S29S,306 40

I,38O.OO0 90
ll,7ll,2I0 IL
l3774,446 II

S27.38o. gel 65

Total debt,

L. SMITH, Register
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7. L. SMITH, Register.


Now this, it must be confessed looks very
unpropitious to the Wings The "debti
was only S7,480,952 Is, on the 4th Of
March 1871. and it was e27, ,3S7, ,22I 65 on
the 18th OF February 1913. The conclu-
sion said these Pgrdyual asre elA5 jedrS; -rev9llry
millions TO the public debt, and the willing
dupes swallowed the monStrous fable with
as much deIighta as fit were indeed true that


''The pleasure is as great


OF being cheated as To caeatln


Now what is the truth of the case-truth
which no Intelligent man will dare deny2
Nothing Is regarded as 'debF a:the treas
ury department. unless the government has
issued something in the shape of an oblIga-
ton representing the amount. Hence Mr.
Register Smith, IN his Report, confined HIM
self to the amount oftreaSurq notes then out
Standing or other soritten euideaceS of the
government liabilities. But, besides these
there was an immense amount of "iiabllt.
ties" incurred By the government, prior to
the 4th of March 1911, which, though not
included under the term "debt" at the treas
arY department. the government was Iust
as much bound 10 pay as though lis creditors
had obtained treasury notes or bonds And





who relied upon The above statement of Re
glster Smith-particuiarlv to the members
u the taSt Congress, who ought TO have had
IN their possession Tor at least been conver-
SAINT With another Report from this same
Register Smith, and which was drawn from
him by a resolution of The House OF Repre-
sentatIves, for the purpose Of dispelling the
false aspect given to the facts detailed IN he
> .tf,tva 4faH


sum of money for which he has given no
written obligation. Is it less a DEBT on that
account In other words, if al individual
owe 800, OF which one half the amount is
upon open accounts on merchants lcdgers,
and the other half is evidenced by bis bonds
IN possession OF his creditors. would he not
he laughed al as insane If he were 10 state
the amount of his entire debt al 500 because
| he had given bis notes only for that amounts
| Yet this is precisely what Register Smith
did, when he was called on by Congress TO
state the amount of the public deb: on The Attn
OF March 1871, and the 18Th OF February
l843 AT the first named period, the notes
| aud bonds of the government outstanding. a
mounted 10 S7,49O602 Is. and he gave that
as the whole amount of the public debt"
And al the latter period, the Wings having
borrowed nearly fourteen millions Of dollars
and Increased the issue OF treasury notes six
miii:ons more. 10 pay obligations incurred
by The Van Barren administration, and be-
Jors they came into Poacsr. he stated the
'publlc debt then to be 81. .369.22l 65.
Now, we ask, who is responsible for this in
crease-the Locofocos who left their "open
account debts to be bonded by the Wings,
or the Wings who merely gave their bonds
for the obligations incurred by their prede-
cessors2 The question answers ITSELF and
is too plain to require illustration. A man
with a large estate dies. leaving immense
debts due to merchants, farmers and others.
but no person holds his note or bond His
, heirs, in order to keep his estate together,