Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-12-24

under The provisions oil that act, certificates of
stock were issued 10 the sum OF S5,672,976 So,
bearing interest at the rate of five and half
per cent. per year, redcemable on the frs, day of
January, in The year 1915. These certificates OF
stock will be paid on that day, if presented; the
funds in the Treasury are sufficient for that pur-
pose The Secretary otthe Treasury has caused
public notice 10 be givcn SO as to stop the running
OF in,eres, from and after that day.
"An act for the extension of the loan OF 1871,
and for an addition Of five millions of dollars
thereto, and for allowing interest on Treasury
notes due approved April Is, lSi3 extended the
time Limited BY the act of July 81, 1871 for OBJ
tanning loan Of twelve millions ofdollars, au,ho-
rized the certificates OF stock 10 be issued under
ceedins twenty years from The lst OF January,
1913, and authorized an additional loan Of five
millions of dollars
BY the fifth section Of this act of 1912 the mo-
ney arising from duties on imports Of goods,
wares and merchandise, are pledged and appro-
priated Tor payment OF the interest from time TO
time, and for payment and redemption OF The
principal of the certificates OF stock 10 he issued
under the act Of 1912, and under the act of 2lst
July, 1871, as amended; aud 50 much Of the pro-
cceds of duties on imports 'as may be necessary
/ 10 pay the interest on said Stock and redeem the
same when due is hereby appropriated 10 that
object, to be first applied by the Secretary Of the
/ Treasury 10 such payments and redemption
The seventeenth section OF lie ..ct oil 1912 enac,s
that al the provisions Of the said act Of 2lsl July,
1871, "nol hereby modified or hanged, shall he,
and remain in force, and apply 10 this act OF the
18TH Of April, 1912"
By authority of The act of 1912, certificates Of
stock were issued 10 the sum oil SS,3i3,S51 O3,
bearing interest at the rate of per ccntum per
year, payable halt yearly, the principal payable
on The Isl day OF January, in the year 1868
BIZ "an act authorsing the issue OF Treasury
notes and for other purposes" approved March
Sd, 1913, another issue OF certificates of stock was
authorised under the same restrictions. Limitations
ard provisions as are contained in the act o!
April 18th, 1912, except that the certificates of
stock 10 he issued shall be rcdaemable al period
not longer than ten years from the issue thereof.
Under the provisions Of this act, certificates Of
stock 10 the SUN OF seven million four thousand
two hundred and thir.y-unc dollars and thirty
five cents were issued, bearing an interest, paya-
Bile semi-annuaIly, at The rate of fre per centum
per annnm, The principal redeemabe on the Ii
day Of July, in the year one thousand eight hun
bred and filiy-threc.
The acts Of 1913, adopting the act Of 1912,
which adopted the loarth section Of the act Of
1871, taken together, contain express pledges OF
| the faith of the Government and OF the proceeds
OF the duties on goods and merchandise, to pay
the interest ana redeem the principal, and appro-
pirate any surplus in the Treasury, CATER meet
ing the demands upon il, 10 redeem he principal;
the fourth section oflhc act Of ISL, adopted by the
two laller acts, authorizes the Secretary OF the
Treasury 10 Use any surplus Of funds after meet
ing all demands upon the Treasury, 10 purchase
any certificates Of the stock before The period
limited for redemption
I In the national faith which has been 50 honor
ably observed in paying the principal and interest
OF the former debts TO the sum OF four hundred
/ and fifteen millions of dollars ard upwards-in
I the pledge and appropriation of the proceeds OF
the duties on imports OF goods and merchandise
! in the increasing ability of population now
numbered al not less than nineteen millions seven
/ handred Thousand souls, 10 pay taxes, The holders
Of the certificates Of the public debt of The United
States and all dealers in those certificates, have
cause for implicit faith, and perfect confidence
The principals will be redeemed and paid accor-
! ding 10 The terms If the contracts
No citizen OF The United States of America,
understanding The poii,y OF he Federal Gore!n-
mcnt, and lis past action in fulfilling lis engage
mcnts, can have loop whcrcon 10 hang doubt,
Of the future fidelity OF the National Government
/ in paying the principal and interest, and redeem
ing The principal of the national debts as they
respectively shall become payable and demand
I able
! Ifaliens, moi understanding the texture OF the
! national Government, do not distinguish accn-
raiclv between engagements entered into b. The
Government Ct the United States, and those en-
tered into by the several States in their capaci-
tics OF distinct loca! Governments, each State
. having power TO contract for itself, but without
capacity TO bind other States or The Government
o! The United States have di>trrsled the credit OF
/ The national Government because OF the failure
Of some Of the States 10 comply with their re-
/ spectivc engagements, such di:trust IS 10 Ne re.
