New-York tribune., 1867-09-27
NETWORK DAILY TRIBUNE FRIDAY SEPTEMBER 81, 1867

The transactions at the Sub-Treasury were: Re-
ceipts for Customs $4,000 Receipts for Gold Notes
$4,000; Total Receipts. $3OOl. .523 43; Total Pay
ments' S7,43l,9S4 y; Balance. S117.5g9.1SS IS.
Government stocks continue steady and have been
slightly affected by demands for money under which
fancy shares were so sensitive. This frmness is in
great degree due to the confidence existing in Secre
tary McCulloch, who, turning deaf ear to the infa
onists, steadily devotes his surplus revenue to the
payU ent of the National debt 1t is now well under
stood that his course in regard 10 future short debt
maturing, viii be in accordance with his past policy
payments from surplus from the proceeds of
sales Of gold, or by the sale of long bonds falling due
at a remote date. The next debt falling due is the
October issue of compound notes, which will not be
exchanged for per cent certificates, unless
this course should be made necessary by
a bank panic. TO avert such a panic. the Secre-
tary conceded in March last that the power 10 use fifty
millions of short security might be desirable giving
him the means of preventing a panic, which his
sagacity foresaw might grow out of neglect by
the people and the bank, to shape their affairs to
conform TO his policy of contraction The Secre-
tarys determination to pay, and not renew. his short
debt will 90 far in giving confidence to holders of
long bonds and will enable him at once to obtain
authority from Congress TO exchange q long
five per cent bond for the 5-20s
within the power of the Government TO recall
Under Mr. McCulloch's skillful management the
temporary loans. short Treasury notes and year
certificates, issued in the latter days of the Rebellion,
have disappeared leaving at his control nothing Of
short debt except by purchase but the small balance
of compounds. Every consideration Of public good
and of regard for his own reputation, demands that
this class of debt should disappear with the rest of
the short debt from the statement" as fast as il
comes within his power to wipe il out. AS the
730s out of his control except by purchase Con-
gress should make the duty of the Secretary to
duce in future the principal of the national debt.
by canceling plain legal tenders, destroying
every dollar of surplus income by canceing
an equal sum in the irredeemable paper which now
degrades the currency and disorganizes legitimate
business. This policy would not prevent the funding
of the 7SOs as they mature but should that state of
affairs occur he has speedy remedy in the form of
absolute 4Oyear per cents, which, if offered, would
have a world. wide demand, and enable him not only
10 fund the 1905 but the entire plain legal tenders
The great want with estates, retired capitalists, and
trust funds is long bond such the Treasury thus
far hesitates to offer When that resource is adopted
the road TO resumption would be short and the whole
debt be placed in condition wheTeit could be wholly
paid of in a short term of years.
Freights. TO Liverpool (per steamer, 1900 bush.
Wheat at I'd.
The survey Of the railroad from Schenectady to
Ogdensburg is completed. 1t authorized by the
Legislature of 1866, and $4,000 was appropriated TO
pay the expense The route selected is said TO be
much shorter than any heretofore selected from the
Hudson TO the ST. Lawrence. The route commences
at Schenectady. runs through Fulton, Hamilton and
st. Lawrence Counties The country through which
it passes is not reached by any other road. and
f,or 4bo Z of fba mn ne
thoroughfare for travel between all this Northern
region and the North The road is projected through
section that is rich in lumber, and much Of which
will make good farming country. In Hamilton
County there is an unusual growth Of pine timber.
there being no means to get it out.
The quantity of -four wheat, corn, and barley left
at tidewater during the third week in September IN
the years 1866 and 1867 was follows:
Flour. bbls Wbeat bush. Corn hush Barley, bush
1s66........ $500 l6l,lO6 l54s6o g'lo0
lS67.....--. .lS,lOO S23,6oO t54,5tO s,2OO