New-York tribune., 1873-09-03

S1l,173.jOO. The total amount OF hye-twenty
bonds purchased during the month of August
was only $l5,J0O. which still leaves decrease
of $tl ,15s,OOO IN the six per cent debt to be
explained. Condensed in tabular form the ex-
hibit is as follows.
| six per cent bonds. Aug. i.-----.----s'28ioHlD
Six per cent bonds Sept l...-...-.-.- l269so3'6'o
| no.,o... .... sill7s.boo
| r,odro, honda ,urcbased ...... 1850
| Remainder r.........-.....-..-..-.- $ll,l1S'o~
II is clear that these bonds form no part OIL
tbe ffty millions called for redemption on the
| 1st of June, for the entire amount OF that call
| was deducted from the interest'bearlng debt
in the Debt statement of the 1st of July The
next call for the redemption of fve-twenties
was issued June 8, and is for twenty millions.
But these twenty millions are not due until
the 9th of September, which falls on Saturday
next. Yet this ST., 1,15s,OOO in six per cent
bonds, since they do not form part of the
fifty millions called for redemption on June
I, and since they were not bought during the
month by the Treasury Department must form
part of the twenty millions called for payment
on Saturday next. No other hypothesis is
possible.
DelDp Ulle case, llllS Gil,ioOjVVV 10 P'i'
of the Alabama award, which is trust money,
and must be represented in any summary OF
the Public Debt. Now, by what is it repre-
sented BY gold certificates unquestionably
And why necessarily by gold certificates
Because, since these bonds are not yet due,
they cannot without falsehood be entered
under the head of debt due and unpaid. We
have. moreover, ascertained from the Treasury
Department at Washington that of the total
amount of $4,000, ,73O 26, being the debt on
which interest has ceased, no less a sum than
$40, ,99O,35O consists of six per cent bonds
called for redemption in March last, and
which fell due June I. There is consequently
not room for eleven millions more in this ac-
count.
There is one other place in which these
millions might possibly appear, and that Is
under the head of the five per cent debt.
The five per cent debt, between July 1st and
September 1st increased just fifty million
dollars, but that increase is semi-oficially re-
ported to consist of the fifty millions sub
scribed and paid for by the Syndicate. But
the act of March g. 1878, directs the amount
received from Great Britain in settlement OF
the Alabama claims to be invested in five per
cent registered bonds that is to say, 1t requires
the Secretary of the Treasury to set apart
fund for the benefit of the sufferers by the
Alabama, which fund is to consist of five per
cent bonds issued for that especial purpose. Now
this S11 ,1ss 900 Of six per cent bonds paid OFF
IN August clearly represents portion OF the
Alabama award, but all accounts agree that
the payment is not to be completed until the
9th of September. We therefore abandon
the hypothesis that the S1l,t5S,0O0 is included
in the five per cent debt as part of the fund
for the ultimate reimbursement of the Ala
bama sufferers, for two reasons: % because 1T
is inconsistent with the report that the Syndi-
Gates fifty millions of new tives have been
settled for and entered upon the Treasurer's
books; (2) because it does not agree with any
of the accounts heretofore published of the
manner in which the five per cent bonds OF
the Alabama Indemnity Fund are to be issued.
The fund, we are Informed, is to consist of
single five per cent registered bond for Sl5,-
100000. We return, then, to the only remain
ing way of explaining the riddle, which is
that the S11, ,15S,00O which have disappeared
from the six per cent debt reappear as part of
the debt bearing no interest under the head of
gold certificates.
1t is clear to the reader, we trust, that the
900 to be paid by the British Govern
ment cannot, under existing laws, effect any
reduction of the Public Debt Ultimately the
money is to be paid to the Alabama sufferers,
but in the meantime the sum is to appear in
the shape of the alabama Indemnity Fund"
or by whatever title it may receive, as part
of the Public Debt, just as the three per cent
bonds of the Navy Pension Fund are counted
as part of the Debt. That part of it, being
$11,15S,000, which the Secretary of the Treas
ury has erased from the interest-bearing debt,
must appear as gold certificates, if it appears
in the Debt statement at all. There is abso
lutely no other place for it. If it appears as
gold certificates then we are as confused as
ever. For if gold be not claimed by the
Treasury with which to pay these certificates,
then the Treasury will appear to own less
gold than the fact. But the Treasury claims
to own five millions more gold than it did on
the 1st of September. The coin owned by the
Government, deducting that belonging to pri-
vate persons and covered by certificates, was
August l............. ....---....-....--~-.-sSI,3l2S5
September 1..-..-.-s-.-...-..-..-..--. i2,ee7,a6
lncfease.....' sO'ooo'soo
This increase corresponds very closely with