The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-12-06

According to this estimate there VIII be surplus
applicable TO the payment OF the principal OF the
public debt, In addition to the payments made
on that account through the sinking fund, OF
$lo,77s,6 $50. An analysis Of expenditures develops
facts tending sustain the opinion that the balance
will be considerably larger than appears from the
foregoing estimates. The sum OF $22 ,27S Is the
estimate for public works. The appropriations for
these objects for the present year are less than
900, and it Is reasonable to presume that
the appropriations for the next year win not
much exceed that amount 1t is believed,
Rso that the estimates made by the
several departments for the different branches OF
the public service are for the maximum amounts
which Will be required under any circumstances.
II such IL the case there VIII remain on the 3on OF
June, 1872 unexpended balances to be covered into
the Treasury. 1t may, therefore, be reasonably
anticipated that the total reduction OF the public
debt during the next fiscal year. Including payments
on account OF the sinking fund, VIII be about
1000 00O 1t IL noticeable fact that the estimated
expenditures Tor the next fiscal year, includ.
ing payments on account OF the sinking
fund and for the interest on the public
debt, are SO nearly equal to the receipts as to
Justify and demand the greatest caution dealing
With the revenues and business OF the country II
is apparent that disaster or even serious check
necessary expenditures It is apparent also that the
prosperous condition OF the country is largely due
10 tho revenue system inaugurated during the
arts have been extended and established.
This policy cannot now be rashly aban.
without great injury to business and labor and
serious consequent losses OF revenue. The war in
Europe has rendered 1t mpractlcable to refund the
national debt as authorized by act approved July
IL 1870. portion Of the paper has been manufac-
tured and the preparation OF the plates has been
far advanced That whenever favorable opportunity
arises the loan may be offered and the bonds
delivered without delay; Inasmucn as the
for make tt doubtful whether the
four and four and q half per cent bonds viii ce
taken, 1t seems to wise authorize the issue of
the rate Of nve per cent. The interest can be paid
quarterly without inconvenience, and ], therefore,
respectfully recommend that the loan act be 80
quarterly instead OF semLanRually. Should these
recommendations be approved BY Congress-, 1t is Of
great importance that an act authorizing the changes
be passed without delay.
CURRENCY BALANCES
Since the list OF July the currency balance IN tie
Treasury has Dcen unusually ana Tor Immediate
purposes unnecessarily large. The act OF July IL
1870, authorizing an increase Of national bank notes.
OF providing for the redemption OF equal amounts
Of their present certificates The certain though pro-
grsssive decrease In revenues both Of coin and cur.
10 enable the Department TO comply with the law
without resorting TO extraordinary means.
Happily the financial condition OF the country
has not been unfavorably affected by the
ys sn. ending September So 1870, the sa, ma;
49, 172. IL is estimated that OF this sum two mil
lions We're paid 10 private parties, cannot doubt
balances due from one e1 Sovernment to another IS
means py which large amounts Of capital are d.
. YET rom me extreme PORTIONS Of the country to
o. business generally The proyipcs OF bank s 70
isnu money, ana It's proper dufrJR, by loans and
neighD0rhood OF Its location. Az matter OF fact
under the present system banks nre agencies ny
S'AVn ssOl'sa y sAsaeSsd N WAC sent agaH - dish