Rock Island Argus. (Rock Island, Ill.) 1871-1872, 1871-10-06
a 0onAasnce Game.

Oar readers have doubIless al read the
boAStful announcements Of reductions in the
public debt, from time to time, sent over the
country by telegraph through the instru-
mentality Of radieA! stolen funds Here is
. complete argument on the subject from
that incompsrAble paper, the Chicago Times
II is long, bat so much better than any thing
We could possibly write, that we copy il in
tire.
From the debs stAtemeOt Of August l, ii
appears that new nve pgI cent bonds TO the
amount Of 500, I40, 600 we're outstanding on
that day, From the abatement OF Septem.
Der, We learn that there we're $62, 1905 so Of
these bonds then outstanding. According
TO the official showing. therefore, tue in
crease 10 this class Of securities during the
month OF August was $500, $50 On the
l7Ih aud 18th OF August, the Treasury DE
pNrtmsnt authorized the statement that the
syndics paid $2j 900 900 10 coin for new
ives during these Two days. Why, then.
does not the statement issued nearly two
weeks after this payment ~ the syndjcs
show an increase Of SIS 900 600, or more
ssf1 "
j5O?. Is Il prosunAbls that toe oonc,
were no, delivered, or at least that they did
nos begin to draw inter-sI for tuo week.
after they we're paid Tor: Tina, prssumpt-
lou - hardly consistent with she admitted
fact that the sYEdlos do not paw for thr
bonds uatil ninety dsys after their aetna
or constructive delivery. The inference j.
irresistible that on the fret OF Ssptem bsT
the principle Of the debt was fully S2j 900
900 greater than The treasury department
was prepared to admit.
But tbIs - not ell. The amount OF new
bonds AlIutged 20 Europe under the ssndi-
cato bargain wss $50, OOO, 900. On the Pa
OF Augun ,hs>tresyury depart neut author
i1sd EGosher announcement. which Was thai
the Sgbser. plida in Europe largely exceed
ed the Hllotmes;, aud that LeGsy drag;s
would probably be mads, through the banks
90 the allotment Of 500. 900 900 TO thi-
country. On the 29th Of August this state
meat wNs rep sGted, 10 substance, aud il wAs
added IhAt the national bank subscriptions
exceeded $50, 100000 aud that tho whole
loan Was therefore tAken IN this cogntry aGd
Europe. Oa ths day following, Aaguss 80,
- Vas stated at the treasury department
that tbs subscriptions TO the new loan would
exceed the amount authorized by ~ least
$50, 900, 900. On the strength o! these 50 B.
sorI ptions, she secretary issusa notice the
next day, August 3 calling in 800, 000,-
900 OF 5-2bs for me redemption, and an
nouuring that Interest on the bonds called
in would cease on the first Of Deoem Der
next. Finally, 90 the 2SIh ult., the secre-
tGry admitted IN q public speech that the
new loan mad been negotiated 10 such way
that the government would lose the interest
for three months, ct the rate Of Eve per
cent. psr aunum, 90 $3.50, 100000 Of bonds,
The necessary inference from al these
statements, emAnAting more or less directly
from the head Of the treasury department,
10 that from one hundred to one hundred
and thirty millions OF new fves mus, have
been sod and delivered TO the syndies since
the first Of August The secretary depends
wholly upon the proceeds Of these sAle'
for the means 20 redeem hun
dred millions Of 5-20s on the frsi Of De
cember. At least q hundred millions o.
the new bonds must therefore have been de
livered to the syndics AZ early IS the first o
September They have TO psy over the cash
on the FIRST Of December. and II they are Il
receive the boeua Of three months interest
rs Mr.. Boutwell, admits, they must hav,
received she bonds a. sarly rs the fret Of
September. In other words, ct least q
hundred millions must have been added I,
the principal Of the debt during the monll
Of August, and yet the Ssptemb Der s,atemen
claims decrease OF SO, zoe, 297 co.
Nor does the October statement put AM
better face on the matter. IL shows q redue
ton Of Sl3, ASS $40, and is silent about tn
increase resulting from the syndicate trans
action. A correct statement for the fw'
months would show a net Increase of no
less than 81 ,335,O0O, The secretary sesI
ft TO suppress this fact because, il set forth
in the statements, il would amount to Q con
fesaion that he has violated tas funding act
which positively forbids any increase of the
principal Of the debt rs the rssul. Of tn,
negotiations which Il authorizes. In hi
CipcinuAti speech, Mr.. Boutwell, maintained
thA, bis syndicate bargain was in perfec
accordance With the requirements OF Law
Then why does he hesitate TO make his deb
statements show the actual state OF thing
10 which his transaction hiss given rise
This suppression Of the fact that he ba
increased the debt amounts to confession
that be has knowingly violated the Law Ant
dsliberatsly substituted his own judgmen
and will Tor tbs Judgment and the will o
congress.