The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-09-08
p..,n.,,on Of the Public Debt.

~ - -
The Radicals have demanded from
the nation a great deal Of credit for
their financial policy. They have done
vast amount of boasting over the re-
duction of the public debt and have
seemed to think they were entitled to
the merit of having done something
which was never done nor attempted
before. But in this, as in every other
claim to public favor they have put
forth, their pretensions fall to the
ground when examined in the light OF
facts. The administration of PreEident
JOHNSON, whom the Radicals sought to
impeach and whom they never mention
without bitter curses or unseemly jeers,
effected a greater reduction in the pub
lie debt than has taken place since the
inauguration Of General GRANT The
figures prove it. In speech at Col
umbus, Ohio, on the 18th ult., ALEX
AMBER DELMAR, late United States Com
missioner of Statistics, speaks Of the
matter as follows:
AS to its claim in respect to the pay
ment of the public debt | have to re-
ply, in the first place, that a gradual re-
duction of the public debt has been go
ing on ever since the fiscal year 1866.
At the close of that year Gully, 1869
the public debt land by this term !
mean Just what the administration
means, VIZ: the Written debt OF the gov
ernment; the sum of bonos and Treas,
ury notes, actually outstanding and
unpaid) amounted to 81, 1888, 100000, as
is stated in the annual report Of the
Secretary Of the Treasury, (lS69, page
BIZ On the first of July, 1870, the
debt, calculated by the same method
and upon the authority of the last (the
July) monthly debt statement Of the
Secretary of Treasury, was 1914, 900.
600. This shows a reduction Of 1899
100000. OF this amount there was
paid Off in 1867 the sum Of $9l 600
/ 600; and in 1868 the further sum OF
| j6,000,0O0; altogether Sl4700O,OOO.
| The wear 1868 was the last complete
fiscal wear of the Johnson-McCulloch
Administration.
During the following year, 1869,
there was no debt paid of, but on the
contrary the debt was increased $50.
100000. Mr. Boutwell, did indeed
claim that he had reduced the debt
somewhat and this he attempted to
demonstrate by means of an arithmet-
zeal comparison, in Which the Pacific
railroad bonds, the accrued interest
made on all the other bonds, and the
cash in the Treasury, were so arranged
as to make it so appear. But 1t was
not the fact; and the pretence set up
was afterward dropped when his annual
report on the Finances was transmitted
to Congress. The present method OF
preparing the monthly debt statements
| involves a similar reprehensible practice.
During the fiscal year lS69-7O, there
was paid off the debt Sll2,0O0,O0O.
| Allowing for the $40, 600, 600 ofincrease
during the previous year, the net result
is S92, 100000 paid off under Grant
Boutwell, against STAT 100000 paid off
under Johnson-McCulloch.
1t is TO he borne in mind that even
the reduction which has taken place
since the incoming of the GRANT ad.
minstration has been in consequence OF
laws enacted while JOHNSON was Presi-
dent Thus it Is seen that the claim
of the Radical party to special financial
ability is without foundation. The
machinery was constructed and set in
motion during Mr. JoHSSoN's term
of office and all that GRANT and BOUT.
WELL have done has been to let it alone
while the politicians Of the party have
called upon the people to see how sue
cessfully they were reducing the debt.
This is one OF their principal claims to
popular favor. 1t is the one with
which they seek to divert public at,
tcntion from the wholesale robberies
they have committed and the frauds
which have distracted millions from
the public treasury Mr.. DELMAR has
shown how little credit it really de.
serves.