Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1869-06-09
The PnbIio Debt.


Since the announcement Of line OF poll
cy by Secretary Boutwell, he has become an
object of attack by all the gold and stock
gamblers in the land, as wen as by Demo
cratic journals, whose only source OF argu-
ment and hope Of future party strength Is
IN the failure Of measures propounded or
eqtered upon By Republican officials. There
IS certain class of politicians and specula
tors, and even legitimate business men, who
are morbiily determined to be displeased
with every financial step taken. When the
public debt showed symptoms of increase,
the7 hovled inorsiina;ely about extravaganza
and were bursting with projects Of curtail-
mens. When the public debt began TO te-
crease, they either retired in sullen disap-
pointment from controversy or beloved with
renewed strength concerning the dangers OF
breaking down the old ruts and running the
Treasury upon an improved track.
That Mr. Boutwell, has in the short space
Of three months succeeded in depriving the
Democrats of party cry, and the gamblers
Of an undue control over the money markets,
is certainly creditable, and in the minds Of
all just men should entisle him to patient
and respectful hearing. The public debt
statement, just published, is a fatteriug ex
hibit, and will prove exceedingly grateful to
he people It shows that under faithful
management the debt has decreased uring
the month of May. nearly fourteen millions
OF dollars, and that since the beginning of
Mr.. Boutwell, term there has been de
crease of over twenty millions.
At this rate we may safely count upon an
extinguishment of debt equal to eighty mil
lions annually, for during this period the
Treasury met the coin interest upon the May
i've twenties, drain almost as severe as it
will be compelled to withstand at any other
period But greater annual decrease than
this may be anticipated, since each month
Of Mr.. Boutwell's occupancy shows a large
ly increasing surplus. During the chaos of
change in March the exhibit was nothing
more than hopeful; in April a surplus of
nearly six millions was recorded, and now
we have the magnificent figures above set
forth. The pouderous and complicated ma
chine IS daily and hourly becoming more
controllahle When the battle which the
Secretary has been waging with spectators
is settled, and he enters into the enjoyment
of that conf lence which his victory entities
him to, the great work viii be completely in
hand, and the decrease of last month may
become a fair monthly average.
Hitherto the assets of the Treasury have
been repres nted by the amount of currency
and coin therein. Now We have new and
substantial element added, in the shape of a
sinking fund. The large coin surplus was a
healthy indication, and gave assurance to
holders Of securities whose interest was pay
able in that metal. For many months it
has ranged from seventy FIVE to one hundred
millions. When Mr. Boutwell, proposed to
throw one or more millions of this surplus
per week upon the market, croakers cried
out with alarm lest the grand total should
rapidly fall below the interest requirements.
But their fears may be dismissed for the
coin in the Treasury now amounts to ISL 600
600, ana as long as so fruitful harvest is
gathered from duties it viii increase rather
than decrease.
The sinking fund is already a vigorous
embryo. We get at it by indirection
Total debt principal and int - 6S3670G53 10
Amount. less cash and sinking
fund, in Treasury 250j.4l5,6I3 IL
Difference sI2S, ,258. .OS9 gs
Coin in Treasury s8I ssatsa 10
Currency lg,9S4,555 OF
Total SOL ,S24,024 So
Difference s26,43l.0t5 -
This, then, must represent the amount
laid 10y for cancellation, or. what is of more
material momeut, the amount upon which
inter st has ceased.
When ii is remembered that Mr. McCul-
ioch and his predecessors were frequently
forced to 20 into a disastrous market with
their coin savings in order to raise a sufficient
amount of currency to conduct the ordinary
business of the Governu ent, the inference
is plain frcm the currency exhibit now made
that Mr.. Boutwell, will be troubled with no
such despairing shifts. He has now cur
rency reserve of over nineteen millions. which
in view of the general scheme of retrench-
ment, is ample for all the ordinary purposes
of the Government, and that especially since
the high order Of the new revenue appoint
ees and their faithful adhesion to duty is
bringing into the Treasury the full amount
believed to be due to ii.
Viewed in every aspect, the country eau
not bus congratulate Mr.. Boutwell, upon hi,
management of the Treasury thus far. HI
did not enter upon his duties with the pres
tige of banking reputation, and conse
queHtly fnanciers may have distrusted, whih
gamblers chuckled at the prospect of al
easy victim Both have been disappointed
| the former agreeably, the latter to their cost
His policy, though new, is not novel.
| has all the elements of common sense, ant
that is perhaps its best eulogium The peo
pie are aole to understand his steps, 70
their wisdom appears on the slightest exam
iuation. Ii confidence is withheld it vii
not tie so justly, but in obedience to tha
trucking churlishuess which springs from
party blindness or abased self interest ant
II the success which the present MONTH,
statement indicates does not continue, ther
there is no consolation 20 be drawn from tn
giseSt calculations