New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-04


perity, to reduce public burdens, so that the
Nation may be the stronger to meet any trial or
| adversely But these are not reasons Tor tax
Fling SO per capita or SD for each head OF
family every year, for the extinguishment OF n
debt which no creditor asks to have paid
| During ten months of the current fiscal year,
the reduction of debt has been $12S,745, 213-
larger in ten months than in any previous year
With reduction at the same rate in May and
June, the amount for the year would be
SI54OOO,0OO. reduction of One-half that
amount would be sufficiently large for all pur-
poses. Congress therefore ought to provide
without delay for some abatement OF taxation.
The reduction of Understanding debt dur
ing April has been $50, 707, $50, so that the
cash in the Treasury must have decreased
The Treasury statement shows that there was
a remarkable decrease of S11 ,3SS,254 rs in
the gold reserve-$6, 3S5 Alb 40 in gold coin
held, and the remainder in gold bullion. But
the silver dollars on hand increased to
SS1 500, 056- within about $4,000 600 of the
amount of gold coin on hand. There is some
thing omnous in the increase of $3,4lG, 473
during a single month in the amount Of silver
dollars held. This is about $1,000, 900 more
than the amount coined. Consequently, the
country not only refused to take into clrcnla-
ton and use a1y part of the amount coined,
but thrust bacl. into the Treasury more THAI q
million silver dollars These were paid into
the Treasury in place of gold, and therefore
were practically redeemed in gold. Any part
of the $35, zoo, 900 of silver dollars still out
standing may in like manner be thrown back
into the Treasury in place of gold, so that they
form in effect public debt redeemable in gold
coin. But, moreover, there are outstanding
SOS, 90S,570 in silver certificates, OF which
about SG00,0 900 were thrown back into the
Treasury during the month. These are also
receivable for duties in place Of gold. Holders
can virtually compel the Treasury to redeem
them in gold, and the disposition to do so APP
pears in the decrease of the amount Outstand-
ing. Any part of this large sum may also be
turned in, and it is practically an additional
debt redeemabe in gold, because, though NOM
inally redcemable in silver these certificates
will not be presented by people who want to
cart away the silver When redeemed at ALL
they are redeemed in gold through the Custom
House. Congress ought not to shut It's eyes to
these changes. The rapid depletion of the gold
reserve and increase in the mass of useless
silver on hand, and the disposition shown by
the people TO get rid of silver dollars and silver
notes, should admOnsh Congress that it cam
not afford to let the year pass without a change
in the law. There ought to be no hesitation
about empowering the Secretary Of the Treas
ury to suspend the coinage of silver until the
amount already coined can be put into use.
Nothing is gained, but. as the bimetalists of
England showed at their recent great meeting,
much is lost and much more risked by persist
ence in useless coinage upon a ratio different
from that which other silver using countries
maintain.
Tine debt statement presents few other points
of interest The last of the loan of 81 80, 100000
the first loan authorized at the beginning of
the rebellion-has now been called in, the calls
maturing to-day, May 10 and May II for
$1,000, 900 each, June for $l5, 200, 900, and
July l for about $11 ,000,0 900. OF the ex-
tended six per cents only about $47,0O0O00
will then remain, and these will soon be called
if the revenue continues as large as it has been.
In April the Government took in $31, 743, 473,
about So, 800, 900 more than in the correspond
ing month last year. It's receipts in ten months
exceed those Of the corresponding months of the
previous year by $3G,000,000. 1t cannot be
expected that such receipts will continue, but
it is evident that taxes to Il large amount can
be abated with safety