Delaware journal., 1827-12-28
PUBLIC DEBT.

Mr.. Stewart, of PENNSYLVANIA, in opposing Mr.
P. P. Barbour's motion for selling the United State
Bank Stock, made the following among other obser
vaons.
The great object of the propositions as avowedby
the mover, was, to hasten the extlnguishment OF IN
national debt by selling the Bank stock. and thu
increasing the means Of the Treasury to accompl
it. If gentlemen will look at the effect of The pre-
sent sinking fund of ten millions of dollars on h
national debit it will be obvious TO every one that
instead of increasing, we shall be compelled to d
minish the present sinking fund.
Wha is the situation of the public debt as eS
hibited by the Treasury report laid upon our table
few DAYS sincef And what will be the effect
this proposition upon it
On the first of next month the whole
of the national debt will be S67. .4lSN
Deduct the per cents. i3.29o,Ot
Leaves S54 1l7W
By selling the Bank stock at its present value
IS. 60O, 600 and applying the proceeds. with the an
nual sinking fund of ten millions of dollars to til
national debt, it will be found that the at the end
the year $50, there will remain less than 100000
of the public debt redeemable consequently, ther
must remain idle in the Treasury surplus of tn
sinking fund.
In the year 1851, surplus of S7.ooo,ooo
1889, 1861 coo
1883. ll,596.O0O
1884, 1881 00O
1885. %. sol ,050
will have accumulated in the Treasury, there ben
no portion of either principal or ntere ST OF the del
to which these balances can possibility be applied
These sums must then remain idle. and unless, IN
deed, the gentleman from Virginia, Mr.. B. vi |
consent, as am quite sure he will not, to app |
them to the work of internal mprovement--to tn /
construction of roads and canals.
| The gentleman (Mr Barbou) suggests, IN an nlN /
der tone, the reduction of the sinking tund. lNi
will be necessary whether the motion OF the gentle
man be adopted or not.
Excluding the Bank stock and the per cents
and it would be found that, by the operation Of th1
present sinking fund, there would at the end oy
the year 1880, be only S4,556,O00 Of the national
debt redcenable consequently, there would,
In the year 1881, be surplus of S5,654oV1
1882, S,SO4 00i
4 1883, lO.158001
! 1884, 17,i730NA
1885. 81 ,8a2 ,0@1
when the last portion of the debt will be paid OIL
and this vast balance of the sinking fund will be lelt
on hand.
Such will be the result of the operations OF the
existing sinking fund, even should the proposition
be rejected. These large accumulations OF money
IN the Treasury must occur--t is unavoidable on'
less you reduce the sinking fund to S7,o0o,ooo,,
He had made calculation. by which it appeared
that the whole of the public debt Che Bank STOCK
and per cents exceptedJ would be completely
extnguished in the year 1855, when the last portion
of the debt became rcdeemable by a sinking fund OF
81 900 600. and have surplus at the end Of that
time of SlS5.o0o and in 1886, seven millions for
the Bank stock could be paid if deemed expedent
BY thus reducing the sinking fund to 81 ,000,00o
5000, 900 would be annually released from the pub
lie debt, which could be applied to system of in
ternal improvement, producing the most happy
effect upon the national prosperity. 1t would moi
pospone the final payment of the debt, but on.
hrow forward the surpluss of the redeem able deb
in 1928 and 90, upon the years 1888 and 8
when very small portions Of the debt would be re
deemable, and thus the whole of the sinking iunt
would be kept actively and proftably employed, un
| til its final extinction of the debt in S35. Hence
Mr.. s. contended; whetherthe proposition be adopt
ed or not, it is the dictate of sound and enligheneI
policy to reduce the present sinking fund from 81
to 100000
/ But the gentlemen from Virginia, Mr.. Balbont
suggests to me the reduction Of the duties. Iot'