Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1845-01-02
IRG MONDAY MORNING, JANUARY =, lsiJ.

lowing interest on treasury notes DUE. approved AP
Is, 1872 extended the time limited by the act OF July
2l lSfl for obtaining loan OF twelve millions OF dol
lars authorized the certificates Of stock to be issued I'M
der this latter ACT 10 be made payable al any time ro'
twenty years from tae LIST Ut January 1915,
md authorized additional Loan Of five millions ot dol
ars.
BY the fifth section Of this act of 1892 the money a
'ng from duties IN imports of goods, wares aud nier-
,lsndlse are pledged and appropriated for payment OF
he interest from time TO time, aud for payment and re-
iempton of The principal IF the certificates Of stock 10 be
ssu,d under the act Of 1872 and urder the act OF 2ls
July. lS4 amended aud much Of the proceeds OF
iuties imports las be necessary pay the int
est said stock, and redeem the same when due, is
hereby appropriated 10 that object 10 be first applied by
he Secretary ol the Treasury 10 such payments and TO
lemption."
The seventh section Of the act Of lSi2 that all
he provisions OF the said act Of 2st July, 1871 mot
hereby modifed changed, shall be, and remain
1912"
BY authority Of the act of 1912, certificates Of stock
were issued 10 the of .3i3.Ss7 03 bearing inter
st at the rate of6 per cent per year. PAYABLE hall year
y, the principal payable the LIST day Of January, In
he year 1868.
BY ian act authorizing the issue Of treasury notes and
or other purposes approved March 3d. lS43 another
ssue of certificates of stock authorized under the
ame restrictions limitations, and visions are con-
aimed in the act Of April 10Th, 1872 excep, that the
'eod no, longer than len years from the issue Thereof
Under the provisions of this act, certificates of stock
o the sum OF seven million four Thousand hundred
md thirty dollars and thirty five cents we're issued
bearing an interest, payable semi annually. al the rate
If five per cen,um per annum, the principal redeemable
N the LIST Of July IN the year thousand eight huns
lred and fifty -three.
The acts OF lS43, adopting the acts Of 1912, which
adopted the fourth Of the of S4I tai en- To.
yeher, contain express pledges of the faith Of the gov
,rnment and Of the proceeds of the duties goods and
merchandise 10 pay the interest and redeem the prnc
'a the fourth secon Of the nc, of 1871 adopted by the
latter acs. authorizes the Secretary Of the Treasu.
To any surplus Of funds after meeting all demands
upon the treasury, to purchase any certificates Of the
stock befure the period limited for redemption.
In The national faith which has been hon,rably oh
erved in paying the pr1c aud interest of the former
lebis 10 the Of four hundred and fifteen millions of
loars and upwards in the pledge and appropriation of
he proceeds OF the duties imports Of goods and mer-
,handze; in the increasing ability Of population now
numbered at not less Than nineteen millions seven hun
lred thousand souls, pay taxes the holders Of the
icates of the public debt Of the United States and all
iealers in those certificates, have for implicit faith
md perfect confidence that the interest will be paid
,unctuay aud that the principals will be redeemed aud
paid according to the terms OF the contracts
No citizen Of The United States Of America, under.
standing the poliy OF the federal government aud its
action in fulfilling its engagements, have loop
v heeon To hang toub of the future fidelity of the ma
ona government in paying the prime pal and interest,"
md redeemng the principal of the national debts as they
respectively shall become payable and demandsble
SINKING FUND-The Report recommends the
establishment Of snding fund to anticipate the pay
nens Of the certificates Of stock issued under the au
hor,y Of the acts Of l842 and loi3 II says on this
point
The certificates Of stock bear premium in the mar
ket. The per cent Stocks rcdeemable in 1853, are
At one hundred and SIX dollars for every hundred dol
lars Of stock; the per cent stocks. redeemable in 1863
at hundred and sixteen dollars for hundred
dollars OF stuck. Those premiums superiaduced by
he extraordinary accumuations Of large sums Of money
IN the prncipal cities Of the United States, (parcnary
II New York and Boston,) sought to be employed at
ow rates of interest, upon good securities; by the large
sums Of deposlle 10 the credit of the United States in
he banks Of dep ste for which those banks pay in
crest, aud by other adventurous circumstances How
ong such state oflhngs shall continue depends upon
easons, crops commercial operations, and foreign AFFAIRS
eyond the ken Of human foresight OF the dangers To
e apprehended from issue Of bank notes, and
ank accommodations. which might encourage excessive
mportations ancifu specuallons, and radng the
Secretary Of the Treasury has not been unmndfu and
watched with view to couneracton in the banks
# deposit had yielded to the temptation arising from the
arge sums deposited to the credit Of the United States
The public debt to be provided for after the first day
# January in the year S45 will consist Of The debts as
umed by the United States for the several cities in the
District Of Columbia, the two loans redeemable in 1853
md 1868 respectively and such paris Of the treasury
,otes old debt, and Mississippi stock, shall have
presented for payment with The annual interest &C
rung.
The interest upon the two loans amount to the sum Of
tight hundred and Fifty thousand eight hundred and for
four dollars and seventy cents until the LIST
Law of july 1853, and after that TO the annual SUN of
$500 633 81. The sum Of interest from aud after the
st of july 1916, to the LIST July. 1883, on those two
oans will amount 10 to the sum Of 6.S0G,7lS lG; and
IN the residue redeemable in e63. the sum Of ST.
3l3,0l5 02-iogether 81 SOL ,772 25. The princi-
pal and interest the TIVE loans If not redeemed beore
he times limited will charge the treasury with the sum
If S26 967 1911 as. The existing rates of duties on
imports and tonnage with the other of revenue
would, according to the best estimates, after keep ing
Down The until the ST of July in the year 1858.
and after paying the ordinary annual expenditures for
The support Of the government, ant after dschaeng the
loan Of seven millions of dollars redeemable lsl July,
1883 leave accumulated surplus Of not less than fifty
millions OF dollars; and of revenue il continued until The
year 1868, would, after defTaying the ordinary expen
iitures Of the government and dscharging the principal
md interest upon the debt then redeemabe have
,umulaed surplus in the treasury of not less Than
hundred and twelve millions of dollars.
The system Of accumulating national treasure 10 be
boarded and locked up for future wars, or unknown
wants, has been exploded. Such system was suffer
ed only in times and countries the government
was considered as person having an interest distinct
from the welfare Of the people; where were consld
cred the property Of the government, the vassals OF
the few no ruled. But where government is The prop
ery of the people, to be administered for their welfare,
the accumulation Of annual sums far beyond any known
wants. be huarded for unknown future contingencies,
will not be endured.
'rha otsiau, n r,vanuo o,.cal the lau az 1910