The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1902-10-24
@tjii, National 1sbbt,

All Interesting series OF articles ifas
been appearing In The IN ortll Amcli-
can Review on "Natlonal Debts oftlic
World.n2 The latest one OF these in.
tercsting and instructive articles is
devoted to '"The Public Debt Of the
United States" and is contributed by
Mr.. Or. Austin, chief Of the bureau
OF statistics Of the treasury depart
mcnt. The national debt OF tile Uni
ted States amounted on July 1,10O2, to
81 1928, OBJ 1856. or this sum $931 ,O7O,-
$40 Is interest bearing debit $780,
$50, l50 debt bearing no Interest,""
and $1,280,S6O debt on which inter
est has ceased since maturity" The
interest bearing debt, speaking in
round millions, consists Of $19, 900, 900
In s per cent bonds, rcdeemable in
1904; 1898, 900, 900 at 4 per cent, re.
dcemablc In 1907; $135, 600, 900 at 4
per cent, rcdecmable in 1925; $07, ,OO0,-
600 at 3 per cent, redcemablc in 1908;
and $446, 100000 at Q per cent, re-.
dccmable in 1890.
The debt bearing no interest con.
sists OF 1916, 100000 Of United States
notes, commonly known as green
backs" for which no date Of redcmp-
tion Is fixed; $42,000,OO Of funds de-
posted by national banks going out of
business, with which the government
Is to redeem their notes whenever pre-
Scnted at the treasury for redemption,
and $4,000, 900 Of fractional currency
issued during thc civil war, OF which
probably less than 81 900, 900 will ever
be presented for redemption, and tic
debt on which interest has ceased
since maturity amounts to about ST.
100000 Of bonds overdue but not yet
presented for redemption. Against
this debt there stands in the treasury
$50, 900, 600 in gold, set aside as q re.
serve fund for redemption OF the Uni
ted States notes when presented, and
ali available cash balance" on July |,
OF S208, 600, 900, or ali available debt
paying balance Of 1858, 600, 900, thus
bringing the debt less cash in the
treasury" to $9G0,457,24l.
The Atlanta Journal says Il causal
examination OF the debt statement
might give widely erroneous impress
sion Of tho situation. The annual
Statement published in the reports OF
oilC OlCdouiy ollOWS III OIlC COlu mn
"the outstanding principal Of the pub
lie debt" as $2,l58,6lO,4I5. This
enormous figure is produced by bring
Ing into tho total account all the gold
and silver certificates for which there
is deposited in the treasury a sum OK
aCtly equal to the values Of the ccrtil-
Gates
Therefore, this apparent indebted
ness which is classified as Certificates
and notes issued on deposit of coin
and silver bullion" and which
amounts to $34G, 900, 900 of gold certili.
Gates, $I54, 100000 OF silver ccrtiH.
Gates and $50, 900, 900 OF treasury notes
issued for the purchase Of silver bul.
lion, Is, In fact, not to be considered
In a statement OF the real debt, since
the entire sum necessary for their re.
demption Is on deposit in the treas
ury.
The simplest form in which the debt
Of the United States can be stated is
that the interest," bearing debt is 5D3i,.
070,340, the debt bearing no interest,
$395, $50, 1855, and the total debt, less
cash in the treasury, 5000, ,457, ,241.
This makes an annual interest charge
OF $27 542,94 and brings the per cap
! ta debt, less cash in the treasury, to
$l2.27, and the annual per capita in
tercSC rate to 35 cents.
|