The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1892-10-14
REDUCTION OF PusLIc DEBT.

of the Two Parties.
The republican party points with
pride to the magnificent exhibit which
the administration of the treasury de-
partment affords during the last three
years.
| 1. To the large reduction IN the pub
! lie debt, and the annual III crest charge
thereon.
.. To the reduction of public moneys
held by favored national banks, and
the use of the same in paying off the
public debt.
3. To the placing of two per cent.
loan.
4. To the increase in the volume of
money in circulation.
/ ). To the maintenance of all our
money at par with each other, and the
retention of 4 small but safe balance in
the treasury.
REDUCTION OF DEBT.
There has been very large reduc-
ton of the public debt since March l,
1889. On that day the cash balance in
the treasury, stated according 10 the
present method and including the
amount held for the redemption of
United States notes, was S172. 991, 42S.
At that date no bonds were outstand-
ing redeemable at the pleasure of the
government, as was the case on March
1, 1885, when the democratic admins
tration came into power, at which time
there was over $4,000, 900 of three per
cents. outstanding, redeemable at the
will of the government. On March 1,
1882 the market prices of the and ~
per cents. Were high owing to purchases
made by the preceding administration.
Notwithstanding these unfavora BILE cir
cumstances, Secretary Window sue
ceeded during the first sixteen months
of his administration in purchasing
SIS, 974, 200 of 1 per cents, $50, S2G, 40 of
AZ per cent bonds; and at the end of
the purchase was paying S per cent.
less for the Is and per cent. less for
the AS than Mt the beginning.
During the summer of 1890 the skill
full management of our national finances
averted grave disaster, and completely
restored that confidence in commercial
circles that had been shaken by foreign
financial troubles. Within period of
ninety days the treasury department
disbursed over 500, 100000 on account
of the public debt.
The amount of United States bonds
purchased and redeemed under this adj
ministration since March 1, 1889, was
$3.50, OK, $50, at a cost of S396, 316, 931. The
cost of these bonds, had they been al
lowed to run to maturity, would have
oh 70
the government through these pur-
chases of $50, 1852, 493.
The annual interest charge on March
1, 1882 was s34, SIS, 459; the annual in
terest charge July /, 1892, was So, $685.,
$50. showing a decrease under this adj
ministration in the annual interest
charge on United States bonds of SILL
6S4. $40.
The interest bearing debt of the
United States on March 1, 1881, the ad-
vent of the democratic administration,
was as follows:
Annual
amount Interest.
Three per cent Oonds..S l9i,I90 50) 5S25,7l5
Four and half per CT
bonds ................. 25oOJQOJ) n25oOOO
-Four per cent. bonds
and refunding cert's.. ~. so 295lS,3i2
Total Il, 1872, 49, go s4f5siO57
The interest bearing debt on March
1, 1889, the commencement of the repub-
licau administration, was rs follows:
annual
amount. Interest.
-Four ana half per CT.
bonds ..........si 62 81, POD 7,s2T, s9lOO
Four per cent bonds
and refunding cert's 65l, 26i.O21 q, $50. 50
Total. .sSI4,1 22O ,sI57s, $3.50
The interest bearing debt of the
United States at the present time, July
/, 1892, is as follows:
AnHuaI
4uount Interest
Two per cent bonds. s -, S6i, 500 5 5O7, 5000
-Four per cent. and re-
funding certificates 559,66i,sSO q. $50, 593 %
Total 1855, O2g,s 31 s!a ss8, s8s %
REDUCTION OF PUBLIC MONEYS HELD BY
NATIONAL BANKS.
When the democratic party assumed
control of the government in 1885, the
amount of public money held by ma
tional banks was 1866 73. This
amount was increased under democratic
administration until on April 50, 1883,
it was SCI, 921,2 94.
BY March /, 1889, this had been re-
duced to SIS, ,99l. Only about one
fourth OF this amount was actually re-
quired to be so held in the business of
collecting revenues and disbursing eX-
penditures. The remainder was simply
public moneys left with favored banks
on deposit, instead of being used to re-
duce the general indebtedness of the
United States. The amount has been
reduced under the republican admins
traticn 20 S13. SG6, 270, or about the same
amount as was held when the demo
cratic party took control of the treas
ury in 1855. That is to say, these IN
necessary balances have all been col
lected, and the money so obtained has
been employed in paying off the public
debt.
PLACING OF THE TWO PER CENT. LOANS.
In addition to the large purchase of
interest bearing debt, this administra-
ton was able to extend over s25, 900, 900
IF the AZ per cent. bonds falling due
!ast September at the rate of , per cent
Der annum, redeemablesat the pleasure
Of the governmental rate lower than
any other government has ever been
able to place public loan, and lower
than this government has ever been
able to place it at any preceding period
in its history.
INCREASE IN THE VOLUME OF MONEY IN
CIRCULATION.
There has been notable increase in
the volume of money in circulation since
March l, 1889. On that date the amount
was 81, 4O4, 205. S96, while on July l, 1892,