New-York tribune., 1880-01-06

ion wondered with any less than the full
number of Judges on the bench would DC
liable to be reversed. On many accounts IL
Is TO be regretted that the cases cannot be dis-
nosed Of finally at this term OF Court, but IL
is certainly wise to take precautions against
another disputed and temporary adjudica'ion
in cases of such importance.
The truth is that this question ought NOT 70
have any commercial, industrial or poiltlcai
IMPORTANCE whatever. But for ignorant OF
knavish demagogues 1t would have none. Inc
lecal-tender quality Of the United States note
does not now add the thousandth part OF one
mill to ITS value or purchasing power; 1t Is
treated in every particular as the gold certifl-
Gates were prior to 1879, as an order upon
the Treasury Of the United States for q certain
amount of gold. That order everybody knows 10
| be 1edeemable on demand No one douOts the
| future ability or disposition OF the Govern
ment TO redeem its notes. No one is Wiling
to take upon himself the risk, cost and trouble
Of guarding, transporting and handling goid
coin in large amounts so long as he can use
sight drafts on the Treasury instead.
Nor is there any reason to suppose that gold
will become more scarce or dear. The pro-
ductiou during the year 1879, according 10
the annual circular OF Wells, Fargo u CO'
was $50, ,529, 800 gold and $3s, ,623,Sl2 silver
About two-thirds of the silver has been taken
for coinage by the Treasury, though only slhan
part of it has found Use ia active circulatloh'
But nearly the whole of the gold produced, eX-
cepting So, 500, 900 or 100000 used in the
arts and manufactures. has gone into employ
mcnt as money. In addition We have mn
ported from other countries, In excess OF ali
| exports about S75, ,OOO, 900 in gold. The i'm
ports of all specie at this port alone have been
| $S4, ,260,495 for the year 1879, but since
! August l the imports here have amounted TO
S74. .S62, ,814 in gold. while the exports
have been practically nothing. Yet TINS
vast addition to the store OF gold mas
not satisfied the demand, nor Is there
| any prospect that the production Tor the
coming wear will be materially diminished.
As to imports, there may be a decrease whcn-
ever exports of merchandise cease greatly 10
exceed imports, but the course OF foreign
trade within the past three moths has been
most surprising, and to prophets OF EVIL most
disheartening. Though the quantity OF pro-
duce exported late in 1873 was enormous be-
yond all precedent, still greater quantity
has been sent abroad within the past three
months, and. while there has been healthy
increase in the value of imports the excess
of exports over imports will still be over
$500, 900, 900 for the year 1879.
Until changes of the most remarkable char
acter occur in the social. political and indus
trial life of people in Europe or IN this
country-changes such as cannot reasonably
be expected within a period of five years
the products of the New World must continue
TO 20 abroad In such quantity that exports
must largely exceed imports Of merchandise.
AS a nation, we are no longer borrowing
money, but paying debts. and the yearly de-
mand for interest due 10 foreign creditors does
not increase. All these circumstances justify
great confidence that the country viii not be
called uron, for several years 10 come, to meet
any considerable drain OF specie. The stock o!
cold in the country in that case, will be in
creased each year by the products OF the
Mines and each year the surplus of gold in
the Treasury will become larger, and the
ability of the Government to meet its demand
notes will become more evident The night
thing TO do is to put an eud to the legal
tender quality OF the notes in use by Congres-
sional enactment. II members would nd
themselves of ideas which were fitting only
| when the notes were not redeemable, they
would soon see that nothing can now be
| gained by the continued exercise OF power
10 make forced loan in time Of peace.
| ------------~~