The daily gazette., 1879-04-21

MONEY IN LoNDoN.--The New York
Herald makes the following comments
upon money in London, where the single
gold standard with surfeit Of gold fails
to render any service SO far as stilnulat-
ing trade Is concerned.
"rhey have got great deal of money
| in Lonuon, and yet they are not happy.
| They have got more than they want
| They are glutted with IL. The precious
metal has become as drug, a sort OF
gilded pill that, nevertheless, they make
| wry faces at. 1t ought to be u subject of
legitimate astoulshment to men like
| voorhees, and Logan, and the other
. prairie fiuanciers, that though they have
got AL Tins meuey in London they com
plain vi it, they do not feel the richer
Tor IL. They regard IT AS IA calamity anu
apprehend thai they are to be poorer.
here Is a proportion OF ten pounds ster-
l | ling to each peIson, where little while
ago there was probably only about one
ipound, and Yet the people do not toss
their HAS in thea Strange Indifference
:, aud stolIdity OF the masses There can
be NO better illustration than London
: now affords OF the nonsense Of the sort
. OF financial arguments that our county
was flooded with "a while ago, all based
On the assumption that au increase in
: the quantity Ut circulating medium made
peopie richer i'll proportion to TIE extent
OF the increase. London is distressed
I over what our orators would have called
It's "prosperity." 1t is flooded with idle
. money br rcause the owners of the money
1 can mud no employment for II. 1t can
not be put into the crippled forelgI
> trade burt by American competition. Ii
: canpot be safely invested in domestic in
q dustries infested by stri kes and also hur
by competition from outside. There L.
VI no confidence, there is a sense ofinsecu-
rity, the policy Of the government Ii
mistrusted; the bankers a. L not depend
Z ed upon, and SO London IS overwhelmed
II with accumulation of idle money. Blu
nobody proposes any legislation about
i'll the English Parliament"
The whole of the above might be calle,
u cheap attempt at wit. Did it not refe
d to q too series subject. A plethora of gol
lr is perhaps nearly as Objectionable As tn
v scarcity of money. But the article is nc
9. true in the sense in which it is desired t
.e be operative. It's not true that "no bod
4, proposes any legislation about it in th
English Parliament" for it is propose
u. to petition Parliament to remoneti2
III silver and make its coinage and Leg
ol tender unlimited. There is too muC
I'll money in London. Gold draws no int
e. est when idle. There is one section
o. this country that mas too much none
he and were the money gold AS in LondC
g il would suffer as London does Th
,is section is the Eastera and Northel
~ Middle States. But the Southern al
~ Western States just where the labor t,
" productive exports is wanted, there
Ell no money-not enough to pay han
We actually necessary, to keep up the land
At and improvements cannot be effected.
hv If man in the South had 100000
lao 90 into the banking business he would Il
=, be fool enough to put it into that bu'
ness there. He could make more
~ loaning the whole of it out on mortgag,
~ The present Banking system would II
us hermit of his loaning more than S7J,C
ud of the one hundred, SO that he cot
,ed make more by using it as we have stat,
lb- This is not the case in the East ol
ur- however, where money is 90 plenty 81
iha every bank is burdened with line
on deposits greater than Its capital,a I'll
Hoo discount upon the whole. Recently
- This city bank discounted notes
the amount of double its capital.
nav North and West ought to have m
'iie money--they are not able to get moi
ate, enough to pay plantation laborers, {
ley, it is worse so far as mechanics are C
are cerped. They were never in such a c
,ttv dition under the State Bank system.
'
'ple Those 25 cent cassimeres of Kenn
ney & Co.'S, are worth attention, as they
4 s.l. 4