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In addition to the civil list, they had funded a debt on the principles of duration, had raised an army at an immense expense, and now a proposition was made for a navy. The system of governing by debts, was the most refined system of tyranny. It seemed to be a contrivance devised by politicians to succeed the old system of feudal tenures.
Weller's funded savings. Sam's two hundred pounds stood transferred to his name, and Wilkins Flasher, Esquire, having been paid his commission, dropped the money carelessly into his coat pocket, and lounged back to his office. Mr.
Its $33,000,000 with accrued interest had amounted to about $45,000,000 in 1870. In 1871 the question of settlement was taken up; one-third of the debt was assigned to West Virginia, and the remainder was funded into new bonds bearing interest at five and six per cent. The coupons were made receivable for taxes and other debts due the State.
The bonded debt, as above designated, comprised the public indebtedness represented by outstanding bonds; the liquidated debt consisted of items secured by international protocols or by formal contracts; the floating debt consisted of admitted indebtedness, neither funded nor secured, but evidenced by public obligations; the declared claims were claims presented for reimbursement or indemnity but not expressly recognized by the government; and the undeclared claims were claims of the same nature not yet formally presented.
The receipts into the Treasury for the fiscal year ending on the 30th of June last were, in cash, $48,830,097.50, and in Treasury notes funded $10,833,000, making an aggregate of $59,663,097.50; and the expenditures for the same time were, in cash, $46,798,667.82, and in Treasury notes funded $10,833,000, making an aggregate of $57,631,667.82.
He could always obtain that from a money-lender, or from the sale of his funded investments. But it became obvious, on examining his papers, that he knew at least how impaired would be the heritage he should bequeath to a son whom he idolized.
"At home a sound credit had been created; an immense floating debt had been funded in a manner perfectly satisfactory to the creditors; an ample revenue had been provided; those difficulties which a system of internal taxation, on its first introduction, is doomed to encounter, were completely removed, and the authority of the government was firmly established.
He believed that the entire debt might be funded at five per cent, while the average of the annual interest now stood at 6-62/100 per cent. He pointed to harmony between the different parts of the Union and to the settlement of the relations of labor in the Southern States, as essential conditions to the best management of the National obligations. The leading feature of Mr.
Middleton's school was just such a one as can seldom, if ever, be met with out of the Southern States. Mr. Middleton had been a professor of languages in one of the Southern universities; and by his salary had supported and educated a large family of sons and daughters until the death of a distant relative enriched him with the inheritance of a large funded property.
The fact that one of such associations, the Manchester Unity of Odd Fellows, numbers about half a million of members; possesses a funded capital amounting to £3,706,366; and distributes in sick relief and payments of sums at death above £300,000 a year, illustrates in a striking light their beneficial action upon the classes for whom and by whom they have been established.
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