The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-10-14
9it1lmond 1ispatth,
"a, 1869
Mr. BontWeIl's Figures.

The General Government owes deot Oh
about twenty-five hundred millions OF ooi-
lars. which. in Mr.. BouTwELL's language,
VIC desire TO see paid, "principal and inte-
crest. according 70 the terms OF Inc con-
Htract. and in coin, or that which men VIII
"rcceive as the equivalent OF coin, without
s.onv abatement whatever" We desire this
because TO rrpudiate the debt would be TO
ftnpoverish ourselves. Il would cost the
country double the amount Of the debt to
repudiate Il. But we cannot understand
how TWENTY-FIVE hundred millions arc to be
ra;d with fourteen hundred millions. II
seems that Mr.. boutwell, does; for In his
late speech at Philadelphia he Is reported as
having said:
"If we were to pay hundred millions OF
dollars a year. which we can pay II the pre-
sent system of taxation be permitted to re-
main, the public debt will be extingulshcd
in less than fourteen years.
s10o, o00. 900 >14=s14oo, 100000. So says
our arithmetic. Whence arc to come the
other eleven millions? We must guess.
The interest on 214oO, 000, 900 for one year
would BE SS4 900, 900, and for fourteen years
would be s1l7G.000, 900. This sum added
to the Sl4C0,000,OC0 would make $685.
Geo ,00c-just about the total OF the debt.
But If the interest i TO be counted, it must
be paid, and so the Government would have
70 pay an average Of over two hundred mil
lions per annum in order to get rid Of the
entire debt in fourteen years.
This would be stupid hlunder on the
part Of any man, but in Secretary OF the
National Treasury is utterly inexcusable, not
TO say disgacerul. Many figures have made
Mr.. Boutwell, mad. Let him tell his hear
ers that by paying one dollar year on an
Understanding debt Of twenty-five dollars
they can get rid Of the whole debt in four
teen years, and they will boot at him. Yet
this is in effect just what he is reported to
have said. If the national debt did not bear
interest, and he were TO purchase at par
every year = hundred millions Of dollars Of
Understanding bonds due by some other
Government, or by some person, and keep
them on hand, at the end Of fourteen years
he would have 5000. 100000 principal and
interest, which sum is just about the amount
OF the intcrcSt-bcaring debt Of the country.
But here is, after al, we suppose, Mr..
DoUTwELL's calculation The whole debt is
say S2500,o 100000. The interest (all Of It
does not bear intereSD is about $40, 100000
per annum. 50 that if we pay 800. 100000
OF principal and $50, 000, COO of interest this
year we shall pay in all $3.50, 100000. In
fourteen years, if we continue 10 pay $780,
100000 principal and interest annually. we
shall have paid 5000, 900, 900, of which
only $500, GGo, 600 will have been interest, and
the remaining $500, 0O0,0 900 principal. In
other words, Mr.. boutwell, should have
said, off we were to pay $3.50, 900, 900 year.
(which we can pay If the prescnt system Of
"taXation be permitted to remain, the public
''dcbt will he cXtingushcd in less than four
"tccn years" But aSto getting rid Of it by
paying 500 ,00o, 900 year, it can't be done.
And ne dcccives the people who makes such
statement rs Nj. Boutwell, is represented
10 have made.