New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-08
greater triumph for Russia than all her oa'-
Ties For England ther, il now no ALTERNATIVE
but war, or-acquiescence.
GOVERNMENT BONDS RETURNING.

to S43, 10, 800, as follows: Won Holman ~
| Co., No. SO Wall-st., over $25,OOO,OOo; huhn'
Loeb g. Co., No. 20 Nassau-st., S16,1 10, 500;
Speyers g. Co., No. 20 Nassau-st, $2,OOO,OOO.
These large amounts have been received
within the last ninety days, and mainly within
the last six weeks, since the Silver Bill
seemed likely to pass. What amounts
have been received by other firms
and especially by the bankers of the
Syndicate, who, having placed large proper
ton of the bonds held in Europe, would be
very likely to have been selected by their GUS
toners to negotiate sales in this country. no
statement is made. Under the circumstances,
the estimate made by the leading firms men,
toned above, that nearly or quite S6O,OOO,O0O
of United States bonds have been returned
during the time specified, seems to be pr"ba-
bly, within the truth. 1t Is not at all likely
that less than $17,000,O00 has been received
by all other bankers, when over $43,OOO,OOo
has been received by these three firms, though
they are known to be large dealers.
At least $6O,O0O,OOO, then, and probably
| much more has been taken from this country
within ninety days, to pay fOr'bOnds returned
This is an enormous sum to take from coun-
try which has been languishing for years for
lack of adequate capital to move the wheels
! of industry Do our members of Congress- do
our wOrliingmen, know what this outflow
meansf Sixty millions of capital, employed
| in paying wages, and returning to the manu-
facturer as is usual once i'm four months or less,
will pay the average wages of more than 3O0,-
600 workers. Sixty millions of capital invested
in mines, mills, buildings and machinery, would
| provide for the employment OF at least 7o,OOO
wolkmen. What has the silver agitation
done, them thus far 1t has virtually taken
employment from $4,000 American laborcrs,
| for it has drawn away the capital which, IL
| it had renamed in this country, might have
| been employed in restoring crippled es-
Establishments which, if in operation, give
work and wages to that number OF
persons. But even this is not the
worst. 1t appears that the shipments of bonds
! have recently been very much above the av-
crage for the three months. One firm is now re-
ceiving bonds from Europe ut the rate OF about
800. 900 daily, or $l2,O00.000 per month.
All dealers agree that the applications for ne
collation. from Europe have grown very large,
and show that the shipment of bonds to this
side. if the Silver Bill passes, will be limited
only by the capacity of the market here to
take them.
According 20 a recent ectim2!s. which * gem
orally considered too low by wcll-informed
persons, the amount of United States bonds
still held in Europe is about $ll5,000,000.
Whether the estimate be too low or not, the
amount is quite large enough to justify alarm
when these bonds begin to come back at the
rate of more than II million each day. Let
1t be remembered that the panic of 1873 and
! a bav hoon IL
TO the exhaustion Of the active capital of the
country, in part by wanton expenditure, and
in part by undue diversion to enterprises
not at present remuneratlve, and In which,
therefore, capital Was for the time practically
sunk. Recovery from this condition can be
expected only when the country accumulatcs,
by industry and economy, the needed capital
TO bring its producers once more into full
and rcmunerative employment. The long years
of stagnaton have been years of enforced
economy, III order to recreate the active capt.
tai needed. Much has been accomplished. The
end of tolls and of disasters seemed near Sur
plus capital again began to flow last Fall
INTO productive and labor-employing enter
priscs, and the country seemed at the threshold
of new era of prosperity. Then came this
sudden, unexpected and large drain of capital
TO pay for bonds returned from Europe. Every
business man has felt the consequences. In
vestments in productive enterprises have
ceased Our earnings have gone abroad to
pay Tor bonds which Europe was glad to hold
when tins country kept its credit good. but
which Europe instantly sends here for sale by |
the millions as soon as this country shows Il
desire to deal in bad faith with its creditors
Is II not time, workngmen of the United
States, to take this matter into most serious
consideration This is not question whether
YOU are to be paid in dollars" worth 80
cents or 100 cents. 1t is n question whether
Won arc to have work at all. Drain away the
capital of this country from the support of its
industries, and many thousands of wOrkmen
will get no wages ut all. Shops will close,
mines will fill with water, the fires will go out
in furnaces, and the wheels of factories will
stand still and rust, whenever Europe draws
on this country for borrowed capital. We
have paid u vast sum. and are able to pay
| more, little by little, but movement of bonds
to this side by the ship load means
ruin. The workman will be the first to
feel the loss, and he will feel it the longest.
The capitalist, who gets Government bond
| at low price instead of putting his money into
industrial enterprises or loans for aid of in
dustry, needs no pity. But $4OO,OOO,OOO of
capital now borrowed from Europe may he
drawn out within six months, If the Silver Bill
passes, and it now supports, bv investment in
American industries, about 100000 wOikmen.
Too many are idle already. Can we aflOrd-can
the workingmen of this country ailord-to have
more than one-fifth of all those who are now
employed driven into idleness, in order that
the rest may get 90 cents instead OF 100 cents
for every dollar of wages duet