Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1873-10-09
THURSDAY. OCTOBER 9, 1879.
Revival of Business.


Most of the late metropolitan papers
concur in the statement that there is a
better condition of the money market
nOC, than for some days past. The
scare has about passed away-conf-
dence is taking its place, and business Is
reiinding its wonted channels.
At this iuncturc, there is in business
circles mach discussion rs 20 the feast
bility of resumiug specie payment.
Gold has fallen 10 lower figure than
for years before (being quoted on Sat
urday at 107 81 in Greenbacks,) and
the demand for Bread-stuff in Europe
the present season will make our cx-
ports exceed cur imports by large
amount and this balance must be paid
in gold. We extract from an able arti-
Gle in the New York Times the follow
ing:
only a short time since. resumption meant
contraction: contractien meant reyulsion in
prices, and with these mic was feared. We
have Involuntary taken hings in their reverse
orler. We have had our pane; we have had
rsvulsiun in the prices at least Of stocks; We
have had sharp. severe, almost disastrous
contraction of the currency, ia use, through 10
action of the Government. and through no con
rted action Of any Kind. II occurs now very
f'rrihy 10 business men everywhere. why
should We not have resumption - Wei: We
have had the evil consequences, WIZ not have
thr good ones:
\ correspondent Ia whose communications
w have already called attention. points out
Ner, forcitly. a. it -, ms to u-. a method hy
which the subject can be- approached on the
part of the Treasury. The arsuul,ut i very
simple, ami al our reader, who have reelected
upon ii can perceive that il suggests 30 eN-
ts.ius >t.l,-only 8 caution, Yc; courageous ,X-
PERTINENT. The question Tor The Government
j.sit,rrnine j.: l. thc volume Of the currrcu-
.s sufficiently >mall. relatively 20 Tho tran,ac-
,#el~ tha, il must all in making. % be worth
dollar Tor dollar in culds Now. no one can
answer this question hut the Government. and
iIs Government can .c,i the material for AN
answer only hy testing tire market. The pricc,
oH the Gold ENchanc are obviously ~; e. De-
expended on basis for Judgment. Ihc!
tgt 1uf'.,>edly mgd- uI. not IN grecnhaek>. but
arbitrary, temporary currency, consisting of
certified checks. Thcso check, arr II = certain
uat very well 4, fined discount in l,@al tenders.
They wcl may he. They are Bot lawful
money. They ar no; The PROMISE 10 pay ~
~oi,,nt banks. issued "a, money. They ar
lnlt. cortliicat.s iha, The holder j. entitled to
credit for their face At tl- bank on vhirh .heY
FIT. drawn. which bank j. backed b, she other
banks of the civ. This ARRANGEMENT h;.-
,,r,ed good. e' "a a q, at. purpose during the
r+m panic. il haas brought the hu>JHr--
community through o most ir, in. time 81 trial
W Via surprisingly small amount Of actual in
Hrt. Lut r. ha-. nevertheless. Resulted IN the
creation a tlird currency ia Our markets.
~ hitch confuse values anl makes # simply inn
possible. 10 Judge from tn quotations on The
Gold Exchange. what the rra. yaiu".uf gold j..
-on'Yfia 97I With t,lc Government notes.
nseied with the gold m1rae; .,>sf -. 80 ,''''
4a.I 4 MOI IT. real Value. rHc-e our 90. a.
>pondent, "kuichcrbockcr. pointed out. with
sufficient di>tincine>S. in hi letter Oh SATURDAY
morning. 1t i well known. FOR IL auce. tIat
cradle quantities. The shipments Of which ",
have scattered notices from time 20 Iimc-anl
which are only approx imataly completa-jG>ii-
iy the estimate that Of the 100000 with
drawn from the Bank ~ England. Il large pro-
portion j, intended for the United States. No
commodity rises when the supply i, on the
= Int Of heavy and sure increase. unless
there j. 4 heavier and >urer accession Of de-
Ia nd. There i no such occurcne. in our mar
h.j. The gold " hieh remains with u comes
10 L. in The Performance OF almost the ruIest
firm Of bauc.-,o much gold for 50 much
grain. Tlere /, no other demand for il. /;
must enter the market. aud when it doas enter.
ne price must 90 down. Yet, in the face Of
la, fact, The Gold Exchange showed, for seKe-
raj days after these shipments wero wei
known. considerable advance IN the nominal
prier Of gold. We at the time decir,d our
f.iu.on that the price was normal only. and
the rapid decline soon justified ,he correctness
ol oar views. How are ". 10 know what the
real price =: That j. the question for tn
Government TO consider. for on that must de-
pend souIe Of the most important interests OF
the county.