New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24
RHAT NAY BE EXPECTED AND WHAT
OUGHT 10 BE DEMdNDED

| Mr.. Secretary Richardson continues to re-
deem the National Debt at the rate of three
millions in fve-twenty bonds per diem. He
has now been at this work three days, and Is
doing bravely. 1t still seems to us that this
is a matter deserving graver reflection than
it gets.
!. Does the Secretary know that the next six
months have in store for the Treasury def
cheney IN the revenue of more than thirty mil
lion dollars 7 Is it in his power to reduce the
expenditures of the Government below the APP
preparations Has he any authority to negotiate
loan or levy a tax? If he can neither cut
down expenses, nor issue bonds, nor levy
tax how will he meet the deficiency in income
He has already nearly exhausted his present
stock of currency.
H. He may reply that when the panic has
subsidized he will resume his weekly sales OF
gold. To this course there are objections which
seem to us insuperabe. For some months to
come, starting with the month of October, the
revenue from customs will not exceed the
amount which is necessary to pay the gold in
| terest on the Public Debt Surprising that for
| the next six months the customs receipts are
Just equal to one half years gold interest, it
is clear that the Treasury will not have added
a dollar to the stock it owns. 1t will have
paid out in interest the entire receipts of the
six months and will have accumulated moth
ing. Now, the outstanding gold certificates
| represent the stock III private hands. These
were reported to have been at the
close of business yesterday afternoon little
over thirty-six million dollars The redemp-
ton of past-due bonds within the next ten
weeks will largely increase this sum, and the
| addition of ten millions more by sales from
the stock belonging to the Government would
dangerously increase it. In that case the be-
ginning of the year 1874 would find the New
York banks glutted with some fifty million
dollars in gold certificates. Should the Bank
of England at any time within the next six
| months be in urgent want of specie, and occa-
sionally it happens to that venerable institu-
ton to be called upon to sustain consider
able pressure, twenty or thirty millions would
be drawn from this country on very short notice.
Thereupon the gold premium would advance
to high figure, and the gold gamblers would
be more independent of the Treasury than
ever. If the Bank of England should by
chance have no need of our gold, the premium
would fall very low. We are of opinion,
therefore, that there will be very little gold
sold within the next six mOnths-at the most
not over ten million dollars.
ILL., If the thirty millions required should
not be obtained by selling gold, they can only
be had, in the absence of further legislation,
by an imitation of the legal-tender notes.
| Hence, if we look no further ahead than until
the meeting of Congress, in December, we
have the certain prospect of an initiation of
ten or fifteen million dollars in the paper cir
cuation. and every dollar that is now paid
out in redemption of bonds makes necessary
corresponding addition to the forced
circulation, over and above the ten
or fifteen millions which cannot now be
escaped. And not dollar of that overissue
of forced paper can be withdrawn until Con-
gress takes some action for the relief of the
Treasury, except, indeed, that the Secretary
may, if he chooses, make further drafts on
| the Governments diminished stock of gold
| Now we do not care to dispute the question
whether either of the evils we have men,
toned is greater than the panic. Unhappily
| the past cannot be undOne. The panic, after
what has happened, receives no sensible relief
| from this bOnd-buying, currency Initiating
business, while the credit of the Government
is needlessly trifed with.
We repeat our protest against the tendency
Of this initiation of our paper money, and
we avow our belief that if the people do not
| insist upon q return at any cost to q sub
stantial currency, convertible at sight into
hard cash, and resting upon broad basis of
gold, with the total humiliation of fractional
currency and all notes of less denomination
than five dollars they will show themselves
to be incOrrigible. 1t is because Mr.. Richard
sons greenbacks take us not in that direction,
but are stumbling block, that we want no
greater quantity of them
KEEP THE STOCK EXCHANGE SHUT