Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1828-12-16
-3iaIa,ai Report Of the Secretary the Treasury,
ON THE STATE or THE FINANCES. =

deemed fit for prosecuting. IN conncxon with it,
brief retrospect ofthc principal financial operations
| and results OF the three years preceding.
AS preliminary, it may DO proper To remark, that
tho receipts Tor the present year likely 10 reach
sum greater than that ut which they were estimated
when CONGRESS- assembled last year: whilst the exD.n-
dturcs, always confined within limits prescribed by
the law, have not gone beyond those limits. The
only exception to this previous limitation upon cxpen
pendurc applies to tho public debt, for the reduction
OF winch larger sums my bo paid ttan regularly
set apart tor the service of tho year. provided there
o. surplus funds in tho Treasury to udnt OF it. This
has proved to be the case during the present year.
In tho summary retrospect which il is PROGRESSED TO
1--WE, the state ofthc public dobt will claim the FIRST
attention Such is the interest which tie nation is
known to take In ITS eNagUishment, that what done
ut the treasury, from year 10 year, under the
inlunc;ons OF the laws towards this end can
not be too distinctly set forth. Amongst tn, hirh
est duties of nation, is faithfully to keep to its pec
mary cng1gemcnts and there need be no better de-
monstrntion of its pccunnry ability, tlun when il is
secn 70 pay OIL with promptituic and punctuality its
funded debt.
There paid in 1925, OH account of the debt the
sum OF twelve millions ninety nine Thousand and forty
four di,ars and seventy eight cents This sun, wns
not oil derived, will be seen hereafter fror, su-
plus revenue. In 1926, there were paid eleven mil
lions thirty 'Hr Thousand four hundred and forty four
dollars and sixty cents, oil from surplus reverun IN
1927, ten millions one tlous. nd five hundred and IN
yfve dollars and nircty-eCht cents from s,lr,lus r
venic; and, IN 1925, there will have been paid y tie
close OF the year, also from surplus revenue tWey,
Thousand fNO
hundred ana sNy-siy dollars and ninety cents ma kim,
for the four years, ioriyvp million; three h. n,Irnd
and three thousand six hundred ami foriy-two dollar
twenty cents Cfths sum, thirty millions ,.!rcc
hundred severity thous ana ono hundred md e
y-eight dollars and cent, were applied To fbo
principal, ana fourteen millions nns hundred nuI fhir
ty thousand tour hundred and i;y-our dollars and
twenty I'VE cents. 10 the interest Of the debt: the
whole OF tire former having gone 20 the rc,uci N f
that part Of Ii which bears interest of six par corr
Phc act of Congress of the third of March, 1917.
coumoliy called the Sinking Fund Act 2pDrcrriotcs
the annual Of ton millions dollars for tho MIR
pose gradually sinking paving off the public doh.
OF tho nation. This sum includes allraymcnts on nc
count OF interest, which IRE Invariably made from
quarter ~ quarter, leaving the reain6crto be orrd
rs tlT As i will go, to the reduction Of tho
Up IN the year 1925, the expectations of this nct had
not III oae sense, been always fully met. Thu urual
interest WIS ever ecrupuousiy paid as the quarter
came around; but there had not been, durne, every
year, sucien, residue t0 bc applied TO tho nrnciroi
TO make up tho entire Of e coo 900 Som, p,cs
there w's not sufficient amount OF deb. rcdec,,abs
under the laws. in the of year to allow orbn
iui payment Of ten millions, even If the surplus funds
Of the Treasury hpd been equal TO the cpor;,tion Tho
inability Of tho Treasury where il Inav bnvo ,vefo
10 reduce tho principal OF the debt every wear b rho
precise anonn. contemplated il tho Snkinr Fund net
neither broke faith ror caiTsrz complaint g,ih ho
public creditor; for whatever The considerations ~
pnhic policy th1 have m1dc tho ranid exnor;slrornt
Of tlc debt f;yofite object with tie nation IL IL
known that tire public creditor ards it. iaiy3alr
as hardship 10 b paid OF. His reliance uroa the
faith and resources Of the ma ION is so unbranded fI,+
1 prefers let his capital stock remain ia ~ ho,3
snolect only TO his calls for tie interest But since
the close o. 1928 such has been the state Of tho re
sry from the increasing sodity Of the national re-
sources, that, not only has tho annun reqgition Of
thH Sinking Fund Act bcca complied with but s,r
more has boon done. At tho beginning of that voar
the whole sum paid under tho net during the scvrn
! years OF It's operation, in reduction Of tho principal
OF the debit ae operation Of tho act not hayjnp rom,
larry commenced until 1919 fell shor by sum ev
cccdiiI three millions OF doars of the gl,o,nt t,a,
1T would have reached had the full ten millions bcro
PAID n principal and Interest during each of tho seven
i years in question. Since the ccsc Of tho wear 1925
or, more correctly. since the conucnceaI,t of 1928
tLrs deficiency has been countervand by such an
excess of annual paymeu;s towards the principal Of
the oo5t' "a to Te in the language of tho Trcasr,-
Ty no arrears noW duo 10 tho Striking Fund or none
o? Importance in Other words, looking back unoa
the whole tir1c that has eli p5cd since the SINKING
FUND Act wen into operation. Il now b. stat ID
th't. taxing one year wi another. there hlvo been
Ell1e with the exception OF small fractional rnr1O
iilc IVA average payments Of zen n lions OF dollars
hnn;dy, N pIEC pal and interest, on account Of tn,
public d25t. This result has been in great de1rce
ufomced bytdo payments which will have occn made
dirn nc present year IN reduction Of tn, princiDal
Eve liiions four hGD rcd and sty-thrcc dollars aud
twelve cents wcro paid thu lst Of July: pd !: is
intended to pay forr millions fifty thousand seven
hundred rn4 eighty dolars upd sevcntv-soqcn cents
ca The list 81 JHnU.fy; making, for the whole year IN
Gliding u snia! balance of Traasurv notes 10 10 mid
Oh ani minute fraction Of tic old registered debt
ninc millions sEty-one thousand four hundred and
nn@ty-5iX dollars nineteen cents. Pho committee on
linaAc' nt tie senate, III ther valuable Dcp,rt IN
tidt holy in APc' last the state OF Tho public debt
referring TO The foregoing payment which il was then
IN contemplation 10 make tho lst Of July cyprcssrJ
Their nope thet considerable reduction Of the arrears
due 10 the Smiling Fund would prabnlIy be- effected
IN ih1 course ofths year. Tie hop, e amply realiz
GU The large amount Of the payment 70 be made on
the hr3t January was irs;ifcd, the opinion of the
commissioners ct tho Sinking Fund, by tlc receipts
into the Treasury since Tho payment in Juiv WIS re-,
solved upon which were creator than had been anti
cpatod. aud By tn"c that rcasoGa III anticirnt
/ cd for TIC fourth qGaItor of tho year.
INC total sum that VIII have boom paid On account
Of thc dc5t from IT, first Of January, 1917 tho y,
"EIch the sinking fund net pofsed to the rst Of in
ndary next viii Dc one hundred ond f5Ytysx millions
Sly hundred 1a1 siSty-nnc tb1usand seven hundred
ana seventy three dollars foty eight cor.s OF this
sum eighty eight millions eight Hundred and thirtv.
four thoueand one hundred and cioht dollars and e