The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-05
FALSIFYING FIGURES.

When the Worlds reporter put into the
mouth of Mr.. S. S. Cox the extraordinary
assertion that the national debt is now larger
than at the close of the war, that gentleman
Indignantly repudiated the statement, and
characterized as "a sham" the reporting which
rendered its publication possible But the
World editorially promulgates what is equally
untrue and.absurd AprOpOs of Mr.. Boutwells S
recent exhibit, it insists that, on the Secre-
tarys own showing, the total reduction of the
debt effected since the 1st March is but
81, ,S66, ,3G6, instead of more than sixty-four
Millions as has been claimed in behalf of the
administration.
Either the World has been imposed upon
by the marvellous ar1thmetician whom it
brings into use at election times, OF it is
intent upon playing the partisan at the ex-
pense of truth. Here is the statement it puts
FORTH
March l. NoU. l.
rest 4e % 1O7s24,O ,O5o s9,1O7,936SOO
Debt bearing currency in .ooo
terest. :............,.. Il, llO,OUO Oi,o4Oooo
Matured debt ............ ,463 1889,
Debt bearing no interest. 4215IS,1SO 42l,SSO,
Bonds issued to Pacific 49,, ,oo
RallrOadS. .......,....'. OoSo',OVu oI, loo,oIV
Total debt. $3.50, ,9O1 698 s265s, ,O35, ,227
Absolute decrease in eight months .....s1, 500 366
According to the World, then, there has
actually been an increase of the debt bearing
coin interest and an increase also of the
amount issued to the Pacific Railroad; while
the reduction is limited to the currency in
tsrest debt and the matured debt. This is
the story which a leading Democratic organ
attempts to foist upon its readers
Now what is the fact ? One of Mr.. Bout
wells earliest official acts was the application
of surplus means to the formation of sink
ing fund in compliance with the law of 1862
The wisdom of that law it were idle here to
discuss; it is in operation, and the Secretary
has deemed himself bound to obey its provi-
sons. In pursuance of this law, he has pur-
chased and set aside as a sinking fund gold
interest bonds exceeding in amount sixty -four
millions. These bonds have not been de-
stroyed, and therefore appear in the Treasury
statement as a part of the debt. But they
belong to the Government, which has re-
deemed them; they cannot under any circun-
stances be reissued; and the amount they
cover represents real reduction of the debt.
Congress may, if it choose order them to be
destroyed; but whether it does this or per-
mits the sinking fund to continue, the result
will be practically the same. The bends have
been redeemed, and reduction of the public
debt effected to the extent of $6l, 1877, ,93i, as
the following comparison proves
FUNDED GoLD-BEARING DEBT UNITED STATES.
United States 5qOs % 1850 siSSa $780, 1900 800
Less in sinking fund ..... ...... i,2S0,5S4
Outstanding 52Os ,6O2 bs7, $50 s., $685. 3S9 3l6
Other gold bonds. ...... 502,266,S00 5O2, ,266 900
Total gold stocks so 1O7, ,S54, ,15O S2O43 656 216
Reduction by administration. s64 1877 1884
The reduction in October was not less than
81, $50, OOO and if the rate be maintained the
first twelve months of the Grant administra-
ton will show diminution of the debt not
far short of q hundred millions.
The World may not like these facts, be-
cause they reflect credit on Republican ad-
ministration; but it will gain nothing by the
perversion of figures, however ingenious, OF
fo1e ,D1o,cib1a