Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1880-09-23

been reduced over II millions, ol
very nearly as much as its present
amount. Over So millions of thi,
reduction are due to reiunding a,
lower rates of interest, and the re.
mainder to paying off the principal
and during the fiscal year, l879-s0
just closed the principal was reduced
II millions and the interest charge
over four millions. On July /, 1880
the 1919 millions OF net debt, after
deducting the Treasury balance Of
POI millions, represented SS72 prin-
cipal and 81 Sc interest per capita OF
population, compared with isl priu-
cipal and 81 20 interest per capita OF
population when the debt was at its
highest point, August 81, 1865, the
population then being estimated at
$685. 900, and now at 50,s5s 900.
The weight of the principal on the
people now is not one.half, and of
the interest barely one, third, what il
was then. The debt itself now con.
sists OF 2,l20l millions of principal
before deductiug the Treasury bal.
ance, and of this $50 millions OF cur
rency of various kinds ia without in
terest OF the interest bearing debt,
IA millions are at 3 per cent f, 739
millions 4 per cent, $50 millions AZ
per cent, 4S6 millions at per cent :,
and 236 millions at 6 per cent. Were
the fives and skies due they would
be refunded, but,a it sin Is months
they will all be replaced at lower
rates, and the revenues are so large
that the Treasury is steady buyer
of these bonds at premium, to can
Gel IorNhe Sinking Fund. No nation
can exhibit better debt-paying rec.
ord. It's tours stand at los! in New
York.
Closely allied with these state
ments is the record of the circulat
ing medium of the United States as
affected by the war. Gold and sill
yer supplemented b f,rs the war by
the circulating notes OF the State
banks, which, 10 1861, made the pa.
per currency eff the country and
amounted to 202 millions. This pa.
per currency swelled by various de-
vices 10 raising ways and means for
the war until it reached 963 millions
in July, 1865 aud it has since been
reduced to 7351millions 10 July 1880.
ln 1865, gold was at 20 per cent
premium, but this currency is all
at par in gold. Tho
Government, during the war, to
maintain its credit, established the
national banking system, converted
the States iut9 national ones, after
wards taxed the State bank-notes
out OF existence, aud replaced them
and the gold currency with national
bank notes aud greenbscks. 1t is
quite prooab'e that tocss radical
measures were the main means of
supporting the Government credit
and enabling it to successfully pros
ecute the war, for by getting the
banks directly interested tho full
money power of the country was
made available In 1852 the Gov.
ernment notes, and in 1864 the ma
uonal bank notes declined in a.
mount. rhe gold premium, by driv-
ing fractional silver coins out of ex-
istence, compelled the issue of frac-
tional currency. la July, 1865,
when the paper currency was at its
highest point, it consisted of l43
millions of State bank. notes, 146
millions of national bank. notes, 433
millions of greenbacks Che highest
point reached by The greenback is.
sue), 236 millions of notes at one
and two years bearing interest
(which were generally boarded as
soon as any interest accumulatcd),
and % millions Of fractional paper
currency. making in all 993 millions,
which was valued at 692 millions 10
gold. During the Is years since
that time the total has been reduced
$50 millions, the interest beariug
notes have all been taken up, the
national banks have with their notes
replaced the State bank circulation,
the greenback total has been reduc,
ed and most of the fractional paper
currency has been replaced again by
small silver coins. On July l, 1880,
the currency consisted of $500 900
State bank notes and S225000 inter-
esl-bearing notes Gall probably lost
or destroycd), 3444 millions of na-
tional bapk-notes, 1916, 681 ,016 of
greenbacks Ca figure steadily main
tanned for three years., II millions
of fractional paper currency (not yet
replaced by silver, "a millions OF
fractiorsl si!ver currency, and 121
milliona of silver certificates, issued
on deposit OF Bland dollars. The
total was S735, 522, $50, and sill main
tanned at par.
These f :Ires, which l have con
deused from voluminous Treasury
statements, tell the wonderful story
of United States finances dur ng the
war and tinoe, aud are of world
wide interest. Had we not bound
less resources we could neither have
maintained he war nor go speedily
repaired its waste. Europe by buy.
ing our surplus produce, has con,
tributed largely to the revenues,
enabling this country to maintain
credit and pay her debt and as her
European sisters all have heavy
debts to carry, the United States
hopes they may equal her good for
tune Ia finding the means to pay
them.
Tn lqarn tn u0rk ektllfully WIT u