New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-03
REDUCING The NATIONAL DEBT

The last debt statement of the eight years
| of President Grants administration shows A
! reduction during February Of 5000 429 O6
in the debt, less cash in the Treasury. Once
more we observe with pleasure that nearly the
whole decrease is in legal tenders, of which
| S745,34S was retired, and fractional currency
Of which $3.50, 14G 70 was redeemed 50 that.
with payment Of SO Of old demand notes
the debt used as currency was reduced
| $1.79O,494 10 during the month. Of the
| first issue of fractional currency, only 50 ~
| was redeemed Of the second only 81 10, and
of the third only 1924 81, while of the
fourth $1S4, 1886 81 was redeemed, and of the
fifth $SOOG81 81. These figures appear
to strengthen the position Of those who
maintain that the amount Of fractional
currency remaining III use and to be presented
for redemption will probably not exceed
| s., 900, 900 to $9,C00,000 Besides the pay
mcnt of debt used az currency, tie debt on
which interest has ceased has been reduced
81, 2S2, $50, while the principal OF the bonded
debt has increased, through the issue of new
4I9 per cents, T5,9OO,O0O. Thus there is
temporary increase Of 81 ISL, 500 q in the
principal of the debt. In the interest due the
rhe total increase of debt proper has been
50, 509,249 %. But against this the specie
owned by the Treasury has increased from
$331G3, $50 SO to &3S, 11T,O11 Al, and add
ing currency, the amount Of which held has
slightly decreased, the cash owned by the
Treasury has increased during the month
St.579, sos 81, so that the net decrease OF
debt less cash has been $2,070,449 O6.
This statement closes the record of eight
years during which the Republican party has
enjoyed undisputed power. SO long as the
country was prosperous, heavy taxes paid on
the debt very rapidly. Since November 1873,
however the entire decrease of debt has been
only S53O00,O 900, while during the eight
years the debt has been reduced $l36, $50, lii.
The critical historian will probably blame the
Republican party not because it has not re-
duc.d the debt more rapidly, but because, IN
times OF great prosperity, it did not make ali
effort to restore the currency to par Less
than $4,000, 600 has been taken from the
lcgal-tcnder debt-the dishonOred notes which
CypOse all business TO uncertainty. but the
ability of the country to do something inn
measurably more useful and honorable IL
proved by the fact that the bonded debt has
been reduced within eight years over $4OS,-
600, 900. or more than $50,000000 year.
1t has been possible, by little courage and
honesty, to bring the currency to par within
any two years of the eight, and that without
greater taxation than the country has actually
borne.
Much has been done, however, if not IN the
wsest or best way, and the decline of gold
on the LIST of March to the lowest point ever
touched since June II, 1862, when only
$3.50, 900 900 Of legal tenders were outstand-
ing. shows the public confidence that another
Republican administration will be able 10
restore the public credit. Less than five per
cent separates us from the coin basis. That
narrow gap can easily be closed if the Pre,l-
dent and Secretary of the Treasury see nj.
According to late reports, Senator sherman
has consented tC take charge OF the Treasury
Department, and his wishes and plans, As set
forth in the bill for specie resumption recently
introduced by him, will therefore receive
especial attention. 1t is not improbable thaI
an extra session of Congress may be heCeS'
sary, anu there is much rea ,on to hope tha''
even in a nomina,ly Democratic House, tle
next administration may find ample support IN
measures for the defense of the public honor