The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-06-23

under provision OF that act Having been thus inc uded
amount; and this leaves s23,47524s As the net
amount OF new debt incurred during the year 1s46-47,
and outstanding al its close By the funding of the
$36 $50 OF notes OF PRIOR issues new debt was incur
red The simple operation that OF changing old
debt IRON floating to permanent form-namely, from
treasury notes TO stock.
The statement Of debt incurred in the year ending
June 30, ls4' may be thus verified:
Total issues OF stock, as per table A, I'm gross)--
Under act of July 22, 1916 S4,sss,l49 As
Under act OF January %, 1877 4,l75,3O0 90
s s,o63,44s As
Deduct for issues prior to ls46, funded SO $50 90
Portion of thirty three million loan repre-
scented by stock certificates 9,027,l99 AS
Treasury notes outstanding per month
ly record of Register 4,44s,050 90
Total of new debt June 80 23,475,249 As
Agreeing precisely with the amount stated above, de-
rived from three different forms OF table A.
Referring TO the different amounts stated in the stock
book and the book of receipts and expenditures, the
committee say:
" It does the committee with all due Difference
to the Secretary that in making up his accounts if he
by comparing them reconcile those discrepancies
and determine which is right, which is proper to be
used on the occasion he ought at least TO make his election
Of the other, and adhere to that Throughout
The committee here have made great mistake
The Secretary calls the Register for the amount Of
treasury notes funded within the year and he gives hun
statement derived from the stock book but without
stating from what book it taken. The committee
call the Register for similar statement and he or his
clerks without consulting with the Secretary gives
committee from the book of receipts and expenditures
The Secretary has used but of these statements and
yet he is enormously blamed for using both.
Undoubtedly the Register might best have given the
Secretary statement derived from the books of receipts
and expenditures but that the Secretary did not receive
such statement, no fault of the Secretary.
After all, we have shown, the two statements
ried out in their results, differ only in the amount of
100 and this does affect the balance in the treas
uy the aggregate amount OF debt due by the govern
ment II only shows that of the $4,l75 800 Of stock
issued under the of January 2S ls47 $780, instead
of $50, in exchange for notes OF issues prior to
1916 1t only shows that of this issue of stock, $4,139,
$50 land not 81 1874 $50, stated in table Az
count OF the new oan and $3625o (nstead of $4O35O
account OF the old loan but the aggregate of debt
mains unchanged
The committee give the particulars of the treasury
reimbursed, taken from the book of receipts
and expenditures and then the amount funded taken
from the stock book Then they exclam, One glaring
for notes funded under the act Of January 49, 1s47
ceeds the whole amount reimbursed"
By acting in this way, taking some accounts from
book and some from another, the committee may make
Just many 'garing errors" as they choose But il the
committee had reflected on their statement and
plantations given before, they would not have repre-
scented such disagreements as errors.
The two books being records OF the different processes
in the redemption of the public debt must necessarily
present different amounts the day though, when
ali the processes gone through, they will accord
acty as totals
Take the following accounts of treasury notes funded
from July ls 10 September 3Oth, ls47, by way OF
pie:
funded notes stoo sS Socn q
book . ssssai. sns
Per &C! Of July = 1915 ss.,sS l,ol1,isS SS.sso
during the period referred to by the commtee) the
amount of treasury notes funded OF issues per act of
July 49, 1885, exceeded according to the book OF receipts
and expenditures, the according 10 the stock
book and difference always exist until the final
result
Several pages are devoted by the committee to con-
sideration of table OF the Register.
This is follows, far relates to treasury notes
and loans
Receipts.
From avails of treasury issued under act Of July
%, 1916 $250,000 90
From avails of treasury notes issued under
act of January 81 lo47 A,225,SO0 90
From avails OF loan of July 90, 1916 1ll,000 90
From avals of loan of January 2s, 1sI7 2,32s27s 90
6,9l5,O7s 90
Redemption OF treasury notes and interest," 23s5,32s SO
The last entry under the head of receipts" is when
analysed, found to consist of the following items:
LIST OF stock issued under the act of January 49, ls47,
for specie deposited S557,9O
I'd. Stock issued to fund treasury notes
issued under the act OF July ~ 1916 LOTT l50(d)
Sd Stock issued to fund treasury notes
issued under the act OF January IS,
ls47 73O,75O(a)
4h Stock issued to fund treasury notes
issued under acts prior to July o. ls46, 2247s(a)
s2.a2s.27s
The entry redemption of treasury notes and interest
is, when Analysed found to consist OF the following
items: .sF
Of notes issued under act Of July %, 1916, not fund
ed 1850
OF notes issued under act of July22, 1916,
(that were funded) iol7,l5o (a)
Of notes issued under act of January rs,
1Sf7, mot funded) 100
OF notes issued under act of January IS,
is47, Chat Were funded) 73o,75o (a)
OF those issued under acts prior to July
3D. 1916, mot funded) 6,2oO
lOf those issued under acts prior TO July
90 1885, Chat were funded) 22.47s (aI
2,27l,02s
Interest ia 3Ol 81
81, 1856 1879 81
Commenting on this the committee say:
SIN the last statement being credit claimed by the Sec
etay the sum OF 81 329 S. 1T is perfectly obvious
that the three marked (a) amounting to SI,IoJS
not paid at the treasury and cannot be Justly Claimed
credit except being necessary TO counter
the same amount needessly and as the commluee con
ceve unusy introduced the other side OF the account
avais accruing to the treasury Deductng nis amount
credit of s. 329 6 dwndles down To SOFA 16l 6S
which the whole thar actually paid al the
treasury during that quarter account OF redemption
treasury notes and interest"
This grea, error of the committee; for, on the prn
cipes on which they proceed they might and would
deny that any credit should be gwen for treasury note
redeemed tor such OF the issues as were not funded
rpffrpmeu not hv