Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-02-01

ne svsumpton Of specie payments will
lssd 70 one good result, and that 10 the
yvvsrios az the rate Of interest in this
country. II already begins to show the
direction Of the current. The sum OF
$4,000, 900 Of the hve-twenties Of 1867
hes been called for redemption since the
vpsning Of the year, and the sub
scriptions to the four per cents.
nearly equal that amount. The American
four per cents. have taken their stand 10
the London market. There can be no
question that the high position that Ameri-
can credit now holds will enable the Gov
eminent rapidly TO place our whole bonded
debt 1t four per cent, or perhaps, ~ in
England, ct three per cent. The higher
the financial standing Of . nation, the
cheaper Il IL able to borrow money. Eng
land has long been able to borrow 1t at
three Der cent. Mexico, Turkey or Russia
must pay considerably higher rates. Now
American credit, since resumption became
assured, is at the tip-top. We are able to
borrow money at the lowest rates Of inter
est. Our four per cent. bonds have been
going OF 1t an average rate Of $ 1900, 900
pr day, and four per cent. will before very
long be the rate Of interest paid on the Ma
tional debt.
The same result will take place in the
best city and State debts. 1t has been de-
monstratcd quito recently that Baltimore
could. il there were no legal i~mpediments
in the way, reduce her whole debt from
elk to Eve per cent. Whenever the city
has reserved the right to call in
and pay on her six per cent. bonds,
there il no difficulty in borrowing the
money to do so At five per cent. This
was shown in the payment Of the So, 0oO. 900
water loan. The city issued . new loan
bearing FIVE per cent. interest and placed
II all in : single day, and with the moneys
thus acquired paid off the six per cent.
debt, making q saving to our taxpayers Of
$50, 900 per n II the city had re-
served tho right to call in its other bonds,
the whole debt Of the city might now be
reduced to FIVE, or perhaps even to four
per cent. The interest on the call loans in
Wall street has during the past year been
on an average very low. Money has been
easy to borrow at n per cent. per year,
and has ranged from this up to three and
four per cent, varying with the condition
OF the money market. These facts indi-
that tho Government OF the United
States is rapidly emerging from the youth
full condition that has to pay high rates,
and Is entering OF the stage of equality
with the richest commercial communities.
Capitalists no longer expect such heavy
upon their money as they obtained
five or six years ago. Rents are lower;
dividends on the very best railroad securi-
tics are lower; returns from manufactures
are lower, even where the factories are
prosperous. Business Of all kinds is con-
Quoted upon smaller margins Of profits.
Prosperity is evidently returning. but the
booming times Of the flush greenback
epoch Of seven years ago will never return,
and ought never to return. 1t was not
health. but intoxication. The changes
wrought by the return to a specie basis
will be gradual, solid and safe. and, though
capitalists may not get SO large q return on
their investments. wages will be steady and
the cost Of living lower than it has been
for many years.