New-York tribune., 1870-12-06


According 10 this estimate therc will be surplus ap
pcable to the payment Of the principal Of the public
debt in addition the payments made that account
through the sinking fund Of $1077s6sO 49, An analysis
of expenditures develops facts tending 10 sustain the
opinion that the balance Will he considerably larger than
appears rom the foregoing estimates. The sum OF
So 23s21S 81 s the estimate for public works. The APP
preparations for these objects for the present year
less than 2OOOOO and is reasonable 10 presume that
the appropriations for the next year win not much cy
ceed that amount II IL believed, also, that the estimates
mado by the several Departments for the different
amounts which WIN he required under any circumstances.
II such is the there will remain the Oh Of june
Treasury It may, therefore, he reasonably an,icpaied
that the total reduction of the public debt during the
sinking fund, viii he about $50 100000
DASGER OF REDDISG WITH TEE REyESUE LAWS.
tits noticeable that the estimated expenditures
for tho next fiscal year, including payments account
Of the sinking fund, and for the interest the public
debit nearly equal to the receipts 20 Justify and
demand the greatest caution in dealing with the
and business of the country. II IA apparent that
disaster, serious check to business would re-
duce the revenues below our necessary expenditures IL
is apparent also that the prosperous condition Of the
country Is largely due TO the revenue system ausrod
during the war; 10y which manufactures aud tho me
@ch3llcai @ dIIs & nav @ % % anu IL = =
policy cannot now De IaShy abandoned or sdJchN ana
radically changed without great injury business and
labor, and serious consequent LOSSES ot rYcnuc.
FUNDING IILl.
The war in Europe has rendered.. impractcablc to
refund the national dobt authorized by act approved
July H. 1870 A portion Of the paper has been manu-
factured and tho preparation of the plates has been
| far advanced that Whenever - favorable opportunity
arises the loan may be offered the bonds delivered
without delay. Inasmuch rs the war in Europe and the
consequent demand fOr money makes it doubtful
whether the aud the II per ceu bond will be taken, L
seems 10 me wise authorize t- issue of s3OJOOU 0OD
| additional of bonds bearing interest ~ the rate OF
per cent. The interest hc paid quarterly without
Inconvenience, aud T. therefore, respectfully recon.
mend that the loan act bc modified that the payment
of interest may be made quarterly, instead OF semi
annually should these recommendations he approved
/ r. u ast.I IL
thOrizing tine changes ne passed without delay
TUE CURRrNCY BALANCE.
Since the 1st of July the cUrrcncY balance in tho
Treasury has been unusually and, FOR immediate pur-
poses unnecessarily large. Tho act Of July p, $780,
thorlzng an increase of National bank nOes, imposed
upon the Secretary Of the Treasury tho duty OF pro
SldinR for the REDEMPTION OF equal amounts OF thcir
decrease n revenues both OF coin and currency made IL
my duty 10 sufficient 10 enable the Depart
ment comply with the law, without rc-Ortnc eX-
trlordinary means Happily tho tnancal condition Of
the country has not been rnfaSorahy aa ctod i9 the
accumulatiOns Cd the Trt asUIy.
IIIB NATIONAL BANKING slsTHH.
During the year ending Sept 20 lS7O the National banks
paid in interest the of &c. sGl72 c. II Is estimated
that Of this tOO)OOO paid to private persons.
doubt that the practice Of paving Interest,
except upon balances due from Government to
another II means 10y which large amounts Of capital
diverted from Tire extreme portions OF tho country u
the commercial aud hrancial cenicrs. 10 he injury Of
money! proper duty Is by AMI discounts to
Facilitate develop the uCghhsrhOOd or
it, location A. matter OF fact undcr present sys-
TEN, banks agencies by which capital H. gathered in
and sent away to distant cities there 10 bo loaned on cal
and used Tor speculative puTpO,cs. Complaints are
made from all parts of thr country mat the bills OF the
such an extent as to he D" longer tt Tor circulation
As many banks 10 he pJc,tnZsd
under the law Of the last of Congress, respect
1uly recommend that an appropriation be made ana au-
thOT1y given for thD issue bills upon such paper
and IN such form may be uesgnatcd bJ the secretary
Of the Treasury. The Controller Of tho Currency, IN lis
report for 1869, recOnm, idcd the establishment OF
agency in the City OF &owlok under the control OF tho
National banks ior TIE redemption Oi their issue. The
substance OF this Recommendation 90 not only
the banks Coupled with the recommendation, 1 take
Ibis occasion o. say that the banking system OF the
s0nably the purposes for which 10 vas established
Ii II, no doubt, true that Treasury notes
IePEesen'ng an equal amount o. Pablo debt
circulation for the Governments but 1t should be consid
agencies by which business Is established and fosered
Upon the whole, the system OF banking should be
business but, when The demands are urgent The coHe
sion should be made upon tno guund that the prosperity
~ business Is important tn the mere of
terest arising rom the circulation OF Treasury uots
Guiding red,pOhits
mNTs AND coISAGE
The amount o. gold and silver deposited at the Mint
and rs seyeal branches during the sl fscal year was
SDlOs ,8 To- the coinage for The year wa s68OlI and
the value OF gold and silver bars stamped was ssT1-
sJ2 ~. ! respectfully the attention Congress 10
the bin prepared IN this department, and subihttod at
tive 20 miuts and coinage system of the country.
The bill was prcparod with care, and has since been
submitted 20 the crtlcsms of large number Of prcti
cal aud ecictne men, whose views have been published
by authority ~ Congress Darng tho year the several
brunch nuts and nssay Offices have been visited and
examined hy bIf. Knox aud Or. Ludermann The Assay
office, Boise city. Idaho, is nearly cOmpcted, and viii
require small appropriation Tor tho commencement of
business Provision should DC made FOR the redemption
OF the and other tokens issued by the Govern
tIout Tho report of the Commissioner o Mining Stalls
tics for the wear has been printed since of
the session ~ july last and That for Tho year 100 Will be
made during the Winter.
ETTECfs THE WAR ON AMERICAN COMNncE
$40 continuance Of the war aUDcars 10 DO matter 0!