The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-16

OF eggs. This is equivalent to saving that
three and one-tenth pounds of corn will
produce, when fed to a hen, one pound If
eggs. \ pound Of purk, on the contrary.
requires about five and one-third pounds of
corn for its production. When eggs are
twenty-four cents q dozen and pork ten
cents pound, we have bushcl OF corn fed
producing S2.SS worth Of eggs and 81 G5 OF
pork.-Ioronto Globe,
Resumption in New York-Interesting
Incidents and Facts.
The Ind OF January was the day on which
resumption of specie payment practically
went into effect. Notwithstanding the pre-
dictions OF the Democrats that cOmmotion
would follow fatal to the business interests
OF the country, there has never been more
quiet day than that which witnessed the
operations of the law in the great CONNER
cial centre of the nation. The Times of the
3rd gives an interesting detail of Incidents
and events connected with the day, from
which we copy the following
At the Sub-TIeasury every preparation
suggested by prudence was made to carry
out the law. In the vaults Of the building
yesterday morning were $40, 000 900 in gold
coin, for, Notwithstanding the predictions
be found to be held valuable in proportion
to the difficulty of obtaining it-prodiction
whose soundness has been foreshadowed
during the past three months-the Secretary
deemed it best to guard against unpleasant
| surprises. A special clerk was assigned to
the coin-room, well equipped with bags Of
gold eagles and fractions thereof, with in-
structions to pay them over for legal ten
ders on demand. His position was almost a
sinecllre. In place OF the expected crowd
OF eXchangers but one man put in an APP
pearance at the counter at the opening of
business, and was promptly giver $2I0 in
gold for a similar sum in greenbacks. A
full half hour passed and nobody else ap.
'peared. Then came several, evidently at
tracted by curiosity to experience the work.
ings of the law. for they wanted less than
$50 worth of coin apiece, the limit that the
law makes redeemable at the Sub Treasury.
In two hours but $500 had been paid out,
Sl,Ooo OF which was taken by one man. The
experience of the clerks in the other depart
ments was almost exactly similar. OF every
one who presented acceptances of any kind
for redemption the clerks askedwhether gold
or greenbacks was wanted. The almost in
variable answer was, 'Greenbacks, of
course;'' or, ''Greenbacks are good enough
for me;" or. "Givc me bills; what do
want of gold:" One excited German created
much amusement by exclaiming in a tone
of irritation, as though the question was q
puerile one: ''Pills, pills, pills - Another
man thought he would take gold, and a
$4,000 bag was handed to him. He hefted it
moment, and catching the spirit of the
amused look on the countenances of the
bystanders, smiled broadly and flung the
bag up in the air. Coming down it slipped
through his fingers. The conclusion with
the marble pavement burst the string con.
finlng its neck, and its contents rolled all
over the floor. Amid general laugh the
and knees and gathered the glittering pieces,
After spending Is minutes in counting the
coin to see that it was all there, he took the
bag in both hands, and once more approach
ing the counter said to the clerk s.Here.
I've changed my mind. Give me something
that won't roll instead of these" So it went
on during the entire day. Superintendent
White said, with a look of perplexlty at the
pile of gold behind him, SIT looks as though
the Government would be unable to get rid
of its coin. Nobody wants it, During the
day only $4,000 in gold were paid out in
exchange for United States notes, and $500
600 in gold were received in exchange for
United States notes, leaving the Sub Treas.
ury with s276 200 more gold on hand last
night than it had in the morning. The
banks started the days business by turning
into the Sub Treasury $500, 900 in gold GER
tificates, in exchange for which they took
Clearing house legaltender certificates
This mark OF their confidence in the success
presumption speaks volumes.
The banks generally reported that they
were receiving more gold than they were
paying out. Nearly all had discounted the
probabilities, and for several days had been
exchanging their gold certificates for legal
tender certificates used for settlements at the
Clearinghouse. All had provided their paw
ing tellers with stacks Of gold enough to sat-
isfy any possible demand, and they all
turned in those stacks practically untouched.
'Do you think that it will be permanent
resumption 20 the reporter asked.
81 don't know why it should not be- Mr..
Vail replied. sit could not have been bet
ter timed. We have passed through every
stage of financial straits, and every Industry
and avocation is revieing. The balance Of
foreign trade is altogether in our favor,
Exchange is in our advantage, and will re-
main so as long as we sell less than VIC buy,
AS soon as they find they can have gold or
paper just as they choose, everybody will
want paper, and not gold. To-day we are
paying off 100000 of Western city bonds.
which were payable, principal and interest.
in gold. Every person who has presented
the bonds so far has preferred our currency
checks"
''We are paying off our Government
coupons, and the presenters prefer currency
in almost every instance" said the Cashier
of the First National Bank. ''There is prac.
tically no movement in gold so far as we are |
concerned. That was settled last week. |
IN
an extent much greater than we are called |
upoh to do to-day. There is considerable |
in silver with us. Our CORE
spending country banks have been DELAY |
ing their drafts OF silver coin as far as they |
could until after January l. They now es-
cape the express charges. Before that date
they had to pay expressage; but now, il a
bank draws on US for silver, we remit draft |
to the Treasury at Washington, and the sill |
YER is forwarded to the bank free of charge. -
President William Dowd, OF the Bank of
North America, said: II have no doubt |
hat specie payment can be maintained.
With prosperous crops, manufactures and
commerce, we must continue to have the
balance Of trade in our favor for years to
come. have no apprehension of any varia-
ion between legal tender and gold. Some
1uctuation may arise If the present silver
,oiudSO ShollA w Largely iuCFtdSeu. DuG |
hat would merely result in the opening Of
separate accounts for deposits of silver, Just
Is we had in gold until :o-day. That, how
aver, would be an event Of thrilling moment,
md would in nowise disturb the balance be.
ween the other mediums of exchange. We
low have gold balance of 100000 but I
lon't see that we need it. Nobody wants
t, even those who come here for funds to
meet Customs dues take greenbacks in pref
,rence."
The representative of leading firm Of
German bankers said 'sA great revolution
las never before been accomplished with
UGH complete absence of jarring or discord.
Bankers have turned their gold deposits into
urrencv. and their clients are doing the
anne. No gold is needed for export, since
he balance of trade lies with this country.
Europe is worse off to-day than the United
tates was during the panic. Even with
Universal bankruptcy staring Americans in
he face, the people always had enough to
at. In Europe it seems as though both
anime and bankruptcy are threatened. In
~ judgment, very brisk times are in store
,r the United States, and the settlement Of
lie currency question is the prime factor Of
lie improvement.
Congressman L. 2. Morton said: SIT is
- 90, ,k<I