New-York tribune., 1876-09-05

the amount OF five per cent bonds
outstanding. OF the five per cents, there are
now $712, 800, ,450 outstanding, namely, S2oo,-
600 of the loan of 1865, and S194,566,3O0 OF
the ten-forlies, leaving S517, 7,494, $50 OF the
funding fives. Blr. BIistcw was, therefore,
right in saving that over S17,000,000 of five
per cents had been sold under authority OF the
act of 1875. With this increase IN The bonded
debt, the net decrease in all forms of debt
except those used as currency is only Sl99.-
1S9 20. The only changes in principal OF the
debt are first increase Of new fives; second,
payment of 1000 fve-twentics of March,
1864; of $47,O0 five-twenties of 1862; OF
S213, 900 fve-twenties Of June, 1884, and OF
$lO, 600 five .twentics of 1865; and third, re-
demption of $46O one-year and $3.50 two-year
notes; 1920 compound interest notes, and
81 100 seven-thirties.
The important changes have been in tho re-
tirement of 1894, 1884 of legal tenders and the
redemption of 81 ,547,5 94 in fractional
currency The retirement of legal tenders IS
unexpectedly large, for it was not known that
over $3.50, 900 in new bank circulation had
been issued. The amount of fractional cur
rency retired is almost precisely the same in
was redeemed As there is now good reason to
believe that about $15,000,00O of the frac-
tional currency has been lost or destroyed, so
that only about $16,355, 900 remains to be re-
deemed, it is probable that the Treasury Will not
need to purchase more than about SS, 100000
of silver. if so much. The amount of silver
coin and bullion on hand does not appear in
the debt statement, though it would be well
for the secretary to include il; in answer to a
resolution of the House he reported that mt the
end of July the amount was $S,5OO,G77 O2.
If we suppose that the new five per cents
sold were employed in purchase OF silver,
the stock on hand cannot be reduced
below $7,700,000, and a considerable part OF
the fractional currency will doubtless come in
for redemption very slowly. If the rcdemp-
ton could go on as rapidly as it has for two
months past, all the fractional currency which
will ever be presented would be redeemed
during the fiscal year, but this is not to be
expected. Probably $7,OOO,OOO in silver IN
addition to the stock on hand, will exceed tie
quantity required for all redemption of frac-
tional currency during the fiscal year.
The currency part of the debt has thus been
reduced during the month by S2,O3l, ,442 Ia
"a very satisfactory progress. AT the same
time. there has been large decrease in the
bank circulation outstanding, for the treas
nrcr held. Aug. 1, for the redemption OF
notes, S25,31O,349 in legal tenders, and he
held on the last of August only $22,3O2, ,45I
for that purpose. 1t is quite probable that the
present month may bring considerable changes
in the currency 1t has been decided that the
new 40 per cents may be used by the banks
for deposit in taking out new circulation, ana
the many inquiries received by tele-
grams at Washington indicate that cir
culation amounting to many millions
may be applied for quickly. London
advices are that heavy bids for the new loan
assure its success, and, though only S1O,OOO,-
900 of the six per cents have been called as
vet. il is probable that the Syndicate may
find reason to subscribe for much more than
the SAC, 600, 900 taken firm" and to place
large amounts without delay. In that case,
the issues of new bank circulation may Use
rapidly, both from the establishment oil banks
or the increase of circulation and from the
sale of six per cent bonds now held on de-
posit for circulation, and the purchase OF Az
ner cents for deposit instead. In November
last the banks had on deposit to secure circu-
lation SIS, ,272, 700 of the tive-twentics OF 1860,
of which portion have now been called, the
rest may be called at any time, ana all are
affected in price. They held Oh deposit also
| about Sl2O, ,OOO, 900 of other six per cents.
The high price which these bonds now CON-
mapd with the opportunity to sell them and
| obtain n circulation based on new 4i2 per
cents. may lead to the speedy retirement OF
the SOS, ,4O1, 1886 in legal tenders now out
standing in excess of the limit of reduction
fixed by the act of 1870.
At the beginning of the month the specie
owned by the Treasury was $3O.53O, ,6S4 ~,
and at the end of the month it was T32,5
1916 II. an increase of $2,01l All Al. In
view of the considerable payments for inter
est and i'm redemption of fractional currency,
| and the slender customs receipts during the
| month, even this increase would not nave
| been effected but for some purchase OF silver
The customs receipts Mt this port were %l0,oll,
| 9l2 O5 against 11,7O5,G77 20 during the
same month Last year, q decline Of more than
fen per cent. The currency balance has been
reduced during the month from $l2,59O,-
$40 so to Sl1, ,666, ,S05 Sc. Thus the net in
crease Of cash owned has been only $l,OS7,-
927 7S, which, with the decrease of legal
tenders and fractional rOtes, and OF bonded
debt and interest, as above stated, gives the
reported reduction of $3,119,369 % in debt
less cash in the Treasury, During the new
fiscal year the reduction has been $1'257,-
1O3 85, and since Jan. l, ga, 4,G5O,254 l3
OF this latter reduction %15,2S72S7 OF has
been in the legal tenders and fractional cur
rency.
| THE INGRATITNDE OF 4 P4RTY