New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-09-04
TIE TREASURY.

1t is not exactly an encouraging feature, puu
the gold held by the Treasury in excess OF GER
ti6cates. interest and called bonds and trust
funds. is now only 69,9O8,345, or $4,3OO,OOO
less than it was August l. The gold in excess
Of certificates is now $1,2OO,OOO less than 1t
was then. not large change, though on the
wrong side. In view Of the imports OF gold
last month it might be supposed that the
Treasury would at least gain to some extent IN
lis gold reserve, and il undoubtedly would have
done so had not disposition to send in legal
tenders and get gold for them been developed
Put meanwhile the amount due on called bonds
and interest increased during the month about
$1,000 900 to SIS, 1853, and the amount
deposited and held in the Treasury for the
holders Of bank notes increased to S72,OSl,OJO
Thus tho sums due for which gold can be
claimed on demand, and must be paid If the
Treasury tries to keep its credit, have increased
10 SS7. S23,943. Deducting this amount from
the gold in excess of certificates, 57,732,2oS,
there remains only $50, ,345, against
S74.224,17O a month ago Not many months
O; decline at the same rate would suffice to swell
the desire to obtain gold instead Of legal tender
notes to undesirable proportions
The movement of the next few days will
therefore he watched with some interest. The
bonds rcdccmaJle September /, and the interest
due that day, and other payments represented
bv the S 5 1873, 900 Treasury checks and drafts
outstanding nj the end of last month, may draw
considerable gold from the Treasury, or only
legal tenders If the latter the accumulation
of legal tenders in the Treasury, which has
amounted to $l3,64O,5O4 during the last
L.
going into circulation, possibly the silver GER
tiGcatcs and silver dollars may begin to go back
to the Treasury. Out of $2,4OO,OOO
standard silver dollars coined, only
S245533 were added to the stock
in the Treasury, the remainder having
been called for, presumably because OF the with
drawal of legal tenders from circulation. In
the last month 81 ,457,716 more silver GER
tiicates were put out than came IN, and these
may at any time return. But these movements
would signify much less than any considerable
depletion of the gold reserve.
1t is also reported that the surrender of bank
circulation is resisted by some banks, which
claim that the Treasury has no legal right to
force them to give up the three per cents de-
posted as security for circulation, and to pur-
chase high priced four or four and half per
cents in open market in order to retain their
privileges as National banks. The grounds
on which this claim is made have not been
publicly discussed, but it is stated that an
opinion of the Attorney-Gcneral has been asked.
us if that would settle the question, and mean
while a journal which usually speaks with in
formation from Administration circles ailirmS
that assurances have been given that other
calls will not lie made at present. The immc-
diate question is whether the bank notes will
continue tocome in as thcydid in August, about
rs fast as the legal tenders deposited for their
retirement. A less rapid redemption of notes
would temporarily increase the legal tender
balance, and also the amount of trust funds held
The customs receipts increased about 49,
100000 in August, compared with the same
month last year, and the internal revenue re-
ccipts increased $625,OOO. Yet expenditures
we're so much largcr-the ordinary expenses
S19,534, $50 against $1O7S4,371 last year.
that the available balance in the Treasury de-
creased more than the reduction in debt less cash
by $1,76S,O66. The payments for bonds to
lie redeemed, $14,O0O,O0O this month and
$15,OOO,OOO October !, will take some gold
from reserve which is not now any larger than
is desirable.