New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-07-31
FIVE MONTHS WORK At TIE DEBT

FIVE MONTHS WORK At THE DEBT
We have as yet nothing definite from the
Treasury concerning the Monthly Debt state
ment which might possibly have been expected
to-day, and which we are promised for Monday.
In the absence of positive intelligence, how
ever, we have the outgivings of correspondents
to the effect that the reduction of the Debt for
the month Just ending viii be found to be not
less than $10,000,000. Meanwhile, our financial
reports exhibit an advance 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 i ork, then supposed respect
able and patriotic, announced to the country
that the Treasury was on the dowDhill road
to speedy and certain bankruptcy; that
during the fiscal year its expenditures
were sure to Outrun its receipts over $780,
OOO,OO0; that the deficit could only be met by
taxation too burdensome for endurance by
free people, or by further reckless loans, and
that in any event reduction of the Debt was
impossible, and its large increase very probable.
A month ago we announced reduction of
the Debt during this administration by $780, 400 no.
If the out givings from the Treasury are now
correct land it is noticeable that last month all
the preliminary statements fell largely be-
low 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 num-
beers at $46,0000O0. We have not been putting
out new loans, we have not been increasing
taxation, 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
a 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 erro-
neOus impression they then sought to diffuse.
Are we to understand that these gentlemen
regret that their prophecies have been proved
falsei 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 90 all who may still have doubts concerning
the credit of the country based upon their
Misrepresentation that they were mistaken in
their forebodings that the Government is
stronger than they supposed; that its credit is
sOunder, and that it is rapidly and surely dis
charging its indebtedness'
The condition of the Treasury, the condition
of our own bond Market and the quotations
from abroad seem to teach one lesson. Our
Treasury vaults are full Of idle gold, which
can never count for so much again in the
of the Debt as it may count
to-day. The credit of the country
is steadily advancing. Bonds and Gold are
steadily approaching each other in value. If
one dollar of our Gold is ever again to buy in
a dollar and quarter of our Debt it must be
used for that purpose at once Has any bust
ness man any doubt as to what he would do
Il the debt were his, and the resources
were his, and he were managing the matter
oa lis Individual iudGment2 Can it be wrong |