New-York tribune., 1878-07-08
THE FjNAyCT5L sTTUATTOM

The banks Of New-YOrk gained 81, 108,l0
in specie last week, after the interest pay
ments-a sum somewhat larger than they
gained during the corresponding week last
wear. They still hold, however, only $780,
100000 in specie, against $21,259,3OO last
wear. The difference is very small, in view
of the fact that the Treasury has accumulated
coin to the amount of So, 100000 during the
wear. They hold only $50, 3,6O6,3OO in legal
tenders. against S58, 447, 900 at this time last
wear. but the decrease last week was only
1890. .OOO while the first return in July,
1877, showed a decrease of nearly $4,000
600. The Treasury has a currency balance
of only So, ,653, 479, against over $15,9OO,OOO
last year, but the amount of legal-tenders
outstanding has been reduced during the year
by S13,OOO,O00. 1t follows that the amount
IN use outside of the Treasury and the New
York banks is nearly $10,O00,0 600 less than it
was at this time last year, but the gold re-
serve of the banks ant the gold in the hands
of the people have beea rendered more effect
i've as currency by the ap, recitation of nearly
Der cent in the value OF legal-tenders In
effect, the banks are very mach stronger than
they were a year ago, and the supply
of currency available for the use Of the peo-
ple is larger. The amount of silver com
outstanding has also increased during the
year about Sc, 100000, but mainly in deposits
or balances IN the Treasury, for it is found
utterly impossible to keep either the coin or
the silver certificates in circulation.
1t is reported at Washington that the
profit to the Government from the coinage
of silver bullion has already exceeded $780,
600. While this may be true, the loss to the
Treasury IT. another respect has been large.
Silver coins and certificates gravitate surely
and rapidly TO the Treasury, and the net Te-
suit is the receipt of less gold for customs
duties. Still there is an obvious exaggerauon
in the current report that Secretary Sherman
fears that very little gold will be received
for duties during the last quarter of the
year. He pays out scarcely any silver except
In the purchase of silver bullion for coinage,
and buys and coins only the minimum required
by law-S2, 900, 900 a month. This amOnnt,
and no more, can return to the Treasury each
month in payment of duties, unless ii
should be determined by him, most
unwisely, to pay ont silver largely for other
purposes. OF course he understands that, when
ever he pays out silver, he virtually pays ont
gold, because he insures a corresponding de-
crease in the amount of gold thereafter to be
received by the Treasury. The bullion re-
quired for the coinage of 100000
silver dollars each month he can purchase,
at the rate of the latest transaction,
for about 81, ,S4O.O in gold, but the silver
put out in paying for the bullion virtually de-
prives the Government of $4,000, 900 in gold,
which would otherwise have been received
for duties. We cannot see, therefore,
that the transaction is a particularly
profitable one. Certainly, it is not of
such nature as to induce him TO
force silver into circulation more rapidly, and
the proposed plhcard for the Treasury win
dows @NO swearing allowed in exchange for