Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-09-11

mary between the several items and their
results was caused by the omission Of line
giving the amount Of the debt on which in
terest has ceased-namely Sl9,653, IA
The September statement, itself Is the
strongest thus far made public. II speaks
eloquently for the present able management
Of the Treasury Department. It shows a net
reduction Of the National indebtedness since
Aug. !, 1856, Of S37, 416, 104; since June l,
1866, Of S74 COS, 1879; and since Aug. ], 1865,
(when the debt was largest, Of $l61 $40, los.
The footingB Of the last three statements
compare thus:
r. !, .: June nc / i, ., Avg J., s. seE q,
Int. in cur'cyl, AZ 2z2296 l.0796ss959 g7s77l6l0
No interest. 452Osi.7s 4lSIl9,ol6 4li,567si6
Grand totals2 40 27o H66O6 az, 8l5 435
L's Te SS N $l2oG0LOs2 ls7sl7sai 1s27sle67
Net indtdn. 81 $40 867 26SSO99 272 2595 16s
The liquidation Of the debt in August was
the most sweeping yet recorded, making the
reduction since June ] equal 10 an average
Of S24, S6S, 1893 Il month; and since August
Q, 1865, equal 10 a monthly average Of $I2,-
42S, 400. The net Indebtedness to the
country
August /. 1855, 757 28 276
September ], 1886. was..-...--.-..--- 5.6S3l63
Net liquidation in thirteen months. s16l $50, l0s
The reduction Of the debt has progressed
during the past thee months at a rate which,
in less than niue years, would cancel every
dollar Of the national obligations, il il could
be maintained by the resources and legal
privileges Of the Government. The liqui-
dalton Of the past year has been, on an aver
age. equal 10 the redemption Of the entire
funded and unfunded debt in about sixteen
years. This rate Of liquidation is not at all
unlikely 10 be realized. Confidence Is free
" expressed by well-informed financiers
that Secretary MCCULLoCH will bring the
net Indebtedness Of the country within the
limits Of 81, 400, 100000 by the close Of the
current yeaS.
OF the Understanding portion tabout 81
%, 800, 000) Of the present debt, Five-twen-
ties (of all issues) form SIG, 422, 800, in
Guiding Of the earlier issue, S5l4, 7S0,500
issue Of 1864, 100000, 900; and issue of
1865 Sl6l ,642, 300. The six per cents Of
1881 now amount TO S2S3,734,S 800, the Ten
forties TO S171 ,069, $50, and the Seven-thir-
ties (all three series) 10 S769518, 900, or
nearly sixty-one millions less than the origi-
nal total issue
SeVenty-three millions Of the temporary
loan were paid off in August 10 the great adj
vantage Of the Treasury, and relief Of the
mercantile community. Nearly thirty mil
lions Of the first series Of Seyen-thirties ma
turing in August Of next year, have been
verted within the month into Five-twenties
Of the latest issue. The currency interest
bearing portion Of the debt has been re-
duced nearly ninety-one millions, and the
coin Understanding debt has been increased
abOut thirty-four millions during the past
month. Both the compound-interest and
legal-tender notes have been slightly re-
duced in volume since the LIST of August.
There is now a strong cash reserve in the |
Treasury. The coin reserve has been |
steadily increasing, chiefly from customs |
revenues, since June !. Then it stood, |
S50,679, 957; on Aug. l, SCI ,322, 12S; and |
Sept. l, SIC, 1888, 9lS; Of which nearly sixty |
one millions belong absolutely 10 the trea-
sury, the balance being represented ~ gold |
certificates Of deposit. The currency re-
serve has been reduced from S79,0l1, 125 on |
June l, and S75,9S5,2O6 on Aug. l, to |
SGT, 297, 719 on the LIST Of September This |
currency reduction has resulted mainly |
from the payment Of the temporary loan, Of |
which about fifteen million yet remain |
uncalled for in the vaults OF the depart |
ment, although these temporary deposits |
ceased 10 bear interest on the Doth ult
AAAA ANEAA-AIllhNA NliNlilhhlNU ~ INV FptDs-
1872, against S555, 373,S on the LIST |
ult, and S564, lac, 45S on the LIST Of June. |
The reduction since June has been mainly |
in the compound-interest notes, which, |
three month ago, stood at 1882, 0l2, l40, and |
are now down to $155,512, 140. The plain |
.-grcen5ack circulation on June ] was $402,- |
28,3l8; Aug. !, S400, ,728; and Sept. /,
S399, COS, 592. Fully one-sixth of the entire |
legal-tender circulation lies in the vaults of |
the banks Of this city, which held a reserve /
Of nearly ninety-three millions Of United /
States notes at the close of last week, by /
all odds, the heaviest reserve, in this
legal-tender form, ever controlled by /
the local banks. A year ago precise
ly the legal-tender circulation Of the /
Treasury was up to 1854, 13s, $50. II has
since been reduced nearly one hundred and /
thirty millions, or at the rate Of close on
eleven millions a month The National /
Bank note circulation has been increased, |
during the year ending on the LIST Of Septem- |
Der, from Sl77 ,4S7, 900 10 $3.50, 9l5,S29, or,
absolutely, SIP, IDS, GOO, which increases is
at the rate ofless than nine and a half mil |
lions a month, showing Conclusively that |
the legal-tcnder circulation has been dimin- |
ishod Ear moro rapidly that the volume Of |
National Bank notes has been augmented. |
A very considerable portion Of the issues Of |
National Bank currency through the year |
has superseded the circulation Of State banks, |
converted into National banks or wound up |
altogether, 80 that is safe 10 assume that the |
volume Of paper money Of all kinds in cir |
culation has been materially lessened since |
September /, 1865.
On the whole, President JOHNSON has |
ample reason 20 congratulate himself and
the country on the even, judicious, and emil |
nently encouraging progress which his
chosen Financial Minister is making in the
gigantic work of tightening our pecuniary
burdens, strengthing the credit Of the Gov
eminent, and preparing the industrial, COM
mercial and financial interests of the Repuh-
lie for the earliest practicable return to
hard-money basis.