New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-10

come Oh INC lTthSuTy Will Dc iio'io VI hoN''''o
for the remainder of the year on two we'll
known facts a. That Congress has greatly
increased the cost Of the Government; (2)
That the customs revenues have heavily de-
clined. For the fiscal year ended June 10,
1873, the expenditures of the United States
exclusive of interest on the Public Debt, were
$3.50 4SS, $751; an increase of 27,2S6,781 over the
previous year. We see no reason Tor benev-
ing that they will be less i'll the current year.
The chances are that they Will be greater
About $102 100000 will be required to pay IN
terest on the Public Debt all gold, except
about four millions for interest on the Pacifc
Railroad bonds. There are also some miscel-
laneous gold payments beside the interest on
the Public Debt. We therefore estimate tna'
for the current fiscal year ABOUT nine uiiiiions
in gold and fifteen millions III currency VIII
be required each month, ON an average 10
pay the Government expenses.
For the currency revenues we wiz 'aAo
Secretary Boutwelrs estimates, winch are
1920. 1000 from all sources except customs
saw ten millions month. In the customs we
estimate deficiency of at least ten per cent,
taking last wears actual receipts as basis
The REGENTS of last year were SlSS,OoO,ooo;
deduct ten per cent, and we nave
s169, 200 900, or S141OO,OOO per month,
which. in round numbers, we snail
call fourteen millions. Comparing these estl-
mates with those of the expenditures, we see
that in the aggregates they exactly balance.
Twenty-four millions per month OF income /;
twenty-four millions of Outgo-nothing lett for
the Sinking Fund. Now we must consider
that the Secretary has already had the benefit
of the best month in the year for customs,
which has enabled him to reduce the fuDhc
Debt seven million dollars since the 3Oth Oh
June. We ought, perhaps, to give reasons
why we anticipate a falling oil OF ten per
cent. Taking the commerce of this port as
basis. we find that the decrease In. imports
since the tst of July is at the rate OF seven
teen ner cent. On the list of August, 1872,
reduction of ten per cent IN the duties on lin-
ports took effect, and goods were ieit In
bond to take advantage OF 1t, so that
we have no fair basis of comparison
in the customs receipts between that month
and August, 1878, but taking the two months
Of ,July and August together the decrease In
the receipts at NewYork is thirteen per cent
The monthly imports at New-for began 10
run below those of the preceding year IN
March last, and since then the decline has
been growing more and more serious. The
falling off in the revenue is not fully repre-
scented by the decrease in the declared values
of the goods, since the greater part OF the
duties are specific and there has been con-
siderable rise in the prices OF many articles,
especially of metals We think ten per cent
will be found moderate estimate OF the de-
ficiency in the revenue from duties on imports
for the current fiscal year.
But suppose there should be, and it is not
at all improbable, an actual deficiency in the
revenues of the Treasury as compared with
the expenditures. How would this deficiency
be met I Would Mr.. Richardson resort to the
most costly of all ways of raising money,
further issue of legal tender notes lie must
either do this or sell gold, and we have shown
that he has little gold to sell. The latter
would be the better way, even though the
Secretary were compelled to avail himself of
his authority to use twenty per cent OF the
gold belonging to private depositors. In the
light of the facts we have stated, the course
of Mr. Richardson in helping the Syn
dictate out Of a scrape by redeeming
eleven millions of bonds which he
was under no obligation to touch will appear
to have been extremely unwise. The victory
over that wing of the gold gamblers oper-
ating for q rise, has been obtained at the
cost of an expenditure of precious strength.
From this date until the end of the year the
Treasury will be compelled to sell about five
millions of gold each month to provide itself
with currency, unless Mr.. Richardson should
adopt the suicidal course of expanding the
legal tender circulation. 1t Will, for many
months be impossible for him to accumulate
coin. Wall Street for considerable time will
remain overstocked with gold and that over
supply will sooner or later be expelled from
the country, all theories founded on the bal
"ance of trader to the contrary nOtwithstand-
ing. Gold, or money, or cotton, or any other
article, WILL if left free, tend in that direction
where there is most use and demand for it.
Let the reader keep watch of the gold which
is now flowing out of the Treasury and within
twenty-fOur months he will see it flow out of
the country, unless some effective measures be
taken to dam it up in the Treasury again.
We are now entering upon a period which
will afford abundance of instruction to stu
dents of the currency. Let us hope that Con-
gress and the country may profit by the ex-
perience, even though it turn out to be q
little bitter.
TRUTH IND FALSRHOOD ABOUT THE
CITY DEBT
very stupid untruth has been publisbed