This  is  the  object  of  the  fifth  proposition,  aided  by  the  pre-
hminary  provisions  of  the  4th.  This  proposition  aims  at  two
principal  points:  1,  To  constitute  a  fund  sufficient,  in  every
supposable  event,  for  extinguishing  the  whole  of  the  present
debt  of  the  United  States,  foreign  and  domestic,  in  a  period  not
exceeding  thirty  years.  2.  To  fix  its  destination  unchangeably,
by  not  only  appropriating  it  permanently,  under  the  direction  of
commissioners,  and  vesting  it  in  them  as  property  in  trust,  but
by  making  its  fidthfiil  application  a  part  of  the  contract  with  the
creditoTd.
As  to  the  first  point :  K  the  temporary  duties  on  imports  be
rendered  permanent,  the  annual  reservation  of  six  millions  of
dollars  postponed ;  and  if  the  additional  appropriations  which
are  proposed,  be  made  to  the  sinking  fund ;  its  intended  force
will  not  only  be  equal  to  the  effect  meant  to  be  produced,  but
it  may  be  hoped  that  there  is  scarcely  a  casualty  which  can
reasonably  be  taken  into  calculation,  foreign  war  not  excepted,
which  will  occasion  a  deficiency  in  the  fund

The  whole  amount  of  the  duties  on  imports  and  tonnage,
and  upon  domestic  distilled  spirits  and  stills,  estimated  now  to
amount  to  $6,079,418  58,  besides  the  dividends  on  bank  stock,
and  the  items  which  now  compose  the  sinking  fund,  will  then
be  appropriated,  primarily,  to  the  interest  upon  the  public
debt,  and  to  the  sinking  fund;  which,  together,  including  the
deferred  stock,  will  demand,  permanently,  firom  that  revenue,
$4,373,836  03— little  more  than  two-thirds  of  the  fund  fi-om
which  they  arise.  An  expectation  may  be  indulged,  that  even
foreign  war,  making  due  allowance  for  what  will  always  be


604  HAMILTON'S    WOUES.  [iBr.  88.
