New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-05-20

should be made to understand that the people
of the United States do not wish the army de-
graded or crippled any further.
THE BUSINESS OCTLOOK
|, II is not surprising that business is dull
The peace of the country is threatened by the
revolutionary schemes OF Democrats, and by
the rapid organization and arming Of Com
mimists The future Of business is threatened
by pending legislation in Congress, and rem
drrcd peculiarly uncertain by the unset
tied condition of affairs in Europe. The
bank statement of Saturday was M
favorable, however, only in the large
withdrawal of specie from the reserves, and iii
part also from deposits, changes doubtless
caused by settlements for bonds recently pur-
chased. Though specie declined -, 439,3OO,
and deposits 81, 1851 900, the legal-tender re-
serve increased T24OS,1O and the loans
81 ,O91 800. But for gold payments,
the return would probably show an in
crease in each of the items except circu-
lati0n, which declines $2O,S 1t pertinent
to observe that the deposits of United States
bonds for circulation amounted last week,
according TO Washington kilograms, to ST.
2GS. 400, while the Withdrawal of bonds
amounted to $794,9O0 only, and the agSre-
cate circulation of National banks has in
creased about 100000 since the l5t of May,
although ut this city there has been a slight
decrease.
The imports are unusually small for the sea-
son. During the three weeks ending last
Saturday, they amounted to only So, 73G17l,
against 1887, 700 last year during the cor
nrt! pf 10
produce during the last three weeks reported
were $l9,10O,OO0, against 81 100000 last
wear; so that the merchandise balance at this
port during only three weeks has been by 81
BOT, 900 more favorable for the accumulation
of specie than il was last year. There Is prac-
tcally no outflow of specie, and the exchanges
still render exports Of coin Improbable. Since
MAY only $4,000 in gold and Sl4S,OOO
i'm silver have been exported here, while the
imports of specie have been over S1,OOO,OO0.
Thus il is evident that the recent advance IN the
premium on gold which touched $ on Satr-
day, has been due not to any unfavorablc
change in foreign trade, but to the immediate
demand for payments to the Treasury for
bonds and to the uncertainty rs to EongreS-
siOnal action.
Ii Is probable that the heated political con
test at Washington has materially le>scned the
probability of miscellaneous legislation as 10
the finances. stronger disposition to sustain
Secretary Sherman III his course will be the
natural effect of the partisan assaults upon
him. But there is still much apprehension i'll
business circles that all the efforts of the
Administration may be defeated by the lunatics
at Washington who to do what they
please with the Democratic votes. Expectation
of sweeping changes in the tariff is not
nearly so strong as it was three Or four weeks
ago, when cargocs which arrived last week
were mainly shipped, and some increase of
imports may naturally be expected in June.
The uncertainty as to the bankrupt law does
not cause as much mischief at present as was
caused some time ago, but it still increases
the hesitation as to business investments and
ventures. Our worst foes are those of our own
household, but the eyer-changing rImOrs of
pcace or war in Europe render foreign trade in
brcadstuffs provisions, and cotton unusually
precarious, and the great strike i'll the cotton
manufacturing districts of England has also
had n pcrceptible effect upon the cotton mar
kct here.
!. II cannot be held unreasonable that manu-
features and railway investments in tins cOun-
try are affected by the apprehension of
an outbreak this Summer Organizations
numbering thousands of wOrkmen have
certainly been formed in the mining regions
and at several of the chief cities, and
these organizations are certainly armed and
drilled at many points, while the intention
70 prepare everywhere for Il resort to force is
not denied. Precautionary measures have
been deemed judicious by local authorities at
several places, and by the managers
of several important railways. When we
hear of the destruction of property in Eng
land, We are forced to remember that the very
same ignorant and desperate population is to
be found in some districts in this country, and
that the demagogism, cowardice or inability of
local governments was sufficiently shown last
wear. In the face of this experience, Mr..
Hewitt argues in Congress that elf strikes
e." cave rise to disorders it was the duty
of the States individually to reprcss Them
and that 1T was no part of the bust
"ness of the General Government" Certainly
the capital and industry of the country have
great reason to be thankful for such enlight
ened craftsmanship at Washington.
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DR.. FALK'S RESIGNATION
One of the strongest spokes in the wheel of