The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-08-03
The National Dessf--ssoyy the E'eO-
pie are DeCeiTCd By Treasury


pie are Deceived by Treasury
Figures.
Mr. Alexander Delmar, an able stats.
tician, for u long time employed in the
Treasury Department at W ashington, has
written letter to the Secretary of the
Treasury on the subject of the fraud at
tempted to be palmed off on the people,
by Il pretended reduction Of the National
Debt, when in reality it is increasing in
amount, in which he says:
The last public debt statement con-
tains summary of the amount of the
public debt, less cash and Siuking Fund
in the Treasury" This summary is nei
thcr required by law nor warranted by
the truth, and it must inevitably lead to
wrong conclusions. s#
The cash i'll the Treasury is not an
available resource for the payment of the
written debt, unless, indeed, the Govern
ment has no ether Indebtedness to liqui-
date, which is not the case On the con-
trary, there is outstanding at the present
time probably 4 much larger amount OF
debt than the cash balance amounts to,
for which neither bonds, certificates nor
paper money have been given; but which
is, nevertheless, just as much portion
of the public debt as is q five twenty
bond or Il Treasury note. Moreover, if
| am not mistaken, some of this cash in
the Treasurv-small portion, it is true
is Trust Funds, and does not belong to
the United States at all.
Nor is it shown whether the S., S,S67,-
2S2 Of Sinking Fund bonds and accrued
interest, counted as part of the '.amount
in the Treasury" was previously inclu-
ded in the body Of the statement. If it
was not, its inclusion in the "amount in
the Treasury" would deserve very
harsh name; even if it was, it is no more
correctly to be accounted as part Of the
''amount in the Treasury than is the
value of the Treasury buikling, or any
other property, other than money, be-
longing to the Government
The Treasury Department appears to
labor under the delusion that the monthly
statement of the public debt, called for
by law, is to be balance sheet of the
National finances, which shall exhibit on
the one side the public debt, diminished
by construction to mean the written
debt, and on the other the public rcsour-
ces, distorted as we'll as diminished by
construction to mean all the cash in the
Treasury, no matter to whom it belongs,
as well as the Sinking Fund bonds,
whether the same are first counted as
part Of the delt or not Surely it needs
but to call attention to such extraordi
nary impropricties to cause them to be
remedjed
Again, the amount of the public debt,
less accrued interest, (Which formerly
was not counted as part of the debt, and
should, therefore, be omitted IN making
antecedent comparisons is stated at
81 2,597,722,9S3 But from this amount
is omitted S5S,63S,320, the sum of the
bonds issued to the various Pacific rail.
roads.
1t is not only quite obvious that these
and that there is, therefore, no sound
reason for their omission from this state
ment; but as they were included in all
the statements issued by your predeces-
sors in office, no correct comparison can
be made of the progress of the public
debt unless the sum of these bonds is
either omitted from all, or included in
all. " .
Finally, the statement contains com
parison of the public debt on the lst OF
July, with what it is stated to have been
on the previous 1st of June and 1st OF
March, and the conclusion drawn that ii
had decreased as against one date over
| tS16, 900, 900, anG against the other over
36,000,000.
+ Sanctioned by the authority of your
official signature, these conclusions lead
to the inference whatever the value such
inference may possess) that the public
debt has been diminished since your &C.
cession to office, But this is not the
fact. On the lst of April-according to
the lst monthly statement over your sig
nature-the public debt (including the
Pacific Railroad bonds, and omitting the
accrued interest) amounted to $685.
750, ,S5S, while on the first Of July it was
$2,656, 1851 ,302, which shows an increase
Of something over two and half mil
lion dollars. These comparisons, how
ever, amount to nothing. do not be
lieve that you desire to claim credit fol
results, the merit of which, if any there
be, belongs to others. You have been
as yet, but four months in Office and had
there been any reduction in the public
debt it could not possibly have been the
effect of any measure introduced by you
or, indeed, by any member of the pres
ent administration.
1t any comparison at all is valuable
or significant, it is the condition of the
public debt at the termination of each
successive fiscal year Such a compari-
son, if made now, would show an increase
(not decrease) of the debt since last
year Of over twenty million dollars
Thus:
July 1, 1S6S-Amount of Pubic
Debt as set forth
in the Report of
the Secretary OF
the Treasury on
the finances, 1865,
p. Xix and 291, 1886, ,32O,964
July I, 1663-Amount of Public