New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-03
4 Fiscal YF.1R ENDED.


tim of $50, 1868 in the interest bearing
debt. The decrease in net debt was over
So, 900 900 in the month of June. The redemp-
ton of called bonds was effected with n de-
crease of only 81 .OOG, 900 in net cash, the
amount of gold and silver certificates outstand
ing having been reduced. During the month
the amount Of gold owned by the Treasury
increased $4,000, and the amount of notes
$500, 200, while the amount of silver owned
increased So, 100000 These few facts show
at a glance that the condition Of the Treasury
is really not quite as strong it was at the be-
ginning of June, the accumulation OF silver
having been large while the amount Of legal
tender notes outstanding to be redeemed has
increased without an increase in the gold re-
serve.
1t is more pleasant and Mt the same time more
instructive to observe the changes during the
fiscal year that has just closed. Credit has re-
peatedly been given TO Secretary Manning for
the judicious features of his management, and
it is gratifying to record the success they have
attained. While the Treasury holds
$1S1, $50 standard silver about
$4,000, 900 more than it held a year ago, it
will not be forgotten that it has been COM
succeeded in finding place in circulation for
part of the dollars coined. This has been done
in the main by the withdrawal of small notes
from circulation, and the object of the small
notes provision in the Sundry Civil bill, which
has gone from the House to the Senate, is to
defeat and reverse the policy of the Govern
ment in this respect, forcing into circulation
500, 900, 900 small silver notes, and driving
out of use the coin. BY withdrawal of
1913 400, 900 silver certificates during the fiscal
year, the Treasury has increased the amount
of silver owned $2S 100000, or about the
amount of new coinage. Practically it has sub
stitnted some silver coin in public use for some
paper promising to pay silver, and the House
now proposes to substitute n much larger
amount of new paper promises to pay silver for
the coin in use.
The effect of the Treasury management has
been that the reserve of gold, in excess of gold
certificates outstanding, has increased during
the year from. $l2O y, 100000 to Sl56, 500 900,
a very important gain. But while this has been
the effect of good management in the sense
that it could not have occurred had not the
opportunity been wisely embraced, it is also
true that an increase during the year of
$40, 500, 900 in amount of gold on hand is due
10 the increase in deposits of National banks for
the retirement of circulation. The remainder
of the increase in gold reserve, with the in
crease in silver and an increase of 81, 100000
in amount of legal-tenders held, is mainly due
to the remarkable revival in the import trade,
and the consequent expansion of revenue by
customs. But this sort of improvement, also,
the Presidents party in the House wants to
cut Off Nothing is done because they quarrel
among themselves four-tifths want to cut
dowrrthc tariff, and the remaining fifth want to
cut down the internal revenue; but they both
want to cut down the Government receipts,
step which, with the increased appropriations,
would mean great danger of enforced silver
payments. Thus in everything which it has
wisely done, Che Administration is today
assailed by its own party in Congress- and it is
permitted to save the Treasury from the down
ward road toward reputation only by the
steadfast resistance of Republicans to the DEM
ocratc majority in the House.
The fiscal year has been one of unusually
large imports. Though the complete returns Will
not appear for month or more, it is probable
that the increase in duiable imports has been
about $4,000, 900 in comparison with the
previous year. This not only swells the reve-
nue. OF the government dU Il llmt Nlleu dH CA
travagant Democratic majority in the House
renders a large revenue especially necessary,
but it indicates a great revival OF foreign trade
on one side. The unfortunate feature is that
the revival of trade on the other side has not
come yet the exports have declined even more
than the dutiable imports have increased
These circumstances render the outlook less
satisfactory, and the exports of gold, which
have continued undated to the close of the
fiscal year, have contributed to cut down the
amount of specie held by the New York banks
from $l14, 200, 900 year ago to S65, 100000
While the records of the fiscal year have in
them much of encouragement, therefore. they |
also have in them much of warning, which |
members of Congress should heed.
lal..L factL an