Year: 1878

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accepted as an indication that the
country has prepared itself for spe-
ole resumption and that there will
be no violent shock to any of our
interests as result. Should the
hopes of the friends of resumption
be realized to the letter, an era of
unparalleled prosperity will set in
in the United States. We have
reached "bed-rock.n In fact, we
reached it three years ago and all
tha has allied US since has been
lack of confidence upon the part of
capitalists. The safe passage of the
crisis of resumption will restore
this old-time confidence and spirit
of enterprise as If by the wand of a
magician. Every one will feel,
with the change safely accom-.
plished, that we have entered upon
q cycle of prosperity which will
embrace at least twenty years. The
owners of real estate will hold out
for higher prices; the intending
purchaser will be willing to give
more nearly the value of what he
seeks to buy. The plethora of
money which confessedly exists in
the United States will find employ
ment in railway and other enter
prises. Every one will realize that
we are at the bottom OF the stairs
and have nothing to do but to
climb out Of the depth, rung after
rung of a sort of financial Jacobs
ladder. We shall all feel like start
ing together and the momentum
80 gained will carry us for two
decades.


1t should never be forgotten that
the balance Of trade with the rest OF
the world has bean in favor of the
United States, in the round sum of
three hundred millions of dollars,
during the past year. In the COM
ing year it promises to be as large,
or larger. We receive this balance
partly in gold coin and par y in
American securities held abroad.
We are benefited as much by the
return of our bonds to this country
as by the shipment here of gold
coin. II the process continues for
two years longer Europe will nc
longer hold any of our securities,
and we shall be the largest holders
of gold coin in the world in five
years. We doubt If, in the history
of the United States. the country
has ever been in as sound "a condi-
tion Is now.


Another thing about the resump-
ton OF specie payments should not
be forgotten. There are now at
least three hundred millions OF
dollars in gold coin in this coun-
try. Hitherto this money has been
used as q merchandise. 1t did
not enter into the volume of our
currency. Releasing it from its
status ms a commodity is an inf1a-
tton of the circulating medium
precisely to that extent, and it is
an inflation which carries in its
train no drawbacks. Such au addi-
tion to our currency will probably,
within the current year, operate as
an enhancement of twenty five per
cent. in real estate values through
out the country at large. We will
hazard the prediction that, should
the charge be effected easily and
satisfactorily, and through the
hearty cooperation of all classes
of our people, New York City real
estate will, within a twelve-m onth,
be quoted at an average of twenty
five per cent. higher than it is to-
day.


AL these things have a vast sig
nificance for Los Angeles county
and Southern California. Respond
ing to their improved circum-
stances, Eastern people will travel
more, and this section will get its
full share Of the travel and the
benefit. Large numbers find in
our climate and vegetation the
very things they are seeking. They
find it without being obliged to ex.
patriate themselves. Residence in
Southern California, surrounded
by Americans, is much more
cheerful thing than hunting sun
shine on either the Italian or the
African shores of the Mediterra-
mean, amongst strangers not one OF
whom out of hundred speaks a
language understood by the inva-
lid. In fine, We regard the outlook
as very encouraging to those who
desire to see people of means settle
in Los Angeles county. We may
not experience the change at once,
but 1t is certain to come. We trust
that, when it does come, our large
Landowners will be prepared to en-
courage the new imm igration by
asking reasonable prices for their
broad acres.


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WE have rarely seen such dead
s'give away" of u profession as the