, 1866-12-09
Chicago Gribn,tc.
misMA sMANAGEMEST OF THE rA.
TRONAL NERr


1ic reduction of the National debt during
The tuoun Of November only amounts to
sl.on,sl!, against TO ooo, 600 the preceding
month. Large payments of interest and
ensal4 receipts from imports during the
month accounts for most { the difference b.
tween the SIMS paid IN October and Novern.
tcr On the debt The duties received fur tho
pas, month have been but ten millions, wh{lc
In October they were nearly twenty nit
lions. The markets are cluttcd with foreign
goods, and consequently importations have
Temporarily fallen OF. An examination Of the
monthly statement shows thtt tho ereentAck
currency h.s been diminished Il, 7.55s 900, that
the compound legal tenders have been re-.
drced s1,12s, ,ooo, that the 80 bonds have
been reduced e., ,osl ,0o5 BY being converted
Into Five-Twenty gold interest bonds, and
that the latter have been increased $37,so5,.
SO. The gold In the treasury Is so5, ,16s, SIG,
Of which there belongs to depositots foo,-
eS',5 500, leaving t74,5sa.,Sl6 - belonging ab.
kolutcly to the Government, The debt bear~
Ing gold Interest requires ;7,soo, 900 to pay
the interest thereon per year. The Govern
nent has therefore on hand almost , years
interest Of gold, while Its receipts Of coin arc
more than double the gold interest on tho
debt Such being the fact what bencfcnl
object is attained by boarding this ynst
sum ofgolds The burden OF Secretary Nc
Culloch's report consisted Of suggestions OF
PROJECTS to hasten the resumption OF specie
payments. A cnttailment OF the redundant
currency was the main Recommendation. and
TO that end he asked Congress to authorize
him to retire eight or ten millions Of green.
backs per month. which We trust they viii
not do. The December statement shows
That there are outstanding eI49, ,Ss7, ,140 Of
compound interest legal tenders. WHY
does not the Secretary OF tho TREAD
ur5 proceed to redeem and re-
tire this large mass Of currency, xhlch l.
now drawing nearly seven per cent of
Interest! H. has authority to do 80 The
Withdrawal Of those compounds Will contract
the currency very largely, and At the same
time contract the interest account Of the
Government At least ten millions OF dollars
per annum. Tho Secretary can sell Of
enough gold between now and next May to
redeem and cancel <1oo, ,0oo, 900 of COM
pounds, and thereby stop nearly seren mil
liens Of interest, aud still have abundance Of
gold in the Sub-Trcasury ior all the wants of
th Government
The coin and currency lying idle in the
Trrssury, If put to use, would earn or save,
$500, GOO of Interest. The taxpayers arc
therefore losing that amount by the policy
pursued by their Secretary Of tue Treasury,
iu an:assing hundreds Of millions Of their
money, instead OF applying it as fast as re-
ccivcd in pAyneu, Of interest and principal
OF the Nat tsonal debt. One month ago the
coin and currency on hand amounted 10
<1Go, ,3.6, $40 now 1t amounts to S135 ,3j4, G337
We arc told that the debt has been dc.
creased s1,GlN,sl5 during the p1st month,
which. in point Of fact, IL not
true. The idle money in the Treasury
Aas been increased five millions,
but the outstanding Obligations of the Gov.
crpnent have been increased three and q
Third millions of dollars Bat that Is moi
all, nor the worst. On the 1st Of Nov embel
and LIT Of December, the intc.est-bearine
debt was composed as follows:
noscmneT nssembe1 ,seS aS;e-.--.-
Increase eofintaeet-bca1incds OF dsbt. sl2,7l2415t
Now, This is a Eort Of patent 1nanclerinl
which the rcople can neither appreciate no
endorse, and we call the attention of mem
teEs Of Congress TO IL. 1t was in the powe,
Of the Secretary 10 have reduced the Inter
est-bcaring debt by an amount equal to thai
which be increased 1t, by the simple process.
OF selling Idle gold and buying up Com
pounds and seven-ThIrty bonds, instead
Of boarding gold nnd currency like
3 misct- The people want their sur
plus taxes appropriated to liquidating
the Debt which bears interest. They
arc in no hurry to have the grcenbacks,
which cost nothing, wlthdraw u from circula.
ton to make room for four hundred million.
more Of debt drawing interest And Ii Nj
J"hDson's satellite in tho Treasury building
persists In disrcgarding the wishes Of the
people, it Is the duty Of Congress to give
Lin peEenlptory orders IN tlc p1eIai6es