The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-08-13
COLUMBIA, S. C.|
Wednesday Morning, August l3. 1873,

wednesday, morning, august 1o, 1873,
July Statement OF United States Debt.
$4,000, 900 OF bonds, bearing six per
cent. interest we're, due and payment
required on the 1st of June last. To
take up or pay for these bonds, the Go.
vernment of the United States is au-
thorized to issue new bonds bearing fce
per cent interest; and with the money
resulting from. the sale of these bonds,
to pay off the six per cent. bonds. This
is called "fnnded loan"-by which
bonds bearing five per cent. are substi-
tuted for bonds due, bearing six per
cent. To carry out this operation, q
syndicate, as it is called, is established
in Europe. It is nothing but what is
vulgarly called brokerage. A number
Of capitalists in Europe, acting in con-
cert, agree to be the brokers OF the
United States, and to sell the bonds Of
the United States for certain conside-
ration. The old 1ay OF doing business
by its immediate sgents seems tc ha
abolished in the financial transactions
of the United States. Intermediates
ore used for everything, and everything
is job, by which some favored few
make money outof the people Of the
United States. The syndicate agreed,
in behalf Of purchasers they had found,
about the end of February last, to take
s50,O0O,000 of the new five per cent.
loan bonds and pay for them on the 1st
Of June. The question now is, has this
contract been carried out? and if so,
has the syndicate paid for the $50, ,00O,-
600 of the funded loan Of fye per cent.
bonds wholly in old six per cent. Eve
twenty bonds, or partly in coin9 II is
now six weeks since the syndicate made
their settlement. From the 1st Of June,
when this settlement was made, to the
1st of July, when the debt statement OF
the Treasury is made, was one month,
quite time enough, with the ocean tele-
graph at hand, to know exactly, III the
Treasury Department, every item OF its
adjustment or failure. But according to
the Treasury account, nothing has been
done in the matter. although the con-
trary is notorious. The entire $50, ,000,-
600 of the old called bonds are counted
in the debt statement as still outstand-
ing and unpaid; and, of course, none OF
the new bonds as being in existence.
But the delinquency does not end here.
The Government of the United States
paid off in New York. in June, SIS, ,000.-
900 of coin bonds. The bankers, re-
ceiving the gold for their bonds, imme-
diately deposited it in the United States
Treasury, and received therefor gold
certificates. Now, in the debt state.
ment of the Treasury, the 5000, 600
OF gold paid cut of the Treasury in
June, for the redeemed bonds, are
counted as in the Treasury, and consti-
tuting part of its gold bulnnce; and
then this same Sl5, 100000 is added to
its cash in hand, when paid back into
the Treasury in exchange for its gold
certificates Hence this S15.0O0,0 is
counted in the coin in the Treasury as
30.000,00O. With such accounts and
accountabilities, who would not like tc
be in the Treasury Department Of the
United States, if he wants money and is
interruptions in obtaining it? Homes,
men scmetimes, from ignorance or ina.
bility, make out false accounts; but
generally they are the devices Of rogues,
to confound, confuse and cheat. We dc
not charge dishonesty in the above
transactions, because there may, by
possibility, be an explanation consistent
with integrity. But the very object ol
the Department statements Of the Trea'
sury is to explain the true condition oi
our finances. It is to render all furthc,
explanations unnecessary If furthe,
explanations are required TO make tho
debt statements Ineligible or trustwor.
thy, their object is defeated. Why mol
abolish them? They are like the laws o.
imperial Romc-fowed SO high That the
people could not read them. We may