The democrat. [volume] (Weston, W. Va.) 1868-1874, 1870-01-24
Paying Off the Debt

'hree thousand millions, Of dollars Z"
Charleston Journal, ~ W
The above is n sample of the nisrepre.
'cntutions by which the radical press of
he Country attempt to mialeal the people
IS to the true condition of our public
blessing" From tue reading Of the par
sgraph which We givesfe wonld be ns,u-
rally inferred that since the close of the
war VIC had paid of and discharged some
six hundred million dollars of our national
debts No.pnc who has any knowledge Of
the state Of our National finances, or re-.
gard for hisrtputstion for truth and YER
acity would dare to mHke such ..tnte-
mept astl;s, 1--WE have SO often rcfuted
this fallacy of tho monstrous reduction Of
the public. debt that it seems scarcely nee
e'sary that We should again corrcc. wha.
VIC have come to consider constitutional
failing among our brethren of the radical
persuasion. We will, however, refer the
doughty man Of The J0mau to few facts
and figures. '--' - 'i's'.5'l'
In the first place instead Of the National
Debt haying been three thousand mill.
lions Of dollars little, close Of the war" it
1as, according to the report Of Secretary
.Mcgulloch, on the lstiof April, 1866
C6,oo0;oo0, thus showing that the
gentleman is mistaken to the trifiug cx-
tent Of near seven hundred millions Of
dollars ~, NH
Again Instead Of tho debt being now
| "bnt Il little over two thousand four hun.
drsd millions, excluding the Pacific hail.
road londs," it was, on the 1st day Of
January, 1870, according TO the report Of
Secretary Boutwell,, s2,G5s, lsl,67o 90!
thus showing very small mistake OF
a little over two hundred and fhy.cight
millions Of dollars! But from this sum,
to get at the net amount of the debt, We
must deduct the amount Of cash in tho
Treasury, which leaves, Exclusive Of tic
Railroad bonds, $2,44S,7 $4,000 81.
But. to this amount should be added the
z. 4 u al o. j !
bonds issued to the Pacific Railroad.
which now amount to $64, 1000 90.
In fact, in making a comparison between
tho debt at the close Of The war and 1T the
present time, it is necessary that these
should DO counted, as they constitute a
portion Of tho debt, and were SO reported
| by all the Secretaries of tho Treasury un-
til the present ono. They arc, in fact, a
bona fde part Of tho debt, tho Govern.
mcnt hayinS'pledgcd itself to pny. .hom--
principal as well las interest. The amount
of these bonds being. 'dcd, then, We find
the debt to be, on ,hs.1.t day Of January,
1910, less cash in the Treasury
S2,512,SS1, 9G3 81; and that instead Of
having been decreased since the close of
the war about six hundred millions ofdol:
lars,, as our learned contemporary would
have US believe, it has been increased
isince tho list of April, 1865
$l4G,sS1 ,9G3 81! Again showing a
mistake on the part of our venerable
friend Of about seven hundred and fifty
millions Of dollars
After treating his readers to half COL
umn of Misrepresentation, Of which the
paragraph We quoted above is a sample, he
eOngratuIates them upon the great ostcn-
sible reduction Of the Public Debt to
which we have referred, and says:
"This proves What The Republican party
is doing for tho country. Although we
are told by cowardy disappearing
Democrats that the Republican party is
running the Government into bankruptcy,
this statement Of the condition Of the pub.
lie debt shows how false their assertions
arc; aud it shows further that there is no
tru.hin them asa party"
1fhis article proves thing, it prove.
tho facility with which our cotemporary