The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1879-05-31
Stopping the Sales Of Ten Dollar Bonds.

lhe announcement that Secretary Sherman
has decided to suspend the sale of ten dollar
certificates in the Eastern cities confirms the
theory OF the New York Tribune that the
great rush Tor certificates has resulted in a
'sndden and sharp contraction of the eur.
reney that may have proved dangerous bnt for
Mr.. Sherman's prompt action. During The
past week, 1t is said, the banks Of New York
have paid out Sj,s6G,00O in legal tenders,
leaving them surplus reserve OF only So.
z09,OOO. The Tribune points out that anoth
or week OF such work would leave the banks
without any surplus reserve whateyor.n
The heavy drain upon the bank reserves il
all the more remarkable IN view Of the fact
that very large amounts have recently been
paid out OF the treasury in the process of re.
funding, for the called bonds that have been
redeemed, much Of which il was supposed
was still lying idle in the banks awaiting In.
yes,ment, Independent Of this, however, il
y Is wen known that for many months mast
,here mas been large amount Of idle money
locked up in the financial centres Of the conn.
try too shy to embark in ordinary vsn,ures
and awaiting Just suoh opportunities Of SAFE
investment as are offered BY the now Govern.
mont securities.
According to the Tribune estimate ssabou.
~, OJo,OOO IN currency has been suddenly
7 drawn from the store al the chief conmer.
cial centres, aud il thinks there is reason IN
tear the results which may come from the nm.
restricted sale OF the remaining certifcates
The legal tenders paid for the Certificates re-.
man locked up in the treasury, il seems.
until July, when further batch Of bonds n
r,e.dd.eemable. The Tribaae suggests that the
ali6cuiiy night he obviated by "a more rapid
disbursement OF currency in redemption of
called bonds course which woeld at least
n N4aa.n aNa.Nl D. Il
reney in quick circulation.
Although there may be no ground Ear sar;.
Gus alarm from this source, N ere can Ia NO
doubt that the intention Of Congress and the
voverninent IN connection with these $40
ceeruheaies have almost entirely miscarried
Inc classes OF people whom they were de
signed to reach have been crowded out Nv
the spectators who ia person Or bv tbe;r
agents have taken almost complete nossesslon
OF The selling places, All precautions against
spectators have been found useless, and a.
y seems impossible TO prevent these bonds
IRON. iaooNlng the subjects Of speculation, il
wonld seem only fair that the Government
should participate in the profits. WHATEVER
premium IS TO be got for then had better 90
to the Government than to spectators. The
profits viii then belong TO The whole country.
aud not simply to few private individuals. -
baltimore Epeaing Baiisiin.
---------
MosEYgp Mss OF BALTlnoRE. A. s. Abel
= the richest man IN Baltimore worth about
81, OOO,eo0, chiefly invested IN government
bonds, real estate and coal mines. Jno, q
Iiinngs., SsOOO,0 900, mostly In real estate.
John w. Garrett-worth 81 200, 600 ia bal.
mmore and Ohio stock and real estate.
Thomas 2. Jenkins, is worth 81 900 900 II
stocks ese1. and manufactures. Vim. j. Waters.
xoOO, 600, railroad bonds. trade and ,,;ctn,.-'
VIM. J. Albert, $500, 1000, in real estata nnj
government bonds. Thomas Swami. 5000.
oOO,. real estate, railroad and government
bonds. galloway Cheston, $500, 900. il bank
stock, government bonds and trade. Andrew
ureggi 100000, real estate, railroad bonds,
EAU ecao o Dams stock. Edmunds Law Rogers,
real estate. ''''''
A Nav WHEir PFsr. "a now wheat pest
has made is appearance in some parts az
pa 4 =.