New-York tribune., 1869-05-28
AN UNEXPECTED TRIBUTE.

4
The N y. Times has ranked among the Jour
nails most active dexterous, relentless, IN assail-
ing Secretary Boutwelrs policy of using the
vast hoard of surplus Gold lying dead in the
Treasury to reduce, so far as may be, the Debt
of the United States. Yet, in the Money de-
partmcnt Of that paper, after announcing
Wednesdays purchase of $1,OO0,0OO Skies forthe
Sinking Fund the writer forcibly and lucidly
says:
"As the Treasury sold Gold on Monday at 1l225 per
cent purchase this stock at average OF 1850 per
cent, the actual cost IN G9u 10 inc IAlS uu o nc
520s about 80 cents on the dollar OF the principal OF tc
stOck-thc accumulated gold interest being PAID as a
It viii be observed that the stocks sold are chiefly
Obtained through tho recent Withdrawals OF United States
socks pledged with the Treasurer OF the United states
These deposits well the number Of depositories
have been gradually reduced under the new rule OF MT
Secretary Boutwell, who Is looking after the unnecessary
loss interest his currency balances as Vel as TO inc
sacrifice Of interest on tine hcaIy ana m "a m seem t
in both respects the Treasury large gamer Ia point OF
s010 90 or 900 balances left IN the National
Banks free OF interest 70 the banks Ikey lIc,a Us
security with the United states Treasurer from S53VoO0o
10 SS7 100000 United States bonds upon when they re
ceived per cent. gold interest nom The Goyennen
These balances are now reduced more 5h one ii hn
under the operation OF the sinking Iund as Illustrated
by the purchases today the IIeasqy& & Dscoes GO s iHe
owner OF part OF the SOS heretofore cased na stCGy
fOr deposits left with the banks free OF interest lheIe
afil lIlftl
S29GOOJ0 United states stocks 10 secure 9epo7ls WINE
on the general bank OF April II the amount OF
public money held on deposit IN all Inc DanAS was
$l3,628,OOO"
The above is a true clear and instructive
expose. The writer shows that the National
Debt has been reduced in every sense by the
Secrctary's policy that One Million of his sur
plus Gold has paid of One Million Of Six per
Cent Debt, and left a net surplus Of over
s2JO,OOO (Greenbacl) for the current expenses
of the Government, and that the Secretary is
now Cooking after the unnecessary loss Of in
terest on his Currency balances as well as
" the sacrifice Of interest on the heavy and
" "lncalled- for accumulation Of his GOM bal
"ances"-all which we are glad to believe.
We see no reason why a coin balance exceed
ing S5,0OO,0OO over and above the accrued in
terest on the National Debt, should at any time
be retained in the Treasury, or loft with the
Banks. We believe the National Banks useful
and heartily wish them well; but We object to
the Treasury borrowing money at six per cent.
interest and lending it to them for nothing.
As the boarder meekly represented to his land
lady concerning her voracious bedbugs-"The
fact is madam, that l really haven't the
blood to spare"
49," But how shall we ever resume if We sell
" the Treasury GOld?' ask those who do not
expect nor wish to resume, but are only intent
on present aggravaton of the premium on
gold We will tell you, gentlemen: just listen:
The great point to be gained is the funding
OF our bonded Debt in a new American COnsol
at a lower rate of interest; if possible in a non
taxable bond paying per cent interest--1 per
cent. each quarter Of year. To float such
bond little over par we must make
cold plentiful and Bonds 8carcer and
scarcer IN the open MARKET until such
n Consol as we have indicated, having
forty to sixty years to run, will command a
small premium. We must still persist in col
lecting at least Fifty Millions per annum more
than our current outgOes, interest included, and
with the surplus buy up at least One Million
Of our bonds each week. Now let the Treas
uy resume Specie Payment, offering to each
holder Of grcenbacks coin or COnsOls therefor
Of course he will choose the COnsOl, so long
as it is the least fraction above par, provided
he chooses to part with his greenbacks at any
rate We thus have Resumption without pres
sure, with no run on the Treasury, with no
convulsiOn of any kind. Just leave the gold
bulls to their own devices, hold up the hands
OF the Secretary, and keep the revenue ample,
ana all this may be achieved within year or
two-we think by the time the Cotton crop of
OF 1870 is ready to ship.
We still hope that Mr.. boutwell, is nronor;n,
to move faster so soon he has his sea.Ioes
under him. AS yet, he has not reduced bis
gold balance at all Give the bulls Ten MIL