The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-12

tsftst VI teven per crn; yet tast debt also not
Gully fully PAID 1855 beta prlncps pal aud interest
tut the Government after hlaidatins all its engage
rosIts hsa surplus lett in che treasury OF SIS l0l
GA q. VII CD deposited VITA the States fol sa.s
ke-pspg wEo may b. called upon TO return it to the
govern OF the Union, should the rgsncy ever
require lite use, which is most improbAoe. At thst
date the country had been exhausted by prolonged
and struggle With the gre atest power in tbs
uord aud its commerce al most initiated by block
sees and enbaIgoes It's pop then 67s 0o0,
and cons quent,y according to population, the debt
thai date would be equvaient TO u debt at tbs
sent period Of upwards OF three hundred and eight
millions Of dollars nearly five times great as oar
fretent debt Yet that debt OF 1916 wa not only
pupctualy paid within twenty years thereafter but
q surplus have seen. Of more than twenty eight
millions Of dollars deposited with the States H. then,
in twenty years. under such circumstances, and With
such poruis ion and such resources we could pay
debt Of that nituds aud have asurpus OF twenty
eight millions within how shoft per'ea may We iiui
date our present epsagemt nts ny References 10 THIS
table IL Will be that from 1920 TO the present
riod including the reimbursement OF treasury notes.
paid public debt including interest amount
ing tally of upwards of five hundred mill Of
dollars BY reference to the same table, it appears
that revenue during the period deriv ed
other than loans treasury notes, up.
wards OF eleven hundred and thirty six millions of dol
lars II will be perceived that pre-
the whole the loan yet paid deducng the
purchase directed by this department. of S50oOO0 OF
the public debt within the last few weeks would b.
about sos 45o Al The debt due the 4th March,
ls45, per table hereto annexed, was SlTssss9J g,
deduciing which from the present debt above stated
leaves the increase of debt, since that date S ssg
600 49, including the leans TO be paid in, to which
may be added about $4,000 for Mexican and bounty
since the 4th March, ls45 about 1872 Sl3 9S Our
whose debt including the loan yet to be paid in is not
sxteth part of the debt Of Great Britain aud less
than one half the annual interest Of that debt
cordipg table of the commits oner OF the General
Land Once, hereto annexed. it appears that our
whole public doAain unsold amounts TO Sl4iz-
2l7s 37 acres, which at the present minimum price OF
81 rs per acre, would mako an aggregate value OF
$lS02 s72 296. Regarding them however, including
mineral lands at twenty-five cents per acre, they
would yield $500 56i 46s Large as Is this sum- cur
wealth nation would be more rapidly increased by
the sales OF all agriculture lands at low rates
exceeding twenty five cents per acre. in small farms
products and exports, insurpg Increased imports and
augmented revenue.
As it is obvious. even with liberal appropriations
that from lands aud customs will enable
to pay the public debt before its maturity, pre-
sent the following for the consideration of
Congress The great of our public debt, exelu-
sve OF treasury notes, consists of five per cents
deemsbe in 1853 of SIX per cents redesaaoe in 1886
1862 1867 and letS of Fix per cents, ana tue military
bounty land scrip, bearing ak per cent interest re-
deemabe at the pleasure OF the government. OF thi,
sum, the department at pesens authorised by law,
can purcha its discretion, when the will
perm the five per cents, the sig cents redeemsbs
In 1866, 1862, and ls6S. The military bounty land
scrip bears six per ce interest and is redeemabe
the pleasure OF the government NO power, however,
this de- BIT although Congress may authorize the depart
ment to hqudste it at any time without paying any
premium or advance and advise such authority to
be given TO lake effect at sny time after the LIST July
next. -
As regards the deb. of twenty eight millions of
dollars arising from treasury notes and stock author
isel by 18th Jan. 1847 the Secretary OF tn,
Treasury has authority to purchase treasury notes
stock, except at par. When this act was pending
before the two of Congress- this department
mmepded that this debt should be placed upon TIE
came footing IS those which preceded tho
authority the Treasury to purchase any portion OF
1t, including the treasury notes ct the market rate
above Or below par Among ether reasons which in
fuenced the department this accommodation,
was the fact that such provision would m.Es the
debt more valuable 10 the purchaser when it should oe
sold by the Treasury, and therefore increase the
premium which could be obtained by enlacsiog the
Of bidders for il hereafter namely tae largest
probably Of all purchasers, the itself and
the abs this provision d;inished the premiums
the department was enabled TO obtain upon this loan
1t obvious that If have the to purchase the
public debt before its maturity IL should b. done,
rather than pay the INTEREST," and 1t Is also clear
that the amount which can be purchased by
the is increased. especially TO the great
extent of twenty eight millions OF dollars, tia
Treasury can make the purchase upsn better terms,
by ensrgipg the number OF mpettors who could sell
to it DER stock Under these circumstances,
recomne nd that the Treasury Departme ut b, auho-
rzed purchase at the market rate at any time when
its means will allow after the first of July next
portion Of the debt of twenty eight millions authorized
by the act OF 2sth OF January 1s47 including Trea-
sary notes, if any should re lan unfun ded Talsis
the necessary, as the sales OF the public lands
have been ret apnrt by this departments as directed by
that act the payment the interest and purchase
of tie principal OF this stock which impossible at
present tie right of purchase being limited to ear.
