The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1902-10-24
HUHINntit,nul 1jht,t, L

tAil interesting series of articles liaS
been appearing In The North $Ameli-
can Review on . National Debts tile
World" }3N The latest one OF GneSc in.
tercSting and Instructive articles is
devoted to "rhe Public Debt OF the
United States, and is contributed BY
Mr.. O. II. Austin, chief Of the bureau
OF statistics Of the treasury depart
mcnt. The national debt Of tile Uni
ted States amounted on Julyl, 19O2, to
81 ,32S, S,031 1866. or this sum $O3I ,070,-
$40 is 'intcrcst-bearing debt,n 1885,
$50, 1856, debt bearing no interest,n
and $l,280,S $50 debt on which inter
est has ceased since maturity" The
intercst-b bearing debt, speaking In
round millions, consists Of $19, 900, 900
In per cent bonds, rcdccmable in
1904; 1888, ,000,0 900 at 4 per cent, re-.
dccmablc In 1907; 1896, OOO,000 at 4
per cent, rcdecmablc in 1925; $07, ,OO0,-
600 at per cent, redeemable In 1908;
and $440, 100000 at 2 per cent, re.
dccmable in 1890.
The debt bearing no interest con
SlstS Of $34G, 100000 of United States
notes, commonly known as green
backs" for which no date Of redcmp-
tion is fixed; S42, 900, 900 Of funds de-
posted by national banks going out Of
business, with which the government
Is to redeem their notcs whenever pre-
Scntcd at the treasury for redemption
and $6,000,000 Of fractional currency
issued during the civil war, OF which
probably less than 8 900, 600 will ever
be presented for redemption, and the
debt on which interest has ceased
since maturity amounts to about 81
100000 Of bonds overdue but not vet
presented for redemption. Against
| this debt there stands in the treasury
$3.50, 100000 In gold, set aside as Il re-
serve fund for redemption OF the Uni.
ted States notes when presented, and
an available cash balance" on July /,
OF S208, 600, 900, or an available debt
paying balance OF 1858, O0O, 900, thus
bringing the debt less cash in the
treasury" to $960,457,24l.
The Atlanta Journal says a cauSal
examination OF the debt statement
might give widely erroneous impress
sion Of the situation The annual
statement published in the reports Of
the treasury shows in one column
| oiiS oStofoUtth0llIE pllHCIptl VI UIlC ptlU-
lie debt" as $2,158, ,6lO,445. This
enormous figure is produced by bring
ing into the total account all the gold
and silver certificates for which there
is deposited in the treasury a sum cx-
actly equal to the values Of the ccrtiR-
Gates.
Therefore, this apparent indebted
ness which is classified as certificates
and notes issued on deposit of coll
and silver bullion" and which
amounts to S346, 900, 900 of gold certlii,
Gates, 1854, 900, 900 or silver ccrtili
Gates and $50, 900, 900 Of treasury note.
issued for tho purchase Of silver bul
lion, Is, In fact, not to be considered
IN statement or 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 he stated is
that the interest bearing debt is $93l,
07O,340, the debt bearing no interest
$395,6S0, 1856, and the total debt, less
cash in the treasury, 5000, 457, ,241.
This makes an annual interest charge
Of $27, 7,542,945 and brings the per cap.
ita debt, less cash in the treasury, tt
$l2.27, and the annual per capita in.
tercSt rate to 35 cents.