Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-12-12

into ope ration, it can now bestated, that, tax
ing one year with another, there have oeen
made. with the exception Of small fractional
sum, the full average payments OF ten ml'"'ns
Of dollars annually, 10 principal and interest,"
on account oil the public deb' Tais result mas
been in a great degree produced by the pay
mepts which will have been made during the
present year in reduo ton of the principal.
Five millions four hundred and sixty three dol.
lers and Twelve cents were paid on the hrs' OF
July, and il is intended to pay four millions nj
ty thousand seven hundred and eighty dollars
and seventy seven cents on the first oil January:
making for the whole year, including smah
balance Of Treasury notes 10 be paid on, ana
minute fraction Of the old registered deo', nine
millions sixty one thousand FOUR hundred anu
nine,y-six dollars, nineteen ceats. ne wi"
mit,ee on Finance Of the Senate, in their Va'ua>
bic Report to that body in April last, on he
state Of the public debt, referring to the io'e'
going payment, which IL was then IN con'ehh
pla,ion to make on the first of July, express
their hone ,ha, considerable red uction OF the
arrears due to the Sinking Fund. would proba>
bly be effected in the course Of this year. The
hope is amply realized. The large amount Of
the payme Mt to be made on the first January
was justified, in the opinion OF the Commits
sIoners Of the Sinking Fund.- by the receipts IN
10 he Treasury since the payment in July, was
resolved upon, which were greater than had
been anticipated and by those that were reasona'
bly anticipated for the fourth quarter ofthe year.
The Total sum that will have been paid on
account Of the deb from the first OF January,
1917, he year in which the Sinking Fund Act
PASSED, 10 the first Of January next, will be one
hundred and forty>six millions, six hundred
and sixty-nine thousand seven hundred and
seventy three dollars forty-eight cents. OF
this sum lightweight millions eight hundred
and thirtv.iour thousand one hundred and
eight dollars and s,xty-six cents were paid on
accoun, of principal, and fifty-seren millions
eight hundred and thirty FIVE thousand SIX hun
dred and sixty-four dollars and eighty two cts
on accoun, Of interest. The extra payments
on account OF the principal, ignore than could
have been covered by The annual appropriation
Of ten Millions comprehend sums obtained on
loan at a lower interest than six per cent. 10
replace stock paid off at that interest, and sums
that had accumu lated ir The Treasury in 1917,
partly under the effect Of the double duty sys-
lem, before the prospective operation oil ne
&C, begin The national deb, has b, en- posi-
lively iessened in amount by the sum Of sixtN~
FIVE millions one hundred and twenty mine thou
sand cgnt hundred and Twenty-Five dollars and
y
1917, by surplus funds. The whole Of this last
mentioned sum, so paid eff, was borrowed at
six per cent or more than six, with the exr ep
lion of a small amount of Treasury notes and
some Mississippi stock. II is facts like these
that attest the true character and value OF d
Sinking Fund None can be effectively such,
but where income exceeds expenditure; and
where a clear surplus from the former is slea-
div applied TO the diminution Of the d. b' -
Such is the Sinking Fund Act OF the U States,
and such have been the results of its operation,
results which it cannot be otherwise Than &C.
ceptable 10 the nation TO learn. The whole
naming debt that the nation will owe on the
first Of January ensuing, will BE-, IN Its nominal
smount, 6fty-eight millions three hundred and
sixty-two thousand one hundred and thirty five
dollars seventy>eight cents. But from this
amount should be taken seven millions of dol
lars, being So much Ct apparen, debt only, in
the shape OF subscription 10 the sto. K of the
Bank Ct the United States, the nation owing a
like sum in the stock Of the Bank. upon which
dividends are punc,ualy paid. Of he sum
that will remain, namely, ify-ons millions
three hundred and sixty>two thousand on, hun
dred and thrty-6Ve dollars and seve"ty-e,eb,
cents, The old revolutionary three per cents
constitute more than thirteen millions Of dol
|
debt, il will be seen TO how small an amount i,
has fallen und-ra faithful enforcement, Of the
Sinking Fund Act, in the space ofelev"n years
In the past effects OF this act, we have the
pledge Gifts future fhcacy. As each success.
i've year increases III. proportion Of prlncips
that is paid of, dim lnishing that of interest, i
is easy To anticipate in how short lime IN,
nation, under The continued action Of the fund
will BE- released from all charges whatever or
account Of he debt, by Us final extinguishmen n,
Assuming its slated appropriation of ten mil
lions 10 be forerun in the same proportion il
future years as 1t has been :hi> year, the deb
will in effect be totally paid off in little more
than four years.
An evidence ofthe stable resources Of coun
try, actual and prospective, is to be found II
the prices which its funded debt bears in the
money markr'. A financial exposition and re
view, like the present, naturally embraces som.
gener al alusion to this point. The stocks o
the United Safes keep at an elevation abov.
par, indicative Of The high credit Of The Gov
ernment: the more remarkable from the con.