New-York tribune., 1876-12-06

| n in anv other way than from the Treasury
renorts. With S43, 500, 900 contraction, every
money center still remains absolutely gorged !;
and it has been found impossible during
more than half of the past twelve
months to lend on the best collateral
at over two to three per cent. Who can
doubt the SecretaIy's conclusion that :" the vol
"ume of currency is largely in excess of the
real demands of legitimate business, and that
"a portion of the legal tenders might be grad
"ually withdrawn without embarrassment to
&" the business of the cOuntryW
The Secretary does not dogmatize on the
Silver question, and for that we thank him.
The best political economists and financial
authorities both in this country and in Europe
are divided concerning it. Obviously no one
has yet been able to say the final word on
the subject, no party is agreed about it,
and no Secretary of the Treasury would
wisely undertake on doubtful topic, as yet
little understood, policy that would bring
him into instant conflict with half his own
supporters. But what Mr.. Morrill, leaves out
in the0rizing, he abundantly makes up in
common sense, practical suggestions The
law, he frankly admits, does not,
in terms. prevent the payment of every
dollar of our war debt in silver. But the popu-
lar impression at the time the debt was con-
tracted was that " coin" meant gold. The in
terest was paid in gold. The customs dues
were set aside for this purpose, and they were
exacted in gold. If anybody had supposed
that silver could be so used would it not
have been resorted tot The act OF
1878, limiting tho lega-tender quality
of silver to sums of five dollars or less, was
taken az o matter of cOurse-it merely con-
formed to the popular understanding OF the
case Foreign exchanges were all made on
the gold basis, and the Treasury was au-
thorized to receive and issue certificates for
gold, not silver, coin and bullion In word,
the officers WHO sold the bonds expected to
pay them in gold; the men who bought
the bonds never heard nor dreamed of pay
ment in anything else. To such practical
suggestions, bearing upon the policy rather
than the technical right of payment in silver,
the Secretary adds the following weighty
opinion:
It's matter of deep public concern that policy
benelcent In results and advantageous 70 the future
should receive no detrment from conflicting interests,
policies, theories. Whatever may be thought OF
the right to pay these public securities In cheaper
money 1t will remain truo that 1t is lawful To pay
them In gold coin, that the belief that they were TO
bo so paid has a practical value in the proba-
BILE reduction OF the public debt equal to onefourtn OF
the amount OF the annual interest thereon that the coin
payncn % which the faith Of the nation was pledged III
1869 gold and not silver, and that any other view o
t. whatever technical construction the language may DC
susceptible of, would be regarded AZ OF doubtful good
faith and It's probable effect preudicla to the public
credit.
On other points the Secretary's report is en-
bo ~ bag IUht Al
plume itself on the accuracy Of its estimates
of receipts and expenditures. While for the
past year it somewhat Overrated the rev.
enues, it also overrated the expenses almost
precisely as much, so that the net
difference between the estimates and the
result for the entire year was barely
Sl3, 3,OOO-a degree of exactness rarely at
tanned in such calculations. The Secre-
tary estimates revenues for the current
wear to the amount of $264,OOO,OOO,
and expenditures to the amount of $237 OOO,-
600. The surplus revenues will, however,
fall below the amount needed for the
Sinking Fund by not less than S7,OOO,OOO.
For several years since the war a liberal
compliance with the requirements of the Sink
ing Fund law was found impracticabe; but
the net result from July, 1852, to July, 1876,
shows reduction of the debt amounting
to eG57,0OO,OOO, whereas the Sinking Fund
law would only have required siJi,o0O,00o.
IL is fair, therefore, TO say that all the pledges
and tho obligations of the Government con-
cerning the cancellation of the public debt
have been more than meta fact which fairly
accounts for the gratifying credit the country
enjoys in the money markets OF the world.
The internal revenue continues to be
derived almost exclusively from four
sources - liquors, tobacco, banks, and
stamps. The Secretary makes no suggestions
as to the proper collection of these taxes, and'
indeed confines himself on this and many
other points TO statement OF the Disi-
ness, as submitted to him by tho various
Bureaus. 1t was natural that an officer whose
term of service had been 80 short should DO
little in the way of attempting to improve
mon the routine work of the Department.
What he has done on the more pressing sub
iect of Specie Payments entities him to the
public gratitude, and a continuance OF the con-
Hdence he has so long enjoyed
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THE INDIAN POLICY
The President during his entire admDistra-
.,,An. thn