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The certificates Of the public stocks are now above par
for gold and silver at the pleasure Of the holders II
guarded against depreciaton they may accounted
90 much capital to aid business and enterprise
rency Of the most approved order in the genus OF
currency entitled to implicit coniience.


Of high concern to the interests of the holders and
dealers IN tnose certificates Of public debt to the gene
M transactions Of business 10 the prosperity of the coun


and TO the national honor that the certificates OF pub
ciation and established firmly in the Of
ed men. '


To those ends the Secretary Of the Treasury deems il
of the public debts Of the United states which sprunr
out OF the war Of the revolution, the succeeding
aud campaigns Of Generals Charles, Scott Harmar, ST.
Ciar and Wayne; b7 the insurrecton in the west.
the troubles and quasi war conse upoS
the French revolution by the war Of isi2 terminated
BY the treaty Of Client n sIa By the purchases Of terri
western ands OF Louisiana from France and Florida
from Spnin IN connection with the numbers of tho
those masses Of debt and expenditures have been gradu.
ally lessened and finally extinguished:


"a TO bring into view the resources Of the United
States for public revenue and increasing the income of
the nation whenever future emergencies shall require


3d. To show the existing security for the payment Of
neres! ana me ultimate redemption OF the principal Of


4th To propose the establishment of such sinking
und as Will anticipate and accelerate the final satisfaction


lst During the revolutionary war. and anecedently
20 the adoption o. the Federal Constitution the thirteen
United States had contracted debts the sum of SEVENTH


five millions four hundred and sixteen thousand four
hundred and seventy six dollars fty.t cents


France SPAIN and 10 foreign officers including interest
for the year 7oo amounted the sum Of twelve millions
seventy dollars twenty eight cents and the domestic
debt to $60,2l9,022 a.; together, amounting TO the
sum Of $7a .ses 7a The population Of the United
twentyseven thousand eight hundred and tweny.seyen
souls, according to the census Of that year.


On the lM January, 1900 the national debt amounted
he I'm tied
States numbered i've millions three hundred and Ave
thousand nine hundred and twenty souls according to


On the Of JAN islo the debt Of the United States
amounted $500 oa and the population numbered
seven millions two hundred and hirynine thousand six
hundred and fourteen souls according to the census Of
that year.


to the sum Of one hundred and twenty seven millions
three hundred and tnirtyfour thousand nine hundred
ans thirty three dollar: seventyou cents Ih. great
treaty Of Ghen Of 1916 for the expenditures OF which
the taxes had been the loans obtained amounted
to the sum of 7s and Treasury notes were is
sued to the sum Of sse,eso,7o4; together making


On the lst January 1920 the public debt had been re-
duced to the Of SOL 0lSb66 is The population as
numbered by the census Of that year. Of nine
millions six hundred and hiryeght thousand hun.


On the LIST January $780, the pubic debt was reduced
to the sum Of $4s So The population numbered
twenty souls, according to the census Of that year


On the an December, 1888, the Presidents Message
40 nnounced that All the ,emans Of the public debt have
been redeemed or money has been placed in deposie
this purpose whenever the creditors choose receive
An the other pecuniary Of the Government
be balance in the Treasury at the close the
year Of about nineteen millions Of dollars On the 9th
February 1885, the Commissioners Of the Sinking Fund
and the report the Secretary the Treasury stated
all the debt had been paid except the Of $37 O6
which consisted Of claims oi services and supplies during
the revolutionary SAT 436 96; Treasury
during the Of 1919, $5755; Mississippi stock issued
under the act ofthe Sd March, 1916 320 and ths
nswed their Recommendation that the Sinking Fund and
the Commissioners Of the Sinking Fund be discontinued
may be presumed that those Treasury notes ssu ed in
as sss
unclaimed, only small part Gf any) will ever be pre-


From the sIst December, 1889, to the slst December
1885, the United States paid for interest the public
debt the sum Of b 6a9 $50 69 and for the principal the
sum Of $25 Os3 a. together making the sum Of four
hundred and fifteen Millions eighytwo thousand thirty
three dollars ninety.tbree cents.


The national income out Of which that extraordinary
sum of upwards Of four hundred and fifteen millions q
dollars was paid over and above the ordinary annual ex
pendures (Which during that period Of orty.ax year.
rived principally from the duties on imports and ton
nage and the sales Of the public lands Direct and
the sh day of May 1884, until the soh June isO9 when
they were repeaed and again enacted in the year le3
and repealed slst December. 1877 system Of diveci
taxes and internal duties has been rtsored to only
emergencies and has prevailed only for about ffeer
years Of the fyhve which have elapsed since the Fe
deral Constitution was adopted


The moral power, courage and capabilities, by which


nation in its infancy loaded with debt Of the Reyoir
and b1 % m @ sy nSa
terminated in 1915; Discharged those debts fsthuy ex
hisiting to gazing and astonshed world the example


nation who had exerted such energies of government
without National debt; with overfowina treasury
and without direct taxes and internal duties excses
integrity Of those who have been elected to administer II
COED sense honesty and enteprze OF the citizens
asty though not least IN the benesen smiles Of an al


The general modes Of operation have been by distrbu


ting over succession Of years the costs of the
dnary Efforts found necessary in some; acceeratng tht
prompt employment of the abilities Of the nation using
part Of the overpus of Others leaving every citizen
% s S protesting him in the free enjoy
ment taking no moro from the earnings Of industry moi
encroachlns farther upon the comforts Of life neces
and inviting the prople Of all nations to parake Of lie
has given to The increase II our population nso
much that from less than the number Of four millions
souls in the year $780, they had increased upwards
seventeen millions In lS4O and may (according Ia
the ratio Of increase exhibited by the
ations taken every tenth year, be stated less than
nineteen millions seven hundred thousand souls debt
which weuld have been oppressive and intolerabe il Ia
We'd upon Jour millions If people, hss been found not op
pree when Distributed over period Of forty six years
and levied upon continually increasing population.
The particular means by which the interest has been
paid annually the principal lessened gradually and final


regulated BY the act Of the Congress Of 4h Aug i7go py
which the surplus Of certain taxes fnd the proceeds
ses oi the PUBIC anos after paying the ordinary annual
expenses OF the government pledg ed and appro
priaed involshly to pay the interest and redeem the
Of the public debt further regulated by the
Of 18th August $780, augmented by the act OF 9Th MAY
7oa farther regulated by the OF ID March, 1906 far
ther increased by the act Of April 7h I9s by which the
Of sale Of the land ceded by the State of
ga were added farther augmented by the April 2oh
1902 by which the specific of seven millions three
hundred thoussni dollars annuity appropriated
be paid to the Commissioners the Sinking Fund which
was increased to ten millions annually by the act oil
March 81 1871 This latter act added to the ten millions
such surpu: as ud remain unapproprated after leav
ing two millions In the treasury for contingencies and
directed oil certca OF r'ocks redeemed by the Com.
missioners Of the SiDkir~ Fund to be cancelled


means Of the spp. opriatons and provisions for the
sinking Fund the sums Of S24 s7l 062 % in the year
- In the year Sal 926 20l 80 In the year
1876 $40 o6s s93 10 In the year 1874 s7s "a In
the ear 1884, SsA0309 40 In the year 1892 were ap.
piled 10 the Of ner and principal besides the
smaller sums In other years. until the debt was txn.
guished IN the year 1895, AZ before noticed


Such has been the effect OF the sinking fund.- has
been the scrupulous good faith which has been observed
by the United states towards the creditors Of the govern
