New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-04
HOW THE TREISCRY STANDS.

To all interest. lust now the condition OF the
Treasury is matter of great importance. Aprh
has been month of unusual anxiety, ana III
business circles Of much Encouragement. main
" because the gold reserve OF the treasury
has for the first time since specie resumption
been reduced below 81 90, 600, 900. The panic
solemnly predicted as sure to arrive when that
event occurred has not appeared, although there
has been some depression in stocks with several
impo,tant failures in business. But the changes
in the condition of the Treasury have been
merely continuance OF those which have been
in progress ever since the last Presidential eec-
ton. The Treasury lest S1G,094.S74 in gold
during the month, but gained in silver OF all
kinds S4424.299, and also took in of its notes
outstanding STA 500, and OF bank notes
Sl.25S1SS. In effect, it paid S64OO,0oO Tor
notes and silver, and lost S9,600,0OO in gold
besides.
The detailed reports show that the public
debt. exclusive of outstanding certificates
against which cash is held, decreased during
the month only S42O,435. There was de-
crease in cash balance of over 81 .O00, 900 but
part of this-Sl 400. 000-repre>ents the nc,
decrease in certificates and notes outstanding
80 that the cash balance otherwise decreased
S2,73e,3jt. The expenditures for the month
were about So. .000 greater than the lc-
ceipts although the months receipts were
200 900 greater than in the same month
last wear. The increase in customs receipts
alone was 81 200. 900. owing to enormous i'm
portations. while the internal revenue and other
receipts decreased. The civil and miscclane-
Gus, war and Indian expenditures were smaller
than in the same month last year, and also the
redemption of bank notes, while there was an
increase of 5000, 900 in Navy expenses. nearly
$500. 900 in pensions payments, and $1,000
| 600 in interest. In ten months OF the fiscal
year the expenditures have been S32,10o,o oo
greater than in the same months OF the pre-
| yous year. and S2t100,000 of that increase
was in pensions and S7,G0o,O00 in interest.
It will puzzle other Democratic statesmen As
it does Colonel Morrison, to find ont where Their
party is going t. reduce lis expenditures. We
may be sure that it will not eXpend less money
in the salaries of officials, and probably II will
not venture upon any radical change of the
pensions laws or abandonment Of the Navy
Democratic Indian agents will take care to pre-
vent announcement shrinlage in the sums which
pass through their hands. the effort to cnt
down customs duties will be met by the GER
tainty that in any year Of business depression
the receipts from internal taxes and INSECT
| lancous sources will be much smaller than they
| are now, and the receipts from the same Gus
toms duties that are now imposed VIII also be
smaller. In disturbing the industrial prosperity
of the country tho Democratic party cannot
| help reducing the revenue OF the Government.
and thus restricting the possible reduction OF
duties.
On the first Of the month the Treasury had
only S2022S3359 gold coin and bullion,
| against SlO5,272 O29 certificates outstanding,
so that the balance available for redemption
Of notes was only S97,O11,33O 1t is well to
remember that this sum, though smaller than
it ought to be, will go a long way in redcmp-
| ton of notes unless grave anxiety regarding
Democratic legislation accelelatcs the cutgo of
gold. But the Treasury holds S470,675,11S
silver dollars and bullion, against which there
are outstanding 1921. 707726 silver certif-
Gates and S12S779,1O3 Treasury notes. In
spite of the purchase of 100000 ounces OF
silver during the month, for which new Treas
ury notes were issued, the amount OF such notes
outstanding decreased S1I1.G7S, and the
| amount of silver certificates outstanding de-
creased 81 251227, and of only S59,557,190
| silver dollars in use at the beginning Of the
month, S721 ,SO7 were thrust back into the
Treasury in April. All these things 60 to prove
that the success of party which threatens free
coinage not only takes gold out of the coun-
try, but also lessons the amount of silver and
silver notes that the people are willing to carry
in circulation. When no mischief is apprc
hended people do not take great pains to get
rid of the silver circulation. 1t also appears
that the gold coin held in this country outside
the Treasury increased during the month
S2959,569, Notwithstanding the large exports
of gold, which seems to indicate an increasing
disposition to hoard such coin against cmcr-
|