Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1878-04-27
asPECIE BAsls.y'

~ 81 O1 u ADhSaS0
II would seem to be fixed fact that
the era of specie payments was upon
MS. From all parts OF the country comes
the intelligence that the banks have COM
menced redeeming their bills i'm specie
when presented. This would certainly
indicate that we haye at last reached a
specie basis. When The purchasing
power of the greenback and national
bank notes. We believe that there are
none but who desire good. sound cur
rency for commercial purposes. and that,
while they may be differences of opinion
as to what the circulating medium should
consist of. all desire that it shall be OF
such character as would best subserve
the requirement of the country. The
action of the banks in various sections
of the country in thus resuming antici-
pates the intept of the resumption act,
and shows conclusively that the financial
affairs of the nation are on sound basis,
and the arguments which have been
brought against that act that there was not
specie enough in the country to enable a
resumption were false. One bank states
that on the first day 1t had announced to
redeem its notes, only $500 were present.
ed for redemption, and on the second
day fins amountlfell to the neighbor-
hood of 500, which would show that
the people were of the opinion of the
man who, in time of run ON savings
bank. presented demand for the
amount of his deposits, which were
promptly handed him. when he stated
that If they chad his money he did not
want it, but if they could not pay he
wanted It," All the people desire is to
know that the notes they hold are as
good as gold, and that they can get the
specie If they want it, and as long as
this is the case we are of the opinion that
the demand upon the banks for redemp-
ton will be very limited, for there are
but few who would not prefer paper
currency, provided it was equal to specie
In its purchasing power. The people
have become so used to paper. and for
convenience 1t is so far superior to specie,
that we are confident no effort which
can be made by the few who may have
some Interior design, politically or other
wise, can ever do away with it. A good,
sound currency is something which the
mass OF citizens, irrespective of party,
demand and what they will have.
We believe now that the finances have
settled down to a permanent basis that
we ere as nation entering upon more
prosperous times. The "harl pan" has
been reached. and although it may take
time for the country to again recuperate
from the trials of the past years of de-
preston, we feel sure that it will be done
The crops promise to be abundant, and
populous portions of the country where
the supply OF labor has exceeded the de
mand, are seeking homes upon the pro
ductive lands of the great west, and will
become producers instead OF consumers
In thus moving they have lessened the
supply of muscle upon the market
which will have tendency to equalizt
the labor supply to the demand. With
settlement of the financial question
comes restored confidence and old enter.
prises will be resumed and new ones un
dertaken, a greater demand created fol
labor. With the increased demand comes
higher wages, and if all will profit by the
lessons of economy learned during the
sshard times" and hereafter live within
their means, avoiding speculation, ad.
herring strictly to legitimate business, il
will not be long before our country will
beIhoating once more on the high tide
of prosperity.
A CANADIAN young man has discover
ed the correct method of dealing with
rowdies who collect and serenade new
In rnarriad counles with tin mans anf