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At that date the figure was $2,844,649,626, or, for the interest-bearing part alone, $2,381,530,294, The total interest-bearing debt on April 30, 1888, was only $1,038,199,762. At the end of that fiscal year, June 30, 1888, the debt, less cash in the treasury, amounted to $1,165,584,656.
Instead of the punishment for non-payment of taxes being visited upon him, it was imposed upon the whole community in the form of interest-bearing bonds. The money that Astor secured by robbing the Indians and exploiting the workers by means of monopolies, he thus put largely into land. In 1810, a story runs, he offers to sell a Wall Street lot for $8,000.
Such a provision of law, supported by suitable regulations, would enable any person readily, without cost or risk, to convert his money into an interest-bearing security of the United States, and the money so received could be applied to the redemption of 6 per cent bonds. The coinage of gold during the last fiscal year was $52,798,980.
Then, awkwardly, "I calc'late I need a pair of blankets, but I can't afford 'em this year. Wife's been sick " "Sure," said Scattergood, "I know. If you want them blankets take 'em along. Pay me when you kin.... Jest give me a sort of note for a memorandum. Glad to accommodate you." So Scattergood marketed his blankets, taking in exchange a perfectly good, interest-bearing note.
In short, during the seven years and three months there has been a net surplus of nearly one hundred millions of receipts over expenditures, a reduction of the interest-bearing debt by ninety millions, in spite of the extraordinary expense of the Panama Canal, and a saving of nearly nine millions on the annual interest charge.
In 1801 he says that for two years and a half 'he has thought of scarce anything else' than a plan for interest-bearing notes, which he carefully elaborated and discussed with Nicholas Vansittart and Dr. Beeke. In September 1800, however, he had found time to occupy himself with a proposed frigidarium or ice-house for the preservation of fish, fruits, and vegetables; and invited Dr.
In order, therefore, to clear up this outstanding indebtedness and make everything shipshape again, it was decided that the city must issue a loan, say for two million dollars no need to be exact about the amount. And this loan must take the shape of interest-bearing certificates of a par value of one hundred dollars, redeemable in six, twelve, or eighteen months, as the case may be.
Under these circumstances the Secretary of the Treasury and myself heartily concurred in the propriety of using all the surplus currency in the Treasury in the purchase of Government bonds, thus reducing the interest-bearing indebtedness of the country, and of submitting to Congress the question of the disposition to be made of the bonds so purchased.
France, then, supports an army and navy of the first class, and has only 37,000,000 people to do it with. And this same 37,000,000 people pays interest on a debt that is greater than that of the 142,000,000 people in the three countries named. Yet there is no wail of distress, such as we are familiar with, heard in this France, with its great army and navy, and its fabulous interest-bearing, debt.
On the 30th day of June of that year we had outstanding demand liabilities in the sum of $728,868,447.41. On the 1st of January, 1879, these liabilities had been reduced to $443,889,495.88. Of our interest-bearing obligations, the figures are even more striking. On July 1, 1866, the principal of the interest-bearing debt of the Government was $2,332,331,208.
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