New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-03
Rejoicing INDEBTEDNESS.

Few COnsl'er how Important work the
| Government is doing in the steady reduction
of the public debt. The monthly debt state
mcntS as they appear each with its record of
reduction for the month, are noticed rather as
| q matter of course, or pass wholly unnOticed.
| Yet the industrial and commercial condition
| Of the country, its splendid advance III puhlic
| credit, its ready command Of the capital Of the
whole civilized world for solid undertakings,
| and its marvellous growth III wealth and
prosperity. all depend more largely than many
| imagine upon the steady and sure reduction
| of the public debt. What this administration
| has done in that direction may be stated III
| single sentence Since March I. 1877, the
| public debt has been reduced $l96O0O,O0O.
| The debt statement for February | shows
reduction of 1882 16S. making $5O,172, 727
for the seven months of the current fiscal
year. The reduction for the corresponding
months of the previous fiscal year was
$26,5O0,0OO. During the past month there
| has been no change III the principal
of the debt bearing interest. except
| n small decrease in the rrfundiny certificates.
The interest due has been diminished
cca .cd. 81 200, 900. and the interest thereon
|
called fvc-twcnty bombs T5l9,75O; oi ton
forty bonds, 81. POI, 500; of corsII, of 1SGj-
| 'Gs, $2.719, 500 ana of skies Of 1850,
| ST. l7,OIO. Many of the outstanding called
bonds aIc still in the Treasury on deposit,
! though not drawing interest, ~ security t"r
bans circulation. The reduction IN the del
would have been nearly 100000 900 for tho
! irrath had not the expenditures been large" 10y
-, 800. 600 ,hln i'll January of last ycai,
| flrt due N part to the increased payments tor
| pensions. Ii the present Congress c0ulIlyrs
| To gIcIjy cnla;g &c that hoc IN the Treasury.
! whrh the passage Of tn tensions Arrears
! act opened, II l. quite pO|>ii thNt the re-
! duc,iou of thc debt may proceed at slower
! rate in future.
| The Treasury holds $50.235. lO2 in silver
dollars. against $tS.19".5I> 1T tho hr.
gnnin; oi January. cI.ct. TIE en-
, tire coinage %. this metal during the
month Ia, accumulated IN the Tr,ar-
Ury. and, Of course. the stock Of ,"li
which would otherwise have been held l. cor
rc>pondmsy diminished The dc.i"l,c i'll
gold coin ami bnl0n dnring thr month WIS
T2.2jO.0bO. Thus thr Silver bill again opel
alcs to weaken the puplc credit. Dung tie
tall. when there WIS an urgent demand in the
inferior for more currency of any sort, the
Treasury was able to force into circulation
nearly all the SILVER coined so tilat the
amount OF standard dollars lying lille and
-l,cr,s in 1t, vaults Increased but hide from
September l 10 December /, and )nly about
$500. 900 IN the month of December nut
there is no longer Such a demand for silver
dJllars; the CONS, if issued, are quickly sent
back la exchange for certificates or 10 pay
nirnt OF duties; AMI the accumulation of
SILVER has begun again. Nor is there any
reason to suppose that it can be arrested.
except for Il short time whenever new de-
nGInd for more currency in Use suddenly arises.
during most of the year. the Treasury is
forced to add t. its stock of silver which tho
people refuse to take, by parting with II cor
responding amount of the gold which it has
or should receive.
The condition of the Treasury in other re-
sprctS, and lis prospects as To revenue. are
entirely sati jfuclOry. The imports in j luu-
airy, 1881, were smaller than in january,
1880 80 that the customs receipts Were only
$11,57j. 600, about 81 III, 900 less than during
the corresponding month last year. The i'll
tcrnal revenue is well maintained, and in
January amounted to $10.21S, 900. Both
branches OF the revenue are yielding largely.
and there should DO no difficulty in cflcctng
Il reduction in the debt of more than
So. 900. 600 for the year. There are two dan
gers, which Congress Las no right to overlook.
1t has right to exhaust the Treasury by
waslcrul expenditure or by opening the
Treasury to frauds, whether III the name of tho
pensioners or otherwise. And it has no right
TO continue any longer the coinage of dollars
which the people do not want and will not
take, at n time when the accumulation of
SILVER wcakens the public credit, and when
the Government needs to borrow 5000. 900, 900
ut rs low a rate OF interest ~ possible.
TIE TRIBUNE IL not, as our readers know, in tho
hnhif If fnshimn II ,rl Cnrrrct TIM hlmAnrIa If