Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-01-17
NATIONAL INTELLIGENCER.
THE "NEw BOOKS" ONCE MORE.

The Union" has another column about tn
"new books" opened (fguratively) at the Urea
sury at the termination Of the Democratic Admins
tration on the 4th day of March, ls4l; and thu
venerable Editor gets deeper and deeper into ero
at every step. He seizes hold, as he supposes
of discrepancy (which would if he right
prove nothing germane to the maer) which is no
thing but blunder Of his or his informant, and he
goes on stumbling over his own blunder until nc
loses sight altogether of the real issue between him
and the National Intelligencer this subject. We
take leave to turn him back to it, and to hold
him to it.
The original assertions of :" the Union" and the
only points made by it worthy of attention, were
in the following words:
Hence it will be that the Wing 'new
books show we have national debt of about
eighteen millions of dollars, more than ten mil
lions of which constitute one of The iegdcies OF
the late Uhig administration. Uhig promises
of refrenchment and economy end in millions OF
debt. This is the manner in which the Democra-
cy predicted they would fulfil their boastful I'M
dertakings They proposed, during the previous
campaign, to reduce annual expenditures to
thirteen millions Of dollars, and relieve us from all
debt and unnecessary taxation. But Mr.. Webster s
new books show that they increased our er-
penSeS and our taxes by the unequal and unjust
tariff of 1912, and hare left the people TO struggle
wih heary national debt"
1t is not true that any portion Of the existing ma
tional debt was contracted by the Wing (nor even
by the Tyler Administration.
1t is not true that the Wings Tor even the Tyler
ites) made promises of retrenchment and economy
which ended in millions of debt
1t is not true that they have left the people to
struggle with heavy national debt.
1t is true that there remained in the Treasury of
a surplus of seventeen millions of dollars and up
wards; and that the new Democratic Administers
ton which came in on the 4th of March, 1897
found that surplus there, or whether more or ess)
nearly that.
1t is true that there received besides into the
Treasury within the four years Of that Administers
ton, the sum Of nine millions and upwards of dol
lars ($9, l24,747) from the sales of United States
Bank stock and other sources than those of the
ordinary revenue.
1t is true that there also issued within that
period, and outstanding on the 4th of March, 1871,
Treasury notes to the amount of between five and
six millions more (S5,64s.5l2) to be redeemed by
the new Administration.
These sums, taken together, make an aggregate
of available means which were in the Treasury on
the lst of January, 1887, or came into it prior to
the 4th of March, ls4l, over and above the current
revenues of nearly thirty-two millions of dollars
(s3l, 1872, 732)-and
When the four years of that Democratic Admin.
istratioh expired, and they surrendered the old
books at the Treasury their successors they lief,
in the Treasury balance, not of thirty-two mil
lions, nor even the balance of seventeen millions
which they found there coming into power, but
the very magnificent nominal balance of less than
six hundred thousand dollars, (S572,7Is.)
Nominal, say for they left floating debt
and deficit Of means of twelve millions of dollars
(sl20ss,2l5) to be provided for by their sue
cessors.
OF this floating debt, the Wings funded ten mil
lions Of dollars (which the " Union " calls Wing
debt and paid off the residue and when they went
out Of power left in the Treasury balance, not of
poor half million of dollars, but of over eight
millions Of dollars.
This is the true state of the account upon the
books Of the Treasury, and deies contradiction.
If the Editor Of the " Union y desires to know
phy the floating debt funded by the Wing Adj
ministration, instead of leaving it, as they found it.
IN the form of Treasury notes. due-biils, &C., per-
haPs his desire, as well the curiosity Of our read
ers, will be gratifed by the perusal of the following
extract from the Report Of Secretary EWING on the
subject TO Congress on the Sd of June, ls4l:
: In the opinion Of the undersigned, when ma
tlondt debt does eTisf, and must continue for a
time, II is better that ii should be made funded
de6f, according TO our ancient financial usage II
IS then sheltered by no couer, and is the subject
81 no deluS,on. 1t is open, palpable, true the
eyes OF the country will be upon it, and will be
able at glance to mark its reduction or its in
crease; and It is believed that loan for the re.
'qusite amount, having eight years to run, but re.
deemable at the will of the Government on six
months notice, could be negotiated at much les.
rate OF interest than Treasury notes. Much OK
'pcnse would also be saved in dispensing with tho
machinery of the issue and payment and cancel
ling Of Treasury notes."
MASSACHUSETTS,
The permanent organization of the Senate of th
N