New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-12
philosopher Of his race; he has been diligent
in his business, and he stands before Kings
4 PROG YOSTTCaTTON.

Great complaints are made by business men
throughout the country that they are unable
TO estimate the amount OF money which Con
oress will ultimately determine to be sufficient
for the transaction of the business OF the
United States during the ten calendar months
which remain of thiS current year. Before the
expiration of chat period Congress will again
be in session and can provide for such ad-
ditional supplies IA in their OPINION may DO
adeonate to carry us safely through theyear 1915
The arrangement will undoubtedly be found TO
work well as soon as it gets fairly started, ana
we shall have in due time currency greatly
superior to that of any other commercial ma
tion. But meanwhile there IL, as we said, un
easiness and uncertainty and loud complaint
among business men, We therefore feel
called upon to submit an estimate OF The adj
dition which will be made to the paper money
during the current month, not forgetting Tor
a moment that the Secretary OF the Treasury
is opposed to imitation, and IL even now pour
ing out silver at the rate of twenty-five dol
lars per day
In February, 1878, the currency receipts OF
the United States Treasury fell three million
dollars short of being equal to the currency
selling gold for currency to the amount OF
81, 100000 in excess OF the aggregate Oh tno
weekly purchases of bonds made with cur
rency. We have made allowance in the COM
putatiOn for the differences IN the currency
balances in the Treasury and the amounts OIL
outstanding legal tenders on the ist OF FEB
ruary and lat of March, respectively, and we
find that the regular currency income was
insufficient by nearly three million dollars 10
make the regular currency payments. Az TINS
time last year the Treasury was selling goiu
at the rate of fifteen hundred thousand dollars
q week, and buying bonds on the average, at
the rate of about half that amount Now 1t Is
selling no gold and buying no bonds.
We know very well that all the statements
relating to the finances of the Government
| which are sent out from Washington repre-
sent. not the state of facts existing to-day,
| but the result of transactions to the extent
only which they have been entered on the
books of the Treasury. Hence all statements OF
currency balances payments of warrants, &C.
must be accepted as representing stage III
tbe downhill progress of the Treasury which
has been passed days and often weeks ago.
Merchants and business men need pay no
currency balances and outstanding legai
tender circulation than to the range OF the
thermometer. The one has just rs inuch
and no more to do with the amount OF
money in circulation than the Other However,
in comparing this year with last, the revenue
laws being the same and the state OF business
less favorable, there is no reason to count on
a larger currency revenue than the Treasury
received in February. 1873 Nor is there any
reason that we are aware Of for estimating The
currency expenditure at less amount than 1t
reached in February last. The only conclu-
sion which il is possible to come to is that, IL
the books are kept well written up and the
disbursements promptly entered, there must
be an increase this month, as there was last
month, OF about three million dollars in the
greenbsck circulation certainly three millions,
and perhaps more.
1t would of course be n great advantage to
business men to know how many millions
more are to he added to the S115,O00,0OO IN
paper already aloat but with the Treasury
administered as it is and Congress rushing
ike the herd Of swine towards the deep sea,
such knowledge is not within the scope Oh
mortal minds.