The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-05-06
GOVERNMENT BOOKKEEPING.
Good Reading for Farmers and Food
Thought for Editors.
BY OLD FOGY.

Office was done, to compile for THE
PROGRESSIVE FARMER the statements
made by the officials, supposed to be
authority on the subject.
Ere you have finished this article,
you will understand why say "ofi,
cials supposed to be authority" etc.
[ will now quote from the Report
on Finance, 1884, p. xvii:
THE PUBLIC DEBT AND THE CONDITION
OF THE TREASURY.
On August 3lst, 1865, the in,
debtedness of the United States, not
including bonds issued to the Pacific
Railroad Companies:
Debt bearing coin isterest ..., los, ,31O, ,191
6 currency interest..... 1873, ,220, 10S
Matured debt, etc. ...... ........... 1,5O3,O2(
Debt bearing no interest ......... 461,616,311
$?,84 649,e2t
Signed. HUGH MCCULLoCH, Sec.
(The discrepancy apparent at the
rig bit of the column is due 20 the fac!
that [ omitted the cents in the table
I will now quote from the Treasury
of facts edited by A. R. Spoford, Lii
brarian of Congress, 1889, p. SO:
"Public debt of the United States,
S2,68O, ,647, ,869." You will please
note that there is a trifing difference
of Sl64, OOl, ,757, and the P scifc bonds
are supposed to be included in Mr..
Spoffords tables.
On p. 62, Mr.. Spofford says: 1.-The
total debt bearing interest is $2,48l,-
53O,294.
Debt on which interest has ceased. $ 1851
Debt bearing no interest. ........... 456,O9O1 $50
(My totaD .......................$s,8 8 10 866 245
Outstanding principle. le.............. 2,680647 869
Or difference of. f................... 16O218,3 376
This difference seems immense to
US poor hayseeders.
Again there is a difference of So
783,08l as compared to the report
first quoted. (Finance Report.)
Mr.. Spoford claims that these
figures are from the official statement
OF the Treasury, and they are. On p.
568, Finance Report you will find
the figures just as Mr.. Spoford gives
them, although contradictory to
figures on the same subject in the
same volume of reports. All of these
figures relate to the debt in 1865, and
at the same time of the year.
Now to the amount of the bonds
issued by the government to the Pa,
cifc railroads. P. G. xxx, Report of
Secretary of the Treasury, 1889:
"Statement Of 80 years 6 per cent.
bonds issued to the Pacific Railroad
Companies under acts Of July lst,
1862, and July I'd, 1864. Amount
of outstanding bonds, $64, 623, ,5I2.
For fear the word outstanding "
might lead to the impression that
some had been redeemed, l would add
that on the same page the amount of
interest paid by the government to
date on the Pacific Railroad bonds
amounted to S82, 1856, Sits.
[ will mt burden the reader with
other contradictions in other reports,
in other years, but 1 will introduce
some testimony that may rEplain to
you why such differences exist. l
will now quote from History of Ma
tional Loans, p. l53, (Bayley) "Loan
of July and August, 1861, authorized
25O millions amount issued, $780,
32I,35O. The cash received by the
Treasurer on the first so millions was
SAG, 1903, 127.75. Deduct from this
S7,65O.35 misc. cor. warrant No.
800 and $500, 900 (Misc. warrant No.
242) enormously credited to this loan
and ST., 134,246.75 accrued interest
and the result is $44, 66l, ,23l9l, the
true sum received as principle. P
I55 same vol. 7.35 loan 1861, act
authorized $25O,OOO,OOO. The cash
received by the Treasury in l862-63
on account of this loan (Recpt and Ex.
1861 p. %, 1863 p. 22) was $l83,-
676, ,O35.34.
In an examination of this account
several discrepancies have been dis
covered (0
Corrections have been made as fol
lows: To the amounts before stated
has been added $3O,400, enormously
covered as so day treasury notes of
1861. Also $500, 1000, part of warrant
No. 2l9, 1st quar-. 1852 enormously
covered as 500 of 1862; also $50,
amount short in the account of N.
W. Goodhue, subscription agent, also
So, ,865, enormously covered as inter
est by different warrants. These addi-
tions q have omitted some) make a
total of Sl84,4lO,427.38, from which
the following deductions have been
made: $44,375,OOO, amount depos-
tied by the Associated Banks (when?)
ON acco11nt Of this Loan hut retnrnad