New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-02
premium. ne is mistaken. So far, ne ADMITS
he has been worsted in the game; why theh'
does he insist on playing deeperi
TIE DEBT STATEMENT.

Tho official statement of the Public Debt
for the month Of March is very satisfactory
The net decrease is S2,1S0,33S 49, The net
decrease for the same month in 1873 was
81 .C44NJs OF. The expenses, however, IN
March, 1873, were high. The Forty-second
Cororess had celebrated its exit by voting
itself several millions from the Treasury
in t.a shape OF increased salary,
dating from March 4, 1871, and deficiencies
and large appropriations to the District OF
Columbia Government had almost exhausted
the lawful paper money in the Treasury.
| Now Congress il in training to give the
country grand exhibition of feats OF econ
0my and retrenchment between this ana
election day. Like King Sambro OF the
Royal JAMS. It has assembled to the very
roof of prodigality, and will now slide
down the creased rope OF economy
with great celebrity to the stage, ana
show the people that after all there
is nothing like the patriotic old party which
saved the nations life. Nevertheless, for the
next four months. it will be little more diff
| tcult TO work out favorable Debt statements,
| since the large customs revenues OF the late
Winter and early Spring months Will be sue
| ceedcd by the usual dulness among the I'M
| porters.
As compared with the net amount OF the
Public Debt, April 1, 1873, yesterdays state
ment shows a decrease for the twelve months
of only S3,04600O or over twenty-five millions
less than tho contribution required by law
for the Sinking Fund. As compared with
the amount year ago the deDt pear
ing interest in gold shows decrease
of twenty-fou million dollars, represented
by an increase of twenty-six millions IN the
irredeemable lega-tenders. Waving the ques-
ton of legality, this is not creditaDle TO ME-
| Richardson's ability as iinancier. IL IL, now
ever. infinitely more creditabe than the late
votes of the Senate and House OF Kepreseh-
to,iyes TO increase the irredcemable paper
eighteen millions more, on top OF Mr.. Rlcn-
ardson's twenty-slx.
Mr.. Richardson's programme OF gold sales
for the month-one million each Thursday,
five millions in all-is also satisfactory. we
hone that Mr. Richardson will be permitted
and will see the wisdom of maintaining
in future q large currency balance. A large
currency balance, in our opinion, is far more
essential e. the safe Working 81 the Treasury
than large gold balance. The gold revenues
of the Government greatly exceed the gold
payments while the currency revenues are
millions every month short OF the currency
disbursements. stock of forty millions OF
gold in the Treasury brings us no nearer
specie payments than the same amount of legal
tenders in the same place. The gold would ena-
BILE the Treasury to redeem and destroy an equal
amount of paper while the possession of the
paper would make it possible to accomplish
the same thing without any intermediate pro-
cess. The Treasury has now forty-nine mil
lions in gold in excess OF the certificates held
| by private depositors, which is four millions
more than the net amount held at the CORE
spondng date last year. The certificates held
by private depOsitOrS are thirty -seven millions,
against twenty-fOur millions year ago.
These facts are important since they make
il doubtful whether apy serious attempt will
be made in the immediate future to advance
the premium on gold. We have, on the one
side an unusual abundance of the metal, and
a restricted volume OF foreign trade ; on the
other an increase of the paper currency
The quantity of gold in tho hands of the
public is probably fifty per cent more than it
| was year ago. Inc quantity OF paper
money which could be borrowed by specu-
lators for a rise in gold has perhaps in
creased in tho same proportion. We leave
it to the admirers of the paper money
system to solve the problem. whether the
premium will move up or down by the 1st OF
January, 1875. For our part we make no con-
lecture. We venture, however, to remind the
farmers of the West and the planters of the
South that it is in the power of the specu-
lators in gold, by the leverage of ten millions
in coin moro or less, to make a difference of
ten or fifteen per cent in the rates at which
one thousand million dollars worth of cotton
tobacco, breadstuffs. and provisions on one
side, and tea, coffee. sugar, dry goods, and
other merchandise on the other, will exchange
for each other.
To insure themselves against fluctuations of
this kind, the shippers of produce and import
ers of merchandise are forced to levy tax
on the business passing through their hands,
Of which tax the planters and farmers pay
| their full DrODOrtiOn