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 obligation, however, remains, though imperfect, for if there be a subsequent acknowledgment by the debtor, the debt revives, and the imperfect obligation becomes again perfect.
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.
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 nobility remained- in debt and disaffected; and the clergy, more Grit kisn remarkable for wealth and breeding than for virtues, of Henry were won over to the ultramontane ideas of the IV.
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.
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.
During the year 1827 the public debt was consolidated, and a department was created for the application of a sinking fund.
In 1781 he favoured an amendment 'of the Articles of Confederation giving Congress power to enforce its requisitions, and in 1783, in spite of the open opposition of the Virginia legislature, which considered the Virginian delegates wholly subject to its instructions, he advocated that the states should grant to Congress for twenty-five years authority to levy an import duty, and suggested a scheme to provide for the interest on the debt not raised by the import duty - apportioning it among the states on the basis of population, counting three-fifths of the slaves, a ratio suggested by Madison himself.
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.