The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-04-07
FINANCE AND COTTON
FINANCIAL

cu,c,eo TINES: The March debt state
shoUs decrease OF - 3ii $50 durlns
lHI S against g., $50 67S in February
VIZ sts M OH in March, 1882, During the
ssa ,n,ontbs ending March 81 the decrease
hn' All 0S3 l72. against STA 1872 $50 for til,
s'~s months OF the last hscal year. Iht
ss~,Il difference OF less than two and hal
mJiions between the periods compared is
,Ls more remarkable from the tact that the
ssno a., tor the current year were
SStnqard of 100000 greater than they
Sp,. nor last year. The decrease i'll the IN
,o,ss, cnarge, the elasticity of the revenues
sni the exercise of some executive dlScre-
.sSr in the expenditure Of money APP.
~r,vn n couspire to explain the small
Gssrence between the expired por'
ton of the two years i'll point Of
Ssht reduction. During the third quar-
10, al las, year the reduction was $37 ,4O,-
an in round figures. 1t will not be any
ming like so great during the current
cn,rler of the present year, both because
W. revenues will be considerably less
nnderth new law, and because the eX-
nenditares, especially on account OF pen.
sions. will be greater. IL is possible that
me nlal reduction of debt less cash in the
treasury during the fiscal year will be
siD0OOOO, but it is not likely to exceed
MAI amount. In case it does not. it will
be necessary to draw some 100000 from
lhe reserve in order to meet bond calls W
10 and including the roth.
The current statement shows $50 64S,00
Of the 81 per cents outstanding. This in.
Guides the SIS. 100000 covered by the l20th
call. The amount outstanding and un.
called, therefore, is $35, aS 900. 1t is safe
10 predict that such OF these as may not be
converted into 3's will be redeemed by next
January, Notwithstanding the reduction Of
taxes. Then the department will have tc
begin calling the 3'S, OF which the amount
outstanding is $500, 52G, 800, and of which
there may perhaps be as large an amosnl
as SGlO,0OO0OD before conversions entirely
cease, BY January, when calls for these
bonds may be expected to begin. it will be
easier than it is nov 10 estimate the proba,
bic rate OF their extinguishment. The
Times will hazard the guess, however, that
tae bonds will be called at an average rate
Of not less than $4,000 600 II y ear, and be
wiped out IN four years, unless q panic
should intervene, or further and cOusid.
NAuylN lNNhktApii VI AeiANo
Controller Of the Currency Knox est
mates that nearly three quarters of the
SlS,OOO,WO3 per cent. bonds held by lid
tOnal banks to secure circulation are
among the first issued, and therefore likely
to be among the last called. He says in d
letter to New York bank president.
fully two-thirds and probably fOur.iitths
Of circulation now outstanding is held
by national banks located where the rate OF
interest does not exceed Z per cent. The
value OF clrculatiOn to those banks is about
lper cent, and the 1 and u per cent. bonds
are held largely by banks whose surplus is
large and whose means are abundant. One
per cent. proilt Is sufficient inducement Tor
these UanKs TO continue to hold the high
priced bonds and to replace such small
amounts as may be called with others. A
large number OF new banks are being con.
unually organized, sufficient, | think, to
Keep tile circulation in the aggregate about
equal TO the present amount. / do not,
therefore, think there will be any great re-
duCllon OF national bank circulation during
the year,
The director of the mint issued an order
iImllins the coinage of silver dollars on the
racine coast to 100000 month, There
ave now over 50,oW0 900 silver dollars stored
III we 81 feasury vaults at San Francisco,
anu " Is mpos,iole to get any considerable
amount u them into circulation, for the
5 4, mat the people refuse to take them.
I ias order limiting the coinage on the Pa
guy coast, VIII result in an increase of the
gUUhage Of silver dollars at New Orleans and
l nIadllauelphla mints, to the extent of 500.
"" al each OF these minis.
lhe lmpor'atiOns OF specie and bullion at
new ny YORK during the week ending March
TSe'e S195 ,9S, consisting OF $3.50, $50 in
svI ana S2i3 ll2 in silver, as against a
Sy' az Vi Si4i,OA Tor the week ending March
81 y, iasI year, The importations since the
n, " January compare as follows with the
as, rlt during the corresponding period
Cal, 1857. lSs2,
Sys,.' 3Ss, 1856 s i25, 25S
ACKNOWLEDGEMENTS. l,5U593l G5b, ggs
nv s,.,,....' ..,.."st,S 46,i67 sl,OS2, 956
,b luz hSuress, from official sources, show
cre, ioHowlng., results in the in
s s. In the value of prop.
IisssSS III the entire city of New York since
s at., III lo12 the assessed valuation of real
I Eva was S253, 27S, 1854; 1862. $500 5jl SlI.
NJ a., w llS, GG5i SSS2, 1916, 735, l9O.
3 S Ssv, loIk exchange was quiet as follows
u isvg ''''''ts ......... ,ASi i fllSl