The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-08-31

Government Credit, Revenues, and Ex-
From the Times.
Since the outbreak of the civil war the credit
OF the Government has never stood as high in
the money markets of the world as it does to-
day, under the eminently National Admnistra.
ton of President johnson. This is conclusively
demonstrated by the extraordinary absorption
of our public securities, now in progress, not
only in this country but in Europe, for invest
ment purposes, at steadily advancing prices. In
the home market the national bonds and stocks
obtain very decIded preference from buyers
who purchase to hoard for the sake of an
assured and liberal income; and this preference
continues to manifest itself despite the recent
rapid appreciation in the gold and currency
bearing obligations of the Treasury.
The Us OF 1881 have been sold this week
up to ll34; the 5-2Os OF 1862 as high as l134 to
ll44 the 5-2Os Of 1854, 1l3i to ll3f; the 526s Of
1866, 1905 TO l09B; 7'30s, 1864 to 1913 and Inte-
rest; and the lO-40s az 1884 to l035. The avail
able supply of all classes Of national securi-
ties Is moderate. OF the 6s of 1881, and OF the
5-20s OF 1862, the offerings are extremely linn
tied, seriously impeding the execution Of large
orders. The difficulty experienced in buying
round lots of the 5-21s of 1862, and the rea-
lively high prices commanded by them begin
to influence the foreign demand very noticeably
in favor OF the later issues of this favorile
form of security. Purchases of the 5-20s of
1854, and OF those of 1865, have been made
within a few days, on foreign account.
The dealings in this way in the FIve-twentles
of 1866 have been quite liberal. We have been
reliably informed that near three million dol
lars worth Of the new bonds have been taken
since Saturday for transmission to Europe
where 1t is anticipated they Will be speedily
given recognition as a security equal in every
essential characteristic to the original issue
which bears. only the same rate of interest in
com, and which mas three years less to run to
the maturity of the privilege and obligation of
the Government to redeem. The latter is con-
sldered by very many home-investment buyers
as an important difference, operating to the dis
advantage of the earliest of series Of the Five
twenties. Should the foreign inquiry for our
bonds continue as brisk as the telegraphic as
well as mail advlces. now pretty positively as
sure us OF, 1t cannot possibly Confne itself to
any one class OF the public stocks. The avail
able supply OF any one of the earlier issues of
bonds and notes would be speedily used up by a
demand running exclusively upon it.
The revenues of the Treasury Department
not only keep up well to the old average but,
under our increasingly Efficient revenue system,
are yielding with growing liberahty. The ma
tional income from RXcesses now averages about
eight millions week; and from customs duties,
from thee and half to four million dollars in
com, week. BY reducing the customs revenue
to currency on the basis OF gold at l47B, we have
a grand weekly average income, equivalent to
about thirteen and a half millions in lawful
money, which not only enables Secretary
McCulloch to pay as he goes,n but to make
wholesome and inspiring reduction of arrear.
ages, while also contributing materially to
facilitate the funding process, the necessary
preliminary to resumption OF specie payments,
and to the final liquidation of our national in
debtednesss, cOnsummations which everybody
devoutly wishes for. At present, the actual
working expenses OF the Government cannot be
much over five millions week. which would
leave, out ofthe current weekly revenue, "a margin
OF over eight millions in lawful money to be ap-
piled to the payment of such portions of the
public debt as are presently redeemabe at the
option OF the Treasury Department. A surplus
OF eight millions a week from the national in
come would afford the means to rid us of the
whole of our Indebtedness long before the CEN
tenial anniversary of the natiOn's birthday if
our bondholding creditors should see tit to pre-
sent their claims for pI pIemature adjustment. We
do not OF course anticipate that the public
revenues WILL as at present, uniformly exceed
the public expenditures by equal to more than
eight millions week; but we have no good
reason to doubt that the national income will
continue sufficiently liberal to cover all the
working expenses of the Government and to
adequately provide for the redemption on
maturity of the funded and tundable Obligations
OF the national Treasury And that to prepare
the way Tor the attain ment of such desirable
ends is the fixed purpO]e of President Johnson's
administration and the undertaking aim of
Secretary McCulloch, we have the best authority
for affirming.