The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1879-11-22

Dssgsss Which Attend The Revival Of
Prosperity.

importations of coin and bullion
have amounted 10 $S4, l2,745, and
there are at present more than
3, 100000 on the way, making an
aggregate Of about $40, 900, 900 for
tho three months. This is at the
rate Of $3.50, ,OOO, 900 per annum, or
moro than three times our average
expectation Of gold since tho full
cxpl0itatiOns. OF the California
mines. This wonderful reversal
Of the current, this turning back
Of the outflowing tide of gold ard
substituting for it an intlowing
tide Of more than three times the
amount, is SO contrary to the usual
and natural course OF thi.ys that
Il challenges the thoughtful attcn-
tion of the financial world. As
this country is the largest produ.
Ger Of tho precious metals. they
should be, IN any ordinary condi-
tion Of trade, a heavy article of
export, and not of import. The
present great influx Of gold must,
in the nature Of things, b. tempo
rary; but tho director Of the mint
thinks It may continue for at least
six or seven months. Its tendency
whilc il lasts, Is towards an enor-
nIors expansion OF our circulating
medium and general enhance
mcnt OF prices. ln other words,
It tends TO introduce new era Of
speculation.
A vast and sudden iu1ux Of
money is not necessarily q benefit,
ns Germany experienced to it's
cost in the six or seven wears that
followed the silibcndous Frencl'
Indemnity. Among the most IN
strurtiuc phenomena in the tinaU.
cial history ot the world ara lhc
wonderful recovery Of French
prosperity during those six oi
seven ycar., aud thu severe bust
ness pros.ratlon which cnsued in
GvtnInny.
We are no, blind 10 The a'lvamta.
gcs Of this great dow Of the pre-.
riuus metals inioihc United States
We share, to some extent, Ia The
feeling oi cxuliation which seems
to be exciting in the business clas'
scs. II imsurcs The success OF oul
great experiment Of the rcsump
tion OF specie payment, and In this
view Il is a proper subject Of con-
graduation. II Il had so happen
e,l that during the first year Of re
sumption tho tlow Of gold hat
boon in tho opposite direction, i
would huvo been difficult II no
impossible to maintain the expert
mcnt. Fortunately, we arc reliev
cd from oil anxiety on this vita
point. We never at any period q
our history had SO much gold II
proportion to our population a
the country possesses to-day. an'
the volume is certain to go on IN
crcas:ng for many months to COME
But there turks danger eve
IN this brilliant success. 1t is th
tendency Of a redundancy Of mon
ey TO foster spirit Of speculation
As tho circulating medium cS
pands prices inevitably rise, an
III what is callcd a rising markt
all who arc in haste TO be rich ar
tempted to buy, not only to III
extent Of their means but 10 I'll
J utmost stretch Of their credit, !
the hope Of great profits from ii
expected rise in prices. An Q,
, pansion Of real inoney has this e
feet as well as tho expansion
!, paper currency. We are, tl'er'
) fore, in imminent danger Of a ne
era of wild and crazy speculation
Wise legislation by Congre'
might avert this threatened cvI
ana convert the danger into a II
umph. Never was nation SO 4
vorcd By opportunity as our n
ton is at present. II 1t will b.
seize the occasion for retiring u
/. urcenbacks aud substituting go
in their place. Before Congrc
$ meets lberc will be gold eno"t
IN tho country to make 1t easy i
all ,l,e national banks to rcpla
their grce,back reserves win sp
cic reserves. and 10 fiji The vac''''
IN Inc general circulation VIII
:. would bc caused BY the full 81
final retirement Of the legal 'end
y notes. Tho bugbcar Of contra
!, lion which has been SO persistent
Il hell. up against this change has
n longer any tcrrors, aud the VII
druwal and cancellation Of !
ls rrcenbacks would foresiall !
!, shrcatcnc,l evil Vf ~ c''orIno q !!rI 9
= cxpnmsiou oi tho circfll l.K =
70 dsu,n nmd 4 new cvrlo Of Will 4