The daily gazette., 1879-04-14

TO bring them 10 w wilmington.
THE City Council will soon advertise
for proposals for the sale Of city bonds at
A per cent. Our city bonds are just as
safe as government bonds, if not safer.
STILL WORKING AGAINST THE En-
CHANGE OF GREENBACKs foR SILVER.
In the old Democratic times gold and
silver were the basis of all bank paper.
There was deficiency of gold and sill
yer, and hence there was a suspension of
the banks whenever it was found there
were agents in the market buying it up
for the great European banks or bankers.
We are still short of specie, and there
fore it seems a want of wisdom or states
manship to Oppose the exchange of
greenback paper for gold or silver which
the ''s,alwarts" are now doing in Wash
ington by their opposition to the purchase
Of gold and silver bullion by the Govern
men, and coming it into money. Certainly
il is wise to coin silver and gold as rapid
ly as possible while it can be got for
Creenback and coined at profit. If the
whole greenback series could be changed
into specie it would be well to do So
The time will come when this cannot be
done. Already the governments of Eu-
rope begin to feel the loss Of specie, and
commercial bodies are clamoring IN Eng.
land for the reconciliation Of silver fol
this reason, and for its convenience as {
money moter Of trade.
There is a curious fact that may b,
mentioned just here. We say fact, be
cause We are convinced that it is SO al
though we have not seen it elsewher,
noted. There is, it Is said, now store,
away by the government, At a cost Of 81,
per cent. interest, about S3OO,uOn,OOO O
coin or It's equivalent. THIS coin is KEEP
in order to keep the bank note paper a
par, as we'll AS the grcenback paper a
par. Here is cost which the bank not
paper is 10 the people. 1t is heavy wle
compared with the cost III tOimcr time
In former Democratic days the govern
ment rarely lad more than million
coin in its vaults, and yet her bonds WEI
As high as SLIT, while the banks hel
enough specie to float their pape" at pa
without any cost to the govefnmcnt.-
While these hundreds of millions of sp,
ci4 have to be purchased and kept to kee
up gIcenbacks and national bank note
il seems the greatest folly for Nh. ST,
plens and the sreenbackers to be clamo
.ng for the issue of srecnbacks as chea
money.
The cheapest money We ever had, al
that which served the country the mos
and under which the people prospert
and grew in Independence and veal
Bank paper. They put money with
reach Of the people ; the cost Of the tv
systems is about as one TO four. 4 bank
with one hundred thousand collars
com, gets right in Washington to IS,
$4,000 in notes; therefore he pay ST.
for his circulation, while the II per Gel
reserve may increase the cost to S1.y
Under the old system his charter fro
State permitted him to issue $500. On
in notes while his capital swelled |
amount to 100000 without restrictio
hence his money cost him % cents
perhaps 33a cents per dollar. Sim
Cameron SAID in the Senate not long a
that he issued 100000 OF notes of t
Middletown Bank and his capital was
greater than now when he issues b
$4,000. He said This without shame
being shamed by his hearers for comm
ting such an unlawful act. There W
then no bank examiners; and no one
see that the bank circulation was ke
within legal bounds, as there is now.
the South and West could return to I
old State Bank system with proper checl
1t seems to us, labor could he adyanc
and prosperity would follow there a
hep trade here. Why could hot be
systems run together as they did, t,
certain extent, before the rebellion?