New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-04
ON 10 RKNEMPTION.

on TO RESUMPTION.
The question of surprising interest, IN con-
nection with the financial statements when
crowd the papers at the close OF the hscal
wear. is whether the people of the United
States will be enabled, within the time fixed
by law, TO escape from the curse of an ire
deemablc and fluctuatng currency. Marked pro-
cress toward resumption has certainly been
made during the month OF june ana during
the fiscal wear which closed on Saturday.
Under the Act of 1875, the decrease OF Dahk
circulation has been $2,O13, $40 during the
month Of June, and 12,55S,19S during the
fiscal year. But this net decrease has been
effected notwithstanding the issue of new bank
circulation amounting to $SlO,3lO during
lime. and to S12,4G3, 800 during the fiscal
wear. The act of 1875 has, therefore, required
\ retirement and cancellation of legal tenders
amounting to SG4S.24S during the month OF
June, and $1O,OO7,952 during the fiscal year.
Hence the paper circulation, exclusive OF trac-
tional currency, has been reduced by $2,692'-
O93 during the last month and by $22,566, 100
since June 80, 1876. Meanwhile the frdc-
honal currency retired during the monta has
amounted to 1903 792 80. and during the
fiscal year to $14,O43,45S %. Hence the de-
crease of all paper money In use has been
S3.4959S 80 during the month of June, ana
$40, 500, COS 80 during the fiscal year
To those who believe, as we do, that re-
SUMPTION can never be reached by any legcr-
demain or trick, but only by paying debt by
retiring outstanding notes, until those remain
ng IN use will circulate at par-this result OF
the operations of the month and year IL alto
MT mi :
also been some preparation for resumption III
other respects. The coin owned 10y the
Treasury has increased from $4l,914,lS4 80
June 80. 1876, and $62,729,503 30, May
81. 1871 to 1913, 549,S73 60 on June 30
1877, "A very important accumulation during
the year. 1t is true that the amount OF called
bonds not yet presented for payment, ana OIL
unpaid interest, Is greater now than IL was
one year ago, but deducting ali these CLAIMS
upon the coin on hand, the specie reserve
has increased 1913, 800, 461 during the year
il was only 2,737760 II June 30th, 1876,
and is now $16,32S,22 AZ. The currency
ON hand has also increased during the year
-. 93Q,3 $40 SO, so that, in respect to re-
sources directly applicable to the work
of resumption, the Treasury is better
off than it was one year ago by Tl9,2O1-
5G6. As. And, as we have seen, the Outstand-
ing currency, liable to be presented for pay
ment to the treasury directly or through the
hanks. has diminished also. Practically the
balance with respect to resumption has I'M
moved during the year about $5G,OOO,OOO.
But the great improvement in public credit
must also be taken into account, because 1t
enables the Government to purchase with four
tirn1 mi
on of LEGAL tenders. The fact that the do
nestle subscriptions to the four per cent loan
were more than 50, 100000 on Monday alone,
While an order for S14, 100000 was received
through the Syndicate from Europe gives
reason to believe that the Secretary Will not
be embarrassed in his arrangements for re-
sumption 10y any lack of means.
Another feature of importance remains to
be considered-the effect of foreign trade and
public revenues. The recent increase OF i'm
ports has caused customs receipts to exceed
late estimates the aggregate for the fiscal
wear was $3.50, 49, 419. The internal reve-
nue. receipts, however, were only 81 S,43S,2IS,
the miscellaneous receipts so, 447,9SO, and
the total income for the year $27l,32o, 677
A saving of 81, 943 625 in annual interest due
has been effected by the funding process, and
Il
though the revenue falls below that OF the
preceding year. there is surplus after pro-
vidng for the sinking fund. The improve
ment of imports is sign of recupcratlon in
business, and will help to swell the Govern
ments store of coin, but 1t has also the dlsad-
vantage that it will tend to increase shipments
of specie abroad. and thus check the decline OF
premium On the whole, the position shown by
the annual reports is very encourage
ing one. That the Government can
resume specie payments within the time iixed
by the Act of 1875 is no longer matter OF
DISPUTE. Whether it will do so depends main
" upon the Secretary of the Treasury. And
il would be wrong not to caution him. even
in the presence of most flatterlng returns, that
his success will probably depend upon more
vigorous use of his great power than he has
vet vcntured to make. He will doubtless find
that larger sales of gold are necessary than he
has contemplated, and will need all his firm
ness to carry out his plans, in the face of the
opposition which necessary accumulation OF
legal tenders will arouse.
THE MORAL or THE ROBESDN BANQGLE