New-York tribune., 1878-03-04

The Dent statement Dlln-S US INC itCOlu Ol
the first year of the Administration. 1t is a
| good record, truth cOmpels us to say, only be
cause of the tlcct of previous legislation. But
it must be Judged a bad record, when il is
considered what extraordinary 0pp0rtunltitS
the Administration has had. and how little il
has used those opportunities to carry out its
pledges and its undoubtcd purposes. The year
has been one of extraordinary demand for
American products, and excess Of exports over
imports 1t has begn one of extraordinarily
low rate Of interest iii Europe of foreign war
and general distrust of European securities,
and therefore of siugulaIly favorable oppor
tuuity for the accumulation of gold IN prcpar&-
ton for resumption, and for the placing Of
United States bonds abroad. The influences
unfayorable to the credit of the Government
have all been of domestic origin, which it was
the first duty and was within the power of
the Administration to restrain. Yet those in
fucncps have been permitted TO become so
potent that the Treasury has made 10 progress
toward resumption lcr some months, has de-
cidcdly fallen behind in that respect during
the past month, ana has now to deal with lcgis-
lation which threatens to undo al that has
been done within the past three years.
During the past month the Treasury las
cleared away $774,717 of lcgal-tcndcrs and
fractional notes. but has decreased IL cash
balance by :H1,7GG,75S. Only $S5000O of
the 4 pcr cents has been sold. Tie greater
part. it is reported, for SILVER bullion. OF the
coin on hand, $;j,G27,702 is in subsidiary sill
yer. SO that after dcductine called bonds and
interest now due and unpaid, the actual gold
balance applicable 10 the purpose OF rcsump-
ton is Gj,219, 1888. The Treasury has been
! fortunate in unusually large receipts i'll Feb
ruarv. as compared with the month preceding {;
customs yielded $10,372, S52, and internal
| revenue S7195,S SD. Bat i'll comparison with
! February of last year there is decrease of
S7SS, ,622 in customs and T1,l74,S47 in inter-
nal revenue. That the decrease Of debt is
larger than it was in February last is due to
the reduction of expenditures.
Since President Hayes came into Office. the
direct progress toward resumption has been
| tbe retirement of %22, SOS, 147 of lcgal-tcnd-
ers and fractional notes, and the increase oi
! Sl8,31297G in cash balance. During that
| period, the silver outstanding has increased
about SIC, 100000, SO that the actual change
in currency has been only about Sl3 100000,
besides the increase of $3,5G7,S9l in cur
repcy on hand. For the retirement of legal
tenders, the country is indebted TO the Act OF
! 1875, and for the accumulation OF com 1t Is
! indebted in part to sales of bonds authorized
by that act, and partly to the decrease III ex-
penditurcs of the Government. 1t appears
that the receipts during eight months oi the
present fiscal year have been lcss by S5,07l,-
! 3G5 than during the corresponding months OF
the fiscal year preceding, but the eXpcndl-
turcs for tie same months We're less by SD
TAG, ,S79, so that the net gain to the Treasury
has been :p1O,672,514. There has also been a
gain by tho exchange of i and 4I2 per cent
bonds for SKIES and lives, the yearly interest
having been thus reduced about $l,S66,362.
So much the Administration has done TO pre-
pare for resumption, under circumstances eX-
traordinary favOring until the credit of the
Nation was successfully assai!ed.
That assault it was the duty of the Admin
istration to prevent, and it had ample power.
OF its utter and wanton waste OF Legitimate
political influence. nothing more need here
be said. But it had power, also, as was then
nointed out, when $75, 5,000,0 900 had been sub
srribcd in July last for per cent bonds, so
to employ the resources thus placed at its COM
mand as to make resumption inevitable Had
it thus used those resources, had 1t even made
such use of a reasonable part OF them, the
banks would have been not only enabled, with
out loss, but virtually compelled, to do the rest
when the Silver agitation began. For example,
had the Treasury accumulated fifty millions OF
lcgal-tcndcrs, instead of calling III bonds III
place of per cent bonds sold, the Silver
Bill would have been forestallcd and pre-
vented by virtual resumption in geld before
January 1. THIS is but one of the modes i'll
which vast power and an extraordinary op-
portunity could have been used with effect.
The Administration, however, was thinking
about the Ohio election. The power and the
opportunity were sqandered, and the country
begins new era of doubt and probable dis
aster with the second year Of the Admlnistra-