The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1885-04-10
rHE pUgLIc DEBT srATEArENT.

/
senator sherman's uritlelsm on Manning's
New Departure.
TeS York Dispatch 10 Chtougo TribGts
"The first change that / see in the new
debt statement is that which includes the
Pacific railroad bonds, as they are called,
as part Of the debt Of the United States.
Heretofore they have been stated sepa-
rately and properly set, as the debt is COW
cred bya mortgage on the Pacific railroad,
and payments are constantly being made
by the railroad company to the Govern
ment, which payments are accounted Tor
as part Of the current revenue. The new
form OF debt statement presents the anom-
aly OF a debt producing revenue to the
debtor. THE old form was simple, the
debt fully stated at the end Of the debt
statement, and the nature ofthe liability
known to every intelligent person. do
not think that iudicious change IN the
statement this respect has been made.
II l become security for neighbor and he
gives me ample indemnity, I would hardly
include my guarantee as q liability unless
I would also state that l was protected
from loss by ample security.
"Ille next change ] notice" continued
Mr.. Sherman, "is one still more marked.
The general balance in the Treasury was
formerly shown In gross, including tho
fund for the redemption OF United States
notes, That is the law. There has been
no special dedication OF any particular
sum or sums for the redemption OF United
States notes. The United States notes are
considered part Of the debt 1t may be
called upon to redeem, like any other
claim against the Government By tho
new statement the general balance IS
divided into several sums, one OF which is
SiGG, 8G9, coo in gold held for the Tedemp.
ton Of United States notes. Another sum
is set apart for the general current de-
mands upon the Treasury. ] think the
old plan is the better, Us tho 0,OOO,-
600 Is a provision by law that the amount
OF gold available for the redemption OF
United States notes shall not be dimin-
ished below $lO0,OO0,00O. This is mini
mum reserve, not sst apart as reserve,
but provision OF law, which In times Of
emergency would compel tho boarding Of
gold SO as TO maintain 500, 900, 600 OF gold
coin in the Treasury. The old plan,
say, is the better, for then every one
would understand that the whole general
balance was available for all current de-
mands ard Tor the redemption OF notes, II
any were presented.
'The third change Ihave noted is that
the new statement excludes from the bal.
snce on hand over $50, 900, GOO Of fractional
coin, which is yet received and paid out
as other money. 1tseems to me that this
form OF statement does'not conform to the
law, as the law regards this coinas money,
but only legal-tender for alimited amount.
II this is excluded because 1t is not
legal.tender, then all National bank notes
should be.also excluded because they are
not legal-tender. ii the discrimination
against silver Is done To- emphasize tho
fact that this coin is not available money
for all purposes, then ] would comlnend1t.
But this is q matter for Congress and not
iorth Treasury Department to say. The
law makesit money, aud the statement
should conform to the Law, which the old
statement clearly did. 49,.
sThe fourth change will now refer to
is in the Jreasurer's statement as distin.
guished from the debt statement, where 1t
separates the gold liabilities from the sill.
yer liabilities and states the balance Of
each. This makes a distinction between
in silver dollars and gold dollars
which the law does not make. 1tmay be
that in spite Of the law ouch distinction
will come about in time but that, 1t seems
to me, Is for Congress to determine. I'M
til Congress provides for enough silver in
the silver dollar to make 1t equal in mar.
ket value TO the gold .in;the gold dollar II
must be treated as the equal in a debt
statement. / find in the new Treasurers
statement that no new or different item is
introduced. The game facts are found IN
the ono as in the other. As the public
was familiar with the old form, and 1t fur
nished all the elements Of analysis,
think It ought to have been followed. The
new statement only tends to confuse the
ignorant, while 1t gives no additional IN
formation to fnanciers capable. OF analyz-
ing It."
In conclusion Senator Sherman said, put
ting aside the memoranda from which he
dictated his views: 81 have carefully com.
pared the Treasuref's statement Of actual
assets and liabilities. The old statement
presents the liabilities grouped together
on one side OF the account and the assets |
grouped together on the other page. Any
Intelligent person wishing TO make astate-
ment from it can readily do II without
trouble. The new form Of statement un-
dertakes TO analyze the assets and liabili-l
ties, using the same figures exactly with
out any additional information or details.
1t seems to me the old form Of assets and
liabilities is more simple and more easily
by an ordinary business man |
than the groupings VI the same facts
as in the new statement, though thisis
matter Of opinion. Both the old end new
statements are correct, but 1 like the old
form the better. Perhapsit It's because