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The Record and guide: v. 40, no. 1008: July 9, 1887

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My 9, 1887 The Record and Guide. m THE RECORD AND GUIDE, Published every Saturday. IQl Broadway, XT. "5r. Oar TelepUone Call Is « - - « - JOHN 370. TERMS: ONE YEAR, in advance, SIX DOLLARS. Communications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XL. JULY 9. 1887. No. 1,008 To an impartial outsider railroad aeeuritiea look like a purchase. The financial occurrences which shook public confidence in the closing days of June had the effect of marking down the price of stocks and bonds below apparently their normal value, but the new fiscal year will bring us more available money for speculative pur¬ poses; and, then, there are several great deals which are soon to be completed, and which, when definitely announced, will enhance the value of all stocks. Of these the Western Union Telegraph matter is the most important. Undoubtedly an understanding is being arrived at with the Baltimore & Ohio, which will be announced within this month. The Reading reorganization is complete, and that of the Wabash, I., B. & W, and Texas Pacific will soon be concluded. Then, the railroad earnings are all phenom¬ enally large. There is really no argument in favor of lower quota. tions but the possibility of the unexpected. Real estate continues buoyant, and the conveyances keep on largely exceeding those of last year, ----------•---------- Notwithstanding the appreciation in price and the cancelling of government bonds, the organizing of new national banks keeps right on. Since the beginning of March there have been sixty-nine new banks started, and of these thirty-six had only $50,000 capital, and eighteen more had between $50,000 and $100,000 capital. This is a wholesome growth, as the banks are needed in localities that lack such facilities for the transaction of business. Every new bank creates a fresh demand for government 4}^ per cent, bonds. In spite of what the newspapers say, the country ivould be benefited if our surplus was expended in necessary public works. Instead of paying our national debt, it would be economy for us to borrow $300,000,000 or $400,000,000 more, to be spent on river and harbor improvements, the creation of a navy, and proper defences for our seacoast cities. The Tribune persists in asserting that the coffee, wheat and real estate speculations are due to an excess of currency. It shows that there is now less money in the banks and more in the channels of business than there was a year ago; and it also claims that the issue of small silver certificates inevitably leads to currency inflation. But, as compared with other nations, have we too much currency ? The latest computation is that we have about $19.85 per capita— that is, $4.50 of silver per head, $9.75 of gold and $5.60 in legal tender paper money. In far more densely settled France there is $52 per head—that is, $14.50 in silver, $33.50 in gold and $15 in legal tender notes of the Bank of France. Yet France, with nearly three times our currency, is not suffering from any specu¬ lation due to currency inflation. There is, of course, more or less activity in this country in the various departments of business, and there is a tendency to speculation, but it ia due to some other cause than a redundant currency. Among the issues which will enter into the next Presidential contest will be one relating to our immigration laws. There is a growing feeling that some check should be put upon undesirable immigrants, not only paupers and lunatics, but very poor people who are likely to become a burden, and others who are not wanted from race or inferior personal characteristics. Prof. Boyessen puts the case strongly in a recent number of the Fontvi, But the best and most significant outgiving on the subject ia contained in a letter of Master-Workman Powderly. He undoubtedly in this matter represents the bulk of the working classes, who object to foreign immigrants for the same reason that the California work¬ ingmen insisted upon the exclusion of the Chinese. As Mr. Pow¬ derly points out, the politicians have not said much so far. They never lead, but always follow public opinion. This question, by the way, promises to develop antagonisms in the labor party. Henry George is an advocate of free immigration. He thinks it monstrous to exclude even paupers. His land theories will make no headway among the farming population, while his free trade Dotiona are anything but acceptable to skilled mechauica employed in the protected industries. There is a good deal of trouble ahead for the followers of George and Powderly. The advocates of the gold unit of value forget nothing and will learn nothing. They have been beaten at every point in this country ; but they still seem to have the President and his Cabinet in their interest. A couple of