American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-09-07
President Johnson's Speech at
Nashville.
Editor Citizen

Gle for the AMERICAN CITIZEN,
proving the lofty pretensions of the
Grant Administration to eXtraOrdi-
nary merit for having paid so much
more of the public debt than the
country had right to expect, were
fallacious and unjust to the late
president of the United States, and
his financial Secretary, Gen. McCul-
Tough.
Since the appearance of that ar
ticle in your paper, Mr.. johnson has
made several speeches in Tennessee.
confirming the main facts which l
had ventured to advance in OppOsi-
ton to the generally entertained
opinions of the country. President
johnson declares that the public
debt reached its maximum in the
summer of 1865, several months af-
ter his Inauguration, and that it
fell but two millions and half of
dollars, below three billions. AS
the principal of the debt, according
to several official statements which
l have read carefully from the pres
ent Treasurer of the United States,
amounted to 2491 millions when
Gen. Grant came into power, March
4th, 1869, the reduction of the debt
under the late Administration,
must have been fire hundred and sir
millions, instead of two hundred and
sixty four millions that it is credited
with by the Grant officials. The ex-
president asserts that the highest
sum is the true one. My object in
this communication, is to establish
the truthfulness of this claim by
Andrew johnson, from the uninten
tional admissions of the present
heads of the Federal Treasury. In
more than a dozen official tables
stating forth the financial condition
of the United States, the amount of
payments made upon the public
debt, the amount of the reduction Of
the annual interest, &C.; the fact is
uniformly admitted, that the inter-
est was one hundred and ffty-one
millions of dollars, when the debt
eliminated in the summer of 1865,
and that it was reduced to nearly
one hundred and twenty-five mill
ions by the 4th Of March, 1869,
when Andrew johnson left the Ex-
ecutive Chair.
Now, as the bonds of the United
States, which constitute ffve-sixths
of the Indebtedness of the nation,
do not bear over six per cent. inter
est, it would have required the pay
ment of four hundred and thirty
four millions of dollars of six per
cent. bonds, to have reduced the
interest to the sum we have
just stated. That is-as any one
who can calculate interest on money
will see-twenty six millions of dol
lars, the reduction made by Mr..
JOhnsOn's Treasurer of the annual
interest upon the public debt, would
have paid the interest upon four
hundred and thirty-fOur millions
nearly, OF six per cent bonds.
The sum paid upon the public
debt which Boutwell, has credited
to the late Administration, being
only two hundred and sixty -four
millions of dollars, the payment of |
this would have lessened the annu-
al interest something over fifteen
and a half millions or ten and a half |
millions in the annual interest, than |
is conceded by Gen. Grants officials
to be the true amount. / have
been somewhat particular in max
ing the above statistical statements,
in order to guard against the posi-
bility of misunderstanding the facts,
which are of nature easily per
verted by those who seek to evade
heir force.
1t will be remarked that the sum
beyond doubt, which
was p6id by Gen. Grants predeces-
sor, four hundrefnAd- thirty four
millions of dollars, falls seventy.two
beloao what it should be to
correspond with the statements
made in President JOhnsOn's Nash
Vile speech. This discrepancy is
easily removed. 1t is known to the
public that in addition to the sir
Der cent. bonds, the debt of the
United States is composed of treas
Try notes, or legal tender green
backs, fractional currency, and
natured bonds, upon which interest
s not paid. These several items,
,um up four hundred and fifty mill
ons and over, and of this no interest
bearing debt, seventy-two millions
we're absorbed or redeemed by the
Johnson Administration. Add this
20 the four hundred and thirty-four
Millions of bonds paid of, the can
.eling of which, reduced the annual
interest, as is conceded, twenty-six
and the two sums aggre-
gate just five hundred and six mill
Ons, about what the ex-president
claims to have paid. Is not the
demonstration complete, and his
acts, as alleged, clearly established?
will ask the indulgence of your
to offer single fact as adj
proof of the correctness Of
he above figures, and will conclude
,hese| dry, but highly important
statistics. Mr.. johnson, As we have
seen, makes the public debt when
lFits maximum, two hundred and
Orty-twO millions greater than the
PRESENT Administration has allowed.
Which party is right Let us apply
he test of truth furnished by the
present Treasurer of the United
yates, in every report that he has
NAE upon this subject. 1t is con-
'ededxhat nearly five hundred mill