The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-07-20

But to give the appearance OF an i'm
proved condition of the Treasury, Mr.
Boutwell, resorts to little .facSSe that
would not be tolerated by common po.
kcr players. He counts $30,IS9.Gl0 OF
gold that is represented by certificates,
and which is held merely as special de-
post by the Treasury, against Sl7,G7S,-
$40 of like funds last year. The above
thirty odd millions is counted rs SC
much cash in The Treasury, swelling the
Treasury balance that much more, and
then deducts the whole of the cash thus
found from the debt, and by this fallacious
means reduces the debt TO more than a
million and half below that of July l.
1868. Mr., Boutwell, proceeds with his
statement of account as follows:
AMOUNT IN THE TREASURY.
July 1, 1868. July I, 1869
Coin, $99,914,1O6 $l1O2O2,7lS
Currency, 27,3U, ,75l 37,OJ7,Sl.
|
Total in Treasury, $l27,291 ,S57 .$l4lSOO,53
Debt less cash in
Treasury 2,5Os,ol5,1oa a,5O7,27I ~
Decrease of the debt (accordingto
Boutwells fallacious statemenD
since July 1, 1865, S1,6iO,42t
VARIATIONS FROM LAST YEAR, AS PER BOUT
WELL
r. .. Increase Decrease
Debt bearing coin int. S44;S20, 400
Debt bearing cur. int. LOIS, 70O
Debt bearing no int. 12,101 ,lS5
Matured debt not p'd, 22,356,s61
And why has the debt bearing COIN III
terest been INCREASED FoITY-FIvE MIL
LIONS, while the debt bearing currency
interest has been DECREASED in about the
s1me proportion? Was il necessary for
the interest of his friends, the Boston
bondholders, that GOLD interest bonds
should be given them in exchange fol-
their CURRENCY interest bonds? And
why is it that Mr. Boutwell, is buying
two and three millions week of $50
bonds at premium on an average Of II
per cent, while between twenty-five and
twenty three millions Of maturcd bonds
remain due and unpaid that arc waiting
to be redeemed at par? Will submis-
siye> people forever shut their eyes to
such official rascality?
The following is an abstract Of Mr..
Boutwell's table which compares the July
statement of the public debt with the
previous one made on the 1st of June:
June 1, 1869. July 1, 1860.
Total debt bear ...
ing coin int, ss,1O7, ,sss, 100 $s,1O7, ,93O,GOO
Total debt bear
Ing cur. int, G7,O75,OOO 66,12O,OOO
Matured debt,
not paid, 5421 1868 5,063, ,SSS
DEBT BEARING NO INTEREST.
U. S. notes. $35G, G,059,244 1856 056, ,S32
Frac. currency, 33, 452, ,323 81 062, ,027
Gold certificates, 23,340,120 80, ,4S9, GAO
Total debt bear
ing no int, S412,S52,2S7 $418 60S. .499
Bonds issued to
Pacific Il. r, 5G,S52, 800 $685., 800
Grand total, Ss,65OOs5,5n $s,654 575, ,sO3
1880 00S3, ,57l
INCREASE of debt since June /, 1869, $4,4S1, ,732
AMOUNT IN TREASURY.
Coin, $105, ,1S0,1S9 Sl10,202, ,7t2
Currency, 2300,S50 37,OJ1,olJ
Total in Treas, $l2S,a5SO39 $l47,3OO,53l
Debt less cash in
Treasury, ss,52l,ss5.53a $2,5O727 ,772
Decrease of the National debt
since June 1, 1869, after deduo-
ting cash i'll Treasury as per
Boutwell,, Sli,j50, ,760
The increase of currency from twenty
three millions, on the 1st of June, to
thirty seven millions, on the lst of July,
but which has not been paid on the pub
lie debt, is what Mr.. 3. would represent
as q reduction of the debt. And it was
the rascallv policy of locking up this
thirty. seven millions, when so much
needed by the business OF the country,
that ran interest up in New York from
four per cent. to lS2 per annum. But
this cash balance is fallacy. Look at
the figures representing the GOLD GER
TIFICATEs: June l, S23,Sl0, ,720-July l,
S3O,4S9,Gl0 If the holders of these
certificates had withdrawn their gold the
condition of the cash in the Treasury
would have been about the same ut each
of the above periods.
Withdraw the thirty millions of gold
hcl1 on certificates and we reduce the
gold balance to less than SSO,0OO,O00-
deduct from this the $37 100000 paid
out on interest on the 8th inst, and we
reduce it TO little mole than $4,000,