Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-02-16
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STATE Or TIE FINANCES.
Report IF The Committee Of Hays AID .Means,
in the House of Representatives., Oh the State
~ he Fntances.- FEB. u, 1926, Read, aud
laid on the table.
The Committee of Ways and Means, to whom
has been referred the report OF the Secretary Of the
Treasury, Of the 22d of December, 1925, on the
State ofite Finances, submit the following Report
in part:
That they have considered the said report of the
SECRETARY of the Treasury, and, also, the state OF
the pubic debt, and the expenditures, with view
IA well TO ascertain the means OF the Treasury, as
The best mode of applying those means to the pay
ment of the public debt.
or the public debt, besides the three per cent
Stock, amounting TO $I3,296, 23I Al, and the
subscription Of $1,000 900, III the Bank Of tho
United States, redeeinable at the pleasure of the
Government, there will be renburs sable a, any
time after the
3l.t Dec 1925 sI6.27O,7s7 24>
3lst Dec 1926 l3,o96,5I2 80 "a 'ie nA per
3Ist Dec. 1927 9,f90 ,O99 l0S cents
Of these sums, the attention OF the Committee
las been particularly called by the annual report,
~ the debt reiuibugsable in 1926. amounting TO
SI6,27O, 1877 "a
And that rembursabIe in
1877, amounting to 1906, 5i2 80
Making together $29, 1867 $40 IL
The amount applicable 10 this debt, consists,
iirss, of The annual appropriation 10 the sinking
:and. Of $4,000 GOO, and second, of such surplus
as is authorized by the act vi the Sd March 1917,
TO be applied TO the object, and may be stated
Tor The present purpose as follows:
list The annual appropriation to tile sinking
fund of 0,0Uc, GOO 90
.tfon this must be deducted the
anount required for the interest Oh
-he public debt, according 10 the
practice ordinarily adopted at The
Treasury, which, upon the sup
position that the residue of the
loan OF seven and a half millions,
of 1913, amounting TO s., 035,549
l6. may be paid off by tile first
day OF July, 1926 and OF which,
It is believed, there can be no
doubt, VIII amount TO the sum
vi 800, $50 81
I.,eivihs OF The $40, G9o, 900,
applicable to the principle OF tie
debt, the sum Of S6O59 $40 60
BY the fourth section Of the act of Sd March
1917. entitled An act to provide for the redemp-
ton of the public debt it is enacted as follows:
" That, after the year 1877, whenever there
shIil be, at any time, after an adjournment of
Congress, in any yesr, surplus Of money in the
treasury, above the sums appropriated for the
service Oh such year, the payment OF which to the
Commissioners OF the Sinking Fund will yet leave
10 the Treasury, at the end Of the year. balance
equal TO two millions Of dollars, then such surplus
shall be- and the same is hereby, appropriated to
the Sinking Fund, TO be paid at such times as the
situation OF the Treasury will best permit and shall
be applied, by the Commissioners thereof, to the
purchase or redemption of the public debit
The COMMITTEE consider this section authoriz-
ing the application 10 the Sinking Fund, OF only
such surplus as may bemain beyond the actual ap-
proPIations, and which, though not paid in the
year for which they granted, are liable TO be
demanded at any time within two years after the
appropriations, respectively. In this view, the |
balances of unexpen1ed appropriations cannot be
considered as any part OF the means of the Trea-
sury applicable TO the public debt Therefore, |
though the sum Of $4,000, 900, being The balances
OF uneSpended appropriations Of 1925, was in the
Treasury the LIST of January, 1926, il will pro-
badly be expended in the course of the year, and
though the like sum should remain in the Treasury
the Is, Of January, 1927, Jet, being of the ap-
propristions OF 1926, would, for that reason, he
inspplicable to the Sinking Fund.- under the section
already recited.
In sscetainng The amount Of the surplus which
upon these principles, may be applied 10 the Sink
ing Fund, in the year 1926, there must be deducted
from the sum stated by the annual report TO be in
the Treasury on the LIST OF Janu-
airy, 1926, amounting to S5,2sl.Os1 7s
4. The balances Of uoeipended 'tPrroptialioo,
Z. The unavailable fund, I.O99G1S %
4,5OoODo 90
isse, ,irpu' Of 7slO5l 10
10 The snn must he sddcd
T.. The upount d the annual srproprsonto ibs
Sinking Fund, applicable to the principal Of debt,
Us above shewn, amounps to G,O5g,5iI 60
2. The aurPlu, estimated by the Secretary ofths
TrcsHry ~ pc ~ the fSoasuFy on the 3lsl DscsUi-
her, 's$G, after dedueting the s2,OO0OOO, reserved
~ ilss act 81 isl7 2,9f5.se 90
Making 80 aggregate applicable toihe principal
Of The gnbe debt doriasthe year 1926, of g75sG75 Is
Which being deducted from the amovnt of debt
ft'mbaisable 10 that yeaf,Of fG,27O,70 ~
Leaves 1athse OF thsi d:h unpaid, Of 6g5i212J 70
Which ie,, ~ about s2,ls7o7G u, than the