The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-12

held on deposit for our bankers AMI brokeri
and for the accommodation of the p iblc at
large who Treler the gold notes Of the United
States to the gold coin ITSELF
In addition to all this, the work Of the Trea-
sury during the month for the public credit vas
most remarkable. lis IL terest payments alto-
gether we're S20,OO0,000. and Its support OF the
army, navy, and civil service, including the d's-
tr.bntion of a large amount oi prize money,
required $40, 100000 or $l2 900 more These
sums we're paid, and the pubic deo' reduced
Sl9,40l,475, all in one month. Ihls last ana
most important item, we may add, was greatly
promoted by the premium derived from the
S35, 600, coo Of COLO so timely supplied, as we
have shown, TO our foreign commerce. The re-
naming d sbursements were afforded by the
current excise, customs, and miscellaneous re-
sources of the Government.
BeNond thi interest, the prompt protection of
which might be called, in one sense, selfpreser-
walton, our American gold will carry relief to
half-a-doZen other trades and interests of the
utmost Importance to England and the C0uti-
nent, at the present iuncture, and leave its moral
impress upon the financial and political mind of
Europe, the consequences OF which cannot fail,
sooner or later, to react most favorably upon our
own public and mercantile credit.
But the good work of the thirty days was not
confined to the Government. Our mercantile
and banking interests, engaged in foreign COM
merce and exchanges, acquitted themselves with
a promptness and case never, we believe,
equalled. Certainly their resources we're never
So severely taxed on short notice, and never so
for the gold sent abroad, but, at the same time,
repurchased from Burole Sl2, 600, 900 or S15 5000-
600 of United States 5-20s, and paid into the
Treasury Sl5 600 gold customs on their cur
rent importation.
The first fruits of this combined work of thirty
days are now returning to from abroad, not
in ali their fulness-for less than one-thIrd OF our
gold had arrived out-but in form so palOabe,
so substantial so timely and important, as to
adm it no doubt of the great good already ac.
complshed. We do not allude so much to the
rise announced this morning in our foreign
news, in United States 6-20s. They will take
care of themselves at all times and under all
emergencies, or be taken care of at home when
Europe is no longer able to hold or appreciate
them, but to the relief OF the Liverpool cotton
trade, and the assured security to the vast
amount of American bills running against it.
Their bills are owned, for the greater part, by
our own bankers. They were placed with their
English correspondents (eome of them branch
houses) Tor collection, or cash advances, where
the proceeds had been anticioated.
When cotton fell from 19d. TO lid. this large
interest aud these heavy credits became critical.
The latter was all important tO recover with gold
ae ainst all possible contingencies. The very first
arrivals out OF this gold have advanced the mar
ket value of 900 bales of American cotton
now in Liverpool, the equivalent Of $l2 or SIS
per bale in gold and at once placed &C. 0C0 900 or
f8,C0O000 of the exchange drawn and still run
ming against it from this side, beyond reasona-
BILE anxiety. The extent of English credit in
volved in this cotton Is OF course much larger,
for the Liverpool speculation in all descriptions
OF cotton since last summer has been essentially
English; even the exchange made from this side,
and now or recently AT the risk of our own
bankers was made, for the greater part, on
Liverpool and Manchester account.