The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1896-04-29
SOME PLAIN FACTS.
REVIEW OF DEMOCRATIC MANAGE
MENT OF THE TREASURY.
National Prosperity Has Always Followed
the Adoption of the Protection Policy.
Free Trade Efforts Ever Accompanied
by Dissster-Finances Failing.

amounted TO ", SOS, DAY, 437. 90. VI this
sum 81 144, 072, 100 was in 1910 per
cent and 5-2O per cent bonds, Pacific
railroad per cents, due in 1881, and 8
per cents, due in 1871, 1874 and 1880,
the remainder being in temporary loans,
treasury notes, compound interest notes.
z. 80 notes and United States notes, one,
two and three year notes and fractional
currency.
The finance reports for 1868 state that
the debt, less cash in the treasury, was
81, sos, 202, 516.9 "a.
The reports for 1871 state that the
total decrease Of the public debt from
March /, 1869, to Dec. /. 1871, was
1927, gil, 500. 16. During the same
period the annual interest had been re-
duced $16, 74l, 436. o..
In the finance reports for 1878, on
page %, we find the following: 1.-The
country has exported during the 20 years
ending with the last fiscal year gold
and silver TO the extent of more than
81, 600, 900, 900 over and above the
amount imported "
The finance reports for 1876, Secretary
Morrell, show that on June 80, 1876,
including accrued interest, less bonds is
sued TO the Pacific railroad companies
and less cash in the treasury, the public
debt was So, 099, 439, 444. 94, reduction
of the debt since Aug 81, 1865, of
1856, 992, 226. A, which was 1928, 144,-
| OIL OF more than was absolutely re-
quired by the sinking fund
In his report for 1887 Secretary Man.
ming said: 1.-THE grand total of $127,-
612, $50 Of per cent bonds were retired
in 1887, and after every possible obliga-
tion had been provided for the sum of
| $50, 25S 701 l9 surplus was still in the
treasury, which every day grows larger.
A careful estimate shows that this sum
will be increased to $l40, 900, 900 at the
end Of this fiscal year under the opera
ton of the present tariff and appropria-
ton laws. "
Secretary Manning further estimated
that 1.-THE revenues by June 80, 1890,
with the surplus revenue of 1889 and
the surplus already accumulated, would
be $22S, 900, 900, which might be used
Ill the next Ii months for the purchase
of interest bearing debts. +"
This report was the last one made un-
der Mr. Cleveland S first administration,
and this showing was due to Repub-
lican senate that would not reduce the
duties on foreign imports, which Dem
ocratic house had tried to secure,
In his report for 1889 Secretary Win
dom said: THE cash balance in the
treasury over and above all accrued liza
bilities, at the close of 1889 was ST.
asa, 042. 49, If TO this balance there be
added the estimated surplus for the cur
rent fiscal year, the amount that could
be added to the purchase of bonds TO
June 80, 1890, will be $l63, asa, 042.-
49,
Secretary Foster in his first report
made the following statement: 1.-The to-
tai reduction Of the public debt, includ-
ing amounts applied to the sinking fund,
since Aug. 81, 1865, when the debt was
at its highest point, aggregated 81, GA
800, l07. So, or 1890 5l0, $751; 40 more
than was required by the sinking fund
act. -
gust, 1865, TO the close of Benjamin
Harrison's administration, a period Of
2S years, the public debt was reduced at
an annual average of $40, 52S, 1853, and
III addition thereto the pension fund
had been increased from about s 6, 347,
656 TO $l34, 5S3;052 The total interest
bearing debt, as given by Secretary Fos-
ter, was on Aug. 81, 1865, 81, 3S1, $50,
294. 90; on Aug 81, 1892, it was only
1856, 029, $50. According to these figures
the interest bearing debt had been re-
duced 81, 100, 500, 964. 90 during 2S years
under protection. Although the pension
law called FOR from $3.50, 900, 900 to
1874, 900, 600 annually from the treas
ury, yet President Harrison was able TO
reduce the public debt more than sci,
900, 600 yearly during his entire admin
istration.
This was the condition of the treasury
at the time of the election in November,
1892.
In the monthly statement of the pub
lie debt issued for the month Of Febru-
airy, 1896, Secretary Carlisle makes the
outstanding interest bearing debt of the
government on March /, 1898, $685.
034, 260; on March /, 1896, $S22, 615,-
10. From these figures, furnished by
Secretary Carlisle himself, the public
interest bearing debt has increased
1897, $50, 90 between March 1, 1898,
and March /, 1896, an annual average
of $40, 1913, 636, and for this amount the
president and secretary have sold to
home and foreign bondholders AZ per
cent interest bearing bonds which run
for 80 years. According to the report
of 1894, there was deficiency in rev.
enue of 500, sos, 26O.5 So. Undoubtedly
the president will be compelled to sell
as many bonds during the last year of
his term as he has for the year past,
which will make an average increase Of
the bonded debt during his entire term
of about $50, 600, 900 year.
Under protective tariff the public
debt was reduced over $40, 600, 900 an
nually for % years. while under the
Wilson German tariff bill Cleveland
and Carlisle have increased the bonded