New-York tribune., 1880-02-05
1S4rISFACTORY SHOOTING.

4 SATISEACIURI SHOU UINP.
The debt statement for February shows
an extraordinary reduction in the public deDV'
The principal Of the interest-beariug debt mas
been reduced only $1,000 0,000-the amount OF
bonds bought by the Treasury. The amount
ot interest due has been reduced SS, ,3O1 ,26O 10;
the principal of the debt on which interest
has ceased, So, $50 480; and the interest there
on, S63,575 49, The reduction IN old demand
and legil-tender notes has been only $lO, ana
in fractional currency only S5,o73 81. Oh the
other hand, the cash in the Treasury has peeh
diminished bv 1921 635 80, so that the net
reduction in the deb, less cash In the treasury
has bee. only $11, 1,014,2G3 80 during the
month of January Probably return IN all
RESPECTS more satisfactory has not been made
for any month since the war; The enormous
reduction of debt is due, of course, mainly 10
heavy receipts from customs and from internal
r.venue. 1t is understood that these receipts
so largely exceed the Treasury estimates that
surplus of about $10 100000 will be imme-
diately applied TO the PURCHASE of bonds not
yet matured and there Is excellent reason Tor
fins step in the fact that the reserves of the
New York banks have begun to decline rap
idly in consequence Of the extraordinary pay
merits to the Treasury for duties and taxes.
The statement shows, moreover. chat the de-
mand for currency iii the ordinary operations
of trade has considerably abated, for the
amount of legal-tender certificates outStand-
ing has increased nearly $2,400,OOO The
amount Of gold and silver certificates out
standing, however, has been reduced by
nearly -. 600 600, which shows that the sill
yer certificates when pail into the Treasury,
usually remain there, while no gold certf-
Gates are reissued. The amount OF gold coin
and bullion held il now S153, 3,69OO23 43,
while the amount Of silver of all kinds has
risen TO $50, O,Oj4,4jG so. 1t appears, too,
that S5,OG3 ,456 OF the cash on hand Is IN
silver certificates. 1t is high time for friends
of honest money in Congress to ask how long
this useless coinage Of silver is to continue.
Every month the vaults of the Treasury be-
come more and more clOgged with the useless
metal. while the people are compelled TO ray
about s., ,OOO, 900 per month for silver which
the country will not use in the shape Of
com.
The deposits in the National banks have
been reduced to only $40, $40 42, which
il less than the amount ordinarily held by
Government officers on deposit. Virtually all
loan ACCOUNTS are closed The Treasury
holds only $21,299,5 ,5G2 10 of legal
tenders. sum much smaller than the
amount due for redemption of notes Of
National banks. The Treasury has received
during rho month about eleven millions more
than enough TO pay all maturing charges
AGAINST it, including accruing interest on the
debt. and yet it has withdrawn no consider
able amount of legal-tenders from circulation.
and will probably pay out about $1O,OOO,OOO
within few days IN the purchase Of bonds.
The statement, but for this announcement of
purchase would indicate that the money
market was likely to be very close for a tune,
because there is 10 reason to expect that the
imports of foreign goods, and the consequent
pavtncnts of duties, are likely TO increase for
the present. But the disbursement of the
surplus revenue in purchase of bonds will re-
ueye any strngcncy which the large pay
mcnts of duty might cause.
Congress docs not seem TO be inclined 10
give attention to the condition of the public
debt The Democrats, having control In both
houses, are primarily responsible for action
ar non-action. but the Republican members
cannot afford to let the session pass without
an earnest effort III this matter. The
limited States may lose many millions
indeed. il is almost certain to lose millions,
unless Congress makes some proy-ion at this
session for the refunding of the five and six
nor cent bonds. Il is not at all improbable
that the Governments may be placed in very
embarrassing position when 1t goes into the
market next Winter TO sell bonds for refund
ing for lenders of money will know its ne
cessities and be strongly tempted to take adj
vantage of them. Each debt statement gives
additional emphasis to the declaration that
members of Congress cannot afford to leave
this matter untouched until next Winter, for
the dealers IN money will then have the Gov
ernment at their mercy. 1t is the part OF good
sense TO make adequate provision for refund
ing as soon as possible, but it seems very
sdoublrul whether bill of practical value can
he pushed through either house at this session.