New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-03-17
THE GOLD BILL.

Most heartily do We congratulate the country
on the passage through both Houses of Congress
of the bill giving the Secretary of the Treasury
authority to sell such Gold as he may from time
to time have OH hand, after satisfying all de-
mands for the payment of current interest and
to form sinking fund of one per cent on the
principal of the National Debt. We wish the
Secretary hid been intrusted with greater free
dom of action; but the provision, restricted as
it is, will prove most salutary. The Shylocks
who have been specializing in National disasters
and betting down the Public Credit, will
henceforth navigate sea beset with
reefs and tornadoes. They will know
that tho Treasury, which is their natural
enemy, is armed with power to give blows
where it formerly could but passiyely receive
them; they will feel that they play hazardous
game, and will study caution or be taught it.
He who needs Gold will buy it, as he who has 1t
to spare will sell it, for its current market price;
but he who seeks gain through the depression
of the National Creditor this is exactly the
sum and substance of sale of Gold that the
seller does not own deliverable 30 or 60 days
hence at stipulated price-will be very likely
TO come to grief. SO we hope and believe.
We know very well that this measure will
not alone prevent the depreciation of our Cur
rency. 1t is but beginning. Now let Con-
gresS promptly double the Impost on every inn
ported luxury, and increase the Excise on every
homemade superfuity to the highest rate that
| it will endure Let the penalties for each
evasion of the Income and other Internal Taxes
be signaIly increased so that no man can afford
to understate his indebtedness 10 the Treasury.
| We do not believe the Income Tax collected
| in 1893 was one-half what it should
have been. There are hundreds who
made large sums in our City who are
not yet on the tax-list let them be hunted up;
and let the penalty for making an inadequate
or no return of income or other dues to the Gov
eminent be so heavy that no prudent, thrifty
person will venture TO incur it. Let all lega-
cies and inheritances be heavily taxed, but es-
| pecially those accruing to Others than the lin
cal heirs. DO let us see some evidence that
/ Congress realizes the greatness of the National
peril, and the shame and mischief of having our
currency sixty odd per cent below par.
As many suppose there will be no Gold to
sell under this bill, we append the following re-
marks of Mr.. SHERMAN Of Ohio, in Senate on
the 10th inst.
Mr.. SHERNAs--The subject Of the disposition OF the
accumulated gold in the Treasury has been 80 frequent
ly discussed In conversation that did not desire Ia
occupy the time the senate la making statement
IN regard 20 unless required 10 do ~ by some Senator
for his information.
4 The difficulty grows ont Of the law Of 1862 which
requires all duties imported goods 81 b. paid in gold
and that the interest the bonded debt should be paid
in CON- Under this process there has accumulated In
TIE Treasury Of the United States upward Of twenty
million doll1rs in gold. There II no proper mode in
which Il can BE- paid out under existing law except In
payment ~ the interest On the public debt. l have
Statement before me Low showing the amount In the
| Treasury aud above all outstanding drafts for
coin to be to-day slsG10479 ~. There is In the
Treasury but is elite drawn against set apart for
special purposes under the law The estimated receipts
az coin from this date 10 July 1864. upon the basis Of
the receipts ~ the last month or two Is s22272 l55
making an aggregate u gold hand and 60 be re-
ccived OF Sil Ji2.65i "a. The whole amount that will
be paid under existing laws for interest the public
debts duiug that time aud including tho lot Of July Is
go $40 1893 ~ Hero Is the statement as made at the
Department:
TREASURY DYPARTnEKT. March TO- 1854
Statement of outstanding loans, interest upon which u
payable In coin during the current t uonhsi ending July
1868;
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