The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-04
MIR. BOUTWELL'S LAST MONTHLY
STATEMENT OF THE PUBLIC DEBT.

STATEMENT OF THE PUBLIC DEBT.
From the n. Y. Herald.
The country has reason to be gratifed with
the official exhibit of the national finances as
given in the November statement of the Trea-
sury Department. A steady diminution of
the debt continues. Every month shows
decrease, and for the last month that amounts
to over seven millions of dollars, according to
the way in which the Secretary arrays his
figures. We say according to the way in
which he arrays his figures, because he ex-
cludes the Pacific Railroad bonds or debt as a
part of the public debt, which Mr.. McCulloch
always included. Still the debt has been &C
tually diminished, including the bonds issued
to the Pacific Railroad and the interest &C
crued thereon. We cannot see why Mr..
Boutwell, does not include these as part of
the public debt. There is little doubt that
the Government will have to pay the Pacific
Railroad bonds in the end, and it now has to
pay regularly the interest on them, notwith-
standing the enormous grants of land to the
company and the vast earnings of the road.
The amount of interest paid and that accrued
is upwards of six millions of dollars, while
the drawback on this for transportation of
mails and other services is less than two mil
lions. OF course the company has paid no
money, and, we suppose never will pay any.
Though great and necessary work, it is a
stupendous job, and the people will have to pay
both principal and interest, while the mana
gers and stockholders become wealthy from
the proceeds. The Pacific Railroad bonds
| should be included in our national indebted
ness.
There is within fraction of ninety millions
of gold in the Treasury, exclusive of gold GER
| tifcates. There is sufficient to buy up and
| cancel over hundred millions of fve-t wenties,
which if so applied would save six millions in
| gold year in interest to the Treasury. Why,
| then, keep this vast sum locked up and unpro-
ductive The boarding it does not facilitate
specie payments. Selling it gradually might
bring down the premium on gold considerably.
Although the Secretary continues to sell eight
millions month in the market, the accumu-
lation in the Treasury goes on. If MIR. Bout
wells vaults were empty to-day he would have
q surplus at the end of the month, for the
revenue receipts in gold come in steadily and
faster than the demandforpaying coin interest
| on the debt 1t must continue to be so from
| the very nature of our trade and the increas-
| ing demand all the time for foreign importa-
tions as population, wealth, and commerce
increase. There is no necessity for boarding
gold in the Treasury. The Secretary only
needs few millions on hand at any time as
a check upon the gold spectators. All the
rest-nearly the whole of the ninety millions
now on hand-is dead capital and a loss to
the country of six millions of gold a year.
If the reserve of the precious metal in the
Treasury could have the effect of facilitating
specie payments, or of being the representa-
tive of our currency, as the reserve in the
Bank of England is, there would be reason in
holding it for that purpose but it has nc
such effect. The consequence is the interest
on this vast amount of dead capital is lost to
the country. Will Mr.. Boutwell, consider
this, and adapt his financial policy to the
laws of political economy and common sensei