The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-03-22
FINANCE AND COTTON.
FINANCIAL

As,bstraet of the history of the national debt
Of The listed states, prepared for the forthcom-
,ny census report has been given to the press,
and contains many interesting features. IL ap.
naars that the total Indebtedness of the United
states when the constitution went into opera
,on was S. 7SS, 722 OS. When the new govern
ment went incorporation Alexander hamilton,
secretary Of the treasury, was not only without
revrnue but without laws designed To bring
money 10 the treasury, He borrowed money to
nav the first installments of the salaries due the
hubble officers During the first session ofcon-
cres the first United States bank WIS chartered
With CT p.tal OF slO,Ooo0, s2OOoe goo of which
Inc government took and paid for with
money borrowed at & per cent The bank was
50 well managed that the government realized
aprolt on its shares of S3,7735S0 In l79S the
government issued Sill, 700 of 6 per cent stock
10 tit nine ships for navy The same year u
IS 600 eco loan was negotiated al per cent, and
two wears later an per cent loan sold at pre-
MUM of5i. per cent During the war of 1872 the
public debt was increased $685. S3, l22. A per
cent Il years loan, authorized in March, 1916
sold al IS per cent to par In lSl6 the govern
ment became stakeholder in second United
States bank TO the amount OF 100000 from
which With the loan paid for the charter profit
Ofs6.500 900 was realized In 1921 the public
credit had SO improved that per cent loan
was sold at IL per cent premium In 1896 the
government was not only ont of debt, but had a
large surplus, s2S, l0l Ola, of which was depos.
tied with the several states, which was never re-
called. ! lie ueAt COilBTcSS, however uutn0r-
lied the issue OF 81 90, 600 in treasury notes,
bearing por cent interest Before lsi6 si7, 000,
600 treasury no es had been ISSUED. During the
Mexican war S7O00000 of 8 and per cent.
bonds were issued, and the premiums paid ON
the redemption of these bonds were nearly
50, coo, 900 in 1857 there was hnan-
cia crash and the treasury issued ST. us, 900 of
It's notes. In 1858 lavish appropriations and a
falling off i'll the revenues compelled the govern.
mentt borrow $4,000, COO on per cent. bonds,
on which 81 per cent premium was realized
In December 1861, the credit of the government.
in consequence of the impending southern re.
bellion was so impaired that II per cent was
paid on loan of 81, $40 600 and offers were made
at from 10 to SO per cent. below par for per
cent bonds. The hrst loan to meet the ex-
penses of soppressing the rebellion, bearing 4
per cent interest sold at the average rate OF
ss003 per $780, From this time until June 30,
1865, government securities of various kinds
were issued to the amount of So, SSS 6S6575 This
sum includes bonds, legal tenders, treasury
notes, seven-thirties and fractional currency
Since 1865 over ST. 900 900 691 of the national debt
has been paid Oft, and at the present rate of it,
liquidation 1t will disappear within the mex
twenty years. Whether this is desirable, in con
sderatlon OF the heavy financial burden the
present generation has already borne is d
mOotcd question,