New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-24
SECRETARY RRISTOH'S POLICY.


have had for its object thus far the accumula-
ton of coin in the Treasury preparatory to
the resumption of specie payments. The dis
bursement of thirty million dollars in the
REDEMPTION of bonds for the Sinking Fund is
unquestiOnably q retrOgradc movement, con-
sdered solely in regard to its bearing on the
question of specie payments, but 1t Is a step
which is plainly required by the law. Since
notice has been given that the bonds will
be paid it becomes in more respects
than one an important question, what
reduction, if any, will be effected
between now. and the 1st of next July
in the stock of coin owned by the Govern
ment7 The common opinion Is that the
quantity of gold to be paid out by the Treas-
ury in the next fifteen weeks Will greatly Ok
coed the amount to be paid in, but there are good
reasons for believing that the payments will
offset each other, leaving the Treasury at the
close of the fiscal year the owner of about the
same sum in specie which it held Mt the be-
ginning of this month, owing, however, ten
millions more on interest account. This eX-
notation is based on the following view:
I. Last wear, during the months of March,
April. Nav, and June. Blr. Richardson sold
eighteen millions of com. This year it is not
likely that coin will be sold at all. Mr.. Rich
ardson's eighteen millions of coin gave HIM
twenty millions of currency, of which eleven
millions went to increase the currency balance
in the Treasury leaving nine millions as the
amount required for current payments on ac-
count of the appropriations. This year the
taxes on whisky and tobacco have been
raised, and the payments on account OF
appropriations are beginning to show
q falling off from those of last year, so that
it is not absurd to suppose that the Secrc-
tary can get through the next three months
without selling gold, as he has through the
last three. The bulk of payments on account
of appropriations have lately fallen within
the first half of the fiscal year, nor do we see
how the Secretary can avoid resuming his gold
sales after the 3Oth of June. He can avoid
them, however, until that time, if he sees fit.
2. With an increase of twenty-five per cent
in the duties on sugar the Customs revenue for
the rest of the year ought not to fall below that
of the same months in 1874 But last year, be-
tween March and July 1, the coin and bull
lion owned by the Treasury increased six and
one third million dollars. Add to this the
eighteen millions sold and two and twO-thirds
millions used in paying off the holders of the
five Der cent bonds which fell due Jan. 1, 1874,
and We have q total of twenty-seven millions
"a the probable excess of gold receipts into
the Treasury over gold payments therefrom
between March and July 1, exclusive of pay
ments in redemption Of the bonds called for
the Sinking Fund. AS the present call is
for thirty millions, the effect of it, as it seems
to us, will be to leave the existing stock OF
gold in the country divided between the
Treasury and the certifcate-hOldeIs on the
1st of July in about the same proportion as
it is now.
8. We do not forget that fifteen millions of
bonds called for the Syndicate fall due on the
lst of May and five millions more on the 1st
of June; but rs the Syndicate have to pay
to the Treasury an equal amount in gold
or matured debt the effect on the Treasury
coin balance will be either nothing at all or a
temporary increase. 1t is quite certain that
the amount of past due bonds not presented
for payment will be full as large on the 1st
of July as it was on the 1st of March, and III
all probability it will be larger.
The correctness of the foregoing estimate
depends upon these four suggestions: %
That the Internal Revenue receipts will con-
tinue to show moderate increase over last
year; (2) that some small portion of the twenty
five million dollars reduction of expenditures
promised by Messrs. Dawes and Garfield for
the current fiscal year will actually be realized;
(3) that the Improvement In the currency
revenue and the reduction of expenditures
will enable the Secretary to finish
the fiscal year without resuming the
weekly sales of gold; D that the duties
on imports, with the aid of the recent advance
in rates, will not be less than they were
year ago. q 1t docs not seem unreasonable to.
hope that these anticipatiOns may provo cor
.....t 800 No..