New-York tribune., 1868-08-29
WHAT is THE ACTUAL AMOUNT or THE
NATIONAL DEBIT


The World on this point takes Issue with you says
"he amount minus the money in the Treasury on the
lst OF August was a. 353SO, and not 5lOOOOoo as
The TRIBUNE states It," little further on In tho same
article he says The Public Debt less the money In the
Treasury on the lst of August 1861 was G aha
THE TRfBUsR-apparently with view to make the Debt
appear less after the lapse OF year-pus 1t in round
the debt during the year whereas IN 1t had been
creased s7 ,2s ss4 in spite enormous taxes"
Of In tio y0uT ares ssI' above al yo0 quoted from as
to the position OF the late Ihaddeus oSeVTns eN,s
that portion Of the srtcie which have quoted from
Am TO understand that your statement was wrong ana
creased during tho year Do not you virtually CON
fess that you wrong and The Word right Ia nus
answer tbsse Suestonsi am accustomed regard THE
TRIBUNE trustworthy authority and want TO Know
l can so regard 1t still. IL ED"AhDS'
Bin0hapiton, Aug "a, 1868.
The Tribune'S AnSwer.
The last official statement of the amount
of the National Debt was made public on the
18th, and appeared in THE TRIBUNE on the 9Th
inst. Any person who can read can see what
it is, and we do not see why there should be
any dispute about it. Let us see what there is
to differ about.
Two or three great companies are engaged,
under the patronage and control of the Gov
eminent, in opening communication by railroad
across our country from the Atlantic to the
Pacific. Probably not less than One Hundred
Thousand men are now employed and paid by
those companies to cut timber, dig ore and coal,
make iron and roll it into rails, Sc, grade
track, build bridges, lay track, &C., &c. The
Government backs this enterprise. to limited
extent, with its credit. beside giving the cor
porators certain lands along their respective
tracks. Every cent of the cost OF these rail-
roads is to be paid by the companies which
will own their respective roads; but the Gov
ernment lends them It's bonds to prescribed
amount per mile to facilitate the work The
companies undertake to pay, and thus far hare
paid, the interest on those bonds as it accrues,
and they further agree to pay the principal of
the bonds as they fall due. The total amount
of these bonds issued to them up to the 1st inst.
was $32,21OO0O.
Now, then, we do not reckon these bonds q
part of the debt Of the United States, though
there is contingent, remote possibility that
one OF more of the railroad companies may
fail, and that their roads may not prove
sufficient security for the payment Of their
bonds. The Railroad Companies owe the
bonds they assume to secure the Government
against loss 10y a second mortgage of their
respective roads; and they cannot fail 1--WE
think to pay, without fragrant rascality. And
we understand Mr.. McCulloch to have held the
same view of them we do. IL he is now try
ing to elect Seymour and Blair, that circum-
stance may account for his putting this con-
tingent liability of the Government into his
last official statement of the Debt. If you
concur in that purpose, you will probably pro-
nounce it right to do so.
Now Mr.. Edwards, do you, OF do you not
consider the bonds loaned to the Pacific Rail
roads and payable, principal and interest, by
them, part Of the current expenses and debt
of the Government We do not
Apart from this, the National Debt, as set
forth by Secretary McCulloch in his last Off
cial statement, is as follows:
DeSt bearing Coin interest 500
Debt past due, and, therefore, no longer bear .-
GrSsnbaeEs Gold Certificates: aud Postal '''i'
Currency, bearing no interest.......... I0,301 s9l
Total q 2GOis7s75o
Less Cash on hand n0,0Si279
Actual Debt Aug. 1st................s1i "a i9l S2li77
We repeat that this is all the Debt owed by
the United States, and really much more than
ALL because it is notorious that large per-
centage Of the greenbacks and postal currency
have been destroyed in fires, by the sinking of
vessels, and in many other ways. OF the
Eighteen Millions of "Matured Debt not pre-
scented for Payment" including over Eight
Millions of Seven-Thirties, which long served
as sort of currency, it is inevitable that
considerable share has likewise been lost. But,
even reckoning all this as nothing, and count
ing the liability Of the Government on its
bonds loaned on mortgage to the railroad
companies at half their face--tbat is, supposing
the Government should ultimately be COM
PEELED to pay half of those bonds through the
failure of the cOmpanies-the entire Debt is q
fraction less than we hastily stated ID in the
article referred to by our correspondent. We
were mistaken in saying that correct state
ment of the Debt would reduce it to $2,47s,-
100000; we were not mistaken in our funda-
mental position that (apart from the contingent
aid rendered to the Pacific Roads, we have
been steadily reducing both Expenditure and
Debt ever since the surrender OF the Rebel
armies.
Have we now made this matter clearf Or
must we 90 over the figures againf
While Wade Hampton is threatening to 20
into perpetual exile unless we fix politics to
suit him, we are pleased TO learn that COM
is promised for such an affecting
hn aN.U