Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-12-29
/ nrircinaI AMI interest. but the Cover


deposit 1 VII the SAFES for sale keeping, @h'
NAV b. called upon to ie;ura il 10 IN govern
meat q. the Urion should the emsTscn y ever
require its use, which is mos, improbable. ~
thst daG- the country had been exhausted oy .
pro'ongs and severe struggle with the stea'es'
no xer OF The world, and lis commerce al'nos'ah-
inflated b, bluckades and embagoes It's popu-
laIion, then, was 5 It's 0a0; and consequently,
according 10 Population, Tic debt OF lha' '"'e
would be equivalent 10 debt al the Piese"' r.
riud Of upwards OF three hundred ahu eis'.
millions OF dollars. or nearly i've tunes AS S'e"'
as on. present Geb, Ycl That deb: OF 1910 was
no. only ponciually paid vii hin twenty years
'hc,safcr, bot 4 surplus, As "e nav eee"' =
more tam iweny-cieh t millions oil do'lafs he?o-
stai wiia ,he States.
Ii. Then in twenty years, under such citculhs'dn'
ces an with Snch population and such resources
,c. r.a,d IA deb. oi tha; magnitude ani nave
surplus II twenty eight millions. wi'h'h no"
shor d PEI I'D may " liquiiatc our present en-
sasemen:s2 ~ reference 10 this 'ao'e u WI oe
en- hat rom 1870 o he present peTIoJ ihciuding
The reimbursement, d; treasury notes, We nave pdhl
4 public debt, including interest, ainOuhiih9 10
olsity OF upwards Of i've hundred n'iiohN 9!
dollar, ~ reference 10 h same table, appears
that cur revenue da,ins ne same period, derived
from re olrces o hel nan loans o. treasury notes,
was upwa ris al eleven hundred aud thiny-six MI
lions Of iolialS. Il will be perceived that our
pres.n; Debt including tie whole ri ihe loan yet
10 he paid IN and q Quoting the purchase direct
ed hv this department vi about Sa0O 0uu ~ thc
public debt within Inc las few weeks would be
abou, ss65 27s $50 Al, [see table o,l-hnt To
which mus! be added about $4,000 Tor Mexican
AMI bounty land scrip. Our whole deb, lnclud-
inc the loan YET 10 be paid in Is not sx'ie'h
psri oi the debt ~ Grcar Britain, and less than
one-ha! he annual interest OF mat deb.
According TO table of the Commissioner of
the General Land Office, hereto annexed, mark
ID P,) il app ars that our whole public domain
unsold amounts TO l,442,2i7 .537 acres, which
al the presen, minimum price of 5 % per
core. would make All aggregate value Of 81,
SOP, TO 800 Regarding them, however, in
clud,ng our mineral lands II twenty five cents
per acre, they would yield $3.50 554 ,459.
Large as Is this sum, our wealth as uation
would be more rapidly increased oy the sales Of
all our agricultural lands At low rates, not ex
ceeding twenty-five cents per acre, IN small
farms to actual settlers and cultivators, and
thus, by enlarged products and exports, insuriDg
increased imports and augmented revenue. As
it is obvious, even with liberal appropriations,
that our revenue from lands and customs will
enable US To pay the public debt before its matu-
",
consid ration of Congress The great mass Of
our pubic debt, exclusive If treasur, notes,
consists uf five per cents, redeemablc IN 1853,
of SIX per cents, redeemabc in 1856, 1862, ls67
and le6o, and the military bounty Gland scrip,
bearing SIX per cent interest, redeemable al the
pleasure Of the Government. OF Thu sum, the
department. as at present authorized by law,
can purchase al lis discretion, when the means
will permit the five per cents. and the six per
cents redcemanle III 1856, 1862 and 1868. The
military bouny land scrip bears SIX per cent III.
terest, and is redcemable at the pleasure of the
Government. No power, however is given TO
the Secretary of the Treasury 10 purchase this
debt, although Congress may authorize The de-
pariment 10 liquidate il nj any time without
paying any premium or advance; aud | advise
such authority 10 be given, to take ctiec al any
time after the first July next.
