to-
wards the prog rsslse reduction of the
debt. As II is mode folly sanctioned BY
Congress heretofore, IL Is respectfully re
commended on tins occasion, thai an Act
he passed at an earl, day of the session,
giving authority to borrow OOO,OO of
dollars, at an interest not exceeding i've
per cent, redermable, in equal portions, in
1899 aud 1880, il order that the Treasury
may be enabled to pa, off, in 1926, the en-
tire REMAINING amount at die ak PR cent.
stock of 1913, redeemable in that year.
Nine millions, with the disposable means
which 'he Treasury will probably have at
commaod IN 1926, il is believed, will form
sum commensurate with this Object
Eve per cent. is named as the maximum
OF interest and, considering the short Pc
rods "I redemption, II Is not probable that
| the loan could be obtaiaetl at a lower rate.