The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-04-02
GhtGttelLiqettGer:
The Debt statement.

Tho Public Debt statement issued yes
,erday shows the debt TO have been di-
minished the past month in the following
items: $4,5O3, $50 in 6 per cent coin inter
terest bonds; 100000 currency interes
obligations g and A per cent certificates
aud Navy pension fund.- $70,1GO maturet
debt; $9S20,OOO certificates of deposit
and $l29,739 fractional currency. The
debt has been increased in the following
items: legal tenders $95O7,432; interest
$9,74S,7O4 This shows the actual de-
crease Of the debt TO have been So AGO.
$40. But there Is diminution OF assets
amounting to $l,GGO,3O7, leaving the ap'
parcnt decrease of debt but $l,77O,17O.
This is the way the figures foot up % the
state nent comes to us by telegraph,
but US the decrease is reported at
$I,O44,O5s, it Is evident some of the fig
urcs are incorrectly telegraphed.
There seems to be no good reason why
the cash in the treasury should be put
down in these statements as an Offset to
debt. But small part Of 1t Is applied to
the payment OF debt, and as the sum is
constantly fluctuating its inclusion in each
monthly statement only tends TO confuse
the general reader and obscure his per-
ceDtion OF the truth. The outsta ndlng
obligations constitute tho actual debt,
whether the money in the treasury be
much or little. For example the real
debt as shown by this statement is 3d.
927027,S57 (therc being 1924 1000 in
certificates to protect which an equal
amount Of cash Is specially held in the
,reOsury) lrlhe $72, ,19l ,917 in the treas
ury were paid on the debt, OF course 1t
could be reduced by that sum, but $S2i-
3Gj5l9 Of this Is needed to pay interest
already accrued, $24, ,141 600 more to pro-
,ect depositors Of coin, and as for other
reasons but small part OF the remainder
ran or will be used in payment OF the
the debt, it is idle and only serves to cone
fuse the reader to talk about "debt less
cash in in the Treasury"
The currency balance in the treasury
Is probably the lowest for many years.
while the coin IS much below recent aV'
erAgcs. 1t has been reported that Tor the
sake Of showing decrease Inst month Mr.
RICHARDSON deferred some heavy pay
menls ill alter the 1st, so that 1t is likely
that in u few days these balances will he
still further reduced. The currency de-
pletion Of the treasury, in connection
with the low state of the bank reserves
aud the prevailing stringency, indicates
either that large amount Of legal tenders
Is locked up or that property values
throughout the country have not yet ad-
hstcl themselves to the present volume
ol the currency, which has been largely
reduced Of late by the withdrawal oI the
three per cents, which were held as re-
serves and whose place now has to be
supplied by legal tenders. 1t is notable
TIA, the currency balance in the treasury
represents Just about the amount which
The secretary has issued in excess oi the
s3jGOOOOOO allowed by law, so that but
br this issue, he would bs about at the
bottom. This state Of things indicates 9
probability that unless tho treasury re-
ccipls should soon pick up sharply the
Secretary Is likely to tlnd a necessity for
aurthcr exercise OF the authority which
he claims to reissue additional legal ten
le,sol the lorly.iour millions retired.