New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-26

every intelligent observer predicted when the
Silver Bill passed, nearly all the silver dollars
gravitate back to the Treasury and lodge
there, because they are more valuable in pay
ment of duties than for any other purpose.
They go out mainly instead of currency, in
payment of ordinary expenses of the Gov
eminent, and they come back in place
of gold for duties, and the practical effect,
as TO the amount and character of currency in
circulation, is the same as If the Treasury had
formally bought certain millions of legal-ten-
ders with gold at par. There Is no room In
the channels of circulation for standard dol
lars, in part because the Treasury does not
withdraw from use the excessive amount Of
small notes outstanding, and in part because
the trade dollar has been very extensively
used us a means of cheating workmen, credi-
tors and retail purchasers. The banks OF Iren-
ton, n. j., and NonistOwn, Penn, have refused
to take trade dollars any longer, and similar
action by banks and people throughout the
country must precede any general employment
of the token coinage called "the dollar OF the
Gathers"
The bank circulation increased $1,lOO,46I
last week, and is now smaller by only $685.
1877 than it was August L. During the
past four weeks the deposit and with
drawal of bonds for circulation have been
practically the same in amount Except In the
speeches of demagogues and in the pockets
of bankrupts, the supply of currency Is am
pie, although the statements of New York
banks show that the outflow of notes to tacili-
tate movement of the crops has become quite
large. The decline in legal tenders, according
TO the statement of Saturday last, was only
S419, 900, but the account indicates-lt a state
ment of averages can indicate anything that
bank notes amounting to over $2OOO,OOO
were drawn out or paid out during the week.
There are some signs of real Improvement
in business. The increase of 81, 439, 800 last
week in loans by the New-YOrk banks is the
more encouraging as a symptom of increasing
activity because the speculative transactions
were exceedingly small. The number OF shares
sold, during the week ending on Saturday
was only about 100000, against about l,35O'-
600 during the corresponding week last
wear. and the difference fully accounts
for the fact that clearing house ex-
changes we're only $3.50, 537, 433, against
500. COG last year. The acting Controller
of the Currency, Mr.. Langworthy, notes that
the collection of assets Of insolvent banks, and
the payment Of dividends, are better than at
any time since the panic. Within ninety days,
collections on account of about 600 insolyent
banks have been larger than in any previous
full year since 1878.
There are also more encouraging reports
from several important branches of industry.
Mr. Swank, secretary of the American Iron
and Steel Association, after an extended tour
in the iron regions, reports that all Besse-
inner and crucible steel mills as far west as
"the Missouri River with single exception
cat st. Louis, are in operation, and about
"two-ffths of the pig-iron furnaces are in full
"blast.r He finds that the demand is heavy and
stocks are small and that prices are advancing.
For the iron and coal interests, and for 9TH
ers, il is also encouraging that the trunk rail-
ways have agreed upon important economies,
and are likely TO avert q war of rates for
some time. However the new bargain may
affect the public, or, in the end, the stock
holders, it will ut least enable the roads to
expend moro freely for needed repairs and
connections At no time since the panic have
orders for rolling-stock been as large as they
are now. The strike of the Crispins at Chi
cago has been settled; the threatened dis
turbance in the coal regions has been averted;
and the cotton mills and woOlIen mills are
doing better than they have been doing for
months past.