The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-12-12

ty would be received here. The result justified these
tcpaons. The intelligence OF the ratification OF the
treaty received here by the last of May LIST OF
June; nor, in fact, until few days before the 18th OF
June when it Immediately made known officially by
telegraph and otherwise; and the government received
the full benefit in negotiating the loan, OF the universal
knowledge of the final ratification of the treaty OF peace
with Mexico Upon the 18th OF June, at the appointed
hour the seals broken and the bids opened by the
chief clerk OF this department, my presence and that
of the bidders and the blc the bids recorded and the
loan awarded of course to the highest bidders
The total amount bid, together with the of the
successful and unsuccessful bidders will be found 10 the
statement hereto annexed, marked Nj
The whole premium obtained, II will be perceived, was
$iS7,loS 90, which the extraordinary, mas
much as reference 10 the prlces-cunent, IT will be
found that the entire sale OF the sixteen millions OF stock
in single day exceeded the rate at which the govern
ment per cent twenty years stock exclusive OF inter
est and brokerage, was then selling in small sums IN the
market
devote its attention 10 'THE SUPPORT OF PUBLIC CREDIT
well ''e Improvement and ageptent Of The
reuenue it is proser to remark that this government has
paid punciuay at all times the public debt at ITS maturity
as well the accrung interest, suspending Tor
moment OF time the discharge OF either when due
Such has been the alta chmen OF the American people to
this the government OF their chOcesch their regard
for honor and good fahtha however the trial
or sacrifice, they have iqudated they fell due all the
debts of the Union.
A table certified by the Register of the Treasury is
hereto annexed, (marked NJ showing population
from 1880 to the present PERIOD OF every year, our debt
receipts from loans and treasury notes. our revenue
each year. exclusive of loans and treasury notes as well
from these loans and notes. and the principal and IN
eres OF debt paid each year. well as the total amount
| 1t is official record which every American may read
with pride and satisfaction 1t shows that whenever II
necessary to pay the debts and sustain ~ honor OF
the country, the peop.e cheeriuly submitted not merely
to duties imports but 10 direct taxes and excuses to
the of many millions OF dollars every year; and
that when population was sparse and eur mon
eyed extremely limited the debts OF the country
always punctually discharged after the adoption OF
the constitution, both principal and interest, at their ma
turity.
In 1890 we assumed the debt of the revolution, deter
mined that the honor of the nation should be preserved
stainless and unsullel That debt then assumed was
75i63I76 52ben5 equal to debt at this date OF more
than 1877 OOD according to popuaton and nearly six
times greater, according to population, than present
debt At that date, the country, exhausted by seven
years war, and weakened by the internal difficulties
growing of the feeble character OF the old coniedera
on had scarcely commenced her onward career to great
ness, wealth, and power; yet this debt was voluntarily
assumed matter of HONOR and IT paid including
principal and interest puncualy without failure or sns
| pension.
Again at the close Of the war of 1872 debt in 1916
was 1927 1884, 1888 ia portion OF II bearing an interest
OF per cent yet that debt, also, not only fully
paid in 1885, both principal AMI interest, but the govern
nent, after hqudans all its engagements, had surpu
left in the treasury of $2S gu 81 which was de-
posted with the States for safe keeping who may be call
e. upon 10 return ii to the government OF the Union
should the emergency ever require ts use which smos
improbable AT thai date the country had been exhausted
by prolonged and struggle with the greatest
power OF the world and It's commerce almost annhllaed
by bocka les and embargoes Its popuIaon then, was
the debt of that date would be equivalent TO debt
at the present period of upwards of three hundred
and eight millions OF dollars, or nearly five times
as great as our present debt Yet that debt of
not only punctualy paid within twenty years therea
ter, but surplus as we have seen, of more than
twenty millions OF dollars deposited with the States
If, then, in twenty years, under such circumstances
and with such population and such resources could
pay debt of that magnitude and have surplus of twenty
! eight mi lions, within how short period may we liqui
date our present engagements By reference this table
it will be that from 1890 to the present period, in
Guiding the reimbursement OF treasury notes. have
paid public debt, including interest amounting to to-
ality of upwards of five hundred millions of dollars
By reference to the table, tappears that
during the same pero derived from resources other than
and thirty millions OF dollars 1t will be perceived
that present debt, nclu ling the whole of the loan yet
to be paid in and dedncns the purchase directed by thus
department OF about 100000 of the public debt within
the last few weeks, would be about $sj527s45) Al, (see
table y but to which must be added about $4,000 for
Mexican and bounty land scrip Our whole debt, in
clu ling the loan ye, to be paid n is not sxeh part
of the debt OF Great Britain, and less than onehalf the
annual interest OF that debt
According a table OF the Com missioner OF the General
Land Office, hereto annexed, (marked PD it appears that
our whole public domain unsol amounts TO i122l7,s 37
which al the present mnlmun price OF 81 % per
acre, would make aggregate value OF $l,S02 1926
Regarding them, however including our mineral lands
at twenty five cents per acre, they would yield $780,
/ 55i,i59 Large this sum, wealth as nation
would be rapidly increased by the sales of all
agricultural lands at low rates. not exceeding twenty
cents per acre, small farms, to actual settlers and cu
uVdtofS, anu tnuS, ny ana exports, IN
surfing increased imports aud augmented revenue AS it
is obvious, with liberal appropriations, that
revenue from lands ana customs will enable pay
the public debt before its maturity, | present the
following suggestions for the consideration Of Con-
gress. The great mass OF our public debt, eXcu
slve of treasury notes, consists of five per cents
redeemable in 1888, OF six per cents. releemlble
in 1886, 1862, 1867, and 1868, and the military bounty
land scrip bearing six per cent interest, redeenablc
at the pleasure OF the government OF this sum the de-
partmen at present authorized by law, purchase
at its discretion, when the will permit, the five
per CENTS AM the six per cents redeemabe 1885, 1862
and 1868. The military bounty land scrip bears six per
cent interest, and is redeemabe the pleasure of the
government No power, however, Is given to the Sec
rotary of the Treasury to purchase this debt although
Congress may authorize the department to liquidate il at
any time without paying any premium advance; ana
advise such authority to be given, to take effect at any
time after the lst July next
As regards the debt Of twenty eight millions of dol
lars arising from treasury notes and stock authorized
by the act OF 2Sh OF January 1917 the Secretary of the
Treasury has authority TO purchase treasury
stock, except par When this pending before
the two houses OF Congress, this department recommend
ed that this debt should be placed upon the same foot.
ing those which preceded, by deegdlins the author
y to the treasury TO purchase any portion of it,
GLIDING the treasury the market rate above
or below par. Among other which influ-
ence the department in this recommendation was the
fact that such provision would make the debt more
valuable the purchaser when it should be sold by the
treasury and therefore increase the premium, which
could be obtained by enagng the number OF bidders for
it hereafternamey, the largest probably, of all purcha
sers the government itself and the absence OF this pro-
vision diminished the premiums the department ena
bled to obtain upon this loan 1t obvious that if
have the TO purchase the public debt before It's
m IL shOuli be done The