New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-09-03
THE PTBITC DRRT

The reduction of debt in August though not
quite rs large as some officials of the Treasury
expected few days ago, was $141s1,22I.
Large disbursements near the end of the month
changed the result. As it stands the decrease
has rarely been larger, and the Secretary will
doubtless think it wise to consider whether SO
considerable an increase of reserve ought to
be made in a month ordinarily marked by I'M
usual demands for money for commercial pur-
poses.
1t appears that $500, 634, $50 of the five Der
cents have been extended, and the amount
outstanding July 81 was only $3.50, 7OS, $50.
Only $6,774,5 500 of the coupon bonds called
August II are included in the debt on which
interest has ceased. Less than $lO,OOO,OOO
of the registered five per cents had been paid
September l, though considerable amount
has since been paid. just sol, 3O4, 900 of the
registered five per cents still remain in the
statement of interest bearing debt, and the
interest ON those will not cease until October
L. The reduction of interest-b bearing debt was
$17,768, 200, partly because of the transfer
of $6,774,5 500 of coupon fives to the column
of debt on which interest has ceased. Nv tbe
end of the present month, large part of the
registered fives will have been paid, and the
rest will be transferred to the non-nterest-
bearing account, SO that the debt, if not
changed by calls or purchases meanwhile, will
then consist of 1878, 690.1OO 3l2 per cents,
$250,OO0,0O0 dig per cents, $739, 347, 500 four
per cents, and $14,OOO,0OO Navy bonds. The
changes i'll the currency debt have been in
significant during the month, excepting that
the amount OF silver certificates not in the
Treasury has increased to $4,000 1873
The Treasury holds $148, 349,123 in the
available balance including bullion fund But
about $21 100000 of this amount is liable to
be paid on demand for registered five per cents,
and the balance is not more than about 35 per
cent of the legal-tender debt. The standard
silver on hand, now 500, GAS ,344, has increased
about $l,700,000 during the month, though
the amount coined has been only So, 300, 900,
so that less than quarter of the dollars
coined have been added to the circulation.
The Treasury now holds sos, 724,O13 80
in silver of all kinds, against $3.50, 495,521 94
in gold and its proportion of silver
continues to steadily increase. The increase in
amount of silver certificates outstanding is in
no respect healthy symptom, but it is not to
be prevented so long as the Silver Coinage act
remains in force.
1t will be asked with great interest during
the present month, whether the Secretary pro-
poses to buy four and half or four per cent
bonds, or to call in the extended three and q
half per cents. He will probably have a large
surplus during this month"; which can be used
in reducing the interest bearing debt and
which cannot be kept locked up in the Treas
ury vaults without serious Inconvenience to
the money market. The Secretary cannot
get four per cents without paying about 115
for them, and the four and half per cents
would cost about 113. Inasmuch as the surplus
arises in consequence of the consent Of
the Secretary to extend at 3l2 per cent
more of the five per cents than he had
originally proposed to extend, and he can save
money for the Government by clearing away
some of these bonds instead of buying four or
four and half per cents, it may be assumed
that he will probably use his surplus from time
to time In calling the extended bonds. As