The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-09-02
How TO Paw the Debt.

/ he great question Oh the h0ur Is. How
to nay the debt. save the nationaIcredit and
faith, and rescue the lnboring classes from
everlasting slavery to the moneyed aristocra.
cy.
The BdngoT (Mainp) Democrat says the
only feasible plan is that presented by the
Hon. George H. Pendleton, Of Ohio. His
proposition is to pay the debt in currency
as speedily as possible, and thus put stop
to the al>consuming, all~devouring gold n>
terest. The Radical press complain that
Mr.. Pendlcton has as yet presented no
figures covering the entire ground. This
we propose todo. Our proposition involves
no reputation Of the public faith, and no
considerable imitation of the currency.
According TO Mr.. McCulloch's s last H. onth-
ly statement, the national debt is of the fol-
! lowing character, and Of the following
amount in round numbers:
Five per cent. gold interest
| bonds redeemable Mt the
| pleasure Of the government
after 4.......................... $780, 100000
Six per cent. gold interest
bonds payable in 1881 ......... 100000, coo
Six per cent. gold interest
five-twenty bonds............. 1900, 900
Currency, interest notes and
bonds. ............................. 500, 100000
Total interest bearing debit. s., eco, 600, 900
Greenbaclls, fractional ours
rency, tc......................... 45O OOO, 900
Total ascertained debt........ g. $50, ,000, Geo
OF the above interest bearing debt it will
be observe that 5000, 600, GOO cannot be paid
until 1874, and 100000 600 until 1881.
The remaining $l,700 coo 900, consisting of
the fve-twenties and currency interest
bonds, may be paid Immediately, or with,
in the next four years. Let US begin then
the word of payment on the first day of
next January, by calling in all the National
Bank currency, and by paying the $780,
coo, 900 of bonds deposited at the Treasury
at Washington to secure that currency, in
greenbacks. In other words, we substitute
greenbacks for the National Bank cur
rency, and pay $40O, ,OO0,0O0 Of the gold
interest bearing bonds. Thus, on the first
day. of January 1869, we would reduce the
81, 100000, coo to 81, 300, ,000,000; without
adding one dollar to the currency
The next step would be to reduce the cur
rent expenses of the Government to 500,
0UC, 900 year. This could be readily done
by doing away with all forms of Radical ex-
travagance; by dispensing with the Freed
the Southern States, and by putting an end
to the specnlators' great Indian war.
We, would also provide for the annual re-
of ten millions year, thus doing away with
the evils of an enormous protective tariff,
and tightening the burdens of the la5oring
class.
The working of the Treasury Department
e. l..
-.. 1865.
RECEIPTS. GOLD. CURREECY.
Gold in Treasury....$l0 ,000,0oo
From cuStOmS..-,.. 1O0, 100000
Currency in Treas. $J0,0 900
Internal reyenue.... 800 O00, 600
Issue of greenbacks 50000,000
Total eipts."."..$2 5000, 600, 900 $500, 100000
EXPENDITURES
Interest on 500, ,000,-
600 five per cent.
bonds, lS74.....$l0, 900, 900
Interest on $300,000,-
000 six per cent.
bonds, 1881 .......... 1s,0Oo,oOO
Interest on balance
of bond debt, l.
10000 600. ........... 100000
Current expenses. $lO0, ,000, zoo
Payment on debit. 30O,0O0,000
Total expenditures5lO6.0 900 ,0OO $500 100000
1859.
RECEIPTS. GOLD. CURRENCY,
Balance of gold in
treasury ..............$ .$94, 100000
From austoms...... 90,000,000
Internal revenue. S2oO,oOO,OOo
Sales of S50,O0O,OOO
gold d............... 75,OO0,00O
Issue ofgreenbackS rs, 600
Total receipts....""$ls4, 100000 s4OO,C0O,ooo
EXPENDITURES
Interest on bondsof
1s74and 1881 .......$28, 100000
Interest on balance
of bond debt. Sl,~
ooo,oOo, 600. 49,. oO,o0o,oOo
Current expenses. $Ioo, ,oGt 900
Payment on debit. 100000, 600
Total expenditures. SSS, 100000 100000, coo
1870.
RECEIPTS. GOLD. CURRENCY.
Balance of gold in
treasury ............. SO, 100000
From custom ....... S0,00000O
Internal revenue. $3OO,OOo,OoO
Sale of $50,000,000
gold ..................... IS, 400, 00O
Issue of greenbacks 25,00O,O0
Total receipts. 1926, 100000, $4O0,J00,000
EXPENDITURES.
Interest on bonds of
1874 and ....,$28, 100000
Interest on balance
Of bond debt, 81
00O, 0O0......."...... AZ 900 ,OO0
Current expenses. 500 000,0 900
Payment of bonus.,. 100000 600
Total expenpitures s70,0OO00O $4OO 0O0, 900
1871.
RECEIPTS. GOLD. CURRENCY.
Balance of gold in
.trcaSury...........S6,00 900 900
From customs 200, 900
Internal revenue. $500, O,OOO 900
Total receipt ,00e, 900 $500, ,000 900
EXPENDITURES
Interest on bonds of
1874 and 1881 S2S 200, 600
Interest on balance
of bond debt,
$400, 900, ,000......"..24, ,000, 600
Current expenses, $1O0. .O0O. 900
Payment OF bonds 200 ,000,0 600
Total expenditures So. 600, GOO $500, ,OOO, 900
BST2.
RECEIPTS. GoLDs CURRENCY.
Balance of gold in
treasury. ....,.." SZ4,UOO,uOO
From customs..., 60,000,G00
Internal revenue. $500, 900, 900
Total receipts $S4 200, 900 $500 ,O0O, 900
EXPENDITUREs.
Interest on bonds
of 1871 and 1878 s2s, 100000
Interest on balance
of bond debt
$500 900, ,0OO.. ~, 00e,OOO
Current expenses Sl0Oo0O,OO0