Of which the Sinking Fund had redeemed up to that time 574,246 and 6,389,713 -------- --------- Leaving unredeemed at the close of 1835 1,425,754 and 18,970,286 Besides this there was a floating debt in treasury-bills and other outstanding claims of nearly 8,000,000 more to be provided for out of the ways and means for 1836, which, after every possible reduction of the establishments, were hardly equal to meet the ordinary expenditure. In the hope of being enabled to pay off this part of the debt, the Legislature authorised the Government, in the first instance, to offer for sale, at a fixed price, a portion of the lands in the south, acquired in the recent campaigns against the Indians:--but their expectations were not realised,--there were no bidders for the lands; and when the junta met the next year to receive the accounts for 1837, instead of any decrease in the floating debt, it had risen to above 9,000,000 of dollars. They then adopted the alternative of creating Public Funds, and passed a law for adding no less than 17,000,000 to the Public Debt. The funds in question were placed at the disposal of the government for sale, at a price not lower than sixty per cent, at which it was calculated that they would produce 10,200,000, and be, therefore, sufficient to cover the floating debt, and leave the ordinary revenue free to meet the ordinary expenditure of the states. To provide for the increased interest of the Public Debt, new stamp duties and a more strict enforcement of the direct taxation (Contribucion Directa) were enacted. This was at the commencement of 1837, when, including this new creation of stock, the responsibilities of the government appeared to be as follow:-- First.--The Funded Debt. Dollars. Dollars. Created up to Nov., 1834 2,000,000 and 25,360,000 Created in 1837 to provide for the Floating Debt 17,000,000 --------- ---------- Total created 2,000,000 and 42,360,000 Of which there were redeemed at the beginning of 1837 585,967 and 7,385,422 --------- ---------- 1,414,033 34,974,578 The 4 per cents, reduced to the same denomination, equal to 942,688 ---------- Amount of Funded Debt unredeemed (6 per cents) 35,917,166 The annual charge for the interest and sinking fund of this part of the debt amounted to 3,055,199 current dollars. Secondly.--The English loan for 1,000,000 sterling, the interest of which (at the rate of £60,000 per annum) has been unpaid since January, 1828.