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The Influx Of Gold

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The people of the United States have been worshiping the "gi een goddess of irredeemable paper" more han ten years. Another sovereign will soon makt.' his appearance and dispute the sujiicniacy. The popular deïusion that there never could be a general suspension on a greenback basis, there being "nothing to suspcud on," bas been rudely dispelled. True, the suspension bas not yet becoine general, but the ingrediente for it are at hand, and everybody is dow wilhng to adioit that it might bc su. The virtue of irredeemable paper to avert a pauic has vanished into thin air. Looking at the movement of gold trom foreign countries to the United States, - a movemerit which cannot be stopped even it' the Bank of England should be i to suspend, - it is uot impossible that specie payment may be foreed upon the greenback-worghippers of this country in gpite of themselvea. What is to with this gold'i If we were on a specie basis, it would strengthen the biiiks, and tend to restore confidenoe and avwt the worst results of the crisis. If the imple resources of the Government had been devoted to redeeming past due-paper in accordance with a eolemn proiuise, instead of buying up an iudebtedness having twenty years to run, this incoming gold, together with the stock already here, and the production oi' rair mines, amounting to $1,000,000 p'enwoek, would soon ballast the cra.y slwp of finance. But that has not been done, and the question comes prcsing upon U8, What shall be done with this gold? Poreigners expect to buy our whnat with it, and buy it they will. Already telegrama have been received here irom Canada inquiring at what ■lic; wheat can bd bought for coin. is nothiug that cannot be had for gold in times of panic. Gold coin or bullion will domineer over the greenbacil at a terriole rate in any controvery that may arise between them respect - hij; the po8session of wheat, pork, or any thingelue ander the sun. The laws ot the United States and the decisions oí 1 lie highust tribunal recognize contraets inade payable sj)eciftcally in coin. lt does not strain our eyesight to seo in the íicur future a trade starting up on a gold hiisis, and " oing it alone." It may be tlíut the gold that is coming over will at firat be sold for greenbacks, but as it accuinuUtes it will becouiH too costly to be hoarded. Unless it is in circulation performing its natural office, somebody must lose the interest on it. No great accuinu lation can long be held idle. Nor can it io out of the country so long as foreign isnge is bclow par, as it must be for a Long time to come. There will be a poweri'ul torce -,it work to drive this gold into the ohannels of bnaioesi, It will not circulftte on an equality with greenbacks, butit may circuíate, nevertheless ; and, to whatcver extent it moves, it will relieve tli! existing pressure. What the precise result will be we shall not attempt to :ict, but it will probably make a better speech in favor of specie puyinents tban Boutwell or Grant ever macie in favor of taxing the people one hundred millions per aniiinii over and above the needs of the (iovernment, in order to buy, at a premium, bonds having fifteen or twenty years to run. - Chicago IVibune. A WKLi.-KXow.N artist had, according to custos) thrown open hia studio to his fnciiiih and patrons tbr a private view of his piotures, in'cnded t'or tlie ltoyal Aoademy. One representad a merry party dancing, the host's face beaming with pleasure as he raieed a glass of champagne to his lipa. "1 don't know," said the artist to a friend, " what 011 eai th to cali tíiis picture - how to account for the happy exprt'ssiun On the face oí the host." " Well, if 1 were you," replied tlie viaitor, "I should siniply cali it, 'Death of a Mother-in-Law '"' A wouian and child at Angola, New York, have lived in a hogshead fot two luonthg, licing too poor to pay rent.


Old News
Michigan Argus