THE NATIONAL DEBT.
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5 Mr.. HOLDEN: The wings say that General Mckay
Report the Tariff which states that the public deb
when Mr.. Van Buren went out of power but s


millions dollars erroneous because the six million
were Treasury and that and above that
owed thirty millions, and also that the twelve mil
lions borrowed by the wings to part of that debt


hope you will extract from the report of Gen. Mckay
and show US how these things are.


Halifax, May, 1874. D.
We most cheerfully comply with the reques
of our correspondent and in doing so beg leave
in addition to quotations below from authentic
documents, to state few other facts The wings
took possession ofthe Government in March, I94I
An extra session of Congress was called, and the
whig Secretary of the Treasury made his report
In this report he put down the deficiency of means
at the close of the year 194l al something more
than six millions; but his report and statements
were examined by Mr.. Wright of New York,
one of the first inanciers of the country, who
proved, according to the premises of the Secretary
himself that the debt left by Mr.. Van Buren did
not amount to as much as three millions of dol
lars


We now quote from the report of Gen. Mckay,
a document which we presume no man will at
tempt to gainsay. On page 8 of No 3O6 the
Report says:


ssn this way, debt, in the shape of treasury notes
outstanding to amount probably varying very
teray from SO, 200 900, had been contracted at the
time when the present administration into power,
the 4th of March,, l84l and that debt. thus COM
menced, has, since that time, and up the first day of
December last, been swelled to the startling amount Of
than 900 OO0-more than $2I 900 OCO of which
has been made n the OF loans
of years, and the residue yet retains the of
in fhoc
and accruing revenue meet the annual appropriations
have accumulated this amount of debt in this short Pc
od, and more than $9 100000 of within 34 years
being from March 4. 1s41, to December L, Is43 and all
within The life of this adminstraon-next preceding
the first day of December last These facts will appear
by reference to report from the Secretary of the rIea
sury, made to the Senate the 10th of January, 1872
(Senate doc No A. I'd sess 27 Congress and to table


appended the report of present Secretary the
Treasury under consideration and which repot and
table hereto annexed. and marked respectively I
and F. These remarks, in reference to the amount Of
the public debt at the two periods named, do not
brace, in the amount stated the items which yet reah
unpaid either of the old funded unfunded debfs the
debts assumed by the United States for the corporate c
ties of the District OF Columbia, Will be seen by
ference the annexed statements. Nor do the
stated includes have any reference any Indebtedness
of the United States TO the Indian tribes under the
raj treaties for the purchase of the Indian lands and pay
able in annuites the sums of money which the Go
hold for the benefit of the Indians, and upon
which the annual interest is paid and sill, has been
seen continuing deficiencies Experienced and anti
cpated by the head of the fiscal department of the Gov
ernment. and continued additions of from to three
millions per must be made to the debt, until
ducton of the expenditures, mprovem of the
revenues or bofh are made to supersede deporable
necessity. Upon page 10 of the report, the Secretary
presents further call for the improved He
says ''The loan made under the of 2lst OF
is in TERMS redeemable the option of the
after the Es of January 1S45 yet it is uot doubted that
the understanding of the lenders the time (as
always respect to loans similar terms that it
would redeemed at the specified time The table F,
above referred to, shows the amount Of the loan be
$5 672 ,076 49,"


We annex the report and table marked E and F,
referred to in the report of Gen. Mckay:


E. /
Report Of the Secretary Of the Treasury Transmitting
in compliance with resolution OF the Senate. state
OF the public debt the BID of March and Esd Of
December, le41


TREAsURY DEP,kRTMENF, January 10, 1872


Sir: In obedence TO the resolution Of the Senate OF
the 2sd ul have the honor to transmit the aecompany