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The sums they were obliged to pay for the liberty of taking in the redeemable debts, four years and a half's purchase for all long and short annuities that should be subscribed, and one year's purchase for such long annuities as should not be subscribed, amounted on the execution of the act to about seven millions.
The gradual reduction of the currency is the only measure that can save the business of the country from disastrous calamities, and this can be almost imperceptibly accomplished by gradually funding the national circulation in securities that may be made redeemable at the pleasure of the Government.
During the 4th quarter of the year it is estimated that the receipts will at least equal the expenditures, and that there will remain in the Treasury on the first day of January next a surplus of nearly $9 millions. On January 1st, 1825, a large amount of the war debt and a part of the Revolutionary debt become redeemable.
The last portion of the public debt will be redeemable on the 1st of January, 1835, and while there is the best reason to believe that the resources of the Government will be continually adequate to such portions of it as may become due in the interval, it is recommended to Congress to seize every opportunity which may present itself to reduce the rate of interest on every part thereof.
Besides the $7,000,000 of the loans of 1813 which will have been discharged in the course of the present year, there are $9,000,000 which by the terms of the contracts would have been and are now redeemable. $13,000,000 more of the loan of 1814 will become redeemable from and after the expiration of the present month, and $9,000,000 other from and after the close of the ensuing year.
During the 4th quarter of the year it is estimated that the receipts will at least equal the expenditures, and that there will remain in the Treasury on the first day of January next a surplus of nearly $9 millions. On January 1st, 1825, a large amount of the war debt and a part of the Revolutionary debt become redeemable.
"I have heard," the other remarked almost musingly, "that they are redeemable at from fifteen to twenty per cent. And that the only man who accepts them at even half of their face value is McTurpin the gambler." "That is not my business," Bartlett answered brusquely. The quintet rode on, absorbed and silent.
Doubtless this Ben Hartright is one of the leaders of this proposed raid in Wilmington to drive out undesirable citizens, yet he is so low morally, that he leaves a richly furnished home, a refined wife and pretty child to fight over a Negro woman, for such he has I hear." "But this letter proves that there are redeemable qualities in Molly despite her birth and bad life."
But, on the contrary, houses in cities and large towns were, when sold, redeemable only during one year; after which the sale was held binding forever. There was indeed an exception in this case in favour of the Levites, who could at any time redeem "the houses of the cities of their possession," and who, moreover, enjoyed the full advantage of the fiftieth year.
That was the first experiment in America in the issue of a currency redeemable at sight a promissory note payable on demand which had been the practice of the bank of England for nearly a hundred years.
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