years ago Mr. Manton Marble was sent to Europe with the avowed purpose of testing foreign govern¬ ments on the subject of bi-metallism, Hia real purpose was to thwart the policy of this country and help along the cause of gold monometallism. We stated the purpose of the Administration when he was appointed, and his subsequent conduct justified what we said. It is now announced that Mr. Edward Atkinson has been designated by Secretary Bayard to go abroad on some secret mission connected with the metallic currencies of the world, Mr. Atkinson is a man of marked ability, who can marshal figures to help sustain any cause he is interested in ; but he is one of the most pronounced and fanatical of the gold monometallists. He will do what he can—which is considerable—to discredit inter¬ national bi-metallism. It is really exasperating that after the experience we have had with silver coinage, which has been such an unmixed blessing to the country, that all our Federal oflficials who deal directly with the finances should be such bitter enemies of the use of silver as one of the precious metal standards. As a nation, we suffered severely from 1873 to 1878, when under an exclusive gold rej/ime, while we have prospered as a nation since 1878, when the silver coinage law was passed. We exported our gold by hundreds of millions pre¬ vious to 1878, while we have increased our gold store since 1873 from less than $200,000,000 to over $060,000,000 in 1887 So manifest have been the beneiits of the silver coinage that every successive vote in Congress has shown increasing majorities for the use of silver in our currencies. The opposition to the national policy here in the East is dying out, and a thousand Marbles and Atkinsons will not be able to change the determination of the American people to bring about, if possible, international bi-metallism. If Dr. McGlynn'a quarrel with Archbishop Corrigan and the Papal authorities had been with regard to the public schools, or some question affecting the integrity of the Union, the press of the country would have backed him up in his position, that, as a citizen, he should not be called to account for hia views on political matters; but hia advocacy of Henry George^s objectionable land theories has procured for him the hostility of the newspaper press, which naturally represents the employing class and those who have a property stake in the community; hence the curious spec¬ tacle is furnished of all the ultra-Protestant papers sustaining the Pope for excommunicating a priest becauge of the latter^s objection¬ able opinions on a secular question. But the newspapers have somewhat too hastily come to the conclusion that the interdict of the .Chur«h makes an end to the priest. He certainly has a large backing among the working classes, and seems to be personally popular among tens and hundreds of thousands of people, who would never have heard of him but for his quarrel with hia ecclesi¬ astical superiors. He is in no danger of starvation, for he can make more as a lecturer than he ever could as a parish priest. He will be a power in our politic3,;provided he does not run for office himself. That would hurt him more than any excommuni¬ cation from Rome. In dealing with this troublesome case the Church has again shown the value of its splendid discipline. There was more or less sympathy felt for McGlynn by many American priests, but they have been silenced. Two distinctively Roman Catholic journals took the part of the protesting priest. One was forced to change hands and the other has suspended recently. Father McGlynn seems to have many adherents when he appears in public halls; but they are not the kind of people who support newspapers. But this episode in the history of the Roman Cath¬ olic Church in America is significant, inasmuch as it ia the first occurrence in which any section of the Catholic priesthood or laity haa rebelled against its ecclesiastical superiors. Ours is the only country on earth to-day in which there is an unreasoning public opinion against government expenditure for needful public improvements. We have just heard of the com¬ mencement of the Kiel Canal by Germany, to connect the German Ocean with the Baltic, The British government is aiding directly the opening of new lines of railway all through India. Russia is perfecting her railway system in Central Asia, and it ia possible now to ride from St. Petersburg by steam travel all the way to the frontiers of Afghanistan. Russia ia also engaged in the creation of a gigantic railway system in Siberia, whore, in five years' time, the Pacific Ocean will be reached. Moreover, Russia haa been develop¬ ing for years the water courses of Siberia, and this new line of railway will make available for wheat culture enormous stretches of fertile territory. It would require a good deal of space to tell of all the projects now on foot to open new avenues for internal and