The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-11-30
Credit and COin-Better Prospects.

From the N. y Times.
The November coin interest is now about
all disbursed; and nearly the whole Of it has
been retained in the country. In addition to
the mass of gold thus put upon the market,
the Sub-Treasury in this city is, at the present
time, selling coin at the rate of $500 900 per
day; and it would seem that the necessities OF
the Treasury will require considerable sales
between now and the close of the year. At the
first OF the incoming year, or in about month
from this date the January dividends will fall
due, and there will then be disbursed nearly
$50, ,000 600 in coin. Much the greater part
of this is due to American bondholders, and
we may expect that the whole Of it will be re-
tanned in the country; for the very large sup
ply of cotton already at the seaboard will
presently furnish an amount Of exchange suf-
icisnt to obviate all danger Of our being COM
PEELED to make shipments of gold. 1t will
questionably be a difficult thing for the
spectators to retain the present high pre-
MUM in the face OF the immense outflow upon
the market from the Treasury, through inte-
rest disbursements and current sales; and
their late spasmOdic movements and ATTEMPTED
combinations give evidence Of thsir apprshen-
sions, both for the present and the immediate
future. Even after the heavy disbursements
of the next thirty or forty days, the Govern
ment win hold very great supply of gold in
its vaults-the official estimate on the sub bjsct
being, we believe, $50 O00, 900. In fact, the
health and strength OF the Treasury at the
present time, with the general condition OF the
finances, and the national prospects, business
and political, are OF a nature to elevate the
public credit at home and abroad.
The forthcoming annual report of the Secre-
tary OF the Treasury will be looked for with
much interest," although there is the best as
suTance that it will indicate no change in his
well. known views as to currency and credit,
and the necessity Of speedily adopting some
feasible plan looking to the resumption of
specie pay yments There is no doubt that the
Secretary will be able to make better ex-
hibit than has ever before been possible, and
display very favorable prospect for the in
coming year. The estimates for next year
will be greatly reduced as will most certainly
be the expenditures of the Government. 1t is
reported from Washington that the Secretary
of the Navy will make reduction OF $l5 0O0,-
600 in his department, and will be salts
fed with $40, 900, 600 instead of $35 000, 900
for the next fiscal year. The Secretary of
War also will indicate an important retrench-
ment in the army expenditures, besides vari-
ous economical notifications in the army
itself; and the report of Grant, as General OF
the Army, upon military matters, will be in
| the same direction. In the working expenses
OF the Treasury Department, also, there will
! be a large diminution OF expenses as compared
with those OF previous years; and, in short,
/ in all the Departments, the estimates Will be
considerably below those OF last year. 1t
would not be surprising il the total retrenoh-
ment reached $50, 000 600; but the public will
hardly credit the statement which has been
published with semi official pretensions
that the Secretary has fixed on his
estimate of revenue to be raised for
the next fiscal year at $3.50, 900, 600, or a
decrease of Sl3l, ,0000 600 from the estimate Of
the current fiscal year. There is no doubt
that Secretary McCulloch will make his state
ments and his estimates as favorable as posi-
bio. He will not only be desirous Of making o
good show in the last annual Treasury report
he is ever likely to have the opportunity o.
making, but he will be desirous of Offering al
attractive display Of the retrenohment and
economy that are possible next year, under
General Grants administration. 1t is very
well that he should take this course, for Con
gress may be helped to a realization of hi
economical and conservative estimates by the
very fact of their having been made. w,
shall certainly uphold every feasible scheme
of retrenchment he may PROFOUND, and every
effort to administer his great Department
effectively and honestly; for though We may
have had occasion to differ with some OF hi
measures, we have never ceased to give Mr.
| N for ba int nd faith