New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-05

9sSrsnos can turn aside true ss.. h
for them S
the premium paid near atyve th"ussSS SSosr
But the purchase for sinking fund.- ana The r. =
Governm mt bonds rcdeemabe at pleasure TO the pav
ment OF which OF assets might be applied n
OF bonds at premium, but they vent hand Ia Dand win
sales OF gold at Greater premium and the Goyernmspt
made profit by the transaction and tnen too WIS 1.
time the requirement OF the sinking und there gers
~ TRe OF Sa Soc 81 c Se a1e N nsum
rebate NJ the interest np 10 the day named in ths cal
upon tue public debt sane Toned 10y express proyls,o
OF law. (see resolution No 20, of March is6i mi
United states Revised Statutes 5000 referencs ~
the debates IN Congress when tnat resolution was uner
discussion, shows na, the motive for tue adoption or ~
was, tnat the Treasury Department might any t,as
break tighness ia TIE money market BY nns
money Idle in its vaults. The power thss Gwen
has OF late been used for that purpose TnOngh tl DOS
give OF the bonds IL pu no los n
the Government The Treasury uses for The prr,,sv
mcnt money that IT ncods Tor osner w.ys sd
wnicd yel1s no Intere T. ana winch II at last uss
ior pay ing Just what Il pays In advance and 10 90 ass
man ne nn0Hll tDat II must at Last pay. In paying
high premium, however, 1t pays wRa 1t is not bonui
ever Pay and II y lt certain event that It Will ever
OF tne premium, IL eXtln cuisines 10 debt. '"''
IL is doubtless good policy to extingni.h the lone
bonds OF tn Government IA ier than tb6,e n,vah
IFS pleasure; the dine III at mana whe win lie or
ent rae OF iecsipCs the present rate OF aymen ~
the pubic deDt, all the bonds subject 10 oDlioSs t, VI
payment will nave Dee called IN. Then, II Their h. a
surplus tne Treasure, Gnere will DC no ente, o.
by z: pIcpinm CT long bonas ar ~
disbursement 81 it .rOasH ~ rypnatiols ior pirp
beyond tne 0rdlu"ry at economical needs OF the CIV
eminent IL therefore, Tor Congress 20 consider the
psosretI OF empJwC,Ag t4is Department to bus A.
lone md AZ 81 premium. |, Il deem II po,lio
to MAKE gIedl pu bonds u scA prenian oc
e&tngu shmeut, .b0G'd by law give 10 tuls I~n,'
ment express authority do, and thus adopt tsat
policy.
USE OF THE BANKS As DEPOsIIARIEs
There lave been other suggestions Of modes freeing
the Treasury OF assets. The National & uk
act, section 80 (Unted states Revised sta uies Sec
5l53 provides ,or the sguatiOn Of National banksas
depOstaries Of publc noys security being taken in
corresponding deposit of United States bonds. All mon
eys received for customs must De ped into the Treasury
and no TART Of them be placed IN National bank de
dOs.tares. II that they. any part Of them
deposited with Natioeaf bank deposl,arics they
w0ul hnd Ar way back into ;he current Of bust
ness IA loans and discounts, 10 now the receipts irola
mt radl reyenlc tXttl0n.
Iice are ia tn Treasury over Atty miiliO II dollars
Dfag ;hc per 9en iuJd fJI jhe rcdom Dn National
DInk no tlc fnd iOr he REDEEM ,Iod 0i notes OF
National bans, tLa Lave fali.d These funds have nos
been treated b, the Department 10 pdJIc moneys"
within int 4 ue .eutions above ciled and hays
been kent in the Treasury. Congress siuuld gye an
H,er9re alton % nc words public money!" whicl
"oai ta@o ~ m - itnAs anu thoy DC pEt on deposit
WIZ tie puDhc depOstaries the sam results fol-
toY rs are above suggested - To customs receipts.
