Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-05-08
A TRIUMPH OF THE NATION.
Our Recent Financial Achievements
Lying British Prophets.

~ NA AAA H VI Il LILY NAA4OA
Lying British Prophets.
New York Tribune 2" r ="
Seventeen years ago, April 13, 1861,
Fort Sumpter fell and civil war began
On Monday, April Is, 1873, the premi-
UNI on gold fellto one-eight of one per
cent. The victory of the nation is near
ly complete. When the war broke out
the agent of London bankers, through
whom the United States then made its
payne nts abroad, Went, in hot haste to
the treasury and demanded security for
the pawn ent of an insignificant balance
of about $40, 900. On Saturday last the
strongest bankers in all Europe began
to gather $50, 100000 in gold. with
which to pay the United States for $780,
100000 in it's A per cent. bonds. When
Secretary Chase began to borrow money
to carry on the war, the London Eco1,o-
mist said: '9i 7 l''a 81
I 1t is utterly out of the question, in
our judgment, that the Americans can
obtain, either at home or in Europe,
anything like the extravaganza sums they
are asking Europe won't lend them !;
America cannot. a.i Ro 1bo VI
Even after the nation had proved it's
ability to borrow $11O,0O0,OOO within
two years, the London Times closed an
article upon the operations of Secretary
Chase in these words: -t4
What strength, what resources, what
vitality, what energy, there must be in
nation that is able to run itself on a
scale so transcendent and magnificent.
The ruin" is so far complete that
$37 ,S48,712 in legsl-tenders, and 1921, :
237 ,9O1 in bank notes to-day circulate
at discount that is less than is common
in exchange between different cities, and
was common before the war on notes Of
event the best states banks at any dis
lance from the place Of redemption, al
though at that time less than 5000, OOO,-
600 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 legaltender; and we have
reached the point at which any slight
pressure in the motley market will draw
into active use as money all that may
be required Of nearly $300,0000O0 Of
specie now in the country. If reyiving
business calls for any expansion, the
whole or any part OF this sum may thus
be added to the circulation without
shock or danger. Indeed, it already be-
gins to flow into use. In several instan-
ces in California, at Chicago and at
Washington. gold was paid or deposited
as currency, on Saturday, and two ma
tional 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. It is probable that
this course may be very generally taken
by such banks as are able within the
next week, = - ',t... oas,.s,ltr-
y At this magnificent victory of the ma,
ton, democratic as we'll as republican
bankers assist; democratic as well as
republican merchants rejoice; and even
Mother England will send most hearty
greeting. Only a miserable scabal of
political demagogues, who have traded
in the national dishonor, givevent to
ltheir unhappiness. To them ltheglori-
Gus triumph of the Union brings no joy.
The Punishment of the hard times on
which these demagogues have foated
into power, means prosperity to la
Dor, but death to the demagogues. AS
events give conclusive proofs each day
that the theories of these men were era
Ivy, 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 Ma
ton will returnato the paths of honor,
patriotism and craftsmanship. mss s1a,ai