Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-04-20
From the New York Tribune.
Brighter Prospects,.

day April 10 1873, the premium on gold tell
to one eighth of one per cent. The victory
OF the nation is nearly complete. When
the war broke out, the agent OF London
bankers through whom the United
States then made its payments aBroad
went in hot haste to the Treasury, and
demanded security for the payment of an
insignificant balance due of about $40 900.
On Saturday last the strongest bankers OF
all Europe began to gather SjU, juu,0 in
gold, with which to pay the United States
for So, 200, 200 in its 4 u per cent bonds
When Secretary Chase began to borrow
money TO carry on the war, the London
economist said;
1t is utterly out Of the question, in our judg-
meut that the Americans can obtain, either at
home or in Europe, anything like the extrava-
giant sums they are ssking-for Europe won lend
them; America cannot.
Even alter the nation had proved its
ability to borrow eleven hundred millions
within two years, the London Times
closed an article upon the operations OF
Secretary Chase in these words:
What strength, what resources, what vitality,
what energy, there must be in nation that is
able to ruin itself on a scale transceudent and
magnificent.
The ruin" is so far complete that S3l1.
S4S,7l2 in legal tenders and 1921 ,237 1891
in bank notes to-day circulate at a dis
count less than is common in exchange
4. a.
before the war on notes OF even the best
State banks at any distance from
the place OF redemption, although al
that time less than $500, 900, 900 was in
circulation. The bank notes are equally
good in any part OF the country; the legal
tenders would to-day command fully as
high price if they were not egal-ten-
der; and we have reached the point at
which any slight pressure in the money
market will draw into active use as money
all that may be required of nearly $500,
900 OF specie now in the country. Ii
reviving business calls for any expansion,
the whole or any part of this sum may
thus be added to the circulation without
shock or danger. Indeed, it already be-
gins to flow into use. la several in
stances, in Chicago, and at Washington,
gold was paid or deposited as currency on
Saturday, and two National banks, the
Third of Cincinnati, and the Northwestern
OF Chicago, have already announced their
readiness to redeem in gold all of their
notes that may be presented. 1t is proba
BILE that this course may be very generally
taken by such banks as are able within the
next week
AT this magnificent victory of the ma
ton, democratic as well as republican
bankers assist; democratic as well AS re-
publican merchants rejoice and even
Mother England will send most hearty
greeting. Only miserable cabal of po
litical demagogues, who have traded in
the national dishonor give vent to their
unhappiness To them the glorious tri-
umph of the Union brings no joy. The
Punishment OF the hard times, on which
these demagogues have hoated into pow
er, means prosperity to labor, but death
to the delnagogues. As events give con
elusive proof each day that the theories 81
these men were crazy, that their assertions
were absurd and their predictions false,
people will cease to put any confidence in
such blind leaders of the blind. and the
nation will reture to the paths of honor,
patriotism and craftsmanship.
Members of Congress there are who |
still threaten mischief. But we believe it |
no longer possible for them to repeal the
Resumption Act, or in any other way to
prevent the return OF prosperity. Secre-
tary Sherman has great power also, and |
has shown the pluck and the wisdom to
use it effectively. If renewed discussion
in Congress should theaten again to de-
press the public credit and disturb bust. |
ness, he might think it well to put an end |
to uncertainty. If he thinks fit to receive |
legal-tenders as equivalen, to gold, in the
payment OF duties or the purchase of 4 |
per cent bonds, the Insignificant premium
on gold will vanish, not again to reappear.
An important symptom is the large de.
post of bonds to secure circulation, which |
amounted to Sl,217 900 last week, against |
$293, 800 during the previous week, and |
only s3.027 200 during the entire month |
of March. 1t is by some thought proba-
bic that large increase of bank circula-
tion may Immediately result from the ex.
pectation Of more active business and bet
ter prices. Indirectly this would hasten |
the retirement OF legal-tenders, but would
make no room for coin, unless notes should |
also be retired by other banks. The ex-
ports continue very large last week the
value of produce shipped from this port
was Sc, 496 1898, exceeding by about $780, |
900 the amount shipped during the cores
ponding week last year, while the imports
were only 1854. 55s. or about 81 POO. 900
less thap the amount during the CORES
ponding week last year. The shipments