The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1902-10-22
Oui National USbt.

All interesting series Of articles has
been appearing in The North Ameli-
can Review on National Debts OF the
World" The latest one OF these in
teresting and instructive articles is
devoted to The Public Debt Of the
United States" and is contributed by
Mr.. 0. p. Austin. chief of the bureau
of statistics Of the treasury depart
ment. The national debt of the Uni
ted States amounted on July1. 1902. to
S1.329, OBJ, ,356 OF this sum 1881 90
$40 is 'interest-bearing debt" $685.
6S0.156 debt bearing no interest" :"
and 81. .2S0,S $50 debt on which inter
est has ceased since maturity.'' The
interest bearing debt, speaking in
round millions. consists Of 10000, 600
in 5 per cent bonds. redeemable in
1904: s233, 100000 at per cent, re-
deemable in 1907: S135. 100000 at +
per cent. redeemable in 1925: S97. .000.-
900 at 3 per cent. redeemable in 1905:
and S446, 100000 at per cent, re-
deemable in 1890.
The debt bearing no interest con-
sists Of S345, ,000.00 Of United States
notes, commonly known as green
backs" for which no date of redemp-
tion is fixed: S42.000.C00 of funds de-
posted by national banks going out Of
business, with which the government
is to redeem their notes whenever pre-
sented at the treasury for redemption.
and S6,000,O00 of fractional currency
issued during the civil var, of which
probably less than 81, 900. 900 will ever
be presented for redemption. and the
! debt on which interest has ceased
since maturity amounts to about ST.
600, 900 Of bonds overdue but not yet
presented for redemption. Against
this debt there stands in the treasury
$50. 900, 900 in gold, set aside as re-
serve fund for redemption OF the Uni
ted States notes when presented and
an available cash balance" on July l.,
OF S20S. 900. 900. or an available debt
paving balance of 1858. 0O0. 900. thus
bringing the debt less cash in the
treasury" to 1868, 4511 ,241.
The Atlanta Journal says causal
examination Of the debt statement
might give a widely erroneous impress
sion Of the situation. The annual
statement published in the reports Of
the treasury shows in one column
'the outstanding principal Of the pub
lie deot'' as S2,l5S,610,445. This
enormous figure is produced by bring
ing into the total account allthe gold
and silver certificates for which there
is deposited in the treasury sum eX-
actly equal to the values Of the certitl-
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 1916, 900, 900 of gold certiti-
Gates, S454, 100000 of silver certiti-
Gates and $4,000, 900 of treasury notes
issued for the purchase OF silver bull
lion, is, in fact, not to be considered
In 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 Understanding debt is s93l,-
O70, $40, the debt bearing no interest.
1895. 6S0.1 and the total debt, less
cash in the treasury, 1896, ,457 .24l.
This makes an annual interest charge
Of s27, ,542, ,945 and brings the per cap
ita debt. less cash in the treasury. to
sI2.27, and the annual per capita in
tereSt rate to 35 cents.