(Thv (Eryott JiUullttm
Published every day except Sunda
Seth M. Vining. Editor
A few Sundays ago Secretary
o? the Treasury Morgenthau ex
p Joined, via radio, the financial
status of the nation. Two of the
facts brought out in his speech are
of exceptional interest.
First, when the present Admin
istration came to office the gross
public debt was a triffle [under
$21,000,000,000. On March 31, it
was $28,000,000,000.
Second, it would naturally be
supposed that the interest cost of
the debt would be at a record high,
inasmuch as the debt itself is.
But the annual interest cost—now
amounting to $800,000,000 —is less
thian it was in 1925, when the debt
was $8,000,000,000 less.
The reason is that government
bonds now pay less interest than
at any time in history. The av
erage on the bonds outstanding is
but 2.86 per cent, and the Treasury
is gradually caQling in old, high
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