Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-18

Cured in the Revolution, SINCE has oeen promptly
discharged 1t is fortunate that no new debt OF per-
character has been recently created by the &C.
neral Government; and the undersigned Tor reasons
formerly explained which need not be mere rePeaeo'
has uniformly considered sound poncy never 70 m
cur one in time of peace. But 1t VIII De reconecuu'
that Congress- by an act passed in May 1885, engageo,
under special conditions, to make payment OF depl
due from the cities of the District Of Columbia to ccr-
tain individuals abroad
The prncpul amounted to 81 500 900, and was to be
paid in yearly instruments of 500 OOo each, beginning
the LIST of January 1871. But the interest was Paya'
BILE quarterly and during the last four years has been
regularly discharged by the Treasury.
Within the past year notice has been received from
the agent Of the creditors that payment OF the hrst ano
subsequent nstamens of the principal IS desired 10 Oe
made, when due, with punctuaty
To insure compliance with that wish, 1t VIII De ne
ccssary besides meeting the interest quarterly 10 ao
vance $685. 900 of the principal Mt The commencement
Of the ensuing year, and the residue must oe paul. "
like amounts, annually hereafter, till the whole Is o's
charged.
The canal stocks. assigned to secure these pay
ments cam by The Of ugreement be sold to ara IN
rembursng them. But in the first instance the mo-
ney To be taken from the Treasury, under exslnp
laws, which appropriate sufficient TO discharge all our
standing debts, and sale, if allie to be made after
wards, must probably be at great sacrifice. Con
gross may therefore, in its WISDOM think iurther e
gislation on the subject expedient
This is all the funded debt not due, and LIKEWISE
all Of it mt paid except as before explained, the IN
considerable portions never yet demanded.
In respect 10 the unfunded debt; such small parts as
were created previous 1897 and still remain unsa
sfed, must, it presumed, be in that condition from
some accident, which has prevented request 10 De
made for payment
Nor has any of it, which incurred since, fallen
DUE without being discharged whenever claaned.
The whole balance Of the four emissions OF Treasury
notes made since October, 1887, winch was ou,s.ann'
ing on the LIST instant, amounted only to ,4a3 ~
This is but 81 675 Ass than at the close oil 9.'
notwithstanding the great decline in our venue since
and the mex pectpdy large expenditures of old aPpro
pratnns connected with the Florida war and the iur
| iher 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 lrea
sury might, with ease, have redeemed within tie year
all that were outstanding.
1t could have done the same also, with most Of them
had Congress- at the last session, passed the decara,o
~ act concerning the tariff modified the system o.
drawbacks to correspond with the existing duties, ana
adopted the propositions made for graduating be price
of the public lands, well as forming new and dis
tricts.
Ii must he gratifying to learn however, that though
ncommoded by the failure of those measures nnd the
unex pected circumstances before enumerated, The De-
partment has been enabled by other means uider It's
CONTROL TO redeem every note presented, and TO pay
with punctuality, all debts that have fallen due
The credit of the General Government has thas been
preserved so high, that, instead of sacrificing s secu
rites large discounts, as IN
some have been compelled to do with public stocks the
Treasury notes have continued at par during the year
though bearing interest higher than % pei
cent and subject even to the stoPpage OF THAI after
sixty days notice.
In fine on q review of the whole subject our si,ua
ton respecting public debt of any kind will befound
most favored one Regarded as an ndicationeither
of the good state of the national credit, or heampe
resources of the General Government or the discreet
legislation relative to its fiscal concerns, it will 'e diff
fcult discover many more prosperous IN these
respects, whether in the annals of this or any other
| country.
| Nv. The exports and imports within the year end
ing September 80, $780, exhibit several strkingpecu-
iarities. While the foreign commerce OF The Country
constitutes the chief basis of the Of the Gene
surplus produce, the statistical returns in relation to
the subject must excite constant attention nnong
statesmen and political economists, well az mer-
chants.
The exports during the year computed t. have
been Sl3l ,57l $50 This amount is quite 05E'53i,
more than in 1889, Notwithstanding the reduced price
of of great staples, and larger thai ever
| existed before in our history
OF the whole EXPORTS only Sl7,s09,333, were, of TO-
reign origin. This left those Of domestic origin at
Sll37626l7, being &C. ,9T more than in any pre-
| yious year
The imports during 1910 were about SIO4 S5 s9l.
This shows the great falling off from the previms year
Of S57, 2S6 24l II furnishes, likewise, the principal
occurred in the revenue from cnstoms dimnulon,
however, which has been caused, in part, by 'gasons
of the laws, judicial constructions left uncrected
and the payment of too large for bounies and
drawbacks, under omission in the existing thrift 10
reduce them in ratio equal TO the reduction going on
| in the duties.
| The difference between exports and imp,rs has
usually been in favor of the latter Several vars ago
it ranged that way about seven millions of dniurs an
nually but of late The average has risen 10 neatwenty
4 al.
in 1896 even, SCI i6, 995; and i'll 1899, 81 ,G6i7l6-
But during $780, the extraordinary occurrenceof re-
verse in this state of things has taken place Such
circumstance the exports at all exceeding the IMPORTS,
is believed to have happened previously only 81 times
since the Constitution adopied and then, lever TO
an extent beyond 81 9l6,S3l. Now, however, without
any nfation, and in important articles ,nder a
contraction Of prices, the excess of exports is rot only
more than ever known before but quite thee fold
greater, being computed 10 equal S26 766,O59.
This excess having failed 10 produce the usual cor
responding increase Of Imports but, the ctnrary
having been accompanied by diminnton ne'er pre-
viousy eqnalled in amount except under the influence
of the embargo in 1908, the whole matter furnishes
another proof of the hazardous fluctuations in the
chief source of our present revenue, which Chgrcss
has been requested repeatedly to guard against by
some permane Mt provision.
II is also strong illustration of The probability of
the conjecture expressed the last annual repoa that
the country had become alarmingy indebted abroad !;
in part on ordinary mercantile credit, but chiehy on
stocks of corporations and States.
To meet what would be due for interest alone, il
was then supposed would require twelve or iiireen
millions Of the exports; and which, in that event would
of course furnish returns in imports. The 81 me
suit must follow yearly TIL the old stocks edtemed
unless ones can, for some time longer be Sold and
the difficulty be thus deferred though merely e
pense Of increasing the whole ultimate Indebtedness
But it is of great satisfaction witness the
indications which The unprecedented amount ofeIporis
during the last four years, has given of the continued
prosperity Of the country
Notwithstanding some depressions in particular
branches of business, or in particular places the gene
raj prosperity has been such to large surplus
of products and to enable to send abroad immense
and increased values of them however great the COM
plants have been as 10 low prices.
These official records of the most authentic
tests of TRUTH amidst contradictory conectures on To-
pics like these. They show that we have been able 10
spare in exports of domestic productions during the
last four years, quite S4Os 1894, 743 in value; while in
no previous term of that length, since the adoption Of
the Constitution, have they exceeded 1855, 447 622-
he series of four they have