Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-03-30
A Sample of Greenback Feed.

| ~ Va >D>s"
Under half dozen huge and startling
head lines, the New Era. published a.
Portland, informs its readers that "Secre'
tary McCulloch reported that the coin
debt of the United States on the 3lst ol
October. 1865, was 81, 144 072. 100. Sec
rotary Sherman reports the bonded debt
last week, (March lst,) at 81 200, 406, DIP
Increase Since 1875. 81 ,062 1888, 9l2; or al
most double"
We have understood, says the Somerset
Reporter, that the Era is given to those
who will not subscribe for it, so it is
fair to presume that it has among its read
ers men of fair intelligence and tolerable
information. Does it suppose that one
such. read the above without feeling per-
sonally insultedP When public journal
quotes from records 1t is supposed to be
accurate. No one who is at all familiar
with the national finances could for mo-
ment be misled by the maliciously false
representation above. We do not ask any
one to take our figures. but request all in
terested to get the reports alluded TO and
examine for themselves. Taking Secre
tary McCulloch's report of 1865, and
Sherman's recent statement. not deduct
ing cash in treasury or Pacific Railroad
bonds in either case, and the following
official figures will be found:
Debt bearing Int, 1892 957 Al
Debt bearing DO Int, 4oo,39 ,9o3
Total debt S2,S0S, $40 43O
March Isl, 1873.
Debt bearing Int, Sl,74l $4,000
Debt bearing no Int 373, LOG $50
Total debt S2ll4, $50 3o5
Instead of the increase claimed by the
Era, the interest bearing debt has been
reduced more than six hundred millions.
the non-nterest bearing debt more than
eighty millions, and the annual interest
about fity-seven millions. Instead of the
debts doubling, it has been reduced al
most one-fourth
In the same article from which we have
quoted, the Era, after considerable am
pfication of the original falsehood in re-
gard to the doubling of the debt, says:
"Nor is this by any means the worst For our
new bonds, the bonds are now using with
which to fund the debt, the four per cents. have
thirty years TO run; and the coupons, or interest,
on each Sl00 amounts to Sl20! That Is, the inter
est alone is $40 more than the pnncipslr'
Just think of it The one feature of the
case that is worse than the debt itself, is
that it is on long time al a low rate of in
terest. How does that strike the average
debtor The Era acknowledges that there
is a debt, it talks about hard times, and
then whines because the country is not
forced to pay up its whole Indebtedness
in thirty days. We fear that the Era must
be "gold bug "bloted bond holder"
or "Shylock." 1t cannot be that it knows
what il is to owe anything else surely it
would prefer to have its creditor consent
to give it time and still keep interest low
There is another passage in this article
that needs explanation. In speaking OF
the money power" it says
"Many of them sit in bank parlors and shave
notes with money loaned to them by the govern
ment for nothing!"
To be sure the statement is false, but
were it true, where would be the harm
according to the Greenback idea? We
have an impression that one of the funda-
mental doctrines of the National party
is that the chief business of the govern
ment is to furnish the people with all the
money they want gratis. If we are cor
rect, why should bankers be excluded
from the general b'essingP