The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1867-10-26
SOMETHING ABOUT THE PUB.
LEC DEBTS.

| poSltloha ot tlis suuJSVty-lVi We hoNS
neither she time nor room m;-but we
simply advert to two or three of the
most prominent.
l. The editor says that the State
debts, in 1866, amounted to about
$3.50, 100000 It is extremely difficult
to ascertain the truth about our public
debts. One authority says one thing,
another asserts another. The New
York Constitutional Convention re-
Gently appointed Committee on the
finances of that State; and we sup
pose they ought to be pretty good au-
thority. They report that the debt of
the State is $4s, 1851 ,6ss.22; and that
the indebtedness of cities, villages,
counties, and towns is $s5y 900, 900
making a total of sIsS, ,s5l, ,6ss. If it
be conceded that every other State Of
the United States owes In proportion,
then the total amount of State indcbt-
edness Is one billion and twenty mil
lion dollars We think this is toolow
an estimate; but it shows most con-
clusiveIy that the Oregonia's's figures
fall infinitely below the reality.
II. The Oregoaiaa says that in
1860 the assessed value of property in
the State of New York alone was
81, ,s4S, ,3Ss,5l7. The Committee, above
referred to, say that the assessed Vaiu-
alton ofproperty is now 81 ,63e, ,4s2,e ,el5.
They also say that the annual taxation
by the State, by counties and towns,
by cities and villages, amounts to $62,-
500, 900; and that tho Internal Reve-
nue. taxation and share Of custom du-
ties amounts to sl1s,Is1 1893. soma
king total of $50, 1881 ,39s.so, The
report of this Committee adds: ''If
this excessive annual taxation should
be capitalized it would require the
sum of s., 900, 900, 900 at six per cent.
to pay it, which is 81 ,400, 900, 900 more
than the assessed value of the whole
property"
III. The Oregoniaa says that the
Federal debt is only 81, ,495, 5,277, ,44e.7e.
President johnson, in his last annual
message, says that it is s2,55l $4,000.
But there is one item which should
enter into this statement which, thus
far, has been omitted and ignored it
is that of the greenbacks now In cir
culation. The above statement from
the President embraces only that por-
tion of the public debt which has as
sumed the form of bonds drawing in
terest whereas the greenback cnrren-
cy should be added to it, for it is really
as much part of the national debt
as the Bonds. We do not suppose
any mortal man knows the precise
amount of greenbacks now in circula-
ton, but the best authorities in our
possession place them at about $780,
100000. This, added to the statement
of the federal debt by the President,
makes a total of three billion, three
hundred and fifty-one million, three
hundred and ten thousand and six
dollars. In addition to all this, if We
want to know the worst and deal fair
ly with ourselves, we must add large
sum, that has been and will be claim
ed and allowed, for damages done to
private property during the war
This alone will amount to one billion
of dollars.
AS we have already said, the real
amount Of the federal debt is not pos
iliyely known; much of it is mere
conjecture. Statements ofso much as
has been passed upon and audited are,
from time to time, made by the Seere-
tary of the Treasury; but not with a
clearness creditable to his Department.
For example: there is the item of gov
ernment stamps, which alone amount
to millions on millions, that are depos-
tied all over the country in all the
banking houses, book stores and other
places of private business, besides
hundreds ofpublic repositories, which
we arc informed are not charged as
that much debt against the Treasury
which they really are, as much as
bonds or greenbacks,-but the Treas,
ury is credited with the amount they
represent, as if they were SO much
money.
Many of the so-called payments of
the public debt have been but the ex-
change of one kind of indebtedness
for another. Some time ago the pub
lie was informed that the Secretary
was reducing the currency by calling
in some 100000 month till some
$3O,oO0,000 had been called in-and
the public supposed they were can
eclled and destroyed-but stringent
money market disclosed the fact that
they were safely corded up in the
Treasury, as good as new, and ready
whenever called for, to be put again
in circulation. The usurpers of fed
eraI mower at Washington have avoid