They
constitute a mass of $31,000,000, all bearing an interest of 6 per cent,
more than twenty millions of which will be immediately redeemable, and
the rest within little more than a year. Leaving of this amount fifteen
millions to continue at the interest of 6 per cent, 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 sixteen millions might within a
few months be discharged by a loan at not exceeding 5 per cent,
redeemable in the years 1829 and 1830. By this operation a sum of nearly
half a million of dollars may be saved to the nation, and the discharge
of the whole thirty-one millions within the four years may be greatly
facilitated if not wholly accomplished.
By an act of Congress of 3d March, 1835, a loan for the purpose now
referred to, or a subscription to stock, was authorized, at an interest
not exceeding 4-1/2 per cent. But at that time so large a portion of the
floating capital of the country was absorbed in commercial speculations
and so little was left for investment in the stocks that the measure was
but partially successful.
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