Democratic Sentinel, Volume 13, Number 37, Rensselaer, Jasper County, 4 October 1889 — MIGHT EXPLAIN AGAIN. [ARTICLE]

MIGHT EXPLAIN AGAIN.

SECRETARY WIXDOM’S misleading STATEMENT. The Secretary’* Presentation of Figures to Show that the National Debt Him Not Increased Ingenious hut Contrary to the Fact. [Washington special.] Secretary Windom’s explanation of the last monthly debt statement is very ingenious, but a close examination will reveal the fact that the explanation does not explain, and is a mere hocus pocus with the figures purposely designed to deceive. By the Secretary’s jugglery he makes it appear that instead of an increase in the public debt there has been an actual reduction of nearly $21,000,000 during July and August. To substantiate his statement he points to the fact that the total amount of the public debt on June 30, 1889, including bonds of all kinds, was $896,388,987, and on the Ist day of August it was only $875,478,807, showing a reduction of $20,910,180 during those two months. At first blush that would seem to be a very frank and conclusive statement. But the Secretary goes on to the extent of half a column of argument to show that his figures are correct, and instances numerous things w'hich may or may not have any bearing on the question. The fact is. he has told half the truth and concealed the other half, and it is exactly this other half in which the people are interested. The figures quoted above from his disingenuous explanation refer solely to the interest-bearing bonded debt, and nobody ever made the ridiculous claim that the bonded debt had increased. In using them he has absolutely ignored the fact that during those same two months there were receipts and expenditures which, when taken into consideration, alter very considerably the favorable conclusion he wishes to impress upon the people. Further down in the same statements from which Mr. Windom extracts his figures are the following items: Statement of June 30—Net cash in the Treasury 871,434,042 Statement of Ang. 31 —Net cash in the Treasury 43,489,906 The subtraction of the latter set of figures from the former shows that the net cash in the Treasury during July an-d August has been reduced by $27,994,133. In other words, while Mr. Windom was buying $20,900,129 worth of bonds and reduced the debt to that extent, at the same time his other expenditures, paid out of public moneys available for the reduction of the public debt, ran up to $27,994,133. The reduction of which the Secretary boasts was thus overcome and made an increase to the extent Gs $7,094,004. There is no way in which this fact can be controverted. It may be lied about and figures which are necessary to the proper appreciation of the situation may be suppressed, but the books of the Treasury Department show that the public debt was increased and not decreased since the beginning of the fiscal year, and the reason for this is that the expenditures have been greater than the receipts during the last two months of Bepublican government. What Mr. Windom has done, and he should not have claimed credit for doing anything more, is to reduce the annual interest charges on the public debt by SBOO,OOO. Why the Secretary of the Treasury should desire to mislead and throw dust in the eyes of the public by means of his “explanation” is difficult to say, unless the approaching fall elections furnish the excuse.