North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1869-12-01
More Sophistry and Humbuggery....
Boutwell, on the Public Debt.

More Sophistry and Humbuggery....
Boutwell, on the Public Debt.
( AS evidence Of the financial nonsense
and self-evident humbugry that is going
the rounds Of radical papers, and swal-
lowed by the masses of unthinking men,
who swallow everything that they hear
or read as law and gospel, particularly
if it comes from some official source, we
give the following from Secretary Bout
wells speech in Philadelphia, just be-
fore the October election. Speaking of
the payment of the interest bearing
debt of the United States, the Secretary
is reported TO have said:
eff we were to pay $1OO,OOO,OO a
year-which we can pay, if the present
system of taxation be permitted to re-
main-the public debt would be ex-
tinguished in less than fourteen years.
IF we pay $50, 900, 900 a year, which we
can do, while annually decreasing the
taxation, the Understanding public
debt would be extinguished in less than
twenty-five years. If we pay but $780,
OOO, 900 year and largely reduce tax
alton, the Understanding debt would
be extinguished in about thirty years"
IF we had boy ten years old WHO
would make. statement 50 palpably alb
su-d, and 80 matheniatical1y incorrect,
we should despair of his ever being fit
for any other position in life than TO
become the successor of Secretary Bout
well.
At the time Of this statement the in-
terest-bearing debt, including interest
then due, as shown by the Official state
ment of the Secretary, was over 1926,
600, 900. Now if any mathematician
can show by computation how this debt
can he paid in fourteen years by paying
800, 600 900 year, we should like to
see the figures.-Considerable over one
half of this debt bears six per cent. in
terest, small, portion three, and the
balance five, making an average of over
FIVE per cent.
But the righteousness of the state
ment don't stop here. Suppose the
the Secretary to be correct in the time
of its extinguishment by paying $780,
600, 900 year, by what rule in math-
ematics is it that he is able to demon
strate that that the annual payment of
ne-half that amount, or $50, 600, 900,
would pay it in twenty-five years, or at
considerable less than twice the time
that annual payments of twice the
amount would do it, when almost any
schoolboy who had learned the simple
rules of addition and multiplication
would say it would take considerably
more than twice as long time, being
increased by the accumulation Of ad-
ditional interest, and SO the smaller the
annual payments the greater would be
the relative time required, and the lar
ger the payment the shorter the time,
instead of the reverse, as undertaken to
be demonstrated by the learned Secret
airy, who has, doubtless, discovered some
new rule of mathematics, peculiarly ap-
plicable to radical finances, by which
he can clearly demonstrate this solution
Of SO intricate problem
The next problem that we would like
to have the learned, distinguished, and
Hon. Secretary solve by his rule, is,
show much money would a boy earn in
20 days, at 10 cents a day, and how
much longer would it take him to earn
the same amount at 5 cents day ?-I
Fayette Co. Union.
We are reliably Informed that our
Irish citizens throughout the county
are organizing an Association on the
joint stock plan, with, headquarters in
Lansing, for the purpose Of carving on
q commercial business establishment
similar to that conducted by our Sean
brethren. We cordially wish
the enterprise that success which it SO
richly merits. Our Irish farmers CON-
prise at least one third of all the land
owners in the county, and are possessed
of ample means and intelligence to start
and run an institution of the kind in
manner that must ultimately prove bene-
fetal, not only to those pecuniarly and
interested, but to the entire
community. Keep the ball rolling,
gentlemen, have primary meetings in
the several townships, appoint some of
your leading men to solicit subscriptions;
and we have not the least doubt, that
before the first Of next Januaryy your
books may be closed and business COM
menced. We believe several thousand
dollars are already subscribed, aud with
a little exertion the enterprise wall soon
reach point at which failure is impos-
sible.-Lansing Chronicle.