New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-05
THE JUNE DEBT STATEMENT.

Inc treasury statements IOr JuIle drc quio
easily understood. There has been no change
in the interest bearing principal of the debt.
during the past month, and decrease OF only
100000 in the debt on which interest has
ceased. But the amount of interest due has in
creased 81 ,6S00O0. The great change has
been in the amount of certificates outstanding
of various kinds. These have decreased nearly
$40, 900. To ascertain the resulting CON
dition of the Treasury, however, it is necessary
to turn to the statement of assets and liabilities
Examination of this interesting statement
shows that there has been an actual gain In the
amount of gold on hand of $l,2O1,34S rs.
But against this there has been an increase OF
S3,3lS,21O in the amount of gold certificates
outstanding. Thus in effect the Treasury has
borrowed during the month over $2,lOO,OO0
by the issue of gold certificates in excess of gold
deposited. On the other hand, it has redeemed
of the silver certificates formerly outstanding
no less than 1883, 760, and mt the same time
has diminished the amOnnt OF United States
notes outstanding by $2,026,419 67. This Is
the most satisfactory part of the statement. IL
shows that the gold certificates, which are by no
one distrusted and are everywhere received As
the equivalent of gold are being paid out freely
and getting into circulation more largely In
Mace of the silver certificates, which are con-
slant source of distrust and danger. 1t is due
In the policy of the Secretary III this particular
that the proportion of silver received in tue
payment of duties has declined during the past
month, and gold, a. it is more freely paid out,
also comes into the Treasury more freely in the
payment Of duties.
Necessarily the first effect of this policy is
decrease in the amount Of gold strictly belong
itg To the Treasury, though last month the de-
crease IN amount of gold owned was only
substantially the same as tho decrease
in amount Of legal tenders outstanding.
The operations of the month may be smplifed
il ne reckon the s., 900, 600 additional gold
certificates outstanding IA put ont in exchange
for 81. OOO. 900 legal tenders retired. The ex-
cess of revenue over expenditures during the
month was then virtually applied wholly to the
retirement of silver certificates, and the absorp-
ton of silver dollars coined and received from
the circulation. 1t appears that the increase in
the amount OF silver dollars held was
81. SO3. sol, or about 100000 more than the
amount of silver dollars coined. Thus this
amount received from circulation and the en-
tire amount coined were added to the idle stock
in the Treasury, besides retiring as above over
81 900 900 in silver certificates. The amount
of silver owned by the Treasury was hence in
creased 81, 21S $50 during the month.
The net result of these operations ia that the
Treasury on the 1st of June had outstanding
less notes to be redeemed than at the beginning
Of the previous month, and had in hand free of
other demands for the redemption of notes
about SO. 100 900 less of gold for their redemp
ton. The proportion OF gold, in excess of
matured obligations, to the amount of notes
outstanding, was II per cent, against l4.9 per
cent on the lst of May, and 1873 per cent on the
lat Of January. On the other hand, the proper
ton of silver dollars, not covered by silver
certificates, to the amount of legal tenders out
standing, was 1879 per cent Juno l, against
1G.6 per cent May 1, and 1913 per cent January
I But for confidence that the Secretary of
the Treasury is pursuing wise course to shield
the country from the consequences otherwise
involved by continued silver coinage the change
in the state of assets available for the redemp-
tion of notes would be omneus. But II the
Secretary firmly adheres to his policy he VIII
soon find rapidly increasing proportion of gold
in the receipts for taxes