Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-08-08
TEE PuRIICnHRr


AS the nett debt on the first o
March, 1868, amounted to S2,544,
336,904, this would rather show
reduction of S62,77O,16S. Tha
statement, however, included the
Pacific railroad bonds, amounting
to $50, 937, 900, which are not in
cluded in this one. There have
now been issued to the Pacific roads
bonds amounting to S60,860, 800.
If we add this to the nett debt OF
August l, we have a total of over
s2,542, 100000. This is very curious
at first sight and shows a most un-
satisfactory way of keeping ac-
counts. Mr.. McCulloch, it ap-
pears, included the amount of Pa
cife railroad bonds in his monthly
statements, but he did not notice
the accrued interest. Mr.. Boutwell,
does not insert the amount of Pa
Cifc bonds, and does include the
amount of accrued interest. Com
sequently there is no way Of COM
pairing readily the statements of the
two men. The actual reduction of
the debt since March l, according
to the published statements, appears
by comparison to be only about
S9,OOO,O00. By adding to this, how.
ever, the amount of accrued inter
est, about s34, 900, 900, we have the
sum of s43, 900, 600, which is really
the reduction which Mr.. Boutwell,
claims.
: Notwithstanding the manipula
ton and the Juggling which occa
sionally goes on with the accounts
OF the Treasury Department, and
Notwithstanding the difficulty
which even intelligent men some
times experience in getting at the
correct state of the financial condi-
ton OF the country, we must not
blind ourselves, says the Baltimore
Gazette, 10 the important fact that
the extraordinary resources Of this
nation have not only carried it sue
cesslully through M most critical
period, but have also enabled
it to fund an immense debt, and
even TO reduce its outstanding liza
bilities, at a period when, in the
.cyes of many, it was believed TO be
staggering under q load which
would eventually crush it. What is
more extraordinary, is that these
results have been accomplished
simultaneously with the pursuance
Of a policy which was i'll calculated
to facilitate financial operations.
On the 31st of August, 1865, the
total nett debt amounted to S2,757,-
689,57l. In this was included
$3.50, 900, 900 Of 1880 notes, due Au-
gust, 1867, and June and July,
1868, and compound interest notes
amounting to s217, 1924, 16O, making
together afloating debt Of Sl,O47,-
O24,16O. There were then out
standing greenbacks TO the amount
Of S433, 1G0,569.
By the LIST of February, 1856,
Notwithstanding the immense de-
mand for unsettled claims, the debt
had been reduced to $2,716, 89S, 1872
During the same period S37, 0O0,,
900 compound notes had been with
drawn or funded, and the greenbacl
issue had been reduced nearly $40,
100000. From this time COM
menced a system of liquidation
funding and contraction which Ii
simply unexampled in the history
of national finances. By the Is
of March, the debt was reduced Il
S2,71l $4,000, and by tho 1st o
October of the same year the net
amount was S2,573,336,942 TIL
amount of outstanding 7-30s ha
been reduced to SAB, 1885, 50; {
compound interests to Sl55, 512, l4(
and of greenbacks to S399, l65, 20;
By the 1st of October, 1867, til
enount of debt less cash in th
Treasury, was 81, 495, 277 ,446 th
amount of 1870 notes had been re
duced to $685., 4S9, 100; of compoun
interest notes to S7S,839, $50, an
of the greenback circulation
S36l, l64,S44. In other words, Il
debt in one year had been dimi
ished nearly SSO,OOO,OOO, foatir
debt of over S455, 100000 had bee
paid off or funded, and S3S, OOO,O
of currency had been in the me;
time torcibly withdrawn from
country whose business was devC
oping, and where the need of i
creased currency was felt more a.
more every day. The debt on t
LIST OF September had been even |,
than on the lst of October. 1t W
s., ,7S3, 3G5. During Septemh
Ait increased, but on the list Of \
yember, 1867, it stoodatS2, 49l 80
45O.
/. BY March, 1868, the debt
swelled TO S2,519, S29,622. But
the face of this increase and c
further contraction of currency
about S8,OO0,0O0, nearly $2OO,O'
600 Of floating debt was fund
The debt continued to increase
tilt had reached in October, Is
the sum of 1854 ,G43,71S. Ye
the meantime the 40 and C
pound interest notes had /
funded, and there had been