New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-04-06
THE NATIONAL DEBT AND FINANCES

THE NATIONAL DEBT AND FINANCES
The reduction in the public debt during the
month of March, according to the monthly
statement, was 1884, S26. Exclusive OF GER
tfcates the reduction In all the other forms or
debt was $3,399,932. while the increase IN
cash on hand, exclusive of certificates, was $5,-
944,S94 But it appears that at the close of the
month the Treasury actually held $4,329,Ooo
quarterly interest checks and coin coupons paid,
which we're then included as cash. Adding these
to the amount of debt paid, and taking them
from the cash held. the true reduction in debt APP
pears to be $7,72S 937, while the true increase
in cash owned by tho Treasury was 81, G15.SS9.
Thus it appears that tho Treasury really paid
out nearly az much money AZ it took In during
the month of March, including the partial prepay
ment of April interest. The more recent pay
ments in redemption of called bonds must leave
the Treasury balances lower than they were ut
the beginning of March.
The movement of certificates during the
past month has been peculiar The gold certlfi-
Gates outstanding have increased nearly
81 100000, while the currency certificates
have decreased over $l,600,000. But the
amount of silver certificates outstanding has
increased over $2,7OO,O00. The stock of sill
yer dollars on hand has now risen to
$1O3, 4S2. 800, the whole coinage for the month
having been added thereto. and $S20,242 in
silver dollars taken from circulation. AT the
present this is represented by increase Of GER
tfcatcs outstanding, the arrangements OF the
Treasury Department having encouraged as far
as possible the circulation of these silver notes
instead of gold certificates or bank notes The
decrease in bank circulation during the month
was $l,500,000 so that all other forms OF
paper currency decreased about 50, 100000,
while tho silver notes III circulation increased
about $500, 900 more.
The changes in the debt proper were not
very important. There was a decrease of
s., 6o1, $50 IN the three ard onc-half per cent
bonds and IN increase of $3 300 in the three
pei cents. The amount of four per cents out
standing decreased 81, il7,25O, and the refund
ing certificates 81 800. Redemption of bonds
previously called amounted to So, 100,
while the interest due nOmlnally Increased
lips. 532. but, as has been shown. the
amount really unpaid at the end of the month
WAS about 3d. 200, 900 less than at the begin
ming Against the increase of cash owned by
the Treasury. thore was IN Increase OF
s., 100000 in funds held in trust for banks,
and $3.l0O, 900 in called bonds, interest and
| TreasuIcr's transfer checks and drafts out
standing In effect the entire revenue surplus
was applied to the reduction OF debt, and the
| Increase of cash on hand represents deposits in
| trust funds
Respecting future revenue no close estimate
| is possible rs yet. The receipts FROM customs
| at New-York were 81, 659.S 58 smaller in March,
| 1888, th,n in the corresponding month last
] year. but it Is not impossible that there was
; some increase ut other ports. The approaching
, reduction of duties apparently has more effect
thus far in causing imports to DO deferred
| than the immediate removal OF dntics Oh trans
| portaton aud other charges has to encourage
| imOortations before July /. And, although
| imports may considerably increase in branches
| especially affected by the latter change. par
| ticularly toward the close of the present quar-
| ter il is equally probable that there Will he as
great or greater decrease in imports OF goods
not 40 affected upon which the duties Will be
| materially lower after July /. Some shrinkage
of imports and of revenue during tho next three
months appears not improbable, therefore, ir-
respective of the ultimate effects of the change
of tariff Since the present fiscal year began,
| tho puOllc ueOt cACihsNo vi o'''i"'"''' ""'
been reduced from $l.Si7750,l5l to
Sl.720, G5G22l. or $llS003,J3O. At the
same time the cash in the Treasury less ccrtiii-
Gates outstanding has been reduced from
1888, $50, $50 to 1852, - 1888, or $6,11O, 757
thus leaving the net reduction of debt less
cash Sll1,0S3172. There are now in process
of redemption $l5,O00,00 of caleb bonds, so
| that the entire reduction for the fiscal year will
probably be 1913 100000, provided the cash
owned by the Treasury should be increased to
the amount held at the beginning OF the fiscal
wear. 1t does not yet appear probable that tho
surplus revenue will permit any further rcduc-
| ton, aud tho cash reserve was quite small
| enough at the close of the last fiscal year, and
| is now composed more largely Of unavailable
| silver than it was Mt that time.