Daily capital journal. (Salem, Or.) 1896-1899, 1896-04-02
THE PUBLIC DEBT.

| WlUuOub utuuCJlbB iuhuo =" WV N'
ury. amounted to $2,sOS, $40, ,437. 7.55.
or this sum, sl,l44,O72, 100 were in
40 per cent, and 5000 per cent
bonds, Pacific railroad 6 per cents,
due IN 1881, and 5 per cents, due In
1871, 1874, 1880, the remainder being
in temporary loans, treasury notes,
compound interest notes, 1880 notes
and United States notes, one, two and
three year notes, and fractional cur
rency.
The finance reports for 1868 state
that the debt, less cash in the treas
ury, was s2,5O5, ,2O2,5l6.04.
The reports for 1871 state that the
total decrease of the public debt from
March 1869, to December /, 1871, was
1927 ,2l1, ,SO2.1 During the same
period the annual interest had been
reduced $l0,741, ,436.OI.
Ia the finance reports for 1873, on
page XXIII, we find the following:
"The country has exported, during
the twenty years ending with the last
fiscal year, gold and silver to the ex-
tent Of more than a thousand million
dollars over and above the amount
imported"
The finance reports for 1875, Sec
retary Morrell, shows that on June
30, 1876, including accrued interest,
less bonds issued to the Pacific Rail-
road Companies and less cash In the
treasury, the public debt was So, O99,-
439, ,444.S4, a reduction OF the debt
since August 81, 1865, of 1856, ,992, ,22G.-
a, which was 1929, 144,0l1.07 more
than was absolutely required by the
sinking fund.
In his report for 1887, Secretary
Manning said: "The grand total of
S127 ,612, $50 of 3 per cent bonds were
retired in 1887, and after every possi-
bic obligation had been provided for,
the sum Of S55, ,25s, ,7O1.l9 surplus was
still in the treasury, which every day
grows larger. A careful estimate
shows that this sum will be increased
to $llO, 100000 at the end of this fiscal
year, under the operation. of the pres
ent tariff and appropriation laws"
Secretary Manning further esti-
mated that "the revenues by June 30,
1890, with the surplus revenue Of 1889
and the surplus already accumulated,
would be s22S, 100000, which might be
used in the next 10 months for the
purchase OF interest-bearing debts.
This report was the last one made
under Mr.. Cleveland's first admins
tratlon, and this showing was due to
Republican senate that would not
reduce the duties on foreign imports,
which a Democratic house had tried |
TO secure.
In his repert for 1889, Secretary |
Window said; "The cash balance in
the treasury over and above all ac-
crued liabilities, at the close of 1889,
was $7l ,4S4, ,O42.39, If to this balance
there be added the estimated surplus
for the current fiscal year, the amount |
that could be added to the purchase
of bonds TO June 30, 1890, will be |
sl63, ,4s4, ,042.30
Secretary Foster in his first report |
made the following statement; "The
total reduction of public debt includ- |
ing amounts applied TO the sinking
fund since August 81, 1865, when the |
debt was at It's highest point, aggre-
gated Sl,9l4,6O5, ,lO7.s5, or 5000, ,5lO,- F..
dSl.49 more than was required by the
sinking fund act" I
From the time the war closed in
August, 1865, TO the close of Benjamin
Harrlson's administration, period of
Ss years, the public debt was reduced
at an annual average of S76, ,52s, ,753,
and in addition thereto, the pension
fund had been Increased from about
si6,A7 $3.50 to sl3l, ,5s3,O59. The total
interest bearing debt as given by See.
retary Foster, was on August 81, 1865,
S2'Ssl ,SSO, ,29l.96; ON August 81, 1892,
1t was only $685., ,O29, $3.50. According
to these figures the interest bearing
debt had been reduced 81 100, 500, ,964 .9e
during Ss years under protection.
Although the pension law called for