IL : a'gi.l ny nose WHO contend or aager use
Of 5he "a Ks a7 deposiiaries thai all other
ciYlzad c''ntnes nave an advantage oYsr
ht O.ted states ~ the relations between tlelr Treas
I.eS ana the money market tnat tlec Governments
Keep their accounts wish the strongest banks in The
c0d! aud ~ ths natural way OF tIanisetinS business
they do not Deprive t4er trade Of the natural
7ary services OF floating capital tina Il is only
intel STATS that "a" 6oVernteii clehy 0y law ana
partly Tor want OF tie use OF existing discretionary
powers deliberately disurbs the natural currents OF
money, bhctnE lPOn Trade proioheed or spasInOlc
stgln-cuCy Dy locking Up its rec p.s stimulating
sieci,'2h ny q SUDDEN outpOdrhs oi IT. Doafd that
III s . = td ny MS ~ EN- Ot lega caPfce, anu
tbatlt h pba0y no exagsc'on 10 say thai oar Treas
NY Staatep cau.c discounts ~ NeW-YOgk C!ly
average per &c hig"er man uHde Ne more Datural
~ t o." eEp'oylns lae ordinary business az hces ior
Tie Governments 60 lectiJus aud GiSo ssenenls
Il" not yea To- rs re" sonna to nc uil extent LAT
II j. sOusnt 10 u7n IT, IL may BE- well IL give me De-
par neut tue power max larger deposits IN sne pub
~ uepOstafhr conceive inst the rceipts RON Gus
;oIQs, u0H To great cat Pledged by Law to the pay:
ucu, OF H. bonded err Gitur, should be hed Ia tIe
treasury i"F 10 ~ 'tF cOuist thre arc gsaUV5 lt'IeS
That misn coic 10 hotn Government and people, and
either II is s,fs TO s.y that the is never
SURE IT continued course % pgospry as that tud nc
ANA disaster II such should COME in such mas ai-
Jude tnlt the Ma ional D.nk depOstsrios snOud no
good thar Tue Cover mout had in hands lle
means 10 meet tue daily calls upon it, II has CHANGED
tina, ugy, tuoai Dank depOsiiarles have tailed 20
meet uIaits Il tie Cove rnnent upon them, 10 i
embarrassment. Greatly more wOu.dtt be II all or
many slOulO 80 fa 40, her and together SHOULD nave
keeping, i main tne sets Of the Government The
pOlcy Of tins department hs been to keep for the re-
ptOn OF the United states reserve OF aboug
forty per cent OF ne anount oi them ouistdnding ana
esi thar 70 hold money enough 10 meet all other OBJ
legations payable on demand. 1t is part ltnat pocy
that the Treasury should tsef hold hat reserve Yea
ready Tor the evi day. II is certain 10 come FOr
reasons Wpul MT seek roIease 81 the treasury from
his complication, IA tAese modes.
the RADICAL CURE.
The radical cnre or the evil IA In the reduction OF tax
alton, SO Tat more Will be taken fUm Tie people
Jtan oaough to carry the Government win eclnomyi
to meet a. It's obi gaGs tat he met rou yeas 10
years to pay oil with reasonable ceerity he part OF The
debt which 4 may pHy ar pleasure, ADD 10 provide
through tn" sink ng tuud Tor The payment OF that whoI
viii become pay BIZ o, aud jy. The evil comes from
Vie uEeiAOOC D the Government holding IRON time 70
&c sur LIS 20 DC poured OIt volume at IN
certain unforeseen lines, ana aG times often mop:
pOgtunC fOr OI5In, 81 the country There could
BE- tna plus surely not so great one II the sb-
tects OF tdKaion were scssened and the rates made
Snu Ter upon Csc 'tlln"u.
Inc hg given above whol show an estimated
surplus pupc for the nscal ending juno
1888. upon ne basis on existing laws and Including
tac s.lkih- tuna. Of T1J,JfI013 10.
Un ess some dlSiutOMR cause cones In, not fore
seeu That surplus viii increase from year to year tho
incTes tic puDc geut decreases For Without such
cause me revcHuls ron all Will rot he dmiR
hed laws pro uctye thereof remain unchanged
- great annual surplus Is The dlrect rcs OF the
existing revenue lave vii! he the financial
dtOn OF TIC Oounuy Il these laws remain unchanged
anI taxation b. moi relUCydi
In connection here Si,h, shoIld be bOrne mind the
luCrga ng CXpslLi re Tor pensions likely 10 afeCG
lu some degree Toe increase o. surplus.
Iie Commissioner OF Pensions mas furnished 20 this
Department -stnuc based upon facts on his records
V i.icI gives tnesc Agur's;
Number Of aims died to June so, lsS2....-;,: sl1721
y 4o.ecieu des............-....... 55,@6s
NuuI.Cr leu"lus 26J,0IS 49, ~
OF the number pending, 1877 623 are entitled 10 "ar:
rom discharge oT death 10 date, would not fall below
b2OU,OO,,,OJ
Tl' remaining 72,O55 were filed subsequent to Jano
30. 1880. and pension, when allowed, would commence
from date 10 Ull.g