Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1869-03-10
The Debt Of the United States.

| n The statement of the public debt
| Of the United States for the month
! of January, dated the 1st inst. show.
an increase when compared with the
/ preceding return of S15,fSS ,457, less
the cash in the Treasury. but if we
/ take the gross totals without count I
ing the gold and currency IN It's
vaults, we ind Jiat the increase is
only 50, SIG, ,045. A comparison of the
present statement with that for the
corresponding month last year, shows
an increase in the gross debt, that is
without counting the amount in the
Treasury, of Sl0,975,02l. The in
crease last month was owing almost
entirely to the payment of the semi
annual interest on the gold bearing
debt, or SO much of it as was de-
manded prior to the date of the re-
turn, the full amount being nearly
thirty millions in coin. 1t is the
custom OF the Department not 10
deduct the full amount of the ma
tured interest from the coin on hand
but only the sum actually disbursed
Hence it {s to be inferred that it did
not pay out the whole of the thirty
millions during January, the decrease
IN its reserve of coin being only Sl0,-
030, ,Go2. The debt bearing no interest
increased SG,9lS,9 ,912, chiefly in the
form of gold certificates of deposit,
which practically represent their
equivalent in sales of gold, for the
sake of converting it into paper mo-
ney by the Government. The sub
sidy bonds issued to the Pacific rail-
ways We're increased 81 $4,000 ma
king the total amount issued to aid
ID their construction, S., ,0l7 900.
The amount of the debt bearing
coin interest is now S2,107 $50, $50
against 81 ,9l2, 1868, ,041 at the same
tune last year, an increase of Sl95,-
487 900. The debt bearing currency
interest on the other hand has de-
creased from S30S, 70S, $50 to ST. 40
600, q difference of $23z, ,29S, $50, owing
To the funding into Five-twenties of
hoating obligations, chiefly seven
thirty notes. The debt bearing no
interest, which includes United
States legal tender notes, fractional
currency and gold certificates, in
creased So, 166, ,875, namely from S4l8,-
o24, 645 to 1924 191 ,720, while the ma
tured debt unclaimed was reduced
from $l2, ,2SS, l69 to 50, $40, ,939, a diff
erence Of So, 5,377,2 ,233. The amount Of
coin in the Treasury on the 1st inst
was SSS, ,732, ,716, and the amount of
gold certificates outstanding S32, =
6o9, $50, which sum must be deducted
from the former, in order TO ascertain
the amount in the actual ownership
of the department. Thus we find
the latter had a bona fCle coin reserve
Of ffty-siX millions. The national
debt reached its maximum on the lSt
of September. 1865, when the aggre-
gate, after deducting the coin and
currency in the Treasury, was S.
1jI $3.50, 81. If we compare this with
the figures of the present statement,
we find that there has been a reduc-
ton of Indebtedness in the interval
to the extent of SOL ,4S3, ,913. This
result is gratifying, but it is by no
means satisfactory to the people to
discover that, notwithstandin the
war has been ended nearly four years,
the national debt has increased more
than fifteen millions and half, since
the beginning of 1868. This in the
face of the large receipts from Gus
toms and Internal Revenue, argues
eXtravagant expenditure, and Con-
gress Will do well TO follow the eX-
cellent example of the new British
Ministry in cutting down expenses,
for economy IL the administration of
the government means reduced tax
alton, and what citizen does not de-
sire to have Hghtened the national
burden thepeople are now compelled
to bear?