The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-09-15
ALarge Debt Reduction.

WASHINGTON, september 1.-The decrease
in the public debt for August is over $4,000
900, and for the two months ending yesterday
$24,O00,000. The decrease last month has only
been exceeded twice in several years. In
March, $780, the decrease was $14,70O,0O0, and
in May of the same year it was $15 5000, 000
In March, 1877, the decrease was over $14,
100000, but $10,000,000 of that amount was
derived from the Geneva award, which was
covered into the Treasury by direction OF
Secretary Sherman. Three days ago it was con-
fdently expected at the Treasury Department
that the decrease liz the public debt for last
month would reach $17,0000OO but decline
in receipts since Monday last and the payment
Of larger amount than was anticipated for
interest on called bonds presented for pay
ment prevented the decrease for August from
being the largest for any one month for the
past nine years.
The decrease in the interest-bearing debt
during the month was nearly $4,000
900. The entire amount of and 6 per
cent. bonds converted into 81 per cent. bonds
appears for the first time on the August debt
statement, and aggregates $57S, 500, 100. OF the
called 5 per cent. bonds only $21 100000 are
now carried in the column of Understanding
debt, and this entire amount is likely to disap-
pear during the present month, The 81 900,
900 above referred to are registered bonds. OF
the coupon s per cent. bonds called for pay
ment on August 10 nearly 81 900 are still
outstanding, and are carried in the column of
n-interest- bearing debt This amount is
also likely to disappear from the debt state
ment after the current month. From these
figures it will be seen that the Treasury has
still to disburse for called per cent. bonds,
exclusive of the three months interest accrued,
about 26,0O0000. R 't
;loI1 hole ic tod il,
the debt statement to be $3.50, 46S,5 75. This
sum, however, includes the called 5 per cent.
bonds still outstanding, which amount to
about $28, 900, 900 andwhich are now current
liability. Deducting this amount-and it
should be deducted in order to ascertain the
correct balance available-would reduce that
balance to about 1922, 100000, which is equal
TO about thirty-ive per cent. of the out-stand-
ing legal-tender notes. Secretary Sherman
was of opinion that the Treasury should al
ways hold reserve equal to 40 per cent. OF
the amount of outstanding United States
notes. 1t is understood that Secretary Win
dom believes that IS per cent, is sufficient re-
serve, and that he will use the surplus in ex-
cess OF that amount for reducing the volume
of Understanding debt. -
The Treasurer's statement of liabilities and
assets shows an increase of $1,000 silver
dollars for the month The number of these
silver pieces coined last month was 100000,
showing that the Treasurer was able to dis
burse only one-tourth of the number of stand
ard silver dollars coined. The number OF
these cons now held by the Treasury is with
in small fraction. of 66O00,0O0. The silver
certificates now outstanding exceed $46, OCO,-
900, an increase for the month OF $3.50 ,0O0
In fractional silver coins there is an increase
for the month OF over $780, 900.
The receipts from customs for last month
were $21, 320,5aO, against $17,541 1888 for Au-
gust, 1880. From internal revenue the re-
ceipts last month were $12 1853, 431, against
$12,300,6 33 for the. corresponding month o.
last year The total receipts from all sources
for the month ending yesterday were $3S, 1877,
S75, against "a, 522, O90 for August, 1s80-ar
increase in favor Of last month of over 81 900,
O0O The total expenditures for August, in
Guiding interest. on the public debt, exceeded
S25, 600, GOO This amount does not, OF course
include the amount disbursed for principal o
the public debt.