New-York tribune., 1868-10-08
TIE rREAsURr SAFES or GOLD.
LETTER FROM UNITED STATES ASSISTANT
TREASURER VAN wlCK.

Ii.El>l llk VAN WICK.
TREASURY DEPARTMENT.
NEw-NoEK, "Wednesday, Oct Z, lscs)
~ 90 Edi,r erNs Scr loll T.a.ra
Tie statement of the public debt and the
available means 90 tho Treasury The I,t Of October
u.t being now before the public and Tie action u the
Secretary of tie Treasury and myself having been made
tho theme uf much misrepresentation and obloquy allow
mo 10 pfcscut fou facts for the consideration Of fair
0a Gl assuming the office Of Assistant Treasurer in
July l.5. the following temporary oblg cations OF the
Government were outstanding, VIZ: -
dsfpla@atcs Of findc5cdnc.s.......... iceSosooS 90
one and two year notes. ..--..'..--.. 5gg5l'2yo 90
Compound Interest notcs-....-..-.. 22,l2i,i50 90
seven thity hOtcs.-.---.--.-.-...-- sjooCUoto 90
Total. sl2s7.ces5l5c c6
OF these obligations considerable amount Was pay
able demand. and none extended beyond three years
from Their date o issue. Much solGudo was ic on the
subject, many predictions of pecunary disaster were
uttered, much Of eatuiicus advice, aud not little OF
abuse was showoTcd upon tho officers of Tie Treasury.
Yet within the time required this enormous amount of
impending ubhraOu has been almost entirely hquidaed
chan ged into long loans 80 that there remains now 10
bc provided FOR:
Compound interest notes 525l93o 90
Cculcatcs AZ three y cent. t5,ltnOtJ 90
Matured debt not presented l2lio2i3 "a
Total ss2922173 q
All this payment purchase and exchange, involving
incessant labor vigilance and responsibility has been
carried through with scarcely the slightest disturbing in
nucnce the monetary or business nterst OF the coun'
accoupscd under yug circumstances incident to the
dcraugcd state Of the currency and the business depres
s that they ought AZ least To shield the officers
of the Treasury from continued rtpoaeh even they uld
not entlr them TO the confidence ana gratitude OF the
of August last the Treasury held ss3AO99l7 %
in coin aud s1Gl335s n In On the lst OF Sep
frmber the coin had increased 10 S5lO9Ol 81 wic the
r.v had decreased 10 Sl5 100 n. OF this amount
so s5 ss 10 IN coin aud Sl33Gs a. In currency on
roslt In this Office. There was az TINS time standing on
the books of this Office 10 the credit Of dlsbmrsng officers
sulaect 10 Immediate draft Sl50js5s6 CO. There wae tie
va,le ON demand and s2OOOOOO OF matured OBJ
ia
M t,o yarIous Departments of the Govern.
rnt Both the Secretary and myself viewed this eondl-
on OF the Treasury with apprehension ASIDE from tue
rrccipts of internal revenue. there was no re-
the sale Of bonds issued IN lieu ot 'W notes,
which had been reduced IN cash. or TIC conversion oi
coin and currency. . ,,t.
On the 22d Of september the currency balance at ,hs
nont had declined TO sll1OOOO0 with the probability
that considerable amount Of three per cents WouI pe
presented for redemption preparatory 70 tne quar1e'H
Statement by the banks the h Of October IL was at
rms iuncture that the sale OF gold was commenced ana
continued up To the 30th OF september during when
time s. 800 900 sold at prices ranging from 1865 10
day) money commanded only ana per cent Oh o.i'
Ara iJ or Of several millions in "iegatendcr from
circulation, and the calling In of gold loans by spee
atug cIlouc So this operation was perceived
The sale o gold suspended nor has ii since Deeh re
sumCd. ,,-.., A.. eo..o.or,. Ia
NOT se gold when il was at l5O The answer - that no
opporunity for doing has existed since August nn
then the Treasury did stand In need of sueh ad iau
god heen sold In anticipation, and large currency re-
uneared AT the close Of the month would there not
have been an outcry from Walst and It's organs against
disturbing the market by locking up "green6acksI IN
a market as fuctuatng as ours must De so long as We
have an rredeemable currency and unsettled ccuI WY
can tell this week what may DO the price OF COIN OF pohuS
"A the ncNtf A.. .oc,
revelations Eliminates censures against
what has been done omitted The treasury mus IL
self i'm possession OF larger amount III coin t ls ne
cessary TO meet scurrent obligations tOr interest i.
sIander upon the officers to whom the trust Ia commit
ted to alege insinuate that they are not desr9s o
urocuring the highest price which the market hoNs
Kut who can divine that point III necessity conpes
sale and tho market recedes, tno GoVcIhmeht V0cL7
ro censured for interference 10 Is subsequently ad
yances they mathematical for not getting the hg
est price In the one event they arc BOieu ny .n1
"bus" and In the other lacerated by the bears, anu
IN either event censurcd In the public prints H. as III
srarted i'm single month from the market Dy inc pay
mept of duties and only two millions are felu,neu ~, vi
ward the relief OF the commercial community anu .no @
of the Treasury, forthwith the officers OF inc
are denounced In league with specuatOrs UT 10 e~
Iatans unworthy OF the positions they hold . ,no
An honest difference Of opinion may eAse as y. ~, & ho
hest method OF turning the surplus CON iecolps VI
Governmeut into curreOcy. No plan has Deeh suHs.s
that free from objection or aDy 10 npu ' he nnen
the trial of various methods that OF sales IN inc ope
market at the current price, has Deeh huopcu isscs
OF is convenience, its general use by ~
and as affordng less opportunity ior eoihoih"' "
reduce the price. -, l.. .auohio iniustce I'm
aspersing the characters OF public OleeIs upon NV,
picon because the discharge or lheI uu,lo
INTO collision with the selfish ana spccuI"t'o '"'N
that abound In Walst. ,,.s On tbe demos.
ares from which they had been WlnaraWu, oe Va ito
uIative objects, indicates the source rom WIN" y th
recent gtrngency arose. Tho actors IeinohCu upoi
uresumptOn that the necessities oI ulo i no
call for large withdrawal or currency At
80 ,rior nyn ,neo taken accordingly WIN