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The proceeds of the sales of the lands lying in the western territory and, by a subsequent act of the same session, the surplus product of the revenue, after satisfying the appropriations which were charged upon it with the addition of $2,000,000, which the President was authorized to borrow at 5 per cent., constituted a sinking fund to be applied to the reduction of the debt.
Wright's and Emory's corps were in Washington, and with this reduction of my force Lee might very readily have spared some troops from the defences to send West. I had other objects in view, however, besides keeping Lee where he was. The mine was constructed and ready to be exploded, and I wanted to take that occasion to carry Petersburg if I could.
No reduction in the amount of what may be called working expenses could have diminished, to any satisfactory degree, the evil from which the country was suffering at that time, and from which it continued to suffer for more than another generation. Bribery and corruption were the evils which had to be dealt with, and the Reform Bill of 1831 left these evils as it had found them.
There would be an heir, in all probability, and Sophia would no longer be the great heiress she had been. But she would be richly dowered doubtless, come what might; and she was brought nearer to the aspirations of a curate by this reduction of her fortune. Miss Granger accepted the young priest's services, and patronised him with a sublime unconsciousness of his aspirations.
The Department of Agriculture estimates the net income of agriculture for the year 1920-21 at only $375,000,000; for 1924-25, $2,656,000,000; for 1925-26, $2,757,000,000. This increase has been brought about in part by the method already referred to, of Federal tax reduction, the elimination of waste, and increased efficiency in industry.
Of this reduction $5,600,000 was effected in the expenditures for rivers and harbors and $2,700,000 in expenditures for the Quartermaster's Department.
And another thing, about his pressing for the reduction of the charge of Tangier, which they would have put off to another time; "But," says he, "the King suffers so much by the putting off of the consideration of reductions of charge, that he is undone; and therefore I do pray you, sir, to his Royal Highness, that when any thing offers of the kind, you will not let it escape you."
The Japanese government in 1906 purchased six railways, which were profit earners, paying for them $125,000,000 in five per cent. bonds that may be redeemed in five years. There is no likelihood of a reduction in Japan's debt for a long time, but its weight upon the people may be reduced by conversions.
Nevertheless the isolation of these studies from practical application, their reduction to purely symbolic devices, represents a survival of the idea of a liberal training divorced from utility.
This pillar, called Columna Rostrata, from the beaks of the ships which were fastened to it, was discovered in the year 1560, and placed in the capital. In the year after this splendid victory the Romans resolved to attempt the reduction of Corsica and Sardinia; for this purpose L. Cornelius Scipio sailed with a squadron under his command.
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