New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-26
able men offered ~ candidates, and to say
that upon the whole they have done better
than we expected.
sTRJoUs BUSINESS FOR CONGRESS-

than we expected.
SERIOUS BUSINESS FOR CONGRESS.
Cool observers of the panic will feel re-
leved now that the Secretary of the Treasury
has ceased to be an active combatant. He
did not stop his bond purchases moment too
soon. The money he paid out was net enough
to satisfy the wishes of the inflationists and
spectators, while it was too much TO with
draw from Treasury by no means overflow
ing. The currency payments OF the Gov
eminent are now over. five hundred
thousand dollars o day, while the currency
receipts are about three hundred thousand
dollars. Hence the Government requires mil
lion and quarter of legal tenders each week
in addition to its currency receipts 10 make
its currency disbursements. Where, then, Is
this necessary million and quarter to be OBJ
tanned? Until the Secretary resumes his gold
sales he can provide himself win currency
only by increasing the legal-tender circulation.
A few words as to the gold. Within nun
dred days claims against the treasury goiu
will mature, which, added to the bonds and
interest already due, will aggregate about one
hundred million dollars, exclusive OF the coin
certificates. We mention this fact not 10 e4-
cite alarm but for the purpose OF showing
that the Treasury, having alreauy done
too much. is in no condition for fur
tber exertions. According to the offciai
statement of the Public Debt, issued Sept. l.
tbo Treasury then owned $42,697,S i6 in coin,
over and above the amount OF the outstanding
coin certificates. One hundred days Will bring
us to the 4th of January Starting from tne
first of the month, and including the amounts
then due, the Treasury gold is or Will become
subject to the following drafts:
Fve.twentes matured previous to Juno l.
1873, including slO,S90,sSO payable on that
u"vo 80, ,,o coma ...... lA,5e5
g. -, ., - 100000
Fvetwentes called for payment Sept o.. T'VVoVo
Interest on the same 'SoV
Interest on Ten-forties Sept 1.....-'.-.- i'oo'oz
Other coin interest due and unpaid sept lee. 9VOo'o
Fvetwentes called for payment Nov lb..-.'' iO'VVVo
Five per cent bonds due Jan. l, zoVVVV
Interest falling due Nov. 1, about...'... IoVoVoo
Interest falling due Jan. |, about. ....... 2'pcoOOo
Total.
To meet which there will be
The coin belonging the Treasury Sept l.. siZo9oio
The Alabama award ................'''''''' lo'oOo
Four months customs, say............... oo'VpVoV
subscription Of Syndicate, payable Noyl6. 16'oOocoO
u., ........s l23,1e7s $40
If there IS any material error IN the ABOVE
table we trust it will be pointed out. Ii the
account as stated is correct, or any where
near correct the Treasury has not dollar OF
gold to sell. The situation is just this: Upon
the subsistence of the present stringency I'D
.,,o,,o,, ,,orl,ot yUn shall have
l. A market glutted with gold and legal
tenders.
II. A Treasury pouring both gold and legal
tenders into that market, and poweriess 10
withdraw either its coin or paper.
The United States Government, which but
Yesterday was paying off its bonds at the rate
of one hundred millions a year, will be forced
to resort again, as in war times, to the
paper mills and printing presses to
pay its running expenses. so much
we shall owe to Secretary of the
Treasury who has this Summer let out nearly
forty millions of his cash to bolster up the
Syndicate, break down the gold premium, and
nay off the panic-stricken servant girls who
made the run on the savings banks
The banks of this city are making gal
liant fight against immense obstacles. We
think Mr.. Richardson has given them but
little assistance, while he has done serious
injury to the great institution of which he is
the head. There is, moreover, this additional
bad feature-that whatever may be the
upshot of the present troubles, there
is certain to be incessant arrangement
from the Treasury Department until Congress
contrives some plan for the relief of the help
less Secretary. Whether the printing press is
to be run night and day, whether the legal
tender circulation is to be contracted or ex-
banded, whether gold is to be at fifty pre-
MUM or at par, we shall not know until the
wisdom of Congress has been applied to what
is after all most knOtty problem.
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