New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-03
TILE PEBLIC DEBT.

long. "
THE PUBLTC DEBE
An increase Of the public debt in jane Is
not usual We have it this year as legacy
from the late Democratic Congress. Had there
been no payments on account Of deficiencies
of previous years, the statement OF July ]
would have shown a decrease Of nearly
So ,OOO, 900 in the public debt, less cash;
after meeting those Obligations, the debt
less cash is increased -, i49,3sl Is. In
effect. Democratic management has bought
popularity by waste Of public money. Puor
to the Presidential campaign, IN order to make
q good showing in that contest, the Demo
cratic House refused to appropriate money
which, under existing laws, IN part passed by
that very House, il was bound TO appropriate.
II is hard 10 imagine a mcancr deception.
The House passed jobs in order to please the
person, Interested, and then neglected 20 vote
the money, in order to tickle ignorant voters with
false pretcncc OF economy. Tie Presidential
election is over, and the Democratic House
begins to pay the money 80 long refused, and
the consequence i, an increase Of the public
debt in midsummer During the past
wear tie reduction of debt, less cash, has
81. OOO, 900 less than the reduction during
the last fiscal year. even after proper allow
ance for the $9jj3. 500 obtained from the
Geneva Award, and covered into the Treas
ury about one year ago. 1t is proper to add,
however, that the payments for interest on
the public debt have been nearly S3,OOOOOO
greater this year than during the year pre-
ccdIng. because Of the increase OF bonded
debt resulting from preparations for rcsump-
ton.
During the month Of June there was an in
crease Of So. 100000 in the principal Of the
coin debt, and $j,O5T,7Sl 70 in interest due
on the coin bonds besides $4,000 in interest
due on navy fund On the other hand, the
debt on which interest has ceased was
reduced by $jIS,9lO, the interest on
that debt by $22,42l %, the fractional
currency outstanding by $l1O,929 81, and
the unclaimed interest by $3.50. Thus
there was a net increase Of $lG,iO9,263 90
in the public debt mainly because of sales
of bonds for resumption purposes. The coin
IN the Treasury, exclusive of the amount COW
cred by coin certificates outstanding, has
increased $l1,7O1,1 80, and now amounts
to S1j1, OS5, O32 40, though this sum will be
much reduced by the usual interest payments
of July. There is IA decrease of T41l,2G9 80
in the currency balance on hand, due to the
large payments on account OF Deficiencies for
previous years. Thus the cash III the Treas
my has increased during the month only
S1A259,S $50 81, leaving the increase Of debt
less cash So, 1895 IS. The coin now in the
Treasury, in excess Of coin liabilities, is
Sal, $40, 1888, but Of this amount $7,i09,399
are in silver dollars, and $5,l09,23O IN sub
sidiary silver.
The silver bill causes much trouble, as was
predicted We do not know why anybody in
the Treasury imagined that silver dollars or
silver certificates could be kept III circulation
When the bill passed, at the end OF February,
we. urged that the Treasury would receive
back in place of gold nearly all the
silver which it might issue, and it is now
stated that, although the Treasury has coined
less than $S,O00,000 of the new dollars, it
has nearly the whole of them in its
possession. 1t has issued silver certificates
amounting to 81, 462, 900, but it now holds
S1,2GS,17O of them, nearly the entire
amount issued having been returned in pay
ment of duties. BY restricting the coinage of
silver to about So, 900, 900 month the Treas
ury manages to put out only that amount in
silver, or silver certificates, which 1t pays for
the bullion purchased and thus it can receive
only about 81, 900, 600 each month from Gus
toms. in place of gold. II Mr.. Sherman should
see fit to pay out silver in place of legal-ten-
ders he would increase by nearly $4,000, 900
in single month his currency balance, now
very much reduced, and, while virtually re-
tirng legal-tenders at that rate, would cor
respondingly diminish his store of gold, for
the silver or silver certificates would find their
way back into the Treasury through payment
of duties as surely as water finds its level.
Exact returns of imports during the fiscal
year are not yet published, but it is evident
that the imports at New-York form a larger
proportion of the entire imports than during
the preceding year. The receipts from GUS
toms-duties during the year were $780,
1884, from internal revenue $780,
2OO,956, and from miscellaneous sources
$17, 9O3,519, making tlfe total receipts
1888, 001 ,S19. Nearly the whole decrease in
revenue is in receipts from internal taxes, and
it 10 shown by a statement Of receipts each
month that the decline commenced in Deem
Der, after the agitation for reduction of taxes
began in Congress. The country is doing a
fair business, and has unsurpassed credit. but