Year: 1875

The statement of the Public Debt for June
shows q decrease for the month OF $1,43l,25o,
| and for the twelve months OF the fiscal year
decrease OF $14,399,515. The net surplus OF
receipts over expenditures is therefore less than
One-half the sum called for by the SINKING
Fund. The expenditures for all purposes,
except interest on the Debt and re-
dcmption of bonds for the Sinking
| Fund. are certainly within ten million
dollars of the corresponding expenditures for
the year 1874. The retrcnchment of twenty
five millions promised the country year ago
by the charmcn of the Ways and Means and
Appropriations Committees of the last Con-
gress turns out what we predicted it wouid-a
good enough Morgan until after election. The
revenue, in spite of a falling oil OF five or SIX
millions in the Customs has been greater than
it was last year. Without assuming any con-
siderable change in the state OF business, the
fiscal year beginning yesterday ought to close
on a further reduction of ten millions In the
expenditures, an increase of ten millions Ill the
revenue, and the Sinking Fund entirely pro-
ydcd for out of surplus revenue.


By n comparison of the June Debt statement
with the one made four months ago we have
elected some interesting and important IN
formation. We find that in addition to the
twenty millions of new five per cent bonds
taken by the Syndicate in the place of an equal
| amount of five-twentieS, fifteen millions more
have been sold under the provisions of the act
of Jan. II, 1873. OF the gold proceeds OF
these bonds nearly six millions have been
used for the redemption of S6,22S,42O OF the
legal tender circulation, being 50 per cent OF
the new bank circulation taken out. The other
nine millions, it is to be presumed, have been
used in the purchase OF bullion for the silver
coinage The new Treasurer, when he has
completed his count of the cash in the various
Treasures of the United States. would do the
| public Il ser; ice by informing them how much
silver coin and bullion is included in the state
ment of coin on hand. We conjecture that
not less than ten millions of the iifty-eight
millions OF coin reported as owned by the
| Government consist of silver


It appears that of the hundreds of millions
of bonds which have fallen due under various
calls from December 1871, to this date, but
little more than ten millions remain unpaid
| Within tie next three months five patches of
bonds. called on account of subscriptions by
the Syndicate for the new loan, amounting In
all to thirty million dollars, will fall DIE.
These, however, will add nothing to the mer-
camille supply of gold which bids fair not to
be excessive for the rest of the year. We but
! state what is wcll-known fact, that the
stock of coin and coin certificates in this city
| has for many weeks been 80 small as to make
| it easy for spectators to get control OF the
market. If the heavy shipments of gold con-
tinuc. further advance of the pre-
mium is inevitable. Gold is in one re-
spcct precisely like cotton, or wheat-whcn
| it is exceedingly scarce it will not be sold for
song. The thirty million redemption OF
bonds for the Sinking Fund has spent its force


and twenty or thirty tons Of the precious metal
have been transferred from the vaults of the
Treasury to those OF the Bank Of England.
There is nothing at all unnatural in this. 1t
only shows that grccnbacks are still too plenty