The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-09-07


same
five millions and half realized, On the 3st Jan
uary, 1872 issue OF i've millions OF dollars au-
thorzed in treasury notes On the 18th OF April, 1872
was passed IAN act for the extension of the loan Of
ls4l aud for addition of five millions OF dollars
thereto and for allowing interest on treasury notes due.
the provisions OF which have been already described
But this was not all On the 3lst of August. 1912, law
was passed Limiting the sale of the stock authorized IN
the loan acts to par and providing that If the stock could
not DC sold at or above par treasury notes might be
issued IN lieu thereof, 10 amount exceeding six
millions OF dollars, with power 10 reissue. On the Sd of
notes redeemed before July 1914 TO pay ineies, ON the
same alter hey arrived at maturity, and also to fund
Them, and thus turn them into stock debt
We have thus that, in time of peace our oppo-
nents granted authority TO negotiate "a loan below par
" ben the state oil the money market improved that
probability arose that he stock could be disposed of al
or above pars'lll in the act limiting the sales of stock Ia
par they gave authority TO issue The in treasury
notes, alternative power, and a safe aud preca
tlonary measure, The public DEBT due on the ih oil
March, 1915, when the present administration into
power, Si7.7s5,799 SO, The public debt TIE Isl
OF July 1876 the beginning Of the fiscal year, and which
have considered AS the commencement OF the war,
S6709,S27 H. Since then, have been passed the acts
authorizing the issue OF treasury notes and loans OF July
%? 1916 aud January 25 lsi7-he first for ten millions
of dollars, and the last for twenty three mil lions; and
which, have stated, may be considered furnishing
for the two fiscal years, TO the amount of thirty.
three millions OF dollars
The pnbc debt on the first day of the present month
(March, SiS,) was $i6,l5g3i2 81
Mr. W EBSrER That includes the loans and treasury
notes
Mr. ArHERroN Yes, sir. both The amount last
mentioned includes $299,s00 for treasury notes in TIL
hands OF me accounting officers paid IN for customs an!
lands, and thus redeemed This being deducted, leave,
the real amount OF public debt outstanding the LIST da
OF the present month, $l3656,5i2 OF. Thus, the in
OF the public debt since the st July 1885, up
the st March, 1913, S26 9i6,7l5 So When the whole
awaits of the treasury and oan-acs passed since
the commencement of the are realized, Of the
increase will be thirty three millions OF dollars If to that
we add the amount of the present loan, ($60000OO,) we
two years OF The war, an increase OF the public debt
amounting to forty nine millions OF dollars. Ii to this
we add the debt existing on the LIST July, 1916, Nhe
commencement OF the war; in round numbers sew
enteen millions of dollars, we shall have the whole
public debt at the close of the present fiscal year
The 3Oh of June next-sixy-sx millions of dollars.
Should the war continue for another year, and the
Secretarys estimates of expenditures and receipts be
sustained, an additional loan OF twenty millions may
be required (nothing having been estimated for contri-
but ions levied in MeXico) This, the supposon of
the continuance of the until the Both of june 1919,
would make the public debt at that time eighty mil
lions of dollars This, sir would be the whole amount
of debt required TO be incurred if the estimates of the
Secretary for the next year should prove we'll founded
they likely to prove for the present fiscal year, not
wthsanling the alarming sums " hich have been set
FORTH and the prophecies of disaster and ruin in which
trust gentlemen will be very glad to find themselves dis
appointed The business and the money market OF the
country were during the winter, for time, affected in
measure, by the commercial revulson which had
taken place in England, country with which we have
such intimate commercial relations But asknotwith-
standing commercial relations with that conntryare
found where commercial revulsion there, extensive
and severe, has produced here effect so temporary,
limited, and slght The loans authorized since the
commencement OF the war have been negotiated at or
above par Can another instance be Produced in which
any nation has been able in time OF to negotiate
loan at par sH
Much has been said about the injury inflicted on our
credit by this believe, the contrary that
credit has been raised, and that could obtain
larger in the money markets OF the world and
better terms than before its commencement And whys
Because the attention OF the world has been turned to
establishment at victories, and at the resources and
energy we have displayed IN carrying on military opera
tons extensive, so brilliant, distant, and with
little apparent exertion The whirwind of which
we have sent abroad has not disturbed in the least the
genial and sky of peace and prosperity at home
1t may be asked Mr. President, why the Committee
Finance has not adopted the principle generally
loan some imposition of taxes, for the purpose of
paying the interest and gradually reimbursing the
principal To this answer, in the first place, that rev.
bills for the imposition OF taxes must originate in
the other branch of Congress We have constitutional
power originate such measures; and in the second
place. had the power am not authorized to say that
for this small loan Of sixteen millions the committee
would have thought this course necessary eXpeden
To be sure, if about TO carry this war for
creasng such measure as the creation OF sinking
fund ought certainly TO be adopted, according to every
maxim of the most able financers. But must be per-
mitel to observe that this rule which has been much
neglected by old States, and which is peculiarly neces
say for such States loses much OF its force and apPca-
bty for any debt tring compared with our
as our own, when consider the youth and vigorous
growth of our country and especially when we consider
the prospect OF increasing revenue under the present
tariff system How different is situation from that OF
old States where population is stationary One OF the most
moderate estimates of our increase Is that by Professor
| Tucker which find adopted in the work OF an iniel
gent English traveller in the United States In the
first decennia periods of national existence, (the
being taken every ten years) the increase OF
our population was about thirty-ive per cent Du-
ring the last decennal period prior to 1910, was th'r
y-two per cent Thus in $780, which is close at hani
our population will be twenty two Millions An increase
aLe p,n in