Urbana union. [volume] (Urbana, Ohio) 1862-1872, 1870-09-28
Colonel LIeWeIIyn Baber.
AT COLUMRTs, SEPT Il, 1870.
The National Debt Reduction Of S140,-
0OO, 900 Claimed 6y the Grant
Administration PrOued False
by Official Figures,
FINANCES.

THE Radical party, in State Conven-
ton assem- bled in Columbus, on August
10th, ult., gravely laUded the Grant adj
ministTatiOn for having reduced the Ma
tional debt S156, 10000 since its advent
to power on March 4th,r 1869, and the
address of the Congressional committee,
signed by Senator Henry Wilson, Chair
man, now circulating as a document,
claims that on July LIST. 1870, this deduc-
ton in sixteen months amounted to
S139, ,O69, ,0S7.17, both of whicn are untrue,
and deliberate Justification of official
figures, for the purpose of deceiving the
voters.
Mr.. Boutwell,, the Secretary of the
Treasury, in his report TO Congress last
December, first undertook this game of
trying to make figures Tic, but it was 50
palpable, that his friends did not claim
much upon the document. In his re-
port he stated the public debt TO have
been: ..
March 1st, 1859 S2,525, 463, ,260 OF
Dec. ], ,, ,453, $50, ,735 23
Apparent reduction S71 1898, ,524 IS
Pacific r r bonds (Omitted)
which heretofore had al
ways been included in the
debt statement 62,625,39O 90
Real reduction in 9 months $, ,27S, ,2O4 rs
OraboutS1 > 15O, 900 per month. A poor
show in comparison with JohnsOn's Ad-
ministFatiOn, which had reduced the
debt from its maximum, Sept. /, 1865.
September l, 1865 81, ,757, ,6S9, ,57I IS
November E, 1867 2,491, ,504, $50 90
Reduction S269, 5,121 48
In 26 months, or an average of ten
millions $50, ,237, ,SS9 per month, abating
the interest, to be paid on the public
debt, S15,971 JOY. See report of D. A.
Wells, Special Revenue Commissioner,
Jan. 1865. 4 comparison, particularly
annoying to the Radical party, as it
demonstrated that the reduction Of our
public debt ceased with the commence
ment of their war on the reconstruction
policy of President Johnson. Therefore
the greater the necessity of Secretary
Boutwell, manufacturing Oh paper a re-
ductiOn of the public debt by ignoring
in the debt statement the Pacific Rail-
road bonds, which his predecessor, Nc
Culloch had always included. Indeed,
BOutwell's whole object since his accesr
sion to the Treasury appears to be mani
pulation of figures, so as TO deceive the
public as to the condition Of the financ-
es, On April list, 1863, IL his monthly
statement he omitted the Pacific Rail-
road bonds, and complicated the whole
account by multiplicity of figures as to
accrued interest, for the purpose of mis-
leading the public.
The Radical Congressional Committee
bases its claim to the reduction of $780,
100000, in the public debt between
March !. 1869 and July l., 1870, by COM
pairing BOutwell's monthly statement of
July l, 1869. The published official
statement of Secretary AIcCUllOch shows
the public debt, including Pacific Rail-
road Bonds.
March 1, 1869 S2,544, 1886, 1904 IS
Deducted bonds 53,937, 200 90.
Debt less bonds 81, ,49O, ,899, ,9O4 IS
Boutwell's monthly statement shows
Debt, including Pacific
Railroad bonds, on July
l, 1870 s2,3S6,S5 ,5Oo "A
Pacific Railroad bonds
with accUred interest 66,3S4, ,0S1 rs
Total public debt -, 49,, 742, ,6s1 81
Public debt including
Pacific Railroad bonds
March l, 1889. 2,544, 1886, ,904 So
Same, July 1, 1870 2,452, ,742,681 81
Reduction in 10 months so, ,594, ,222 Sc
Instead of, rs is claimed l30,O69,OS7 II
\ difference of S47, 4,SG4 81
| The increased indetbuess
in consequence of the is
sue of Pacific Railroad
bonds since March ],
1869, Is : l2,447, ,0Sl 7S
Public debt excluding
Pacific Railroad bonds