New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-05

USELESS WORRY OVER THE PUBLIC DEBT.

Wednesday, Sept. 4-p. m
"The New.Yorl1 Times" and the little " Me
Too" commonly known as " The Evening Post,
affect TO be worried over the nominal increase in
the public debt, less cash in the Treasury, re-
ported by the Department on September l. We
wish we could believe that the worrment was
from ignorance rather than in furtherance OF their
usual efforts to create dstrust in the financial sit
uaton. There has not been year during any Adj
ministraton in which the public debt statement has
not for one, two or three months shown nom-
nal increase. But in the meantime this debt has
been steadily reduced, subject to monthly fluctua
tions The extraordinary credit to dlsburslng
officers in the last monthly statement of over
$4,000, 900, which is the occasion OF the apparent
increase in the debt is much money now IN
the Treasury that soon is TO be paid out by
the dsbursng officers, thus increasing the amount
of money in circulation. Does The Times and
"Me Too appreciate this fact? We doubt 1t.
Here is another example OF kindergarten
knowledge from one Of our modern teachers OF Il
nance. Wall Street news agency ~ prints
We wired Washington how it was that the
banks held SS. O00 900 Government deposits more
than the total available surplus, ana why the
amount held had jumped s6OOO,OOO In lew Gays.
The explanation follows:
Washington Specialize banks now hold eight
millions more than the available balance. ne
increase, of six millions in the amount held by
the banks is only apparent. it is dis3urelng OIL
6cers balances which are only CIV eli on the hrst
day of the month For the remainder of the
month the statement of public deposits held by
the banks will not include discussing officers
balances
This has been the practice from time imme
moIial and the first bootblack in the Street that
the agency met probably could have answered the
silly question as intelhgently as Treasury Of
fetal. The vaults of the Treasury hold nearly
500 100000 " more cash than the net available
balance" and from the larger source. and not
from the smaller source, naturally will payments
for purchased bonds continue to be made, eXcepo
when the purchased bonds those already IN
hand as security for Government deposits Toe
Times" Me Too" and the agency should fora
an ignorance trust. They need fear no com
petition
THE DAY IN THE STOCK MARKET.
To-day's stock market was reactionary There
was no little realizing of monthly accrued profits
on the long, account. The great mogul of the
q bear interest again was testing" the market
and after liberal sales of the general list lie sold
Northern Pacifcs preferred, of which be is repre-
scented TO be long" at a rafting rate down per
cent. Stop orders were caught which aided the
decline. Yet the stock market is still there and
1t took the stocks offered with remarkable ease,
when the extent Of the recent advances is
sidered. A reaction was well due. II has come.
short" account. In the meantime prospects grow
brighter every day OF the sixteen railroads
which have reported their gross earnings for the
fourth week in August, not has failed to
return large gains. And the Chicago railroad
editor ten days ago predicted decrease of IS per
cent. Chicago lies and smart editorials built
upon them are now at discount, because it has
been discovered that not one-third Of Chicago
ports prove to be true while 90 rs per cent Of the
accompanying editorial expressions are absolutely
false in conception The market closed strong at
the decline.
THE DAY IN THE BOND MARKET.
The Treasury to-day obtained $3.50 900 As at
1873 and S250,000 lbs at i05 "a. SO the
bonds continue to come in in excess OF the daily
amount of receipts over the accruing of
ordinary Indebtedness. On October l the As will
sell eX coupon, as the J-2s are now doing. II
the Secretary follows his previous practice % "a
is the upset price Of the LIS. and after October
/ 1877 will be the upset price OF the as till the
next interest day will come around. The local
steady as follows: