Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-10-07


2 teresf i'm Coin Doubled, and lhe
Close of the War-Diplomntic
Status of the Spanish Minister.
Especial dispatch to the Cincinnati Enqurer.l
+ 2 WASHINGTON, October 5, 1868.
ENORMOUS INCREASE OF THE PUBLIC DEBT
The Iatelzigencer prints an article this
morning on our finances, by Robert j.
Walker, compiled from the books of the
Department, with the appreciation of
Secretary McCulloch. 1t is authentic.
and accurate, as it contains no conjec-
lures or estimates, but only recorded
facts. Referring TO it, the editor says
From this table it appears that our debt
on the 31st of August was greater by
over 900 than on the first of
April, 1865, the subsequent rate of in
crease exceeding $4,00O,0OO a month, or
nearly $50,O00,O00 a year. IN. .s.
The debt is greater by over thirty-fve
million dollars than it was on the LIST of
May last, being thirty-fve million
eighty-fve thousand four hundred and
eighty.six dollars. On this basis the
yearly rate of increase of debt would
be over one hundred and fifty millions
of dollars. If to this annual rate of in
crease we add interest at the rate of six
per cent. year, compounded annually
for twenty years, the debt, instead of
being paid, would be more than double,
and would largely exceed five thousand
millions of dollars. .a
b The monthly increase Of the debt for
four months past was at the rate of eight
million seven hundred thousand dollars
per month, and in August was upward
of twelve millions. This increase, it
should be noted, is during the great
quarter when the average rate of rev.
enue from imports exceeded about one
third the rate for the fiscal year.
But this table exhibits still more
alarming fact, that while the debt bear
ing interest in currency had decreased
on the 31st of August last $629, ,940,72s
from the 31st of March, 1865, the debt
bearing interest in coin had nearly
doubled, having increased on the 31st
of August last 1896, 139, sos since the
31st of March, 1865. Thus, on the 30th
of April, 1865, the annual interest pay
able in coin was only $63,97S,4l4, while
OH the 8 1st of August last this. annual
coin interest had reached $123,573,S ,S21 /;
the increase of annual coin interest being
$5,959,529. --'- 3i f1r
Now, the total annual interest on coin
and currency, as shown by the table,
was d$1O2, ,S36,531 on the 31st of
March, 1865, and $127,94S,611 on the
31st of August last, showing an increase
in the annual interest payable in coin
and currency on the 31st of August last
of $25,112,OS0. olr ....a5. 5..E .. ..-
But this, as is shown by the table, is
not the only real increase. Thus we
have seen that while on the 31st day of
April, 1865. the annual currency inter-
est was $45,127,936, it had fallen on the
31st of August last to $4,374,990, while
the annual coin interest had increased
nearly $60, 100000. The account would
then stand thus: On the 30th of April,
1865, coin interest converted into cur
rency. $93, ,4S1; currency interest at
that day, $4,127,936; total annual in
terest in currency, $13s,726,4l7. On
the 3lst of August, 1868, coin interest
converted into currency, $lS0,417,9S6
actual currency interest, $4,374,990.-
Currency interest, 31st of August, 1868,
$1S4,792,976. Currency interest after
the close of the war, 31st of April, 1865
$13s, ,736,417. Increased interest 31st
of August, 1853, $46,056, $50. r.-.-.
Thus we see that since the close of the
war the annual interest of the public
debt has increased upward of forty-six
million dollars. This increased annual
interest would represent principal
sum exceeding seven hundred and fifty
million dollars. 81 -.asrs rsuo -arg,r