The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-11-14
THE WEEKLY PIONEER AND DEMOCRAT.
The National Finances.
From the National Intelligenccr, Oct. 30.

The Secretary of the Treasury, in let
ter addressed to the Hon. Samuel H. Wal
ley of Boston, president of the Revere
Bank in that city, makes reference to
the amount of the public debt at the pres
ent time, which should serve to moderate
the exaggerated estimates that have recent
ly found currency in certain quarters. He
states that on the 18th of the present
month the public debt amounted to about
$64O, 900, 900, instead of two thousand
millions, as had been conjecturedly esti-
mated by some persons without authentic
information.
The Boston Daily ADVERTISER, in the
presence of this announcement, recalls the
fact that we now have three authoritative
statements of the public debt, at as many
points in its progress, which afford us, as
it were, the elements from which to COM
pute its orbit, its course, it's rate of adj
vance. and its position at any given time.
We have the statement made by Mr.. Chase
in his annual report in December, 1861 !;
the statement made by Mr.. Dawes of the
amount of the debt on the 22d of May
last, and the present official declaration.
Mr.. Chase stated that, on the 1st of July,
1861, the debt amounted to 500, 1867, 1913.
This is a convenient starting point for pres
ent purposes, for it was very nearly at that
date that our war expenses began on some
thing like their present scale. 1t will be
observed that of this ninety millions of
debt, seventy had been bequeathed by the
administration of Mr.. Buchanan; but as
this amount enters into every succeeding
statement, and as we have to do only with
the increase, we may leave this old debt
out of view.
Mr.. Dawes next declared in the House
of Representatives on the goth of May,
1862, that, on the 22d of that month, the
debt amounted to $481 ,796, 145, no requi-
sitions then remaining unpaid, although
there was known to be a considerable
amount of claims outstanding, as there
are now, for which acquisitions had not
been made.
We now have a statement that the debt,
on the 18th of October, 1862, amounted to
$64O, 100000.
1t thus appears that from July, 1861, to
the latter part of May, 1862, the public
debt increased at the average rate Of about
$36,650,O00 per month This rate Of in
crease would have made the debt on the
1st of July, 1868, about 1910, 100000, or
less than One-half the recent estimates of
Its present amount. From May until Oc-
tober Of the present year, however, the
rate of increase has been even less than
before, being very nearly $31 100000 per
month, or one million of dollars per day.
The present and the prospective rate of in
crease for the year is estimated by Mr..
Chase at one million and quarter per day
The Daily Adrertiser concludes it's ref
erence to this subject with the following
just tribute to the sagacity of Mr.. Secreta-
ry Chase in estimating the probable volume
Of the public debt at different periods in
its progress. 1t remarks as follows:
Treasury if we failed to remind our readers of
the singular verifcation of his estimates which
the figures now present. So long ago as De-
cember. 1861, in his annual report already re-
ferred to, he estimated that on the LIST of july
1862, the public debt would amount to $517, =
372 ,S03, and that on the 1st of July, 1868, it
would amount to 1897 1872 ,S03 If we take the
to it for the increase up to July 1, 1862, at the
average rate of increase as now shown, it will
appear that the debt must at the last-named
period have been little less than 1924. SOC, 000
or only seven millions in excess of Mr.. Chase's
estimate made seven months before. And if
we add to the debt as it stood on the LIST of Oc-
tober for the increase up to July ], 1868, at the
rate at which it increased up to October 1, the
amount in July, 1868, will be a trit1e over
1907, 900, 900; or less than ten millions above
Mr.. Chase's estimate of year and half be-
fore. Or, if we add at the rate of the increase
up to October %, the amount will be 1910, O0O,-
900, or $43, 600, 900 in excess Of the estimate
a sufficiently close approximation, it will be
owned, in affairs of such vast magnitude and of
such extreme complication. Even at the rate
which Mr.. Chase in his letter to Mr.. Valley
assumes as the probable rate for the year, the
amount will be only $685., 100000 on the LIST of
July, 1868.