New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-27

OF revenue over expenditure OF ~, ADD, 46Z o1
against deficiency of $4,872,014 90 in the
Same months of 1874. This is gain OF
$14,325,477 IS, of which 3,116,303 50 are
derived from increased revenue, and 1,2O9,-
TIA OF from diminished expenditure. For the
last quarter of tho year there will be little, II
any, improvement over 1874, the Customs, in
spite of the increased duties, continuing to fall
behind those of 1874. At this we are not at
all surprised, and when the measure was first
preached wo pointed out the impolicy of rails
ing the duties ut time of such severe depres-
sion in trade. The result so far is what we
anticipated, furnishing an apt illustration OF
the truth Of Dean Swift's aphOrism that, in the
arithmetic Of the Customs, two and two do not
always mako four but sometimes only one.
The end of the fiscal year will probably find
Secretary BristOw with not moro than fifteen
or sixteen millions of surplus revenue, while
the contribution to the Sinking Fund calls for
thirty ono millions. The legal-tender notes
Cancelled under the provisions of the act OF
Jan. Ii, 1875, and the silver bullion purchased
for coinage do not come under the head OF
expenditures, the former appearing as reduc-
ton of the principal Of the Public Debt, and
the latter being counted rs specie in the
Treasury The Secretary obtains the money
with which he buys silver and supplies the
place of the Cancelled greenbacks by issuing
five per cent bonds of the new loan. If we
suppose that by the 1st of January, 1879, the
legal tender circulation is reduced to three
hundred million dollars, tho fractional currency
replaced with silver tokens, and one hundred
and twenty eight million dollars in bonds re-
r.. Al, fbo OH of
the Government viii stand very nearly as it
stands now, tho bonds issued for the fractional
currency and Cancelled groenbacks taking the
place of the Sinking Fund redemptiOns. A
little reflection on the points just touched on
may make it easier for those who have been
looking for fall in the gold premium to I'M
derstand why the Treasury pays out 80 little
gold under its recent calls OF bonds for rcdcmp-
ton.
The nearer we approach to the campaign of
1876 the more likely we are to discover traces
Of retrcnchmcnt and reform in tho National
Administration. Secretary BristOw has already
made brilliant movement in that direction.
ard nothing will please US more than to find
it properly followed up. To see the revenues
faithfully collected, thieves in high places
made to step down and out, and halt effected
in the prodgality of Congress will be q cheer
ing and novel sensation to the people. To be
told that retrcnchment is tho order OF the
day is nothing now. To be promised saving
of twenty-five or thirty millions "next year
is an every day matter. But to see the glcri-
GUS orb of reform, high advanced in the
heavens, cheering, warming and illumna-
ting the land is what has not yet been given
to this generation. When we do SEQ it we
think VIC shall not mistake it for those flaming
transparencics, or binding calcium lights which
the veracious politicians have heretofore so
often attempted to pass off for the celestial
luminary.