The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-12-12
1928, 234,5l2 OF
100000 90

S2s, 1884, 5l2 OF
The funds on hand considered not available for
public purposes, at the as well as close
OF the present year, described particularly in the
statement annexed
Previous to the close of the year, should Congress
pass any new appropriations which may be immediate
" expended AN additional charge that extent will
thus be imposed on 1910; and il amounting TO any
considerable sum, it might prudently be accompanied
ny some new provision Of sufficient for its
payment.
III. The condition of the public debt next demands
consideration.
An exhibit of the particulars of it, whether funded
or untunded, and of the payments made within the
year on account of both, is annexed.
Probably none of the former kind of debt exists
which is due, except what has been forgotten or the
evidence oft misaid all ever claimed whether in
CURED IN the Revolution, since, has been promptly
discharged. 1t Is fortunate that debt Of per-
manent character has been recently created by the
General Government; and the undersigned for rea-
sons formerly explained, which need not here be re-
peated has uniformly considered il sound policy
TO incur one IN time of peace. But it will be reco-
lected that Congress- by act passed in May, 1886
engaged under special conditions 10 make payment of
debt due from the cities of the District of Columbia
to certain individuals abroad
The principal amounted to Sl 500 000 and TO
be paid in yearly ihstalments of $4,000 each, begin
ning the LIST OF January 1871. But the interest
payable quarterly, and, during the last four years has
been regularly discharged by the Treasury.
the agent of the creditors that payment of the first and
subsequent insalments Of the principal desired be
made, when due with punctuaity. To insure com
pance with that wish, it will be necessary besides
meeting the interest quarterly, to advance 100000 Of
the principal at the commencement of the ensuing
year and the residue must be paid in like amounts
annually hereafter till the whole is discharged.
The canal stocks, assigned TO these pay
ments by the terms of the agreement be sold to
aid in reimbursing them But, in the first instance,
the money is to be taken from the Treasury, under
existing laws which appropriate sufficient to discharge
all outstanding debts and sale, if able to be made
afterwards, must probably be at great sacrifice
Congress may therefore, in its wisdom, think further
Legislation on the subject expedicnt.
This is all the funded debt not due and likewise all
of il not paid, except before explained in incons
derable portions never yet demanded
In respect to the unfunded debt such small parts
as were created previous to 1897, and siili remain
satisfied must, it is presumed, be in that condition
from some accident which has prevented request to
be made for payment. s.
Nor has any of it, which was incurred since fallen
due, without being discharged whenever claimed.
The whole balance of the four emissions of Treasu
ny notes made since October, 1887, which was out
standing on the LIST instant, amounted only to $4 49,,
S23. This is but 675 4SS than at the close of
1899 notwithstanding the great decline in
since and the Unexpectedly large Expenditures Of
old appropriations connected with the Florida war, and
the further adjustment of claims in behalf of Indians
Had these events not happened less even than that
| amount of notes would have been issued and the
Treasury might, with ease, have redeemed within the
year all that outstanding.
II could have done the same also with most of them,
had Congress, at the last session. passed the decara
tory act concerning the tariff modified the system of
drawbacks to correspond with the existing duties and
adopted the propositions made for graduating the price
of the public lands, as well forming land dis
tricts.
II must be gratifying to learn however, that though
incommoded by the failure of those measures and the
unexpected circumstances before enumerated the De
partment has been enabled by other means under its
CONTROL to redeem every note presented, and to pay
with punctuality, all debts that have fallen due.
The credit of the General Government has thus
been preserved high that instead of sacrificing its
securities at large discounts in this and foreign
tons have been compelled TO do with public
stocks the Treasury have continued par dur
ing the year, though never bearing interest higher
than 25 per cent, and subject to the stoppage
of that, after sixty days notice
In fine, review of the whole subject our stua-
ton respecting public debt of any kind will be found
most favored one Regarded indication either
of the good state of the national credit, the ample
resources of the General Government or the discreet
legislation relative to its fiscal concerns it will be diff
cult to discover many eras prosperous in these
respects, whether in the annals of this any other
country.
w The exports and imports within the year end
ing September 30 1870 exhibit several striking pecu-
arities. While the foreign commerce of the country
constitutes the chief basis of the of the Gene
raj Government and is indicative Of the extent of
surplus produce the statistical returns in relation the
subject must excite constant attention among states
men and political economists, well as merchants
The exports during the year are computed to have
been SI3l ,51I $50, This amount is quite $40 513,-
53f more than in 1889, notwithstanding the reduced
price Of some of great staples and is larger than
ever existed before in our history
Or the whole exports, only Sl7,S09, 333 were of
foreign origin This left those of domestic origin at
ll3 ,162,6l7, being Sc Sf5937 more than in any pre-
vous year
oaES
This shows the great falling of from the previous
year of 3d., 2s6 24l II furnishes likewise, the prin-
cipa explanation Of the extraordinary dimnuon
which has occurred il, the revenue from customs;
dminution, however which has been caused, in part
by cyasions of the laws Judicial constructions left
uncorrcctcd and the payment of too large sums for
bounties and drawbacks, under omission in the
listing tariff to reduce them in ratio equal to the
duction going in the duties
The difference between our exports and imports has
usually been in favor of the latter Several years ago
it ranged that way about millions of dollars
nualIy but, of late, the average has risen to
twenty millions annually; the excess Of imports hav
ing been, in 1896 even SOL ,3l6,995, and in 1889,
$4l 063, TIC. But during 1870 the extraordinary
of in this state of things has taken
place. Such circumstance the exports at all
ceeding the imports, il believed 10 have happened pre-
viously only six times since the Constitution was
adopted; and them never to an extent beyond ~
9l6S3l Now, however without any infation and
in important articles under contraction OF
prices, the excess OF exports is not only more than
known before but quite threshold greater,
being computed 10 equal $40, 166,059.
This excess having failed to produce the usual cor
responding increase of imports but the contrary,
having been accompanied by dimnution never pre-
viously equaed in amount, except under the infu
ence of the nbargo in 1905 the whole matter fur
nshcs another proof of the hazardous fluctuations in
the chief source OF our present revenue, which Con
gess has been requested repeatedly guard against
by some permanent provision.
II is also strong illustration of the probability of
the conjecture expressed in the last annual report that
the country had become aIarmingly indebted abroad
in part, on ordinary mercantile credit but chiefly
stocks of corporations and States