Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-03-18

OF January, 1925, of$i,7Il, 2l0 OF. This haiance.
however is subject 10 charge of $1,000, 600, be-
ing the amount of the unexpended balances of an
preparations made previous 10 the first of January
\ 1873, which viii yet be required to accomplish the
objects for which the appropriations were original
| " made But IL is due 60 just exposition of the
tue financial resources of the Government as an
plicable TO objects for which new approximations
may be made, that the committee should state,
| that our uniform experience warrants the antic-
patton that there viii be, at the close of the present
year as large, or very nearly as large, balance OF
uheSpehded appropriations, as there was at it, com
| mencement.
PUBLIC DEBT.
! The funded debt of the United States amounted.
on tue Sist oil December 1927, to S67, 435 4S9 "a.
/ ms sirin includes the seven millions of five per
cent. stock subscribed by the Government TO The
Bank OF the U. States, and for which the Govern
ment holds full equivalent in stock of that Bank
throwing these seven millions ont of the estimate
mere remained, on the 3lst of December last, TO
be extinguished by appropriations OF the public
revenue, the sum OF 500, 435 4S9 81 of the public
debt consisting of the following descriptions and
IN the following proportions viz: three per cent.
stock, beng the remainder OF the debt of the Re-
Voiution, and rcdeemable az the Measure of the
| Government, $I3, 296 PAT TO- six per cent stock
redenabie at various periods, prior 10 the LIST of
january, 1928, and, Of course, now rcdeeraabIe at
the pleasure OF the Government, Ss5, $50. III So
tive per cent stock, rcdeemahle in the wears 1921
Il ~ =
S3,fS2,OoO 20; and four and half per cent stock
redccmabie in the years 1929, 1883. 1892 1888
and 1884, principally in the year 1882, Sis, 99A :
Cot II. 10 exhibit another view Of the public
deot, 1t may be useiuio state, that exclusive of
! the stock subscribed to the Bank of the u States
ana the three per cent. stock there is now redeem
able all the six per cent stock to the amount Of
$Zo,3o5,l 10 55; that there will be rcdemable in
1913, including the foregoing, stock to the amount
oil S26,l22S45 81; that there will be redeemable
IN 1880, including the foregoing, stock to the a.
mount OF $26, 1872, 5I3 50; that there will be re-
deemable i'll 1884, including The foregoing stock
10 the amount OF $26,9lI ,4l5 2S; that there will
be redcemable in 1882, including the foreroinp
stock TO the amount of $37 ,930,3I6; that there
will be redeemable in 1888, including the loreqo-
lng stock TO the amount of S40,I765sI Sc; that
there will be redecmable in 1854, including the
foregoing, stock to the amount of S42 40s Dt5 So:
and that, in 1855, there will be redeemable, in
GLIDING the fore going stock to the amount of
| S47, 1924 81
1t is apparent from the analysis last presented,
that the public debt is in a condition 10 put the
whole amount OF the sinking fund in constant 6
active requi>iIon, without applying any portion Of
II to the eXtingushmcnt either of the three per
cent. stock, or OF the stock held by the Bank of
the United States. Ofthc sum Of ten millions
annually applicable, by permanent law, to the
payment OF the national debt, il required the last
year, something more than So, 100000 to pay the
current interest In the process, however, Of ex-
unguishing the debt, there win be an annual and
progressive diminuton Of the proportion of that
fund applicable TO the payment of interest and a
corresponding increase ofthe proportion applicable
10 the extinguishment of the debt. Taking the a.
verage oil the next five years, il may be assumed
that I,25OOOO OF the sinking fund viii be annual
" applicable TO the payment Of the principal. 1t
follows that, at the close of the year 1882 year
in which large amount of the debt becomes re-
deemabe, there will remain to be eXtinguished of
the debt then redeemable at the pleasure of the
Governments if the sinking fund be faithfully APP
pied, less than two millions of dollars, exclusive
CT the three per cent. stock, and the stock held w
the Bank of the United States.
1t also follows that, in the year 1885, when the
whole debt becomes redeemable; the sinking fund
VIII be adequate TO its entire eXtinguishment, If
the stock held by the Bank of the United States
and which cannot he Justly considered part of the
national debt, be excluded from the estimate
1 his anticipation, however, is founded upon the
suppoSition that the revenue will not be diInin-
ished. whist the committee look forward with
much qualification TO the period when the whole
national debt shall be extiagushed as TO an era
OF which history furnishes scarcely an exainpe,
the reflection IS forcibly suggested that the reve-
nue., by which this extraordinary result will have
been produced, is almost entirely the contribution
oil our ioreign commerce. commerce which
though exposed to great vicissitudes, and render
ed, by our own Legislation, tributary to other bran
ches OF industry, has, notwithstanding, carried for
ward the nation in career Of prosperity, since the
late war, for which no parallel is to be found eN-
cept IN our own previous history, at a period
when the wars of Europe threw into our
hands the carrying trade Of almost the whole com
Inerciai world, and gave US a market, of unpre-
cedented extent, for the productions OF our soil.
EStinGte IF the reUenuc and expenditure fol, the
year 1928, and for future years.
In forming an estimate ofthe probable amount Of
the revenue for future years, the portion Of that
revenue which will will be derived from sources
other than foreign commerce, is comparatively so
inconsIdcra5e, and so little liable 10 fluctuation
that the committee propose 10 contiHe their inqri-
ries exclusively TO the probahls income from the
customs, and to the effect produced; and likely to
be produced, by the existing and contemplated re-
guiatons oil the duties on imported merchandise.
And, IN the ITst place. the committee cannot con-
cur with the Secretary of tie Treasury, in the o.
puion expressed in his annual report. that TO
suppose toe tarih OF 1924 IS at such pitch as TO
aiect inJuTiousy the interests Of foreign com
merce, would be contrary 10 anaIogies afforded by
the history OF other commercial nations, and thus
TAR, &c the experience Of our own On the con-
tr'Ty, the committee can see nothing in those ana
logies or III that experience, to render it at all
doubtful that foreign commerce is injuriousIy af-
iectLd by every imposition laid upon it, even for
the purposes OF revenue merely; and that prohi-
tory duties, IN the very nature of things, must di-
nnisil foreign commerce TO greater extent than
they build up and sustain the substituted proJuc-
tons OF domestic industry.
The statistical combinations and comparisons
from which the Secretary deduces the inference
that the interest Of foreign commerce have not
been DuTiously affected by the tariff of 1921 are
not less liable to objection than lis general rpa-
sonng on tho subject. To Estate that the aggreg gate
Imports OF the three years succeeding tlat Ia
riii exceeded The aggregate imports of tic
,mce years preceding ID, without stating al
80 thc notorious and extraordinary cause Of
! that excess Is, in the opinion Of the committee.
a mode oil laying promises, by nCmeans proptious