, 1880-12-26
re0 MUCH NoNKY III ENGLAND.

sympathy OF the world because he has too
much money Is certainly ridiculous at first
thought It may be assumed that such q
person will not receive very much PITY In
/ any event. Nevertheless the capitalists, and
especially thu so-calied small capitalists who
expect the accumulation In their hands,
whether hereditary or otherwise. to; yield
them Income enough to live OF, are dread
fully disturbed at the falling and decreasing
" low rate OF interest which perfectly safa
investments offer. This agitation comes from
the plethora In the money-market, and En-
gland suffers" more from this condition
than any other country. The present abnor-
alredundance Of money is suggested to the
London Spectator by the recent negotiation
Of loan OF ST, 000, 900 for India On fifty-year
bonds at 81 per cent, to which nearly five
times the required amount was subscribed
at lG3 to 1o4}4, while that Government for
1Derly procured money with difficulty at z or
s per cent and within few years has paid
as high rate as So Rer cent This circuu~
the following significant statement relating
to the money-market:
consols, II ne count the dividend, are above
par. French per cent rertes are At g, the
voted that ElSo, .ooo Or 50 snsa s. refaaded 1t
s rsy aus II 4aefe
up to or beyond LIZ good per cent preference
railway shares may be roughly stated At 1l0, and
per cent. t Is useless to 60 farther With the
list With the exception OF some small stocks
hero and thore. Which by some accident do not
per cent In any security which Is at once safe
and quickly reatizable, and extremely difficult
n securities 1T tor trustees to obtain more
turns from land are going down. and
t1s value shaking to IN extent which
trtghtens small investors; the rental Of houses
is fierce, and rent y good deal affected BY indi-
Ftdual necessity or whlm; and the richer uau-
nicipalties are threatening everywhere to con-
lower. denominations The banks are drowned
in money at deposit. till the most formidable
danger OF the situation is the necessity their
rnanagers feel tor using money somehow; and
till every roRue who plays q big game, and
therefore wants large Advances is welcome ID a
times would oeer the public - per cent, think 4
will be attractive enough, and hive sometimes
the adrott impudence to offer s.. Accumulaton,tn in
fact, has cauxht Up aud passed the means OF ill.,
restment, till. II great Government, eny,
France or Germany, wanted a hundred millions
Per sent fn tor anythlnf hut war capitalists
Like most English statements In regard to
41uACAzE<AA 1AAaAka3 LILO nppft - NlVlk AZ 5i4j-
ing that the American Congress has voted
the refundhg Of e15o, ,o0o, 600 at per cent, but
the scheme is admitted to be practicable"
and there is little doubt that the refunding Of
the bonds which mature next spring and
summer will be made at that rate. For the
rest, the view OF the general field Of finance
Is correct. and it suggests number of Curl
Gus results, particularly in case the predic-
tion made by the Spectator shall prpve to be
true-:Ylz. that the decline In the rate OF ill.,
terest will probably continue, and that the
rate will go as low as 2per cent within the
next five years.
The suggestion which will occur as the
most important to Americans, though 1t will
not offer the English capitalists much COM
fort, Is that the conditions Of the money mar
ket which have been outlined will open up
unparalleled opportunities to that class Of
people known In French political economy
as the e4ltrepreneura. This class includes
the projectors Of railroads and canals, and
and steamship lines, the men
who undertake the application and manipu-
latlon Of new labor-saving inventions, those !
who are reaching out in an enlargement Of |
business Of any kind, and all persons who !
find it necessary to borrow money to push or
extend their enterprises. The encourage |
ment which all these people Will receive from |
an abundance Of money at low rates will un- |
doubtedly bring to the surface many reckless |
operators and adyenturers, and low interest |
win no longer offer the compensation OF |
safety and permanency OF investment; at |
the same time, the new impetus that will |
thus be given to building, to manu- |
facture, to Invention, to production, |
and to labor, will serve to distrib ute
money much more literally among the wages
and salaries class, among the small trades |
people, and among all who contribute by |
their effort to the comforts. luxuries, and |
Of the money-spenders. The |
poor man can take very cheerful view OF
an outlook which rather betokens burdens
for the rich man than fol- himself.
There is another view OF the case, however, |
viii en- makes this condition exceedingly op-
pressiye to people Of limited means and pos
'ib1y menaclng to interests that are closely
Identified with the prosperity Of the masses
The trustees Of estates and the families
With limited capital which has heretofore
,ielded them supporting income from pub
lie securities must expect In the future ma
crial reduction In their revenue, and they
viii suffer more apprehension than hereto
ore as to the fate OF their capital. A reduc-
Ion from per cent to per cent means
Of income Of one-Quarter to such
PERSONS, and II the rate shall 20 down In En-
;lRnd to per cent, as is predicted. then they
must be content with one-half the income that
heir means formerly yielded them. In such
ases where this change shall set to work OF
ONE kind those who are able to work but
ave been in the habit OF spending their time
Il ldleness the hardship will not be 4 m after
or any general regret, but there are many
ases where the contraction of income will
all upon widows and young orphans who
annot make good their deficiency by any eff
orts Of their own. 1t is also clearlyfwlthia
he range Of possibilities that fire md life
companies, savings-banRs,, and
ther associations maintained for tbs future
are OF families, may be weakened even to
ankruptcy by the radical change inthe con-
itions OF the loan market II tha safe In
estnents of their funds shall be reduced ..
rom and to and per cest, they may in :
L. ~ I