New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-12

suits them. But it seems the more probable
that there will prove 10 be an increase in
quantity harvested, oven IN Minnesota,
and a considerable increase elsewhere, and
that the future movement will depend largely
upon the condition of foreign markets as to
price. One thing is certain; moro wheat Is
coming forward still than was sent forward
at the same time last year, and this indicates
not only the existence of reserve, but feel
ing on the part of farmers that prices are not
going higher. Receipts at Chicago during the
week ending on Saturday were 724361
bushels, against 1854 bushels during the
corresponding week last year. aud at Milwau-
kee 1873, $40 bushels. against 62,323 last year.
During the last two weeks, the re-
ceipts have been at both points 1,535,579
bushels. against only 39S,671 bushels last
year. But there was some decrease, at this
time in 1877, on account of the strike on sew
eral important railways leading to those cities.
Other prospects also continue decidedly
good. Cotton exports and receipts at home
ports still exceed those of corresponding weeks
last year, and the total receipts Of the
outgoing crop now amount to 4,263,-
159 bales, exceeding by 301,7O7 bales
the receipts to date last year. The
exports of all domestic produce continue large,
and the imports last week amounted to
$5,S3S, 63S, exceeding for the first time in
several months the imports of corresponding
date last year. This indicates better dispo-
sition as to foreign purchases-a de-
slrable feature, If exports also con-
tinue TO grow. There is still no
indication of any change adverse to hopes of
resumption exports of specie were only ST.
$50 last week, and every dollar of that sum
was silver. The specie exports for the year
now amount to $9,O17,301, against $22,417,-
$40 to the same date last year. On the other
hand, imports of specie have increased.
The Treasury has diminished its coin balance
only $4,000,000 since July 81, notwithstand-
ing the large coin payments made. Subscrlp-
tons TO the per cent loan now average moro
than 100000 daily, and the second call
during last week for $5,O00,000 of 6 per
cents was issued on Saturday. With such
rapid sales the premium on gold continues
steady at - per cent. The Bank of
England did not raise its rate last week, but
the change is still expected, and there has
been some advance in exchange. The money
market here continues very easy, and domes-
tic exchanges are steady. The bank report OF
Saturday shows that the outflow of legal
tenders has commenced, rs is usual at this date,
the loss reported being $2,323, 600. But the
statement, if mt all trustworthy as an indica-
ton of anything, would indicate that over
81 900. 900 in bank bills had been taken in
during the week. The gain of $3,45i,200 in
deposits may be in part owing TO addi-
tional gold deposits by the Government; the
banks also report an increase OF S2,4l6,SOO
in specie held, Notwithstanding the heavy
purchases OF bonds. The increase Of
50, 1919, 900 il a sign of more active business.
At the same time it must be no1ed that the
National Bank circulation, as reported from
Washington on Saturday, has declined ST.
924, 454 since July 81, and the withdrawal
of bonds deposited for circulation reached
80, $4,000 last week. When q country is
"famishing" for more paper money, aud can
take all it wants, but yet persists in suTen-
dering q part Of what ii has, the furnishing
must DO imaginary.
In truth, "a a review Of the situation shows,
the country is moving forward toward resump-
ton and prosperity. The gloomy spectre of
universal bankruptcy does not appear, ex-
cept in diseased imaginations, and yet resump
ton il very near. "This cruel, forced resump-
"tion" seems to make real producers and
substantial dealers more confident and happy,
however much il may vex those who are bank
rupts. II Secretary Sherman will only blot
out the premium ON gold, and begin free pay
ments of gold from the Treasury, long
enough before the Fall elections TO make
people realize how good a thing actual
resumption Is, he will change more votes than
all the speeches of all the orators. How fine
it will be to hear Voorhees, or Ewing Shrek
ing tina. resumption is ruin after resumption
has come, and the country has begun to feel
its now hope and prosperity 1t is the part
of the Secretary to judge wisely as to time
and methods. But with all his vast powers
in reserve, the country is even now steadily
approaching a condition which will mako the
agtatOrs ridiculous.