, 1880-11-24

premium, then the English q pcr cents rnt,-
Lilly rose 10 ,ar. These nrn tic REASONS willy
tho money supply Is redundant III Engla,ms,
nnt the operation Of the s,,tl.u Influences will
probably bring tnterpst I'll tlrpat urjtntn TO n
still lower figure.
In tho United States somewhat different
sequence Ut events Inns prosltlcct much tlIp
saino result. The speculative Mid cxtraya.
giant rcriod following tho War, all partly
Incident 70 the continued system of MI ire
dee,nabto'hhd hcprcciate1 c1.rrellcy, resulted
~ Hcnor9I.1*tafe. '1lcn slrlnkagc a,rl re.
srencf'meht set IN. 1t,Iyas tlIe common rur-
posc of tic country I'd curInl1 a'l needless
expenditures. 1lluu1Rence 1T foreign lnxr.
rtcs was tho first to feel tile curb I'1lo I'M
ports from abrontl wcro cut tlown at! 1 rate
whtcl, would net lave beeM bclEevcll, ,ppsalblc
n few years before. lsallroad-blttttinE n,lu
new enterprises wero suspended. TlIu Gov-
eriinlcnt, tho corporations. MID the people
lIcgait 10 cconUnlizc in every practicable
way. Then cn,ne succession Of tli5ep, pr
four enormous crops aid Mt Tho 'shflib
titne MI exceptional demand for for
eign consumption. III thu meantime
protective tnr1if shut 0iE Tic cOinputi-
tfon Of cligap foreign gnOl,s. The American
SECURITIES held abroa1 weru calle.t III rs pay
,ncnt for American produce. Then guild h.
gali to con,o into tic United statcs. 1t WIS
soon evident that capital WIS aecumuIatlng
III tllis country. Thert was no Investment
for It a6rnnd, sillce tho greater supply Ut
ino,,ry I'll England md other European couti-
tries enabled the posscssors thrrcof to estiM-
lislI lower rites Ur Interest than American
capitalists woultt compete for; Ersldca tho
demand for loAl,s had fallen oft everywhere.
As consequence American rites Of interest
began 10 decline Government rntes wcre
reduced frum U to 1 per CENT arl BIS Is nuw
tho highest figure nj which refumltng Is dis
cnssed. Municipal aiul private corporations
which. lind previously paid : per cetlt for
money were able to SECURE It ut rpcrcent. Prf-
yatr borrowers WHO lsud been paying from Ito
10 per cent wcre able to renew their loans or
lnnku How ones at from . to ! per rent. Tho
rates Oil call loans were reduced from to y
per cent. And now surplus American capl-
tai is seeking profltablo Investment on all
Sides. 1t Is gDlng rnpflly into new railroads
nlhl extensions Atut improvements of tllusu
already built. Tie prospect Is TINT within
tile next five yenrs tho development OF tic
country will proceed at IL ratc which was I'LL
rarallcled even during tho ialf-ttuzen years
preceding tho panie Of 1871.
Tho present outlook Is that the rates of.
interest Oil loanab1c carttai will continue to
decline still further, This PROSPECT promises
Il prosperous petlod for soule time to come.
1t will nssure more liberal expenditure Int
public MID private enterprises. It will ,lla-
tcrIal l'y lessen the burden to every man WHO
Is now In debt. It will encourage building Of
all kinds. 1t will enhance tho value Of real
estate In even larger proportion TIM, tic
value Of tho improvements TINT sl.al bc
added. It will lIelp the farmers, tho lnbor-
crs, a1li tho poorncn to enjoy ,nore Of tile
comforts Of this lIto than they hnvo Ind
heretofore. 1t will Induce lie rictl mct, to
spend their money more freely, both for per-
sonal qualification and for the public banent.
Thu e',lowrIcnts Of public charities ni,tl OF
institutions Of learning mil nrt will be moro
frequent and liberal. The Government Itself
will tho moro readily undertake vast schemes
Of public improvements. All these ncw e,,-
terprlsos will make work plenty and wagcs
higher. TlIe present condition OF things
forecasts general md generous prosperity
for ntnny years to come; 1t Is to be hoped
TINT 1t nny bo cnjoyetl wltlioht tlint excess Of
indulgence which, %lll surely bring reaction
aud Dnlifc.