The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-10
The Pebble Debt-Exhtbtt of Robert j.
names.

Washington special Of the 5th to the Louis.
vile Courier says:
The 1ntelgencer prints an article this evening
compiled by ex-Secretary Of the Treasury Robt J.
appreciation of Secretary McCulloch. 1t is au.
thentic and accurate; il contains no conjectures
or estimates, but only recorded facts. Referring
to II the editor says from this table IL appears that
the debt on the 3lst Of August last was greater
by over one hundred and sixtye eight millions than
on the LIST Of April, 1866, the subsequent rate of
increase exceeding four million dollars a MONTH
or nearly fifty million dollars year.
The debt is greater by over thirty five million
dollars than it was on the LIST of May last, being
thirty-fve millions eighty-fye thousand four hun.
dred and eiehtysix dollars. On this basis, the
yearly rate OF Increase of debt would be over one
hundred and five millions of dollars. II to this
annual rate Of increase add the interest at the
rate OF six per cent. per annum, compounded an.
nualy for twenty years, the debt instead of being
paid, would be more than double and would large
ly exceed five thousand millions of dollars. The
monthly increase of this debt for four months
past was ct The rate of eight millions seven hum
dred thousand per month, and in August was up.
wards OF twelve millions. This increase should il
be noted, is during the great quarter when the
average rate OF revenue from imports exceed
about one-thrd the rate for the fiscal year.
But this table exhibits a still more alarming
fact. II is that while the debt bearing interest in
currency had decreased on the 3lst of August last
s6,2y9 All Is from the 3lst of March, 1866, the
having increased on the 3lst of Angus, last 800.
6l3 $50 0S since the 3ist of March, 1865 thus on
the 3Oth of April, 1866, the snnual interest paw.
able in coin was only <63, 97s,4l2, while on the
3lst Of August last the annual coin interest had
reached 1923 573, s2l, the increase of annual in
terest being SIS, 695 209.
Now the total annual interest 10 coin aud cur
rency as shown by the table is $I02 S36 53I on the
3lst OF March. 1855, and 1927 94S GIL on the 9lst
OF August last showing an increase in the annual
interest payable in coin aud currency on the 3lst
Of August last of $50 ll2 0S0.
But this, as shown by the table, IL not the only
increase; thus we have seen that whilst on the
seth of April. 1866, the annual currency interest
was s45 IL! 936. IL had fallen on the 3lst of Aug
ust last 10 81 374 $780, whilst the annual coin in.
terest had increased nearly $50 900 900.
The account would then stand thus the 30th
of April, 1868 Coin interest converted into cur
yepey sa2 Ale ASH ~~----~y ius-rvst Ut mat date,
s45.l2I $50; total ANIMAL interest in currency.
sl3s, 726,4l7. On the 3lst of August IS6s Coin
interest converted into currency. sls0,4l7 ,9s6;
actual currency interest, sl,374 $50. Currency
interest 3lst OF August, 1865, sls4 1872 976; cur.
reDcy interest after the cloee of the war, 30th
Of April 1866 sl3s 1855 ALI: increased interest Slst
Of Aus nat, lS6s. $46, 05s 55s. Thus we see that
since the close of the war the annual interest of
The public debt has increased upward of SAC ,OOO..
BOO. This increase In the annual interest would
represent principal sum exceeding $3.50, 900 900.