Your debt is paid.
The debt was incurred before I took over.
The following table shows the increase of the funded debt since 1814.
In 1909 the state had a debt of £302,270.
I am deep in your debt, my most gracious lord and master.
They were making money on it, but there was so much debt to begin with.
Your debt to her is done.
"In the meantime, you've driven up a debt to them," Jetr reminded him.
I am simply collecting on the debt, as is my obligation.
"Definitely. I have a debt to settle with all of them," Xander said.
I settled an old debt and didn't even know it.
As to judgment debts, it is sufficient to say that, when by the judgment of a court of competent jurisdiction an order is made that a sum of money be paid by one of two parties to another, such a debt is not only enforceable by process of court, but it can be sued upon as if it were an ordinary debt.
It can overspend and rack up public debt and destroy the currency.
He received ten thousand rubles a year, but now resolved to take only two thousand and leave the rest to repay the debt to his parents.
A specialty debt is created by deed or instrument under seal.
Huge numbers of foreigners own American stocks and debt instruments.
It was enough to get her out of debt and on her feet in California.
I know you would have, but it was my debt, not yours.
How do you think I got so far in debt so fast?
For all she knew, he could be in debt up to his eyeballs.
If it does, wouldn't you rather take a chance to owe me than be in debt to Darkyn?
If it does, wouldn't you rather take a chance to owe me than be in debt to Darkyn?
"Do you have an outstanding debt to Darkyn?" he asked.
After his losses, he had determined to pay back his debt to his parents in five years.
Darian basically had to trade a life debt to the Others to keep them from taking me.
He had to repay the odious debt to the Council.
The state is practically free from debt, the only obligation of this character being $ 1 35,5 00 in 6% bonds, payable in 1910, which were issued in behalf of the Agricultural College.
The legislature of the latter state in 1873 adopted a report declaring that between 1822 and 1861, during which period the debt had been incurred, the western counties had paid an excess of taxes, more than equal to the amount which had been expended in the west for the purposes for which the debt had been incurred, and concluded with the statement: " West Virginia owes no debt, has no bonds for sale and asks no credit."
79,174,400 Total service on funded debt, 19 and $15,914,335 paper .
But, as I came to your palace this morning, I kept saying to myself, 'When our lord Al Mansour learns just how it was that I borrowed the gold, I have no doubt that in his kindness of heart he will forgive me the debt.'
30, 1905) Unpaid bills, $3,332,594, Paper £8 22,950 The paper currency forms an important part of the internal debt, and has been a fruitful source of trouble to the country.
Wynn's soul was an official debt she incurred, and Death would do its duty and repay.
The chief item of expenditure (which totalled 148 million pounds in 1905) is the service of the public debt, which in 1905 cost 483/4 million pounds sterling.
The chief item of expenditure (which totalled 148 million pounds in 1905) is the service of the public debt, which in 1905 cost 483/4 million pounds sterling.
The only danger he saw of losing his mate – again – was if she had any outstanding debt to Darkyn.
Anyone who, having the means, neglects to bury a dead body which he is legally bound to bury, is guilty of a misdemeanour, but no one is bound to incur a debt for such a purpose.
Your outstanding debt to me is.
A homestead not exceeding $1000 in value may be set apart, provided that it is recorded before the debt against which it was claimed was contracted.
Total Consolidated Internal debt (Dec. 31, 1904): Gold..
But, as Teuffel has said, his debt to these writers is chiefly a formal one.
Then again, if she owed any sort of debt to Darkyn, Gabriel wasn't about to be caught off guard.
Then again, if she owed any sort of debt to Darkyn, Gabriel wasn't about to be caught off guard.
He contested the constitutionality of the Civil Rights Bill, opposed the resumption of specie payments, advocated the payment of the public debt in silver and supported the Bland-Allison Act.
The impossibility of reconciling the financial requirements of the national party with the demands of the British and French controllers of the public debt, compelled him to resign in the following February.
Hell ran off deals, but Wynn's life was already in enough trouble without incurring another debt on behalf of a woman who had no hope of ever escaping Hell.
In some districts there is a fixed price of blood; at Argyrokastro, for instance, the compensation paid by the homicide to the relatives of his victim is 1200 piastres (about £10), at Khimara 2000 piastres; once the debt has been acquitted amicable relations are restored.
Within four years he had paid off all his remaining debts without selling any of his wife's property, and having received a small inheritance on the death of a cousin he paid his debt to Pierre as well.
In 1764 the national debt amounted to 2,360,000,000 livres, and the annual change to 93,000,000 livres.
Public Debt.The national debt of France is the heaviest of any country in the world., Its foundation was laid early in the 15th century, and the continuous wars of succeeding centuries, combined with the extravagance of the monarchs, as well as deliberate disregard of financial and economic conditions, increased it at an alarming rate.
The assessed valuation of property in the city in 1905 was $115,338,920 (about the true value), and the bonded debt $1,079,595.
Freeing a man should put him in her debt, and he was the last person in the house who would rat her out to Romas's family!
In the year 1905 the outstanding and authorized debt of the republic was as follows External debt (July 31, 1905): National loans..
You swear the Council will consider my debt to them repaid? he asked.
In 1889 the public debt of the republic amounted to about £24,000,000, but the financial difficulties which immediately followed that year, and the continuance of excessive expenditures, forced the debt up to approximately £128,000,000 during the next ten years.
What business was it of mine when I married and was so deep in debt that I was threatened with prison, and had a mother who could not see or understand it?
2 For a history of the French debt, see C. F.
Total of funded debt 1,037,360,800
The departmental debt in 1904 stood at 24 million pounds, and the communal debt at 153 million pounds.
Though the first constitution provided for the assumption of a part of the Virginia debt, negotiations opened by Virginia in 1870 were fruitless, and in 1871 that state funded two-thirds of the debt and arbitrarily assigned the remainder to West Virginia.
I abhor the thought of facing debt from college.
There is no outstanding debt.
The French debt as constituted in 1905 was made up of funded debt and floating debt as follows:
Other debt in capital 46,800,840
Your deal holds the power of the Dark One to enforce the debt, since you are his.
Did Deidre owe a debt?
Your mate owes me a debt.
It's more of a personal debt.
We ran a quick check on him and he was up to his ass in debt.
This position he lost owing to a quarrel with his patroness, and he was accused of appropriating money to pay a gambling debt.
He permitted laymen to hold certain public offices, under surveillance of the prelates, organized a guard from among the Roman nobility, decreed a plan for redeeming the base coinage, permitted the communes a certain degree of municipal liberty, and promised the liquidation of the public debt.
In 1906 Virginia entered suit in the U.S. Supreme Court to compel West Virginia to assume a portion of the debt.
The revenue of the republic is derived mainly from customs and excise, and the largest item of expenditure is the service of the public debt.
Uriburu found in 1897 the financial position so far improved that he was able to resume cash payments on the entire foreign debt.
The ordinary budget of expenditure was that met entirely by the produce of the taxes, while the extraordinary budget of expenditure was that which had to be incurred either in the way of an immediate loan or in aid of the funds of the floating debt.
A consolidation was effected in 1793, but the lavish issue of assignats destroyed whatever advantage might have accrued, and the debt was again dealt with by a law of the pth of Vendmiaire year VI: (27th of September 1797), the annual interest paid yearly to creditors then amounting to 40,216000 francs (~i,6oo,ooo).
The chief expenses of the departments are the care of pauper children and lunatics, the maintenance of high-roads and the service of the departmental debt.
The federal government has no public debt, but each of the six states has contracted debts which aggregate £237,000,000, equal to about £58, 8s.
No corpse can be attached, taken in execution, arrested or detained for debt.
Again, where a person has received money under circumstances which disentitle him to retain it, such as receiving payment of an account twice over, it can generally be recovered as a debt.
It is the duty of a debtor to pay a debt without waiting for any demand, and, unless there is a place fixed on either by custom or agreement, he must seek out his creditor for the purpose of paying him unless he is "beyond the seas."
Payment by a third person to the creditor is no discharge of a debt, as a general rule, unless the debtor subsequently ratifies the payment.
When a debtor tenders the amount due to his creditor and the creditor refuses to accept, the debt is not discharged, but if the debtor is subsequently sued for the debt and continues willing and ready to pay, and pays the amount tendered into court, he can recover his costs in the action.
The payment of a debt is sometimes secured by one person, called a surety, who makes himself collaterally liable for the debt of the principal.
But in cases where a debt or instalment is in arrear and it is proved to the satisfaction of the court that the person making default either has or has had since the date of the order or judgment the means to pay the sum in respect of which he has made default and has refused or neglected to pay, he may be committed to prison at the discretion of the judge for a period of not more than forty-two days.
In Ireland imprisonment for debt was abolished by the Debtors Act (Ireland) 1872, and in Scotland by the Debtors (Scotland) Act 1880.
In the United States imprisonment for debt was universal under the common law, but it has been abolished in every state, except in certain cases, as where there is any suspicion of fraud or where the debtor has an intention of removing out of the state to avoid his debts.
Slaves were recruited by purchase abroad, from captives taken in war and by freemen degraded for debt or crime.
Credit, if given, was treated as a debt, and secured as a loan by the seller to be repaid by the buyer, for which he gave a bond.
Debt was secured on the person of the debtor.
An unwarranted seizure for debt was fined, as was the distraint of a working ox.
The debtor being seized for debt could nominate as mancipium or hostage to work off the debt, his wife, a child, or slave.
If the debtor did not cultivate the field himself he had to pay for the cultivation, but if the cultivation was already finished he must harvest it himself and pay his debt from the crop. If the cultivator did not get a crop this would not cancel his contract.
