US Presidency
1891

The exports of gold to Europe, which began in February last and continued until the close of July, aggregated over $ 70,000,000. The net loss of gold during the fiscal year was nearly $ 68,000,000. That no serious monetary disturbance resulted was most gratifying and gave to Europe fresh evidence of the strength and stability of our financial institutions. With the movement of crops the outflow of gold was speedily stopped and a return set in. Up to December 1 we had recovered of our gold lost at the port of New York $ 27,854,000, and it is confidently believed that during the winter and spring this aggregate will be steadily and largely increased. The presence of a large cash surplus in the Treasury has for many years been the subject of much unfavorable criticism, and has furnished an argument to those who have desired to place the tariff upon a purely revenue basis.