New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-12-06
leaving A mrp,u. Of estimated receipts over

Leaving a ,urpu. Of estimated receipts over e,,,, -
e.tinsted expenditure, NM e f..
The deb, q the United sa. sss iGsIsSeo I'm, voc ~, ~,
cal wear ending June o. 1863 lo@35 ~ ana 10
tr.t quarter of the present fiscal year. 'U . ne
Secretary has, however The 81 beihs 1oe '.
thai during the months Of September and Oc2oc nc p9Dc
debt diminished to the amount oil ABOUT thirteen m
Of dotrs. -, .- 81, A.,
rrr.en hsca year shall equl the sstmais iieTe WI DC
ageegey to be PsoyseS So ~ 0 fox The i've per cent
ury tpart OF the public eeol when bocoHr cue te
present month and now being pd out OF IN We
csry and all other payments hieh may be made on the
public debt.
The heavy Expenditures Of the last 6'ea year .nd Of ne
months Of July aud August Of the present hacal year 'r e
rrs Of tie gantc scale which the pfost eu.sd
during portion Of this period AID the payment o. ' on'e'
The Aigr estimates Of the War Department or the rest OF
the for tie payment o. troops VINCE are % In 1
closing up existing balances. .,,...--.
The statement Of the probable receipts sna ~
for the fiscal year in the hghest degree sate'oiy
According estimates which are oeievri 20 oe '4u o
receipts OF that year will be Sufficient 70 pay all current *
Ienc, Of The Gov, rnineni the 're,t on W., s uI
and leave the handsone balance Of SlB2S ~ 10 De Ap
pIed ard the psymen, Of the DEBT t,el. a., H., .,
October T. appear. tat beside the compound interest," The
United States aud the fractional notes. the ga S s
Toe deb, doe In ise5 and SO GO -
pu aTo. ,h . month Of October sboa Of the
pound were funded ~ 90 H per cent o0
! updrr The provisions Ct the act Of March 3, 800 49,
Tie SECRETARY would be- UAiief " tie Ifeafry coti De
pa, 81 condition TO obssie the necessity OF lsuns
r H.
sny kud 4 temporary loans bit he may Tor ssh"r peioH
he o. ICED avail hnef Of any means no~ AUTHORIZED oy
law cI meeting current expenses and o'her proper u'~'
don't ns due in and 1863. co COO consist
OF 10 notes. nav be REGARDED premature 10 fund any
ano Of within the neat year; but
tie fact that they ate eon,rro.r mo nohas o
congress to authorize the Secretary, whenever can be al
s.os,y done. fund them In advance Of Their HaG
ne Secretary Ia. already recommended that be b. 'n'her
iIed 10 sell bonds # th. United state, "rerns ~ =
|
Tr.a.ury note. AID United States tie further recon.
similar character Any deficiency for TIE present
hca yef Irduce the Temporary iean " Heh an amount
a. he deem advisable 20 pay the certificates Of Indebted
dsbt maturing ror 1909 that be- ayansgeo1sy retired
Ia IL no, that 4 viii De advisable If could be
done laut prssin. them upon the market. 10 sell much
s.sr Of be nj. within tho pietsrt or ITO h'tt hn
wear than win b. necessary 20 any deficiency o. the
s.ry 10 nav the ps.,u. and maturing o5 cations 4 he
Government Gud pNt Il the Temporary loan sn 10 retire
noss bling back The busines. Of The Country 70
healthier cordn But no harm result iFoin invrsns
Of the make, will justify IT, In order to anticipate the
payment those Obligation, that mus, be provided foF
When the whole deb, .h, De pot such form that the
interest only demanded until the Government shall be
IN condition TO psy the principal can be easily managed
IL gudenaby large but the Of the country
ample carry and gradually to reduce II; and with
the lbor question At the South settled on term, just to the
employer and 70 the ahofer and with entire haimory be-
the different sections viii be rapidly diminished In
burden aud amount by the growth Of the country, without
Ihe following Of the tim. which would be required
the debt funded 81
cent, by the payment Of s20oooooo annually the interest
and PRINCIPAL aud alec Of the dnnuon OF the burden Of tie
deb, by the increase OF producons not be without in
,ere.t 20 Congress. ami to tax payers.
