New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-03

the legal-tender balance has been reduced
about 81 100000. It must be considered
that the Treasury had paid out about l,6OO,-
900 in silver, in place of egal-tender notes,
and the standard dollars had returned to the
Treasury, of course. not in place of legal
tenders by payment of domestic taxes, but In
place of gold by payment of duties on I'M
ports or i'm purchase of bonds. 1t follows tnat
the currency payments of the Treasury during
the month must have been more than $3, OOO,-
600 in excess of the receipts from internal
revenue, and, in fact, the internal revenue
receipts were only $9.904S54, a sum exceed
ing by 81 1902 the receipts for July, 1877
though still far short of the currency pay
ments.
The coin balance has increased during the
month about $9,600,000, but there is an in
crease of about $3,400,000 in the debt on
which interest has ceased, and it is under
stood that about $S,000,000 in standard silver
and SIS, 900, 900 in fractional silver form part
of the coin balance. Although about 3d.
OOO,OO was received during the month for A
per cent bonds and 81, 198,27O for customs,
the coin payments amounted to $12,OOO,OOO
for interest and there must now be consider
able payments for called bonds. In reality,
the Treasury did not gain in gold during the
month, because q portion OF its specie re-
cepts were in silver certificates returned in
place of the coin which there has been vain
endeavor to force into circulation. 1t is
noticed that the interest payments are now
increasing Notwithstanding the funding of the
debt at a lower rate. The interest payments
for the past fiscal year have been
$1O2, 100000, but the amount will be
materially reduced when interest ceases on
about S40,000,000 of per cent bonds now
called. The saving in interest on these bonds,
amounting to $2,000,000, will nearly equal
the entire interest on the $50,000,000 OF Az
per cent bonds sold for resumption purposes
During the ninety days which intervene be-
tween call for bonds and the stOppage of
interest on them, the Treasury virtually pays
10 per cent interest-6 per cent for the old
bonds and 4 per cent for the new bonds. But
the loss would be of little consequence, in
view of the large ultimate gain, if the Treas
ury would make the best possible Use during
the ninety days of the coin received.
The reduction in fractional currency out
standing has been only $92, 900 during the
past month, and the largest estimates yet made
as to the amount of fractional notes lost or
destroyed are strongly supported by the rapid
decline in the amount redeemed monthly, Yet
it has been noticed that dissemination to sur
render these notes, which form the only con
venient means of making small remittances by
mail, has for some time affected their redemp-
ton much more than mere diminution in the
quantity outstanding.
The debt statement is not one to excite un-
limited enthusiasm. The currency balance in
the Treasury decreases, which seems to us
the result of doubtful policy on the part Of
the Secretary. The coin balance increases
but not as much as the Treasury will pres
emily be obliged 10 pay for redemption OF
called bonds in fact, refunding operations
excluded the coin balance has materially di-
minished. 1t does not appear TO be good
thing to thrust silver coin into channels
which receive it most unwillingly, and through
which it is thrust back into the Treasury inn
mediately in place of gold.