The New York herald., 1875-07-19

ths Treasury exactly the amount OF currency ana
coin the debt statement declares there vas On
the LIST day OF July. Besides, 90 not conmaer ~
buslnesslike 20 parade the amount OF iunds heie
In the dinerent cires and know OF no reason
for conducting the anairs OF the department 90
any other tnan business principisa n New fors
does not nike my way Of dolng business cannot
help H. OF. perhaps it woula be better 70 Est
Secretary Who would follow its advice. Recon-
mend that a new secretary be appointed vac
will suit New York In ever particular"
All thls was said with nrmness slightly mellow.
ed by genial smile. II was matter Of indinsr.
ence 10 Mr. Briatow how much the accuracy Of tss
debt statement was questioned. he knew 10 was
an honest publication OF facts and ngurea, and q
the public was not willing accept u a. correct
what amount OF explanation or slucidatlon would
make them believe irs Even q request courtsoasly
refused IL more pleasant than n favor grudgingly
bestowed; so the way was paved for asking
rHE MAIN QUESTION.
..Do you. Mr.. Secretary, construs the specie Rs
sumption act OF January, ls7s. ~ authorizing as
increase OF the bonded deDt or the inaue Of ave
per cent bonds In OF $500 900. a. nmitsd
In the act OF 1s70i"
sNo sir, do not construe the act ~ all, was
the prompt reply. "An act so plain In its language
needs no forced construction, and 10 Is surprising
TO me that 1t has taken New York 30 long 10 and
out what authority was conferred by that act
say again that the act is so clear that have only
to obey Its requirements. That am endeavoring
to do to the best Of my ability.n
The Secretary referred TO the repeated expiana-
lions which senator Sherman made on this poins
when the bill was reported by the republican Sen.
atorial caucus to the Senate, where nothing was
concealed.
Mr.. Sherman said :-.Thls bill also provides
ample means to prepare for ana to maintain re-
sumption. may say the whole money and credits
Of the United States Is placed BY this bill under the
direction Of the proper executive ofcers not only
to prepare for but TO maintain resumption"
The fact that the Secretary had been selling nva
per cent bonds for gold has been known here fol
months. The amount definitely stated in the pur.
chase OF silver bullion is $4,000 ,ooo bus there
nave been other sales for gold, the proceeds being
sold for currency. WHAT appeared few months
ago as
STARTLING ASSUMPTION OF AUTHORITY,
like unto the forced construction OF the Legal
Tender act to reissue the so-caled $4ooo.O 900 re-
serve is now matter scarcely considered worthy
of discussion, and with this authority what does
the Secretary OF the Treasury that the actual
gold coin In the Treasury at the end OF this month
belonging TO the government win be less than
S. 00O, ,00O as the following statement Will show
THE COIN BALANCE
to-day. July Is. is, In round numbers, $685. 1000,
including coin certificates amounting 10
$24 100000. TEls leaves $44 900 coin, or which
s2o,OOo0Oo is actually siiver-$l4. 600 already
coined and $6,O0o,co0 at the mints and assay
ofices In silver bars. This then reduces the gold
coin to s24 900. There are still out $s,oooooo
OF the thirty million call Of bonds for the sinking
fund, payable In gold on presentation. The
amount OF interest due for July and the amounS
previously due ana unpaid Is stated, at the lowest
calculation to be $40 100000. In addition there s
to be a further sale CT $4,000. 900 OF gold this
month, while the receipts tor she balance or the
month will not exceed the amount required TO
pay the August interest on the i've per cent
bonds, amounting TO five and half million
dollars. THESE figures are stated precisely AZ
they appear upon the books OF the Treasury.
and IL Is the fact that so large an amount or SILVER
coin has been accumulated and daily reported an
coin that the impression has prevailed that there
was not the amount OF gold coin. IN possession OF
the government that the single WORD "coin" mas
for years past Indicated.
THE AMOUNT OF COINED SILVER
and silver bullion on band June /. SIS 900.
Since then there has been purchased 81, 900 Of
fine bars. So there can be no possibility OF error
on that point The gold and silver are classed and
aggregated under tine head OF "coin."
The TACT that there are s5, o0o 900 OF called bonds
out redeemaple in gold Is matter OF record In
the loan division. The sale OF gold on the remain
ing Thursdays OF this month will amount 10
81, ,ooo oOO The receipts from customs revenue are
matter of daily report and small at this sea-
SON OF the year. The amount Of gold re.
quired TO pay the August interest Is one
and one-fourth per cent on $4l2,oo 900.
But while the Secretary can privately dispose OF
five per cent bonds at his discretion, and even
allow the commission paid the syndicate TO pri-
yate bankers Tor erecting the sale, he at least
will not worry about bis gold reserve being small.
Probably before the meeting OF Congress the Issue
OF silver and the retirement OF fractional currency
viii have been fairly inaugurated. and until thaS
is done the Secretary will not borrow trouble or
increase his soncitude about where the gold u 20
come from with which to redeem legal tenders on
the 1st or January, 1879.