New-York tribune., 1877-06-27
LILLE R1LANCE OF TRADK.

II would be well if the Secretary OF the
Treasury should caution the subordinate officers
of his department to exercise little more
care and scrupulous regard for truth in giving
information for publication. Mlsstatements
from such q source are not of consequence
only to the newspaper which may chance to
prlnt them, as the Secretary may suppose ;
tbey tend to cause false expectations in the
public mind, and lead to the impression that
the department itself is guided by the same
laundering information which is so freely given
| to the public.
An instance has just occurred of considerable
importance. A Treasury official has been talk
ing about the established and increasing
"balance of trade " in favor of this country,
and urging that our foreign trade Is not likely
to deplete our store of specie. Probably the
official does not know that since March imports
have steadily and largely exceeded the imports
for the same period last year, or that exports
OF specie have become somewhat larger than
they were last year. We have already. called
attention to these facts as shown by tho Off
cial report for ten months of the fiscal
year, and the preliminary report for the
eleventh month shows tie Same result. At
New-Y York, from April l to June % incIu-
sivc the imports have been $50, ,561 900 in
1877 against $50 5,456OO0 in 1876, while
the specie exports have been $iG,494,O0O,
acainst 1852, 900 last year. These figures
certainly do not indicate that there Is de
crease in imports, or in exports Of specie.
They are of importance because the recent
rapid increase OF imports may greatly affect
the ability of the Government to accomplish
specie resumption, if it relics for that purpose
upon accumulation of coin.
The fiscal year will end, according TO recent
dispatches, with receipts from duties on Imports
very slightly exceeding the estimates made in
November last by Secretary Morrill,. Receipts
of %127, 900, 900 were estimated for the fiscal
year, and receipts of not quite O,O0OOOO
viii probably be realized, and this small I'M
provement is partly balanced by moderate
difference between estimates and actual re-
ceipts from internal revenue. The Treasury
books will show "a surplus" it is said after
paving the amount due to sinking fund, bnt
this surplus is more than covered by the
transfer of So, 100000 from the Alabama
fund. and probably considerable deficit would
have appeared had not Congress refused to
make the requisite appropriations for carrying
ON the business OF some departments. Il uc-
crease of nearly $6, 100000 in the public debt
is expected, but it will be due, like the de
crease of last month, in part to the lack of
appropriations which prevents payments OF
Just demands.
The sale of 81 600, 900 in gold by the Treas
rry this week, and the near approach of heavy
interest payments, have the usual temporary
effect on the price of gold. But the Treasury
ought 20 understand that when it takes OUT 0i
the rnrrket eight millions in gold and only two
millions in legal tenders, it is simply "buIiing"
gold. HOaIding OF coin, in view OF the present
attitude Of foreign trade, can only serve to put
up the price. Withdrawal of legal tenders,
though precisely the right thing to do, has
been done thus far TOO cautiously, heSitatn2iy,
and in too small amount 10 have any material
effect. The refinement of legal tenders under
The act Of 1875 VIII probably exhaust all the
accumulation Of legal tenders effected during
this month, excepting from failure OF appro-
priations for expenses, and consequent defer
ment of payments. Apparently the amount Of
legal tenders 10 be retired at the end of the
month Oh account of new bank circulation VIII
exceed 100000. and may reach 100000.
Meanwhile there has been decrease of more
than 81, ,OOO, GOO in bank circulation during the
month.