Public debt Sentence Examples
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.
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.
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 revenue of the republic is derived mainly from customs and excise, and the largest item of expenditure is the service of the public debt.
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.Advertisement
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.
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.
The colony is self-supporting, the revenue being largely derived from the drink duties, and there is no public debt.
Basutoland has no public debt.
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.Advertisement
There is a public debt of about £105,000.
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.Advertisement
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.
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.
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.Advertisement
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.
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%.
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.
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.Advertisement
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.
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.
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.
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.
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.
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.
During the year 1827 the public debt was consolidated, and a department was created for the application of a sinking fund.
A public debt of £215,000 existed, and government contractors were left unpaid.
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.
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.
The public debt in 1919 was 349,000,000 francs.
The public debt is about £23,000.
The public debt was consolidated in 1884 into a total of £5,702,000, guaranteed by France, and bearing 4% interest.
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.
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.
There is a public debt of about £340,000, borrowed for public works, which is being paid off by a sinking fund.
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.
The public debt was £79,710, paying interest at 32%.
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.
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 public debt service alone required $26,201,873 (£2,620,187) in 1908.
The public debt on the 1st of November 1909, less certificates and notes offset by cash in the Treasury, was $1,295,147,432o4.
There is no public debt.
During the years 1850-1905, £27,416,651 has been devoted to the redemption of the public 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 public debt is about -f13,50o,000 and is divided into an internal debt, bearing interest generally at 32%, and a foreign debt (the larger), with interest generally at 3%.
The public debt in March 1919 was £3,190,000, nearly all (£2,998,000) advances made by the British Government to meet the expenses of the local campaign against German East Africa.
The public debt amounted, in 1908, to about X2,518,000.
Up to 1854 there was a surplus in hand, but since that time expenditure has on many occasions exceeded income, and the public debt in 1908 was £1,305,000, mainly incurred however on reproductive works.
About the same time a law passed Congress for distributing among the states some $35,000,000 balance belonging to the United States, the public debt having all been paid.
The public debt amounted to £145,000 in 1908, but it is amply secured by real estate and invested funds.
The income-tax having been declared unconstitutional by the Supreme Court, the measure had failed to produce a sufficient revenue, and it had been necessary to increase the public debt.
The public debt amounted at the end of 1905 to X5,611,170.
The bank of the kingdom is superintended by trustees elected by the Riksdag, and in the same way the public debt is administered through an office (riksgaldskontoret), whose head is appointed by the Riksdag.
In 1906 there was a public debt of £1,279,000.
The expenditures are chiefly for official salaries, subsidies, public works, church and mission support, justice, public instruction, military expenses, and interest on the public debt.
The acknowledged public debt of the country is comparatively small.
The paper currency of the republic consists of bank-notes issued by four private banks, and is therefore no part of the public debt.
The public debt in 1906 was £85,641,734, equal to £56, I's.
The revenue and expenditure amount to about £76,000 a year, and there is no public debt.
Its annual revenue and expenditure amount to about £129,000, and in 1908 it had a public debt of £52,027.
A public debt of £20,000, repayable in thirty annual instalments, was contracted in 1899.
About $175,000 more of debt was incurred by Indian wars in 1874 and 1878; in the latter year the public debt amounted to more than $650,000, but about $350,000 of this was in 10% warrants for road-building, &c.; the bonds and warrants (with the exception of some never presented for redemption) were speedily redeemed by a special property tax.
Like the thrifty steward he was, he saw with growing concern the waste of the national resources and the strain upon commerce, with a public debt swollen to what then seemed the desperate sum of £400,000,000.
About one-third of the revenue is derived from railways, forests and mines; about £1,400,000 from direct taxation; and the remainder from indirect taxes, the post-office and sundry items. In 1909 the public debt amounted to £29,285,335, of which more than £27,000,000 was incurred for railway construction.
The public debt of Ireland amounted to over £134,000,000 in 1817, in which year it was consolidated with the British national debt.
There is a public debt amounting (1907) to 4, 0 55, 600.
There was a public debt in 1909 of L44,37 0.
The colony is self-supporting and has no public debt.
The public debt in the year 1906 stood at £9,471,971, of which £7,830,250 was held in London; this represents £52, 6s.
Over the Cleves-Jiilich succession, John Sigismund had incurred heavy expenses, and the public debt had again mounted up. He was thus obliged to seek aid from the estates, and in return for grants to make concessions to the nobles.
The public debt amounted on the 30th of June 1904 to X226,300.
The rest will come from the issuing of domestic public debt in the form of treasury bonds.
Levels of state expenditure, taxation, and public debt are all grossly excessive.
We spend 25 billion Pounds a year servicing public debt.
He also proposes to replace only one out of two retiring civil servants in order to cut public debt.
Capacity for work brought him places on important committees - he was chairman successively of the committee on military affairs, the committee on banking and currency, and the committee on appropriations, - and his ability as a speaker enabled him to achieve distinction on the floor of the House and to rise to leadership. Between 1863 and 1873 Garfield delivered speeches of importance on "The Constitutional Amendment to abolish Slavery," "The Freedman's Bureau," "The Reconstruction of Rebel States," "The Public Debt and Specie Payments," "Reconstruction,'" The Currency," Taxation of United States Bonds," Enforcing the 14th Amendment," National Aid to Education,' and "the Right to Originate Revenue Bills."
Financial embarrassments forced him to consent to a foreign control over the Debt, and the decree of December 1881, whereby many of the revenues of the empire were handed over to the Public Debt Administration for the benefit of the bondholders, was a sacrifice of principle to which he could only have consented with the greatest reluctance.
The new ministry began auspiciously with the conversion of the public debt from 4% to 33/4%, to be eventually reduced to 31/2%.
On turnpikes, bridges, canals and railways $53,35 2, 649 was spent between 1826 and 1843, the public debt in the latter year reaching the high-water mark of $42,188,434.
It can overspend and rack up public debt and destroy the currency.