Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-04-24

A Hurried Retrospect Of IL Years
Change from Suspected CredH TO
the Best in the World-Oaly Trad
ers IN the Nations Dishoaor Uahop-
py- Ercess Of Exports ocer Imports.
From the New York Tribune
Seventeen years ago, April Is. 1861.
Fort Sumter fell and civil war began.
On Monday, April Is, 1878, the pre-
MUM on gold fell to one-eighth of
one per cent. The victory of the ma
ton is nearly complete. When the
war broke out the agent of London |
bankers through whom the United |
Statcsthen made its payments abroad |
wentin hot haste to the Treasury aud |
security for the payment
of an insignificant balance due of
about $4,000. On Saturday last the
strongest bank Of all Europe began
to gather $5O,5O0O00 in gold with
which to pay the United States for
$50, 100000 in its Az per cent. bonds.
When Secretary Chase began to bor
row money to carry on the war the
London Economist said:
our Judgment, that the Americans
can obtain, either at home or in En-
rope, anything like the cxtravagant
sums they are asking-for Europe
won't lend them; America can't"
Even after the nation had proved
its ability to borrow eleven hundred
millions within two years, TIE Lon
don Times closed an article upon the
operations of Secretary Chase in these
words:
"Wkat strength, what resources.
what vitality, what energy, there
must be in nation that is able to r,i-
in itself on a scale so transcendant
and magnificent"
The "ruin" is so far complete that
$347 ,S4S,7l2 in legal tenders and $32l.-
237 1891 in bank notes to-day circulate
at discount less than is common in
exchange between different cities,
and was common before the war on
notes of even the best State banks at
any distance from the place of re-
demption, although at that time less
than S2OO,0O0,OOO 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 le-
| gal tender and we have reached the
point at which any slight pressure in
the money market will draw into az
tive use as money all that may be re-
quircd of nearly $500, 0O0,O00 of specie
now in the country. If reviving
business calls for any expansion, the
whole or any part of this may thus
be added to the circulation without
shock or danger. Indeed, it already
begins to flow into use. In several
instances. in California, a. Chicago,
and at Washington, gold was paid or
deposited as currency on Saturday,
and two National banks. the
Third of Cincinnati, and the North
western of Chicago, have already an.
nounced their readiness TO redeem in
gold all their notes that may be pre-
sented. 1t is probable that this
course may be very generally taken
by such banks as are able within the
next week.
At this magnificent victory of ths
Nation, Democratic as well as Repub
lican bankers assist; Democratic a
, well rs Republican merchants rejoice
and even Mother England will sent
most hearty greeting. Only lniser
able cabal OF political demagogues
J who have traded in the National dis
, honor, give vent to their unhappi
ness. To them the glorious triumph
of the Union brings no joy. The ban
!, ishment of the hard times, on whic;
these demagogues have ioated int
{ power, means prosperity to labor
. but death to the demagogues. A
, events give conclusive proof each da,
that the theories of these men wer
/, crazy, that their assertions were alb
! surd and their predictions false, PEG
: pie will cease TO put any coniidenc
in such blind leaders Of the blind
q and the Nation will return to I'll
2 paths of honor, patriotism and states
} manship.
8 Members of Congress there ar
f who still threaten mischief. But W
believe it DO longer possible for then
: to repeal the Resumption act, or il
2 any other way TO prevent the return
of prosperity. Secretary Sherna,
has great power also and has shown
! the pluck and the wisdom to use |
4 effectively. ifrenewed discussion il
: Congress should threaten again L
depress the public credit and distur
business, ne might think il well Il
put an end TO uncertainty. If h.
thinks fit 10 receive legal tenders a
!, oqui valent to gold, in the payment q
duties or the purchase of 4 per cent
+ bonds, the insignificant premium OF
: gold will vanish, not again to reap
pear.
An important system is the large
deposit Of bonds to secure circula
ton, which amounted to %l,217,0Ol
last week, against 500, 800 during til.
previous week, and only 1902, 20l
J during the entire month of March
1t is by some thought probable tina
large increase of bank circulation
may Immediately result from thu
expectation of more active business
ana better prices. Indirectly this
would hasten the retirement of lega
tenders, but would make no room tol
coin unless notes shoAla also be re.
tired by other banks. The exports
continue very large; last week The
value Of produce shipped from This
polt was $6,496,993, exceeding by
about 100000 the amount shipped
during the corresponding week last
year, while the imports were only
1854 ,55S, or about vi, 100000 lesi
than the amount during the cores
ponding week last year. The ship
ments from the cotton ports also were
large, amounting to 1864 bales
From these ports and New York
products valued at over Sl0,000,00(
went abroad, exceeding by over 81
100000 the amount of imports here
Mean while, the shipments of bonds
from Europe have been stopped, and
In every direction the prospec;
brightens