Daily Los Angeles herald., 1878-11-01

be borne In mind that, meanwhile,
there is no probability of the entire
coin liabilities being presented for
payment. AS to the paper circula-
tion of European countries, this
Department has not any informa.
tion, except what can be obtained
from publications open to ALL The
London Economist of Sept. 14th,
1878, the latest at hand, stated
the amount of paper retained in the
banking department of the Bank
OF England to be 43,966,97 pounds
sterling. The circulation of the
Bank OF France, which alone in
France has authority to issue notes,
to be. Sept. 5th, 9f,710,OO0 pounds
sterling, and that of the Imperial
Bank of Germany, Sept. 7th, 3d.
AIS, 600 pounds sterling. 1t is un-
derstood that some of the country
banks of Germany have authority,
under certain restrictions, to issue
notes, but as the amount issued is
not stated In financial publications,
it Is believed to be inconsiderable.
Reducing these amounts to the
currency of this country, the per
capita of circulation appears
to be as follows: France
circulation $3.50. .907, 900, population
36, 905,7S8 --latest estimate), per
capita 81, ,24S; the United Kingdom,
circulation S213, $50, GOO, population
80, ,474,000 --latest estimate), per
capita $3.50; Germany, circulation
$l4S,0l5,000, population 42,727, $3.50
--latest estimate), per capita $346;
United States, circulation S6SS,
597, ,275, population Al, 900, 900 --latest
estimate), per capita ST, ,465. 1t will
be seen that the aggregate as well
as the per capita amount of paper
circulation is larger in this country
than III any of the other countries
named and in excess, except that ol
France. In that country, however
the circulation has been reduced tG
the amount above stated since No.
vember, 1s73-from $6O2, 900, 900, g
reduction of Sal, ,O93, ,000-while il
the same period the metallic re-
serve of the bank has increased
from $146, 10000 to $435, 900, 900.
Very Respectfully,
JOHN SHERMAN,
| Secretary.
Cholera aud starvat,Ou sn sIoroecO
WASHINGTON, Oct. 3lst.-Tht
United States Consul at Tangiel
has transmitted dispatch to the
State Department giving an ac
count of the fearful ravages o.
cholera in the interior of Morocco.
The misery among the people i,
great. Business is almost com
pletely paralyzed. Cholera i.
sweeping over middle and southern
provinces and hundreds are dying
of starvation. All these miseries,
smallpox and malignant fevers,
add to their horrors. Never before
has Morocco passed through such
a fearful ordeal. All the leading
Israelites and many Europeans
have fled from Tangier, panic
stricken. Wild and uncertain ru.
mors Of the ravages of the pesti.
lence in the interior, which are
brought daily to Tangier by
refugees, add to the general constef.
nation, while immense numbers
are starving in the streets. While
merchants are selling all bread
stuffs at cost, tho authorities still
persist in levying tariff of ten per
cent. on all imports of provisions.
Add to all these fearful visitations
the further fact that neighboring
countries have almost completely
cut off Morocco from communica
tion with the outside world and no
gloomier picture can be imagined
Horace White Ou silver.
NEW YORK, Oct. 31.-A notable
article by Horace White, lin the
November number of the Interna
tiondl Review, presents a strong ar.
gument to show how the law max.
ing silver legal tender may ope-
rate to make resumption in coin
resumption in silver only, after O
little while, and how certainly al
attempt to conduct the business o.
the country upon a double standard
must result in putting a premium
upon gold, driving it out of circu.
lation, embarrassing all business
and heavily taxing the people. He
urges as remedy that the banks
acting through the New York
| Clearing House shall, after tbe
first of January, refuse to receive
silver on deposit and thus force re-
sumption in gold by making gold
or its sound representative, the
only bankable money. This, he
claims, will make gold the only
current funds of com merce despite
the legal tender enactments by Con.
gress. He argues that the banks
will be compelled to put silver into
the limbo of uncurrent funds sooner
or later and urges them to do SO
promptly and thus render futile
any further legislation postponing
gold resumption. He points out
that this course will also make
greenbacks uncurrent as they are
eventually redeemable in silver
only and so they will circulate only
for Government disbursements and
the payment of taxes.