Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-12-16

plus funds. The whole OF this last mentioned SUN,
80 paid cE was borrowed 1t six pes ceItun, more
IN m six, with the exception OF small amount of
Treasury Notes, and soiac Mississippi Stock. IL
is facts Ike these that attest the true character and
value of a sinking fund. Meme can be effectively
such, bu where income exceeds expenditures; and
where a clear surplus from the former is steadily
applied 10 the diminuon Of the debt. Such'is the
sinking fund act of the United States, and such
hove been the results oil its operation; results
which il Cannot be otherwise than acceptable e.
the nation to learn. The whole remaining debt
that the nation will en- the LIST OF January en-
suing, will be, in its nominal amount, hity-eight
millions three hundred and sixty two thousand one
hundred and thrty-fve dollars seventy eight
cents. But, from this amount s'iouId be taken, Sc
ven millions of dollars, being SO much of apparent
debt only in the shape Of subscription TO the stock
of the Bank Of the United States, the nation own
ing a like sum in the Stock Of the Bank, upon
which dividends are punctualiy paid. OF the sum
that will remain, namely, 81 362 ,l35 dollars and ~
cents, the old Revolutionary three per cents con-
stiru,e more than thirteen millions Of dollars. BY
this exhibition of the state of the debt, il will be
to how small an amount il has fallen under
faithful enforcement of the sinking fund act, i'll
the space of eleven years. In the past effects of
this act we have the pledge Of its future efficacy
As each successive year increases the proportion
of principle that lie paid Off Diminishing that oil I'M
terest, il is easy to anticipate IN how short time
the nation under the continued action of the fund,
will be released from az. charges whatever ON ac-
count of the debt, by its final exdnguishment As
Stunning its stated appropriation OF ten millions TO
he forerun, in the proportion in future years,
as il has been this year, the debt will in effect, be
totally paid off in little more than four years.
An evidence Of the stable resources Of coun-
try actual and prospective, is to be found in the
prices which its funded debt bears in the money
market. A financial exposition and review like
the present, naturally embraces some general al
fusion to this point. The stocks Of the United
States keep at an elevation above par Indicative Of
the high credit of the Government; the more
markablc from the consideration that they are re-
deemable al short periods, and quickly redeemed,
in fact, as the periods arrive. The three per cents
being those which il is presumed will be redeemed
last, q circumstance known always to enhance the
value Of stock, where public confidence attaches
to it, stand accordingly atthe highest rate, being
favo.ite stock abr DAD as we'll as at home. For
the last Jour years this portion OF the public stock
has been a; price, ranging, in the main, from so
to IS; nor has it been always ob,anable, such is
the demand for it, even at that rate. The heavy
fail of stocks III England towards the close OF 1925,
affected those of this country less than might
have been anticipated from the onncxions OF
business between the two countries, and serves TO
show the value OF those Of this Government, even
pCder untoward occurrences, in that great centre
OF the commercial world.
The precise amount and kinds Of stock, Of which
the public debt will consist the first OF Janu-
AIRY next, with the periods Of redemption, will be
seen in detail in the document No. /, annexed 10
this report. 1t is not deemed necessary to say a.
ny thing under this head, except barely to
add that the ) 5000 ,463 IL, that were paid off
the first Of July last. consisted of 423 10 OF
the six per cent. stock created by the act of Con-
gress of the 9Th OF February, 1913, being all that
left of thai stock and of 2,256 ,039 Fl Of the
six per cent stock created by the act Of the oath
March, 1914. The $4050,7S0 II intended to be
paid at the close ofthc present year, consist OF the
six per cent also created by the last mentioned
act but denomna,eti the loan of the 22d OF Au-
gust, 1914 being in like manner all that remains
unpaid of that particular loan.
The general state OF the foreign commerce of
the country will next be given. This will best
make known the surplus productions Of its soil, and
those othor sources. Of its industry which const-
tute the basis of its foreign commerce. The i'm
portalions into the United States during the last
four wears amount in value TO three hundred and
fifty millions two hundred and two thousand four
hundred and sixty mine dollars. Those for por-
ton of the present year, are here givenby proba-
Bile estimate, rather than certain knowledge. The
expectations for the same four years, calculated
the same way, amount to three hundred and thir-
ty-seven millions two hundred am two thousand
four hundred and twenty six dollars. OF the lat
ter S233, 069 ,035 were of domestic produce and
manufacture, and S I04, 1873 1871 were re -expor-
tatioDs of foreign commodities. The importations
for the four years preceding, from 1921 10 1871
both inclusive, amounted 10 three hundred and
three millions nine hundred and fifty five thou
sand five hundred and thirty nine dollars and the
expectations TO two hundred aud eighty -seven
millions eight hundred and twenty thousand three
hundred and fifty dollars Of the latter, l9l $50
SS1 dollars we're Of domestic produce and manu-
facture, and 96. 1863 400 dollars expor tations Of
foreign articles.
The receipts into the Treasury during the last
four years, these being always chiefly dependent
upon the mportatiops, amount to ninety seven
millions nine hundred and fifty thousand
five hundred aud 1fy-nire dollars and eight SIX
cents. Those for the present year are here also
given, in part, by estimate. The estimates may
deviate from accuracy, but no, 10 an extern: to
thwart the genera. conclusions that are il. viey
The expenditures for the same time, calculated in
the same way, may be stated at ninety-five mil
lions FIVE hundred and eighty FIVE THOUSAND five
hundred and eighteen dollars and eiehty-fve
cents. OF this sum, besides what was applied 10
the public debt, about fourteen millions will have
been expended on internal works, designed to i'm
prove the condition of the country, or otherwise
on objects rot belonging 70 the mere annual sup
port Of Government, in its civil, military and ma
val establishments. The receipts for the four
years that preceded we're eighty four millions
seven hundred aad twenty eight thousand and ten
dollars and seventy one cents, and the expendi-
lures eighty three. millions nine hundred and sew
enty-nine thousand eight hundred and seventy
our dollars and seventy nine cents. Ten mil
lions of dollars, obtained BY loans are included
in the receips Of the four years last mentioned !;
and five millions, so obtained, come into The Urea
sury during the first year OF the other SERIES viz
in 1926. This loan OF FIVE millions was procured
under an act Of Congress, OF May, 1921, at four
and half per centum, not from any deficiency
ofrevenue, but for the purpose Of paying of an e.
quail amount of the public debt at six per centum
II explains what said Of the payment that
was made account OF the debt in 1925 not hay-
ing all been from surplus revenue. The loans
amounting to ten millions, embraced in the first
series Of four years, were obtained with view
exclusive Of the sum applied to the purchase of
Florids) TO similar changes in the debt. II has
been the policy OF the Treasury Department to re-
Ind from time to time these changes OF stock