PUBLIC DEBT OF AMERICA.

Globe, Volume XXIII, Issue 2157, 24 January 1881, Page 3

PUBLIC DEBT OF AMERICA.

In his address recently made to Congress, President Hayes alluded to the public debt in the following terms:— No public duty has been more constantly cherished in the United States than the policy of paying the nation's debt as rapidly as possible. The debt of the United States, less cash in the Treasury and exclusive of accruing interest, attained its maximum of 2,756,441,571d018 in August, 1865, and has since that time been reduced to 1,886,019,504 dole. Of the principal of the debt 108,758,100 dole have been paid since March Ist, 1877, effecting &n annual saving of interest of 6,107,593 dols. The burden of interest has also been diminished by the sale of bonds bearing a low rate of interest and the application of the proceeds to the redemption of bonds bearing a higher rate. The annual saving thus secured since March Ist, 1877, is 14,290,453d015. Within a short period over six hundred millions of five and six per cent, bonds will become redeemable. This presents a very favorable opportunity not only to further reduce the principal or the debt, but also to reduce the rate of interest on that which will remain unpaid. I call the attention of Congress to the views expressed on this subject by the Secretary of the Treasury in his annual report, and reoommend prompt legislation, to onable the Treasury Department to oomplete refunding the debt which is about to mature. The continuance of specie payments has not been interrupted or endangered eince the date of resumption. It has contributed greatly to the revival of business and to our remarkable prosperity. The fears that preceded and accompanied resumption, have proved groundless. No considerable amount of United States notes have been presented for redemption, while very large sums of gold bullion, both domestic and imported, _ are taken to the Mint and exchanged for coin or notes. The increase of coin and bullion in the United States since January Ist, 1879, is estimated at 227,399,428d01. There are still in existence, uncancelled, 346,681,016d01. United States.