, 1879-05-22

THE NATIONAL PROSPERITY.
Tho salcs md prices of United States
'olnts In Now York OH Tuosilny worc a. fol-


lows:
f. as d Il III, :. llsi.:::"!!%!a !!a !M !S
z. !. rcr cen. courons....... " '....iI0!it i0aii
Y. \. enrrcncy tls.... ...... ......144{ ...,
Natunding ce:tEhcntes, .......-.., 10. 104.{
Tlloro nro now no Government bombs bear.
Ing per cont interest which can 10 called
lit. Tho amount Of per cent bonds au-
thorizol for funding purposes Is alroady OK.
hanstea. Tho per cent certificates nro
selling stnlor Inv which authorized thoir
Issue, but mover anticipated tho presont con-
dition Of nfrairs. 1t was mover expected TINT
tho sales worla e1na1 the outstanding Gs mud
III then subject to calI. we do not know
TINT thoro III any oxpross Inv authorizing tho
Secretary OF tho TroRsury to purchase any
of tho G por cont bonds now outstanding,
md which will fall due In 1881 but perhaps
IT such q courao 10 lawful, 1t would bo as
we'll to purchase srch bonds now, IT tl,oy can
10 Ind, with tho proceeds Of thoBe funding
cortiflcatos. After tho tst Of July, 1881, tho
G per cents, MS we'll rs tho now s por cents,
will bo subject to call, nnl may then bo
roleomed. In tho meantime, however, the
Troasury will be paying per cont interest
on money lying idle in the Treasury.
The fact TINT the | por cont boutls md /
per cent funding certificates aro now selling
at q ror cont premium is o surprise eveu in
this day, whom nothing Booms to ho astonisll-
ing, and when tho public Is prepared to
accept anything as d 1nattor Of course. On
tho first Of january tho Government was
prepared to pay ont gold in oxchango'for
groonbacks; and tho batk8 woro liable TO bo
called on to rodeom their $3.50. .DO0, ,OG0 OF
paper in groonhaoks. Though tho whole
370o, ,000, GOO wore thus subject to call for
coin, It appears TINT tho current payments
of gold into the Trensusy has exceeded since
Jan. tue demand for gold in exchange for
paper. The paper ren,nins in general cir
culation, no on6 thinking Of converting It
into coin or Of buying nr honr,ling coin.
Tho confidence Of the pooplo in tile stability
md good faith Of tho milton IN
evidenced by tho Rtronm of gold,
silver, and Treasury notes flowing into tho
Treasury in exchange for securities boaring
only 1 par cent interest. Over five hundred
millions. have already boon paid into tho
Troasury since January, and, from all ind-
cations, the supply il by no menus exhaust
cd. Tho capacity Of tho people to absorb
these securities has not reached It's measure
yet.
All those things int1cato TINT tic American
pooplo have, in ono form or another, n largo
amount Of money, tho result of their carn-
ings and their thrift. nnd that they hold this
money in excess of whit they need for their
daily expenditures. It represents what tl,oy
hold above their ordinary wants, and tint
they consider tho safety and security fur
nlshosl by the Government, and por cent
intoroat, tho wisost and most profitable form
Of Investment.
In tho meantime tip general: prosperity Of:
tho country is increasing. Tito enforced
economy Of 1ato yours Is giving way boforo
tho increased amount of employment, mud
though wages arc in one sonso much less
than they were In tho days Of inaation, tho
bcttor value OF tile money md the greater
amount Of production has to n large extont
cqualizel tho cost Of living aud tho reduced
slim Of thu wages. New industries nro opon-
ing. Broader fields ara put under cultiva-
tiQn. Moro iron iB mined, manufactured,
and sold. Moro cloth is rnalo md sold.
Moro men and women aro ut work. Moro
wages is distributed. Tho whoola Of produc-
ton arc increasing in their motion. 1yo nro
selling moro Of want wo produce to
foreign nations. W4ilo strife, discomfort,
bankruptcy, aud suspension Of labor prevail
elsewhere, and tho material condition Of tho