The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1889-07-19
A coon SHOWING

The present administration Is going right
along with Its duties TO the American peo-
pie. II finds no difficulty In reducing the
surplus and doingit honestly and In the
best way for the general good. During
the month of June the public debt has been
reduced $isooo,oco, the largest reduction
Ia any one month for several years. I'm
der the circular OF April n, 1885, the treas
ury department has purchased bonds
amounting 10 $I4S,sot, ago. at total cost,
including premiums, of $t77,f7o,sso.7S.
From August 3, 1887 when the derart-
ment first began purchasing to and lnclud.
Ing to-day, the total amount purchased is
Si7a,Ss4 600, the cost thereof being $ioo,.
374,s73 70. Had they been allowed to run
until maturity the cost would have been
over $23soooooo The government has
therefore saved over $4,000, 600 In interest
alone. Gazette.
II would be difficult for the Gasette to get
greater amount Of misleading matter In
the same space than that above, practl-
eally there was no reduction, Mt all during
the month Of June, being the small sum of
$I,s6S,s3S on the interest bearing debt.
What the Secretary of the Treasury means
by saying ~ his statement Of the public
debt for June, Decrease of debt during
fhe msnth $IGasSoa4.74," is, that during
the month Of June he collected from the
people that much more money than he had
used during the month, In other words
the cash In the treasury had increased that
amount during the month. And instead
of this being put down as matter eredita.
ble TO the administration, It should be held
Us discreditable by every tax payer In the
country, for no administration has any
right TO collect more money from the pock
eti of the people than It needs to econom-
ically administer the government Tht
Gazette ,ells us that since the COVE, nmen
began to buy bonds In August, 1887, tn,
amount purchased up to the present tim'
has been SI7a,Sa4 Goo, for which the gov.
) ernment paid $ro9,374s73. The Gasett
should have told us that the difference be
tween these two amounts, ($.6, s49673,
was the premium which the tax payers o
this couairy were compelled to pay TO tn
bond holders for the privilege of payinI
of these bonds before they were due. Thi
: policy OF paying apremium on bonds 10
: the privilege of paying them off Is the mos
vicious and outrageous ever imposed upo
free people, and yet Il Is made necessar,
because the leaders of the republican part
refuse to allow the surplus In the treasur.
to be reduced In any other way, The ia
refts says the government saved over $3s
100000 In interest alone by paying thes
bonds of at premium. Let US see ho'
tallacious this statement is. Suppose
banker holds $IooIooo,ooo OF 4 per Ger
bonds payable in 1907. They have !
c years 10 run. The interest In that perio
would amount to $7s,ooo,ooo. Suppo'
the government buys these bonds at pr,
MUM of ~ cents on the dollar. TIL
premium alone would amount TO $s7,ooo
: 600. so that the people are called upon
pay SI77,ooo,ooo Down for the 100000
COO. II the bonds were allowed to run !
years the people would have to pay SI7,
100000 for the bonds. But II we ealcuial
$ the interest for rs year, on the $Is7,ooooo
which would have to be paIdby the peop
!. to redeem the bonds. IL would amount
y $s64, 10000 at g per cent, (what money
Z worth In the hands of the people,) whlc
a shows a loss to the people of the differen'
betweenSad4,I I6ooooand$I7a 1000, ,ooowhiC
is loss to the people in consequences
a this bond-Purchasing policy of S02, 10000
1 on the redemption Of $Ioo,ooo,ooo alon'
q Does the GaEefis catch on ?