New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-04
THE PUBLIC DEBT.

The Public Debt, according to The official
statement issued on Saturday, shows an in
crease during the month of December OF
1860 1868. Since the commencement of the
fiscal wear on the 1st of July, the net de-
crease is $489,039, and since Jan. I, 1874, the
reported decrease is $lG.n7,024. We suspect,
however, that part of the last named sum is
fictitious, arising from a portion of the ex-
penditures properly belonging to last month
and the month of November not having been
entered on the books of the Treasury. How
ever that may be, it is quite certain that the
remaining six months of the fiscal year will
give better exhibit than the six just ended.
Unless Congress grossly abuses its power of
disposing of the public money, the year ending
with next June ought to show a decrease in
the Debt for the twelve months of nine or ten
million dollars, as estimated IN Secretary
Bristow's annual report.
The question now arises whether this sum
of nine or ten million dollars is to be con-
tnbuted to the Sinking Fund, as existing laws
provide, or to the purchase Of silver bullion
to carry out the dime resumption scheme.
The bill now pending in Congress makes no
appropriation or provision of any kind for the
cost of the silver which is to be substituted
for the fractional currency. To say nothing of
the expense of coming some three hundred
million pieces of money, and the risk of hav-
ing to do the work over again in case the
coins are exported to foreign parts the silver
alone will cost about S40,000,000. Since Con-
0ress is not disposed either to increase taxes
or cut down expenses sufficiently to maintain
the Sinking Fund, and since the entire sur
plus of receipts over expenses for the two
calendar years 1878 and 1874 is less than
twenty million dollars, or forty million dol
lars less than the contribution required by
law to be made to the Fund during that pc
Rod, the whole thing might as well be
dropped. With the public creditors and other
sensible people all this talk about sinking
funds and resumption counts for nothing
where it is not supported by efficient legisla-
ton. Messrs. Dawes and Garfield, supported
by any number of caucuses, can no more talk
thirty million dollars into the Sinking Fund
than they can raise the greenbacks to par in
gold by concessions to the quaek money men.
1t is to be regretted that q second month
has now gone by without any call for five
twenty bonds for redemption under the con-
tract with the Syndicate. The last call was
for five million dollars and was made on the
1st of November. We are by no means of the
opinion, however, that the funding operation
has come to an end. BY Saturdays quotations
tho new five per cent bonds were selling at
about One-third OF one per cent below par in
London, and fraction of one per cent above
par in New York. The tendencies of the
money markets both Mt homo and abroad are
favorable to higher prices for these bonds.
The Syndicate, under their contract, have the
privilege Of subscribing for any portion of the
remaining sl22,6SS;550 of authorized five per
cent bonds until the 3lst of the current month.
1t is probable that they will avail them
selves Of this option to the extent Of ten or
twenty million dollars at least. unless from
some cause which cannot be foreseen the mar
ket price Of the bonds should experience q