The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-09-10
The Reglster Ys. NreCulloch.


tisements," probably some garbled ex-
tracts from the report of the Secretary
of the Treasury designed to show
dreadful amount of Radical corruption.
Yesterday this document was dropped
out, for the reason we suppose that 10
Register at lastgot ashamed of it. Let
US see why it ought to be.
The editor quotes Mr.. McCulloch, to
show that the public debt was not so
large on the first of April, 1865, by $780,
$40, ,403. as it was on the first of August,
1868. Therein he quotes the Secretary
correctly. But there is nothing wonder
ful or alarming in the fact. On the
first of April, 1865, the war was in full
blast. We had million men in the
field. The Secretary had but S56. .4sl,-
924 in the treasury, vast sums already
due and nothing to pay them. Early
in the month the fall of Richmond
promised speedy overthrow of the
Democratic forces and rendered it GER
tain that payment of the army must be
provided for at the earliest practicable
moment. The Secretary had authority
under various laws to borrow, by the
issue of bonds, certificates of indebted
ness and interest bearing notes, to the
amount of S7s4 ,OOO, 600. Let us quote
his own Languages:
The exigency was great, and the pros
pect of raising the money required to
meet the present and prospective de-
Il mands upon the treasury. under the
laws then existing, was sufficiently dis
| couraging to create sOlicitnde and anx-
1 ;nkT in hn a RRnFQtaFV
experienced in public affairs, upon
| whom the responsibility OF maintain
ing the creadit of the nation had been
unexpectedly devolved. There was no
time to try experiments or to correct
errors, If any had been committed, in
the kind of securities which had been
l'put upon the market. Creditors were
| importunate, the unpaid acquisitions
in the department were largely In ex-
| cess of the cash in the treasury, the
vouchers issued to contractors for the
necessary supplies of the army and
navy were being sold at from ten to-
twenty per cent, discount--indlcating by
their depreciation how uncertain was
the prospect of early payment-wh1le
nearly million of men were soon to
be discharged from service, who could
not be mustered out until the means
| to pay the large balance due them were
provided. There was no alternative
but to raise money by popular pscrlp'
tion to government surettes OF chafac-
ter the most acceptable to the people,
who had subscribed so ltDerally 10 pre-
Lyious loans.
As evidence OF the necessity THAT eX-
listed for prompt action in the negotia-
tion of this loan, and the straits to
which the treasury was reduced, 1t Will
| be remembered by those who examined
carefully the monthly statements of the
department., that although during the
| month of April upwards OF one hun
I'dred millions of dollars had been re-
ceiVed from the sales of 7.3O notes. the
unpaid requisitions, at Its close, had IN
creased to $l20, $1,000, while the cash
(coin and currency in all the public
repositories amounted only TO SIG, $780,
500.
The visible debt therefore had to be
increased or the obligations of the Gov
ernment repudiated. The Registers
policy would have been, we presume,
to repudiate. The debt did not increase
in fact, for the Government simply gave
Its notes for debt already contracted;
but it took visible shape and place in
the Secretary's monthly statements.
Despite the croaking of the Wheeling
Register and its party, the people again
came to the aid of the Government. Mr..
McCulloch's loans were freely taken.
The popular seven-thirty bonds were
the ones relied on by the Secretary.
{" Before the end of July" he says,
"the entire loan, exceeding five hun
dred millions, was subscribed and paid
for, and the Secretary was enabled with
the proceeds, together with the receipts
from customs and internal revenues,
and the use to limited extent of some
of the other means at his disposal, to.
pay every requisition upon the treasu-
ry and every matured national obliga-
tion."
On the 1st of September, 1865, tie
debt reached the highest figure. It was
then S2,757, ,6S9, ,571. This is the point
from which subsequent reduction or
increase is to be estimated. 1t would be
lust as legitimate for the Register 10 20
back to April l, 1864, or April l, 1868. or
how even back 10 April !, 1861. and show
much larger the debt is now than
at those several dates, as it is to make
comparison with April, 1865 and going
back 10 April l, 1861, it can show figures
that would astonish the Democratic
Red-Wamuses in Wetzel, and convince
tAem tDaL tue Ih1lCtAA ACKNOWLEDGEMENTS Va
Andrew Johnson, and McCulloch his
Secretary, is, indeed, wofully corrupt.
The Register quotes the debt August
L, 1868, at 50, ,523, ,534, ,4s0. The statement
shows that while this is the total ofthe
,iootings, itincludes ss2, ,21O. 600 of bonds
loaned the Pacific Railroad Company.
The Company pays the interest and the
Government is amply secured against
payment of both interest and prin-
cipal. This is not a debt, there
fore, which the Government will
ever be called upon to pay. 1t is
nom inal, not real debt. nsducting
this large sum, the actual debt on the
1st of August is found to be 81, ,401, ,s24,-
4sO; clear reduction in the principal of
the debt of 1886, ,s65, ,O9l, Unless than three
years.
HENRY AN KNRY