Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-04-16
NATIONAL

NATIONAL FINANCES.
The recent monthly statement Of
the treasury department made for
March contained many facts of in
terest which, in the midst Of strictly
political issues, may have escaped
the attention of a majority of our
readers. The time is coming, We
hope, when it will not be necessary
to write a column a day on the po-
litical situation, but rather to dis
cuss single questions from an argu-
mentatiye standpoint, and in a
manner that will not excite preiu-
dices or array any one class or party
against another, not that the mil,
lennium has come or is dawning,
but that the apprehensions existing
a few weeks ago are clearing up i
and it is generally conceded that
the country will have comparative
rest from political excitement, at
least until the fall elections Of 1878.
The people are heartily tired and
worn out with agitation, and will
thank all those who have seen so
much blood on the moon to let up
a little, beat their spears into
pruning hooks and their swords
into plOughshares, so to speak.
Taking this view Of the question We
recur to the report, which is still
news. The reduction Of thepublic
debt for the month Of March
amounted to $l4,1O7,01641, but
$685. 500 Of this is due to the can
collation. Of bonds held in trust for
payment Of Alabama awards. The
net reduction proper is therefore
1858, 2l6.4l, and even this is the
largest effected any month, with
two exceptions, since September,
1878. The total decrease in March
of debt used as currency was 81
577,463.2T, which brings down the
paper currency in use to S6SS,l92,-
740, and the legal tender to $780,
81, $50. The net decrease in bank
circulation for the quarter ending
April 1st was 81, PSI, SIS; in green.
backs, s., $685. $50. The decrease in
paper money in circulation since
January l, 1875, amounts to &c.,
969, 96S, but in place Of this is all
the silver which has been issued in
place of fractional currency retired
OF the s4,24S, 600 new circulation
issued during the quarter to banks,
more than half was to banks in
New York. Massachusetts, comes
next. The amount issued to al
the Southern States was only Z
fraction over 100000, of which
Kentucky received $1SS, 900. TIT
amount taken by all the Western
States was only 100000, Of which
Irdiana's share was 100000. 4
careful study of the report show
that while the issue Of new circula
ton for the first time since 1877.
begins to exceed the amount retired
the New England and Middl
States increase their circulation
and the Western and Southern
States do not take enough to re
place the amount retired. At tn
end of the first quarter this yea
the New England States have game
about $1,0S4,00O, the Middle State
about 81, 100000, the Sout.
has nearly retained its circu
l%ation, and the Western STATE
have lost about S350,0O0. TIL
South may learn a lesson from thei
figures. We have rarely had q ba
ance of trade in our favor, an
must learn still further the art
economy and self-reliance. La
year we had for the first time a ba
ance Of bread and meat in our fayo
This policy pursued, and no othe
will restore prosperity and ind
pendence. Having learned
produce the n-ecessaries
life we have a basis
future success. 1t next deyoly
upon the people to encourage ma
ufactures and engage in diversif
industries. This cannot be learn
from books or teachers, but only
patient experiment, beginning il
small way and going on, step
step, until we Develop new syst,
and make all our resources ay,
~. c-.L ~ H.. q.