Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1828-12-25

suUJect oniy 10 MS calls for interest
but since the close of 1895. such ha.
been the state of the Treasury. from The
increasing solidity Of the national ye-
sources, that, not only has the ANIMAL
rreqws'tion of the Sinking Fund Act
been complied with, bot still more has
been done. At the beginning of that
year the whole sum paid under the ac,
suf'ng the seven years of its operation.
in reduction of the principal OF the
debt, 1.-THE operation of the act not bsv
ing regularly commenced until 1918 !
ieil short by sum xcceedins three
millions OF dollars, of the amount that Il
would have reached bad the full ten
millions been paid in principal and in
terest, during each OF the seven vears
in question. Since the close Of the
year 1925, or, more correctly. since the
commencement of 1896, this deficiency
mas been counterVailed by such an ex.
cess of annual payments towards Tho
principal OF the debt, as to leave in tho
language of the Treasury. no arrears
now due to the Sinking Fund. or mono a,
importance. In other words. LOOKING
back upon tue whole time that has ..
lapsed since The Sinking Fund Act went
INTO operation II can now be stated that
taklag one year with another. there have
been made, with the execution Of a
small fractional sum the full average
payments Of ten millions of dollars an.
nuaily, in principal and interest, on az.
count OF the public debt This result,
has been in great degree produced by
the payments which will Lave been made
during The present year in reduction Of
the prjn,eipal.-Five millions four hun
bred and sixty three dollars and twelve
cents were paid on the first of July. and
it is intended 10 pay four millions fifty
thousand sever hundred and eighty dol.
lars and seventy seven cents on the lst of
JANUARY making for The whole year, in.
cluding small balance of Treasury
notes to be paid of, and mipute frac-
ten of the old registered debt, nine mil.
lions sixty enc thousand four hundred
and ninety-six dollars. nineteen cents.
The Committee on Finance of the Sc
nate, in their valuable Report TO thai
body in April last, on the state Of the
public debt, referring to the foregoing
payment, which il war then in conte e.
plation to make on the first Of july. ex.
pressed their hope that a considerable
reduction of the arrears due to the Sink
ing Fund, would probably be effected
in the course of this year The hope
is amply realized. The large smoun,I
of the payment to be made on tue first
of January was justified, in the opinion
of the Commissioners of the Sinking
Fund, by the receipts into the Treasury
since the payment in July, was re olved
upon which were greater thar had been
anticipated and by those that were rea.
senably anticipated for the fourth quar-
ter Of the year.
The total sum that will have been
paid on account Of the debt from the
first ofJanuary. 1917. the year in which
the Sinking Fund Act passed, to the
first of January next, will be one hun.
dred and forty-six millions six hundred
and sixty nine thousand seven hundred
and seventy three dollars forty. eight
cents. OF this SUN eighty eight MILL.
ons eight hundred and thirty four thou
sand one hundred and eight dollars and
Sixly-six cents were paid on account oil
principal, and fifty seven millions eight
hundred and thirty Eve thousand six
hundred and sixty four dollars and eish
two cents on account of interest. The
extra payments on account Of the prin-
cipal, imore than could have been coy-
cred by the annual appropriation of ten
miiiions,l comprehend sums obtained on
loan at lower interest than six per
cent. to replace stock paid off at that
interest, and Sums that have accumula-
ted in the Treasury ia 1917, partly un
der the effect cd the double duty system,
before the prospective operation of the
act began. The national debt has been
positively lessened in amount By the
SUN of sixty FIVE millions one hundred
and twenty nine thousand eightshundred
and twenty nina dollars and thirty. ght
cents, since the first OF January, 1917,
by surplus funds The whole of this
last mentioned sum, so paid of was Dor
rowed at six per cent. or more than six,
with the exception of small N cunt OF
Treasury notes and some Mississippi
stock. 1t is facts like these that attest