The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-10-05
OCTOBER DEBT STATEMENT
Boutwell, In u Quandary.

| M1lifOn DOLLARS OF New Bonds and
Not Let Them show In Official
| Monthly Statements Until the
Syndicate Gets Ready-A Rapid
and Enormous Increase of the
Public Debt-The Law OF Congress
Misunderstanding BOutweII's
New Departure.
WASHINGTON, September 90, 1871.
When Paymaster Hodge, the default.
er, took the first step in that path that
to all appearances will lead him to the
Penitentiary, heunquestionably thought
himself guilty only of a trifling irregu-
larity-of merely borrowing a small
sum OF Government money that could
easily be repaid from the profits o! his
speculations. So Secretary Boutwell,
doubtless thought that when he entered
into the syndicate arrangement he
should be able to manage the business
so as to avoid very serious violations
OF the laws of the United States. He
knew that the act OF Congress author
izipg the refunding Of the public debt,
approved July IA, 1870, expressly de-
clares that no law shall be constructed
to authorize any increase whatever Of
the bonded debt OF the United States.
He knew that this law was his sole
guide, enacted by Congress expressly to
control his course in placing the newly
authorized issue of 81 ,50O,000,00O Of
bonds upon the market
BOUTWELL, IN A QUANDARY.
Now it has been time and again tri-
umphantly announced by the Admins
tration organs that Secretary Boutwell,
has completed the negotiation of $780,
100000 Of the new five per cent. bonds.
The public debt statement of August lst
shows 60,740,000 Of the new five per
cent. bonds outstanding. On the 18th
and 18th Of August it was authoritative
ly given out at the Treasury Depart
ment that the Syndicate paid in during
those two days S25.000,0O0 in coin TOR
new bonds; yet the September public
debt statement shows an increase OF
only 81, 1899, $50 OF this class of bonds
outstanding. Just how the Secretary
can manage to dispose of $25 100000 OF
the new bonds at a single operation
and not show S2,OOO,O0O increase in his
debt statement, made ont nearly two
weeks after the operations, remains to
be seen.
TIE NEXT DEBT STATEMENT.
The public debt statement, issued
September /, announces that 500, &c.
$50 is the total amount of the new loan
outstanding, and the forthcoming state
ment for October will show no material
increase in the amount, unless Secretary
Boutwell, yields to the force Of public
sentiment and gives truthful statement
of the outstanding debt, which he dare
not do, as the law forbids any increase
whatever. If he enters the full $780,
100000 of the newly negotiated bonds
upon the October statement, he must
show the enormous increase of the pub
lie debt OF 1857, $780, 400, less the pur-
chases of five-twenties during the month
Of September, or a total increase Of
about $l30,OOOOOO. But this is
evidently not his plan. He very
evidently intends to gull the public
with false statements, showing no in
crease whatever until the end of the
year, when he hopes the Syndicate will
be ready TO pay into the Treasury the
Government gold the members are now
specializing with, and enable him to re-
tire old bonds enough to balance the
$200000,000 new issues. Then, and
not until then, the much-talked-ot $780,
100000 new five per cents will appear
regularly upon the monthly statement.
WAITING FOR THE SYNDICATE.
Until the Syndicate gets ready to
settle up the public may expect the Sec
rotary of the Treasury to 60 on with his
monthly announcements as if there had
been no heavy issue since his last.
Until the Syndicate is ready we are to
have the usual stereotyped official an
nouncemeuts that through Secretary
Boutwels magnificent financial policy
the public debt is being heavily re:
duced from month to month. The
country has had enough of such full
some falsehoods Let Secretary Bout
well therefore take a new departure,
and give US truth, just for once. Let
him show just how much the public
debt has been increased by the issue Of
new five per cents. Paymaster Hodge
has made his confession. Mr.. Bout
| wells is next in order Give lis a truth.