The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-05


meat.
The publication Of the june statement Of
the public debt by the Treasury Department
furnishes little that is new. but shows . much
less decrease Of the debt for the month just
expired than in some previous months. The
decrease for May amounted only to s., 525, 1882.
The average rate of decrease month since
March. 1869. has been nearly $1,000, 600, or
$SS, $40, 900 year. But during the last three
months-that is, from March to June the
process of liquidation has been very slow. COM
parativeiy. The decrease for that period
amounted only to 81, 416,S27 The cash in the
Treasury, however, has been increasing Of
late There was on Monday. in coin,
SIS, 588, BIG, and in currency $6.056, 795, be-
sides 500, 1875, 900 special deposits held for re-
demption Of certificates of deposit. The total
In the VAULTS therefore. was $110,779, lis.
From this must be deducted $50, 448, 600 Of
coin certificates outstanding The govern
ment has, then, surplus cash amounting to
$50, $3.50, SIS, of which $75, 900, 900, or nearly
SO, is in specie The whole reckoned in cur
rency at the present rate of the gold premium
would be about $88, 600, 900. It is evident,
then, that the Secretary of the Treasury
had it in his power to liquidate or buy up
more of the debt than he has bought during
the last month or last three months. Why he
keeps such Vast and unproductive sum Of
money on hand ID unaccountable, for it GER
tainly has had no effect in keeping the gold
premium down. The total debt is
50, 225, O73, O84. The interest accrued,
S35, 500, 9O4 In all, $4,000, TAI, 989. But of
this there is the Notwithstanding debt, or
legal tenders and fractional currency, amount
ing to over $780, 900. The interest-bear-
ing debt then, with interest accrued is lit
tie over 81, $780, 900, 900. Deducting $50, O0O 900
cash on hand would leave a clear interest
bearing debt up to date of l,720, 900, 900.
We take no account Of the greenbacks and
fractional currency, because they are no bur-
den to the people and call for no interest.
When q nation is rid of its debt, or con-
siderable portion Of it, that, no doubt, is
matter of great satisfaction, and the payment
of three hundred and sixty-eight millions of
our debt since March, 1869, is gratifying
enough. But, while we do not consider q
national debt national blessing we cannot
lose sight of the fact that burdening the peo-
pie with unnecessary taxation to pay debt
rapidly may be greater evil than that of ex-
tending the debt over longer period. In
connection with this subject we perceive that
Mr. Treasurer Spinner has been drawn out
again to use his pen in defence
of the Treasury policy. A kindly, con-
siderate gentleman by the name of
Riddle, in Australia. has afforded our vener-
able United States Treasurer the gratifying OPP
portunity of writing another letter on the SUBJ
ject Of paying the national debt. This is q
labor of love to General Spinner, and, having
exhausted all the correspondents at home on
the debt question, he must feel grateful for
this communication from far off Australia.
We can picture to ourselves the placid smile
that beamed from his benign countenance
upon the beauties of his department as he
carried this precious document in his hand
through the labyrinth of magnificent Offices in
the Treasury and surveyed with pride the vast
operations growing out Of an enormous reve-
never contemplated his wealth with more pleas
ure. No young and aspiring author ever read
q kindly notice with more qualification than
did General Spinner this letter giving him
chance to ventilate his ideas on the all
absorbing theme Of his cogitations. There
must have been great joy in the Treasury on
that day, for there was no bright-eyed damsel
among his numerous subordinates but saw
the light of his countenance.
We are not informed what views with regard
to paying the debt were expressed by Mr.
Thomas Candy Riddle, Of Geelong, Victoria,
Australia nor does it matter much, for we
have those Of General Spinner, and know that
he is quite capable of penning an exhaustive
answer, either in half column or twenty
columns Of printed matter. The point made
by Mr.. Riddle was, it seems, that some hun
dreds of millions could be saved by the United
States in the payment of the debt according to
plan this gentleman has, and different from
the one followed by our government. We have
had some experience with correspondents on
easy methods of paying the debt and giving
the country perfect financial system. Indeed,
we have had sacksful Of such communica-
tons. There is no subject upon which people
delight to write SO much. National finance
and chow to pay the debt" are questions
most people believe they understand well and
can write fuently upon. But our Treasurer
takes them all down. Without saying what
the colonial Britisher suggests, or arguing the
nronosition advanced he cuts off all controversy
by submitting his plan and that of the govern
ment as the acme Of perfection and incapable
Of improvement. We think General Spinner
might have been more considerate 10 his cor
respondent, in view Of the favor received and
the qualification the letter afforded.
a