The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1828-12-22


the close oi The year 1895 or more correctly
since the commencement of 1870, thip drhrr
ency has been COUNTER walled by such al ~
cess II annual payments towards the prime pal
of the debt, as Ia leave, IN he language nftbs
Treasury, no arrears now due TO the Sink inc
Fund.- or none oil importance. In other words
looking back upon the whole time that has =.
lapsod sines the Sinking Fund Act went inio
operation, II oan now he stated, that, taking
one year with eapthir. there .Hve been made
with the exception of small fractional sum J
tue full sssraa. i'symenis 81 tea millions ol
dollars annually, ~ principal a. nienest, on
account OF the public debt. -
The result has been IN n great degree pro.
duced by the payments wh,ch VIII have been
IN de during the presen, year IN reduction 81
| The principal. Five millions four hundred
and siay-thrs" dollars and Twelve cents were
paid on the hrsi July and IL Is intrndrd Ia
| pay four millions fifty thousand seven hindrs .
| and eighty dollars aud srveniy-seven cents on
| the first oi January /. making for the whole
veHr, including n small balance oi Treasury
notes 10 be paid off, aud n m,nute traction Of
| the old registered debt, nine millions SIXTY
| one thousand four hundred aud ninety six dol.
] lars and nineteen cents. The COMMITTEE un
| Finance nf the Senate, ~ their valuable X,
port to thai body IN April last on the stale ut
pasmen, which II wa. then in contemplation
o make on the frs, OF J ly, expressed their
| hope Thai considerable reduction of tho ar
| resrs duet the Sinking Fund, would proba
| lily he ffrcied ia he course of tbs year The
| hope i amply realized The large amount OF
the payment 10 be- made on the Grsi January
was justin Il, III the opinion Of the Commis-
| sioners oil the Sinking Fund, by the recei ia
INTO the Treasury since The payment IN July,
| was resolve upon, which were greater than
| had been anticipated and by those TINT were
reasonably anticipated for the fourth quarter
| OF The year.
The total sum that will have been paid on
account of the debt from the first of January,
1877, the year IN which the Sinking Fluid Act
passed TO the first of January next, will be
one hundred and foriy-sl1 millions. six hundred
| and sixty mine thousand seven hundred and Sc
| yeaty three dollars and forty eight cents. o.
| this sum, eghty-eigh, millions eight hundred
| aud thirty.iour thousand one hundred aud eight
dollars aud SAY six cents were pnid on account
| OF principal, aud fifty .seyeu millions eight hun
| dred and thirty i've thousand STA hundred aud
| sixty four dollars and eighty two crnts on ac-
count Of interest The extra payments on &C.
| connt otthe principal, lmore than could have
| b. en- covered by the annual appropriation often
m'llions,) comprehended sums Obtained on loan
4
stock paid of al that interest, and sums that had
accumulated IN the Treasury IN 1917, pur,ly un-
der the Effect OF the double duty system, before
! the prospective operation Of the act began.
| The national debt has been positively lessoned
| IN amount by the sum Of siIiy five millions one
| hundred and t~enty nine thousand eight hun.
| dred and twenty nine dollars aud thmty.eight
cents since the 8rst ofJhnuary, 1877, by surplus
funds The Whole of lh's las, mentioned sum,
| paid off was borrow, d al six per cent. or
more than six. with the exception Of small
amount OF Treasury notes and some Nl,slssip-
| pr stock. II is facts like these that attest The
| true character and value OF Sinking Fund,
Nome can he effectively such, but where ~
COM exceeds expenditure; and where clea,
surplus from the former is siendiy applied to tho
| dnnuIon of The debt such Is the Sinking
| Fund Act OF the United States, aud sucn have
been the results OF It's operation results which 1t
cannot be otherwise than acceptable 10 the
nation To learn. The whole remaining debt
that the nation will owe on the first of January
ensuing, will be, in its nominal amount fifty.
| eight millions three hundred aud kHty-,wO
| thousand one hundred and thiriy-hve dollars
and seventy eight cents But from this amount
should he taken seven millions Of dollars, being
So much of apparen, debt only, in the shape al
| subscription TO the stock Of the Bank Of the o.
nied States, thu. naton owning a like sum IN
stock ofthe Bank, upon which dividends are
punctually paid. OF the SUN thai will ie-
| man, namely ifty-one millions three hundred
| and siAiy.two thousand one hunted aud thiriy-
! hye dollars and seyenty-cight cents, the old re-
| yolui,onary three per cents. constitute more
than thirteen millions Of dollars BY this sxhi.
| bon of the state of the debt il will be seen TO
| how small an amount 1t has fallen under n
faithful enforcement OF the Sinking FUND Act,
in the space Of eleven years. Ia the past ct
fects of this act. We have the pledge Of its future
| efficacy. IA each successive year increases the
proportion OF principal that is paid off. DUNN
| ishing that of interest, II is easy To anticipate
in how short time the nation under the con-
! tinued action Of the fund.- will be released from
| all charges whatever on account OF the debt, by
lis hnei extngnlshment. Assuming its stated
| appropriate of ten millions 90 he forerun IN
the same proportion in future years, as II has
been this year. the debt will IN effect be totally
| paid oil IN little more than four years.
An evidence of The stable resources ola couu.
! try, actual and prospective, is TO be found in
| the prices which iis funded debt bears in the
money market "A financial exposition, md
review, like the present, naturally embraces
some general sllusion TO this point The stock.
of the United Sintes Keep Al an cloya,ion above
par. indicative OF the high credit Of IN. Cav
eminent the more remarkable from IN. ron
sderaiion that they are rcdp ..,nable nj short ne
RODS, and quickly redeem ed ia fact as the ne
Iiods arrye. The three per cents being thos,
which. it is presumed, will beiredeened last. .
c'rcu'nstanc" known always 10 enhance the val
ue OF stock where public confidence attaches "a
II. stands, accor''neI =, at the highest rate, be
ing iasor'se stock. abroad as well as nj home
Tor the last fnor yrars, this portion OF tbs
public stock HIS been nj price ranging ~ tie
main, from 80 TO 80 nor has it been away.
atfainable, such Is The demand for IT, even a,
tai rate The heavy fall OF socks in England
towards the close OF 1928. affected tn0se Of hi
, country less 'hsn might have been ANTICIPATED
from the connexions Of business between tn
} two COUNT e.. and serves TO ehow the value 81
those Of tins Government. even under uniowar,
Occur rences IN tha, great centre Of the CONNER
oial world
= Iha n..CIse ain..iILi md li...la II