The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-02

correspondents to the effect that the reduction
of the debt for the month Just ending will be
found to be not less than $40, 600, 900. Me m
while, our financial reports exhibit an ad
vance within the last two or three days in
Government bonds of over two per cent, and
the dispatches from London advise us OF an
advance there.
1t is scarcely eleven months since sundry
gentlemen of New York, then supposed re-
spectacle and patriotic, announced TO the
country that the Treasury was on the down
hill road to speedy and certain bankruptcy;
that during the fiscal year its expenditures
were sure to outrun its receipts over SljO,-
600, 600; that the deficit could only be met by
taxation too burdensom for endurance by a
free people, or by further reckless loans, and
that in any event a reduction of the debt was
impossible, and its large increase very proba-
bic. A month ago we announced a reduction
of the debt during this administration by
S3G, AGO. 40. If the outgivngs from the
Treasury are now correct (and it IS nOticed-
BILE that last month all the preliminary
statements fell largely below the
figures actually announced on the first
of the month";, the reduction of the debt
during the first five months of the admins
tration may be set down in round numbers Mt
S4G,OO 600. We have not been putting out
new loans, we have not been increasing taxa
ton, we have not been running deeper in
debt-we have taken in part of our old loans,
we have reduced our taxation and reduced our
debt. But we have yet to hear of any one Of
the persons concerned, less than year ago,
in giving to the country, with the stamp Of
their approval, this insidious attack upon the
credit of the country, as having taken equal
pains or any pains, to correct the erroneous
| impression they then sought to ditfuse.
| Are we to understand that these gentlemen
| regret that their prophecies have been proved
| false? Are we to believe that they are sorry
the Treasury is not bankrupt? If they do not
groan over our prosperity, can they not at
| least say to all who may still have doubts con-
cernng the credit of the country based upon
! their Misrepresentation, that they were mis-
! taken in their forebodings; that the Govern
ment is stronger than they supposed that its
credit is sOunder, and that it Is rapidly and
surely discharging its Indebtedness?
The condition of the Treasury, the condi-
| tion of our own bond market, and the quota
! tions from abroad. seem tosteach one lesson.
| Our Treasury vaults are full of idle gold,
which can never account for so much again
! in the reduction of the debt as it may count
to-day. The credit of the country is steadily
advancing. Bonds and gold are steadily ap-
| preaching each other in value. If one dollar
| of our gold is ever again to buy in dollar
and a quarter of our debt, it must be used for
! that purpose at once. Has any business man
| any doubt as to what he would do if the debt
! were his. and the resources were his, and he
we're managing the matter on his individual
| Judgment? Can it be wrong that a Govern
ment, like individuals, should conduct its
business on business principles? Why not
obey the law? Buy up the bonds peremp-
tyrily required to be set aside for ,he sinking
fun d, and buy them nor.