Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-12-24
sixly-lhree, bearing interest,
payable half yearly, at the rate
of six per cent. per year
oriiEnnlo. e n.u.l- ....nI -.
s,3i3,ss6 IS

y. OCIuHCdSS Oi STOCK lSSutu ufi-
der the act Of March Sd, lSi3,
10 the sum Of seven million
four thousand two hundred and
thirty-one dollars and ,hry-ive
cents, bearing interest, payable
halt yearly, at The rate Of five
per cent. per year. redccmable
al the pleasure of the Govern
ment on or after the first day Of
July, in the year one thousand
eight hundred and ffiy-three 700I,23 IS
The aloregoing loans under the
acts of 1871, 1912 and 1919
make together the sum Of
twenty-one million lwenly-one
thousand nine,y-four dollars
and lwenty-six cents of prin-
cipal, bearing interest at the
rates on the sums respectively,
before stated S2l 02l ,094 20
All the aforegong nine particulars amount 10
debt of lwenty-four millions seven hundred and
forty eight thousand one hundred and eighty-eiRht
dollars and twenty-three cents (S2i, 74S 1873 80
OF the Treasury notes issued since the year
1885, the Secretary Of the Treasury has caused
10 be redeemed in this fiscal year, commencing
on the lst Of July, 1914, the sum, for principal
and interest, of three hundred and twenty-five
and sixty-one cents (S3222.5Si CID
OF the stocks rcdeemabc lst January, lS43,
he has caused to be purchased Il the sum OF
five hundred and lhiriy-ninc thousand nine hun
dred and fifty dollars Of priEcipa! and interest,
| 39,9500 by which anticipation saving OF in
| ieres, to the sum OF four thousand and eleven
dollars and seventy cents has been effected.
To support the public credit and preserve The
national faith, an annual revenue is necessary,
| certainly productive, according TO common oc-
currences and human foresight exceeding the
al in iyDp n
| the surplus TO be applied 10 pay the annual int
rest and towards les.ening and ultimately ex-
! tinguishing the principal OF the debt
| The amount of public debt which can be paid
during any period of peace depends upon The
length OF the continuance Of the peace, and The
amount of the annual surplus above annual cx-
pendlures which shall be applied.
In the periods Of war compared with those OF
| peace, and annual excess Of war expenditures
compared with the annual savings during The
peace establishment be so related as that more
debt is contracted in every war than IS discharged
! in The succeeding peace, the consequence will
be continual increase OF debt, and The ultimate
sequence must be- that debt will swell 10 mag
niiudr which the nation will be unable 10 bear.
The only ctTectual safeguards against such
danger mus, be sought in extending the relative
! length of the periods OF peace, compared with
the periods of war; in frugaly in the peace es-
Establishments; in lessening the war expenditures
and in the increase Of revenue from taxes levied
during the war, or permanently.
! By increasing The war taxes, the sum 10 be
borrowed will be lesSened; by increasing the taxes
in times of peace, the sum applicable 10 the
discharge Of the public debt will be increased
| In the proportion in which annual income ex-
ceeds annual expenditures, will be the gradual
discharge Of existing public debts. By such
means The hacyon days OF no public debt, and The
alienation Of the burden Of taxation, may be re-
stored.
The excess Of revenue above expenditures is
the only real sinking fund ty which public
debt can be discharged. The lessenng OF e1-
pense and The increase Of revenue are the onlr
means BY which The sinking fund can be enlarged,
and its eiectual operations be accelerated.
The certificates OF the public stocks are now
above par value in the market transferable aud
readily convertible for gold and silver al the plea
sure Of the holders. II guarded against depcca-
ton. they NAV be accounted as so much capital
10 aid business and enterprise-as currency OF
The most approved order in the genus OF paper
currency, entitled TO implicit confidence
Tits ofhigh concern 10 the interests ofthc holders
and dealers in those certificates Of public debt, 10
the general transactions OF business, TO the pros
perily of the country, and the national honor.
that the certificates OF public stocks and treasury
notes he guarded against depreciation, and es
tablished firmly in the confidence ofmoneyed men.
To those ends the Secretary Of the Treasury
deems il not unapt, nor without utility to give
a summary view of the public debts Of the u
States, which sprung out of the war of the Re
volution, the succeeding extraordinary expcndi
lures caused BY the Indian wars and campaigns
of Generals Charles Scott, Hafmer, ST. Clair
and Wayne; by the instruction in the Western
pan Of Pennsylvania; by the war with The Bar
barry powers by the troubles and quasi war con-
| seuuent upon the French Revolution BY the
war of 1912, terminated BY The treaty OF Client
in 1885, by The purchases OF territory and public
domain; from the State Of Georgia of her Yves
tern lands; of Louisiana from France; and OF
Florida from Spain; in connection with the num-
bers Of the population OF the United States, and
the means by which those masses OF debt and
| expenditures have been gradually lessencd ana
finally extinguisEed.
2l To bring into view the resources Of the
u States for public revenue and increasing the
income CT the nation whenever future emergencies
shall require.
3D. To show tie existing security for the pay
ment OF interest and The ultimate redemption Of
The principal OF the public debt
4h To propose The establishment of such q
sinking fund as will anticipate and accelerate the
final satisfaction CT The public debt.
| Isl. During the revolutionary war, and antcce-
Il
ton. the thirteen United States had contracted
dcbls to The sum of sevenly-five million four hun
dred and sixteen thousand four hundred and seven-
ty-six dollars and ify-two cents.
On the lst Of January, 1880, the foreign debt,
viz to France, Spain, and 10 foreign officers, in
Guiding interest for the year 1890 amounted TO The
sum Of twelve million five hundred and fiity-six
thousand eigh, hundred and seventy-onc dollars
and twenty-eight cents; and the domestic debt 10
an ,sr,rt ,ct1t,a
of S73. 1883 -. The population Of the United
States then numbered three million nine hundred
and sevcnty-seven thousand eight hundred and
twenly-seven souls, according to The census OF that
year.
On the first Of January, 1900, the National
Debt amounted TO $50 976 ,29i IS: and the popu-
aion Of the United States numbered five mil
lion three hundred and FIVE thousand nine hun
bred and twenty souls, according TO the census OF
that year.
On The LIST January, 1910, the debt OF the Uni
led States amounted to $53,l73,2l7 So and the
population numbered seven millions two hun
dred and ,hirty-nine thousand six hundred and
fourteen souls according 10 the census of that
year.
On the lst January, 1916, the public debt had
increased 10 the sum of one hundred and twenty
seven million three hundred and thiry-four lholl-
sand nine hundred and lhirty-,hree dollars and Sc
! yenly.iour cents. us great increase Was cdus-
ed by the war Of 1912, terminated BY the treaty Of
Client of 1915 for the expenditures of which the
taxes had been increased, the loans obtained
amounted to the sum Of S70l7S,209 10, and trea-
sury notes were issued to the sum Of $50, $50 794
together making Sl07, l59,0O3 70.
On the LIST January, 1920, The public debt had
been reduced to the sum Of So, Ol5,5GG l5 The
population, as numbered by the census of that
year, consisted Of nine millions six hundred and
thirty eight thousand one hundred and lhrty-one
souls.
On the lst January, 1890 the public debt was
reduced 10 the sum Of Ss4S, 565, 406 80. The po
pula,ion numbered twelve million eight hundred
and sixty-six thousand and twenty souls, accord
ing to the census Of that year.
On the 9Th December, 1885, the Presidents
message announced, that "Allthe remains ofthe
public debt have been redeemed, or money has
been placed in deposit for this purpose, whenever
Oh ornIitorc chonaa rncpivp N III thP nj her