Jasper County Democrat, Volume 3, Number 2, Rensselaer, Jasper County, 21 April 1900 — COLD FIGURES. [ARTICLE]

COLD FIGURES.

Showing Enormous Increase of National Debt and Power of Banks. New York Journal; It is high time that this national bank perpetual-bond scheme was stopped. Five per cent premium ou a two-per-cent bond is on un-heard-of bond credit in nationrl finances. No nation on the face of tho earth can discount that. Tho Conference Committee’s currency bill, recently passed by a Republican Congress, makes the national debt, principal and interest, payable in gold coin. The bonds now outstanding can be refunded into two per cent bonds, the interest on which is payable eveiy threi months; but the principal cannot be paid under 30 years, and the last of such bonds issued are tho first that can be paid. These bonds are not taxable, and national banks can deposit them with the Secretary of the Treasury, and, in addition to drawing interest quarterly upon them, can get back their full face value in national bank notes, which they lend to the people at from 6 to 12 per cent interest. What a contrast is this policy to that pursued immediately after the close of the Civil War! During Johnson’s Administration —1865 to 1868—the interest-bearing debt was reduced $179,441,567, and $702,140,559 was paid in interest. During Grant’s first term—lß69 to 1873 —the debt was reduced $347,266,422, and $460,246,751 was paid in interest. During Grant’s second and Hayes’ terms the public debt was increased §12,306.100. Why whs this? Again, during Garfield’s and Arthur’s Administration §413,003,900 o’ ll o public debt was cancel* d. DnringCleveland’B first term $245,6:8.450 of the'debt was paid, and in Harrison’s $244,824,660 wascan-i c 'led. At the close of Harrison’s Admistration the public interestbearing debt was only $585,029;330, while in $1865 it was $2,381,530,294, thus showing a reduction of §1.796,510,964, and the annual interest was (reduced from §150,977,677,697 in 1865 to $22,893,893 in 1892.

The monthly statement for February, 19(10, shows that the inter-est-bearing debt is now $1,026,862,120 an increase of §441,837,790 in the bonded debt since 1892; and the annual interest has increased to $40,347,872. Omitting the eight years of,Grant’s second term and Hayes’ term, we find that for 20 years the national debt was canceled nt the rate of $89,825,548 per year, but duriug the past seven years it has increased at the rate of $63,119,684 per year. Why these changes? Has it not been brought about by national banks for the purixwe of jwrpetunting the debt and to gain C n rol of the ssu i >f the iiaper mo ,ey?