Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1853-10-28
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The surplus In tho unlted States
Treasury subject TO drait on tho a3d Of
September. was s27. bos,ooo. On the
soth Of June Iast the amount was stated
at sal ,o4a,soa. This, II the sub.lreus.
ury law L. practically enforced. !. In spe-
oie--iust 30 much gold aud silver locked
up from public Us Q, and, for all present
practicable purpose, OF no more use
than III did not exist. With the fears
expressed by some Of an impending
scarcity, or apparent scarcity of money,
and for the generally conceded reason
that IL IL inexpedient to allow such an
immense and Increasing accumulation
Of funds In the National Treasury, IL
has become In many quarters an lmPor-
tant question, "What shall DO done with
this surplusi"
As a matter OF course the redemption
Of the public debt Is the frat point In
view. A small part Of this debt l. due
In 1856, and the balance In 1862. From
tho conditions under which this debt
was contracted, the United States can.
not pay of this debt unless with the con.
sent OF tho creditors, until Il becomes
due. II cannot DO bought up by the
government. except at premium Of Al
per cent. and Upwards, rather costly
operation, considering that when II was
negotiated II went OF at par. And In
addition 10 this, any attempt Of the Gov.
eminent to purchase this stock, made
ona large scale, would raise the price, at
once.
The National Intelhgenoer suggests,
a. smong the propositions that will be
before the next Congress, that the treas.
ury department, DO authorized TO advance
BY way OF loan the par value OF any
United States stock, on pledge Of II aa
security. At a low rate OF interest. The
in,el;lgcnecr says'
That would DO preferable 10 buyingup
the stock, for, taking Into view the prem.
lum al which Il Ia now selllng-whleh
premium IL an entire loaa-the actual
rate Of Interest saved IN purchasing the
sIx per cent. stock does not exceed q 10
81 per cent, aud the Treasury would In
this mode retain the command OF the
amount thua loened In case OF any con.
tlngeney In our foreign relations which
might require an extra amount of funds
or could employ u Ia buying up the stock
on much more favorable terms than at
present, should anything occur to reduce
the value Of II In the market, at or near
the par value. Those louns, at any
rate, could be kept out until 1856, when
all the debt redeemable In that year
could be called In and paid of at par, aud
thus save the premium which II now
bears.
We have no doubt that twenty mill
ions Of dollars could readily be lent out
In the above manner at . and probably
at "a per cent. making an annual saving
OF intcreat equal TO six aud seven hun
dred thousand dollars, besides relieving
the general financial aud commercial bus
mess OF the country by throwing that
amount Of specie into general circulation
instead OF keeping il locked up In the
Treasury, where II Is not only as useless
as u II was OF the bottom of the Red
Sea, but Is actually very injurious In il
effect upon the general interest OF the
country.
We see no reasonable objection
10 tho above mode, but, on the contrary,
various advantages, some OF which are
alludedto above. II isin fact atemporary
purchase OF the stock at par, giving IL
the holders OF Il the right OF redemption
at the same rate; they In the mean time
abaling portion oil the interest payable
TO them rs a compensation for the use
Of the money. The security Of course
would be most satisfactory and ample
for the principal, as the United States
themselves are the debtors; and for the
interest the amount would be retained
from the semi.annual dividends on the
stock.
II Congress thought proper 10 fix the
rate OF interest on which these advan.
ess should be made at Tour per cent, they
might at the same time vest In the Treas.
ury, tho power TO make, with the consent
oil the owners, definite purchase of any
certificates thus pledged al a premium
per annum Tor the uneSplred time, up ID
the date at which said stock was redeem,
able, equal to the difference between sale
four per cent. aud the rate OF interest the
stock bore.
Monetary.
The past weak has heva Que Of panic a
the t.sst. Ia the Money Markets aus yet nc
good reason can be assigned for the pressure
hut very short tine siuee money was plen
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