New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-03

|
fine currency in circulation. The fear that the
sale of gold on Saturday may cause incon-
venience by the withdrawal of legal-tenders Is
particularly unreasonable, in view of the TACT
that the amount of currency left in actual cir
culation is nevertheless over six munons
greater than it was November l, as the follow
| ing shows ,-....,,.,, necomheri /.
roco,tsndors .............. s35L490S92 $S5lA0399O
Bank notes.............~..-... 5lG775iu 3l'zIooo9
outstandrng...............$C 7l,266oo3 sc7o623989
Treasury baianoe-.--... 2l.3go'aOS 49, 90 Do,
| on DEPOSIT. l7ill'"'A 4'o'''-
1rcrcul,tion ... sGs27jo33O sGio.ol3.0s7
The deposit here deducted IS for retirement OF
bank notes, ard the increase IN bank clrcula-
| ton. and decrease in this deposit and IN treas
ury balances, left in circulation on Sat'ir-
day prior to the sale of gold SI234,oo'
moro than tho amount in circulation one
month AGO. Moreover, there viii lie further
increase by the payment of S4,5O0oOo re
naming due to the army. Under the circum-
stances. the Secretary might haze sold over
six millions more of gold without any actual
contraction of the currency IN use.
Since Mr. Sherman became Secretary OF the
| Treasury, the yearly interest on the puOnc
debt has been reduced $2,1O0,245 by
refunding, while demand debt amounting
TO $19,292,261 has been retired ana
| the cash on hand has increased
! so. oG1 .2GS. If so much has been
ACCOMPLISHED toward resumption within only
nine months, what reason was there to fear
that the work could not have been completed
within tho thirteen months remaining ? At
the same rate of progress, the legal-tenders
1 b.,
100000 by January l. 1879, and the cash on
hand exclusive of deposits covered by GER
liieates, would have been raised to %225,0OO,-
600. The Treasury would have held IN cash
20 per cent of the entire Indebtedness
to be redeemed, and no one imagines
that so large portion would have
been presented for redemption More
over tlis would have been accomplished
with constant decrease of the debt.
and Of the interest payable yearly. The fol-
lowing shows the changes effected during the
month of November, and since the new Ad-
ministration began its work, all form of debt
on which interest has ceased being included
rs "called debt" demand notes being in
cluded with legal-tendcrs, and coin and
currency certificates being excluded with
the cash which they cover:
December !. since Nov. J. since Nov. l.
Dor cents s7se6I 500 Dec 10000 Dec ls62o9 go
per cents. 7032j5s5o DEC ''''oo'"
A. per cents. 2o00OoOOO lHc' l'""U'voo
4 re- cents 10000 coo Inc 100000 Inc. 10o00o00
Navy fund.- 4.ooGOO0 49,,
Causddebt 247o2O5O DC. 28GOG30 Inc. l6c72l90
Tntero.t 3IGi4.7G8 Inc. I9o277l Inc. 4e9O3l2
LEGAL tenders S5l 4o390, Dec 3ljoGoi Dec l29Oo8Gl
FRACTIONAL isOi3O2l Dec 3095ji Dec. 6,39l4D0
Unp,id army 100000 Dec. 5.oooooo Inc. 100000
Total debt s. IGG DIS 279 Dec. 3935267 Inc t3o2o71e
Coin owued. lOl,jTS,sl4 Inc. +0)@l7o INC 634tlfiJ
Carrency.... is,G2239s Dec. G,772 SOB Inc 9i995-5
Total ea.h..Si20 POI 2a Dec. s2G7863s s72oel2os
Net O27 O66 Dec. 1323s3i Dec. 4275tO77
During the past month, the Understanding
debt has been increased five millions, and the
interest due nearly two millions while dues TO
the army and the called debt have decreased
over seven millions. While the currency bal
ance has decreased, the Treasury has added TO
It's store of coin, and after the sale of Satur-
day still has over $10O.OOO,OO0 owned. 1t
is absolutely demonstrated by these figures that
had not the refundng of the debt and the pre-
partitions for resumption been arrested or re-
tardcd, the Treasury would have been prepared
by the LIT Of January, 1870, to redeem in
coin very much larger amount OF legal-tend-
ers than could possibly have been presented
for redemption.
But the sale of bonds has ceased. A Con-
grcss controlled by Democratic repudiators has
so shaken the public credit that the strongest
combination of bankers ever formed can
10 longer sell the 4 per cent bonds
at par. Their contract expires on the
18th. Probably it cannot be renewed
as long az there is any fear that Congress may
make the principal and interest of the bonds
PAYABLE in silver IL is idle to expect that
better success in placing the bonds can be at
tanned by any other agency, under the
same circumstances Moreover, if the Silver
Bill should by any possibility become a law,
not even the per cent bonds could be
sold. Refunding and preparations for re-
sumption must both stop, to all appearance,
until the apprehension of silver population
can be removed Highly encouraging
as the debt statement is, we must
face the probability that it may be the last
encouraging statement issued until Congress
has adjourned. This may not be until July.
The rate of interest abroad has recently risen,
and may be pushed upward by midsummer so
far thai, even with Congress out of the way,
per cent bonds cannot be sold.
Ignorance and dishonesty are apt to prove
very expensive Injuries to the people. But
for the Silver Bill, over $9,00O,000 yearly
might speedily be saved by calling in the 6
per cent bonds, and nearly 50, 900, 600 more by
calling in the per cents of 1864.
Thus in defeating the refunding of
| the debt. the Silver Bill threatens 10
cost the country $11, 100000 year, for no
one can tell when another opportunity may