The morning star and Catholic messenger., 1879-01-05

~ may be actually in the country.
n AZ iaat al this has come to an e,
,. Goid commands no premium whatever, q
i greenbacks are received in the custo
q mouse for public dues. In bank, gold
r PAID ont on checks, if asked for, aud is
a longer received as special deposits. T
great probability is that 10 a few weeks {
, date oean" statue of gold will be aga
D reacned, when it will be at q email discou
as being more inconvenient than pap
Z currency for handling and transporsatio
There ia no reason why government not
should not be as valuable rs those of tl
staunchest banks.
In view of these facts there can be I
doubt that the bottom of the fnanci,
trouble has been reached at last, SO far .
that trouble was attri butable to the cor
dision OF our currency. Money can nc
now become harder to get by reason of j,
increasing dearness, for it is all on a gol
footing.
But the halt Of the downwa tendepc
Will probably not be the only or best resul
OF resumption. 1t is quite possible that
strong reaction will Immediately set in-ir
other words that money will become sud
denly plentiful and easy of access. The
unfortunate inequality heretofore existin,
between greenbacks and gold kept them
both out of the market, more or less
Holders of green backs boarded them be
cause they were constantly increasing in
value, while property was as steadily
depreciating. Holders of gold necessarily
Kept 1t out of circulation because they
expected and were getting premium on it
as merchandise.
Now both of theee agents will be set free.
Greenbacks can no longer improve By
being held. To make a profit hereafter,
they must be invested in business. This
raising of their embargo will let loose a
hood of life and activity. Thousands
IL business channels now almost dried nm
or want of capital will find the old current
'eturning, bringing vigor and strength
With it. Capital will turn it's attention to
heretofore despised, and be-
ONE as free and friendly as it has been shy
nd reserved. Agriculture and manufac-
ure will get much better hearing for
he collatersls which they will present in |
skiing facilities, while railroads, canals |
nd public improvements generally, will
nee more come into notice as eligible
lvestments.
But If thswing the sluggishness of green
acks will have 80 much effect, how greatly
Ill the movement be quickened by the
ldden loosening3of the bonds which have
ept gold imprisoned. Hundreds of mil.
ons of this medium, yesterday a mer-
landlse, is to-day a currency. Where
'all it be invested Z 1t is a reservoir
ON which the dyke has been taken away,
ID 1t must of necessity flow out upon the
'untry. 1t aust make for itself chapnels
ID md thirsty fields waiting for its foods.
This sudden alacrity of capital to meet
terprise half way, this eagernees on it's
rt to find profitable employment. will
1t different face on business matters OF
cry Kind. Facility 10 getting money is
Q very life Of enterprise. There are a ! !
oddities of men enterprising enough
dig for gold with their bare fingers, but i
common run of people will wait until l
ey can get tools to work with. 1t is the c
nVersAl activity, not the exceptional
ergy, which makes prosperity. Where
@ half the money of a country is out of q
cuIaSlon as being merchandise, and the
ner malt Is cautiously held up for pur- -.
ses Of speculation, there can be no facil- ,
In getting money, no general spirit of
terprise' no prevailing prosperity. q
Let the country congratulate itself that i
Is miserable, abnormal condition of the r
'ney element ia over at last, that it's f
'ney iS no longer a commodity for sale o
speculation, but a currency and of NO il
l0e for anything else. Let the public v
oice that capitalists have mo more
Ance to gamble with their funds but will .
forced to 6nd a business investment for
,m.
And this is what resumption means. n
The LeuISIafura