The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1869-11-19
rs THE DEBT REDUCED9

duced SOS, 900, 900 since the accession
of that gentleman to the Treasrrer's
office. A monthly statement is put
forth showing, by figures, that an aver
age of seven millions is being paid of
in each month. Figures are ordina-
rally supposed to be ineontrovertable
-unimpeachable. And yet, in this
important matter of the reduction OF
the debt, which ought not to be in
vo1ved IN confusion and doubt, there is
more than one opinion. Many persons
won't believe that the debt is actually
being paid, and they stubbornly hold
to their opinion in spite of monthly
statements and newspaper anathemas.
Now to the believer there is no offense
SO objectionable as unbelief, and
there is nothing that does more ex-
haust the patience and fire up the
indignation of these men who misname
themselves, Republicans, than this
persistent refusal to acknowledge the
blessings of Boutwell,. Nobody really
wants to believe that the debt is not
diminishing. There is no man, par
tisan or not, but would be glad to see
the Secretary put the debt in a way OF
rapid extinguishment and would bless
his name for doing it. Tt is not fac
tiousness that confronts that gentleman
but it is skepticism, which may be an
infrmity of the people, butnot crime.
Anybody willing to get at the exact
truth IN the matter must have noticed
that the Treasurer has already accumu-
lated an immense amount of gold-more
than hundred millions of dollars
and this sum is invariably deducted
from the debt total, and the debt is
thus .fguyutirely reduced. This money
In the Treasury may or may not be
paid upon the debt. Only this far is
certain, It IS not so paid. The hordine
of all this money is one of the thing:
that puzzles fnanciers and politician:
not little; and various theories tc
excuse the withdrawal of so much
money from circulation and its idle
locking up have been put forth. The
latest explanation of the matteris, that
the Secretary purposes grand strate-
getic movement by which he will re-
turn to specie payment, In anticipation
of the decision of the Supreme Court
against the constitutionality of legal
tenders, which decision is expected
about the first of january next. And
perhaps with the same view, if the dis
patches are true, new four per cent
loan is being negotiated with the
Rothschilds-a special agent having
gone to Europe for that business. L
these advices are correct the horded
millions are likely to be paid out with.
out reducing the Understanding deb
one cent.
It Is shown by well authenticated
facts that system of jugglery has
been adopted In the Treasury Depart
ment that would do credit to a master
In the art of magic. A part of tina
system seems to have been to conver
the currency-interest debt into a gold
interest debt And of course the golc
debt does not increase so rapidly ai
the currency debt diminishes, owing tt
the difference In actual value of the
two mediums. Thus, if man owing
100 In currency has his debt converted
into gold, according to our presen
standard, his debt would be but SIS and
to a superficial observer might appear
to be 1essened. It is easy to see how
by this adroit manipulation, the inter
ests of the Bondholder's are subserved
and at the same time the people are
satisfied.
The Banner Of Liberty gives clear
illustration of the effect of this systen
of conversion: ''The currency inter
est debtwas four years ago greater thar
the coin interest debt. To-day nearly
the whole debt bears coin interest, an6
that portion bearing currency interest
is comparatively little or nothing. The
effect of such conversion of 81 600.
000, 900 is readily seen. At six pei
cent. the interest in currency would be
100000, 600 annually. In gold, con.
verted into currency at present rates.
it would be s81, ,o00, GOO, or a gain Of
81, 600, 900 every year to the Bond
holders without the change of a dollar
in the nomizal volume Of the debt.
And this s21 Geo. 600 SO given to the
Bondholders represents principal OF
$3.50, ,0O0, 600, or one-seyenth of the
whole debt. and so practically increas-
es the burden to that amount"
The oregonian. severely replying to
our Roseburg correspondents state
ment that Douglas county is Demo
cratic, says that the Republicans have
a majority of over one hundred in that
comfy Parhans that nanar forc-o+o