Pledges were often made where the intrinsic value of the article was equivalent to the amount of the debt; but antichretic pledge was more common, where the profit of the pledge was a set-off against the interest of the debt.
The whole property of the debtor might be pledged as security for the payment of the debt, without any of it coming into the enjoyment of the creditor.
The married couple formed a unit as to external responsibility, especially for debt.
He had a right to their labour in return for their keep. He might hire them out and receive their wages, pledge them for debt, even sell them outright.
The annual expenses of the board include £35,000 for cable repairs and reserve and a fixed payment to the National Debt Commissioners of £77,544 as sinking fund to amortise capital expenditure in fifty years.
Of the expenditure a large amount is absorbed by interest on debt.
Debt has continually increased with the development of the state.
~x ndl- The sum paid in interest on debt amounted to 17,640,000
The public debt at that date was composed as follows: Part 1.Funded Debt.
Part 11.Unfunded Debt.
The debt per head of population was, in 1905, 14, lbs.
In addition, the communes have a right to levy a, surtax not exceeding 50% of the quota levied by the state upon lands and buildings; a family tax, or fuocatico, upon the total incomes of families, which, for fiscal purposes, are divided into various categories; a tax based upon the rent-value of houses, and other taxes upon cattle, horses, dogs, carriages and servants; also on licences for shopkeepers, hotel and restaurant keepers, &c.; on the slaughter of animals, stamp duties, one-half of the tax on bicycles, &c. Occasional sources of interest are found in the sale of communal property, the realization of communal credits, and the contraction of debt.
The Italian local authorities, communes and provinces alike, have considerably increased their indebtedness since 1882, The ratio of communal and provincial debt per inhabitant has grown from 30.79 lire (~1, 4s.
The financial situation continued to be em iously embarrassing; deficit was piled on deficit, loan upon res fn, and the service of the debt rose from 9o,ooo,ooo lire in th 60 to 2?O,000,000 in 1864.
The royal commissioner for finance, Giacomelli, had, as a precautionary measure, seized the pontifical treasury; but upon being informed by Cardinal Antonelli that among the funds deposited in the treasury were 1,000,000 crowns of Peters Pence offered by the faithful to the pope in person, the commissioner was authorized by the Italian council of state not only to restore this sum, but also to indemnify the Holy See for moneys expended for the service of the October coupon of the pontifical debt, that debt having been taken over by the Italian state.
As finance minister in the Rattazzi cabinet of that year he had been confronted with a public debt of nearly 120,000,000, and with an immediate deficit of nearly 18,000,000.
Ferrara, successor of Scialoja, met a like fate; but Count Cambray-Digny, finance minister in the Menabrea cabinet of 1868-1869, driven to find means to cover a deficit aggravated by the interest on the Venetian debt, succeeded, with Sellas help, in forcing a Grist Tax Bill through parliament, though in a form of which Sella could not entirely approve.
Under the stress of the appalling financial conditions represented by chronic deficit, crushing taxation, the heavy expenditure necessary for the consolidation of the kingdom, the reform of the army and the interest on the pontifical debt, Sella, on the 11th of December 1871, exposed to parliament the financial situation in all its nakedness.
The serious feature of the situation lay less in the income than in the intangible expenditure, namely, the vast sums required for interest on the various forms of public debt and for pensions.
It left out of account a sum of 1,000,000 for railway construction which was covered by credit, but, on the other hand, took no note of 360,000 expended in the redemption of debt.
A son of William Thistlewood, and born at Tupholme in Lincolnshire, young Thistlewood passed his early years in a desultory fashion; he became a soldier and visited France and America, imbibing republican opinions abroad and running into debt at home.
modern Roman Catholic learning, which owes a great debt to Aristotle through the schoolmen, includes Natural Theology in philosophy, not in theology properly so called.
of Nassau had left his lands heavily encumbered with debt.
Nearly half the ex- penditure goes to meet debt charges, while government, internal development and defence absorb most of the remainder.
In 1891, when the debt of the republic amounted to $87,789,973, or about £18,678,710, the government suspended payment of interest, and an arrangement was made with the bondholders.
A new consolidated debt of £20,500,000 was issued at 32% interest, and, as security for payment of interest, 45% of the customs receipts at Montevideo was assigned.
In 1896 a 5% loan of £1,667,000 was issued, and the debt was subsequently increased, until on January I, 1909, it was £27,692,795, and in the same year the annual debt charge amounted to £2,185,347.
In 1891 he was obliged to suspend the service of the public debt and make arrangements by which the bondholders accepted a reduced rate of interest.
Such hints as we have, while they set before us, just as at Rome, a state of things in which small landed proprietors are burthened with debt, also set before us the Attic demos as, largely at least, a body of various origins which had grown up in the city.
As a result of the commissioners' report negotiations were set on foot for the adjustment of the Liberian debt and the placing of United States officials in charge of the Liberian customs. In July 1910 it was announced that the American government, acting in general agreement with Great Britain, France and Germany, would take charge of the finances, military organization, agriculture and boundary questions of the re public. A loan for £400,000 was also arranged.
The total national debt of Russia nearly trebled between 1852 (£57,038,600) and 1862 (£145,50o,000), and again between 1872 (£242,277,000) and 1892 (£526,109.000) it more than doubled, while by 1906 it amounted altogether to £812,040,000.
Jews, and elsewhere Russians,-to whom the peasants are for the most part in debt, as they purchase in advance on security of subsequent payments in corn, tar, wooden wares, &c. A good deal of the internal trade is carried on by travelling merchants.
The debt in that country is relatively small in amount, and is not represented by securities based upon hypothecation of the company's real property, as with the American railway bond, resting on a first, second or third mortgage.
The colony is self-supporting, the revenue being largely derived from the drink duties, and there is no public debt.
His administration was marked by a revival of American industries and a reduction of the public debt, and at its conclusion the country was left in a condition of prosperity and on friendly terms with foreign nations.
The bonded debt of the state on the 31st of December 1908 amounted to $550,000, of which the state held an irredeemable bond for $380,000; the actual redeemable bonded debt of $170,000 was due to the investment of the school and university funds in the bonds of the state.
(2) A legal term meaning an offer for acceptance, particularly an offer in money for the satisfaction of a debt or liability or an offer to pay or deliver T ' '- Tench.
Yet again, Saul had been chosen by Yahweh to free his people from the Philistines; he had been rejected for his sins, and had suffered continuously from this enemy; Israel at his death was left in the unhappy state in which he had found it; it was the Judaean David, the faithful servant of Yahweh, who was now chosen to deliver Israel, and to the last the people gratefully remembered their debt.
Whatever the predominant party might think of foreign marriages, the tradition of the half-Moabite origin of David serves, in the beautiful idyll of Ruth (q.v.), to suggest the debt which Judah and Jerusalem owed to one at least of its neighbours.
And if the work of criticism has brought a fuller appreciation of the value of these facts, the debt which is owed to the Jews is enhanced when one proceeds to realize the immense difficulties against which those who transmitted the Old Testament had to contend in the period of Greek domination.
To pay his debt to Rome he was compelled to resort to extraordinary methods of raising money; he actually met his death (187 B.C.) in an attempt to loot the temple of Elymais.
Abtalion said, " Ye wise, be guarded in your words: perchance ye may incur the debt of exile."
Notwithstanding the advance of £160,000 made by the four protecting powers after the institution of autonomous government and the profits (£61,937) derived from the issue of a new currency in 1900, there was at the beginning of 1906 an accumulated deficit of £23,470, which represents the floating debt.
As the principal of these funds is never to be paid, the real debt was slightly over $1,000,000.
On the 1st of October 1907 the payable debt was $1,253,029.07, the non-payable $ 2, 33 6, 1 97.5 8, 1 a total of $3,589,226.65.
Taxes were increased - expenditure increased nearly threefold between 1869 and 1871 - and there was some official corruption; but the state escaped the heavy burden of debt imposed upon its neighbours, partly because of the higher character of its reconstruction governors, and partly because its credit was already impaired by the repudiation of obligations contracted before the war.
By the constitution personal property to the value of $500 and any homestead to the value of $1000 is exempt from sale for debt, except for taxes on the homestead, or for obligations contracted for the purchase of said premises.
The state debt at the close of the fiscal year 1907 amounted to $6,880,950.
In their impoverished condition it was impossible for the people to bear the burden, so an act was passed in 1879 scaling part of the debt 60%, part of it 75% and part of it 85%.
Any general statement as to the debt owed by early European civilizations to western Asia would at present be premature, for though important discoveries have been made in Crete and Babylonia the best authorities are chary of positive conclusions as to the relations of Cretan civilization to Egypt and Babylonia.
The debt limit is set by the city charter at 18% of the assessed value of the taxable real estate of the city.
In 1909 the taxable real estate and personal property was valued at $108,663,716, and the city had no floating debt; on the 1st of February 1910, there were 810,706,318 worth of bonds outstanding, and the sinking fund was 82,011,857.
The accumulation of debt upon it was prevented by the prohibition of interest, the release of debts every seventh year, and the reversion of the land to the proprietor, or his heirs, at each return of the year of jubilee.
The reform of land tenure in Ireland, the representation of women, the reduction of the national debt, the reform of London government, the abrogation of the Declaration of Paris, were among the topics on which he spoke with marked effect.
The discovery of the Rosetta Stone furnished the key to Egyptian hieroglyphics; and archaeology, no less than the more practical sciences, acknowledges its debt of gratitude to the man who first brought the valley of the Nile into close touch with the thought of the West.
The funded debt was then gradually reduced until the last installment was paid in 1903.
