Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-12-13

oeo'' are esumatcu Us ABOVE, AT
l6,7Si,797 81
To this may be added the o-
balance in the Treasury
the 1st OF Jan. 1882.
estimated exclusive OF
the ineffective funds and
the Danish Indemnity at ,20S, 276 81
From this aggregate of I70i3O7l Os
After deducng the amount of the unsa-
sied appropriations already estimated
Si23525 81
There will remain surplus in the year
Issa.of $I4,5l95is 81
Which, unless Congress should enlarge
the appropriations for other objects,
may be applied TO the public debt.
The interest on the debt during the year
1872, may be estimated at 100000 90
2eaying for the principal in that year SI4OI954s 2I
Which being applied to that object, will
leave the total amount of the public
debt at the close of the year 1882. SI0302,6s6 gT
The Government, however, has other
means, which il Congress proper,
may be applied towards the payment of
the debt, viz tho shares in the Bank of
the United States, amounting at par TO
$7,0OO,OOO but which, as will be pre-
senly explained, may be estimated at
no, less than Ss,Ooo.ooo 90
In that event the amount OF tho deb, ON
the LIST OF JAM 1889, would be but 81, 302,6S6 81
Which sum, together with a fair allow
ance for the cost OF purchasing at the
market price, the stocks not redeemabc
III the course of the proposed operation,
might be supplied in the months of
January and February, 1888, by the
application from the revenues OF that
year of sum equal to 2-l2th of the
amount applied from the ordinary re-
venues TO the debt in the year 1882,
say So, 500, 25S OF
1t may be further Observed that should any diminutio,
take place in the estimated revenue should the expend-
ture exceed the estimated amount the deficiency which
either event might produce in tho OF the Treasury
applicable to the debt would be applied by the amount in
this estimate for the unsatsed balances of appropriations
ntaS aleh..
Treasury TO DO met occasion requires yet in any es
mate OF present means, it may be considered rather
nominal than real charge
1t will be thus perceived that the Government has the
il properly employed, of rembursing the whole of
the public debt by purchase or otherwise ON or before tho
The moral influence which such example would
cessay produce throughout the world in removing APP
prehension and inspiring confidence in free ins
uons, cannot be questioned. Seventeen years ago.
with debt OF moro than one hundred and twenty
millions, and in comparatively defencelcss state. Inths
short period has promptly repealed all the direct and in
ternal taxes which were imposed during the warrelyng
mainly upon derived from imports and sales of
tho public domain From these besides providing
for the general expenditure the frontier has been extern
svcly fortified, the naval and maritime strength
cnod and part of the debt of gratitude TO the survivors Of
the revolutionary war discharged We have moreover,
contributed large share the general improvement adj
ded the exent OF the Union by the purchase of the
luabe Territory of Florida and finally acquired the mean,
of expguishng the heavy debt incurred in sustaining the
late and all that remains OF the debt of the revolution
The anxious hope with which tho people have looked
forward TO this PERIOD not less than the present
public mind, and the real interests of the community
large, recommend the prompt application of these
10 that great object, if be done consistently with
proper regard for other important considerations
OF these means, has already been above shown, tho
shares owned by the Government in the Bank of the U.
States are an Indispensable part and that for tho reim
bursement oil the debt within the period contemplated,
will be necessary TO effect sale them for less
than eight millions of dollars.
The Stock created by the United States for their sub
scon to the Bank having been actually paid previously
TO the ls OF July last their interest in that institution
OF the fiscal resources applicable TO the public demands
The objects connected with tho early reimbursement of
the public debt important tan the interest of
Government Stakeholder; and il is therefore
spectuy recommended TO Congress to authorize the sale
Of those shares for sum not less than So 100000
sale oil so large an amount i'll the public market,
could not be expected produce than the par values
public confidence in the stability OF the institution would,
in all probability wholly abOr,ive. For these
il is deemed advisable to effect sale to the Bank it,
believed TO be practicable on terms satsiac
tory both totle United States and that institution.
In submitting this proposition to the wisdom of Con-
gess II Is not intended that its adoption should be founded
any pledge for the renewal of the charter of the Bank
Considering however, the connection of the proposition
with the Bank, and viewing the whole subject
sary part of the plans for the Improvement and manage
mcnt of the and for the support OF public credit
tho undersigned feels it his duty company it with
! frank expression of his opinions.
On this suppoion, the first Secretary of the Treasury.
in his memorable reports of January and December, 1900
recommended National Bank institution of pri-
importance TO the finances and of the greatest utility
in the operations connected with the support Of public cred.
show that tho views entertained of their du
ties by Others who have succeeded him in the Department
The performance of the duties thus enjened by law upon
the Secretary of the Treasury, implies, however
mitmcn of any other Department of tho Government,
each being left free TO act according TO the mode pointed
out by the Constitution.
The act Of Congress to establish the Treasury Depart
ment, makcsi the duty OF the Secretary of the Treasury
TO digest and prepare plans for the support Of public credit
and for tho improvement and management of the
The duties enoined well by this act by the subse-
quont Of the 10Th of May, 1900 requiring the Secre-
taay digest prepare and lay before Congress- at the
of every Session, report the subject of
finance, containing estimates Of the public and
public expenditures and plans for improving increasing
tho revenues from time 10 time for the purpose OF giving
information Congress in adopting modes OF raising money
requisite the public expenditure have been sup
posed include, not merely the application Of tho
sources Of the Government, but the whole subject Of the
currency, and the Of preserving its soundness.
The important charge confdcd to the Treasury Depart
rnen and on which the operations Of the Government
scntialy depend in the improvement and management Of
the and the support public credit and OF trans
iepe the public funds TO all parts OF the United states
impeously requires from the Government all the aoitos
which may consutionaly provide for those objects, and
especially for regulating and preserving sound cur
rency.
Az carly as May, 1891. the Congress Of the United
stcs convened under the articles Of confederation APP
r Al U,,,fg II a. tkctr