New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-27
DRRTS and MONEY,

urv NJ a grave responsibility, taking the man
aoement of his department into its own hands,
and Assuming the responsibility itself. Hence
Senators will wish to know what resources the
Treasurer has and is likely to have for the pay
meut of debts. 1t may be that few words on
that pont will help to make the accounts moro
clear.
The certificates and the cash held for their
redemption may be put out OF sight for tho
moment. Exclusive of them, the Treasury owes
five kinds of debt, and has for payment four
kinds of money. 1t owes ~ bonded debt
not vet due ~ bonds called and accrued inter
eat. a debt which gold must be he to pay on
demand: (3) legal-tenders, old demand and
fractional notes, redeemabe on demand In
coin (4) trust funds held for the creditors of
hanks; (5) current accounts, transfer checks
and drafts. The two latter kinds of debt dc
not appear in the debt statement at all. The
Treasury holds ~ gold not oyered by certi6-
Gates actu ally outstanding (2) silver not 80
covered, (3) legal-tender notes not 30 covered
(4) bank notes and deposits.
In stating the amount OF called bonds ana
accrued interest any bonds and coupons paid
and held by the Treasury may DO deducted
the amount of these is shown, not by the DEBT
statement, but by the statement oil assets ana
liabilities. Deducting these, the amount OF
called bonds aud interest due or accrued,
aeainat which gold must be held, was
S1s,951,s57 II July l, 1886, against
81. s4s. 221 90 at the same date in 1885. Ex-
Gliding tho bonded debt, which is not new due,
the remaining classes were as follows:
July 1. 1886. July !, 1888.
caiSd oOna' ana III. slso5ls57l7 s4sis.22l 90
trust fands.......... 7O693,s2 81 49l33'93o "a
0S checks "Ooo 2s524435 So als972l3 o5
tleSai aa 353692. 54s SO 353.7O3,141 SO
In the latter item there has been practically
no change. In current accounts there has
been reduction of about $2,4O0.O00; in
called bonds and accrued interest an increase
of $l4.1OO,O 900, and in trust funds An in
crease of $21, 100000. The bonded debt has
decreased during the year $50, 900, but
the debt of other kinds, not shown on the debt
statement, has increased about $33, 100000.
The increase in gold held, exclusive Of certif-
Gates, has been about $36,5OO,OOO. But, de-
Quoting the called bonds and the trust funds,
the account stands thus:
Gold. nct......... sl56.7o5.74s 81 $l2039s,s95 81
funds GS."' s9645674 90 63os3.15O 40
Real reserve ... s67l4s.O73 90 s663l6.73s 81
Here it appears that the Treasury cannot now
hold, and has not held for year past the gold
reserve which it ought to hold against its out
standing notes. If the Treasurer reckons
500, 600, 900 in gold held against legal tender
notes, part of the cash held against trust funds
or called bonds must be in silver or paper.
The utmost effort of the Secretary has only
sufficed to lift the actua! reserve for redemp-
ton of notes in any emergency about $SOO,OO0
during the year, although the cash on hand has
increased $72, 100000. The increase in legal
tenders held has been partly balanced by
decrease in bank notes and bank deposits,
while the silver increase is unavailable to pre-
vent disaster in any emergency. DeductlnR
from the legal tenders held and the bank notes
and deposits, the amount of current accounts
and checks outstanding, part of which re-
ouire gold to meet them, the balance stands
thus:
Legai-tenders. net. s22,s6s,3l679 Sl5.40237s "a
pO:t o.. 1s.40e.e15 80 22,s7so75 IS
TO,al.............. s4l.837.9 1872 90 $3s,s8e354 20
cheek. ............. 2o,52443o SO sl,ss72la s5
Balance. ............ sIl.sIS40657 se439i4 "a
Thus it appears that substantially the only
increase in cash has been about 100000 in
paper, and the accumulation of silver for
which there has been no demand, amounting to
1913 $685. 4S7 93 Such has been the result with
only $50, 900, 900 in bond paid during the year,
and with gold coming in largely through the
Custom Houses until the last two months. But
In June only 5i2 per cent of the payments at
the New-York Custom House was in gold, and
in the first half of July only 4l2 per cent, while
payments In legal-tenders rose last week to SO
per cent Of the whole. II gold comes in
scarcely at all, and purchases Of bonds exceed
ing $50, 900 600 are rigidly required, do Sena-
tors intend to require holders of bonds to take
silveri Of do they mean to have the gold
reserve 80 reduced that panic and prostration
shall fall upon all industry
PETTY QUIBBLING.
In its capacity Of organ and defender Of q Demo-
cratic Administration, The hep-Y Times is hav-
ing hard time OF it. Never an admirer OF truth