New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-01-13

Fifty millions Of the lour per cent loan taken
in fen DAYS: such is the first effect OF rcSInp-
tion. No doubt portion Of these subScrip-
tiars ar, o. character which may properly
he called speculative, and there is al
least chance that some Of those
who have ordered new bonds from the Gov
cynm.rt in advance of actual subscriptions by
investors nay be disappointcd-So great are
now ,he facilities for small subscribers. Bu the
exchange of four per cents for outstanding SIX
upr cent must 20 forward very rapidly, because
fine holders Of the old bonds have been fully
warned bv recent purchases that they can eX-
p..t to hold Them but little longer. 1t seems
not improhaulc that the first half of the
wear may suffice to clear off the skies
of 1867. Of which $3lO.6lIOOO were ont
Standing according to the debt statement OF
January |. Less than $l0,OOOO0O OF these
bonds were ON deposit as security for bank
cirru,1tion July !, and according to the latest
debt statement $500, 991 $50 OF this Issue were
coapcn bonds Meanwhile the accumulation OF
coin i'm the Treasury continues, independently of
dcpo,itS for four per cents ordered. That re-
sumption has proved splendid success thu
far. both in the workings of the Treasury
l
bv the business community, even the
most bitter opponents are constrained
10 admit. With abundant reason, Republl-
can Senators contemplate a resolution ox-
messing the satisfaction of the Rcpub-
lican party with the results of measure
prepared i'll a Republican caucus, passed
in both Houses by Republican votes,
defended in four successive elections against
/ the assaults of Democrats, Grecnbackers and
! IrpudiatorS o. every shade, and finally cX-
ccutcd bv Republican administration III spite
OF most malignant attacks from Democrats. No
marty can be sad to lack a financial policy
/ whose record Is such as this If the Republ-
cans cannot unitcdly rally upon measure so
/ completely and splendidly successful, they DO
not deserve their good fortune.
| Foreign trade still feels the effect of
tbe severe storms which have inter
uptrd communication. The exports last
| week were smaller than usual, and the
Acplrture of the first steamer Of the Wander
Mlt Line has been deferred until Wednesday.
The imports were very small last week,
also. but the SiYns Indicate gradual improve
mcnt in the import trade, If for no other
reason, because the great depression and
anxiety in Great Britain must cause stocks
to be forced upon the markets at low
figures the specie exports last week
were unusually large, but embraced scarcely
| any gold. The rapid calling of SIX per
/ cent bonds OF 1867, of which considerable
! share is he'd abroad. will for the time tend to
ncutralze any excess of merchandise exports
over imports, and may help the country to
dispose OF some of Its supeliluous silver
The currency movement at Washington
! since January lst has been in the direction
! of increase in the bank circulation, but the
! change has not been important. No doubt
/ some banks which nave hcsitltcd while reSump
ton was pending, III the fear that ii might
| involve inconvenience to note lsSucIS, will now
take occasion to enlarge their circulation, but
! there is 10 indication as yet thar there
| will be a permanent increase. The virtual
| addition Of many millions of gold coin
! to the available money of the country tends
! 70 prevent any call for expansion of note
/ circulation, rs long a prices retain then pres
/ ent level. In the markets there is consider
able promise Of Improvement, and some adj
vance in pilccs is 10 be expected. For the
present, the revived confidence OF capital leads
to largely increased purchases of investment
securities, but the same impetus Will doubt.
/ less soon be felt i'll All channels Of Legitimate
/ trade.