Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1828-12-25
ANNUAL REPORT
o. the Secretary Of the Treasury
ON TaE STATS OF THE FINANCES


one, for presenting, in connexion with
i, orie. retrospect Of the principal
B financial operations and results Of the
1 three years preceding.
As preliminary. it may be p,oper TO
reUark that the receipts for the present
year are likely to reach sum greater
than that at which they were estimated
when Congress Assembled last year;
whilst the expenditures, always confined
within limits prescribed by the law, have
not gone beyond those limits. The only
exception TO this previous limitation up.
on expenditure. applies to the public
debt, tor The reduction of which. larger
sums may be paid than are regularly set
apart for the service of the year, provi-
ded there be surplus funds in the Trea-
sury to admit of it. This has proved to
be the ease during the present year
In the summary retrospect which il
proposed to give, the state of the public
debt will claim the first attention. Such
is the interest which the nation is known
to take in its extinguishment, that what
is done at the Treasury, from year to
year, under the injunctions Of the laws
towards this end, cannot be too distinct
ly set forth. Amongst the highest of
duties of a nation is faithfully to keen to
its pecuniary engagements, and there
need be no better demonstration of its
pecuniany ability, than when il is seen
to pay off with promptitude and pu nctu
atty its funded debt.
There was paid 10 1876, on account of
the debt the sum of twelve millions
ninety nine thousand and forty four dol.
lars and seventy ght cents This sun
was not all derived. as will be seen
hereafter, from surplus revenue. In
1926, there was paid eleven millions
thirty nine thousand four hundred and
forty four dollars and sixty cents, all
from surplus revenue, and in 1927, ten
millions one thousand FIVE hundred and
eighty FIVE dollars and ninety eight cents,
from surplus revenue, and in 1928,
there will have been paid by the close of
the last year, also from surplus revenue,
twelve millions one hundred and sixty
six dollars and ninety cents, making for
the four years, forty FIVE millions three
hundred and three thousand six hun
dred and forty two dollars, twenty six
cents. OF this sum, thirty millions three
hundred seventy three thousand one
hundred eighty eight dollars and one
cent, were applied to the principal, and
fourteen millions nine hundred and
thirty thousand four hundred and fifty
four dollars and twenty. FIVE cents, to the
interest of the debt: The whole of the
former having gone towards the reduc.
tion of that part of it which bears an IN.
terest of six per cent.
The act of Congress of the third Of
March, 1917, commanly called the
Sinking Fund Act, appropriates the an
nual sum of ten millions of dollars for
the purpose of gradually sinking or
paying off the public debt OF the nation.
This sum includes all payments on &C.
count of interest, which are iavariably
made from quarter to quarter, leaving
she remainder to be applied as far it will
go, to the reduction of the principal
Up to the year 1925, the expectations
o? this act, had not, in one sense, been
always fully met. The annual in.
.serest was ever scrupulousiy paid as
the quarter came around, but there had
not been, during every year, sufficient
residue to be applied to the principal.
to make up the entire sum Of ten mill.
0ns of dollars. Sometimes, too, there
was not a sufficient amount Of debt
redeemable under the laws, in the
course of the year, to allow of the full
payment often millions. even Il the SUR
plus funds oftbe Treasury had been
quail TO the operation. The inability of
the Treasury, where it may have exist
ed, to reduce the principal OF the debt
every year, by the precise amount con-
templated in the Sinking Fund Act,
neither broke faith nor caused COM
plant with the public creditor; for
whatever the considerations Of public
policy that have the rapid extiaguish
ment of the debt favorite object with
the nation, il is known that the public
creditor regards ii, Individually, as a
hardship to be paid off. His reliance
upon the faith and resources Of the ma
ton is SO unbounded, that he prefers to