The July Debt Statement

The Treasury dcbt statement loz July is anexpeotedly favorable, the total nduction of the debt during the month ui Juno amountiug to ovor $7,000,000. The roduetion is oxciuaively. due to the eontiinu.il heavy coin ceoeiptg tor customs duties ou importe, the gold balance being ased over that of last mouth by on ii-.nomit equal to the total reduotion of tho debt. Over fiity-one milliona of' six j'.'!' oeat, bands have been canoelled by exchange foi a similar amount of five per cents undorthe new funding system, and six iiiülidiis of ais ]!■!■ cents havo been cimeeled by purchase ; but the latter do not show in the reduction of the total debt, beoause tho interest aooraing during the munth more than ovorbalances the amount. The threo per oent, certifleates have been reduced nearly three millious, but the ooin certifioates have inoreased to the samo extent, 80 that there is no oaüng here excepi i:i the saving of interest. In addition to the positiva reduction of dobi the changos ■'y all in tho direotion of diminished interest charges, so that the real itnuual win :tion i-; even greater than the apparent reduetion. Wil li Buch wonderful resources at our coiiüiirinil nothing but the most blundering inoapaoity oould oatue the failure of our live ier cent, loan for the petty Btun of two bundred millions, when rraa the midut of her misfortunes could in a few lioui-s raise nearly iiv.i times that simi. Whatover was needed to make our failure absolute has no doubt boen fully aocomplisbed by the petty, ohildh conduot ofahasty and pompons old man like Mr. Spinner, who Bies utto a passion beoause the priva ■ o Boe of a European bunker did not ny open as it' by magie at tho sound of his name. If we want to borrow in Europo we must at least try to understuiul the ieeling; and opinionS of thu Europeans we propose to borrow from. Genoral Spinner in rojecting the apologiesj)romptly tendered bom thought, qo doubt, to be vindioating te dignity ofthe United States, But i truth lie only suocooded in making himself ridicutoua and in rendering eonspicuous tho utter inoompetencc of tho Seoretary who oould uitrust the dignity of the great republic tothe Hands ofafoeble, unoultured, tfaiough no doubt highly correct and honorable, old Treasury olerk. The Treasury statement thxowa some light, too, upon the condition of 6ur specie reserves, which are not without i invportanoeto our commercial and ' oial oommunity. [fweadd the stook of ' 8o-oalled specie in the banks (whioh is, however, represented by actual specie in the Treasury) to tlie net amount belonging tn the government, we arrive ai noarly as possible at the trae amount of specie in thejoini possession of the mercantile community and thu Treasury. Tliis amount is found to have been $109,840,000 on July 2, 1870; $102,480,000 on January 1, 1871; and 190,810,000 on July 1, 1871, showing a roduction ut' ninetcen millions, or nearly 17 per eout. of ourentire supply within one year. It ís aoile tiiat tin' losa during tUo six monthsoftho Franoo-Gcrman war was bnly geven iniilions, while tho loss of thu iast six ïiniiitlis hos amountcd to nearly twolve millions, and the ooin shipments still continue unuaually heavy, year'at this time the premium was alïuust -ei ! -Ij tvhat it is now, anti under the excitemont of war it rapidly advanced to 12;. This year there is no reasonable prospect of war, but the condition of tli.; ooin surplus soema tesa vorable tliau last ycar.