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It is unsafe to leave the settlement of this question to Congress, the Secretary of the Treasury, or the Executive. Congress should make the regulation under which banks may exist, but should not make banking a monopoly by limiting the amount of redeemable paper currency that shall be authorized.
It purports to do no more than pay the debts of the Government with the redeemable paper of the Government, in which respect it accomplishes precisely what the Treasury does daily at this time in issuing to the public creditors the Treasury notes which under law it is authorized to issue.
The new French loan just explained is not redeemable or convertible before 1931. Usually there is no limit to these National French loans. To be in France during the war and see the popular response to the appeal for funds is to have a thrilling experience in the practical side of patriotism. I chanced to be in Paris when one of these loans was launched.
In the present state of the Treasury the whole of the Louisiana debt maybe redeemed in the year 1819, after which, if the public debt continues as it now is, above par, there will be annually about five millions of the sinking fund unexpended until the year 1825, when the loan of 1812 and the stock created by funding Treasury notes will be redeemable.
Leaving of this amount $15,000,000 to continue at the interest of 6%, but to be paid off as far as shall be found practicable in the years 1827 and 1828, there is scarcely a doubt that the remaining $16,000,000 might within a few months be discharged by a loan at not exceeding 5%, redeemable in the years 1829 and 1830.
While, judging by the comparative behaviour of dog and man, the balance was decidedly in favour of Jupiter. After Bertel had carefully removed the splintered glass from the earth, so that I could take account of my damaged stock, about half seemed to be redeemable; but even those poor seedlings looked like soldiers after battle, a limb gone here and an eye missing there.
The lease is for 999 years, but there is an annual quit-rent at the rate of $6 per lot, which is redeemable at fifteen years' purchase. At Sandakan, lots of this size have at auction realized a premium of $350.
The merchants of Boston, apprehensive that this capital would transfer the stock of Massachusetts to Rhode Island, associated against receiving the new emission; and many of them formed a company which issued one hundred and ten thousand pounds, redeemable with specie, in ten years, a tenth part annually, at the then current value of paper.
He fawned, bullied, and bribed indefatigably. Petre's help was secured by flattery. Sunderland was plied at once with promises and menaces. An immense price was offered for his support, no less than an annuity of five thousand pounds a year from Ireland, redeemable by payment of fifty thousand pounds down.
The last portion of the public debt will be redeemable on January 1st, 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.
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