Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-12-16
ANNUAL TREASURY REPORT
TREAsURx DEPARTMENT.,
a.kl

ANNUAL TREASURY REPORT. <s-N
TREAsURx DEPARTMENT.
6h December, lS2s (
oiR' have the honor to transmit a rerort
prepared in obedience TO the directions OF the 49,,
TO the act, entitled An act 10 as
taoiish the Treasury Department passed on The
10th OF Nav, 1900. - '0
: have the honor to be- with Tho b;rha.. -.
sPeet Your obedient servant. 49,
r.n.y n. 80 RicHARDRusn
@ me House ef Representatives
REPORT.
IN laying before Congress the Annual Reuort.:
e secretary oil the Treasury for the present YEAR
tne occasion Is deemed ht ono for presenting IN,
eenheAion with 1t, brief retrospect OF the prsaei
pai financial operations and results of The three
years preceding.
AS preliminary, il may be proper 10 rcuurt.
that The receipts Of the present year are likely fo
sum greater than that at which they were
estimated when Congress assembled last vearS
whist the expenditures, always confined wlhfr,
hnh!s prescribed by the law, have moi ponc Re- :,
yonds those limits :" The only exception TO thu,
pho ISL, nalion upon expenditure applies 10 s
Puohc DEBT, Tor the reduction of which larger ann.
may De paid than are regularly set apart for slr,
service oithe provided there be surplus frra
IN inc treasury TO admit oft This has proved cs
NC .ne case during the present year. " :, ...'t :,
In the summary retrospect which il Is propo.ea
20 give, the state Of the public debt will claim fn
first attention. Such is the interest ,h;s,s . .,
Nation Is known 10 take in IFS extineui, b,neuf >
.hat what Is done at the Treasury from wear Is
year, under tbs iDjunctons Of The laws ,,,...,s.S
uis end, cannot be too distinctly set forth -
mongst the highest duties of Nation is. ieithfoI
~ 10 keep TO ITS pecunary engagements; and rhers
heeo De 10 better demonstration OF its pecuniar,s
Ability than when i is seen - paw off yri,b nro,
'itmde and punctuafity, it's funded debt
mere was paid, in 1925, on account OF he DIN.
Tue SUN OF twelve millions ninety nine ihosanI
ana iorty- four dollars, and seventy-ejrbt een,s
ha.n sui' was not all derived, as will he seen
hereafter, rom surplus revenue In 1926 ti,prrr
were paid 1909 ,4i4 6O, alfirom .urpu, r. ysn,.
IN 1877, l000l ,bS5 9S, from surplus revenue.
IN isls there will have been paid, by the clos,
Sss a nc, year, ake rem surplus revenue, $1..l6s
200 Wv making Tor the osr years. forty tirc r,,;t
mons three hundred and three Thousand six ~.
aeo anu dollars twenty six cents OF fnf
sum- so,S.3,lSS VI were applied to the nr;,..;
r.' ,a i',Soo'40a 70 10 fhe interest of the deb
..'s "neie OF the former having gone towarIs thsS
est OF six per cent. 80. - Ni's..s-
Ahe act OF Congress .. the tlird of March ,s,,
sonlnoniy called the Sinking Fund Act. ap,,a'
pia,es Tue annual st:In of len miilions M Irr{{i
pr The purpose OF gradually Enkins or nay;n,,sss
me pubic debt OF the Nation. TEis ann, inc,' .a
an payments on account Of Interest ,yh;sh~SS
invariably made from quarter 10 Quarter Isavi,,s-
we remainder TO be applied as far as il ,,jIi a.;
TO the reduction OF the principal In q, ~. I ges
1879, Inc expectations OF this act had NO, : 80
sense, been always fully met. The ann,, - yne
.sres' was ever scrnpuipu-iy paid as the ouar,sr
eA'he round, but there had nj been durin, ~
every year, sufficient: residue no he a,,ni; -
princp-i, te make up the entire su,n os 20 ~
hons OF dollars. Sometimes, too ttrss $500 80 Ns-
. suhcient amount Of debt f-dselaale ,,,,. -
full naymen, e course o. a year, 10 allow or G,x
u' pay meht OF len millions, even il the surn,s.