Unlefs then, authority should be given to purchase
this stock the mar ket rate, considerable must
remain in the Treasury on the 1st of July next Of
these tales, which can be used for purpose what
ever AS soon as it was ascersined, in the esmstes
of the teveIal that the governmeE had
rest the interest, the department considered to be
its duty TO make the purchase. Upon locking into
these estimates, and comparing them with our ueans,
IL found that there would be balance of 694
S4 the Treasury the LIST of July lSI9, and ba
lance Of 50 040542 IL the 1t Of July, 1850 There
also at that date, by the latest returns copy of
which is hereto annexed, s. io3 s9i IS in speiie,
in the several depo 'itores, TO the credit OF the
Treasurer If the United States after deducting all
drafts unpaid and outstanding; and since the pur-
chase Of this stock, there remained, by latest
turns So 6ol7l6 so in specie subject to the draft
he Tn lplU NIL frs
outstanding. Under these circumstances, IL was
solved make the purchase to the amount of $5oo00O
thus using u part Of the premium obtained on the
leans by this depatm Mt in iqudatins to that extent
the debt incurred and by the rise of the osk since
that purchase, had 1t been delayed unti the present
period, the government would have been compelled
pay much higher price II essen tial to
(unless by largely advancing the premum) tAat the
purchase should be made by confidential agent; and
directions fer the purchase were accordingly given to
Z. w Lawrence, the Collector at New YORK, in whom
the whole community in which hs resides justly repose
snbounded confidence, and vho had executed every
trust with fidelity.
full statement Of ell the details of this purchase
which made at the lowest market Is being
pared apd will be placed promptly before the committee
Of and of the House and Of finance in the
Senate That the debt should BIO Equdated as rapidly
the Of the treasury will per nit to srrest
the running Of interest, will not, it is presumed be
doubted; but the government should have its option
to purchase any Of its stocks to lessen the pre-
MUM which it would be compelled to pay, and the
purchae should De very gradual ana Tor II
exorbtsnt In view Of the uncertainty which atten Is
all calculations of accruing revenue, 1t will probably
not be regarded judicous to make any further pur
chase until period succce ding the LIST Of July next
when estimates both to receipts and expenditures
will be tested by results, and when it will be known
with certainty what will b az the dsposa of
the department to redeem the public indebtedness =
AS evd Of the progress of the country In wealth
and credit, it may be useful to contra the
fales OF the government stocks and treasury notes
during and immediately Succeeding the of
j Ia, with similar sales during and Immediately
cceeding the wsr with Mexico. BY the report
the committee Of ways and means Of the House
Of Representatives Of Congress Of the 13.h Of April
$780, it appears that for the loans OF the of 1884,
for eighty millions of dollars In stock and treasury
notes the government obtained but S3t 900 after
deducting discounts and depreciation, being less Of
$3.50 600 upon it's whereas In the loans
Of the last with Mexico this department obtained
mine millions Of dollars borrowed stock