New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-30
JOBBERS. REPUDIATORS And THE TREAS
TRY

URY.
Secretary FOlgcr did not "announcc a new
programme on Monday afternoon, as some
stated that he would. His order of that day
makes no proposition as TO the employment Of
any surplus that may exist in December, but
applies only to bonds called before Secretary
Foger came into office, and to the funds which
have been necessarily held for their rcdcmp-
ton 1t was the custom of Secretaries Sherman
and Window, within thirty days OF the maturity
of call, to accelerate the surrender Of the
bonds called by offering to take them without
rebate and this custom Mr.. Folgcr has followed
with respect to the remainder of the 500, OOO, 600
| called September 2l. At the close OF business
| Monday, there were $9,6SS, $50 Of these bonds
| still outstanding, and the Secretary properly
desires TO clear away as many as he can Of
| these, before announcing any steps for the re-
tiremcIt of other bonds, if, indeed. the condi-
ton OF the Treasury and the action Of Con-
gress should warrant any steps in that dircc-
ton. Bnt there is some reason to doubt
whether the Treasury will bc in position to re-
ducc the bonded Indebtedness much further at
present.
1t is officially announced that the Pensions
Bureau will require, for payments under the
Arrears of Pensions Act, not less than
500, OO0O 900 during the coming year for
claims already asceItained TO be allowable. If
the purpose of that act be carried out there
fore, the Treasury will have no sure surplus
revenue that can be applied to extingushmcnt
of debt When this rare bit of Democratic
demagogsm was passed, THE TRIBUNE gave
warning that it would probably take over
5000, 600 900 from the Treasury, would arrest
the payment of debt and might seriously shake
the public credit. According to official Ic-
ports, the warning is now about to be full Y
justified. During the first four months of the
current fiscal year. in carrying out the refund
ing measures of Mr.. Window, the public Gebt
was reduced 5000, 900, 50 that not more
than $40, 100000 OF surplus funds would have
remained for application to the payment of
debt during the rest OF the year, even if the
expenditures and revenue had been maintained
without essential change at the level of the last
fiscal year, in which the reduction of debt was
SOL, 100000 But it was known that a large
increase of expenditure would be required and
was authorized on account of pensions and the
Commissioner now reports that further APP
preparation of $20,000,0O0 must be made for
SO, 6SS, 900 bonds already called and others
that will come in under previous calls that have
matred, the Treasury will therefore have
little more money, if any, to apply to reduction
of debt, even if the customs receipts continue
as large as they were last year, and 1t appears
probable that they will hereafter diminish.
There is another, and possibly a greater diff
Guilty, however. Mr.. Randall, who is consid-
cred the leader of the Democratic party i'll the
House, states that he will bring forward the
laundering and bank hating three per cent bill
OF last winter, with changes which make it even
more offensive. The dishonest Carlisle section,
which threatened to deprive the National banks
of valuable rights and property, is to be re-
tanned In addition, it is to be required that
the Secretary of the Treasury shall at no time
hold more than % per cent of the amount of
United States notes as a reserve-abOut
$90,000,000. AS the Treasury includes in its