There still remains, however, an irredeemable debt due to the common schools, Ohio University and Ohio State University, in return for their public lands.
An isolated use of the word " catholic " as a secular legal term survives in Scots law; a catholic creditor is one whose debt is secured over several or over all of the subjects belonging to the debtor.
The adjoining Quincy market may be mentioned because its construction (1826) was utilized to open six new streets, widen a seventh, and secure flats, docks and wharf rights - all without laying tax or debt upon the city.
The creation of the state commissions, independent of the city's control, but able to commit the city indefinitely by undertaking expensive works and new debt, was resented.
In 1885 a state law placed a limit on the contractable debt and upon the taxation rate of the city.
The limits were altered subsequently, but the net debt has continued to rise.
In 1822 it was $100,000; in 1850, $6,195,144; in 1886, $24,712,820; in 1904, $58,216,725; in 1907, $70,781,969 (gross debt, $104,206,706)-this included the debt of Suffolk county which in 1907 was $3,517,000.
The chief objects for which the city debt was created were in 1907, in millions of dollars: highways, 24.07, parks, 16.29, drainage and sewers, 15.05, rapid transit, 13.57 and water-works, 4.53.
The debt per capita is as high as the cost of current administration relatively to other cities.
led his country into debt.
In 1908 the assessed valuation of real and personal property was $119,592,508, the net debt was $3,854,498 and the rate of taxation was 14.75 mills on the dollar.
Hays to be Postmaster-General was in the nature of payment of a political debt to the man who had been the successful manager of the Republican campaign, it was early justified by his efficient administration of the postal service.
Yet the debt of Europe to the Crusades in this last respect has perhaps been unduly emphasized.
The Venetians - already, perhaps, indoctrinated in the Hohenstaufen plan - indicated to the leaders a way of meeting the difficulty: they had only to lend their services to the republic for certain ends which it desired to compass, and the debt was settled.
Basutoland has no public debt.
The bonded debt was incurred during the Reconstruction Period (1865-1875).
The bonded debt was thus reduced to $884,500; and on the 1st of January 1909 the debt, consisting of refunding bonds held as educational funds, amounted to $601,567.
His guiding principles were still simplicity of administration and speedy extinction of all debt, and everything bent to these objects.
Amid many difficulties, and thwarted even by Jefferson himself in the matter of the navy, Gallatin pushed on; and after six years the public debt was decreased (in spite of the Louisiana purchase) by $14,260,000, a large surplus was on hand, a comprehensive and beneficent scheme of internal improvements was ready for execution, and the promised land seemed in sight.
The performance, directed by Hans Richter, excited extraordinary attention; but the expenses were enormous, and burdened the management with a debt of £7500.
The public debt, practically the whole of which is on railways, amounted to 1 9, 0 97,4 68 in 1907.
Ten years later it became one of the wards of Trinidad, under a warden and magistrate; its revenue, expenditure and debt were merged into those of the united colony, and Trinidadian law, with very few exceptions, was made binding in Tobago.
They agreed to raise an annual sum of £200 for the expenses of their commonwealth; they assigned their governor a salary of £20; they prohibited the sale of ardent spirits to the Indians and imprisonment for debt.
The practices of exposure and sale of children, and of giving them in pledge for debt, are forbidden.
His health was poor and he found it hard to keep out of debt, but he made good use of his opportunities.
Schools and levees absorb about half of all revenues, leaving half for the payment of interest on the state debt (bonded debt on 1st of April 1908, $11,108,300) and for expenses of government.
The former prevailed, and by a convention that assembled in April 1864 a constitution was framed closely following that of 1852 but repudiating the debt incurred by Louisiana as one of the Confederate states and abolishing slavery.
For four years (1868-1872) the government expenses increased to ten times their normal volume, taxation was enormously increased, and about $57,000,000 of debt was created.
Of the expenditure more than ten million dollars annually went for the public debt, 5.5 to 6 millions for the army and navy, as much more for civil administration (including more than two millions for purely Peninsular services with which the colony was burdened); and on an average probably one million more went for sinecures.
Lotteries which were an important source of revenue under Spain were abolished under the Republic. The debt resting on the colony in 1895 (a large part of it as a result of the war of 1868-1878, the entire cost of which was laid upon the island, but a part as the result of Spain's war adventures in Mexico and San Domingo, home loans, &c.) was officially stated at $168,500,000.
The attainment of independence freed the island from this debt, and from enormous contemplated additions to cover the expense incurred by Spain during the last insurrection.
The debt of the Republic in April 1908 was $48,146,585, including twenty-seven millions which were assumed in 1902 for the payment of the army of independence, four for agriculture, and four for the payment of revolutionary debts, and $2,196,585, representing obligations assumed by the revolution's representative in the United States during the War of Independence.
There is a public debt of about £105,000.
The government managed to pay its, debt amounting to £43,786, but crime increased and sickness.
Arrears of debt, for instance, were made recoverable for one year only, instead of the ten years.
Under the auspices of the Ottoman public debt administration silk culture is also carried on with much success, especially in the vilayets of Brusa and Ismid.
In 1888 a school of sericulture was founded by the public debt administration for the rearing of silkworms according to the Pasteur method.
The production of salt is also under the direction of the public debt administration.
Its general progress may be seen in the increase of the fishery revenue - derived from duties, permits, &c. - of the public debt administration.
Ottoman arms met with almost systematic reverses; both the ordinary and the reserve treasuries were depleted; a proposal to contract a foreign loan (1783) came to nothing, and the public debt (duyun-i-usnumiye) was created by the capitalization of certain revenues in the form of interest bearing bonds (sehims) issued to Ottoman subjects against money lent by them to the state (1785).
The expenditure of the first category was made up of the service of foreign loans, of the general debt, of the dotations replacing ziamet and timarat (military fiefs) and of fixed contributions such as vakufs.
It is thought better here, for the sake of clearness, to reserve observations on revenues specially assigned to the international administration of the Ottoman Public Debt, and on the expenditure of that administration, and to deal with that subject separately, while, however, including the total figures of both in the general figures in order to reproduce exactly the totals shown in the budget of the empire.
The estimated receipts from the " Tithes " (including tobacco and silk, both hypothecated to the Public Debt Administration) are £T6, 73 1,107.
Of these, commercial stamps are among the revenues specifically hypothecated to the Public Debt Administration, £T460,079; the others, consisting of legal stamps of various kinds, registration and transfer-duties, &c., are estimated to produce £ T6 53,373 forming a combined total of £T1,113,452.
The first revenue specified among these in the budget is that accruing from the wine and spirit duties, which is again among those assigned to the Public Debt, £T283,079.
Since then the import duties have been collected at the rate of 11% ad valorem under the supervision of the Public Debt Administration, the bondholders having certain rights, under the decree of Muharem, described below, over any increase of revenue arising from modification of the commercial treaties.
By the provisions of the " Annex Decree," also described below, three-quarters of the additional revenue is assigned to the Turkish government, and one-quarter to the Public Debt Administration to swell the sinking-fund.
Sanitary taxes, £T20,519, and fisheries and sporting licenses affected to the service of the public debt, £T153,990.
of the budget, and include in the first place the salt revenue (£T1, 227,750), which is assigned to the Public Debt Administration, and tobacco revenues of which the larger part, £ T86 5,737, is assigned to the same administration, the total (including share of Tumbeki profit) producing £T965,754; the remaining monopolies are: fixed payment from the Tumbeki Company, £T40,000; explosives, £T106,323; seignorage (Mint), £T10,466; and posts and telegraphs, £T912,129.
Section VII., formed of the tributes of dependencies of which the two principal are the Egyptian, ET765,000, and that of Cyprus, T102,590 (assigned to the public, debt) comprises a total revenue of T871,316.
The first item of expenditure shown in the budget is the service of the public debt, amounting to £T8,288,394.
The Public Debt Administration plays so considerable a part in the finances of the Ottoman Empire, and its history is of such importance that a special section of this article will be devoted to it below.
Under the budgetary heading " Public Debt " is included, as it should be, all expenditure in connexion not only with the public debt proper, but also with advances from banks and others, railway guarantees, an account of which will also be found below, and all capitalized liabilities, as far as known, contracted by the state.
The total credits for the ministry of finance are, then, as follows: Ottoman public debt, £T8,288,394; House of Osman, £T443,880; legislative corps, U181,871; treasury, ET2,989,600; central accounts department, £T17,124; forming an aggregate of £T11,920,869.
In March 1897 the floating debt was calculated by a financial authority in the Fortnightly Review to amount to upwards of £TJ5,000,000, which might be compressed to £T25,000,000 since a large proportion was certainly composed of salaries in arrear and other items of a similar kind which the government would never, under any circumstances, make good.
Laurent tells us that the present government having found it absolutely impossible to arrive at even an approximate estimate of this " occult debt," recourse was had, in order to fix it, to the creditors themselves, and a short act of parliament was passed declaring all debts prescribed which should not be claimed by a fixed date.
High authority in Constantinople put the true amount of the floating debt in1910-1911at the amount previously estimated, viz.
Under the heading " Floating Debt " in the budget for1910-1911are placed the advances before described.
No other items in the budget call for special remark, but in order that the information given may be complete, each head of expenditure is shown separately below, and the budget for 1910-1911, as first placed before the Turkish parliament, presents the following picture, from which it may be observed that the public debt absorbs 26% of the revenue, war service 38% and civil services 36%.
If he has no goods which may be seized, he may be summarily imprisoned for a term not exceeding 91 days: two imprisonments for the same debt are not permitted.
In consequence of the piling up of the exterior public debt as described above, it amounted after the issue of " general debt " in 1875 to £T1 9 o,750,000, and swallowed up annually upwards of Tio,000,000, or nearly half the revenue of the empire as it was then constituted.
