The National tribune., 1882-11-16

twenty-five and One-haIf per cent. was paid
to holders to surrender their securities to the
Government On October II, 1857, the last
redemption of bonds was made, and sixteen
per cent. premium was paid. Two months
later the condition of affairs had again
changed. A crash had come, and instead OF
an OVERLOOKING Treasury the Government
was attempting to borrow money to pay its
expenses.
The Secretary of the Treasury, in his
annual report, December 8, 1857, informed
Congress that although there was balance
on hand at the close of the last fiscal year
amounting to nearly $18,000,000 yet, so
great was the falling off in the revenues,
that it would be absolutely necessary to
provide the Treasury with some means to
meet the demands upon it. A bill was
introduced in Congress a week later under
the provisions of which an issue to the
amount of S52, re, 800 in Treasury notes
was made.
At that time, so great was the confidence
of the Secretary that the financial reyersion
was only temporary, that in his recommend
alton he advised an issue not to exceed
$20,00O,O00, and only for a limited period.
But it is not necessary to go back so far in
the annals of the country to demonstrate
the danger of too great reliance upon the
stability of its financial condition. In the
midst of the wonderful prosperity of the
past year, when a surplus of $151 100000
was applied to the eXtinguishment of the
debt, it is, perhaps, excusable that even pub
lie men should forget that only three years
ago the Treasury of the United States was
in embarrassing straits.
For the fiscal year ending June 80, 1879,
the expenses of the Government exceeded
its receipts during the first three quarters.
Secretary Sherman was busily engaged de-
vising some means by which Congress might
provide way for increasing the resources
of the Government by new issue of bonds
or augmented taxation, when the sudden
recuperation of business during the last
quarter of the year enabled him to pay ex-
penses and have small surplus upon the
LIST of July.
The fiscal year closed with the public debt
standing at $2,027, 2O7, 256 against $685.
786, 831 for the corresponding day of the pre-
vious year, making total reduction for the
twelve months of only $8,519, SIS, or rather an
apparent reduction by regarding the cash in
the Treasury as an Offset to an equal amount
of liability. Actually, for the entire year,
there was but $18,5OO worth of bonds re-
deemed. For that year the Sinking Fund
was 100000 in debt
Again, as in ~ and 81, an OVERLOOKING
Treasury is the Congressional eyesOre. The
history Of financial instability brings to our
statesmen no lesson of warming.
With appropriations amounting to SOL
428,117 for the current year, and in addition
to this two calls for bonds amounting to
$26,200,000 having matured, four calls more
made, but unmatured, for S74,500,000, and
the receipts not materially increasing as
compared with last year, our uneasy Con-
gressmen threaten to plunge the country
once more into financial uncertainty, result
ing from ill-adyissd and useless legislation.
How they expect to meet these liabilities,
and at the same time abolish or cripple their
income, passes the comprehension of finan-
cier skilled only in the cOmmon-sense man
agement of private business.