The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1877-01-19
SPECIE REsuMPTION.

SPECIE RESUMPTION. ,
A margin OF only about six per cent
between gold and greenbacks! This
quotation brings our currency nearer
to par with coin than at any previous
time since greenbacks were issued
And when the condition Of public
affairs, as connected with the complica.
tions relating to the Presidency, is con.
sidered, as bearing upon monetary mat
terB, this upward tendency Of our
finances becomes most gratifying. 1t
shows, unmistakably, that all the politi-
cal bluster and Vaporing about civil
war on account of the Presidential con-
troVersy are regarded by the people as
mere moonshine. Had it been presumed
that such war were even possible, our
national currency would have shrunk in
valne to degree equal to five times the
present difference between it and gold
But, during all the discussions that
have agitated the public mind ON the
subject of the Presidential succession,
the people of the country have saga.
ciously ignored the possibility OF any
serious commotion from that caus e, no
matter which candidate might or might
not be inaugurated. On this account
the circulating notes of the Government,
instead of being discredited, have been
steadily appreciating in value, until
now only six per cent. intervenes be-
tween them and gold in the public esti-
nation.
This steady advance of our currency
towards par value in coin ls in no
measure attributable to any felicitous
accident or spasmodic impulse proceed
ing from adventitious circnms tances,
but is the result of sound and substan-
tial causes moving in the financial
world to produce this result. We may
therefore safely trust that, though there
may be slight fuctua tions, there will be
no serious depression Of our currency
below the healthy quotation already OBJ
enhance the value of our currency is the
settled conviction in the public mind
that our silver coinage will be duly re-
stored to it's former position, held be-
fore quiXotic ambition to ape the ex-
periments of England had possessed
itself of certain Senatorial minds, and
prompted the demonetization of one-half
of our coin without consulting the will
of the people in the slightest degree.
This restoration of our silver money,
though not yet acted upon in the Senate,
has nevertheless been SO universally de-
manded by public opinion that the event
can be considered only a question OF
lime sufficient to permit Senatorial dig
nifty to subside gracefully.
But, beyond all that, there are other,
and even more potential, causes con-
ributing to the present gratifying re-
bult. Some months have passed since,
In these columns, we took occasion to
tenounce the doctrines of certain New
York editors of both parties, who CON-
planned, in strains most lamentable and
lachrymose, of the falling off in the
amount oil our foreign imports as indica-.
live of the decline OF trade. We then
pointed to the fact that, while our i'm
port trade fell of, our export trade was
materially increased; from which we ar
Eued the inevitable tendency to q change
in the balance of trade in our favor. and
the consequent shipment Of European
gold to this country to meet the balance
thus accruing in our favor.
All this has actually come to pass as
a matter of fact. For more than three
months past, ever since our abundant
barvests were put upon the markets, the
tide of gold shipments has set in con.
Einuous stream towards this country
from all European countries. Byreason
of this it has become a fact that the
banks of New York now hold, as their
reserve for note redemption. more gold
than legal tenders. Their legal-tender
reserve amounts to $36, 100000 while
their gold. deposits amount to SO, 1000, 900.
This is explainable from the fact that in