Show ANOTHER it Is not impossible that this great nation ruay learn an important lesson at this particular juncture even rom tho little colony of newfoundland that colony at now is 12 through a period of etrene the condition of in be principal city is described there has been a financial and business panic in which banks and business bouges have tumbled to pieces what is the matter there is not hard money enough in the whole colony there are but a few hendred thousand dollars in gold silver and copper A eingle bank with notes and and other obligations amounting to 4 million dollars has had a gold reserve of but to support the whole all the banking business and all commercial has been done upon a gold basis and there would not bo one fourth enough gold for safety if all the the colony possesses were multiplied by five A tremendous fabric of credit has been built upon a narrow base of metal aud in the old familiar fashion the whole superstructure has tumbled into wreck while thia work of ruin is in pro grese the financial officers of tho united stales government are entreating to reform our currency cui rency by following upon a harsar decalo abo example of newfoundland we too have a comparatively ively email and a continually diminishing u gol far from sufficient for safety but the secretary of the treasury urges thet upon this dwindling babis nefi hall permit private bankers to kreer amount of currency than wo now have it is a glorious victory for the amneet money of the gold that newfoundland found land hai just won it |