New-York tribune., 1878-04-17

best State banks at any distance from the place
of redemption, although at that time less than
5000. 900, 900 was in circulation. The bank
notes are equally good in any part oil the
country; the legal would to-day COM
mand fully as high price if they were not a
legal-tender; and we have reached the point at
which any slight pressure III the money
market will draw into active use as
money all that may be required or nearly
$500. .OOO, 900 OF specie now III the country
If reviving business calls for any expansion,
the whole or any part of this sum may thus
he added TO the circulation without shock or
danger. Indeed, it already begins to flow into
Use. In several instances, in California, at
Chicago and at Washington gold was paid
or deposited as currency on Saturday, and two
National banks, the Third of Cincinnati, and
the Northwestern of Chicago, have already
announced their readiness to redeem in gold
all of their notes that may be presented. 1t Is
probable that this course may be very gener-
ally taken by such banks as are able within
the next week.
At this magnificent victory of the Nation,
Democratic as well as Republican bankers
assist Democratic as well as Republican mer-
chants rejoice and even Mother Eng
land will send most hearty greeting
Only a miserable cabal of political dem
agOgues who have traded i'll the Ma
tional dishonor, give vent to their nm
happiness. To them the glorious triumph
of the Union brings no Joy. The banishment
of the hard times, on which these demagogucs
have foated into power. means prosperity to
labor. but death to the demagOgues. AS
/. oh
tbe 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 leaders of the blind,
and the Nation will return to the paths
of honor patriotism and craftsmanship.
Members of Congress there are who still
threaten mischief. But we believe II no
longer possible for them TO repeal the Re-
sumption Act, or in any other way to prevent
the return of prosperity. Secretary sherman
has great power also. and has shown the pluck
and the wisdom to use it effectively. Ii
renewed discussion in Congress should threaten
again to dcprcss the public credit and disturb
business, he might think it well to put an end
to uncertainty. If he thinks fit to receive
lcgal-tendors as equivalent to gold, in the
AIucUl OF uutltN bl iht pulNh'N' Va ~
cent bonds, the insignificant premium on gold
will vanish, not again to rcappcar
An important symptom is the large deposit
of bonds to secure circulation, which amounted
to S1,217,OOO last week, against S203,5OO
during the previous week, and only $3,O27,-
POO 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. Indirectly this would hasten the
retirement of legal-tenders, but would make
no loom for coin, unless notes should also be
retired by other banks. The exports con-
tinue very large; last week the value of
produce shipped from this port was %G,496993,
exceeding by about 100000 tho amount
shipped during the corresponding week last
wear, while the imports were only $J,Gl4,55S,
or about $1,2OOOOO less than the amount
during the corresponding week last year.
The shipments from the cotton ports also
were large, amounting TO G7,6Gi bales. From
these ports and New York, products valued at
over lO.OOOOOO went abroad, exceeding by
over 81, 900 900 the amount of imports here.
Meanwhile, the shipments Of bonds from
Europe have been stopped, and in every di-
rcction the prospect bughtens