American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1827-12-14

REPORT
Tn obedience to the act, making it the duty 0
the Secretary Of the Treasury 10 clay before
Congress, at the commencement OF every Session
Report on the subject Of Finance, contalnln.
estimates of the Public Revenue and Public tx
pendtures, and plans for improving or incrcasin:
/, the Revenues from time to time the Secretar,
proceeds to the task which that duty enjons upor
him.
1t is satisfactory to be able TO state, in the be
ginning, that the Revenue accruing from the cur
rent year is likely to exceed rather than fall below
that of the last This is tho more satisfactory
when considered in connection with the fact, d
the unusually large importations of Foreign Mer
chandise in SIS. The importatons for that year
having greatly exceeded their average value Ion
many wears preceding, subsequent reduction in
then value had been looked to. under analogous
facts heretofore occurring in the Foreign trade Of
the country. This has proved to be less the case
than might have been anticipated. Although the
impoltations for the year ending on the thlrtetf
Of September last are believed to have been les
than for the year ending on the same day in 1896
those for 1927, commencing On the first Of Janua
~, and ending With tie close Of the present month
will, in all probability, be greater. II IS on the
year, calculated in the latter way, that the annual
rev enue from the customs is estimated The i'm.
potations for the third quarter Of tie present year
have been large, owing 10 the quantity OF wooden
goods which they embraced. Ii this, on the one
hand, has been cause specially operating to au.
ment the entire importallnns Of 82., there are
circumstances connected With other braiyhe Of
the foreign trade that have been specially IN op.
GRAFTON to diminish them. The opinion may rea-
snnabiy be entertained, founded these and Other
considerations, that the reaction, under the heavy
mporaons Ul 1925, has arrived at ITS close
Aside, therefore, from unforeseen events. the I'M
p0lalOns for the next year. on which tie revenue
SO mainly depends, under tie present system Of
finance, may be expected to prove sufficiently am
pie for every ordinary financial purpose. The ae.
tual receipts into the Treasury, during the
current year, have been less, il particulars that
will be presently stated, than the sum at which
they were estimated. They have been Sufficient,
however, with the balance in the Treasury at the
commencement Of the year, to meet every apprn
ptlation Tor the service Of the year, including the
sum Ut ten millions on account u the Public
Debt.
As the state Of The Public Debt and manner in
which the process Of cXtinsuisbment zoe, on, ON
year to year, is a subject on which the nation
desires and expects to receive accurate and full
information, it will be exhibited 10 Congress in
the first instance upon the present OCCASION The
exposition Of this subject will be SVEN in conncy
ION 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 sum Of S2l,-
w ,2lO IS; and paid on account OF interest, the
sum OF Sil,S65.t45 60; making total Of $751;
lsO,656 IS. OF the applications on account of
the principal. dnrin. these years, S7,-2 ,OS4 IS
we're made in 1925; S7.0G4,709 Fl in 1896; and
S65O7 400 81 will have been made by the close
OF 1897. OF the preceding sum OF S2l .97 go 95,
It proper to state that portion Of it, viz S.,
oil ha orfu M tho rum
ty-slxth OF May, 1924, at an interest OF four and
hall per cent, to pay off an equal portion Of
debt standing at al interest Of six per cent. The
aggregate amount Of the public debt, on the first
OF January, 1925, was SS3,1IO.5 60. To this
must be added the stock. amounting to five mil
lions, at four and half per cent, created BY the
above act but which was not issued until after the
commencement Of 1925 and small amount Of
per cent. stock, that was subsequently issued
viz Sl6,95 maxim. the whole Of the public debt
IN 1928, $751; 5SS s.. The aggregate amount
at which it will stand on the first of January, 1928,
Will be S61 a 81. %. The whole of the S2I.-
99a ,2lO o5, applied to the principal of the debt
Us the three years mentioned, have gone towards
the reduction OF the Six per cent. stock Five
millions OF this sum, having been replaced by the
stock at four and half per cent. issued under
the act Of the Goth Of May, aforesaid, are, Of
course, again to be ranked as part Of the debt
1t follows that debt, in six per cent stock to the
amount OF sixteen millions two hundred aud nine
ty-scpcn thousand two hundred and ten dollars
nlnety-thre cents, will have been absolutely ex-
tinSulshetl III the course 0i these three years BY
the surplus moneys of the Treasury in addition To
s l.S63,14o 20 paid as iDterest. 1t also follows.
that twenty-on millions sixty two thousand three
hundred and thirtytwo dollars seventeen cents,
IN principal and interest. will have been applied
70 the public debt during the years 1926 and 1927,
out OF the means Of the Treasury. without any
assistance whatever from loans. This. is All A.
mount greater than was required to be applied to
i Tor these two years By the obligations Of the
Sinking Fund act