Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1865-09-15
sAisFellallepala.
THE PUBLIC DEBT ON sEPTEM-
BIER Ist.


THE PUBLIC DEBT ON sEPTEM-
BER list.
The present exhibit of Secretary MoCUI-
LocH affords the gratifying news that the
Treasury of the United States paid its own
way through the month of August. The
Taxes and Customs begin to tell most sub
stantially against any further considerable
| borrowing. There is no increase Of the Pub
he Debt since the close Of July, save tri-
| fling difference in the grand total of less
than half million. The Gold balances
on hand have been increased about ten
millions and the Treasury now holds the
large total in Gold and Silver of fortsf-IfUe
aud a hdI millions, Il sum UrieSscedented
kin the history Of Che Department. The
| Currency balances are not SO heavy as at the
close Of July, but the unadjusted requisi-
tons ON the Treasury are more closely set
| tied up than on any previous report during
the War. The Funded Debt bearing Inter
est in Colds few hundred thousand dollars
less than on the first of August The Legal
| Tender Notes million less.
These facts are most cheering in several
points Of view, but chiefly because they
point TO an early maximum of the Public
Debt, rather below than above the prevail.
ing round estimate of three thousand mil
lions, when everything * settled up. IF, as
we now believe, the SecreSary can carry on
his finances through the next three months
| as he did in August, to the meeting of Com
gresS, on his resources from Taxation and
Customs, there would be a strong probabili-
ty of a permanent arrest of borrowing, ex-
eept to fund previously outstanding obliga-
tons in the shape of Currency and Certif-
Gates The authorized limit of $50, 900, 600
on the line of Deposits has not been reached
and we have no doubt the Secretary will be
offered In the meantime, a sufficient sum in
currency on 6 per cent interest, and also
told for safe keeping, free of interest, (pro-
ylded he should conclude to accept the last
named trust, which, we suspect has been
urged upon him since recent events in Wall
street, to give him on deposit the full total
authorized by law
The internal revenues in September and
October, if not in November, must, from
the present prospects of trade, and the cir
cumstance that large share of the last in
come tax remains to be collected this month,
continue on large scale The Customs in
Gold will scarcely continue so large as in Au-
gust-about seventeen and a half or eigh-
teen millions at all the ports-but Septem-
Der will probably yield quite as much as Ju-
ly, say thirteen and half or fourteen mil
hons, and place, with his present Gold bal
ances, a reserved power of at least fifty mil
hons In Gold to raise Currency, by its con-
version or gradual sale in the market, if
needtul for the general conduct of the Trea-
sury or to prevent his Customs aceunula-
tons from stimulating the premium on Gold.
That MIR, MoCULLocH thoroughly under
stands this last important consideration
important 10 the interests Of trade as well
as public confidence in the Currency-is at
tested by the steadiness of Gold since the
goth July, and the decrease of Gold gam
bling, on what is called the Gold Exchange
in Broad street, since it was discovered that
he would not suffer the very richness Of his
Customs revenue, to promote an upward
speculation.
There would be less cause for rejoicing in
the present remarkable buoyancy in trade
and heavy receipts In Gold for Customs, if.
the latter indicated an overgrown, and in the
end, exhaustive importation of foreign mer-
chandlse; we mean, exhaustive of the reas-
enable ability Of the country to pay for the
goods otherwise than by greatly diminishing
ITS Gold and Silver resources of sixty mil
hons year. But such is not, yet at least,
the case, Our tariff duties are working, by
the amplest revenue standard, to a different
greater part by specifics rather than ad "a
t0renls, they are not so much affected as I'M
der the system of 1864, by the constant
changes in foreign and e1tcfn,,l values They
are the same on sugars whether the East In
dia crop be large or moderate one; the
same on iron, whether British production
be overstrained or held to a fair average. AT
this part in July and August, the Govern
ment collected $23, ,000, 900 in gold customs
on sac, 900. 900 or $48, ,000, 900 foreign mer-
chandise taken for consumption. In July
and August, 1860, before the war, the value
of Foreign Goods taken for consumption at |
this point was -$4S, ,SS9, ,26I, on which the |
received only So, 994, 35S in |
Customs. That the present Tariff is not |
more prohibitory than the old one, SO far as |
prohibition is Judged practically by the needs |
of the country, is made quite apparent by |
this comparison.
But our purpose is not to discuss the Tar |
i'd, but only, while congratulating our read
ers on the state of the Public Debt and the |
prosperity of our Customs revenue, specif-
cally devoted to It's support, to say that no |
part of this prosperity is due to over-imper- |
tatlon, any more than our increasing income |
and excise revenue are due to exhaustive |
taxation. m T. Times.
L i. Il