The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-04-16
Tba Debt statement-

The official statement of the public debt
for the month of March is vely s~atistac
tory. The net decrease is 50, 1S9, 1873 46.
The net decrease for the same month in
1878 was $l,644,058 81. The expenses,
however, in March, 1873, were high. The
Forty-secend Congress had celebrated its
exit by voting itself several millions from
the Treasury in the hope of increased sal
airy, dating from March 4, 1871, and de-
fciencies and large appropriations to the
District of Columbia Government had al
most exhausted the lawful paper money
in the Treasury. Now Congress is IN
training to give the country a grand exhi-
bition Of feats of economy and retrench-
ment between this and election day. Like
King Sambro of the Royal Japs it has
assembled TO the very roof prodI gality, and
will now slide down the greatest rope OF
economy with great celebrity to the stage
and 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 a little
more difficult to work out favorable debt
statements, since the large customs reven-
ues of the late winter and early spring
months will be succeeded by the usual oul-
mesa among the imposters.
As compared with the net amount of
the public dept, April l, 1878, yesterdays
statement shows a decrease for the twelve
months of the only $3,046, 900, or over
button required by law for the Sinking
Fund.
AS compared with the amount a year
ago the debt bearing interest Ia gold
shows a decrease of twenty-four million
dollars, represented b az increase of
tw~enty-six millions in ir~redeemable legal
tenders. Waving the question of legali-
ty, this is not credItably TO MIR. Richard
sons ability as a inancier. 1t is, howeY-
er, infinitely more creditable than the late
votes of the Senate and House of ltepre-
sentatives to increase the irredeeinable
paper money millions more, on top [. MI.
Richardson's twenty-six.
Mr.. Richardson's programme OF gold
sales Tor the month-one million each
Thursday, five millions IN all-is also sat
isfactory. We hope that Mr.. Richardson
will be permitted and will see tie wisdom
of maintaining IN future q large currency
balance. A large currency balance, III
our opinion, is lar more essential TO tie
safe working of the Treasury thar Il large
gold balance. The gold revenues of the
Government greatly exceed the gold pay
ments, while the currency revenues are
millions every month short OF the curren =
cy disbursements. A stock of forty mil
lion of gold in the Treasury brings US no
nearer specie payments than the same
amount OF legal tenders in the same place.
b gold would enable the Treasury 10
redeem and destroy an equal amount OF
paper, whsn 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 millions
in gold in excess Of the certificates held
by private depositors which is four mil
lions more than tue net amount held at
the corresponding date last year. The
certificates held by private ~depositors are
thirty-seven millions, against twenty-fouI
millions q year ago. These facts are i'm
portant, since they make in doubtful
whether any serious attempt will be made
In the immediate future to advance the
premium on gold. We have on the one
side, an abundance of the metal, and 9
restricted volume OF foreign trade On the
other, an increase of the paper currency
The quality of gold il the hands of th
public is probably fifty per cent. more than
1t was q year ago The quality of paper
money which could be borrowed by spec.
ulators for a rise in gold has perhaps In
creased in the same proportion. We leave
it to the admirers Of the paper money sys.
tenn to solve the problem, whether the
premium will 10 up or down by the
LIST of January, 1875.
For cur part we make no copJec,
ture. We venture, however, to remind
the farmers of the West and the planters
of the South that it is in the power of the
spectators in gold, by the leverage of ter
millions in coin more or less, to make
difference of ten or fifteen per cent. in the
rates at which one thousand million dol
lars worth of cotton, tobacco, dreadstuffs
and provisions on one side, and tea, coffee
sugar, dry goods and other merchandise
on the ether, will exchange for each
other.
To insure themselves against huctua,
tions of this kind, the shippers of produce
and importers of the merchandise are fore
ed to levy a tax on the business passing
through their hands, of which tax the
planters and farmers pay their full pro-
portion.-M Y. Tribune.