/ GREETED. That any one Of the states shoulc
/ have been under necessity, real or imaginary
I I, incur default in payment 10 those who had
! loaned her money, is 10 be deporcd. But most
Of all it is TO be larnented that any State should
/ have resorled TO reputation OF her debt 1t may
/ however, be confidently expected that reason
! will resume the helm of the State; that the good
sense of the people will in time correct these
evils. With their incrcasin. population and
resources, when they shall have recovered from
the debilics caused by extravasant Issues OF
unsound bank paper; premature undcItakins
Of Internal improvements and tancilu spec
ulaiion>; from the panic oidcprccated bank notes.
fill in me prices Of lands ami products; when
! prosperous commerce and sound circulating
I medium shall have restored reasonable prices i'r
/ staple commodities, people Of the States will
| manifest sincere determination 10 make reason
able reparation TO their creditors for DELAY caused
/ by adverse ncccssous circumstances. The mo-
! mcnum OF moral force embodied in the States
against non-iulfllment oil engagements and repu-
diation ofdebs, the immulable principles OF JUS
! tice and moral obligation will ultimately prevail.
! The States will ray, must pay their debts. State
!, faith and State obligations will be redeemed.
The villuous prccepis and bright example of the
/ Federal Government will not go unLcedcd. Justice
! will be done.
1. The Secretary Of The Treasury recommends
/ the establishment! of 4 sinking fund 10 anticipate
1 the payments Of the certificates of stock Issued
under the authority oflhe acts OF 1912 and 1913.
The certificates OF stock bear a premium in
/ the market. The 5per cent, stocks, redeemable
/ in 1853, are at one hundred and six dollars for
every hundred dollars Of stock; the G per cent.
stocks, reieemable in 1868, are al one hundred
and sixteen dollars Tor cverY hundred dollars Of
stock. Those premiums arc supernduccd by the
| xtrGortinary Accommodations of large sums oil
money in the principal cities OF The U. States,
| particularly at New York and Boston, sought
10 be employed at low rates of Interest. upon good
securities; by the large sums of dcpostc 10 the
crcdi. Of the U. States in the banks Of deposte,
for which those banks pay no interest; and by
other adventurous circumstances. How long
such state OF things shall continue depends up
on seasons, crops, commercial operations, and
! foreign affairs, beyond the ken Of human Fore
sight. OF the dangers TO be apprchended from
an ovcr-issue OF bank notes and bank accommo-
datons, which might encourage excessive impor-
tations, fanciul speculaions. and overirading the
Secretary Of the Treasury has not been unmind-
ful. and watched with view 10 counteraction in
case the banks of deposite had yielded 10 the
temptation arising from the large sums deposited
10 the credit Of the U. States.
The present time is propilious for laying the
1z..> 81 r. IT..
public debt and for alevia,ins the burden of taxa
lion. The circulating medium is sound, and
sufficient Tor all useful purposes; business is re-
vivng from the depression Of past events; the
habits OF the great body OF the people are frugal
The rates of duties imposed by The act of 1912,
with the sales Of the public lands, and tonnage
duties may be fairly estimated as yielding an
annual revenue greatly beyond the wants Of the
Government lrugally and economically admins
tered, in lime OF peace. The taxes imposed up
on the people indirectly but certainly, by duties
nn iInnorts OF cnniS aud mercha ndiZe nnohf 10