New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-03
DEBT r4xES IND CoNAGE.

Congress had more than usual reason yester-
day for the unusual disposition manifested to
push forward the work Of tax reduction. The
remarkab ole debt statement for January was
made public. showing reduction OF
$4,000. SS4 i'm the debt less cash. For seven
months OF the fiscal year the reduction has now
been 500, 0O7 ,GG7. At the same rate for the
whole year, the decrease of debt would be
SlG2.S7OO 600. Last year the then unpTece-
denied decrease of $15l 5000 WAS thought
good reason by the people for insisting upon
AN abatement of taxes. Members can judge for
themselves whether larger decrease of debt
this wear, with refusal to cut down taxation
in time of industrial embarrassment, would
be regarded with great satisfaction.
The revenue in January was 100000,
of which over ST. 900 900 was from customs
and nearly 81, 100000 from internal taxes.
During seven months of this fiscal year. com
pared with the last, there has been an increase
of "A, 600. 900 in receipts from customs, or 81
per cent, decrease of only 100000 IN inter
nal revenue. and trilling decrease IN lnscela-
necus rtcripts. Thus the entire receipts have
been So, $50. 900 larger than for the CORE
spondng part Of the previous year. great
increase Of expenditures was expected, under
the appropriations made by Congress mt its last
session, but it does not seem to have been
fully realized rs yet. For seven months the
ordinary expenditures have been about
Sis, OOO, 900, against S1O6900,0OO for the
previous year, an increase OF 81, lOO,OoO.
The Secretary, III issuing another callfor bonds,
has probably acted upon information from the
Pensions Bureau that its expenditures would
prove very much less than the Bureau officially
estimated before the meeting Of Congress- or
aiterward upon inquiry by committee. Last
wear il was stated that, If large increase of
clerical force could be had TO accelerate the
work. 800 600, 900 would be needed for this
wear. The increase Of force and the sum asked
were both voted, but TOO late to have effect
during the first quarter Of the current
wear. In that quartet, practically with only the
old force Of clerks, 1913, $4,000 WAS paid out
by the Bureau, but in the second quarter, after
it was generally supposed that the increase OF
force wCud have full effect, the amount paid
was only So, 1851, 900, and in January only
Sl.3l5,5 At the rate thus far, the Bureau
would spend only $5S,0O3,47G for the year.
Presumably this will be exceeded, but the call
for bond4 by the Secretary indicates that he
does not expect it will be greatly exceeded.
The heavy surplus last month was applied,
first, to reduction of the principal of the debt,
which is $l6,373, 721 less than it was January
|. Next, the interest due has been reduced
81. 3j9,4j7. Large amounts of certificates
nave been issued. hOweN er-SS, 053,910 gold
and silver (nearly all god), and $2,9O5.OOO
legal tender certificates. Hence the amount of
gold coin aud bullion owned hy tho Treasury is
about Sc, 489 900 less than 1t was II month ago.
On the other hand, the amount of silver owned
has increased about So, 100000. The precise
decrease in cash belonging to the Treasury is
$5.093,26S.
The depletion of tree balances would not be
matter Of especial regret bat for the unusually
1apid substitution of silver for gold. When
the Treasury is depleted, it is always gold that
goes ont; when it increases its balances. the
increase is mainly in silver. During the last
month, after deducting.the gold held rs a special
trust for the redemption Of the gold certificates,
the remaining gold decreased nearly
sc, 100000. OF this over $2.OOO,OO0 was ex-
pended for silver bullion, from which 2,450,000
standard dollars were coined. Every dollar of
these was added to the vast pile already lying
useless, and in addition $l,064,12 dropped
back into the Treasury from circulation, so that
the amount of such useless coins held Is now
S97, $50, 969-about $l,50U,000 more than
The TRIBUNE recently estimated. The total
coinage has now been 1886, 405,080. Conse-
qnently 1884, Ill more of these coins are in
actual circulation. Practically, the Treasury
redeemed over $3,500.000 of the silver coins
10y parting with like amount Of it's gold in
January alone. We have now reached that
season of the year in which silver dollars be-
gin to drift back to the Treasury most rapidly.
Last year the amount outstanding was reduced
in every month from January to August, not