The New York herald., 1876-01-19

In
the OF the principal of the public debt, as
shown by statement appears 10 be $17 20 AS %
Congress by the act OF June s. 1877 az Statutes 336
provided that national banking associations might de-
posit United States legal tender notes in
the Treasury of the United States, and re-
ceive therefor certificates OF deposit bearing inter-
est and deposited should be apart
and held special deposit for the redemption OF said
certificates The certificates outstanding the lst Of
July and included In the outstanding principal of the
debt amounted to s5s 760 COO and the notes held
special deposit for their redemption included in
the cash balance in the Treasury that day. IL VIII
be seen therefore, that while these certificates mat
Of accounts treated part OF the public debt
they do not in reality form any portion OF H. in tho
usual of the word for the that revenue
is required TO be provided for their payment The
notes which they represent always being in the Treas
ury special deposit for their redemption, and those
notes being included the outstanding legal tender
notes emitting these certificates OF deposits as Offset 0y
the held on deposit for their redemption, the
actual reduction Of the principal or the debt was
S4l, ,552. 524
Resuming his argument, Mt. Boutwell, said For two
years and perhaps three the Register reported the
debt OF the United States according to the statements
made by the Secretary. The latter statements were
issued monthly and always deducted the cash on hand
The Register OF the Treasury should have kept his
own books and not adopted the report OF the
Secretary In the report for ISL the statement NJ
the debt, as made up from receipts and expenditures
That for the year 1870 made up from entirely diff
ferent data, principally from the loan accounts Other
items are included however, as will be made apparent
from the following analysis The statement in the re-
port OF 1870 of the for that year appears.
made up is as follows:-rrncipal Of the debt,
81, COL 675, l27, to which is added accrued inter
cIpa and interest, 81, $50, 2s2, ,6s4 From this
amount there was deducted the followng:-Con
in the Treasury $112 77d 04S currency In the Treas
ury, $2S s45. .O67; sinking fund in United States
interest bonds, with accrued interest thereon, and
other United States coin interest bonds purchased
with accrued interest thereon, Sl24 202 96s Total,
$265 Os4 Leaving the amount OF the debt above
stated, less cash in Treasury .. and bonds
amount Of the debt in the report Of ISL,
for the fiscal year 1870 was 81, 4S0, 672, 42I,
which represents the principal Of the debt after de-
ducung the principal OF the bonds purchased on the
sinking fund account and excluding the item OF accrued
interest above stated and also OF the entire amount
of cash the treasury. The statement for the fiscal
year 1859 prepared in precisely the same manner
those detailed above The amount stated as debt
in the report for 1870 for that 81 49, 002 4So
This statement made upon the basis OF the
monthly debt statement issued July, 1862 in which
is given 81 5e7 722 9sS TO which add accrued inter-
est SAT 447 3l0 making the total debt principal and
interest $2645 40 294 deduct amount in the treasury
coin currency and the sinking fund, $156, 167, Sl3
leaves the amount Of the debt as stated above less
cash in the Treasury and the sinking fund,
IN ''SISe- the 'G report 1 of ISL for the he fiscal
year 1870 is $25ss ,452,213, which rep
the nrinc,na, ai The singing fnnd ss aoi Ooo and q
further sum of $3.50, 769 representing number Of
items Of accrued interest and premiums on loans for
mery carried to the principal account of loans instead
of accounts TO which they belonged and excluding the
item accrued interest above stated and also
In reply TO a question by Mr.. Sherman, Mr.. BOUT
said the first monthly statement which con-
tanned the account Of interest issued in July, 1862
Mr. DAVIS said he could not understand how the
figures could be changed five years after the Register
had made up hts statement and sent 1t to Congress-
Mr. EDMUNDs, (rep.) OF VT, said he happened to
know from an examination which took several months
made with Mr. Buckaew, then Senator from Penn
syvania that the books of the Treasury Department
had not been tampered with. There had been nothing
OF the kind. Yet impossible for all the
agree, on account OF being kept in three or four DIFF
ferent Offices as they were.
Mr. DAVIS said the accounts might show a change
from day day. but he did understand how figures
could be changed four or five years after they had been
Mr. EDMusps said the changes which the Senator
complained OF were the result of bookkeeping. One
of the good things which the Senator from kassa-
chusetts did while he Secretary of the Treasury
to through all these accounts and simplify them
far as possible.
Mr. DAVIS said he understood there was no double
entry bookkeeping in the Treasury Department In
the remarks be made the other day he had no inten
whatever throw any discredt upon the Treasury
Department or the national credit fe-rors existed in
the Treasury they should be corrected The Senator
from Massachusetts, (Mr. Boutwell) admitted that the
figures he (Davis presented we're correct but denied
that tho books had been tampered with. Was II pos
sbe that tho books OF the Treasury wond not bear out
the figures OF the finance report from which he Davis
had taken his hgures9
Mr. EDMuNps referred To the error mentioned by Mr.
Boutwell, where a clerk ADDED the internal revenue TO
the public debt and humorousy spoke Of such clerk as
being bad boy.
many bad boys in the Treasury Department and hope
some OF them will be fpund out tLaughter) Con-
tnuing his remarks Mr. Davis said he desired 10 look
over the of the Senator from Massachu
(BoutweD, and would have something TO say in reply
hereafter. The gentleman from Massachusetts, had
overlooked several instances where he (Mr. Davsl
showed there errors
Mr. SHERMAN, (rep.) OF Ohio said he had no objec-
tions TO 7otng for the resolution and debate could be
resumed when the report OF the committee should be
made He thought the best thing for the Senate TO do
was TO adopt the resolution without the preamble
That he could not vote for because he did not believe it
to be true.
Mr. EpMUNDs also favored the passage OF the resolu-
ton, and moved 10 amend the resolution to have
the investigation made by the Finance Committee in
stead OF special committee
Mr. BAyARD. rep.) of Del, said these accounts were
meant for the people, and not for skilled accountants
alone. He hoped special committee would be ap-
pointed.
Mr. EATON. (dem) OF Conn, spoke in favor of a
special committee.
Pending the discussion, at quarter past four P. NJ,
the Senate motion Of Mr. EDhuEDs went into
tive session. and after a short time the doors
opened and the Senate adjourned.