New-York tribune., 1880-01-01
UNITED STATES.

This ha. been for .neans an honest year. for
the Government has kept it's pledges and redeemed
its notes IN CON- On the first day OF resumption
tho Treasury paid out 81 600 In gold and received
S4OO OOO From the outset the ability of the Gov
ernmsnt tn meet it's floating obligations IN coin was
manifest, and the demand upon the Treasury for
gold and silver in exchange for United States note.
was excet dinghy small On January the reserve
Of coin was 81 33, sos S0i 80 During the next ten
months United States notes amounting to
$l1 256 67S were presented for redemption, aud the
net balance of coin available for resumption in
creased to 1852, 1877, 1856 4S. AT that time the i'm
ports of specie amounted TO S61 ,479o01. of which
$50 800, ,084 had been received since the first of
August and mainly from the Bank of France. by
the middle of December the specie imports had gone
above $S3, 600, 900. At the close Of the fiscal year
the excess of exports imports SEC 661 .66G.
This excess has not been met. as during the four
preceding years. mainly by remittances of United
!, ates securities but i'll good part By shipments of
specie.
The resumption of specie payments and the in
rrease IN foreign trade have been accompanied by
GENERAL revival of business. 1t has been year of
bountiful harvests and commercial prosperity.
Every form of industrial enterprise has felt the m-
petuS Immigration has increased the settlement
of the Far West has gone on apace and the volume
Of business in tie monetary and commercial cx-
changes has been enornous During October the
speculative movement in the NewYork Stock Ex-
change was at the ratio of 40O,OOO shares. with u
par value of $40, ,O0O. 900. pet diem; and during
single week III Move brr shares with par value of
$3.50 900 600 changed hands The sale of 250, 900
shares of Central and Hudson stock late in that
month, bv William II. Vanderbilt, to syndicate of
foreign bankers and managers and to the owners OF
the Wabash system, was a financial transaction of
stupendous proportions. The failure of Archbishop
Purcell was large operation OF different character.
RtFCNDING.
The Improvements. of public credit during the
year has beeu indicated by the magnitude Of the re-
funding operatiUut On January 81 Sl5,OO0.000
of four per cent bonds taken by Syndicate. On
Aprii 4 the amount of five-twenty bonds outstanG-
ing was $50, sos 700, and this covered by the
days subscriptions the four per cent loan; with ad
ditional bids for $6O91a 800 in excess Of the sum
quired. There being no other six per cent bonds re-
deemable. the conversion Of the five per cents was
completed ON April IL by subscriptions OF
e149. $50 to the four cent loan These opera
tiOus euabled the Secretary Of the Treasury to
port in December saving Of SO .355.S77 90 in in
tereet BY the refundng. since November, Dr.. 1878,
Of $3.50 of SKIES and 81 93. 500 $50 of ves.
The fours have been sold in small sums and
now held mainly IN the United States. The reduc-
tion of the rate Of interest In this State from to
rer cent will take effect to-day.
The opening of the Sutro Tunnel the completion
of the Mississippi jetties and the laying OF u new
transatlantic cable, have been among the great
enterprises of the year. The 1nteToceanic Canal
ConRress at Paris was attended by III American del
cssop hut their distinctive plans were rejected and
tho tide level scheme of DE Less RS and the Napol
con Wyke was adopted The lcticability Of
this project has boon demonstrated hy the recent
txaI IsfI, nd no uf
ssruotion of waterway through Nicaragua are
now favorable The outbreak of yellow fever at
Memphis caused momentsry alarm throughout the
country, but the TavaGes of the disease were con.
fined to that centre of infection.
THE CAUCUS CAMPAIGN.
The decentralization wrought by the publication
ff the cipher dispatches aud the overwhelming de
fests Of Novenbe' increased the desperation Of the
Democratic leaders. The evidence taken by the
Potter Committee early in the year established the
accuracy of THE TRIBUNE's transatons, and
the stock in trade of the party-aJlegations of
}, fraud In the Presidential elertion-became
20 utterly worthless rs ~ promise poliucal;
bankruptcy Under these circuInsta - ths'
democratic caucus determined to opcJ the food
gates Of fraud at elecuopasS sSThe s4ecrpt to foist
partisan riders upon ths feGuls. appropriation
bills was stously rssisted tv the Republican minor
it, and tho XIXth Congress came to an end. with
the Army and the Legislative. Executive and Judi
cial bills stin on the table, The main issues which
caused the deadlock were these In the Army
bill tho prohibition of the presence Of troops at
sollmg-psoes; and in the other appropriation bill
ths repeal Of the southern JurorS test-oath and Of
the provision for the payment Of United States
Supervisors Of ElectiOnA The majority report of
the Potter Committee was presented at the close of
this disgraceful sesAion and by giving Mr.. Tlden
certificate of ehsractsr virtually committed the
Democrstic party to bis Leadership during the next
Presidential canvass. At the same time the Teller
Committee poiuted The moral of tho fraud policy by
rsperhng on the General use OF tissue ballots In
the South Carolina election.
Tho XLVIth ConsFess convened on March IL.
With Democratic majority In each house. to com
plets the work which tho cascus had left uDdone.
After the reelection Of tbe Speaker and the organ
isatop Of both houses ths revolutionary programme
Of the previous Congress carried to even greater
lengths. Tho Democratic leaders threatened to
leave tho country without troeps and without Ns-
tiouai RADICAL oesrs unless they were allowed TO
pesaihis the suylsynest Of troops ss the polls and
to ahtooate tho functions Of supervisory msrshsls
and Geputy marsAAls st elections The Republican
minsEity stood Arn and The President IN his admir-
aiay dsswia vsts asssases stripsod ths Denocsstto
arR1usnt Il the LITTLE alsxc sad les reason which It
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