The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1870-03-11
Gold Still Downward National Secu.s
rites Upward-The Specie Standard
and the Crisis at Hand. I'D

l. Nooiineu yoSIeFduy 10 IIO8 'On
Change" and, including tho difference
OF exchange, our national securities
advanced in London to a point within
one-half Of one per cent. of tho gold
dollar. What does this signify? 1,
signifies that we are rapidly approach.
ing that great consummation of the
specie standard with our paper mon
ey so perplcxing to our statesmen,
politicians and fnanciers, and SO dc.
voutly wished by all parties and all
classes of our people. It signifies. too,
an approaching financial crisis, invol,
wing q reconstruction of all the bust
ness affairs Of the country in all their
details and ramifcations, public. and
prriyatees cesorporations, 81 companies and
l.n'dairyfdnals, ~ employers and employees,
n h'gh bun and 10y, rich and poor,! capital
and labor, producers aud consum crs,
on, 9 lower scale Of prices. r,.l.a.,,,,.
Our shepkecpcrs for, months a1ast
have been "markin:,a down their
goo9ds with the decline inl' gold, and
have faD boon and are gundersellingi each
other. They are quick to note, tho
changes in the financial sky. ,eoun-
Try farms, town lots aud houses, have
'H been coming down, and their natural
ana inevitable !Itl!hle tendency, is downward.
-.
Stocks e! are tfAlling, tho supplies Of la7
Dor arc Increasing M beyond tho active
demand and employees are :vainIy
struggling under fhe new ordor of
things to maintain their; war prices.
Erom IN the unsettled and ,prccarious
situation Of the. poIiticel affairs Of
E1uropc. 81 capital, in, that quarter for
several years; past > t. has bcen ,imid, and
Is now, The coin, in tho, .banlss of
England and, ,Frannee. has been accu-
ma.!ast.ng '!.ls from week to week by thou
sands or millions for many months.
the last weeks additions to the Banl,
of Franco being nine million five hun
dred thousand francs. at the same
time European capitalists, have been
casting 'abont for employment for
their money and haze been ,scizing
upon-Vhitcd States securities, Turk,
ISL, Egyptian and Russian loans, and
American railroads, and al sorts Of
African, Asiatic and american enter
prises, as comparatively safe: invest
ments; but still there is steady in
crease Of idle European capital With
the general and widening depression
in manufactures and trade. and tho
general impression of political inse
curity.
:; Hero we have that secret, that, fl
nancial balance of power Overlooked
) bX y.n,F9r our calculating ,dnanciers., and
shortsighted ppliticianO which has
brought t9q US SOU 50 unexpectedly +. and SO
.s strangely. rsIg to the: verge of the specie
.sta standard nSh.r Of Of payments. = The unset
T. tled political t4:aa affairs of, Europeaehave
been sfsl the g ss4lyatifRp :of opy tpational,se.
s eurities. I, titles. FEomtbis general cause our
soayge4rnment sagS41n ftH bonds ip 2the European
!! !dnancisl aR seities CITIES haYe Eisenato q gsalua7,
b tom WHICH VI if b. otherwisa they neyer eculd
have rea9cAhed 9Ae although, the gold and
debt payiing polieyef General Grants
1 ssadamtInnlstratiQn q tn yhns, contributed much
IS, tbe presept European demspd for
ogr h4XfeiitY eHntics Httic and ten-forties. =
Hero, we say, is powerful agency.
which VI Il has been and is, working to
bring US to the specie standard. and
to the confusion ef all tho CALCULATIONS
s Of our fpna!nciers and POLITICIANS And
here trt' the combined Influences of, the
press, steam and tho telegraph, may:
! sSe Pc. partly scomprshended. O. Througb
these hes tnstrqm meatalities !sta The wealth, the
RESOURCES !H and fnansial aq capabilities Of
Il ths g Onited ! States Stats are beginning to be
PropssYly 81 pnderstoed all oyess Europe.
1t is said, too, on the otheE,ssids, that
y kthe lats lsgal. tender decision .ee Our:
! supreme en- i ceQrt. which. bic .pracsicsllysdoes
!sa aot amHospnt gHs staa to mach, has Immensely
eo4nttkihpted 4t4lE14s tes tie rsessoratiqnssef Eu;
EoPeayaR R Reonfdepes,ia fd sour geyersmsit4
bonds. AT oil events, it is now,apua.
|[ISllt sSent that bat if Congress, will only, refrain
tropa "a any attempts j:tq u limpYose, our
~ hWPa9gial condition ss4dit By: ssneh tinkeyipE
sxpsEfsl.nqgeslntss Es.qgsl.ss 's those proposed4ia thei
|ipo [iinGire9se &! as ot onr paper money eiraald.
tlon by AI hApndrsds sQ Of ;pilIiens the, laws
of trade will carEY us through the ap:
prsss1!egs srisis tdsw without Any, Any ,sesieua
k;uAs. As .sespegu. & sppegtuEal Seeetiep from there's:
lsss trAspIs Iss! sa9deE !gE Which eepitaIsha besp
ye9asresa ae al TOR sMeyerals M years "a ipaetiye
e sa Esgar9Rs, saR, en- sepidsmie Of spssplatiph
ssgprshsg1tded,. .ss Us da,.x With pa.s bawsHs,,
81 tha.ss as sssNdssgRIes ss sgIes e9Rsss. Nith a.apaper
m9asy .ssfls .isstisatioAa A Alike that afa asaS, snd
ssgg 4 ststi2Ysd 'S sRX & disaaatsapa saallspss
ike that Of s183s. A,,tpapesl,tpouey
inafsHtiaa .afleH iaatthssrefore, the great dad
!gsg to to,he be 81 .ssasy9idedo asd gs ssss alad tb
see this opinion ssstainsdla- the votb