New-York tribune., 1879-03-17

bonds since January I, and little inquiry
reveals the fact that as large an amount mas
also been sent abroad by few OF the DanKs
which give most attention TO that business
Hence there can he left not more than S2O,-
-OOO, 900 or $50, ,OOO, 900 to be met. Dispatches
from London indicate that larger amount OF
Der cents than this has already been sent
to this country since the year began, and paid
for in the excess of exports over imports
which was more than $4,000, 600 IN January
alone. No disturbance whatever is to be tx-
prcted. therefore, from any payment 10
foreign holders of called bonds. In
fact, the amount Of consOls OF 1867
and 1868 which have already been transferred
to this country and paid for since January
undoubtedly exceeds the amount OF bonds
formerly held abroad which have been called
within that time. Secretary Sherman has
announced. too, that all called bonds
will be redeemed at any time with interest in
full to the maturity of the calls, at the desire
of holders. This provision alone suilices to
prevent any stringency arising from the set
Elements for bonds.
The circular inviting all banks and all Gov
ernmcnt officials to aid in placing the new
$40 certificates has led to some examination
as to the amount which Is likely to be issued
of these certificates The surprising feet
appears that less than $4,000 persons
have taken per cent bonds of only 500
each. for the entire amount of such bonds
issued is less than $4,000,O0O. If the num-
Der who wish to hold Government securities
at all, but are able to hold no more than SoO
each, is so very small, it will readily be IN
fcrred that the number who desire to take
Government securities mt all. but cannot take
AS much as $50 each will be much smaller
than many have supposed. The proposed
certificates viii hardly be taken by persons
who are able to buy any class of bonds
They cannot be lawfully held as part of the
reserve by banks. Though they may pass
into circulation freely, when once issued
it is difficult to see why anybody
should take them out for the purpose OF
circulating them. Nobody can get them
without surrendering either coin or notes
which circulate freely already. An official or
a bank would have to find eighty persons
who were willing to receive certificates in
stead Of legal-tenders in payments, IN order
10 earn a commission OF only one dollar Tor
the labor If taken only for investment, and
only by persons who are not yet able to
buy one $50 bond, the average amount taken
by each person must be less than $50, and II
every person who has any deposit IN any
savings bank should take out Government
certificates, the amount of such certificates
outstanding would then be less than $780,
100000. In other words, less than
one-eightecnth part Of the deposits IN
savings banks would even then be with
drawn. 1t Is evident, therefore, that the sale
of these certificates does not tend to superscdc
savings banks, nor does it threaten their sta
billty nearly as much as did the sale of 4
per cent bonds.
The imports last week were over $1,000
GOO. or about $3O0,000 larger than those Of
the corresponding week last year. The cx-
ports for the week ending Tuesday last were
about 100000 less than those of the cOrIc-
spondug week in 1878. But the comparison
is with a period in which merchandise
exports ran far beyond all expectation or
precedent, and it is highly encouraging that,
although Great Britain has thus far taken
from us less wheat by $1OOOO,00O iii value
than had been taken by that country at this
time last year, the aggregate value of produce
exports to March II is not $7,OOO,OOO less
than it was from January L to March
II. 1873. Domestic transactions last week
were comparatively small, and speculation was
especially dull, but there is no lack of conf
dence AS to the future, and the approach Of
the extra session of Congress causes no appre-
hensiOn.