New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-03
TILE PNRLIC DEBT.

The decrease in the public debt in May was
1913. $40. 253, though, the cash in the Treasury
having been reduced by about So, 100000 the
official report of decrease OF debt less cash IN
the Treasury was $10,375, AL 10. In other
words, the revenues exceeded all expenditures
except for the redemption of bonds by That
amount; but, as Secretary FolSer had made
three calls which matured in May, and had to
take up bonds to the amount of $l4,2OO,OOO
under these and prior calls, he drew some
money for that purpose from the cash re-
serves. More money was placed In the market,
therefore, than was drawn from 1t by taxation,
although the receipts in May were over
$3.50, SOC, 900, and were $4,000 larger than
in May of last year. In eleven months OF the rs
cal wear the decrease in debt less cash Ill the
Treasury has been $139, 1881 55, or about
$40, 100000 more than 1t was In eleven
months of the previous year, and 1t Is likely
TO reach $3.50, 600, 900 for the fiscal year end
ing June 30. The receipts have already been
1874, 425,3S1, and it is now believed that
they will be at least $405, 100000 for the
year. This has never been exceeded except In
the fiscal year 1870, when the receipts were
$411 100000.
lie needs There ought to be included i'll the
absolute needs of the Government, 1t Is true,
a large sum for reduction of public debt it is
the fixed and repeatedly expressed desire OF
the people that the liquidation of public III
debtedness shall he continued without cessa-
ton Considerable expenditures for public
improvements may also be properly included
in a statement of the needs of the Govern
ment for the people do not wish that
works of real Importance and value
shall be arrested for lack of funds,
however strongly they condemn the wholesale
waste and theft which go on under cover OF
| improvements. But after ample allowance for
| a reasonable reduction of debt and for the
prosecution of all useful public works, there
still remains a large excess OF revenue over
| the amount needed for the uses of the Gov
eminent. Congress will assuredly miss public
! approval if, as soon as it has admitted to seats
those who were elected by the people, it does
not take up measures for the reduction of tax
alton and the determination of the Republic
| can caucus in this respect ought to be suS-
tanned and executed without needless delay.
In drawing from the reserves in the Treas
ury. the Secretary has not been obliged TO re-
| The silver on hand, moreover amounts to
Sl1G,155, $50 Al, having increased nearly
| S3. 900, 900 during the month. But the Treas
urv has received more silver certificates than
| it has paid out, and has on hand $1,6S1, 30
| more of them than it had May l. The i'm
portant difference in the two accounts is that
the statement of June 1 includes among La
blities 80, 731,076 - of Treasurer's transfer
checks and drafts, against So, JOY II on
the first of May, and the difference,
about $1O,OOO,OO0, will speedily be drawn
out of the gold reserve. During the
mon,.L 2,262, 900 silver dollars have been
coined. and $3,O1O,987 have been added to the
useless store accumulated in the Treasury.
Thus the Treasury has been obliged to take
in, of silver dollars and silver certificates,
| S4, $3.50, 900 more than it could pay out or use,
in the single month of May. At this rate,
the Treasury would be compelled to add
| S33 OO0,0 900 more to its stock of unavailable
silver coin and notes. before another session of
Congress could put an end to the wasteful
and mlschiev0us expenditure involved by the
Coinage act. If Congress does nothing at this
session to prevent the rapid substitution of
silver for gold in the Treasury reserves, it
will take upon itself a responsibility which
members may keenly re greet next fall.