By this decree the outstanding capital of the exterior debt, to which were added the Ramazan certificates above mentioned, and all interest fallen due, making a grand total of £252,800,000, was scaled down to £106,437,234 (£T117,080,958).
as the revenues set aside for the service of the reduced debt permitted.
the " general debt," of which the last issue was in 1875, with a reduced nominal capital of £T48,365,236, and the " lottery bonds " (railway loan), with a reduced nominal capital of T15,632,548, the total of group iv.
This proposal was accepted by the Turkish government, which undertook to continue the annual payment of £T114,000 to the public debt administration until the extinction of the debt.
The public debt council consented with good grace, although the minister of finance, by omitting to consult that council during the progress of negotiations, lost sight of the fact that a sum of £T87,823 was due to the public debt administration on account of arrears of the Eastern Rumelian annuity up to December 1887, and that a further sum of £T430,741 was due by the Bulgarian to the Turkish government itself in compensation Tor the Rustchuk-Varna railway under the Treaty of Berlin.
As pointed out by Sir Adam Block, the representative of the British and Dutch bondholders, in his report for 1908-1909, the above arrangement would have been prejudicial to the bondholders had the public debt not been " unified " (as described below) since, however, as a result of that unification, the ceded revenues now produced a sum more than sufficient for the service of the debt, it was only the surplus of revenue reverting to the government which was affected.
There were further handed over, under the Muharrem decree, to the public debt council, the tribute of Bulgaria, the amount of which has never even been fixed, but as compensation for which the tobacco tithe up to a yearly amount of £Tioo,000 was ceded to the council in the same conditions as the " six indirect contributions "; the proportional shares (generally known as the " contributive 1 For simplicity's sake, the lottery bonds having a special treatment different from that of the rest of the loans, these groups, when the new bonds of the reduced debt were exchanged against the old bonds of the original loans, became " series " thus: Series A, group i.; series B, group ii.;.
Four-fifths of the net product of the revenues, after deduction of the first charge of £T590,000, was to be applied.to the service of the interest on the new reduced debt, and provided that the four-fifths were sufficient to allow the distribution of 1% interest, one-fifth was to be devoted to sinking fund; but this latter fifth was to be reduced, if necessary, by an amount sufficient to maintain the rate of interest at i %.
The lottery bonds receive a special treatment both in regard to interest and sinking fund; full information as to the intricate arrangements made for these bonds will be found in the decree of Muharrem and the published reports of the council of administration of the Ottoman public debt.
When the net product of the ceded revenues amounts to £T2,157,375, the surplus is divisible as to 75% to the Turkish government and 25% to the public debt administration.
The above 25% is to be employed as additional sinking fund for the unified debt and lottery bonds, in the proportion of 60% and 40% respectively.
A reserve fund was created of which the nucleus was the sum already standing to the credit of the " Reserve fund for increasing the rate of interest " (£TI,113,865), plus £T300,000 at least in cash by the issue of sufficient unified bonds to produce that amount and the sum of £T150,000 to be paid by the government to the public debt at the rate of £T15,000 per annum.
It should be added that the total issue was made sufficient to reserve also £TI, 460,000 for expenses, after taking into account £ioo,000 in cash paid by the government to the public debt administration out of the said issue.
The reserve fund is increased by the interest it may earn, but when the capital amount of the fund reaches £T2,000,000 the interest earned is merged in the general receipts of the public debt administration.
As soon as the unified debt is reduced to £T16,000,000 the reserve fund is to be reduced to £Ti 3 000,000, the surplus over this last amount being paid to the government.
Finally the Imperial Ottoman government reserved to itself the right of paying off the whole unified debt at par at any moment, and all the dispositions of the decree of Muharrem not modified by the new " Annex-Decree " were formally confirmed and maintained.
The ceded revenues administered directly by the public debt council have shown remarkable expansion, and may be fairly looked upon as exemplifying what would occur in the general revenues of the empire when good and honest administration and regular payment of officials finally took the place of the carelessness, corruption and irregularity which existed up to the change of regime.
Pains, moreover, have been taken by the public debt council to develop the sale of salt within the empire.
The cultivators, on the other hand, may not plant tobacco without permits from the regie, although the power of refusing a permit, except to known smugglers or persons of notoriously bad conduct, seems to be doubtful; nor may they sell to any purchaser, unless for export, except to the regie, while they are bound to deposit the whole of the tobacco crops which they raise in any one year in the entrepots of the regie before the month of August of the year following, [[Table A]].-Showing Revenues ceded to Ottoman Public Debt Administration at Various Periods to 1907-1908.
It came into force on the 13th of July 1907, and produced during the remainder of the financial year U544,987; 2 5% of this revenue is ceded to the public debt; the remainder reverts to the government.
[[Table B]].-Position of the Ottoman Public Debt on the 1st of March 1326 (March 14, 1910).
At the same time it was granted an extension of penal powers, and the losses on reftieh (duty on tobacco exported to Egypt) were to be partially borne by the public debt administration.
In 1888 it was proposed by the public debt administration to undertake the collection of specified revenues to be set aside for the provision of railway guarantees, the principle to be followed being, generally, that such revenues should consist of the tithes of the districts through which the railways would pass, and that the public debt should hand over to guaranteed railway companies the amounts of their guarantees before transmitting to the imperial government any of the proceeds of the revenue so collected.
The bonds are secured on the surplus of the revenues assigned to the guarantee of the Anatolian railway collected by the Public Debt Administration, on the excess revenue, after certain deductions, accruing to the government under the " Annex-Decree to the Decree of Muharrem " above described, on the sheep tax of the vilayets of Koniah, Adana and Aleppo, and on the railway itself.
Emiriye cannot be mortgaged, but can be given as security for debt on condition that it be restored when the debt has been repaid.
A transfer duty of 5% on the estimated value of emiriye is paid on transmission by sale, inheritance or donation, of 22% on the amount of the debt in case of mortgage or release from mortgage, and of 10% on expenses.
Caillard, Babington-Smith and Block, Reports on the Ottoman Public Debt (London, 1884-1898, 1899-1902, 1903 -1910); Annuaire oriental du commerce (Constantinople); Journal de la chambre de commerce (Constantinople, weekly); Annual Report of the Regie Co-interessee des Tabacs (Constantinople); Annual Report of the Council of Foreign Bondholders (London); C. Morawitz, Les Finances de la Turquie (Paris, 1902); G.
Turkey's severity in repressing the Bulgarian insurrection had raised up in England a storm of public opinion against her, of which the Liberal opposition had taken the fullest advantage; moreover the suspension of payments on the Ottoman debt had dealt Turkey's popularity a blow from which it had never recovered.
It was further provided that Bulgaria should pay to Turkey an annual tribute, and should moreover (as well as the other Balkan states receiving accessions of territory at Turkey's expense) bear a portion of the Ottoman debt.
The financial straits of Turkey after the war became so acute that the sultan was compelled to consent to a measure Public of foreign control over the finances of the country; the administration of the public debt being established in December 1881.
with an aggregate debt of $6,329,794, and $13,463,211 was spent for public educational purposes.
The interpretation of the phenomena of gaseous conduction was rendered possible by the knowledge previously acquired of conduction through liquids; the newer subject is now reaching a position whence it can repay its debt to the older.
The cost was over 30,000, and the debt was entirely paid off at the close of the opening services, which lasted over a month.
He constantly protested against flogging in the army, the impressment of sailors and imprisonment for debt.
The finances were speedily put on an excellent footing, means were provided for carrying on the war to a successful issue (one of the chief expedients being the raising of the Sound tolls) and on the conclusion of peace Oxe, as lord treasurer, not only reduced the national debt considerably, but redeemed a large portion of the alienated crown-lands.
The service of the national debt absorbs a very large part of the expenditure, about 45% of the estimates for 1907 being assigned to the department of finance.
Ten years later, when the currency had fallen to 51 pence per milreis, the government found itself unable to meet the interest obligations on its debt and railway guarantees, and an arrangement was made with its creditors in London for the issue of a 5% funding loan to an amount not to exceed £10,000,000, and the suspension of all amortization for thirteen years.
The result of these measures was a large addition to the public debt, which on 31st December 1906 was approximately as follows (apolices being the name given to bonds inscribed to the holder): - External debt: Loans of 1883, 1888 and 1889 Oestede Minas R.
£ 6 9,77 8, 933 5 Pp Internal debt, funded: 5% apolices, Law of 1827 42% „ „ 1879 6% „ „ 1897 ° I O 5 0 „ 9 3 Total, funded 558,476,600 (at 1 5d.
£34,904,787) Internal debt, not funded: Paper money.
Up to 1906 the Caixa da Amortisacdo (redemption bureau), which has charge of the service of the internal funded debt, superintended the redemption of the currency, but in that year (December 6, 1906) a Caixa de Conyers-do (conversion bureau) was created for this special service.
Negotiations were opened in London between the Brazilian and Portuguese plenipotentiaries, treating for the recognition of the independence of Brazil; and on the 25th of August 1825 a treaty was signed by which the Portuguese king, Dom John VI., assumed the title of emperor of Brazil, and immediately abdicated in favour of his son, acknowledging Brazil as an independent empire, but the treaty obliged Brazil to take upon herself the Portuguese debt, amounting to nearly two millions sterling.
During the year 1827 the public debt was consolidated, and a department was created for the application of a sinking fund.
With the abolition of imprisonment for debt in 1881 the privileges of sanctuary came to an end.
