New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-05-03
THE DEBT SETTLEMENT.

That is pleasing announcement: "Reduc-
" ton of the public debt for April, $2,7S1,-
"1S1 49n We notice that it Is consplcu-
ously made with great satisfaction by the very
Journals which most deride the exchange OF
silver for fractional currency. They do not
take the trouble to observe that but for this
exchange the reduction Of debt during the
month of April would have been barely one
million. The same announcement is made and
read with satisfaction by inHatIonists. They
do not take the trouble to observe that if
there had been no contraction of the currency
the reduction of debt would have been only
S8OS, 72O 26. Throwing out of sight the in
significant changes which perplex many read
ers, the debt statement means simply this:
During the month of April the United States
has retired $1,972,461 % of currency, and
paid S7S7,2S4 20 of called bonds and interest
thereon, and its cash hand has increased faster
than it's bonded debt and the interest thereon by
sol. 435 81; total reduction of debt, less cash,
S2,7S1,181 40. March 81 the fractional cur
rency outstanding was $40 ,6O4, 1913 II, and
the amount April 20 was $40, S6O,O39 AZ.
Although we see little of silver as yet,
81, 744,S54 % of fractional currency has been
retired already. AS stated yesterday. the
amount of legal tenders retired under the 80
per cent rule was $227,372, and 1926 Of old
demand notes have also been retired. Includ-
ing the fractional currency with the retire
ment of legal tenders and bank notes. as
stated yesterday, the total contraction of paper
money during the month of April has been
$4,689,611 %.
The decrease of bonded debt has been almost
entirely in redemption of called 500 bonds.
Of the fve-twenties Of 1862 the amount
retired was 500, 300; and $591,95O of 1864
and $57,95O of 1865. The other items of
reduction are trihing: $4,000 of the old loan
of 1853 has come in for redemption; $40 of
the one-year notes and $1,000 of the two
wear notes of 1868; besides $3.50 of the
compound interest notes, and 800 of the
seven-thirties The only increase of the bonded
debt is $4,000 in the funding fives. The
changes from coupon to registered bonds have
been insignificant.
Notwithstanding the expenditure OF coin
during the month, the store of specie has in
creased largely, and more than the inter-
est on the bonded debt Customs receipts
during the month have been 81, 553,S21 IL.
Deducting coin certificates, the Treasury
now OWLS p9J,OAJ, 40 OIL III SPo'iot "Soihoo
S41, 419,l94 AZ on the 31st OF March. But
Notwithstanding receipts from internal revenue
amounting to SIC, 6O4, $40 during the month
there has been decrease of 1904, 439 II in
currency on hand, so that the net increase OF
cash on hand owned by the Treasury has
been S7,4OG, O94 GO. On the other side of the
account there has been an increase of $780,
459 IN the interest due, of which only $4,000
is payable in currency. This is little less
than the monthly cost of the late war to the
people of these United States. In good times
or bad, by night or by day, the debt increases
at the rate Of $7,91S,5O5 each month, the
yearly interest with the funding process at its
present stage being $95,022, 069.
These are The only items in the statement
which affect the public Indebtedness. The de-
crease of $4,361, 900 in coin certificates out
standing and of $565,000 in currency certifi
Gates of DEPOSIT, is of course balanced by cor