As regards the debt Of twenty eight millions
Of dollars, arising from treasury notes and stock
authorized by the act Of 18th of January, lS47,
the Secretary of the Treasury has no authority
TO purchase treasury notes or sto k, except al
par When this act was pending before the two
houses OF Congress, this department recommend
ed that this debt should be placed upon the same
footing as those which preceded by delegatlns
the authority 10 The treasury 10 purchase any
portion OF il, including the treasury notes at The
market rate above or below par. Among other
reasons which influence the department in this
recommendation was the fact that such proyl-
81 n would make the debt more valuable 10 the
purchaser when i: should be sold by the treasu
~, and therefore increase the premium, which
could be obtained by enlarsing the number OF
bidders for il overwhelmingly, the largest,
probably, OF all purchasers, The government IL
self; aud the absence of this provision diminish
ed the premiums the department was enabled
to obtain upon this loan. II IS obvious that If
we have the means 10 purchase the public debt
before its maturity, it should be done rather
than pay the interest," and il is also clear that
as the amount which can be purchased by the
government is increased, especially to the
great extent Of twenty eight millions Of
dollars, tho treasury can make the purchase
upon better terms, by enargmg the number
Of competitors who could sell TO il our own
stock. Under these circumstances, recommend
ih,i the Treasury Drpattmeul b. authorized to
purchase a. The marker rate, Al any time when rs
means will allow, after the FIRST OF July mex, any
portion Il the debt Of tcentY-eght millions au-
,horZet nv jhr act OF the 2Sih nj January, lS41,
inciu3ino treasury notes, II any should remain
unfundcd. Th- j. the more necessary AS the
sales ui tie public lands have been SET apart by
This department, as directed by that acl, for the
payment OF the interest and purchase OF the pm
cipal OF this stock which is impossible at present.
the RICH, Of purchase being Limited 10 par. Un-
less. then, authority should be given TO purchase
this stock al the market rale, considerable sum
must remain in the treasury on the first OF July
next o! the sales, which can be used for no pur-
pose whatever. As soon as il was asceItained
on The estimates oi the several departments thai
-. nIa1,
iou OF ts deb;, and aIres the interest, The depa.,
men! considered i to be its duiy 10 make The pnf
chase Upln looking into these estimates and
comparing them with our means, 1t vas found
mat mere would be balance OF 50 694 81
in the treasury on he 1T oi July, lS49, aud
ca'a1ce OF IS, 0i0, $40 II tn the Isl oil July,
1850
There was also at that date, By the latest re-
turns Ga copy Of which is hereto annexed, mark
ed To S3,403, S94 48 in specie in the several
repositories to the credit of the Treasurer of the
United States, after deducting all drafts unpaid
and outstanding; aud since The purchase of this
stock, there remained, by latest returns, marked
above, s., 66i ,746 50 IN specie, subject to tie
draft of The Treasurer, alter deducing all draft.
unpaid and outstanding. Under these circum-
stan ccs, il was resolved TO make the purchase
TO the amount of Ss500,000; thus using a part Of
the premium obtained on The loans by this de
psrtment, in liquidatng 10 that extent the debt
incurred; and by the rise of the stock since this
purchase. had il been delayed until the present
period, the Government would have been com
PEELED to pay muce higher price 1t was cs-
sential 10 success tunless by largely advancing
The prcmlum) thai the purchase should be made
by confidential agent, and directions for the
purchase were accordingly given to MIR. ".
Lawrence, the collector of New York, in whom
the whole communii, IN which he resides Justly
repose unboundcd confidence, aud who had exc.
cuted every trGst with fidelity. full state.
ment of all the details Of this purchase, whisil
was made at the lowest market rates, is being
prepared, and viii be placed promptly before the
committee OF Ways and Means Of the House,
and Of Finance OF the Senate.
That the deb, should DC liquidaled as rapidly
as The means of the treasury will permit, so as
10 arrest the running Of interest, will not, it is
presumed, be doubled. Blu; The government
should have It's option 10 purchase any OF lis
a1t-. 49, I'M. ~ g,