The property of the corporation was valued at £271,658 against a debt of £425,195, which was compounded for by the issue of 3% annuity bonds - the loss to the creditors amounting to 25% of their claims.
The public debt, £2,101,500 in 1882, had risen at the close of the Boer War in 1902 to £12,519,000, and was in June 1909, £ 21,420,000.
In consideration of the advantage to Natal from this addition of territory, Natal should take over £70o,000 of the Transvaal debt.
In consideration of this addition to her territory, Natal should take over a portion of the Orange River Colony debt, to be raised at the end of the war, to the amount of £ 200,000.
The national debt of Hungary alone, excluding the debt incurred jointly by both members of the Austro-Hungarian monarchy, was £192,175,000 at the end of 1903.
The following table shows the growth of the total debt, due chiefly to expenditure on public works, in millions sterling: 1880.1890.1900.1905.
The following nine years mark the financial and commercial rehabilitation of Hungary, the establishment of a vast and original railway system which won the admiration of Europe, the liberation and expansion of her over-sea trade, the conversion of her national debt under the most favourable conditions and the consequent equilibrium of her finances.
When he was five years old his father died while assisting at the siege of Paris (on the 10th of July 1590); and his mother was left with five children and the estate heavily in debt.
This is sometimes treated as a debt of 5s.; an alternative method is to recognize that our zero is really arbitrary, and that in fact we shift it with every operation of addition or subtraction.
He was again minister of the treasury from November 1903 to March 1905 in Giolitti's second administration, and for the third time from February to May 1906, under Sonnino's premiership. During the latter term of office he achieved the conversion of the Italian 5% debt (reduced to 4% by the tax) to 31% to be eventually lowered to 32%, an operation which other ministers had attempted without success; although the actual conversion was not completed until after the fall of the cabinet of which he formed part the merit is entirely his.
£2,679,000 £4,671,000 £4,394,000 £3,971,000 The public debt of the Boer government was £2,500,000.
The principal head in the allocation of this loan was the purchase of the railways in the two colonies at a cost of £13,520,000, while an additional £5,958,000 was devoted to the building of new lines, purchases of rolling stock, &c. The debt of the South African Republic was paid off; £542,000 went to make good the deficit on the administration for 1901-1902; the sum of £1,561,000 was paid to burghers of the Cape Colony and Natal as compensation for war losses; £3,000,000 was devoted to land settlement schemes and £2,000,000 to public works other than railways.
A public debt of £215,000 existed, and government contractors were left unpaid.
Their native foes had been crushed by British forces; their liabilities were consolidated into a debt to Great Britain, to be repaid at convenience and leisure - as a matter of fact, not even interest was paid for some time.
With the proceeds of the first loan the debt of the South African Republic was paid off, the Transvaal and the Orange River Colony railways were bought by the state, and new railways and other public works were undertaken.
Having become embarrassed with debt, he found it necessary, at the age of seventy, to sell his office; but the king, amused with an epigram, gave him a pension, with the title of historiographer of France.
The public debt of Venezuela dates back to the War of Independence, when loans were raised in Europe for account of the united colonies of Colombia, Ecuador and Venezuela.
The separation of the Colombian republic into its three original parts took place in 1830, and in 1834 the foreign debt contracted was divided among the three, Venezuela being charged with 282%, or £2,794,826, of which £906,430 were arrears of interest.
Other items were afterwards added to liquidate other obligations than those included in the above, chiefly on account of the internal debt.
In August 1904 these loans and arrears of interest brought the foreign debt up to £5,618,725, which in 1905 was converted into a " diplomatic " debt of £5,229,700 (3%).
In 1908 (July 31) the total debt of Venezuela (according to official returns) consisted of the following items: The currency of Venezuela is on a gold basis, the coinage of silver and nickel is restricted, and the state issues no paper notes.
The year 1907 was marked by the repudiation of the debt to Belgium, and fresh difficulties with the United States.
But he distributed the increased taxation so equally, and chose its subjects so wisely, that the ordinary administrative expenditure and the interest on the national debt were fully provided for, while the extraordinary expenditure for military purposes was met from the Chinese indemnity.
Debt charges absorbed £1,512,718 of this amount.
The debt of London, like that of other municipalities, has considerably increased and shows a tendency to go on increasing, although certain safeguards against too ready borrowing have been imposed.
When Warren Hastings pressed the nawab for the payment of debt due to the Company, he obtained from his mother a loan of 26 lakhs of rupees, for which he gave her a jagir of four times the value; he subsequently obtained 30 lakhs more in return for a full acquittal, and the recognition of her jagirs without interference for life by the Company.
He was responsible, especially, for the great operation known as the opening of the Grand Livre (August 2 4), which was designed to consolidate the public debt by cancelling the stock issued under various conditions prior to the Revolution, and issuing new stock of a uniform character, so that all fund-holders should hold stock of the revolutionary government and thus be interested in its stability.
Each fund-holder was to be entered in the Great Book, or register of the public debt, for the amount due to him every year.
Taxes on imports and exports, not exceeding the equivalent of io% ad valorem, direct taxation of Europeans, and a poll tax on native adult males, a tax on ivory and the Government share in the exploitation of mines were the chief sources of revenue; the administrative services and interest on debt the largest items of expenditure.
The public debt in 1919 was 349,000,000 francs.
The old systems of raising revenue no longer corresponded to the needs of the republic, and as early as 1336 the various loans made to the state were consolidated into one national debt (monte).
The precarium was a form of renting land not intended primarily for income, but for use when the lease was made from friendship for example, or as a reward, or to secure a debt.
failure to pay them did not lead to confiscation, but they were collected by suit and distraint like any debt.
perdonare, to remit a debt or other obligation on a penalty), the remission, by the power entrusted with the execution of the laws, of the penalty attached to a crime.
The public debt is about £23,000.
From the description of Adullam as the resort of "every one that was in distress," or "in debt," or "discontented," it has often been humorously alluded to, notably by Sir Walter Scott,.
The public debt was consolidated in 1884 into a total of £5,702,000, guaranteed by France, and bearing 4% interest.
At the beginning of 1907 the total Tunisian debt was £9,287,260; in that year the government was authorized to contract another loan of £5,000,000 at 3 (£3,000,000 being guaranteed by France) for railways, roads and colonization.
In the third quarter of the 19th century not more than a tenth part of the fertile land was under cultivation, and the yearly charge on the public debt exceeded the whole annual revenue.
The foreign debt began with a small loan of £1,200,000 in London in 1822, and another of £1,500,000 in 1825 of which only £716,516 was placed.
At the end of the war, these loans, and sums owing to Chile and Colombia, raised the foreign debt to £4,000,000.
In 1830 the debt and accumulated interest owing in London amounted to £2,310,767, in addition to which there was a home debt of 17,183,397 dollars.
In 1848 the two London loans and accumulated interest were covered by a new loan of £3,736,400, and the home debt was partially liquidated, the sale of guano giving the treasury ample resources.
Then followed the ambitious schemes of President Balta, which with the loans of 5870 and 1872 raised the total foreign debt to £49,000,000, on which the annual interest charge was about £ 2, 5 ©0, 000, a sum wholly beyond the resources of the treasury.
In 1876 interest payments on account of this debt were suspended and in1879-1882the war with Chile deprived Peru of her principal sources of income - the guano deposits and the Tarapaca nitrates.
In 1889 the total foreign debt, including arrears of interest, was £54,000,000, and in the following year a contract was signed with the Peruvian Corporation, a company in which the bondholders became shareholders, for the transfer to it for 66 years of the state railways,, the free use of certain ports, the right of navigation on Lake Titicaca, the exploitation of the remaining guano deposits up to 3,000,000 tons, and thirty-three annual subsidies of £80,000 each, in consideration of the cancellation of the debt.
In 1910 the foreign debt stood at £3,140,000, composed of (1) Peruvian Corporation £2,160,000; (2) wharves and docks, £80,000; (3) loan of 1905, £500,000; (4) loan of 1906, £400,000.
In 1849 the regular payment of the interest of the public debt was commenced, steam communication was established along the Pacific coast, and a railroad was made from Lima to Callao.
But the proceedings of Echenique's government in connexion with the consolidation of the internal debt were disapproved by the nation, and, after hostilities which lasted for six months, Castilla returned to power in January 1855.
There is a public debt of about £340,000, borrowed for public works, which is being paid off by a sinking fund.
He also took a leading part in the senate in securing the passage of laws for funding the national debt, assuming the state debts and establishing a United States bank.
We see the debt, and we also see that when it is stated at the highest possible, nothing has really been taken either from Comte's claims as a powerful original thinker, or from his immeasurable pre-eminence over Saint-Simon in intellectual grasp and vigour and coherence.
The public debt, which originated in 1752, amounted to £70,000 sterling in 1764, to £400o in 1775 and to $698,000 in 1783.
Part of the Revolutionary debt was paid in depreciated paper, part was assumed by the United States government, part was paid at various rates of depreciation between 1803 and 1820, and the remainder, $43,971, was repudiated in 1847.
Other obligations had accumulated in the meantime, however, so that the debt in 1848 amounted to $187,000.
The issue of bonds for the construction of the new capitol building and other purposes has led, however, to a new debt, which at the beginning of 1910 amounted to $4,800,000.
No amount of skill in the manipulation of figures, no ingenuity in shifting fiscal burdens, could prevent the addition of forty-one millions to the national debt, or could countervail the appalling mismanagement at the seat of war.
In the course of the next 50 years debt was contracted to the amount of 126,772 florins.
Japan owes a profound debt of gratitudc to the kangakusha of that time.
The last are worked by the state, and the sole public debt, amounting to about 22 millions sterling, is attributable to this head.
