Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-11-27

oi the previous policy with elSence TO its ebjee,
We have now TO examine into the truth OF the asserted
raising, andinto the truth ofthe asserted motire
The annual report of the Secretary of the Treasury
(Oee. D, 1879 is document full OF useful ufornaon
IL presents among other hings, complete and detailed
view OF all the measures of the government la relation o
sinking funds The following extract will suffice unon
the present psn,: .
SIN 1903, when the sinking fund was esta.
bllshcd on its present footing, the principal of
the public deb, was about S60o0OO6 of dollars,
and the interest annually payable upon il, nloui
100000 dollars. At that time there was Unsigned
to the sinking fund out of the pabc revenue 5000
600 oil dollars; OF which about $500 600 dollars were
annually applicable the reduction of the principal
of S6,0O0,OOO At the commencement of the wear
1917, IL is estimated that the principal OF the funded
debt will amount To 100000 of dollars recurring
the sum oil c'ioV'OOo Tor the payment OF lis annual
interest. ft sum applicable 10 Me reduction oriae
principal Of The debt 10 be assigned bearing
he same proportion 10 TINT principal ,ctich he sum as
signed an 1904 then bore 10 he princinal Il ,coui{
amount 10 about 1880 dollars When it is added,
therefore, to the OF 6,l50000 dollars which is
necessary for the payment of the interest there
tcoid be required, for The amount no,c 10 be set
apart TO constitute The sinking fund.- The sun, 500
600 per dnnum 1t is proposed, however, TO carry
Tie amount only TO The sum Of 100000 of dollars
which will allow about 3,S50,000 dollars as applica
BILE TO the reduction of the principal of the debt
sufficient, if strictly and regularly applied with
out interruption, upon IA compound principles To pay
of the whole OF the funded debt i'm a period less
than eighteen years"
This proposition. shall presently Sec was adop,ed:
not, however at that session OF Congress- but at the close
OF The next During what may call Tor distinction
sake, the Tariff session, the subject of the sinking fund
was not much cOHsidered.-It will DC noticed that
the secretary here states the debt with reference which
the sinking mnd was TO be established 10 millions;
whereas Mr. Cs letter conveys the idea that it was 20
millions more. This difference has probably arseii from,
MIR Cs including in his estimate debts TREASURY
notes, temporary loans, &c which, the Same mart of
report, the Secretary informs Us had already been nove
Tor by laws and wcre therefore, not into the es-
\ N lhp .inl lt,I III.
This swelling Of The debt answers MIR C's purpose OF
hling the mind of the reader with the ideas of vast debt
and vast revenue, sc. On the other however il bt
serves to increase the dspopcron between the debt ana
the sinking fund which was really established.
WIN regard TO the Secrcarys moiire recommending
his sort OF rdSWS oil the sinking fund.- his report is on thai
point totally silent Ill appears TO have tboupl that the
payment OF the debt, within period pretty nearly CORES
pondng 10 that required by the previous olicv ri Tia, o
vernment, measure which woud recop,,rcr i,sl
Although he was not quite Jealous and enthusiastic n,
me shtJec' oil "s'ci"g domestic iudusy although
ls views on the Suhcc fell short have seen i'm on,
important particular, OF those OF Mr.. Cahoun-ye so IA,
as Ills views extended, the Secretary was quite decided
and undsguiscd advocate OF the protective system If
however he recommended what he did on the
SUBJECT OF the fund, with view to the incidental o.
iect he kept this motive 10 himself There is not either
IN thls report nor in that upon the Tariff syllable CON
corning any bearing which this that determination con
ccring the sinking fund, would have upon the protective
policy then in contemplation not the remocst aIl,s;,, >,
any connSNon or relation whatsoever, between the ,vc
subjects. ~ WV
Perhaps, however, the Committee of Ways and Mean.
III. a.
(Jan D, 1850 by WILLIAM LowNDEs, C'Heu'0 com.
mcnces thus: ~
"rhe Committee of Ways and Means. to whom
have been committed that pant of IDs Presidents
Message which relates to the revenue and theunnuol
report of The Secretary of the Treasury. excentng
tlIat part which relates To The establishment of n
bank ask leave TO captain the general rie,rs which
have induced them to submit TO the house the pro-
positions with which they shall conclude their re
port" -
These propositions twelve in number One ot
cun.a Is wi he ecnllp
duties imports: another was the following bv which
The report says the public debt would be Distinguished
/ I'm less than twelve years.
"Ihat it is eXpcdent, that from and ofior tho ,oo
lSlo, an addition shall he made TO the sum of 6 600
OVo vi uoiinrs, now annually appropriated for the
payment oil tie interest and principal of the public
debt, so ms TO make the whole sum 10 he onnrorr;,,
ed annually to that purpose, 13,50OOO0 dollars
his was the proposition for the pie,cs which
dictated it, ~ winch
"The only preparation against the dancers of f.
reign aggression which, it falls within the dutv of
the Committee of Ways and Means IN reco,n,nerI
IS That OF revenues which, in supplying the wants
OF Tie government, shall not burthcn unnecessarily
inc industry OF The citizen; which shall be capable
OF repairing, 10y am expansion of the powers of some
OF It's parts, the injury which war may indict u,
others; and Gbove all, shall be discnc,1aJered fran
1cot as soon as The resources Of The country and the con-
@'''o"S q us contracts ioW permit. Public debts
Lave indeed sometimes been considered ms riviu,,
stability and order 10 Il State; but the comnitteo coT
never DeleNe that Il government which secures
every civil and political right TO the great hod, Of
the people, can want that security which would he
afforded by the distribution of any amount Of nm
nual interest upon It's debt, which to he rccC:.ed Inv
The lew must be paid 10y the many. 1t may he truc
'ilat public debt only makes different distribution
OF The income OF society," but pays the stakeholder
what should he reserved for supporting the seanan
ana soldier That government indeed does well
winch, when forced into war; brings into the CON
lcst every resource which credit or revenue can
iufhIs but tneglecs one of its first duties when
Arrows the season of peace to pass away without an
adequate provision for removing every incumbrnncc
upon IT'S effective revenue. The committee accoyd-
1nSty consider IL as indispensable yeqosife IN ann,
mrG"gemen o. recenUe and expenditure in peace, That
At shaH Prooide for HE RAID ExrINGUIsnMFN.r ocHe
public debt" y ~
1H'Sis the reason, and the only reason assigned for the
Recommendation There is not TO be found in lilo ,,o,
e fenocs aIlusOn TO that "iucidentaI efrc which NJ
"SSeIIS 10 nave been the motive which determined ,c
hNhg OF Tue sinking fund at high point Immediately
"cf VIC above passage, the reportsays "o obtain this
HyGc'' " eo"Side'Goie reoenue toW be requred In Sc
ecung Tie taxes which should compose it, the duties ,ro
imported articles may be expected to furnish the JyiucDoJ
supply AIer assigning the for this il
10 snow why hu'leS on imports should not however be X
GluTlVey rehed on "But as agriculture obtains mar
heS ~ home as wealth spreads itself overland countries
Wncre commerce can but nperectly follow Our i,poyfs
as cet as mr. erP0Tis, must bear confinu1IIy
proportion 10 The ireGith IF the cOuafyv" &c Tbcse
extracts VIII presently be referred TO-.
We now see wat was proposed in relation 10 the sink
ing und during The Tariff session, and cby il was pro
posed Nothing, however, then done nothing deter
mheh on; the subject was even considered Before
we proceed to ascertain what was done il MAJ, No, Le
SUBJECT OF the sinking fund totally pretsrnitfc
MS question is answered by the very fret words M ,t