Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-10-10
DAILY pOST.INTEIuGENCER.
the PUBLIC DEBT.

THE RaBLEt
Reduction of the public debt proceeds
steadily yet surely. Each month con-
siderable installment Is paid, eaen
month interest charges are lessened and
the principal sensibIy decreased. The
last statement from the United States
Treasury issued October LIST, showed
Reduction of over 2,Oo0, 900 during the
month of September, aud an aggregate
aiminution of ga $50, 1s0 during the
first quarter of the present fiscal year.
This is less by $4,000 than for the
corresponding three months OF 1883
but is rapid enough. The total interest
hearing debt of the Government on the
first of this month was little over
twelve hundred million dollars, OF
which $250,Oo0,OO0 bears ~ per cent.
interest, 100000 4 per cent, and
s2O9,OOO, 600 3 per cent, the balance
being doe on the navy pension fund
The non-interest bearing debt at the
same date vas 1852 455, 772, made up as
follows: matared debt, $lS,616,sl6; legal
tenders, $346, 739. 1856; certificates OF de-
post, $l5,s45, 600; gold and silver eer-
tifioates, $244,177,34l; fractional cur
rency, $G,977, go. The total dett Is
x1.s38, 932. 272, nd the accrued interest
thereon il $ll,546.l04. There was. on
October /, $425, O3l ,32l cash in the Unit
ted States Treasury, deductine which
from debt and accrued interest, leaves
the net debt OF the Government 81, 49,
447,055.
OF the cash in the Treasury, $i,763,-
EOS is applicable to settlement Of inter
est due and unpaid; $l8,9J0,52l to pay
ment of matured debt and accrued in
terest thereon; $244, 197, 343 to redsmp-
ton of gold and silver certificates; Sl5,-
$4,000 are in notes held for redemption
certificates, and the balance, xl44,l14,-
$40 is the available cash balance. This
latter amount is held az security for the
redemption of the $346, 739,0 600 Of legal
tender notes now outstanding. Ii Is
not deemed safe, on banking principles,
10 allow the actual cola reserve held IN
the Treasury for this purpose, to fall
below 40 per cent. of the amount OF
legal tender issue, which would be about
$l39.OOO,OOO. The actual cash surplus
in the United States Treasury after
making provision for all demands and
holding a safe guarantee for redemp-
ton of the greenback is but about So
100000. Mr.. Hendricks, the Democratic
nominee for Vice President, recsntly
declared that the Government kept over
$45O, 200, 900 locked mp in the Treasury,
that ought TO be distributed TO make
times easy. He knew better. and 30
statement that he has ever made in the
campaign mere conclusiv.ly proves him
to be psstiferous demagogue. There
is bat $5,c00,000 in the Treasury today,
not held for the pdrpose of. and direct
~ applicable to meeting outstanding
liabilities of the Government, and all
talk OF an overlooking Treasury and
locking up money without just cause, is
the product OF malevolence or ignor-
ance, or both combined.
The Pacific railroads are largely in
debted to the United States. They owe
it over $65,0O0,000 in bonds, and the
government has paid interest thereon 10
the amount of over $63.0o0,O00. This
latter.sum Ia cash paid by the govern
ment out OF its treasury, 1t having
guaranteed interest upon the bonds.
The bonds themselves we're sold and the
roads built out OF the proceeds. As
security for their rede, ion OF ma
turity the government has a second
mortgage on the roads, an equal amount
of bonds secured by frat mortgage
having been issued and sold. OF this
vast amount Of interest paid out, the
government has received back to be
credited TO the companies $lS,s5S.000 in
transportation and $655,c00 in cash,
leaving $43,5Oo,0O0 yet unpaid. The
total sum due from the Pacific Railroad
Companies 10 the United States Gov
eminent on account of bonds and in
terest payments thereon was on October
1st, SioS, 209. 722, 10 secure payment of
which 1t has only second mortgage
upon the roads and few millions OF
dollars paid into the sinking fand pro
vided for under the Thurman Act.
This, with tho 300. 0Oo, 900 acres of public
lands granted, represents the aid ex-
tended to few great railroad corpora
tons during the past 30 years. Is II any
wonder that halt 10 calledr Is IL
strange that, aided by such huge bene-
factions, moneyed aristocraoy BIAS
grown mp; that the rule of the pEjl,n&Scra,
and the Rloved hand of the corruptionist
are visible all over the landp Out Of the
vast stealings connected with the con-
struction, equipment and operation of
these Subsidized lines of railroad u
score or two Of favored citizens have
grown enormously rich and become de-
servedly infamous. They still dare to
SCOT, like King Canute, ss the rising
tide. 30 did their prototypes of ancient
Rome; 30 did the Bourbons of France
90 also did the Shareholders of the
South. But when the storm had come
and gone those who lived were lyina
prone upon the ground.
The Port Townsend irgss styles the
observation-disclosures Democratic news,
paper. This because we will not aban
don convictions and principles that w
believe 10 be inst and nairioiin nj The