New-York tribune., 1878-12-04
THE pEBLLC DIET.


THE PUBLIC DEBT
The debt statement, the monthly statement
of the Controller OF Currency, and the annual
reports, present q very clear and complete
view of the National finances. In the light OF
the facts thus submitted, the recommendations
of the President and Secretary of the Treasury
will be Judged by the people of other conn-
tries, and should be judged by Congress.
The changes Of debt during the past
month have not been especially important
with reference TO financial questions. lhe
principal Of the outstanding debt has not ma
terialy changed reduction Of $2l ,44l,90O
in coupon bonds has been partly balanced by
an increase OF $l3,O29, 100 in registered
bonds, and partly by an increase of %8,639,-
$40 in called bonds and other debt on
which interest has ceased, while the dcpt
bearing no interest has been diminished
by the payment Of $40 demand ami
500, $50 81 fractional notes, 50 that the
principal OF the debt has increased
only $1GC,1j9 O3, Notwithstanding the eX-
pcnditme of %5,5CO,OO in the settle
mcnt with Great Britain. There has
been an increase OF $l,1S5,122 80, however,
in the interest due and accrued. The pay
ment to Great Britain has caused a reduction
of $4,S21, $40 76 IN the coin owned On ex-
cess OF coin ccrtlfCatcs), 80 that, although
the currency bllrpcc has increased by 81
9jS,5 ,579 %, the cash on band Is less by Tl,-
SG2, 900 7S than it was November l. In
bllef, this sum has been paid from cash on
hand, $2,255,757 80 from revenues tor the
month, and 81, l,3J1,2sl 50 has been added to
500, 600 to Great Britain.
That the coin balance, applicable TO rcsump-
lion, is not quite as large as it was month
ago Is natural, but the increase of the proper
ton of silver III the coin on hand Is also APP
parent. I'm standard silver dollars the Treas
ury holds S14,SlO, 500, and in oil silver coin
and bullion $29,i9G,Gi1 50, of which $l,-
OO7,lG0 is represented by silver certificates
outstanding. Thus about $27, 100000 of the
coin owned by the Treasury is silver, and
this coin is available for the purposes of
resumption only as far as the people may
choose to take it and hold 1t instead OF gold.
An increase of about $4,000 900 each month
in the silver part of the reserve, is inevitable
as long as the coinage of silver mt that rate
continues, and the people do not employ the
silver in circulation in place OF gold or notes.
Ii is not to be- supposed that the President or
Secretary Sherman is Indifferent to this
change, though the President recommends no
alteration OF the law respecting silver and
the Secretary confines himself to the sug-
gcstion that the coinage should not be
continued beyond $4,000, ,0OO-a point two
years distant. The immediate effect of
this coinage is only to change, at tine rate of
about 81, 100000 per month, the character of
the coin reserve, aud whenever legal-tenders
are received for customs duties, and gold GER
tifcates are not issued for gold deposited, it
is presumed that gold will flow into the Treas
ury faster than it will 90 out. But it must
be apparent TO the most unreasonable advocate
of silver coinage that nothing is gained by
adding So, 100000 a month TO the pile of sIl-
yer coin and bullion in the Treasury, which
already amounts TO nearly S3O,OOO,OOO I'M
less the people want 1t for use, Of what pos
sible good is the cOinage-excGptine, indeed,
to the owners of bullion, who want a better
market for the sale of the metal
The remarks of Secretary Sherman regard
ing the disbursement of notes of less than
So each would be entirely correct If there
were no effort TO force silver coins into cirCu-
latlOn, and no sound reason Tor desiring 10
make room for some circulation of gold coins.
During the year, as appears from the report
of the Controller, the circulation of small
legal-tenders has been reduced to $40,
100000, but the circulation of small bank
notes has slightly increased, SO that the
entire reduction in circulation Of notes
of less than So each has been nearly $S,00O,-
600. During the same period, however, about
$4,000, 900 of silver dollars have been thrust
into circulation, and the amount of silver
fractional coins pald out has been about
So, 200, 900, although the reduction in frac-
tIonal notes outstanding has been less than
81 900, 900. The general circulation of legal
tender coins is still far off when as much as
$4O,O0O,OO of subsidiary silver $5,000,O00
of standard silver, and' S47, 900, 600 of small
notes remain in use.