Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-07-02

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m6.R5
FINANCIAL & COMMERCIAL.
SATURDAY EVENING, June 80, 1866.
With to-day the fiscal year of the govern
ment closed. It is perhaps to be regretted
that we are not apparently any nearer to
the specie basis now than one year ago, the
relative prices for gold showing a difference
against the present Of about u per cent or,
to be exact, the closing rate OF gold June
3oth, 1865, being IlOI4, and to day, June
goth, 1866, l52s@Ij24, with the additional
advantage at the former date Of an alum
dant supply and limited demand. But, not
withstanding this seemingly stubborn bull
wark against the assumption that we have
made progress toward the much wished for
goal of specie payments, those who have
watched the course Of the national finances,
as exhibited in the monthly statements of
the Secretary ofthe Treasury, will be ready
to concedo that our advance has been mark
ed and substantial. To do this, we must
have reference to what has been lone in re-
ducing the currency of the country, rather
than to the difference shown in the pre-
MUM on gold. Taking July 3lst, 1865, as
the date at which the maximum of our
legal tender issue was reached, the result
as compared with the last statement of the
public debt is as follows:
GreenBacks. July 81, 1855. June l, Is6G.
Free Of interest. ..... S+73. leo. 20 SiO2, I2S,3IS
Five Per cents -.--- Sa,l5i, 30 Nil
Compounds ----~----. az, l2d.i50 lG2,olI,l 40
Total outstani ing ...--.2is5, 24I 20 1851. IIU,45s
Reduction OF all eeublcEs-.-........ I2I, lUU, SIT
Last summer all descriptions Of this pa
per were in free and lull circulation as cur
roncy. The Oldest dates Of the compounds
commanded no premium. The newest were
passed from hand to hand and bank to bank
in larger sums than the original greenbacks.
And a month or six weeks later il was found
neeilul, in the prompt payment Of our rap
idly disbanding armies, to partially in
crease, in place of curtailing, this partica-
lar description Of curranry We take liz
3Ist July, however, as the maximum of all
descriptions. And if to the above sum Of
reduction since, of Sl2I, 100, ISL, we should
add the SI52,OI2,l4O of compounds not yet
absolutely Withdrawn, but which have long
ceased to be currency in the popular sense,
and now command a premium and the full
accumulated compound interest, as an IN
UesiHeat, the practical reduction Of the cur
rency OF United States Treasury notes Of
S2S3, Il2, 9jl, as against an increase of the
currency of National Bank notes, bearing
the same common seal Of security from the
Treasury, is Sill, 5S5,2 2O. A further reduc-
ton of United States Treasury notes tcom-
mon greenbaeks) viii soon appear on the
public debt statement, TO bring down the
total %greenback circulation to $500, 100000,
below which it cannot be reduced, under
the late act Of Congress, until six months
after the date of the act (April, 1867 when
the uniform scale Of 81, OOO, 900 reduction per
month will be within the discretion of the
Secretary. Thus much for what has been
accomplished in the direction of specie pay
ments by reducing the volume of the eur
rency-the only sure means of ever reach
ing that end.
In connection with the Public Debt, the
facts are not less re-assuring.
The Public Debt outstanding and not pro-
vided for last summer, July 81, amounted
to s2,755253,276. On August 81 the total
almost identically the same, 81, 757, ISL
1870 From this date began the good work of
funding, and the better work of paying of
the public obligations. The war expenses
were by no means at an end. The settle
ments continued more or less oppressive to
the current revenues of the Treasury to the
LIST June inst. Nor ara they over yet. But
in the intervening nine or ten months the
Secretary has not only met on the instant
the whole Of these new acquisitions as they
appeared from the War and Navy Depart
ments, but he has paid off eighty-seven
millions Of the above maximum principal
of the Public Debt. In the same period he
has funded into tho public stocks of the
United States, of a p%ermahent and gold
bearing shape, the further sum of eighty
seven millions Of the temporary Obligations
of the Government; so that the account Of
paying off and funding the Public Debt
compares as follows with last summer:
July p, 1865. June I, 1850.
Principal of debt -~~s g, 49, 5s,2 76 $780, ss, a57
Fun led Dobt.--.-...sl 81, Jos, 662, ca sI,I-5,sl5,ls
Three years 7-5os POO sD,OOo,OOO slt,22I,GnO
One Year Uertiaeat-s lo6, 100000 4hU45,0C0
Greenbacks, all sorts GS5, al, 20 5G4. 10 As
Treasury balances 2~,G43,SC5 65,07G,lls
Total as bOvo.--.s So, Isl, 25s, 90 g GO. 2ss, a57
And in addition to this, the credit of the
nstion has grown and advanced until it
rests upon a foundation which no ordinary
difficulty would belikely to disturb. Among
ourselves tho national sepuritie9 arc every
regarded as the most reliable of in
vestments, as attested by the frmness with
which their value is maintained in every
while abroad, though the money
of Europe are unsettled and fever
ish under the influence of an impending
war, the results Of which cannot be fore
seen, these same bonds are eagerly sought
pr, and il most eases held when the
of the home governments are sold
lf at a sacrifice. Al these facts indicate
in the right direction, and give
ground for expecting still more favorable
results in the future.
We have felt called upon to question some
ii the Hnanolai opefsuonz OF Secretary Nc
since Secretary of the Treasury
md particularly with reference to his ssles
# gold, to which is chiefly due the aiyane-
d Preafiun roF prevailing but il will be
conceded that in the general results of his
management he has succeeded to the adj
Of the nation, and justified the pcn- !
that the country reposel in his ex7
and ability. He may have been
bile to do more than no has, but he might
.lsO have lone much less, or by bad man !
have sven precipitated bank