Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1826-01-07

millions and hall; from these thirty
one millions, deducting the drawbacks,
estimated at less than seven millions, a
sum exceeding twen,y-teur millions will
constitute the revenue OF the year; and
will exceed the whole expenditures OF
the wear. The entire amount OF public
debt remaining due on The first OF Janua-
ny next, will be short OF eighly-one mil
lions of dollars.
BY an act Of Congress Of the Sd of
March last, loan of twelve millions OF
dollars was authorized al four and a half
per cent. or an exchange of stock TO that
amount Of four aud hall per cent. Tor a
stock OF six per cent. to create fund
for cxtingulshing an equal amount OF
the public debt, bearing an interest OF
six per cent. redeemabe in 1926. An
account OF the measures taken to give
effect to this Act will be laid before you
by The Secretary Of the Treasury. AS
the object which it had in view has been
but partially accomplished, ii will be for
the consideration of Congress, whether
the power with which it clothed the Exc
cutive should not be renewed at an early
day of the present session, and under
what notifications.
The Act of Congress of the Sd of
March last, directing the Secretary OF
the Treasury 10 subscribe, in the name
and tor the use Of the United States, for
one thousand FIVE hundred shares of the
capital stock Of the Chesapeake and De-
laware Canal Company, has been execut-
ed by the actual subscription for the
amount specified, and such other mea
sures have been adopted by that officer,
under the act, as the fuifllment of its in
tenlions requires. The latest accounts
received OF this importan, undertaking,
authorize the belief that il is in success
full progress.
The payments into the Treasury from
proceeds OF the sales OF the Public Lands,
during the present year were estimated
at one million of dollars. The actual
receipts of the first Two quarters have
fallen very little short OF that sum -: ii is
not exported that the second half OF the
year will be equally productive; but the
income Of the year from that source may
rev be safely estimated at million and
half. The Act of Congress Of 18Th
May, 1924, to provide for the ex,in-
punishment of the debt due to the United
States by the purchasers Of public lands,
was limited, in its operation OF relief TO
the purchaser, 10 the tenth Of April last
lis effect at the end of the quarter during
which it expired, was to reduce that debt
C.nr,. ;II;1pc r..
ration of similar prior laws OF relief, from
and since that of I'd March, 1921, the
debt had been reduced, from upwards
of twenty-five millions, to ten. 1t is ex-
ceedingly desirable that it should be ex-
tinguished altogether: and to facilitate
that consummaion, re comm end to Con-
gress the revival, for one year more, OF
the Nact OF 9Th May, 1924, with such
provisional notifications as may be ne
cessary to guard the public interests
against fraudulent practices in the resale
o. the relinqulshed land. The purcha-
sers of public lands arc among the most
useful of our fellow-citizens, and. since
the system of sales for cash alone has
baen Introduced, great indulgence has
been Justly extended TO those who had
previously purchased upon credit. The
debt which had been contracted under
the credit sales had become unwieldly,
and lis extinction was alike advantageous
to the purchasers and the public. Un-
der the system of sales, matured, as it
has been by experience, aud adapted to
the exigencies Of the times, the lands
will continue as they have become, an
abundant source of revenue and when
the pledge of them to the public creditor
shall have been redeemed by the entire
discharge of the national debt, the swell
ling tide of wealth with which they re-
plenish the common Treasury may be
made to refow in unfailing streams oil
improvement from the Atlantic TO the
Pacific Ocean.
The condition Of the various branches
Of he public service resorting from the
Department of War, and their admins.
traion during the current year, will be
exhibtedin the report from the Secretary
OF War, and the accompanying docu-
ments herewith communicated. The
organization and discipline Of the army
are effective and satisfactory. To con-
tract the prevalence OF deser,on among
the troops, il has been suggested to with.
hold from the men small portion oil
their monthly pay, until the period oil
their discharge; and some expedien'
appears to be necessary, to preserve and