Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-29

,gA.ch tL,s Stock co,.,s oe0e; ay cl51ee upon I6o
resources of the nGon far paying of the prime,
pal IS Concernod It would bc difficult TO say when
Che obligation tn pay ot w attach under the above
act, or when could otherwise be done with full adj
vantage TO the public 1t many years since this stock
has been as low sixty FIVE dollars for one hundred
aud there Is no present prospect of IFS falling low
The portions OF the debt therefore which, under the
existing enaonents Of the law, alone be met BY
an annua! and ascertaDed process of extinguisment.
unless the three per should DO paid of at one
hundred cannot be computed at more than Si7,i1T
$50 %. Ii plain thai this amount rapidly hasten
ing ex,inguisbment. II the U. States continue at
peace and happily present prospect of its
Interruption their debt must, in few years dis
appear. The obligations which will devoye upon
the National Councils, in reference to the pee uniary
resources OF the country when liberated from large
annual payments account OF the debt, the wisdom
cftlosc Councils will, at the proper know how
10 estimate.
IL remains 10 make known in conclusion under this
head the operations bad at the Treasury upon tue
public debt, since the adjournment of the last session
of Congress
In the last Annual Report from this Department.
loan 10 the amount of sixteen millions al an interest
not to exceed five per cent. was recommended The
object OF SUCH lean pay off portion of the
debt equal TO sixteen millions. bearing an interest of
six per No law to This effect having passed II
became the duty Of the Depar tnent 10 proceed IN the
work of paying oil the six per cents. as far as the
means OF the Treasury would allow Accordinply on
the FIRST of July, the of So OO7 sos SO was maid
account of the six per cent loan created by the act
of The 9Th of Feb. 1918. BY >the decision of the Com
missoners of the Sinking Fund, in September, il was
agreed that the further sum of Sl,5Oo 600 should be
paid account of the same loan al the termipa
OF the present quarter of this year Public notices
have been issued in conformity with this decision and
outstanding. a small fraction over the .n,n
is included the notice; the terms of the loan having
rendered il necessary that the certificates TO be paid
of should be fixed upon by lo; aud the last drawn
number, in this INSTANCE as III the payment of july
having given tie fractional excess. The manner OF
tl,o1 ,tcb l,o,,
paiey annexed to the last Annual Report will 10, here
he repeated
In deciding upou the further payment Of 81 500 600
Che Commissioners had due reference to the 4th sec
ton OF the Sinking Fund act, of March 3d. 1927 which
declares that whenever there shall be- at any time
after an adjournment of Congress in any wear sur
plus OF money in the Treasury above the sums appro
pated for the service OF such year, the payment OF
which 10 the Commissioners of the Sinking Fund will
get leave III the Treasury, at the end of the YEAR
balance equal 10 two millions of dollars then suc
surplus shall be- and the same is hereby appropriated
10 the Sinking Fund, 10 be paid at such times as the
situation OF the Treasury " i'll best permit But This
provision not viewed creating any obstacle TO
the decision The construction and practice al the
Treasury, since the passage OF the act have inyars
bly, been, not 10 consider ;he above provision as at
tschinS, so long as any part of the millions remain
unapPiied to the debt; this being considered un-
der the very object and terms OF the act as st.,.
ing appropriation for the service of tie wear
no further remarks deemed necessary NJ This
time IL relation 10 the public debt. Should the laws
- a., -? ?;i - :I, .:e GU i,"S"'e''s on account
a. -: r =: ouo u oe uia'e, throughout
. s 90 " % ' ways DIS ,he ooigatIons of
he ray u'eo'' auu tue means OF the Treasury may
peAl aiio".
fCbl'lC KEW "a, U6 AMP EAPENDITURE OF THE
1EaHo 1920 AND 1927.
me nett revenue winch accrued from
o''iss on imports ana TONNAGE during the
H7ai io~o' ",''0"'e" Statement a. 10 SO,2i9054 so
me ac'uai tece'p'S INTO the treasury,
'''m az Sources "u''"g the year 1885,
~ -o'2oo,23a q
w o
Cus,oh's' (ota cement ~ ~1''ti'05l -
Public Lands, (SiatG-