Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-04-25
THyIscAY, AY1n g. Ts.
Prom The Sew lOrk Tn5use
Brighter Prospects.

Seventeen years ago, April Is. 1851. foft
Sumter fell. and civil war began. On Moo
April Il 1878, the premium on gold fen
to one-elghth Of one per cent The victory
Of the nation Is nearly complete "hsn
the war broke out, the agent OF the LONDON
bankers through whom the United states
then made It's payments abroad went In
hot haste to the Treasury. and demanded
secsrify for the payment Of an infignincanf
balance due OF about 90. 900. On Satur-
day last the strongest bankers OF all To-
sope began 10 gather so. SO 600 In gold.
with which 10 pay the United States for
$50 600 90 In its i-2 per cent bords
When Secretary Chase began to borrow
money to carry on the var, the London
economist said;
II Is utterly oct OF the question 10 our
Judgment that the Americans can obtain,
-ither at home or In Europe, anything hhe
the extrayagant sums they are asking
for Europe won't lend them ; America can
not
Even after the nation had proved lis
ability TO borrow eleven hundred millions
within two years, the London Times closed
an article upon the operations of Secretary
Chase 10 these words:
What strength. what resources, what vi
,aIi,y, what energy, there must be In na.
too that 10 able TO ruin itself on scale so
transcendene and magnificent
The ruin is 80 far complete that est9.-
s4s.7l2 in legal tenders and 1921 y. .ssl
In bank notes to-day circulate at dis
count less than Is common In exchange be-
tween different cities, and vas common
before the war on notes of even the best
.s,Ate banks at Any distance from the place
OF redemption, although at that tune less
than 500 600 900 was In circulation. The
bank notes are equally good in any part Of
the country; the legal tenders would To-
dav commaud fully as high price II they
were not . iegal-tender; and we have
reached the pom; At which any slight pres
sure in the money market will draw into
active use as money all that may be re-
ouired OF nearly $500, 90 900 Of specie DOW
10 the country. II reviying business calls
sor any expansion, the whole or any part
OF this sum nsy thus be added 10 the cir
.csla,ion without shock or danger. Indeed,
1t already begins TO hos into use. In sew
ezal Instances, in Chicago, ADD at Wash
layton, gold was paid or deposited As cur
reDcy % Saturday, and two National
banks. the Third OF Cincinnati, aud the
Northwestern OF Chicago. have already
r0leem
gold alliof their notes that may be pre-
scented. Il is probable that this course may
be very generally taken By soch banks a.
are able within the next week.
A, this magnificent victory Of the nation.
democratic as well as republican bankers
assist; democratic as well As republican
merchants rejoice; and even mother Eng
land will send most hearty greeting. On
ly miserable csbsl Of political dema-
gogues, who have traded In the national
dishonor. give vent 70 their unhapplness.
To them The glorious triumph Of the CI-
ion brings no JOY. The banishment OF the
hard times, on which these demsgogues
have aoaied into power. means prosperity
10 labor, bu, death TO the demsyogues.-
As events give conclusive proof each day
that the theories Of these men we're crazy,
that their assertions were absurd and their
predictions false, people will cease 10 put
any confidence iD such blind leaders OF the
bliBd, and the patton will return 10 the
paths Of honor. patriotism and statesman
ship.
Members Of Congress there are who still
threstea mischief. But we believe Il no
longer possible for them TO repeal the Re
sumption Act, or iu any other way TO pre-
vent the return OF prosperity. Secretary
Sherman has great power also, and bal
shown the pluck and the wisdom 10 use |
effectively. II received discussion 10 Con
gress should threaten again 70 depress tha
public credit and disturb bssinsss. b
might think IL we'll TO put An end to uDeer
tainty. II he sees dt 10 receive legal ten
ders Is equivalent TO gold, in the paymen
OF duties or the purchase Of per cent
bonds, the Insignificant premium on gol,
win vanish, not again to reappear.
m tt0RofhAhh tywPSOu1 tbS es8I ~
post OF bonds TO secure circulstiOG. vhicl
amounted to 81, 2l7 900 last week. Agains
oz93,50o Curing the previous week. an
only q ,e37 200 during the entire month Q
March. 1t is By some thought prooabi
thaS q large Increase Of bank circulation
may inmediately result from the expects
tion a more active business and bette
prices. Indirectly this would hasten th
retirement s( legaltenders. but woal
make no room fer coin. unless notes shout
also be retired by other banks. The e,
ports continue very large: last week u
value Of produce shipped from this POI
was q. 4sG so. exceeding by about $500
600 the amount shipped during the CORES
poudiue week last year. while the import
were only e5.6l4,5ss. or sbO0t u ,200, 00
less than the amount durisg The correi
pending week last year. The shipment
fren the cotton ports also we're lssg'
,amssntiug TO 67,es4 bales. From thes
ports sd New York. products valued
over 700 900 went abroad, exceedin
BY over e4.O0e 900. the amount Of import
hare. Meanwhile. the shipments OF bond
from Europe hare heee stOpped. and
ever dirsetioa the prospect bnghtens.
The papers state that President Chan
berlsin has declared himself . convert I
the Catholic faith. The President. hov
ever. denies Il over his own signature.
"A ~ has been introduced Into the I
&. SeneGA.sv wishArsw from circoiafton q
sraublesaus sIaSae twenty cent pieces.
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