New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-02

IN inc mdrkeb Fdpiuiy ucCiCd h1sAhS es~'~~e>
q direction just the reverse OF what any IN
telligent man would have predicted from the
Debt Statement. The explanation Ia
that the Secretary kept from the
public all knowledge of the impor-
tant fact that the Syndicate were
about to pay gold, or its equivalent, for sew
eral millions of the Funded Loan. We noticed
the fact a month ago, that the sum OF
s1f, $4,000 in Five-Twenty bonds, not included
in any call, had been accepted from the Syn
dioate in part payment of their subscription OF
March I. for fifty millions of the new loan.
It now appears that the Syndicate have taken,
during the past month, eight and one half
millions of the Funded Loan, and have made
payment therefor in gold or its equivalent.
The effect of conoealing from the public this
important operation has been extremely disaS-
trous. The banks month ago had right to
assume that their specie averages, which are
an important part of their reserve, would
steadily increase during September by reason
of the Treasury disbursements Mr.. Richard
son had reported that the past-due bonds and
interest, including the twenty million in Five
TweDties, called for payment September D,
amounted to forty-six million dollars. The pub
lie we're impressed with the opinion that gold
would be in abundant supply, and the effect was
seen in the precipitate decline in the premium.
But what has happenedi If we accept the
figures of Mr. Richardson, the gold in the
Treasury belonging TO private depositors, so
far from increasing, has decreased no less than
SlO557,6O0 since Sept. 1, and $l3,429,62O
since Sept 10. The banks, so far from in
creasng their specie, lost between Aug. %
and Sept. 20-the date of their last published
statement-S6, 300, 800, being One-fourth OF all
the specie they had at the former date. The
withdrawal of six millions by depo5itors
makes necessary contraction OF that
amount in the loans when the banks are
in the condition they were a month ago.
The loans were in fact contracted eleven mil
lions between the 23d OF August and the Goth
of September and the result is the crash.
Had the banks known that the commercial
stock of specie was TO be contracted twenty
five per cent in four weeks, they might have
taken measures to protect themselves. But
they were deceived, as we were deceived, by
the small trickster who holds the place once
held by Alexander Hamilton.
A month ago the gold owned by the Treasury
was reported by the Secretary as subject to
be drawn upon for the payment of forty-hve
million dollars for called Five-Twenties and
past due interest. During the month this
amount has been reduced to less than twenty
millions, and yet the gold owned by the
| Treasury has increased nearly four million
dollars The gold receipts for the month have
| been. if we accept the official statements from
customs say fifteen millions Alabama indem-
nifty. fifteen and one half millions; for new
Elves taken by the Syndicate, eight and one
half millions; total, thirty-nine million dollars
The gold payments have been, upon the same
authority: for past due bonds and interest
twenty-five millions, eight hundred thousand
gold sold, three millions; foreign exchange
bought, one million; total, twenty-nlne mil
lions, eight hundred thousand dollars. The
excess of receipts over payments is nine mil
lions. two hundred thousand dollars, but the
increase in the coin owned by the Treasury is
only three millions, six hundred thousand dol
lars leaving five millions, six hundred thou
sand dollars paid out for Some purpose un'
known.
ON the 18th of September, the coin balance
in the Treasury was reported at $0l ,549,o9
1t is now reported to be SS0,246,75S. Here Ii
decrease, wholly fictitious, as we believe OF
more than eleven million dollars in fourteen
days, excluding Sundays. Thus the eleven
millions of fictitious coin, heretofore fully
treated of by The TRIBUNE, disappear from
view. They nerer Cere in the Treasury, Mr.
Richardson's protestations TO the con-
trary notwithstanding. The books have
been written up at last, and these
eleven millions of coin which never had ex-
istence, vanish into thin air. The groundless
fiction" of THE TRIBUNE turns ont to be
fact. Nearly two months ago we warned Mr.
Richardson that he was playing with edged
tools. and we tell him now that THE TRIBUNE
will not relax its efforts until the exposure of
his double dealing is complete.