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

seven millions OF dollars, being so much
of apparent debt only, ia The shape of
10 the Stock of the Bank of
the United States, the nation owing
like sum in the stock Of the Bank, upon
which dividends are punctually paid. OF
the sum that will remain, namely, fifty
one millions three hundred and sixty
two thousand one hundred aud thirty
i've dollars and seventy. eight cents,
the old revolutionary three per cents.
constitute more than thirteen millions Of
dollars. By this exhibition Of the state
OF the debt, il will be seen to how small
an amount it has fallen under faith
full enforcement of the Sinking Fnpd
Act, in tie space of eleven years. In
the past effects ofthis act, we have the
pledge of its future efficacy. As each
successive year increases the proportion
of principal that is paid of, diminishing
that OF interest, il is easy to anticipate
IN how short time the nation. under
the continued action of the fund. will be
released from all charges whatever on
account of the debt, by its final extin-
punishment Assuming lis stated appro.
priation OF ten millions to be foreseen
in the same proportion in future years
as IT has been this year the debt will in
effect be totally paid off in little more
than four years.
An evidence of the staple resources
OF couatry, actual and prospective, is
to be found in the prices which its fund.
ed debt bears in the money market
A financial exposition and review. like
the present, naturally embraces some
general allnsion To the point The
stocks of the United States keep at an
elevation above par, indicative of the
high credit of the Government: The
more remarkable from the considera-
ton that they are redeenable at short
periods, and quickly redeemed in fact,
as the periods arrive. The third per
cents being those which i. is presumed,
will be redeemed last, a circum.tance
known always to enhance the value of
stock where public confidence attaches
to it, stand accordingly, at the highest
rate, being a favolite stock abroad as
wei as at home. For the last four
years. this potion Of the public. stock
has been at price ranging in the main.
from 10 to 81; FOR has it been always
attainabe, such is the demand for il.
even at that rate. The heavy fell of
stocks in England towards the close Of
1926, affected those of this country less
than might have been anticipated from
the connexions of business between the
two countries. and serves to show the
value Of this Government, even under
untoward occurrenciesi in that great Gen.
ire OF the commercial world.
The precise amount and kinds. Of
stock Of which the public debt will con.
sist on the first of January next. with
the periods OF redemption, will be seen
in detail in the document No. I annexed
to this report. II is no. deemed neces-
sary to say any thing more under this
head, except barely to add, that the FIVE
millions four hundred and sixty. three
dollars and twelve cents that were paid
of on the ist of July last, consisted of
two millions seven hundred and fsrtv.
four thousand four hundred and twenty
three dollars and ninety one cents of the
six per cent. stock created by the act Of
Congress of the eighth Of February.
1918, being all that was left of that
stock: and of two millions two hundred
and City six thousand thirty niue do!
lars and twenty one cents, Of the six per
cent. stock created by the act of the
cath of March, 1914. The four millions
fifty thousand seven hundred aad eighty
dollars and seventy seven cents, intend.
ed to be paid at the close of the present
year. consist of six per cent. stock also
created by the last mentioned act but
denominated the loan OF the 22d Aug.
1918; being in like manner, all that re.
mains unpaid of that particular loans.
The general state ofthe Foreign Com
merce of the country will next be given.
This will best make known the surplus
productions of its soil, sad those other
sources of its industry which constitute
the basis of its foreign commerce. The
importations into the United States, du-
ring the last four years, amount, in val
ne, to three hundred and fifty millions
two hundred and two thousand four
hundred and sixty. nine dollars. Those
for portion OF the present year are
here given by probable estimate rather
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