Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-10-12
Making the debt unprovided for. 81 494 Is
Higher than on the previous statement.


Making the debt unprovided for.......sl2 49i, 1872
Higher than on the previous statement
The Secretary has marked of from his
currency on hand 100000 greenbacks;
reducing the present outstanding greenback
circulation to 1851, l64, s44 as against S422, :
749, 253 when the act of Congress of April,
1866, was passed limiting his discretion on
this subject to four millions per month. The
sum ofS22, 749, 252 was Withdrawn as be-
longing to the original S5OOOO,0OO green
backs provided to meet the contingencies
OF the deposits, in the Treasury, bearing
from 4 to 6 Y cent, and which deposits
have been wholly paid off since April,
1866. The further sum of S33, 835, 156 has
been Withdrawn from time to time of the
original issues of $500, 100000. No change
is made in the maturing compound notes.
These amount, as on the LIST of September,
to SIS, 1886, $50, and the new 3 T. cent. Ger
tifcates of deposit are provided to the ex-
tent of S50,000,000 as the substitute of so
much OF this sum as falls due this month
and in December. OF the 7.3O r cents.
outstanding on Sept. l, S29,67O,OOO appear
to have gone into the new 5-20s of 1865 81,
and 81, 100000 transferred to the past due
debt upon which interest and the right of
conversion have ceased. These changes
leave 81 ,377 900 az purchased and paid of
in excess of the conversions of the month.
The present outstanding total of 7-30s of
June 10 and July Is, 1865, is $365, 49,
100 of which at least S95, 977, 800 should
be purchased and cancelled, without con-
version, by the 18th of July next, to keep
the total ultimate gold-bearing funded
debt of the United States within taco thou
sand millions, the present total being $l,a
745 1861 less $l3,7O7, 942 of 1868 and
1865 to be paid off in gold on December
81 and June 80 next. 1t will be noticed
that after selling most of the gold receipts
of the month from customs, the Treasury
still holds, in its ownership, $3.50, 900
more gold than on the LIST of September.
The amount held as against outstanding
gold notes is 1886, 900 less.
That the gradual withdrawal of the
plain greenback circulation of legal tender,
since his Fort Wayne speech in October,
1864, Gust two years ago. has not accom-
plished and is in no very fair way of ac-
comprising the end and purpose of the
Secretary to reduce the price of gold and
to bring the country to early specie pay
ments," is, no doubt, says the New York
Times, due in q large measure to political
causes, for which he, as a member of Mr..
Johnson's Cabinet, is but partially respon-
sible But it admits of serious doubt, after
all, whether the original volume Of plain
greenbacks, free Of interest to the Treasury
and generally acceptable to the public, or
its reduction, has had much to dc with the
price of gold since October, 1865; certain
ly the withdrawal of SCI ,O0O,OOO in the
two years-to the loss of 81 1000, COG per
annum In interest-in pursuance lof the
Secretary's Fort Wayne theory, has brought
the popular sentiment Of the country no
nearer to specie payments, and we believe that
when this sentiment shall finally take
shape as to the proper time for re,toring
the specie standard, it will be with the IN
derstanding that from s3500O0,0O0 to
S400000,0O0 these notes will remain in
permanent circulation, or so much thereof
and so long as the people, the banks, the
custom house, and the Treasury itself, find
it convenient to use them in place Of gold.