But in general his domestic policy was not very fortunate, and he can hardly claim any personal credit for the reassessment of the land-tax (1692), the creation of the national debt or the recoinage act (1693-1695).
He was the first in Congress to oppose the claim, which gained momentary and widespread favour in 1867, that the public debt, pledged in coin, should be paid in greenbacks.
in the £, and the town debt £5, 500,000.
For here again the restoration of the disinherited prince of Constantinople supplied an excuse quite as plausible as the liquidation of the debt to Venice.
His finances, therefore, remained embarrassed despite the comparative pause in the war, although in 1339 he had repudiated his debt to his Italian creditors, a default that brought about widespread misery in Florence.
Herodotus, though he once at least controverts his statements, is indebted to Hecataeus not only for facts, but also in regard of method and general scheme, but the extent of the debt depends on the genuineness of the Ns xrEp1050s.
In 1908 the state debt was $816,785, and the assets in bonds, railway mortgages and bank stocks exceeded the liabilities by $7 1 7,779.
She was burdened with debt; the reforms of Colbert were ruined; and opposition to the king's regime began to make itself felt.
From 13,000,000 to 17,000,000 francs is the annual amount of the state budget, and the debt, consisting of loans contracted principally for the construction of railways, of which there are about 350 m., is 12,000,000 francs.
It is not to the credit of historians that Schopenhauer's debt should have been allowed to pass with so little notice.
There is also a clause which exempts from seizure for debt the homestead, not more than two hundred acres of land in the country, or a house of any value in a city or town on a lot or lots not exceeding five thousand dollars in value at the time of its designation as the homestead.
Finance.-The heavy debt incurred in the struggle with Mexico was paid out of the $10,000,000 received from the United States government under the Compromise of 1850.
The extravagance of the Reconstruction governments resulted in the accumulation by 1876 of a debt of $4,792,394.
The nominal amount of the public debt on the 1st of September 1908 was $3,989,400, but the figures are misleading, because, with the exception of $22,000 (held partly by counties), all of these obligations were in the permanent school fund or in funds for the University, the Agricultural and Mechanical College, and the various charitable institutions.
In conformity with President Johnson's plan of reconstruction, a constitution recognizing the abolition of slavery, renouncing the right of secession, and repudiating the war debt was adopted in 1864, and J.
The state has no bonded debt, and the constitution forbids it to incur debts exceeding in the aggregate a quarter of a million dollars, except for warlike purposes or for some single work to which the people give their consent by vote; the constitution also forbids any county or municipal corporation from incurring an indebtedness exceeding 5% of the value of its taxable property.
Crown debt >>
the abolition of slavery and of imprisonment for debt, and in perfecting a system of free public schools.
To him the people of Italy owe a great debt, for if he failed in his object he at least materialized the idea of the Risorgimento in a practical shape, and the charges which the Republicans and demagogues brought against him were monstrously unjust.
The American firm assisted in funding the national debt at the time of the resumption of specie payments, and the London house were fiscal agents of the United States government in 1873-1884, and as such received the $15,50o,000 awarded by the Geneva Arbitration Court in settlement of the "Alabama Claims" against Great Britain.
The public debt was £79,710, paying interest at 32%.
The assessed valuation of property increased more than threefold from 1900 to 1910, being $276,801,517 in the latter year, when the bonded city debt was $ 1 7, 2 59,3 12.5 0.
The debt of the state (especially the contingent debt, secured by sinking funds) has been steadily rising since 1888, and especially since 1896, chiefly owing to the erection of important public buildings, the construction of state highways and metropolitan park roadways, the improvement of Boston harbour, the abolition of grade crossings on railways, and the expenses incurred for the Spanish-American War of 1898.
The average interest on this and the contingent debt ($60,428,223 in December 1908) combined was only 3.35%.
Her leading politicians were out of sympathy with the conduct of national affairs (in the conduct of foreign relations, the distribution of political patronage, naval policy, the question of public debt) from 1804 - when Jefferson's party showed its complete supremacy - onward; and particularly after the passage of the Embargo Act of 1807, which caused great losses to Massachusetts commerce, and, so far from being accepted by her leaders as a proper diplomatic weapon, seemed to them designed in the interests of the Democratic party.
On Herodotus' debt to Hecataeus see Wells, in Journ.
When the War of 1812 broke out he was captain of the U.S. frigate "Constitution" (44) and was on a mission to Europe carrying specie for the payment of a debt in Holland.
Personal property consisting of necessary household furniture, working tools and team of horses, professional instruments and a library, not exceeding $250 in value, besides the necessary food for the team for ninety days, provisions for the family, wearing apparel, wages or other income not exceeding $12 a week, and several other things, when owned by a householder or person providing for a family, are also exempt from seizure for debt, unless the debt be for purchase money or for services performed in the family by a domestic.
On the 30th of September 1909 the state debt, most of which was created since 1895 for the purpose of canal improvements, amounted to $41,230,660.
The constitution prohibits the legislature from lending the state's credit or incurring an indebtedness for current expenses in excess of $1,000,000 or incurring any indebtedness whatever, other than for war purposes, unless such indebtedness be authorized by law for " some single work or object," the law to be approved by the people at a general election and providing for a direct annual tax sufficient to pay the interest and to liquidate the debt within eighteen years.
England's attempt to make the colonies pay the expenses of the war by means of the stamp tax thoroughly aroused the opposition of commercial New York, already chafing under the hardships imposed by the Navigation Acts and burdened with a war debt of its own exceeding £300,000.
The factions had their origin in canal politics, the conservatives advocating the use of canal revenues to complete the canals, the radicals insisting that they should be used to pay the state debt.
The gross public debt had reached £66,500,000 in 1908.
Finance otherwise absorbed attention; by 1880 the public debt had reached £25,000,000, against which the chief new asset was 1300 m.
In 1895 borrowing on a larger scale was begun, and in twelve years twice as many millions were added to the public debt.
His symphony Le Midi (written in 1761) already shows a remarkable freedom and independence in the handling of orchestral forces, and further stages of advance were reached in the oratorio of Tobias, in the Paris and Salomon symphonies, and above all in the Creation, which turns to good account some of the debt which he owed to his younger contemporary.
The net state debt on the 1st of October 1908 amounted to $967,576.38.
Before Horace was ten years old (1820), his father became bankrupt, his home was sold by the sheriff, and Zaccheus Greeley himself fled the state to escape arrest for debt.
Recognized causes for divorce are adultery, extreme cruelty, wilful desertion, wilful neglect, habitual intemperance or conviction for felony, The homestead of a head of a family consisting either of a farm not exceeding 160 acres or $2500 in value, or of a house and lot - the lot not exceeding 4 acre, and the house and lot not exceeding $2500 in value - is secured against debtors except in case of judgments obtained before the homestead was recorded as such, in case of labourers', mechanics' or vendors' liens, and in case of a debt secured by mortgage; if the owner is a married person the homestead cannot be mortgaged without the consent of both husband and wife.
The state had a bonded debt in 1909 of $384,000, authorized by popular vote in November 1908; by the constitution the aggregate indebtedness of the state was limited to $100,000 except in case of war, invasion or insurrection, or in case a measure authorizing a greater indebtedness should be submitted by the legislature to the electorate and should receive a majority of the votes cast.
The chief expenditure was on the interest and sinking fund of the national debt.
The national debt, incurred almost wholly in making and buying railways and telegraphs, and carrying out other public works, amounted at the end of 1909 to £44841,880.
The first ten years of his active reign passed in peace and quiet; agriculture, manufactures and industries were fostered, economical reforms instituted, and the heavy public debt of forty million thalers was steadily reduced.
The State debt amounted to 11,340 millions of kronen.
The debt of the Austrian State to the Austro-Hungarian Bank in direct loans made by the bank to the State amounted at the end of 1919 to 25,088 millions of kronen.
In this way a State debt of 35,069 millions of kronen was accumulated.
The constitution fixes the debt limit at $100,000 over and above the share of the territorial debt assumed at the time of the formation of the state.
At the close of the year 1906 the total debt was $8,835,049, and the funded debt was $8,106,500.
There Jerome, though frequently rebuked by the emperor, displayed his fondness for luxury, indulged in numerous amours and ran deeply into debt.
Despite heavy taxation, the state debt increased greatly; and the sending of a contingent to Russia in 1812 brought the state to the verge of bankruptcy.
The amount of homestead exempt from seizure for debt is limited in value to $5000, and may not include more than two acres in a town plot or more than 260 acres elsewhere.
The exemption is not valid against a debt created for the purchase money, or against taxes levied on the property, or against mechanics' or labourers' liens for work done or material furnished for improvements, or against a mortgage acknowledged by both husband and wife.
For defraying the expenses of the state government, exclusive of the interest on the bonded debt, the tax rate is limited by the constitution to four mills on the dollar of assessed valuation.
The state debt, excluding the amount of Territorial indebtedness assumed when Dakota Territory was divided, may not exceed $200,000.
The total bonded debt of the state on the 31st of October 1908 was $642,300, and was incurred for the most part for the construction of public buildings during the Territorial period.
By an agreement between North and South Dakota, embodied in their constitutions, each state assumed the debt created for the erection of public buildings within its limits during the Territorial period.
The national debt amounted to some 40 billion crowns, against which the state itself possessed assets in the shape of forests, coal mines, the former domains of the Habsburgs, mineral, naphtha, radium and other sources of natural wealth, besides the State-owned railways.
After the close of the war efforts were first directed to clearing the financial situation by funding the floating debt, and taking steps (never fully consummated) towards contracting the currency.
In 1850-1851 he was a member of the convention to revise the Virginia constitution, and advocated white manhood suffrage, internal improvements, and the abolition of imprisonment for debt.
