New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-05-04
ORR SECOND MONTH.


If we correctly remember Delmar's prophetic
bulletin, issued last Summer in the midst OF
the last Presidential canvass, figured out
deficit of $175,OOOOOO to be confronted by our
Treasury on the 1st of July next. This was
probably not much over S3OO,OOO,OO0 or such
trifle out of the way. Delmar, however counted
on a Copperhead triumph in the contest then
pending and so expected that the distillers
would continue to defraud and the officials to
steal, as they had done under the johnson
regime. "The odds is the difference"
Yet it is joyful to know that the Two Mil
lions of surplus of Treasury receipts over ex-
penditures in March has been sweed to Six
Millions in April. NOminally, the Debt was
reduced over Thirteen Millions in April; but
Mr. Boutwell's new and more accurate balance
sheet, wherein accrued interest unpaid is
charged rs part of the Debt, which it really is,
makes the true gain as above. That is to
say: the principal of the Debt was reduced
$13,5SG,GGO in April; but the interest which ac-
crued in that month, and was not payable till
after its close, made the difference.
Gen. Grants appontees are hardly yet warm
in their places, but the coon evidently recog
nizes Capt. Scott, and begins TO come down.
Though we have not yet begun TO collect the
Income Tax, which will swell the receipts of
the next two or three months by not less than
Twenty Millions of Dollars, we are regularly
reducing the Debt, and shall soon begin to
make heavy inroads upon it, Let us keep the
Taxes up and crowd the Expenditures down,
and we may soon congratulate our country on
the reduction of the Debt at the rate Of Fifty
TO One Hundred Millions per annum.
We need hardly repeat that the return OF
One Hundred and Eight Millions of Coin in the
Treasury, whereof but Sixteen Millions IA hal
anced by Gold Certificates Is not rs we would
nave &c. We hold that not less than Fifty
Millions Of that Coin should be invested forth
with in Government Bonds, in obedience to the
Sinking Fund provision Of the Legal Tender
act which we have repeatedly quoted. That
act was passed more than seven years ago and,
had it been duly Obeyed, there should have
been One Hundred Millions Of Bonds bought
up ere this by the Treasury and held as
Sinking Fund for the ultimate extinction of the
Debt. These Bonds, seasOnably purchased,
would have cost less than Seyenty-fiye
Millions of Coin; now they will cost at
least Ninety Millions so we have lost,
by disregard of the law, Fifteen
Millions, beside the interest which would have
accrued Oh the Bonds in the Treasury, which
must have reached Twenty-Five Millions. Now,
Forty Millions is quite enough to lose by the
disregard of one law, and we insist that there
shall be an end of it. Let us have the law
obeyed forthwith and evermore; and let no
money be kept in the Treasury that can be
spared to pay n Debt The Gold-gamblers arc
now engineering rise in the premium on
Coin let it be met by buying Bonds with
Gold till they shall be ready to cry
Enough Give them Sixty or Eighty
Millions to shoulder, and see how they
like it; and, if our British friends are sending
home our Bonds, whether from apprehension
or resentment, let the Treasury improve the
opportunity to pick them up at lower figure
than is likely to rule hereafter. The Govern
ment is strong in its income. its credit, and in
the prosperity of the people; let the Finances
be welded with courage and decision, and we
may soon fund our Fiye-Twenties in n new
ConsOl at a saving of Twenty to Thirty Mil
lions of interest per annum. A Government
that would have credit should act as though
co niidcnt of deserving ii.