The Republican journal. [volume] (Belfast, Me.) 1829-current, 1870-04-07
S9l3,3l0.als 70


and accrued interest ~
thereon. 727s2o"1M
s2l3,3lo,als II
Debt less amount in the Treasury Sass ,l77 l.
the lst ultimo. s2,444 ,slS, ,a6s ~
Decrease of debt during the past month. 36,4Sfsii73
Decrease of debt since March 1860. SS7,l3i,7s2 ~
Now. in the first place. the Pacific Railroad
bonds. always estimated rs q part OF the
public debt by Secretary Mccullough are
not included in the above statement. They
amount, with the accrued interest unpaid, to
s65, ,O94. SCI 50. This sum, added to the gross
amount of the debt as above stated, makes
an aggregate of S2,716, 763 500 63. Now
what are the assets claimed by Mr.. Boutwell,
to be at present in the Treasury? Why,
among others, 800 $50, ,2Si 81 of United
States coin-interest bonds That is to say,
this amount of the prOmlssory notes of the
United States have been redeemed by the
United States and though just as worthless
to the United States rs the paper Of an midi
yidual is to that individual after he ha,
redeemed it and recovered possession Of
it, this valucless paper Is counted us a>-
sets. and Mr.. Boutwell, cooly proceeds tn
deduct the amount of the value which it
once had from the amount OF the prnci
pal and interest of the public debt To
make this perfectly clear to the dullest under
standing, let us illustratc An individual
draws II promissory note, on which he oh
tains money. He atterward lifts the note
Having redeemed the note and recovered
possession Of it, it is perfectly valuclcSs to
him. and he DESTROYS ii. In like manner the
Government issues bonds. 1t obtains the
money on them. Alterward it lifts those
bonds But Mr.. Boutwell,, instead of can
ceiling on destroying them. puts those re-
deemed evidences OF Govcrnment-debt IN
the strong box of the Treasury; and, with
felicity of imagination that is truly wonder
| full treats them rs cash! If the reader held
an estate charged with mortgage, would
not the owner of the mortgage regard him
Us a lunatic if he proposed to pay off tn"
mortgage with his own paper formerly held
by other parties but lately redeemed by him3
Yet this is precisely what Boutwell, asks the
public to believe he can do, and is doing.
The only bona-fdc assets in the Treasury are
Sl02 400 739 % in coin, rs above stated and
this sum alone is to be deducted from the
gross amount of the public debt. Hence II
true statement Of the debt and the credit, to
which the Government is entitled would he
as follows:
Total debt principal and interest. ?g,1ld76i go Gt
Assets in Treasury. 10000 -39 ~
Total debt less in Treasury s26ii }62 ol6 81
But let us see what was the amount Of the
debt on the first of March, 1869. We copy
from the Statement of Secretary McCullough
as printed in the Harrisburg Telegraph %
| March 5, 1869: 'Debt bearing compound
interest, =, ,107, ,S54, $50; debt bearing cur
rency-intcrest, 71,0l0 900; natured debt
not presented for payment, St, 422 ,463 6i;
debt bearing no interest 1921 ,516 1SO 50;
six per cent. Oawful money! bonds issued to
Pacific Railroad Companies, S53,931 900;
total debt. -, 600 S3l,794 II. Amount in
| Treasury-con, S90,74l.26o -; currency.
Sl6, s53 529 o4 total, Sis, ,59f, 7S9 76. Amt
of debt less cash in Treasury. - ,545, ,33G,9oi
So"
1t will be seen that Secret ary Mccullough
did not count anything but coin and currency
assets But he had no right to treat the
amount of currency in the Treasury Is cash,
not Il whit more than an individual has To-
| count his own redeemed promissory notes rs
assets Therefore Il correct statement of the
debt ON the lst of March 1869, would staud
thus:
Total dcbt-prncpal and interest $3.50 Ml,del II
Assets in Treasury. 9S14l,260 -
Total debt less in Treasury. - 56e 100 ti3 A.
Now what does this prove? Why. that the
public debt, instead OF having been reduced.
as claimed by the mcndacious Boutwell,, has
been actually and positively and indisputahly
augmented since the LIST of March, 1863
Let us cipher
Total debt less assets in Treasury, March
4, 1870. s9,Gl 362, ,oid til
Total debt less assets in Treasury, March
/, 1860. 1862, ,tg0, ,iS3 .!
Increase since March l. 1859, :52,l72,is3 Il
Figures will not lie. Even the deXterity
Of Boutwell, fails to make his digits hide the
truth. 1t is Il fact, Il glaring. stubborn, ir-
rcsistible fact, that the public debt has in
creased upwards Of titty-two millions during
the last year, and no man who is not Il knayr
or q fool will attempt to deny it.
A LAWYERS ADVERTISEMENT. The Mr.
Stoughton with whom Prince Arthur dined
on Friday evening is II well know lawyer
not far from sixty years of age They tell
an amusing story OF the manner in which he
has brought himself before the public
When q young man, entering upon the prac
ticc of law, he would walk up and down
Broadway with one or more volumes under
his arm, wearing a verv learned, knowing
look Finally he used to ride down town in
an open barouche, with one law book spread
out in his lap and one or more on the seats
H.