Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-12-24
VOLUME 4i-->NO. ~.

and always 10 the disadvantage of the Dation
wherein such fictitious paper currency most
abounds.
Each OF these increases of the circulating me-
DUN alter the time OF contracting Gebis subjects
every creditor, public and private, TO loss pro-
porona,e TO the degree of the relative deprecia-
ton in the value OF money whilst appropriations
subject debtors 10 loss. Alterations in the stan-
dard weights and fneness of coins, or in their re-
a,iye value, rates Of tale, or in the relative va
iue between coins and paper currency, produce
similar effects upon the relation OF debtor and
creditor, and are, therefore, in the general, evil,
10 be deprecated
The supply and demand for goods and iDer-
chandise being given and alike, and the quantity
of circulating medium being given and alike, a.
any given periods, the lcssenine OF the ratcs Of
duty on imports OF goods and merchandise, would
be attended by proporonaie lessening oil the
prices of goods and merchandise. Other ciTcum-
stances being equal the increase of The duties
upon imports of goods and merchandise has d.
rect tendency 10 increase prices; the lowering oi
the rates Of duty direct tendency 10 lower Tie
prices.
The system of revenue enacted by the law OF
1872, for imposing duties on imports, will yield,
according 10 the estimates founded upon the past
and prospects of The future, much greater
amount of annual revenue than is necessary for
the support OF the Government the public credit
and The wants OF the treasury. The accumula
tions expected 10 ensue before The wears 1853 and
1863, have been stated These Accommodations Of
annual surplus revenue can be applied bui par
italy towards the purchase of the certificates OF
stock reteemabe, respectively, in he years 1853
and 1853. The pleasure OF The holders OF those
certificates of stock is 10 be consulted, and not
solely the will and ability OF the Government IL
redeem in anticipation of the days appointed hy
the contracts OF loan. But few of those ceirt-
Gates, compared with the whole sum- are brought
into market, and those sell at price above par
value. IL cannot be affirmed that, il the Govern
Inent should offer moderate premiums for those
certificates, they could be purchased, except in
part, not totally.
All that can be done is, 10 provide sinking
fund adequate 10 pay the interest on the public
debt, and 10 purchase so much in each year of The
principal as shall be offered Tor sale al reasona-
lie rates for the certificates of stock, and 10
amount, in tie succession Of years which must
elapse before they will be redeemab.c by tho
terms OF the contracts, 10 Il su.lciency pay tn.
principal when the time for redemption shall
arrive.
Ii the Government will purchase bciclc tho
time Limited for redemption, al par, or al Il tixed
price above par, then The stocks will no; fall hc.
low that price; because, if no individual will
give d. llIutH " IL uUIuCl CtSUllIS W SCl, sHl.t
holder will apply 10 the manager OF the sinking
fund 10 become the purchaser.
A sinking fund OF two millions oil dollars annu.
ally is deemed sufficient for the purpose of pre-
venting the certificates Of stock from falling tc-
low par value, ard for paying The annual inlerrs,
and redccming the principal sums oil those loans
at the respective periods assigned for redemption,
and The duties may be graduated and lowered 70
that scale.
In establishing sinking fund, two modes have
been heretofore benetcialiy used by the Cun"rcss;
the one by approPriatng the underlined surplus
remaining in The treasury in each year, aier
satisfying all appropriations fer the support o.
the Government, as adopted by San act making
provision Tor the reduction OF the public debt,
approved August II, 1890, and The supplementary
acls of May 5, 1892, aud he 81 March, l19j,
the other by appropriatn2 a definite sum annual
~ and 10 be increased By the annual interest upon
the certificates of stock purchased and the annual
surplus in the treasury above appropriations and
expenditures for the support OF government, after
leaving two millions OF dollars in the treasury Ia
supply any deficiency in the estimated revenue,
as adopted By an IAN act making provision f.,
the whole oithe public debt oil The United Sla;e-'
approved ooh April, 1907, and Inc supplemented
The Sd March, 1871
As the annual proceeds oltlie dnties on imports
and tonnage, and the proceeds OF the sales ot Ike
public lands are uncertain in amount, and The
disposablc surplus above The annual wants for
support OF Government cannot be exactly known.
il seems 10 I've most convenient 10 adopt the plan
used under The acts G. 1890 and l.9j. ofapplying
the annual surplus oi revenue above the sum Dr-
cesSary for The support OF Government, aid il is
respectfully recommended, thai the commissiun-
ers of the sinking tuni--tc consist .; The Clei
Justice Of the United States, the Secretary OF
Stale, The Secretary Of the Treasury. and the AZ.
torneyGencral-or majority Of them. shall be
authorized from time 10 time 10 determine lie
rates at which the certificates OF stock shall t.:
purchased al par or above par value
Remainder on Second Pace