The authority to grant such discharge was conceived to be included in the power of binding and loosing committed by Christ to His Church; and when in the course of time the vaguer theological conceptions of the first ages of Christianity assumed scientific form and shape at the hands of the Schoolmen, the doctrine came to prevail that this discharge of the sinner's debt was made through an application to the offender of what was called the " Treasure of the Church " (Thurston, p. 315).
In 1 7 26 he fixed the standard of the currency and secured the credit of the government by the regular payment thenceforward of the interest on the debt.
To meet the interest, such heavy taxes were levied that anti-tax associations were formed to resist the collection, and in 1842 the state failed to pay what was due; but the accumulated interest had been funded by 1848 and was paid soon afterwards, the expenses of the government were curtailed by the constitution of 1851, and after the Civil War the amount of indebtedness steadily decreased until in 1902 the funded debt was $6,909,326 and the net debt only $2,797,269.13, while on the 1st of October 1908 the net debt was $366,643.91.
As a result of incurring the large debt, a clause in the constitution prohibits the legislature from contracting a debt without providing by the imposition of taxes for the payment of the interest annually and the principal within fifteen years, except to meet a temporary deficiency not exceeding $50,000.
Scarcely had these amendments been carried when the serious financial straits brought on by debt incurred through the state's promotion of internal improvements gave rise to the demand for a reduction of governmental expenses and a limitation of the power of the General Assembly to contract debts.
The country has a debt (1905), including capital, annuities and interest, of some £.3,400,000.
He had been imprisoned for political reasons, for he did not become a Protestant till after his release, and then found that his priory had been destroyed in 1534 He obtained a pension from Geneva, and was four times married, but owing to his extravagances was always in debt.
The outstanding foreign debt amounted in 1887 to £2,691,300, while the arrears of interest were no less than £ 2,119, 500.
In 1904 the service of the external debt, which then amounted to £ 2,500,000, including £500,000 arrears of interest, was again suspended; the total of the internal debt was £815,000.
Education, internal development and the service of the internal debt were the chief sources of expenditure.
For the enactment of appropriation bills and bills creating a debt a majority of the total membership in each house is required.
The funded debt of the state amounted to four and one-half millions of dollars in 1850, when the new constitution limited the power of the legislature to contract further obligations or to decrease or misapply the sinking funds.
In 1902 the net bonded debt, exclusive of about two millions of dollars held for educational purposes, was $1,171,394, but this debt was paid in full in the years immediately following.
Lorenzo Ricci, then general of the Society, repudiated the debt, alleging lack of authority on Lavalette's part to pledge the credit of the Society, and he was sued by the creditors.
The expenditures are chiefly for the services of the public debt, military expenses, public works and internal affairs (Department of the Interior).
The public debt service alone required $26,201,873 (£2,620,187) in 1908.
The public indebtedness of Mexico includes a foreign debt payable in gold, an internal debt payable in silver, and a floating debt covering unpaid balances on appropriations, unpaid interest, and other credits and obligations.
The foreign debt dates from 1825, when £10,000,000 were borrowed in London through two loans.
Interest defaults led to a conversion of the debt in 1851, the interest rate being reduced from 5% to 3%.
Further loans have considerably increased the debt since then, but it is still within the normal resources of the country.
According to Matias Romero (Mexico and the United States, 1898), a new type of indebtedness was inaugurated in 1850, in the shape of an internal debt payable in silver.
The rapid development of railway construction has largely increased this part of the public debt, the revenues of the country being insufficient to meet the subsidy obligations, but as the railways are built for the development of valuable resources and the opening of needed trade communications, the increase has occasioned no loss of credit.
an attempt was made to carry out a consolidation of the internal debt, which failed; the army was reduced and reorganized, and the northern frontier was defended by military colonies," formed partly of civilized Seminole Indians from the United States.
The claims of the railways, however, necessitated retrenchment on official salaries, and the president's plan for conversion of the debt roused unexpected and successful opposition in an ordinarily subservient Congress.
The first step in this process was a settlement of the British debt by direct arrangement with the bondholders.
In 1893 the depreciation of silver necessitated stringent retrenchment; but the budget balanced for the first time during many years, the floating debt was converted, and a loan raised for the completion of the Tehuantepec Railway.
After 1896 substantial annual surpluses were spent in reducing taxation and in the extinction of debt.
In 1895 the 6% external debt was converted into a 5% debt, the bonds of which remained at a premium for 1902; in 1896 the alcabalas or interstate customs and municipal octrois were abolished, and replaced in part by direct taxation and increased stamp duties.
lxxi., gives particulars of the opposition to Gonzalez's debt conversion scheme of 1884.
The homestead law of New Hampshire exempts from seizure for debt five hundred dollars' worth of any person's homestead except for the enforcement of a mortgage upon it, for the collection of debts incurred in making repairs or improvements, or for the collection of taxes.
This was refused them however, and by the beginning of the Civil War the state was almost free of debt.
During that war the state incurred an indebtedness of about $4,236,000; this it reduced to $2,205,695 in 1872, and then assumed the war debt of the towns and cities, making its total indebtedness again $4,138,124.
On the 1st of September 1908 the funded debt of the state was $706,700.
The War of Independence left the state heavily burdened with debt and many of its citizens threatened with a debtor's prison.
As a means of relief a number of citizens demanded of the legislature the issue of paper money equal in amount to the state's debt, and as this was refused, an armed mob numbering about 200 surrounded the meeting-house in Exeter in which the legislature was in session, towards evening on the loth of September 1786.
Walsingham died deeply in debt on April 6, 1590.
There is no public debt, the annual deficiency being made good by a grant-in-aid from the imperial exchequer.
He accompanied the fugitive government to Konigsberg, where he rendered considerable service in the commissariat, and was afterwards still more useful as commissioner of the national debt and by his opposition to illconsidered schemes of taxation.
His Liberalism found expression in the extension of press freedom, the repeal of imprisonment for debt, and the abolition of ecclesiastical tithes.
By his luxurious habits and his lavish expenditure on public buildings he piled up a great accumulation of debt, which was partly discharged by the estates of the land in return for important concessions.
The emperor Ferdinand II., too happy to transfer the burden, countenanced an arrangement by which Kepler entered the service of the duke of Friedland (Wallenstein), who assumed the full responsibility of the debt.
In 1899 he lowered the fixed charge for the National Debt from twenty-five to twenty-three millions - a reduction imperatively required, apart from other reasons, by the difficulties found in redeeming Consols at their then inflated price.
The estimated revenue for 1905-1906 was 23,000,000 pesos (about £328,500); the estimated expenditure was 27,317,659 pesos (£39 0, 200), of which £242,800 were allotted to the public debt, £42,000 to internal development and justice, £29,000 to the army and the remainder largely to education.
According to the official statement, the gold debt, which runs chiefly at 4% and is held in Germany and England, amounted to £1,987,905 on the 1st of January 1905; the currency debt (note issues, internal loans, &c.) amounted to £704,730; total £2,692,635, a decrease since 1900 of about £300,000.
The state debt in 1909 was £167,970.
The public debt on the 1st of November 1909, less certificates and notes offset by cash in the Treasury, was $1,295,147,432o4.
The secretary of the treasury sends annually to Congress a report containing a statement of the national income and expenditure and of the condition of the public debt, together with remarks on the system of taxation and suggestions for its improvement.
From 1860 to 1870 the population increased 22.6%, and the net ordinary expenditures of government, not including payments on the national debt, rose 173%; from 1870 to 1900 the corresponding figures (using the official estimated population) were 129% and 408%.
The average yearly disbursements during the decade, distributed according to object, were as Tollows: for civil list and miscellaneous objects, $143,697,123.09; army, $130,416,902.62; navy, $96,722,000.90; military pensions, $144,856,529.16; Indians, $12,966,563.00; on account of debt, $25,632,072.60; total, $586,942,920.
The national government set out in 1790 with a revolutionary debt of about 75 millions of dollars.
This debt continued, slightly increased but without any very important change, until 18o6, when a reduction began, continuing until 1812, when the debt was about 45 millions.
The then ensuing war with England carried the debt up to 127 millions in f816.
At the conclusion of peace the debt had risen to 63 millions, near which point it remained until about 1852, from which time successive reductions brought it down to 28 millions in 1857.
The amount of the debt per capita of population, less cash in the treasury, was $15-63 in f800; it fell to $0.21 in 1840; rose again, and in 1865 reached a maximum of $7698; since when it had fallen by the 30th of June 1908 to $1076.
The amount of the debt outstanding, minus gold and silver certificates and Treasury notes offset by cash in the Treasury, was $1,295,147,432.04 on the 1st of November 1909.
The debt of the Dominion in 1873 and in 1905 was: - While the debt had thus increased faster than the population, it weighed less heavily on the people, not only on account of the great increase in commercial prosperity, but of the much lower rate of interest paid, and of the increasing revenue derived from assets.
The greater part of the debt arises from the assumption of the debts of the provinces as they entered federation, expenditure on canals and assistance given to railways.
The estimated amount of provincial debt assumed by the general government was increased by $1,186,756, and a special annual subsidy of $82,698 was granted for a period of ten years.
In the end the federal government assumed the railway debt, arrangements were made for extinguishing certain proprietary rights which had long been a source of discontent, and on the 1st of July 1873 the Dominion was rounded off by the accession of the new province.
He died in the King's Bench prison, Southwark, where he was confined for debt, in 1558.
Water-power for factories is secured by a system of "water-power canals" from a large dam across the Savannah, built in 1847 and enlarged in 1871; the principal canal, owned by the city, is so valuable as nearly to pay the interest on the municipal debt.