s naon. d,5t ddue s money. IL the he 1rS,ry Wa
tempting nice calculation Of the amount mOy reach
all our liabilities shall be accurately ascertaned Il safe
g. estimate H. the ls OF July. 1876 at S3O0W0 The
exact Of existing Indebtedness yet unsettled and
further amount that may accrue IN the interval are not now
Of exHc, estimation and the revenue OF tho
riod can 10 ouy appoaatey calculated but Il will be sale
TO that the debt will not exceed the sum named
abe annual interest upon f3O0OO0o II funded at -
per snnum, would be +loS 10000 bat funded pei
| cent Il wou d bs Z la00O0OO0.
yearly h.,sm.n. Of eschn payment Of the &C
rung and in reduction OF the principal funded at the
higher Of \ per cent, the debt would be entirely paid in
81 years At per cent per annum It would be exngulsbsd
By the Ike application Of tlo 900 every months in t
At the higher rate the sum applied In the hr. year i-
ducton of the principal Of thedebt would be S33OoOo0O IL
s III. 20 s over Of tS
uniform annual payment would 90 to the reduction OF th
| principal.
On the assumption that the debt may be funded at PEI
cent $4,000 go would be applicable to the reduction Of thu
principal In the first and IN the twenty eighth or last
ofthr perod,he interest filling ess than "a 0co coo
90 ooO Of the annual payment would to the pndpa
million. Of tho debt on tho sst OF October las
averages e6l rer cent part OF th, sum 10 now due s
be due payable The option OF the Government In 1856
and 1863 lfhrsc hundred aud twenty million
the average isrcst Of the whole debt viii be s5 per
In the year 1884, II tho deb, then maturing should b. fnde
a. he same ultIrst "oud Oe reduced
rs and in 1881 To per cent, excepting the bonds iot mt
millions be advanced in aid Of the Pacific Railroad nj
cents which will have thirty 10 run nom their respect
i've dates The interest Of .so bonds nddrd to the suppose
five cents would in 1881 make tie average rate Of d.
tifo debt ye aud three hurdredhs Of per
until tho whole should be discharged.
In these racusons Of tho rate Of interest upo
the funded debt the outstanding United States and
onsl currency not embraced Whatever amount Of hes
-four hundred and ty onr millions eventually be fnde
~ Mt sunum VIII propofonaly reduce tho ayoI
age rates OF interest upon the whole debt
By the terms sud conditions OF some portion OF the debt
the interest the whole cannot be reduced exactly hy
per unless money may he borrow ed Of t
process at TITLE below per cent. bonus OF onrten
would than the tho probability Of whic
fully warrants the calculation Submitted to tho payment
the total debt at this rate.
II must be- observed aso that the assumed principal OF ,h
debt Ia July 1896 undergo dninnion before TN
funding n 1901 1885, aud 1869 III only hundred mi
Hons shall BE- paid of In these three the prime thus
ducsd rty niue hundred millions would be rtngushe
by the process already stated In twenty years II unde,
AZ 81 per cen' and II At cent In something less thai
twenty seven years. Andtis vel worthy OF attention tina
one hundred millions less principal at tho commencement
the OF payment will four hundred millions Ia
round numbers in the end ii tie rate 81 per cent aud ihre'
hundred millions II cent.
The burden national debt H. of relativ. 10 the
national resources hes. not strictly speak
Ing capital bat the product oi the capital and indus ~
Of a. country Tho annual product however IL found 10
bear a ratio pita aud this ratio may be convo
ni'Ltly and safely used In computing the rfoosor ~
which must III the future meet the national '"o
payment of interest and rNtingusLment of the debt
IL has been estinaed by one who has made th snoJs,
study that tho products OF agriculture mannHctntS hhhs
mechanic arts commerce. fisheries and ofeH III inc year
1850 were per tho Of the fra an"
I property OF the United States sinar calculation maA.'
the products of 1860 2ta cent Of the wealth o. tne
try hat year hIed by the census returns III We sa'u
Iation admitted the annual products OF chp" uu n'u"
are taken convenience at 70 per cent OF inc cnph
of tho country and tho capital each decenn year m hr
l.at he