Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-02-16

not contemplate, or II congress snooio tnsnA t1Ao
Der to authorize extraordinary appropriations To-
wards internal improvements, or other objects, the
results, before presented. will be proportionsbly
varied 1t will, therefore, depend upon the wisdom
OF Congress TO realize disappoint these RESULTS
according to their views Of the expectancy OF re-
deemng the whole debt presented in this report on
the Is, of January, 1880; of promoting objects OF
internal and providing for the exisen-
cies Of the nation.
Further appropriations during the Session OF Con-
gress must be necessarily anticipated. and if kept
within reasonable limit, will not materially vary
the foregoing results.
It's believed, that the receipts from the impost,
and sale4of public lands, will exceed the estimate
OF the Secretary of the Treasury, from one million
to one million and hall, annually, and that an
excess Of appropriation TO that amount, in each
wear, would not dsappoint the anticipation in this
report.
Should this be erroneous, and it be deemed ex-
pedient 10 redeem the whole amout of debt in this
report, including the subscription TO the Bank OF
the United States the lst OF January, 1880, and
TO postpone the application of the national means
TO objects of internal mprov ement until that period
Congress may safely add to the standing expendi-
ture one million of dollars in each session. and still
accomplish that object.
Surprising then the receipts to be the same as
estimated by the Secretary Of the Treasury, and
that there be added to the annual expenditure the
sum of 900 600 dollars, and tina, 900 900 less
be applied annually to the debt, all the six per
cent. stocks, amounting TO is 1857 ,i39 dolls. aud
"a els may be redeemed previous to, and the
LIST day of October, 1929, leaving balance ON
the LIST of January, 1880, of 1892 ,275 OF, to
be applied to the stock subscribed TO the Bank OF
the United States.
1t Congress should think proper to exceed the
estimated expenditure two millions of dollars, an
nually, instead OF one, which the committee sup
pose would be the largest justifable excess, still
the six per cent. stock may all be paid before and
on the LIST day of October, 1929, though no part
OF the other debt can be paid on the LIST of January,
1880.
If the excess be annually 1000 900 dollars,
and the surplus means TO be applied, quarterly,
to the discharge Of the debt the ultimate gain would
stand thus
Number 2 will gain over No S 49,, 575 So
Number will gain over No 1,l62, 425 So
and over No 2 I2I,Si9 "a
All which is particularly explained and exemp-
fed in the statement annexedto this report
1t will then be apparent that, by adopting the
mode Of partial payments of the six per cent
stocks, and applying the surplus quarterly, the
debt will be more speedily reimbursed, and with an
increased saving, will be more equally and benefi
cially distributed in different years, according to
ture account of interest will be lessened and all
possible accumulation of money in the II easury,
eHectually guarded against.
II such operation for the redemption of the
public debt, be not expressly indicated by the
words Of the act of the Sd Of March, 1917, it is,
in the opinion of the committee. clearly pointed
out by the scope and policy Of tina, law. 1t did
not propose 10 wait to the end Of a single year.
or more Years than one, for the whole of loan to
fatl "a u
cation Of the surplus at any time, after all adj
journment of Congress, to the purchase and re-
demption of the public debt" And The commit
tee perceive no mode, SD well calculated to give
activity to the spirit and provisions OF that act as
that of quarterly payments.
The operation, it is believed will not be less be-
nefcia to the stockholders, than to the Govern
ment for, the more gradually the public debt be
reduced, the less will be the influence upon the
money market, and the facil ities of more favor
able re-inyestment OF the money. The payment Of
10 ,OO0,OO OF debt, on single day, could not
fail, by making money iaore plenty, TO depress the
rate of interest and consequently increase the diff
cuies OF profitable REIMBURSEMENT; while gradual
payments OF three or even more, millions, in each
quarter, would not be materially felt.
Under circumstances, therefore, in which the
Government is under obligation to pay the
public debt, at any precise time but is at liberty
aud, perhaps, bound in duty, TO discharge it with
the creates, advantage to the state of the finances
without producing unnecessary inconvenience to
the creditor; and giving due weight 10 the conside-
rations already presented, the committee do not
feel themselves authorized 10 recommend loan or
exchange. They recommend, on the contrary,
that the finances oil nation should be iudciousy
cherished; the public expenditures regulated by
wise and liberal economy; and the surplus means
gradually applied, in each ensuing quarter OF the
year, TO the redemption of such portions of debt,
to which they may be adequate.
The Committee deem it unnecessary to recon-
mend any particular mode of carrying this scheme
into operation, preerring TO leave il to be regulat-
ed By the convenience and capacity of the TIea-
sury
II might be accomplished, in relation 10 all the
SIX per cents, except the $4,000, 900 of 1873
by partial payments, from time 10 time, Of each
certificate, and upon the principle Of distribution a.
mong the several loan Offices but, as the terms of
that loan require all the stock owned by any one
individual at given period, TO be paid, it would
perhaps be best, for the sake OF uniformity to adopt
some mode applicable alike to all the debt In this
way the owners, whose stock could be paid at the
end oil any one ensuing quarter might be designated
by lottery, to be drawn at the Treasury, on the
last day Of a preceding quarter, and notice given
accordingly, for three months, Of such intended
payment, on the day therein to be named
The conclusion which the committee have reach
ed in this report makes it unnecessary for them to
consider in detail, the expediency of the further re-
commendation, in the report Of the Secretary of
the Treasury, to place the stockholders who ex-
changed, under the law Of the last session, upon
an equality with the terms Of new loan.
These stockholders have voluntarily made their
contract with the Government, for the equivalent
prescribed by the law, in postponing the redenp
ton Of that stock; this equivalent is rather in
creasedby the scheme of redemption of the six
per cents. now proposed by the committee, AMI no
reason is perceived for re commenting an alteration
in their condition. No other could be made, il j.