Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: June 23, 2025
We have not, however, made use of this authority, because the sum of $4.5 millions, which remained in the Treasury on the same 30th day of September last, with the receipts of which we may calculate on for the ensuing year, besides paying the annual sum of $8 millions appropriated to the funded debt and meeting all the current demands which may be expected, will enable us to pay the whole sum of $3.75 millions assumed by the French convention and still leave us a surplus of nearly $1 million at our free disposal.
A part of the debt, with interest, was funded at 76 to 80 cents on the dollar. The major part was funded at 50 cents on the dollar with interest thereafter at three per cent. The financial difficulties of Virginia excited more interest than did those of any other commonwealth, for this State had the largest pre-war debt.
Darrell and her stepdaughter. Thornleigh Manor was left to Mrs. Darrell for her life, but was to revert to Milly, or Milly's heirs, at her death; and Milly was to be entitled to occupy her old home until her marriage. In the event of Milly's dying unmarried, her share of the funded property was to be divided equally between Mrs.
In the mean time, it is ascertained that the receipts have amounted to near $16 millions, which, with the $5.5 millions in the Treasury at the beginning of the year, have enabled us, after meeting the current demands and interest incurred, to pay more than $4 millions of the principal of our funded debt.
The receipts at the Treasury during the year ending on the 30th day of September last have amounted to near $15 millions, which have enabled us, after meeting the current demands, to pay $2.7 millions of the American claims in part of the price of Louisiana; to pay of the funded debt upward of $3 millions of principal and nearly $4 millions of interest, and, in addition, to reimburse in the course of the present month near $2 millions of 5.5% stock.
To have sixty-six and two-thirds of a dollar funded at a yearly interest of six per cent., irredeemable also by any payment exceeding four dollars and two-thirds of a dollar per annum on account both of principal and interest, and to have at the end of ten years twenty-six dollars and eighty-eight cents funded at the like interest and rate of redemption.
Under such conditions it was deemed advisable and proper to resume compliance with the provisions of the sinking-fund law, which for eight years has not been done because of deficiencies in the revenues. The Treasury Department therefore offered to purchase during November $25,000,000 of the 5 per cent loan of 1904, or the 4 per cent funded loan of 1907, at the current market price.
These branches of the revenue, especially as they take assignats in payment, answer their purpose in a considerable degree, and keep up the credit of their paper: for, as they receive it in their treasury, it is in reality funded upon all their taxes and future resources of all kinds, as well as upon the Church estates.
The payment of this stock will reduce the whole debt of the United States, funded and unfunded, to the sum of $4,760,082.08, and as provision has already been made for the 4.5% stocks above mentioned, and charged in the expenses of the present year, the sum last stated is all that now remains of the national debt; and the revenue of the coming year, together with the balance now in the Treasury, will be sufficient to discharge it, after meeting the current expenses of the Government.
These payments, with those which had been made in three years and a half preceding, have extinguished of the funded debt nearly eighteen millions of principal. Congress by their act of November 10, 1803, authorized us to borrow $1,750,000 toward meeting the claims of our citizens assumed by the convention with France.
Word Of The Day
Others Looking