LUNGS OF tie Treasury lad been canal 10 ~ Pais
erAton- Ihe inability Of the Treasure I.s ~.
den, existed, 10 reaHee tbs p:itSipsr ST thss
ted iey yea, ny the precise smonni colte M,
iNa,ea Ia the Sinking Fuad Act, pei.Ler hras
iat'i, nor Caused compisin,; WITH The nui,,,c
i'si' ,'F, Whatever the CONSIDERED o. = OF publ. 49,,
.eJ that nave made the rapid ex inyuishr,cSS,s.
t' s ue Ia, ia'orie object with tie nation ia:
KNOWN That the public creditor regards !, ;n.,;...
uaiiy' as Hardship " be paid oil Nj, rsi aaml
DI 'hs iSiIh ana resources OF the nation ia 40 -,
ponoea' 'hat he prefers to let his ca,.;ta stnct -
;'s i az IT'S hahos' subject only TO his oaIl Tor r..
interest But, since the close of Is,5 80 ~
been the stats Of the Treasure. from m. pa sAs
ing SoiuiS OIL the nationa resources tli,t no,
mas The annual requisi.ion Of the s;rLin.S
az. oeeh coiifisd with, but still more has 80
aone. At tie beginning OF that wear d. . Issis
sum paid uisder the act, .durinp he So "hete
VI US operation, In reduction OF the ,,r;,;1a
'he oep' lthe operation OF the act moi ha,,;. -
suia'iy commenced until 1879 fell short s..
sum exceeding three millions of dollars - ~
mount That it would have re,c,,ed -, ~ :, sns d
tep millions been paid, in principal and 500. WE
n,s eacn oi me seven years in QUE tion cin
.'ie eiose Oh 1872, or, more corree,lv g.; -
ssheepient OF 1926, this deficiency MS -.
~ '"Neo ny such az excess of annnu,J 80.
,'enls towards The principal of he doh, pS
ieape, Ia The language oftlle Treasury. no .-,
now que to The sinking fund, or none o! imor,sasa
All o'ner wo:d looking back upoo ,j,o -,
u'he ',ia' has elapsed since the s,nl.,na -,
,.,i 'o operation, II can now he sisted -
- nu year with another, there have l,es;,
H. "a n"..n he exception OF small frac iional s,,s,
ann,,ai1 u'age payment Of tep millions Of dollars
.,,''hu''iy, III principal and intere or is-.us
.he Pubhs DEBT. This result, has bean ;s ss
aesfee' pi oduccd by the payment yhich III .sss
Dee" mace curing the present year n -e,n,;nys
p.npeipdi, rive millions four bi,ndied 49,.
siA'y fbree dolIafs and twelve cent. a'.e'
me firSt Of July, and it is intended 70 ~, pa,a Ola
20, uoi'srs ana ~ cents on the frst 81
,'ahhB ivi tne whole year, incIrdinq !. .srW y
iaiee VI treasury votes TO be maid rH 80, 80
nu'e traction OF the cid registere dsi, q No.,
one thousand four huhdred and n;,'a
ne,,aa' .enr'eeh cents. The COMMITTEES on r.
'ha' body in April last, on the stas - sPogI ie
~, 1ep.' referring 10 the Joreaoiny ,.,,i.,'.
y, niei ~ vas then in eontemplaIio, =, ,...,
"e nis' Oh July, expressed their Ld,a ~ ~
so',siuerao!e reduction Of the airrar. d. ~ ,
s,',h'ng iund would probably BE- efTsc.eJ ~ 40
IT, ~ VI "'Is year. The hope is amply reagizs,t,
&c fss amount OF Tie payment 10 Ge mac "a.
" 'ur Soin'pissioners Of the Sinking Fnnd by -
:, sSeiP" INTO The Treasury since The paVne21,S,
Ivy was resolved upon, which were grsa.a'
man had been anticipated, and by tlo.e tbsf..c,,
The year. 'V'S"' quarter u
The total stun tia, viii have bse, r.;,, -.
count OF the debt, from the first OF J,n,' V a az
20 t,e year IN which the siuking fund scy nas.as'
10 the bTst ofJanuary neXI will be 60. hP.tss
',n lorIysix millions six hundred and .,,ty,';e