The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-09-19
From the indianapolis JournalJ
When the Public Debt Should he

L
the questions connecte with our
finances, such as taxation of the
bonds, retirement of the National
Bank currency, etc., | beg leave to
call the attention Of your readers to
the subject of the time of payment of
the national debt. n,
The total debt on the first of the
present month, less the amount of
cash in the Treasury, was 81, 492, ,783,-
365. and inoludes, 1866, 164,844 Of
greenbacks or legal tender notes, and
S29, 1872. .172 in fractional currency.
The total bonded debt, at the came
time, including old bonds, issued be-
fore 1861, was 81, ,732, ,361, $40 48.
Of this amount one hundred and
ninety eight millions four hundred
and thirty one thousand three hum
dred dollars (S198, ,431 ,300) draw FIVE
per cent, interest and fall due in 1904,
and what are commonly called "Ten
FOrties." Two hundred and eighty
three millions six hundred and seven
| ty-six thousand one hundred dollars
| (S283, ,676, 100, drawing six per cent.
interest, fall. due in 1881. Twelve
hundred and five millions seven hun
dred and ten Thousand five hundred
dollars ($l POS, ,710,5cO) draw six per
cent. interest and fall due in 1882, fS4,
85. and '87, and are what are COM
monty called :" Five Twenties." The
interest on all these bonds is payable
in coin. There were outstanding on
the FIRST of the present month four
hundred millions seven hundred and
eighty-six thousand and twenty-five
dollars l$400, ,786, ,025) of three years
seyepsThirty en- 1Esy notes, due in june
The law creating the "Ten- Forty"
bonds provides that the Government
shall have the right to redeem them
at any time after ten years from the
date Of their issue, and this right of
redemption will accrue in 1874, The
law creating the five.twenties" pro-
yides that the Government may re-
deem them at any time after five years
from the date of issue, and this right
of redemption will accrue in regard to.
those lready issued in 1867, '69, 20
and ~. - no'
The right to redeem these different
bonds at the expiration of FIVE and
a
privilege reserved by the Government
convenience, and there is no moral cr
legal LOB obljgation tgss to pay cff one one Of them
might be to the interest of the Gov
ernment to pay off the debt, or some
portion of it, before it was due. and
vIn m ca
reserved.
It is now proposed by the Demo
cratic politicians that the Government
shall at once pay off in greenbacks all
the bonds which it has right to re-
deem, and shall continue to do SO
from year to year, as the right to re-
deem shall accrue, until the whole is
paid, which would thus be done In
seven years; and the more violent are
insisting on the immediate discharge
of the whole debt by compelling our
creditors to take an equal amount of
greenbacks to be issued for that pur-
pose. tg -
The latter proposition would re-
quire the immediate issue of more
than two billions of greenbacks, and
the former of the issue of a like sum
within seven years. and either would
be clearly fatal to the credit and
prosperity of the country.
Of the "fve-twenties, five hundred
and fourteen millions seven hundred
and eighty thousand and fifty dollars
were issued In 1862, and are not due
until 1892; but the Government has
the privilege of redeeming them in
1867.
According to the last monthly
statement OF the Treasury Depart
ment, there are now absolutely due
and must be paid on presentment,
various notes, bonds and certificates
of Indebtedness amounting to nine
teen millions for hundred and forty
thousand three hundred and seventy
five dollars and eighty-seven cents,
($19, ,440,3 ,375 81 There are six per
cent. bonds falling due 10 1867-68,
and must then be paid. amounting to
fourteen millions eight hundred and
sixty nine thousand seven hundred
and ninety-one dollars and eighty
cents. -s5.r- ~ ef.-t .-s4f f-l.|..
There are of three years compound
interest notes, which will fall due in
1868, and must then be paid, seventy
eight millions eight hundred and
thirty nine thousand six hundred dol
lars. How shall the Government get
the greenbacks to pay the debts that
are due, and that will be due next
year, and to redeem the FIVE hundred
and fourteen millions of "fve-twen-
ties?"
There are three ways:
First. BY issuing new bonds and re- -
ieeming with the proceeds of their