Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1828-12-16


rom this amount Should be taken seven millions of
iollars being much of apparent debt only, in the
shape OF subscription to the stock of the Bank of the
U, States, the nation owning like in the stock |
of the Bank. upon which dividends are punctually
pnid. OF The sun that will remain, namely fifty one
millions three hundred and sixty two thousand one
hundred and tirtyfive dollars ana seventytwo cents
the old revolutionary three per cents constitute
than thirteen millions of dollars. BY this exhibition
of the state of the debt, it will be to how small
amount it has fallen under faithful enforcement
of the sinking fund act, III the space of eleven years
In the past effects of this act huvc the pledge of
it's future efficacy. As each successive year increases
the proportion of principal that paid of, diminishing
that of interest, 1t Is easy ~ anticipate how short
- nj ion under the continued action of the fund,
will be released from all charges Ia1cvor on ur,,:,:
of the debt, by its final eXtiugushment. Assuming
It's stated appropriation OF millions to be forerun
in the proportion i'll future years it has been
this year, the debt will effect be totally paid off
little more than four years.
An evidence of the stable resources Of country
actual and prospective, to be found in the prices
which its funded debt bears i'll the money ,narket 4
financial exposition and review like the present ma
turaljy embraces some general ausion to this point.
The stocks of tho U. States keep at elevation
above par indicative of the high credit of the Govern
Inent the remarkable from the consideration
that they are redeemabe at short periods and quick
ly redeemed in face, tue periods arrive. The
three per cents being those which, it is presumed,
Will be redeemed last circumstance known ALWAYS
to enhance the value ofstock where public confidence
attaches to it. stand accordingly, at the highest rate
being t;,vore stock abroad well at home. For
the last four years this portion of the public stock
has been ut price ranging the main, from TO S5
nor has been always obainabe such is the demand
for ii, even ut that rate. The heavy fall of stocks in
England, towards the close Of 1925 affected those of
tins country less than might have been anticipated
from the connexions of business, between the two
countries and serves TO show the value of those of this
Government under untoward occurrences in that
great centre OF the commercial world
The precise unlount AMI kinds of stock OF which
the public debt will consist on the first OF January next
with the periods of redemption, will be seen in detail
Ill the document No. annexed to this report. 1t is
not deemed necessary to say any thing more under
this head, except barely add that the five millions
four hundred and three dollars and twelve cents
that were paid off the first of July last consisted
OF two millions hundred and forty-our thousand
four hundred and twenty three dollars and ninety-one
cents thesiX stockcreated by the ofCon
gress of the eighth oiFcbruary 1873 being all TINT
was left of that stock; and of two millions two hun
drad ana fifty thousand and thirty nine dollars and
twenty cents of the six per cent stock created
oy the act of the 2tth OF March, 1911. The four
millions fty-thousand seven hundred and eighty dol
lars and sevcntyseven cents, intended to be paid OF
the coscofhe present year consist of the six per cent
stock also created By the last mentioned act but demo
minated the loan Of the 22d August, 1914 bangl in
like manner, oil that remains unpaid of that particular
loan
The general s.,'c of the Foreign Commerce ofthe
country will next be given This will best make
known the surplus productions of it's SOIL and those
other sources Of its industry which constitute the
basis OF Its foreign commerce The inportaons into
the United States, during the last four years amount
IN value, to three hundred and fifty millions two hun
dred and two thousand four hundred and sXtv-lline
dollars Those for portion of the present wear are
here given by probable estimate, rather than certain
knowledge. The expectations for the same four
years, calculated in the way, amount TO three
hundred and thirty-seyen millions two hundred and
two Thousand four hundred and twentv-s dollars
OF the latter, two hundred and thirty three millions
sxty-nine thousand and thirty five dollars we're of
domestic produce and manufacture and one hundred
and four millions hundred and rty-three thousand
three hundred and ninety-one dollars, were r Es-l
Portatlons OF foreign commodities. The inporatj6-S
Tor the foU We rs preceding, from 1921 to 1874,
ooth Hciu c, amounted to three hundred and three
millions nine hundred and fifty-fve thousand five
hundred and thrtynne dollars and the expectations
to two hundred and eghtyscven millions eight hun
dred nRd twenty thousand three hundred and ffty
dollars Otthe latter, one hundred and niuetv-one
millions three hundred and fifty thousand eight hun
drcd and eightyone dollars we're of domestic produce
and manufactures, and ninety-six millions four hun
bred and siXty-nne thousand four hundred and sixty
nne dollars, transportation of foreign articles
The receipts into the Treasury during the last four
years, these being always chiefly dependent upon the
mpo1 tatlons amount oninetyscven millions nno hun
bred and fly-seyen thousand five hundred md ffty-
nine dollars and eighysiX cents. Those for the pre-
sept year are here also given III part by estimate
The estimates may devlate from accuracy; but not 10
IN extent to thwart the general conclusion, that are
n view. The expenditures for tho same time cacu- /
ated in the same way, may be stated at ninety five
millions five hundred and eighty-tive Thousand five
hundred and eighteen dollars and cighty-fyc cents
Of this sum, besides what was applied to the public
iebt, about fourteen millions will have been expended
IN internal works, designed to improve the condition
IF the country, or, otherwise. objects not belong
ny TO the mere annual support of Government in its
,ivi, military, and naval establishments. The re-
;cipts for the four years that preceded were eighty
our milonsscyen hundred and twenty Eight thou
and and ten dollars and seventy=onc cents; and the
expenditures ejghty-thrce millions nine hundred and
eventy-ninc thousand eight hundred and seventy
our dollars and seventy-nine cents. Ten millions of
dollars obtained by loans included in the receipts
'i the four years last mentioncd and five millions so
'btained came into the Treasury during the first
year ofthe other series, viz i'll 1928. This loan of
i've millions was procured under act of Congrcss
If May, lS24 Mt four and half per cent, not from
my deficiency ofrevenuo but for the purpose of pay
ng off an equal amount of the public debt at six per
cent 1t explains what was said Of the payment that
nC fnofo IN of4 IoIf -,