Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-16


surfing increased imports and augmented revenue.
As IL sobvous with liberal appropriations that
from lands and customs will enable pay the public
debt before its maturity present the following suggestions for
the consideration Of Congress- The great Of public
debt exclusive Of treasury notes consists Of five per cents
deemabe in 1885, Of per cents redeemsble in 1856, 1852
1867 and 1868, and the military bounty land scrip bearing
six per cent interest," redeemabe the pleasure Of the Gov
eminent Of this the Department, at present author
lied by law purchase at its discretion, when the
will permit the five per and the six per redeem
able in 1856, 1862, and 1868. The military bounty land
scrip bears six per cent interest," and redeemabe at the
pleasure Of the Government No power however, s given
the Secretary Of the Treasury to purchase this debt al
though Congress may authorize the Department TO qudae
at any time, without paying any premium advance and
advise such authority to be gven to take effect at any time
after the LIST Of July next.
As regards the debt Of twenty millions Of dollars
arising from treasury and stock authorized BY the Of
the 2sh Of January, ls47, the Secretary Of the Treasury
has authority purchase treasury notes stock except at
par When this act pending before the two Houses Of
Congress- this Department recommended that this debt should
be placed upon the footing those which preceded by
deegang the authority the Treasury TO purchase any por
ton Of IT, including the treasury notes, at the market rate
above below par.
Among other reasons which influenced the Department in
this recommendation the fact that such provision would
make the deb, valuable the purchaser when il should
be sold by the Treasury and therefore increase the premium
which could be obtained by enargng the number Of bidders
for hereafter, namely the largest probably Of oil purchasers
Government ITSELF the absence OF THIS
mnshed the premiums the Department enabled obtain
upon this loan. II Is obvious that, n have the means
purchase the public debt before its maturity 1t should be
DONE rather than pay the interest and Is also clear that
The which be purchased by the Government 10
increased especially to the great extent Of mil
lions of dollars the Treasury make the purchase upon
better Ivy engng the number Of competitors who could
cell 10 il our own stock. Under these circumstances,
commend that the Treasury Department be authorized pur
chase at the market rate at any time when its will
allow after the first Of July next, any portion Of the debt Of
twenty millions authorized by the Of 2sh Of Janu-
airy, s47 including treasury notes. If any should remain
unundcd This Is the necessary the sales Of the
public lands have been apart by this Department. direct
ed by that act for payment Of the interest and purchase Of the
principal Of this stock which Is impossible at present. the
right Of purchase being limited to par Unless then, sutho
ry should be given purchase this stock at market rate
considerable remain in the treasury the LIST Of
July next Of the sales, which DO used for no purpose