New-York tribune., 1879-09-01
com 1ND BUSINESS.


met demands upon them were first excited,
THE TnIBt-yr pointed out the great change
which Resumption had made in the ayailabil-
ity of foreign stores of bullion Tor immediate
needs in this country, aud showed that prac-
tically unlimited reserves OF specie, theh
living Idle in the Banks OF England, France
and Germany, made 4; impossible Tor
any serious strineency to occur IN this
market. Though no other Journal had
at that time called attention to this important
safeguard, and though the general appreheh-
sion which then existed has been stimulated
and used as far as possible by powerful
combination of spectators, who have iockeu
up several millions of cash 10 make the mar
ket tighter. 1t is now evident to all that there
was 10 serious danger. Gold is no longer
merchandise here. Resumption has made II
monev. Strong operators can easily lock
mn the few millions of surplus legal
tender, in the New-York banks. This they
have done. If the commerce and Industry
of the country had not been emancipated
from its dependence upOn n paper currency,
another great panic might by this time have
caused general prostration of business. But
men who set out to lock up money now must
calculate to lock up the Bank of England.
After that. all other reserves of specie must
be locked up before any serious disturbance,
of the sort known as a currency panic, can
be produced in this country.
The amount of specie received at this port
during the week ended Saturday was
So. .OO2, ,5S3. This follows $2,276,GG3 in
gold during the previous week. and
S719.429 during the week ended August
16. and makes So, 169. 1873 in gold that has
been received here during the month of
August, less the small amount of sill
yer that may be included in the i'm
ports last week. Prior to August only
$50 600 in gold had been imported
here during seven months of the year. But
this is not all. The specie shipped from Eu-
rope during The three days ended with Sat
urday amounted to $5,500,000, and if cable
dispatches are not confused. at least 81, 100000
mole is now on the way to this port. AS we
said weeks ago. the supply OF gold at the
command OF the New York market is practi-
caly unlimited. AS long as more is wanted,
il will come. According to the telegraphed
statement, the amount of specie IN the
Bank of England on Wednesday last
must have been about f31, S4S,6lS, and
| E372,000 more was lost on balance up
tc Saturday, so that the amount on hand ut
the end of the week was sill about
S167, 200, 600. OF this store, according to
| the latest reports, the bank could spare about
| Si5. 100000 in bullion drawn and de-
Quoted from its deposits, without reducing
its reserve below the safe line of
| 40 Der cent. OF course, so large
drain would not be permitted without some
vigorous resistance, but there is no likelihood
| that such q sum will be required i'll this coun-
| try. Thus far, the bank has made no effort
| to stop the outflow of idle and useless funds,
| and as it is to the interest of mOney-lenders
| in Europe not to have unnaturally low rates
| for money continue, no effective resistance
| will probably be made until the accumulation
of idle money there has been much reduced.
| Every dollar In gold coin or bullion, as soon
| as it reaches this city, ought to be immedi
| ately available as money. There has been
some complaint of delay in the Assay Office,
which the officials maintain was quite un-
| founded but there is occasion for delay
| hereafter, at any rate. For the Treasury has
placed to the credit of the Superintendent of
the Assay Once $15 100000, to be used i'll
| paying for foreign gold deposited there, so
that, when gold is delivered at the office,
checks can he promptly given upon the Sub
Treasury AS either gold or legal-tenders can
be drawn upon these checks, the holder of
imported gold can at once obtain legal-tende
for it, If he chooses.
But what has become of the gold which
mas already arrived Over $6,000,O0O has
been imported during the past month, and yet
the banks report on Saturday only SIS, ,65l,700
in specie, against $40. 652, 400 August 2. The
explanation, of course, In that the specie bal
ance in the Treasury has Increased sc, 1884. 103-
from $127.557. .553 August to S134, 491, ,656
August 80. All the specie that has come
in from abroad, and some from the
mines. has gone into the Treasury as the
safest resting place, because, for all business
purposes, the legal-tender notes are preferred.
The increase in the specie balance at the
Treasury here has been $2,741, 1O7 during the
last week. But the decrease in the legal ten
der Balance WAS only $1,12O, 100, and the IN
crease during the month has been over
ST,OOO,OOO, because of the large payments
taken from the banks early in the month, III
excess OF any present need Tor the
redemption of bonds. The currency thus
drawn, however, is steadily flowing out
again. $3.4OO.OO0 having come out within
three weeks. The checks were also
sent out by the Treasury on Saturday for the
payment OF interest on the JIG per cent loan,
which amounts 20 $2,S12, 800. Tho greater
part Of this sum, with the proceeds of
S., 900, 600 in bullion received last week.
will be added quickly to the available funds
in this market
The grain movement continues heavy for
the season, and the general failure of the
wheat crop throughout Europe Is now recog-
nized by the Borsen Zeiian0 of Berlin, high