New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-08
NOW THE TREASURY STANDS

1t is to be hoped that the Secretary of the
Treasury will not feel obliged again to carry
SIS, 703, S4S 20 of paid bonds and interest rs
cash On hand, in his monthly debt statement,
as he did February l. For this bookkeeping
method made the cash seem by that SUN larger
than It really WIS a month ago, and the final
recognition Of the payment of these BOMBS in
the statement of March / makes the cash on
hand seem Sl2,5lS,SS 0G smaller than IL
seemed February l, whereas IT had really in
creased largely during the month. The princi-
pal object of the debt statement, to give infor-
nation to the country, and particularly to the
millions who have not opportunity 10 apply
for it regularly at Washington, is thus de-
tented, because to most readers the statements
are rendered deceptive. The apparent rednc-
ton IN the principal of the bonded debt during
the month OF February is S22,555.O7O where
az. deducting the lS,7O3, S4S 20 known to
have been actually paid but not returned as
paid February /, the real reduction in Fohru-
AIRY was only 1881 ,2Zl 80 in the principal OF
the bonded debt There wac also reduction
of SO in old demand notes, and $l,59j in
fractional currency, while the interest accrued
Increased $685., 1913 10. Thus the real decrease
IL debt proper, exclusive OF certificates, Was
$2l ,623 SCI 90.
If it's the aim of the Secretary to make the
statements as Ineligible to the people as pos
sble. it v Juld also be well to cease including
certificates with the debt proper, and to make
separate account of them as deducted from cash
on hand. For the cash held by the Treasury
that is merely deposited in place of certificates
outstanding has no business TO be counted as
belonging to the Treasury it is merely held in
tiust The amount of legal-tender certificates
technically outstanding is also reported N the
debt statement, but not the amount returned
and on hand, which is included as cash-an-
other method OF rendering the statements val
ueless to the majority OF readers and voters.
Technically, the amount Of gold and silver GER
tiiicutes outstanding increased last month; act
ually, the amount held by the Treasury having
increased more largely, the volume Of such
certificates in Use and constituting a claim
against the Treasury decreased, as foIlowsi
Cold certificates decreased 50, 1910, being
now $l2, Doh 40; silver certificates decreased
S111 400 being now SOS 027, APO; and legal
tender certificates increased 81, 300, 900, Oeing
now 81 100000. Over $37,700,00O of these
certificates being held and counted cash
by the Treasury, the statements of cash held
and Of obligations due are both deceptive to
that extent.
Deducting certificates not held 10y tho Treas
ury from cash held, we find that the gold not
belonging to the holders OF such certificates
was 1875, 10Y, 100 So the standard silver dol
lars 1929 ,O24, and the legal tenders
S21,1GG,27O. Besides, the Treasury holds un-
available stuff, $3l, 45l, $3.50 81 AZ useless
fractional silver and silver bullion, and
| S42G,O10 70 in balance Of minor coin aud frac-
tional currency accounts. These are in no
| sense available as n reserve against tho public
| debt, nor are the silver dollars, unless the
Treasury is prepared to precipitate its own
bankruptcy by forcing creditors to take de-
| preciated and inconvenicnt coin. The only
real reserve that is of any value to defend the
public credit ID the $l35, OF, 100 SO in gold
now held AM not covered by gold certificates
outstanding. 1t is gratifying that there has
| been an increase during February of
| So 49, 81 in amount of gold thus
| owned, but it is by no means gratifying to find
that the amount Of silver belonging to tho
Treasury has also increased So, 726O61 SO.
The gold will 20 out, whenever the Treasury
disbursements exceed its receipts, through in-
terest payments, bond redcmptiOns, pensions
payments, or other payments warranted by
the appropriations just made but the silver
tends to increase all the time, aud no means of
getting it out have or can he devised.
For the first time, the Treasury reports over
| 100, 100000 of silver dollars on hand. The
| total coinage of these useless dollars has now
| been 1877, $685. SC, and only 1888, 636 of
| them arc in circuation-llttlo more than one
| quarter, notwithstanding The extraordinary
| efforts made for years past to force them into
! use where other forms Of money were pre-