Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-12-19

1926, 1928, ISL AZ
This amount will be reduced by payment TO be
made on the first of January, 1927, to stand
on that day at $73,920, SAL 76
The amount OF Treasury Notes outstanding on
the fist of October, 1896, is estimated mo. A.
a, Sl5 ,0iO; and the amount of Mississippi Stock
unredeened on tina, day, including awards not APP
piled for (No. 81 at $7,40l II.
1t will next be proper to state the Operations
that have been had in relation TO the debt since the
last annual report from this Department. In tina,
report it stated, that the unpal loans of 1918,
bearing interest of six per cent, amounted 10
the of SIG, 90, 197 81, the whole of which
was redeemabe in 1926. II was though, 10 be
incumben. upon the Department, to recommend 10
the consideration of Congress such provision for
paying off this sum during the year 1926, as, in the
judgment OF the DepaI- .nen,, gave promise OF
being most advantageous The exhibition in detail
OF the entire public debt, attained above serve,
to show, that considerable savings in interest had
heretofore accrued TO the nation by exchanges eff
fscted under the authority of Congress, OF stock
bearing interest OF six PER cent, fer stool, bearing
lower interest or by loans, under the same au-
ihorty, for the purpose of paying eff portions OF
the debt contracted at six per cent when the time
for redemption had arrived, by the creation of
new debt TO the same amount, subject an in
ierest OF less than six rer cent. Under the sane
ton of past legislative appreciation of this econo,
Inicai process IN relation 10 the debt,
commended that loan should be authurized for
1926, to The amount OF nre millions of dollars re
deemable III 1929 and 1880, al a rate of interest
not exceeding five per cent. to exinsuish this deb.
oil sixteen millions and upwards, bearing an interest
OF six per cent. which the Government was TIM,
a, liberty to extiDguish in 1926, provided i, had
the means. Nine millions, il was believed, would
have formed sum adequate to this operation in
conjunction with the other means which il was
supposed the Treasury would probably have had at
command for the ser, ice of the debt In 1925
There is reason 20 thiGk from the prices which
the public stocks bore in the course of tie last
Winter, and subsequently 20 the Winter, that had
Congress sanctioned a loan to that amount, the ef-
forts TO obtain il would not have proved un.uc
cessful, and The WHOLE nf tie stock in question have
consequently been paid Off But as no loan was
authorized, it became the duty of the Department,
20 proceed Otherwise in It's for extinsush-
ing as large portion of this six per cent stock.
redeemabe within the year, The niears of the
Treasury, without the aid Of The loan rendered
practicable. This accordingly done in the
manner following The stock consisted Of the
residue unpaid, amounting TO $5.o6l,732 S., of
the loan OF seven million five bundled thousand
dollars, under the act of the 81 Of August 1919
and of the residue unpaid. amounting to SIT 254 =
1917 as Of the loan OF sixteen millions under the
act OF February the S.h, 1918. The former of
these balances wholly paid off with the mon sys
z
Of las, July. As regards the latter, tie Conmis-
s;oneIs OF the Sinking Fund, at meeting held on
tie 21th % September, resolved, that two millions
oil dollars should be applied towards lis reduction
at the end of the present year The holders of this
stock to amount representing two millions OF
dollars, have, accordingly, had notice, that on
the first Of January, 1927, they will receive pay
ment of the whole of the principal sum specified in
their certificates. by the terms under which this
loan OF the 9Th of February, 1913. was contracted,
II became redeemable at The pleasure OF the United
States, after the Dist of December 1925. by the
reimbursement OF the whole sum WHICH stood Gre
dited to any proprietor OF the stock, at the time
when the reimbursement took place---It fol-
lowed, that, in paying of any portion of this |
loan, no partial payments could lie made to the |
holder of certificate. but that lie was entitled to
receive its full and absolute amount, without de- |
ductjon; aud also, the full amount OF all o. !
ther certificates OF this particular stock of which
he was at the same time owner. IL therefore be- |
came necessary, no preference could be shown |
20 one public creditor over another, TO determine |
by lot the numbers OF the certificates be redeem
ed, until their aggregate amount should represent
The intended TO be paid off; and such was the
plan pursued. The precise mode in which il was |
carried into effect will be by an explanatory
paper (L) among the documents transmitted. - !
This resort to chance terminated in giving small
excess over the sum wanted; that the sum to be |
figures, to $2,002,306 IL
II may be proper to mention, that the unpaid |
six per cents. of 1913, were stated last year at
SIG, 270.797 81, when the true amount was !
SIG ,3l6 500 80. The difference was included in 1
the four and bali per cent. stock under the act /
Of March the 81. 1925, since asceuaned to have
belonged TO the stock Of 1918. II should be fur
Their mentioned, tina, the three per cents were sta
ted last year at s 29G 23l 50; TO WHICH have
been added this year sixteen dollars twenty-five
cents, since issued for interest the old registered
debt under the act OF the 18th oil Jine. 1898
After The proposed payment Of S2,0O2, 306 II d.,
shall have been made on The first of January, the
funded debt will have been reduced from $50 ,0Sj,-
537 ~, its amount last year. TO $40 800 81 7G,
the amount At which il will stand The first Of
January, 1927 1t hence appears, that The means
which the Treasury found 10 possess for the
reduction Of the principal Of the debt within The
year 1926, using those means largely as could
he justified. and as the Commissioners Of the Sink
ing Fund thought proper 10 sanction, IN Ouhted 20
81 ,067, 039 80; and that this sum has served to
exIngnsh by much the unpaid six per cent
loans. OF 1918, amounting as by statement. in q
annual report OF December last, 10 SIC go 10.
o. The payment Of interest upon the whole debt
within the year, will have amounted, 10y the close
OF the last quarter, TO 1924 1853 80, making in
the whole principal aud interest, applied TO the
deb in 1926, ii oil 1898 dollars, sxty-nne cents
OF the foregoing sum Of 472 ,C2O,Si4 10, o.
y.4.rh ne DEBT VII consist o. ihe fsU Of Jsnury