, 1869-05-12


nur readers, We take from his report to
congress the following statement OF the
amount Of legal tenders in circulation on
TIE first Of September, ISIS, and at the
date Of lis last statement, March !. IatB,
viz:
skT. J, 1sta
COMPOUND interest iesal lenders. 02l leD
FIVE per cent legal tenders. ...- s1o54, ssU
Noa-lIttrest Legal ltenters........... 435 16o,5'0
Total national notes ,-........- .tss4 1ss s6o
-- MARCH J, 1853
ScniIv1nds- ....,...-.---.---.1 .1%S23t
t.!sss taH!tsS RfF Geafs - .. sssns1o -
Total. sa3
lsedrCt:on o1 no.es. .4sS1, ,aaa&y;
The May statement OF the debt by Sec
setasy Boutwell, shows that Sss.5, 4,;} Of the
outstanding compounds and s3,:h,o, ,000 of
the three per cents have been redeemed
and retired, making total contraction of
national notes mp to MsT Of Se7l, 49,
81 A portion Of the vacuum thus created
has l'een filed by issues Of National Bank
notes.
Tie new Secretary has no authority to
call in any more Of the greenbacka; but
the holders Of the remaining compounds
ind of the per cents may, if they see fit,
comrxnnas ne ara MT 1as+ ri, nsa.esos,s. ~
c,re IN nc ,ba, h.va .oaso, -. Iaa- -
-, I'm, ,,.ra 10 1;,t,s ,,~aa,,,,;,;.~ - 49,
t,r.s s.n7;no !, ~ aa-.;s..."s " tu'
aemption, since they are no: only legal
teEder for the redemption OF their notes,
lslf draw ! per cent currency interest.
Tberef,r.. wa ,aa1 o,,,.,,o,,, f,,..h..
"s Aeta app AeAeAu Ao AuHluel
contraction Vt the currency for some time
4, come
- ~, ~ , i,
be done With the useless coin in the Treas
uy: 1t is increasing every day; there is
Nv" no' i1 's"1a H1uety MinonS Oh aana
after paving of the May interest on the
debt. The amount required for annual in
tcre>t is about Sla6 .OO{o Ot,O. and the "a.
oai,,s n o,I,1 49, ,.,'yo' :,.,ss .S a1 nc 10
cetpts o1 goa t1olo untles th1a ye1r Will not
be less than Sis0,o0o,ooo. or more than
S:1 1,'oo,'oo in. excess Of what is needed
Secretary Boutwell, announces his purpose
to purchase go bonds to the extent Of a
million Ut more per week, with this lille
coin, md We ere astonished to see
Some Of the Po1fs of the press oppose
this wise and prudent policy. What would
they have him do with his rapidly ill.,
creaalng hoard Of idle gold1 If he sells it
Tor gFeenbacks what is he to do with them
except to buy bonds therewiths To retain
me greenbacks woald cause contraction
thnt might result IN disaster to the business
OF the country. The purchase OF million
o. .'-eo bonds per week will reduce the debt
ny that amount, and stop forever SEQ, ,O0O
Of gold interest per annum. Bonds can
nov be purchased At about s. per cent Of
their face i; in other words, $3.50, 600 Of
idle gold will cancel $1,000, 900 Of bonds,
and save 100000 Of gold interest Ar.
Boutwell, can safely spare sixty millions Of
solas which will purchase more thnn seventy
millions OF go bonds, and save 81 ,ao0, 900
OF annual interest on the debt This idle
coin will be given back to commerce. It is
now 80 much precious capital locked up, and
Is Useless as the misers S hoard
Inc Secretary has not only ample an
ihofaty to purchase and cancel bonds, but
tte Law makes It his bounden duty to e1-
pend the surplus coin IN that way. The act
ot February %, 1862, which provided for
the sale OF bonds expressly pledges the
duties oa imports for the payment Of the
interest on the debt O! the United States,
and for the redemption Of the principal
Here Is the law; and we specially commend
It TO the I'0*fs and those whom their state
n,ents have deceived.
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