Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1875-11-03
Our National Debt.

events being enacted that dry details Of fin
ance were suffered to pass with little heed,
so long as Uncle Sam could raise the wind
aud furnish the sinews Of war. And since
the close Of the struggle, while business was
prosperous, money plenty, and the burden
Of taxation sat lightly upon the people, an
almost equal indifference to the subject has
existed in the public mind Men seemed
content with the general feeling that gov
eminent with vitality and resources sufIi-
cient to put down the rebellion, could easily
pay its cost But the times have changed,
Few branches Of trade or business are prof.
liable. The labor OF mems hands is unre-
munerative, and they are anxiously forecast
ing the future. Under these circumstances
there is very general disposition becom-
| ing manifest to sit down and look the situa.
tion squarely in the face, and he prepared for
the inevitable. Still, as yet the great mass
Of the people are sadly ignorant as to the
| different classes and natures of the various
obligations which 60 to make up our ma
tional debt This precise information we
find in the New York Times, furnished from
the Treasury Department at Washington,
an abstract Of which is given below
The debt consists OF fourteen different
loans. The first Of these was that called
Z" the loan Of 1856" from the year in which
it was made. This consists of s2000O,000,
in bonds Of 81 600 each, bearing interest at
five per cent. per annum, aud payable after
January, 1874, 1t has been nearly all re-
| deemed
Next in age are the skies Of ISL" au-
thorized in February 1861, to run twenty
years, and bear interest at six per cent.
Twenty-Five millions were authorized, but
only Sls,415,0O0 We're issued, which were
sold for SIG 1895, 22300, or discount Of nearly
eleven per cent. This specimen piece Of
dnanciering was the last inflicted upon the
country by the democracy.
Next comes the Oregon war debt ST
000,Sj0 Of six per cent. bonds, issued to pay
the territories of Oregon and Washington
for expenses incurred in the suppression OF
Indian hostilitics These were issued March
2, 1861, and are payable in 1881 s0i5,0OC
are still outstanding.
The first loan made to carry on the wal
was authorized by an act passed July II
1861, empowering the Secretary to borrow
S25O,0O0,000, and issue in evidence thereof
bonds to run twenty years, and bear six pei
cent. interest. These bonds are also known
as the skies of 1881" and further distin.
| guished by the name Of " loan Of July and
| August 1861" The entire amount issued
was sls0,32l,350.
The largest loan made by the government
during the war was that known as the 5-2O's
Of 1852, by the act of February 25th, 1862,
authorizing the issue Of Sj00,0O0,000 Of six
per cent. bonds, redeemabe at the pleasure
of the government after five years, and paya-
BILE in twenty years. This loan was to be a
popular one-the people were invited to sub
scribe for it, which they did 81 / ,000,0 900 in ex-
cess of the amount called for. As the coun-
try was strongly in need of money the sur
plus was not rejected, but the next session
OF Congress passed an act incorporating it
with the original loan, and 100000 more
added on, making the total loan $4,000,
600. This loan, being the first to mature
has been the one which has been decreased
most by the payment of the national debt
1t is now being converted into five per cent
bonds, and by the 18th of next month will
wholly disappear from the statements of the
public debt.
March 3d, 1868, loan of S0000O00O0
represented by six per cent bonds maturing
in 1851, was authorized, but this amount
was subsequently reduced TO s75,O0O,0O0
which were issued. These are also known
as the "sixes of 1881" but distinguished
from the others by having Treasury De
partment Act March 81, 1868" printed
across their face.
The issue Of 200,O00,000 in bonds bear
ing five per cent interest, rcdeemable after
ten, and payable forty years from date was
authorized by an act passed March Sd, 1864.
The total issue of these was sl9i, j6G,3OO, and
they were made up to S2OO,OO0,OO0 by the
issue Of $685., 800 in 5-2Os.
The 5-20s Of June, 1854, amounted, at the
time of issue, to Sl25,5Gl, 800 at six per
cent, redeemable within five, aud payable IN
forty years from date. These are now be-
ing converted into five per cents, and will be
extinguished by the 18th OF November next.
In March, 1868, an act was passed, author
izing the issue of sG00,000,00O in bonds
bearing six per cent, redeemable in five
years and payable in twenty years. These
are known as the " consols of 1865" and
the issue Of them amounted to 1908, 1877 $50,
OF which there is now outstanding $751;
1850 These will probably be called in
for redemption next In April, 1866, an act
was passed to consolidate certain outstanding
obligations into one class and for this pur-
pose the issue of bonds was authorized, which
in all amounted to 1855, li0G5O bearing six
per cent interest, and called consols of
1861 consols of 1861" and consols of
1865" according to the year of their issue
They have been reduced s20i,3s0, 400 in
amount, and now there is outstanding $780,
100, $50.
In July, 1870, Congress passed an act to
enable the Secretary of the Treasury to fund
j-2O's at a lower rate of interest. This au
thorized him to issue S2OO,OOO,OOO of bonds
bearing five per cent interest, redoemable AT
the pleasure of the government after two
years also to issue S]0O,0OO,O00 of bonds
bearing four aud half per cent interest
redeemable at pleasure after fifteen years
also, sl,0OO,O00 of bonds bearing four pei
cent interest, redeemable after thirty years
The issue of s]000O0,0O0 was subsequently
allowed to be increased to 100000 900, and
the interest was made to be payable quar-
terly instead Of semi-annually. The princi
pal and interest of these are all payable in
gold, The sj0O,0OO,O00 viii all be taken VI
by November 10Th inst, by the conversion.
alluded to above.
ENpoHsED.-President Grants speech al
Des Moines i u continues to receive very
favorable mention from the English press
The London Hour says " President Grant
has grown cubit in stature since he ha,
ranged himself alongside the German En-
peror the King of Italy, the Car of Rus