Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-15
congressional.
ANNUAL REPORT
OF THE
SECRETARY OF THE TREASURY.


On the State Of the Finances.
In obedience 10 the Act making il he duty OIL
'ne secretary OF the Treasury TO Z" lay before Con.
s.ess AZ he commencement, of every Session, q
report on the subject of Finance containing es-
tlmstes OF the Public Revenue and Public expen-
u''uI e-' and plans for improving or increasing the
revenues from time to time" the Secretary pros
eeeds to the task which that duty .nioins upon
him. 1f'''
II - satisfactory 10 be able TO state. in the be-
ginning, that the revenue sccruing for the curren-
year Is likely to exceed rather than fall below thai
VI tue last. i his IL the more satisfactory when
considered in connection With the fast OF The anu
susiy large importaiions Of foreign merchandise in
1919. The imporiations Tor that year have great
" exceeded their average value for many years
preceding, suhsequent reduction in their value
had been looked to under analogous fac ., hereto
tore occurring IN the foreign trade of the country
ANS has proved 10 be less the case than might
nave been anticipated. Although the impor-
'auons for the year ending on the tbirtieth
OF September last are believed to have been less
man Tor the year ending the day in 1896
those Tor 1927, commencing on the FIRST OF Janua
~. and ending With the close Of the present month
WI, IN all probability, be greater, 1t is on the
year Calculated in the latter way, that the an
hu al revenue from the customs is es'imaied. The
'inportations fer the .Ghird quarter of the present
year have been large, owing to the quantity Of
"ooiirn goois which they embraced II this, on
10 augment the entire importations Of 1927. there
are clrcnmstRnces connected with other branch
6 81 he ior-ign trade that have been specially in
operation to diminish them. The opinion may
reasonably be en- aimed, founded on these and
o'her considerations, that the reaction under the
aeavy tmroitations of 1925 has arrived at lis close.
ASIDE Their iore, from unforeseen even's, the inn
portaions for the next year, on which the revenue
so manly depends, under the present system of f.
nance may be expected TO prove sufficiently ample
ior every ordinary financial purpose. The actual
receipts into the Treasury during the present year
nave been less In particulars that will be presently
stated than the sum at which they were estimated.
They have been sufficient, however, with the ba-
lance IN the Treasury at the commencement OF the
year, TO meet every appropriation for the service
OF the year, including the sum OF ten millions on
account of the public debt.
As The state of the public debt and manner in
which the process of eXiiDguishment goes on from
year to year, is subject on which the nation de-
sres and expects TO receive accurate and full in
formation, II will be exhibited TO Congress in the
hrst instance upon the present occasion. The expo
sition of this subject will be gwen in eounexion
with short retrospect.
From the first of January, 1925, to the close
OF the PRESENT year, there will have been applied
TO The principal of the public debt, the -.ir1 Of
II ,2SI,2lO dollars and 93 cants; and paid, on
account OF interest, the of IL s63 ,4i5 20,
making total OF 3,I60 500 ID, of the applica :
tions on account OF the principal during these
years. 7.125 .034 So were made in 1925. 7 G6I :.
7o9 81 in 1926; aid G, 5O7466 81, VIII have been
made by the close OF 1927. OF the preceding
sum of II 297 2i0 90, il lie proper TO state that
portion ct il, viz. , 900 900 was borrowed under
the act OF the 26ih of May, 1924, at an interest
OF tour and a half per cent to pay off an euuel
portion ot debt standing at an interest of six per
cent. The aggregate amount OF the public debt on
tire first of January, 1875, was S27IO.512 CO.
To this must b. added The stock, amounting 10
i've millions, at per cent. created by IN,
ABOVE Act, bnt which not issued until ate,
the commencement of 1925; and a small amount
ot thrse per cent stock that was subsequently, is
sued viz SIC ,25, making the Whole of the publ,
debt. in 1925. SS7IO, SIS, IS. The aggregate a
mount at which il will stand on the frs, Of Jan
uary, 1873, VIII be 81 AIS 377 92 The whole n
'he q ,297,2I0 %, applied TO The principal of IN,
debt IN the three years mentioned have gone TO
wards the reduction of the six per cent 5 ock..
Five millions OF this sum having been reulac I'd h,
the stock AZ 4 IL per cent. issued under the act
tie 20 OF May, aforesaid, ere Of course again r.
] be ranked as part of the debt 1t follows. tina
dso m ak per cent. stock, 10 the amount OF sxeer
millions, two hundred ard ninety-.even thousand
/ two hundred and sten dollars. AMI niuetv.,bre,
CENTS will have been ab-oIutely extin guishe II
the course Of these three years, by the s,,rDlu
moneys Of The z easuy, in addition TO n s63
do ~, PAID as interest. IL also follows tina
| twenty one millions sixty-two thousand tb,e,
| hundred AID thrty-two, dollars, seventeen CENTS
| in principal and interest, will have been annie,
TO the public debt during he years 1926 and 1927
out oil the means of the Treasury, without an,
assistance whatever from loans This IL an q
mount greater than war required 10 IL for tbes
Two years by the obligation OF The sinking f1nd aci
Il IL viii be satisfactory TO Congress to kpo,y
that during the three years in question beside
these payments made account of the debt an
! all other payments 20 meet the annual expense
b of government, large sums have been aDoiieI =
objects wearing character neither tsmporarv mn
annual by these are meant internal improve
menis, in tie form Of subscriptions TO canal. an
approrr laiions for Otherwise opening and extend
ing intercourse throughout the Country. fortified
lions snd oris.; ships Of war; naval dock, an
= oth'r e-tabli-hment- connected with the navy
public edifces OF various descrip ions sybethe, IN
purposes marine or civil; arm ng The militia. IA
purchase Of lends from The ndisns, and other er
pensss belonging 10 this Department of the publi
: sesvice On such objects, end ri hers kindieJ l.
I. them, the expenditures during these three year
T. have reached q sum little shOri Of tyyel, rniy,6
I Of dollafs nation, that, after provhIins fsr n,
regular support Of Us Government, is seed o pro
O coed in this manner in The payment OF i.s publ
debt, and in additional disbursements 20 conside
rabie |or which equivalents remain, that. for N
most part. are o. permanent value TO the natior
cannot be regarded as other then pro-rerous in II
Z financial CONDITION.
2 Iha, The exact situation Of lhe whole fio5s
q debt this time may De -een, The several pats
which il consists will he distinctly re-, forth II
. the iuli Information OF Congress
Z IT, total smOpni on tie fret Of October Iss
p was (siaismeat No - S65,9l8 sri Os. Tn
4 sum comPreheads The old revolutionary lhree q
: cen.s., amounting 10 - 296 2l7 co. relcstnabls a
: the pleasufe OF the G.'sernment, and the SIEVE
I million fuDscribsd 70 the Bank oi the Unite