The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1869-09-08

SSinking Fund and other bonds. and
premium and accrued interests on the
same, hrst added to the cash in Treasury
in The statement for June l, 1869.
We have this time added another
column (the third) showing the
''Debt, less cash, bonds, premium
and interest,"" in the reasury.
For this table, ii will be observed
that the actual sum promised to pay
Column 1l.outstanding August /, 1869
was 81, 66l, 264, $50, or some twenty
nine millions more than it was at
the corresponding date of the previ-
Gus year. But as about twenty mil
ions returned of $27, ,042, ,737 in the
official statement of August, 1869
but this includes premium and ac-
crued interests, which not being
separately given, are estimated at
the odd 81, ,042, ,737) of these promises
had been bought up, and were held
la the Treasury, the actual amount
of bills payable was, say s., ,642, 264,-
536 on the first of August, 1869, or
nine millions more than at the cor
sesponding period in 1865.
According to Mr.. McCulloch's
method, Column p, which consists of
deducting the cash IN the Treasury
from the hills payable, and errOne-
ously calling the quotient the sum of
the National Debt, the latter was, on
August l, 1869, 50, ,535, 73I, ,4O4, or
some thirty-two millions more than
on August l, 1868. In Mr.. McCul-
loch's time, cash in the Treasury
meant cash only, while now it means
cash plus matured bills paid plus
premiums paid on The same, plus
interest accrued on the same. In
order to make comparison reach
ing back to any period at which the
debt statement was complied under
Mr.. McCulloch's supervision, we
must therefore, deduct the $27, ,042,-
737 matured bills, premiums and in
terest paid, because we suppose,
throughout the Secretary does not
show the fact in his statement, that
they are included in the total sum
of bills payable previously given.
Hence, we have Column 81, which
shows that the net debt on August
lst, amounted 10 S2,50S, ,7OS, 534, or
about the same as it did on July l,
1869, and some fifteen millions less
than 1t did on August I, 1868. But
even this column is incorrect, for the
deduction includes seven millions of
premium and accrued interest,
neither Of which are assets, but, on
the contrary, losses. The real sum
OF bonds and notes, less cash, was on
August l, 1869, about two thousand
five hundred and fifteen and three
fourths, which is as near as the Sec
retary's lucid method of figuring will
! enable US to approach the truth. By
the same method on July /, 1859, it
was two thousand five hundred and
two and one quarter millions ;
on July l, 1869, it was two thousand
five hundred and twenty-three and
three-1ourths millions and on pre-
Viout dates 1T was, according to col
umn one given above.
! Corrected sums of debt, less cash and
bonds az per UalIIe ia Treasury.
June !, 1869. ..... .S2, 523, ,750, 900
July 1, 1869. ........ 2,5O2, ,25O, 900
August l, 1869. ..... 2,5l5, 100000
We have now summed up the debt
in every form for which there is
any color of authority or reason.
The firsL method is the one the law
requires, the second is the one prac-
tised by Mr.. McCulloch, the third
that which Mr. Boutwell, might have
had some excuse for using, had he sc
chosen, though even that is shown
to be incorrect to the extent of the
premium and accrused interest or
the bonds, and is corrected as last
shown above.
But Mr.. Boutwell, has not choseI
any of these methods. He has gon
still deeper into the mire of unauth
Orized and involved figures, defyins
the skill of all but professional stat,
isticians and exports to follow him
and produced a sum total that is ON,
hundred and Sicty millions wide o.
the law which calls for "the amounts
of Treasury notes or drafts outstand
ing on the last day of each month, ,
which is tWenty-seven millions wid(
or the most favorable statement Il
which, by any color of even erron
eous precedent, he can lay claim
2 and which is thirty-four million
= wide OF what the public is led to be
p leYe it Is, Wis, the sum of Govern
nIent Bills Payable, less cash assets
in the Treasury.
Mr.. Boutwell, informs rs that tn
sum OF the Public Debt, on Angus
l, 1862 was 81, ,4S1 ,566, ,736, as Del
column 4. This shows a steady de
= crease against the sum similarly al
rived at for the four preceedin,
, months in other words, that tn
Debt has steadily fallen sincelh
came into office To arrive at thi
t result he not only deducts from III
: sum of debt of cash and bonds in tn
Treasury, and the premium and az
crued interest ON the latter, but tn
Pacific Railroad bonds, amountin
10 six millions. To partially fill til
= vast ded uction thus ID ade, he ado
on the accrued interest of fhA O1hol