The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-10-14

NEW LOfh, OCl. Il, loto
The restoration of confidence and the re-
opening of the various channels of trade are
progressing quite as steadily as could be expect
ed. The most unpleasant feature of the COM
mercial situation now is the extremely low rate
of foreign exchange. Bills drawn against ex
ports of merchandise can only be negotiated
by sacrifice of five or six per cent on their
par value. This is "a serious check to the out
flow of produce, and has led to very considera-
BILE importations of specie. The transmuta-
ton of English sovereigas into American ca
giles is going on to the full extent of the capacity
of the government mints. Meantime the gold
premium has reached to lower point than it
has touched at any previous period since the
legal tender act drove it out of circulation. A
further decline of three or four points would
add to the volume of currency all the silver
coin which went into disuse ten years ago, thus
causing an expansion quite large enough to sat
isfy- the clamors of the most importunate adj
vocates of imitation, but happily bringing us
nearer that glttering goal to which so many
dread the journey, but everybody wants to
reach--spece redemption.
The pretense of an actual scarcity of circu-
iabih5 lAOHiuui, WulCu Was uTSeu DIS all luuuCG-
ment to the government to release its reserve
in the form of loans to the banks has been de-
snonstrated to he without any basis of fact
Treasury notes have found their way into the
tin boxes of the safe deposit companies, and
into the stockings of frightened old women of
both sexes by millions, and this withdrawal of
them has temporarily clogged the wheels of
business and brought distress upon debtors who
had imprudently promised to pay on demand
But the way out of this difficulty was not to
make more paper money. but to disabuse those
who were foolishly boarding it, of the apprehen-
sion that nobody could any longer be trusted.
In time of stringency borrowers are proverb-
tally nervous and excitable, and the anxiety
they manifest to obtain relief enhances the I'M
willingness of capitalists to afford it. Thus,
the very men who are most vitality injured by
panic uneonsciously contribute to increase and
spread it. $3.50
To lock up money being precisely as absurd
as to withhold from sale and consumption, the
food and clothing of which money. intrinsically
valueless, is the representative, it follows "as
night the day" that such childish folly cannot
last long. Every one of these temporary mis- ers
is watching intently for an opportunity to turn
his reproductive hoard into profitable employ
ment and whenever it seems established that
prices have reached their minimum, there will
be an abundance of currency.
When the panic began there were thirty
three millions of greenbacks locked up in the
sub-Treasury. Nearly half of the sum has
found its way into the vaults of the Savings
Banks, and Into private Golfers. 1t is gradu-
ally reappearing and the time is near at hand
when every dollar of it will be available for
the legitimate uses of commerce. If it could
be limited to such employment, if no dollar of
it, or of the seven hundred of millions of bank
and treasury notes aflpat could be diverted
from the industries of the country to serve as
counters for the stock gamblers, who try to get
rich by cheating each other and any fresh vic
tins they can inveigle to probable ruin we
might dismiss from our minds all fear of
further panics and bless the one which has
brought so much future good out of so little
present harm.
thoughtful men everywhere are earnestly
considering the financial problem, and there is
evidently growing in all quarters public sem
timent in favor of meeting promptly and man
FULLY whatever further momentary shrinkase
OF nominal values may be required to bring us
to specie basis. We have travelled SO far al
ready on the road to that desired haven that
the rest of the journey can be accomplished
with comparative ease. Nature has come to
our aid, by giving US an unprecedentedly large
crop, and the elements have worked for us by
opening to as wider markets than ever before
The mines Of the Pacific coast are producing
silver and gold more POLITICALLY than at any
former period, and the balance of trade already
shows handsome sum on the credit side with
the certainty OF an uninterrupted increase. ~
the surplus wealth of the country finds it's wav
to the marts of transatlantic nations Tho |
time seems opportune; in every aspect The
debtor class never was in better onlition to
meet the issue, and we have had an ominous
warning in the events of the last sixty DAYS.
IF the impolicy and danger of exposing the re-
sources and labor of the people to the fluctua-
ions of an irredeemable currency
Congress meets in December 1t is weIfthat |
is session begins no sooner. Every day of the |
interval will help to strengthen that sound and |
healthy sentiment which demands that the !
greatest producing country On the GLOBE should |
''-'N viz StouiCop ouduutIu VI VALUES WDlSh nu-
nan wisdom has ever succeeded in devising.
fears are expressed that the West will be ar
aged against an appreciation of our currencr.
t is strange indeed that the section of all 9Th
rs most vitality interested in the proposed
should be marshalled in oppos ition
1t. Nevertheless, it is impossible to lose
lght of the fact that some of the widest f.
lancial heresles OF our age, have originated
With or at least been supported by Western
men OF mark, of both political parties tbougb
mainly and most strenuously by Democratic |
eaoers' 1t is only five years ago since a presi- |
lential aspirant from Ohio entered the list, ..
ne open advocate of virtual reputation. With
Il d rev Gays a Democratic Senator from the
anne State has given unmistakable fn,l;ca .;ons
# his purpose to favor further deh.sen,n $50
he currently. But the people are often v,;ssr
han the politicians, and when the far,no
rings his reasoning faculties to bear on tbi.
reat question his common sense may he trust.
d to lead him to prefer to change bis corn for
substantial piece of gold rather than q Aov; \