Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1866-06-22

The PUBLIC pEBr.-Ihe June statement Of
the National debt offers several very suggestive
features. In August last the aggregate amount
was S2,151.1Sl ,lyO; al present il Is 5000
IS, 367. Thus We see that the decrease has
been So, 4gl ,S23 since the debt touched its
highest point nine months ago. Now the sales
Of gold during that period are reported to have
brought into the Treasury fully eighty-seyen
millions in currency Il appears, therefore. as
if the proceeds Of the Government sales Of coin
have virtually been in part devoted 10 the pur-
pose CT paying of the principal Of the public
debt. On this view Of the case, some of the OBJ
jections to the recent sales of the Treasury ofi-
cials are lessened in their force. For every dol
lar Of our debt that We can pay off in currency.
will save US eventually the payment Of an equal
amount In coin, since the whole amount Of the
principal OF the public debt viii be paid at ma
turity in coin
The second feature Of importance in the state
ment before Us Is the progress Mr.. McCull0ch Is
making in the funding OF his short-date obl,ga-
tons into long bonds About ten millions Of
gold-bearing bonds, chiefly Skies Of 1865, have
been issued in place Of four millions Of Seven
thirties and six millions Of temporary loan Ger
tihcates. The diminutiOn Of these temporary
deposits IS a vital necessity, and We learn that
not only has a further heavy decrease taken
place since the LIST instant but there is a strong
probability that such measures are in contem-
plation as that these call loans VIII shortly be
contracted within safer limits. The amount on
the LIST May. was Sl3l, 600, 900, on the Ist June
Sl2i, 00O, $50, and at present SIP, O0O,0OG
As was anticipated, the recent notice 10 the
holders Of one-year Certificates of Indebtedness.
that all these securities which are dated in une.
July or August would cease to bear interest on
the 3lst May, has caused a large amount to be
presented Tor payment During the month Of
May the aggregate Of the securities fell from
So $40 900 TO 81, OPS, 900. We venture 10
doubt whether this last movement IS not prema-
ture on the part Of Mr.. McCulloch. Certificates
Of Indebtedness are extremely popular. They
are highly valued among our capitalists. At
least one hundred millions Of them could be
kept out without the slightest difficulty.
The decrease in Compound Interest Notes sai
in the greenback currency is heavy, amounting
to eighteen millions Were there not such
plethora Of National bank notes in the great e.
nancial centres, this sudden depletion Of the
current OF circulating paper money could not
fail to have caused some arrangement Of the
money market Under existing circumstances,
however, il is merely felt as a salutsry relief At
this dead season Of the year, mush less curren-
cy is required than three months earlier or three
months later. We observe, also, that the pay
ments out Of the Treasury are very large, SO
that the country which has been locked up viii
find its way again into the business channels 70
the currency quite as soon it is wanted, If not
sooner. In the interests Of a sound currency,
and with view to a return from a redundant
to an adequate circulating medium, We regret
that We must look upon this temporary locking
up Of greenbacks, not as a permanent contrsc-
ton Of the volume Of our paper money, but as
short perturbation Of its movement. We have a
merely temporary arrest Of its activity, which
brings US no nearer to specie payments, and fit
had happened in more active season Of the
year, il would probably have caused trouble.
The gold certificates have increased to twenty
two and a half milhons against nine millions last
month, while the government coin in the Treas
ury has fallen from sixty-seven millions TO TWEEN
ty-eight millions. These changes reflect the
heavy sales of gold, respecting which a Congress
sional inquiry is now going on.
The policy of selling so much gold and at 50
low price, is being assaiei and INDICATED with
considerable acrimony and earnestness. Public
opinion, however, does not at present seem pos
lively to condemn the action Of the Department,
but rather holds itself in suspense until more IS
known about the result.-C0m ChToH-
icie.