Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-04-26
PROSPECTS.

BRIGHTER PROSPECTS.
A Hurried Retrospect of II Years-Change
from suspected Credit to the Best in the
World-Only Traders in the Nations
Unhappy-Exces of Exports
over Imports.
From the New York Tribune.
Seventeen years ago, April ID, 1861,
Fort Sumpter fell and civil war began.
On Monday, April Is, 1873, the prem
lum on gold fell to one-eight of one per
cent. The victory of the nation is near
ly complete. When the wal broke out
the agent Of London bankers through
whom the United States then made its
payments abroad went in hot haste to
the Treasury and demanded security for
the payment of an insignificant balance
due Of about $4,000. On Saturday
last the strongest bankers of all Europe
began to gather $4,000, 600 in gold with
which to pay the United States for
$5O,O0O,0OO in its d per cent bonds.
When Secretary Chase began to borrow
money to carry on the war the London
Economist said
1t Is utterly out of the question, in our Judge
ment, that the Americans can obtain, either at
WIN VI III TuTOpc, dnyI01ng ike the GXtraVi-
CANT sums they are ~asking-for Europe won't
lend them America can't.
Even after the nation had proved it's
ability to borrow eleven hundred mil
hons within two years, the London
Times closed an article upon the oper-
ations of Secretary Chase in these
words
What strength, what resources, what vitality
To. what energy. there mist no in a nation, that
is able to ruin itself on a scale so transcendant
and magnificent.
The ruiz" is so far complete that
$347 ,849,712 in legal tenders and S3:21,-
2337,99l In bank notes to-day circulate
at a discount less than is common in
exchange between different cities, and
was common before the wal on notes
OF even the best State banks at any
distance from the place Of REDEMPTION.
although at that time less than $500
100000 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 a price if
they were not a legal tender and we
have reached the point at which any
slight pressure in the money market
will draw into active use as money all
that may be required of nearly $780,
OOO,OOO OF specie now in the country.
1t reviving business calls for any ex-
pansion, the whole or any part of this
sum may thus be added to the circula-
ton without shock or danger. Indeed.
it already begins to flow into use. In
several instances, in California, at Chi
cage, and at Washington, gold was paid
or deposited as currency on Saturday,
and two National banks, the Third of
Cincinnati, and the Northwestern of
saaS z have "a eo already announced nnfs &c their
Aotes that may be presented. 1t is
probable that this course may be very
generally taken by such banks as are
able within the next wecek.
AT this magnificent victory of the ma
ton, Democratic as well as Republican
bankers assist Democrat as well as
Republican merchants rejoice; and ev-
EN- Mother England will send most hear
ty greeting. Only a miserable cable of
political demagogues, who have traded
in the National dishonor, give vent to
their unhappiness. To them the glori-
Gus triumph of the union brings no ioy.
The Punishment of the hard times, on
which these demagogues have foated
into power, means prosperity to labor,
but death to the demagogues. AS events
give conclusive proof each day that the
theories OF these men were crazy, that
their assertions were absurd and their
predictions false, people will cease to
put any confidence in such blind lead
ers OF the blind, and the Nation will re-
turn to the paths of honor, patriotism
and craftsmanship.
Members of Congress there are who
still threaten mischief, But we be-
lieve it no longer possible for them to
repeal the Resumption act, or in any
other way to prevent the return of pros
perity. Secretary Sherman has great
power also and has shown the pluck and
the wisdom to use it effectively. If
renewed discussion in Congress should
threaten again to depress the public
credit and disturb business, he might
think it well to put an end to uncer-
tainty. If he thinks fit to receive legal
tenders as equivalent to gold, in the
payment of duties or the purchase of 4
per cent. bonds, the insignificant prem
ium on gold will vanish, not again to
reappear.
An important symptom is the large
deposit of bonds to secure circulation,
which amounted to $1,217, 600 last week,
against $685. 500 during the previous
week, and only $3,027,2 200 during the
entire month of March. 1t is by some
thought probable that &. large increase
of bank circulation may Immediately
result from the expectation of more
active business and better prices. In
directly this would hasten the retire
ment of legal tenders, but would make
no room for coin unless notes should
also be retired by other banks. The
exports continue very large; last week
the value of produce shipped from this
point was $6,496,993, exceeding by
about 100000 the amount shipped dur
ing the corresponding week last year,
while the imports were only $5,614,559
or about S~1,200,0O0 less than the
amount during the corresponding week
last year, The shipments from the
cotton ports also were large, amounting
to 67,664 bales. From these ports and
New York, products valued at over So
100000 went abroad, exceeding by over
$4,000, 900 the amount of imports here.
Meanwhile, the shipments of bonds
from Europe have been stopped, and in
every direction the prospect brightens,
From Missouri.