Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1896-06-26
ITS UPS AND DOWNS DURING
THE THIRTY YEARS.
High-Watcr Mark in Water
Mark in 1S02-Principai, Interest and
Premiums-In Round Figures, $4,000
100000 Paid.
washington Correspondence Of the
Globe Democrat.)

rell strclg on the dollars and cents
transactions of the Government. Re-
Gently he has been overhauling the
figures pertaining to the public debt.
He has had compiled some information
which will interest and surprise the
average reader who knows little and
cares less about the nations monetary
obligations. There seems to be no pol
itical purpose in what the Senator has
drawn forth. The results simply show
in dollars the marvellous recuperation
of the nation from the cost of the civil
war.
The statement prepared for Senator
Cockrell by the Chief of the Treasury
Bureau of Statistics, Worthington Ford,
shows the condition of the public debt
for every year from 1866 to the end
of 1895. That debt was 1921, 81 ,91S
at the end of 1865. 1t increased in
1866 and in 1867, reaching a maximum
the latter year of 81, PAS, O67, 1887.
In the thirty years ending with 1895
the country has paid on the principal
OF this debt s1,5O5, 109,S 5S.
This reduction of the principal is
magnificent testimony to the recupera-
tive power of the United States. But
what will people say when they learn
that in addition to the reduction of
principal the country has paid in inter-
est during the thirty years a sum
greater than the debt at it's maximum?
Here are the figures:
Paid on principal from
1865 to 1895. 81 500, los, 1858
Paid in interest from
1866 to 1885,. 1856, 760,9S1
Total principal and in
terest paid ...........S3 So, SCI $50, 1o3
The debt of the United States reach
ed $4,000, 900 in round figures, but
the country has already paid on ac-
count of it nearly S4,OO0,000,O00.
The lowest point reached by the debt
was in 1892, the closing year of the
Harrison administration. 1t stood then
at $685., 029 $3.50, about one-fourth of the
debt at its maximum in 1867, and about
one-seventh of the total amount which
has been paid in principal and interest.
In the thirty years that the United
States has been dealing with the war
debt the reductions and increases pre-
sent some interesting figures.
In the year that the debt reached
its highest point, which was 1867,
payment of sS4,OO0,O0O was made on
the principal in addition to $13S, 5000, 900
of interest. None of the debt was due
in 1867. To persuade bondholders to
let go of their appreciated securities
the Government had to go into the
market and pay premium of 100000
600 in the extinction of this SS4 1000, 900
of debt.
OF the thirty years from 1866 to 1896,
twenty-five years have shown reduc-
tons and eight years have shown in
creases of the debt.
The largest reduction of the debt in
any one of these twenty-five years was
made in 1882, the first year of the
Arthur administration, when SITS ,000,-
u.
bonds fell due and were redeemed
without the payment of any premium.
The smallest reduction in the twenty
two years was in 1876, when only
S11, 100000 of the bonded debt was ex-
tinguished.
In making the reduction of the
debt faster than the bonds fell due the
Government has paid $119, 100000 in |
premiums. If the premiums are added |
to the interest paid and to the twenty
two reductions of the debt it will be
seen that the total paid on account of
the war debt is SS9S0 100000
OF the eight years in which addi-
tons were made to the debt, the first |
was the year 1868, when Sill, OO0, 900 |
was the increase.
The second addition was made in |
1874, the year following the panic of
1873. That increase was $4,000, 900.
In the year of the great railroad |
strikes, 1877, and in the two years of
depression and hard times following,
there were increases of the debt. The |
increase Of 1877 was S1,000,000 in round .
figures. In 1873 it was SS4,000,000.
In 1879 it was 100000.
After 1879 the reductions began. and
in every year for thirteen years the
debt was cut down. 1t was during this
period that the largest reduction, al
ready mentioned, that in 1882, was
made. In the thirteen years from 1879
to 1893, covering the administration of
Hayes Tin part, Garfield and Arthur,
Cleveland (the first and Harrison, the
reduction was s1,2O6, 900, 900.
In the last two fiscal years included
in Cleveland's first administration
there was a reduction of $192, 1000, 900.
For the redemption of bonds called in
before due, premiums amounting to
$25 1000 900 were paid.
In the first three fiscal years covered
by Harrison's administration the net
reduction of the debt were $245, 900, 600.
The amount paid in premiums was $780,
$1,000.
In the last nine months of the Har-
dp, i,c Grct 4