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Yet in 1786 the interest-bearing debt had mounted to $600,000,000, the government was running in debt at least $25,000,000 a year, and the treasury-officials were experiencing the utmost difficulty in negotiating new loans. Something had to be done.
On the 1st day of July, 1893, this sum had been reduced to $585,137,100, or an aggregate reduction of $1,747,294,108. The interest-bearing debt of the United States on the 1st day of December, 1897, was $847,365,620.
Aside entirely from interest and dividends, the stockholders of the Great Northern in the seventeen years following 1889 were presented with over $300,000,000 of interest-bearing securities. All the railway annals of the United States cannot present a duplicate of the startling success attained by these four or five Canadians and their associates.
The financial operations of the Government during this period, based upon these differences between receipts and expenditures, resulted in a net reduction of the interest-bearing debt of the United States from $987,141,040 to $897,253,990, notwithstanding that there had been two sales of Panama Canal bonds amounting in the aggregate to $54,631,980, and an issue of three per cent certificates of indebtedness under the act of June 13, 1998, amounting to $15,436,500.
Stated in this form the proposition is nothing less than the deportation from the Country of $1,600,000,000 worth of producing labor, and the substitution, in its place, of an interest-bearing debt of the same amount.
His connection with these persons was indisputable and the social consequences of it could not be fairly avoided. As for the matter of the necklace, he held that he could deal with that, but could he? He lacked confidence in himself. Even his fixed interest-bearing securities might, by some inconceivable world-catastrophe, cease to bear interest, and then where would he be? Philosophy!
If the holder of the United States note prefers the gold and gets it from the Government, he should not receive back from the Government a United States note without paying gold in exchange for it. The reason for this is made all the more apparent when the Government issues an interest-bearing debt to provide gold for the redemption of United States notes a non-interest-bearing debt.
Viewed from the standpoint of the populace, he was a selfish, cross-grained old obstructionist. Here was the situation: By thrift and shrewd management he had accumulated during his reign nearly enough funds to pay off the town debt and retire interest-bearing notes. He had proposed to make that feat the boast and the crowning point of his tenure of office.
The sum of two hundred and ten thousand dollars in six per cent. interest-bearing certificates, payable in ten years, was set over to the credit of Cowperwood & Co. on the books of the city, subject to his order. Then, with proper listing, he began to offer it in small amounts at more than ninety, at the same time creating the impression that it was going to be a prosperous investment.
In 1865, August 31, it reached its highest point $2,381,530,294, with an annual interest charge of $150,977,697. Since then it has been steadily reduced until in 1889 the total interest-bearing debt was but $829,853,990, with an annual interest charge of $33,752,354.
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