New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-09-03
TIE NIrInY1L DEBT.

The debt statement of September shows
very satisfactory decrease OF the DEBT less
cash III the Treasury, namely, $3527,39o 10
for tie month In this account, OF course
appears only the balance of receipts from
taxation and expenditures for the support OF
the Government, rs no part OF the receipts
during the month from sale nf bonds appears
in this statement otherwise than as Il transfer
Of cash in bank to cash in the Treasury, or In
reduction of cash on hand and OF bonds due
The balance of cash on deposit in the banks
has been reduced during the month from
sS6,53717O IL to $25,520,970 10, so
thai the banks have paid during the
month 61,O16,199 90. Another part
of the statement however. shows that
the actual reduction in called Donds
outstanding was only $37 ,596,64o, so thiIt
the banks appear TO have paid IN over
100000 more than the Treasury re-
CURED for the redemption of bonds. The tact
is that the Treasury still bods about
SIG, 100000 drawn from the banks, IN excess
of Its needs aud beyond the amount which 1t
should have drawn according to the terms OF
its agreement. AS to the amount OF bonds
still technically outstanding, the transactions
in London, not yet officially reported to the
Treasury, explain about 81, 100000 OF the
discronancv between official and other state
mcpts. Ii nav as well be observed that the
amount of called bonds reported IS tech
nicaily outstanding largely exceeds the amount
really not redeemed and not in the hands OF the
Treasury. a moments consideration of the ma
ture OF the clerical work necessary, in several
distinct Offices, IN the redemption and can
Ill h. ih.t 4 NOT
possible for a debt statement 10 take tnli ac-
count OF all bonds actually in the lands Oh
The Trea slry or its agents, and undergoing
the processes Of transmission, examination,
and payment.
There has been an increase during the
month Of S1,66G0j0 in the four per cent
bonds outstanding. and IL decrease OF
81 col $50 in the refunding certificates oth-
eIwisc, the principal OF the Understanding debt
is not changed. No change appears, OF course,
in the lceal-tendcrs. and only S,3 in the old de
mand notes, while only $50, 75S p in fractional
currency has been redeemed during the monlh.
There i, an increase of $3S4,000 in the gold
aud silver certificates outstanding, due, OF
course. to a larger use of the silver notes,
but the certificates OF deposit of legal ten
ders decrease $5,155OOO. AS the demand
for notes TO be used in moving the crops in
creascs this exchange Of certificates Tor notes
will continue without affecting the real posi-
ton either of the banks or Of the Treasury.
1t is noticed that the payments dur
ing the month on account of In
dians and pensions were unusually large,
namely, S9,s47,0O9 13, and the passage
Of the Arrears of Pensions bill 10y Con-
crcss has caused this large depletion OF the
Treasury. 1t happens not unfortunately how
ever at this time that the Treasury is obliged
by an unwise act Of Congress to pay ont some
of the money which has been unnecessarily
withdrawn from the market on bond account,
and the funds paid will quickly flow back
into the channels of trade. The cash balance
available for redemption of United States
noies, after deducting all other cash obliga-
tons, is $40. ABS. 67S ~, but much larger
amount it will be understood, is practically
available as n reserve for the maintenance Of
redemption.
The debt statement shows that holders OF
about $50, 600 900 of called bonds CATER de-
ductIng reported payments in London) have
s!ill failed to make any new Investment of
their funds, and the amount of en-forties re-
naming on deposit for the circulation Of
National banks is still about $lO,000,O00
1t is probable that considerable amount Of
these bonds viii remain outstanding, in
the hands of private holders and OF deposit
for the banks, some time longer, but the
statement makes it clear that the final settle
ment of the loan accounts cannot occasion
any inconvenience or stringency in the mar
kets if the Treasury adheres to the judicious
course promised when subscriptions 70 the
four per cent loan were invited.
The Hon. Ezur Wright, president Of the
National iheral Leaone has summoned q cnnYeIl-