The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1870-03-08
Reduction of the Public Debt.

Ii has reached point where 1t appears
that either the Union or the Mirror is
excessively stupid, or unpardonably guilty
of falsehood. TO which the charge will
attach may be easily determined by the
evidence.
We maintained that the amount of
debt paid in the given time is $50, ,949,-
97l09. This we asserted on the author
ity of the official statements Of the Secre-
tary of the Treasury Of March |, 1869,
and Feb. 10, that sum being clearly shown
BY the latter statement, which we have
in ourbands.
Democratic papers take the ground
that no such reduction has baen made,
and they have again and again reiterated
the statement that the apparent reduction
is in consequence ef dropping the Pacific
Railroad bonds from the account. On
Wednesday, we gave the figures, erclu-
ding the bonds, both in the statement of
March, 1869, and in that of February,
1870, supposing that would settle the
question by confirming our position. But
the Union, even now, declares that our
| figures are erroneous, and has the effront-
cry to assert that the Pacific Railroad
bonds are included in the statement for
March, but dropped in those of subse-
! quent months
We can have no controversy with a
man claiming ordinary intelligence who,
with the statement of March | 1869, be-
fore his eyes, can declare that the bonds
are included therein. All we need to say
is. that we shall be happy to meet the
whole Democratic party on Concord
Square to listen to the reading of that
paper by the editor of the Union, or any
other man who can see what is as plain as
sunlight at MONDAY.
/ Supposing that Democratic papers,
having made the assertion that the reduc-
tion is but II mere nominal sum, would
adopt the theory that "a lie well main
tanned il better than the truth" we ap-
piled to the Secretary Of the Treasury,
through Senator Cragin, for an official
statement for publication. 1t has been
received, and is appended with the reply
Of Senator Cragin to our communication.
The Secretary, in an original statement
not before published, gives the exact re-
suit that We announced on Wednesday
Letter from senator Cragin.
SENATE CHAMBER,
WASHINGTON, d. c., Feb. 7 1870.
DEAR SIR Il received yours Of the
lst inst, and also the enclosure, being a
brief article from some Democratic paper,
charging that the claim, ON the part OF
the Republicans, that the public debt had
been largely reduced by the present ad-
ministration, was humbug and II fraud
that. the reduction was produced by
excluding the Pacific Railroad bonds,
which by the former administration were
included MS part of the debt. knew
that those statements were false. knew
that there had been an actual reduction
of the real debt of over $4,000, ,000
since the first day of March last but in
order to set the matter at rest, even among
men who, by their opposition to the gov
ernmcnt during the war, helped increase
the debt. wrote to the Secretary OF
the Treasury, and now forward you his
reply for publication
The Pacific Railroad bonds are not an
actual debt of the government, but only
a liability, which may or may not become
a part of the pnblic debt. The govern
ment loaned these Railroads it, bonds,
which the roads have agreed to pay at
maturity. The government has not ad.
vanced or received dollar on the prin-
cipal of these bonds-it is simply surety
for their payment. As yet they are nc
debt Of the government.
You may be sure that Congress is in
earnest in its efforts to reduce the cxpcn.
ditures of the government to the lowest
practicable point Economy is the watch.
word and policy of the administration
and of a large majority of the members
Of both houses, and there will be no let.
up or variation from that policy. No
useless or improper appropriation will be
made, and those which are necessary will
be as slow as the exigencies of the service
will admit Of We shall reduce the tax
es on many things, and favor the inter.
ests Of labor We shall reduce or abol.
ish the duties on tea and coffee and other
necessarics, and hold fast to duties upon
foreign productions which come in com.
petition with American industry. Brit.
ish free trade and cheap labor are denti.
cal Free admission to this country Of
the productions Of foreign labor, produc-
tions which should be fostered and ell.
couraged here, means low wages for
American laborers and mechanics.
An earnest, and | helieve successful
effort will be made to fund the public
debt at much lower rate of interest,"
thereby saving an annual expense of from
S25 00O, 900 to 10000 This will
be an annual reduction of taxes to that
amount
The iranking privilege will be abol.
ished. though | hope the present bill may
be amended so as to allow newspapers to
circulate free in the counties where they
are published.
trust the men in New Hampshire
who stood by the flag in the dark hours
of war, will adhere to the principles ol
the party which saved the nation, and
now propose to conduct it, affairs so as tc
preserve its faith and honor untarnished
and to ensure libsrty, equal rights, moral
intellectual and social elevation, and ma,
terial prosperity to all the people.
Yours truly,
A. II. CRAGIN.
special Statement of Secretary
Boutwell,.
! TggHrRt DEPARTMENT Feb !, 1870
Sn:-l reply briefly to your letter Of
the 4th instant in reference to the amount
! of public debt on the lst OF March, 1864
, a. compared with the amount on the Is,
Of EnhrnnrN lAIu