This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1885 edition. Excerpt: ...than by remaining idle in the treasury until the year 1825. If that surplus could be invested early in each year, at the present prices of the different species of stock, it would produce a saving to the nation of not less than 14,000,000 between the first days of January, 1820 and 1825, at which latter date ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1885 edition. Excerpt: ...than by remaining idle in the treasury until the year 1825. If that surplus could be invested early in each year, at the present prices of the different species of stock, it would produce a saving to the nation of not less than 14,000,000 between the first days of January, 1820 and 1825, at which latter date the first war-loans of 1812 could be discharged. But Congress declined to invest the sinking-fund commissioners with the needed authority.1 Crawford then proposed that stocks which would be redeemable in 1825 and 1826, amounting to $24,000,000, bearing six and seven per cent interest, should be exchanged for five-per-cent stocks, redeemable in 1831,1832, and 1833. A proposal to the extent of renewing onehalf that amount was embodied in a law;2 but the secretary failed to induce the holders of these stocks to make an exchange, save to a very small amount. The increased demand for capital to prosecute commercial enterprises had the usual effect of raising the rate of interest for money, and defeated the success of the measure. This event was not foreseen at the time the measure was proposed.3 As there was a balance in the treasury on the 1st of January, 1824, amounting nearly to $10,000,000, which would be shortly increased, Crawford recommended that authority be granted to the commissioners of the sinking-fund to purchase the seven-per-cent stock, during the year, at rates consistent with the public interest. This recommendation was favorably received.4 1 Annual Report, December, 1817. 1 Act, April 20,1822,17 Cong., first session, chap. 28. Crawford's Annual Report, December, 1823. 8 Annual Reports, 1821,1822. Ways and Means Report, Dec. 31, 1821. 17 Cong., first session. 4 Act, Jan. 22, 1824, 18 Cong., first session, chap. 16. The balance of...
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