The constitution of 1901 exempted a homestead of 80 acres of farm land, or of a house and lot not exceeding $2000 in value, from liability for any debt contracted since the 30th of July 1868 except for a mortage on it to which the wife consented; personal property to the value of $l000 is exempted.
By various devices the labourer would then be kept constantly in debt to his employer and be held in involuntary servitude for an indefinite time.
The state debt, for which legislative corruption in the years 1868-1872 was largely responsible, amounted on the 1st of October 1906 to $9,057,000.
The constitution of 1901 prohibits the increase of the debt for any other purposes than the suppression of insurrection or resistance to invasion, and the assumption of corporate debts by cities and towns is also restricted.
The state endorsed railway bonds at the rate of $12,000 and $16,000 a mile until the state debt had increased from eight millions to seventeen millions of dollars, and similar corruption characterized local government.
A commission appointed to examine the state debt found it to be $25,503,000; by compromise it was reduced to $15,000,000.
General Crawford Chamberlain states that this was Hodson's way of wiping out the debt.
Each year $100,000 of this debt is paid off, and there are annual appropriations for the payment of interest (about $303,260 in 1910).
long) from Chattanooga, Tennessee, to Atlanta, which has valuable terminal facilities in both cities, and which in 1910 was estimated to be worth $8,400,240 (more than the amount of the bonded debt); this railway the state built in 1841-1850, and in 1890 leased for 29 years, at an annual rental of $420,012, to the Nashville, Chattanooga & St Louis railway.
In accord with President Andrew Johnson's plan for reorganizing the Southern States, a provisional governor, James Johnson, was appointed on the 17th of June 1865, and a state convention reformed the constitution to meet the new conditions, rescinding the ordinance of secession, abolishing slavery and formally repudiating the state debt incurred in the prosecution of the war.
Although there was great political excitement, there was not as much extravagance in public administration as there was in other Southern States, the state debt increasing approximately from $6,600,000 to $16,000,000.
Italian though he was by birth, education and nature, France owed him a great debt for his skilful management during the early years of Louis XIV., and the king owed him yet more, for he had not only transmitted to him a nation at peace, but had educated for him his great servants Le Tellier, Lionne and Colbert.
In a few years he had incurred a debt of 56 million francs, a burden assumed by the impoverished state.
The funded debt of the city on the 30th of June 1907 was X7,000,677, a part of which is guaranteed by the national government.
Scott had only enjoyed his residence one year when (1825) he met with that reverse of fortune which involved the estate in debt.
He settled in Edinburgh and engaged in the wine trade, lived liberally in the cultivated society of the city, lost his health and his fortune, and ended his days in debt.
He took a prominent part in the corn-law debates of 1814 and 1815; and in 1819 he presented a memorandum to Lord Liverpool advocating a large reduction in the unfunded debt, and explaining a method for the resumption of cash payments, which was embodied in the act passed the same year.
But Sir John Strachey, the author of the scheme, explains in his book on India that the original intention was nothing more than the annual application of surplus revenue, of the indicated amount, to purposes of famine relief; and that when the country was free from famine, this sum should be regularly devoted to the discharge of debt, or to the prevention of debt which would otherwise have been incurred for the construction of railways and canals.
Generally the chiefs ran into debt; many died without heirs; and their lands passed largely into the hands of foreigners.
On the 30th of June 1908 the bonded debt of the Territory was $3,979,000; there was on hand net cash, without floating debt, $677,648.48.
In May 1692 during the witchcraft delusion, on the accusation of some personal enemies in his former congregation who had sued him for debt, Burroughs was arrested and charged, among other offences, with "extraordinary Lifting and such feats of strength as could not be done without Diabolicall Assistance."
They also decided questions concerning debt.
There is no public debt.
In 1771 he published his Appeal to the Public on the Subject of the National Debt (ed.
This pamphlet excited considerable controversy, and is supposed to have influenced Pitt in re-establishing the sinking fund for the extinction of the national debt, which had been created by Walpole in 1716 and abolished in 1733.
The means, however, which Price proposed for the extinction of the debt are described by Lord Overstone 1 as " a sort of hocus-pocus machinery," supposed to work " without loss to any one," and consequently unsound.
1 Lord Overstone reprinted in 1857, for private circulation, Price's and other rare tracts on the national debt and the sinking fund.
In the States of the Church, during the first part of the period the outstanding feature in the history of the Temporal Power is the overthrow of nepotism; in the second, a dull conflict with debt.
The fight against the legacy of debt was slower and more dreary.
Work was stopped, in 1840, before the system was completed because of the intense popular discontent arising from the burden of debt which had been assumed and because the success of competing railways was then fully assured.
An agitation was then begun for retrenchment, the public works were put up for sale, and were finally disposed of in 1858 (when the debt was $39,4 88, 2 44) to the Pennsylvania Railroad Company for $7,500,000.
Aside from a temporary increase during the Civil War (1861-65) the debt has been rapidly reduced.
The total debt on the 30th of November 1909 was 82,643,917, of which the greater part were 32 and 4% bonds, maturing on the 1st of February 1912.
The sinking fund was formerly divided among certain favoured banks in such manner as would best advance the political interests of the organization which controlled the state; but just after the reform victory in the election of 1905 the sinking fund commission instituted the policy of buying bonds at the market price, and the debt is now being reduced by that method.
During her last years she lived at Aubigny, and was harassed by debt.
Of him Edward Eggleston says: "A strange mixture of rashness, pious zeal, genial manners, hot temper, and harsh bigotry, his extravagances supply the condiment of humour to a very serious history - it is perhaps the principal debt posterity owes him."
The elector had signalized his restoration by abolishing with a stroke of the pen all the reforms introduced under the French regime, repudiating the Westphalian debt and declaring null and void the sale of the crown domains.
A partner's venture in the iron business having involved him in a debt of $21 7,000, he retired from public life in 1842 and practised law in Lancaster, Pennsylvania, with such success as within six years to reduce this debt to $30,000.
62,571,605 415,282,695 =£II,114,813 The public debt amounts to about £95,000,000, of which over 75% was incurred for railways.
5,402,475 State debt.
The expenses of a magnificent court led the duke to quarrel with the Landschaft, to oppress his subjects, and to leave a great burden of debt when he died in October 1579.
Maximilian found the duchy encumbered with debt and filled with disorder, but ten years of his vigorous rule effected a remarkable change.
The theatre, however, was soon closed, and the printing establishment failed, leaving behind it a heavy burden of debt.
It may be questioned whether there is any other writer to whom the Germans owe a deeper debt of gratitude.
Hamilton's most important work is the Essay on the National Debt, which appeared in 1813 and was undoubtedly the first to expose the economic fallacies involved in Pitt's policy of a sinking fund.
The total debt in 1905 amounted to £96,764,266 the annual interest amounted to £3,396,590.
During the years 1850-1905, £27,416,651 has been devoted to the redemption of the public debt.
2 Including, besides the ordinary budget, the outlays in payment of annuities, in funding and discharging debt, in railway extension, &c.
The peace of Aix-la-Chapelle, in 1748, in which the influence of Great Britain was exerted on behalf of the States, though it nominally restored the old condition of things, left the Provinces crippled by debt, and fallen low from their old position among the nations.
A national debt, he maintains, enriches the capital at the expense of the provinces; further, it creates a leisured class of stockholders, and possesses all the disadvantages of paper credit.
The total debt in English money may be put at 126 millions sterling, which requires for interest, sinking fund and service about 5-1 millions sterling annually.
The national debt was divided.
It saddled Belgium with a portion of Holland's debt, and a severe financial crisis followed.
Pursuing a policy intended to reconcile the peasantry to Russian rule and to break the power of the Polish nobility, the Russian government promulgated, during the outbreak in 1864, a law by which those peasants who were holders of land on estates belonging to private persons, institutions (such as monasteries and the like), or the Crown were recognized as proprietors of the soil-the state paying compensation to the landlords in bonds, and the peasants having to pay a yearly annuity to the state until the debt thus contracted had been cleared off.
Provision has now been made for the service of this foreign debt, and the authorities have been able regularly to meet the service of the coupons.
Besides the London debt, there are many other claims on Paraguay, including (1908) about £1,950,000 due to Brazil, about £2,500,000 due to Argentina, and an internal debt of £850,000.
The guarantee debt due to the Paraguay Central railway exceeds £1,500,000; and the total indebtedness of the republic on the 31st of December 1908 may be estimated at £7,650,000.
The revenue is derived mainly from import duties, and the most important branches of expenditure are the salaries of public officials, the army, public instruction and debt.
The Conversion Office, which is authorized to sell or lend gold, receives a fixed revenue of £30,000 from certain import and export dues; it was reorganized in 1903 for the administration of the public debt.
The policy of Brazil was for a time directed towards the annexation of Paraguay; the debt due to Brazil on account of the war was assessed at £40,000,000, a sum which Paraguay could never hope to pay; and it was not until 1876 that the Brazilian army of occupation was wholly withdrawn.
After being apprenticed to a local buckle-maker, he went to London to learn his trade, and, getting into debt, was imprisoned for several years.
Nor can a high degree of praise be denied to his financial policy, especially his plans for the reduction of the national debt and the simplification and consolidation of its different branches.
It had at last been recognized that such famines must be expected to occur at no very long intervals of time, and that the cost of relief operations must not be met by increasing the permanent debt on the country, but by the creation of a famine relief and a famine insurance fund.
For this purpose it was fixed that there should be an annual provision of Rx.i,50o,000, to be spent on: (1) relief, (2) protective works, (3) reduction of debt.
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