New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-04-04

| Mt each statement, the aggregate OF uhitcu
States bonds in the Treasury, of registered
and unclaimed interest paid, and OF quarterly
| interest checks and coupons paid, the phi'
ance of coin claims at each date was $lo'-
! 100, $3.50 80 January /, and 81, 1OS,625 %
| April l. so that there has been an actual IN
! crease of about So. 900, 900 in the amount oil
gold coin and bullion entirely free from
all coin claims. This increase has
taken place, moreover. notwithstanding an
accumulation of over So, OOO. 600 each month
in The amount of silver on hand. The state
ment shows that the increase IN the stock
of idle silver in the Treasury has been
$G2SO, 900 in three months. Practically the
Treasury has utterly failed, notwithstanding
the most persistent efforts 10 get any OF the
newly coined silver into circulation. For all
financial purposes, the Treasury might just
as well be Obliged by law TO buy each month,
and pile up in Treasury vaults, S2,COO,Ooo
of pig iron, cOrdwood, or bar soap.
During the past month the Treasury has
redeemed $50. ESQ, 800 of six per cent bonds,
and issued $40, SOC, 900 of new four per cents.
The debt statement shows, and 1t Is well
known, that this enormous exchange has been
effected without any Inconvenience to the
public The amount of currency IN the
Treasury, not covered by currency certlt-
Gates, has increased during the month
from S35,975, 231 % to 2,225,G77 Al, ana
this fact corresponds with the statement else
where made that payments for the four per
cent bonds issued during the month were made
about 5000, 900 in cash and the balance In
called bonds. But the Treasury has now
given notice that it will redeem at once any
bonds embraced in the seventy to
the eighty-third calls inclusive. paying inter
est to the date of redemption to ordinary
holders, and allowing to subscribers for the
four per cent loan interest to the date oil the
maturity of the calls. This arrangement VIII
quickly bring in another large proportion OF
the bonds for which calls mature III April
and, with the very iudlciOus methods adopted
for facilitating exchanges, will doubtless
prevent any further drafts upon the supply
of currency outstanding, during the progress
of settlement for the heavy subscriptions
made in January and February. in effect, the
Treasury will not call in money for four per
cents until 1t has previously paid out ut least as
large an amount for six per cents; and BY. this
procedure it is easy to see that disturbance
of the money market can be entirely avoided.
Abundant proof of the effect of these pre-
cautions is given in the fact that sub
scriptions to the four per cent loan
again rose to over $S,OOO,000 on the I'd.
No other important changes appear in the
debt statement-for the decrease of $4,000,
OO3 in the deposits of the Treasury in Ma
tional banks only indicates transfer of Ger
tain bonds from the ownership of the banks
to that of the Treasury. The net increase
Of indebtedness during the month was
due in part to the extrayagant appropria-
lions by Congress; but Mr. Sherman
properly suggests that, if Congress APP
propriates more money than the Treasury
has available, without reducing its redemp-
ton fund. the remedy will be found in
refusal to spend the money. 1t will not be
easy to bankrupt the Treasury as long rs the
present Administration retains the charge Of
expenditures.