The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1879-07-19
u Resumption Accom-.
EssiSaless!

~ oiheo tho guilty il sup
posed TO have resumed
specie payments. The currency
has been stable in value, and the
effort bas been apparently as sue I
cesstnl as could have been antici
pated ; bnt the nation cannot be !;
said 10 be upon d specie basis by |
any means, The Government has |
resumed, but this was only the |
first step in the operation OF cons
vertlhg onr financial system from
an isrefeemable t u a redeemable |
currency. There has been no
drain OF coin from the Treasury
vaults as was feared by some.
The legal tenders have not been
sent in for redemption. and the
..oin and baliiDn Oh the 1st July
had piled up 10 Sl77,379, ,791. of
which 5l3j,236.474 consisted of
gold, against 1916, 742, 1856 out
standing legal tenders. AS bank
ing goes now a days. sach meas
ure may be regarded as compare
lively safe. In the present condi
ton of the financial system OF the
country the probabilities are that
the Treasury will continue to en-
large its coin reserve and ste,,di
ly absorb the product Of the
mints.
SO tar as the banking system of
the country is concerne /, it is no
nearera god basis. than it was on
he 1st January. The coin re-
serves to latest mail dates of the
banks of the three principal cit
les. compared with those Of last
January. were as follows:
January. 1879 june 80, 1879.
Boston 80 S35.D0 So 5l7 400
New York. k..-.-..2 %, $50, 200 1860, 400
Philadcldili,- -. Is, ,4dl ,73l 15,790ISl
The Philadelphia reserve EN-
braces legal tenders also.
1t is evident from these figures
that the banks have not been
able to put themselves on Spe-
Gle basis, ana bring the busine j.
OF tie country to anything like q
sound footing. 1t is very doubtful
whether they could have accom-
plished much had they desired to
do so. With the Smlli amount Of
coin in the country at the COM
mencement OF resumption. 1t
would scarcely have been polite
Tor the banks to have competed
with .he treasury in securing spe
Gle reserves.
The present year will doubtless
so enlarge the stock of coin in the
Treasury as to enable the bank
inr system to hegin to put itself
III the proper trim for full resnmp
ton. Til" genius OF our institu
tions is opposed TO Government
! banking, and the people will not
he coutelt to rely upon the Trea.
nry to maintain the financial ba
sis of all business transactions
: bat will insist on a reliable bank
ing system, resting upon its owl
coin reserves.
We cannot afford to repeat the
= error OF Great Britain. when she
!, constructed her great bank to col
= troll the finances Of the Kingdom.
= The Bank of England is "a NOR,
elastic aud efficient institution
> than our treasury can ever b;
= = come, but it has diseased and de
" moralized the whole financial sy
:, tenn of that country. Eminentl.
= successful in maintaining relia
" bic note circulation it has foste
ed il reliance that has disease,
D the whole Joint stock banking sy
= TEN. While the great bank jea1
:; :; ously gnat us the coin fund t
u u keep the circulating notes good
" -" the banking system proper, tha
'e is the vast fabric of deposits rest
=, upon nothing but paper. Will
~ =, Great Britain is noninally npo
a specie basis her JOINT stoc
banks, that do Ill the commercla
O. business of the country, hold Oni
per cent coin reserve. The II
Il, suit is IA panic every ten years.
n The United States ne eds an
of will have safe banking syst
10 standing upon its own bolton
~ and independent of all Cover
~. ,nent filanciering. Such a sy
- ten may he a national one al
r. controlled by general legislatlo
,,o but should have the main teatn
20 of individual strength, which CT
of only result from liberal paid
ha capital and abundant coin rese
,;s es in its vaults.
he "A smile costs the glver not
m ing" says a good writer. Dosel
ere hey! Perhaps no., bnt we KIN
be of "a Rocklaud mau who began
1t smile" four years ago, and I'll
to got into the habit OF generon
Ids giving his friends ''smllts'' al
'. He has smiled away a bonse a
'ers lot, span OF horses, a good h'
oy ness aud his sOul ANA character