The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1828-12-22
TkEASUREK'S REPORT.
REPORT OF TIE SECRETARY
OF THE TREASURY.


In laying before Congress the Annual Repnrt
from the Treasury for the present year, the &C
| casion is deemed ft one, for presenting IN con-
nexion with il, briei retrospect of tho principal
hnapclal operations T. results Of the three wears
preceding.
AS preliminary, II may be proper 10 remark,
that the receipts for the present year are lkel,
10 reach Il sum greater than that at which they
were estimated when Congress assembled las,
year whilst the expenditures always confined
| within limits prescribed b, the law, have noi
gone beyond those limits. The on, execution
TO this previous limitation upon expenditure, ap.
plies to the public deui, for the reduction Il
which larger snms may be pad than nee reg :
lprly set apart Tor the service OF the year, pro
vided there bssurpus funds in The Treasu y "a
| admit OF II. This las proved to be The ease
during the present year.
In tho summary retrospect which il IL pro-
posed to give, the state of the public deb
wlll CLAM thu first attention. Such is the in
eres, which tae nation is known TO take IN
its extinguishment, thai What is done at the
Treasury, from year 10 year, under the in.
junction Of the laws, towards this end, cannot
he too distinctly sci forth. Amongst the high
est duties Of a nation, is faithfully 10 keep 10
its pecuniary engagements, aud there need be
~, than when il is seer to pay off with
pr"mptitude and punctuality its funded
debt
There WAS paid in 1925, on account of the
debt, the sun cftwelve millions ninety ninr
thousand and forty tour dollars aud seventy
eight cents. This SUN was not all derived, rs
will he seen hereafter, from surplus revenue.
In 1926, there were paid eleven millions thir.
~ nine thousand four hundred and forty four
dollars and sixty cents, all from surplus rev.
nue. in 1927, ten millions one thousand Eve
hundred and eighty five dollars and ninety
eight cents, from surplus revenue aud, IL
1923, there will have been paid by the co.e
Of the wear, also from surplus reyrnue, twelve
millions one hundred and fixiy three thous.
and Eve hundred and sixty six dollars and
ninety cents, making for the four years, lorls
FIVE millions three hundred aud three thous-
and six hundred and forty two dollars and
tWenty SIX cents. or this sum thirty millions
three hundred and seventy three thousand one
hundred and eighty eight dollars and one
cent were applied TO the principal, and four
teen millions nine hundred and thirty thons-
and four hundred and fifty four dollars aud
twenty five cents, TO The interest Of the debt !;
the whole Of the former having gnhe towards
the reduction ofthat par, OF II which bears an
interest OF six per cent.
The oct OF Congress OF the Sd March, 1877,
commonly called tho Sinking Fund Act, hp-
propriates the annual SUN Of ten millions oil
dollars for the purpose OF gradually sinking
or paying of the public debt OF the nation.
This SUN includes all payments on account OF
interest, which are invariably made from
quarter TO quarter, leaving the remainder 10
be applied, as far Us il will 60, to the reduc-
ton OF the principal. Up 10 the year 1928,
the expectations OF this act, had not, IN QUE
sense, been always fully met. The annual III
teresi was ever scrupnlonsly paid ms the quar-.
ter came around but there had moi been. du-
ring every year, a sufficient residue 10 he APP
piled 10 the principal, TO make up The entire
sum OF ten millions OF dollars. Sometimes,
too, there was not sufficient amount oi debt
redee mable under the laws, in the course OF a
year, TO allow Of the full payment oil ten miI-
lions, even if The surplus funds of The lreasu-
~ had been equal TO the operation. The ina
biliiy III the Treasury, where II may have ex-
listed, TO reduce the principal OF the debt ev,.
~ year, by the precise amount contemplate
in the Sinking Fund Act, neither hrokv failt
nor caused complaint with the public credit
or for whate YER the considerations of nuhli,
policy that have made the RAPID e1iingnish
ment OF he debt favoriie ieci with the M
ton. IL is known that the public creditor ~
CARDS ii, individually, ss hardship 10 be par
OF His reliance upon the taih aud resource
| OF The nation is so unhounded, that he prefer
TO let his capital stock remain in its hand.
subject only obs calls Tor the interest. Bu
since the close Of 1925. such bias been III
state OF the Treasury, from the increasing SC
lidity al the national RESOURCES that, not on
ly has The annual rsqnsi6on nj the Sinkin
Fund Act been complied with, but still NOR
i has been done. AZ the bcginniog of tina
year, tho wioio sun paid uoher the ac, diirin
Toe srven years Of its operation, IN rrduc,io
/ ot lhe principal Of tie debt, the operation I
the act no, having regularly commenced u,
/ nj 1919, tel shefi, by sah egceelins tarc