American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-04-20
The Debt Statement.

| THOSE newspaper concerns that are lust
now sounding the praises of Mr.. Grant
and Mr.. Grants form of government, be
cause the apparent amount of the national
debt was reduced near fifteen and a hall
millions during the month of March, are
very careful not to tell their readers
| where and how Mr.. Grant got the money
| to pay so much debt. They studiously
| avoid all allusiOn to the fact that every
| dollar of the money wherewith so much
debt was cancelled came out of the peck
cts of the people, and leave it to be in
ferred that Polymetis Ulysses and Syndi-
cate Boutwell, are paying off the public
debt at tremndOus rate, out of their
own private resources.
Another trifling circumstance that the
organs of personal government neglect
to mention, is this: In taking from the
people fifteen and half millions where
with to pay debt during the month of
March, the government took thirty or
forty millions more from the people for
no public use whatever but simply to be-
stow upon monopolists in the name of
protection to American industry. A large
share of the money has failed to reach its
destination, it is true, by reason of the
cupidity and stupidity of the tariff bene-
ficiaries, but it has not come out of the
pockets of the people any the less on that
account
The last statement, like its predeces-
sOrs, shows an enormous treasury reserve.
The organs OF the Administration do not
attempt any explanation of this fact, nor
even allude to it in any way. The state
ment shows a coin reserve of $3.50, 200,
61O, and a currency reserve of f1O, 431,
300, equal to about SO, 4S2 ,999, coin. The
coin value of the cash in the treasury
therefore. is 1925, 6s2, 500. From this de
duct 500, 2S3, 400, the amount of the coin
certificates, and the balance, 800, AGO.
209, is the coin equivalent of the cash in
the treasury belonging to the government.
Neither Mr. Boutwell, nor Mr. Grant, nor
anyone connected with the Administra-
ton. nor any newspaper organ of the
great whitewashed, has ever undertaken
to show that any necessity exists for hold
ing such an enormous reserve, and for
the evident reason that no such necessity
exists. No satisfactory reason can be
given why $S0,O00,00O of this money
should not be used at once to reduce the
interest bearing debt, and save 81, 800 600
a year on the interest account. The
monthly statements for the past five
years prove, as clearly as anything that
does not admit of mathematical demon
stratiOn can be proved, that a reserve of
$40, 600, 900 is ample to provide against
contingencies, and impart all the stability
that a treasury reserve can keep to the
public credit. But the laundering Secre-
tary persists in boarding the public
money, reason or no reason, and impos-
ing an unnecessary burden of near five
millions year upon the taxpayers and
all the newspaper props of personal gov
eminent and bad financiering support
him in pursuing his wasteful course.
There seems to be no explanation of the
business, unless it is thatMr Boutwell,
wants to keep vast sums on deposit with
l.. r. L
enough to pay his ship subsidies, or to
furnish an excuse for keeping up the taxes
and perpetuate the tariff robbery, or to do
some other thing that neither he nor any
one else has any business to do.-Cnicogo
ItWes.