The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-07-27

6lOD. Inc arrangement Will do much to Sc
cure the circulation of the standard dollar
through the country.
After seven years Of wandering, most Of the
time penniless, Oakley, cashier of a New York
bank, which he robbed of $4,000, was arrest
ed in the street, reading q newspaper bulletin
He returned to the scene of his crime under
the belief that the time had expired during
which he could be arrested Making no at
tempt to deny his guilt, he expressed disgust
and Indignation over his arrest, which he
thought the officers had no right to make,
since che had not ruined the bank" The
money was lost in speculation. Oakley will
plead guilty and go to the penitentiary.
In the year bIHt mus elapsed siHee The great
st. John, N. b., fire, comparatively new city
has arisen on the ashes of the old. Nearly 900
buildings have been erected or are in course Of
erection, representing cash value of ST. 1885,
$50, while outside Of the burnt district there
has been additional building to the amount of
100000. OF the total structures above given,
352 are built ofstOne Or brick, worth So 456 200,
and $50 Of wood, valued at S739, 1892. The ar
chitecture of these new edifices is pronounced
greatly superior to that Of the old, and the
mess purposes Among the public structures
are three churches, costing respectively
100000, $4,000 and $50, 900 and the government
savings bank, custom-house, postofice, city
hall, police building, ferry-house, fire depart
ment, Freemasons' and Odd-Fellows halls,
the former valued at 100000 and the latter
$25,OOO, besides considerable wharf property.
st John Is evidently vigorous and enterpris-
ing city.
Mr.. Samuel T. Cooper, United States Con-
sui at Glasgow, transmits to the Department
OF State report on trade In Scotland. Wages
are steadily declining. Laborers receive from
fifty to Seventy-fiye cents O. day: miners
eight to twelve cents an hour; mechanics.
seven dollars week; printers, eight dollars.
On railways conductors are paid five to six
dollars week; switch-tenders five dollars:
engine-drivers, ten to fourteen cents an hour;
tremen, six to eight cents an hour. The cost
OF living is about the same as in the United
States There are eleven banks in Scotland,
with their branches, under special charters.
Their capital is $50,0OO,0O0; circulation, &c.,
100000; deposits, S342 900 600; gold held, ST.
100000; silver, $3,0OO,0OO. The circulation of
each bank Is unrestricted. tits only required to
redeem its issues in coin, and to hold certain
proportion of coin in reserve Only about 5
per cent Of the currency is coin, four-fifths of
which Is silver. Paper is universally pre-
ferred to coin, which is never called for except
for special uses. Laborers are paid In silver,
which iEIpreferred because of it's smaller de-
nominations. A pound note is the smallest
no6B issued.
We noticed a week or two ago that the |
Legislature Of Wisconsin had passed q law
requiring insurance companies, in case of loss, |
to pay the amount written upon the property.
This cuts off the temptation Of agents to get
extra rates by over-insurance, and owners to
burn up their property when insured for more
than it is worth. Virginia, at the last session
Of her Legislature, adds another good law,
which will effectualIy squelCh another mean,
not to say villainous, trick of insurance COM
panies. The law provides that in any action
against an insurance company, no failure to
perform any condition of its policy, nor viola
ton of any restrictive provision thereof, shall
be valid defense to such action, unless it ap- |
pears that such condition or restrictive pro-
vision Is printed in type as large or larger
than that in which the acts of assembly are |
printed, to wit: that commonly known as long |
primer type, or is writ en- with pen and ink in |
or on the policy" By far too few read their
policies at all to see under what restrictions |
they are issued.
The New York Times, in the course Of an
article on Over-prOduction, says?
Now, 1t is q fact that, through the effects of |
the destruction of wealth by the war; the |
sudden restoration Of interrupted markets at |
its close, the use of deprecated and super
abundant pytpDSinn If no
credit system, we were engaged for some
years In q rate of production of almost every
thing but agricultural produce and raw ma
terials, which could not be kept up for lack of |
a market to carry off the results at prices
which would reimburse the cost. When the
effective demand fell off as it was destined to
do, we found we had built mills and work
shops, had established, .extravagant
reached a level Of prices which could not be
maintained. We have not too much wealth
In the country, but it has cost those who have
it more than anybody is willing or able to
give them for it. They cannot go on producing
wealth without its still costing more in many
cases than 1t will bring. Hence, they cease to
PTUdu6e, 81, lie i en assnall scale, and people
are out of work. Business is depressed be-
cause production is thus clOgged, and the de-
mand has not come up to the supply, so as to
offer remunerative prices for goods. The cure
Is not to be found in more currency or less
currency in amount, but in the recovery of
|
the working up of the one and the working
down Of the other-and then, to secure per-
manency in the equilibrium and healthy pro-
gress in the future, we must restore stability
to the currency and conservative and econom-
ical principles in the conduct of business.
just now the merchants and bankers Of San
Francisco are making their exchange out of
the national treasury. The way in which they
make "a nice thing" out of the government is
described in the San Francisco Chronicle of
the seventeenth as follows:
Ordinarily, at this season Of the year, be-
fore the wheat crop comes to market in large
quantities and furnishes exchange, our in
debtedness to the East and to Europe for goo DIS
imported is settled by the remittance OF gold
to New York in considerable amounts. This
July l to July Is is only .736. against
$1,626, 800 for the, corresponding period last
season, and this departure from the ordinary