New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-21
NINE MILLIONS PER WEHK.

The naked fact that Nine Millions Of Dollars in gold
were exported from New-York alone during the week
ending with Saturday last, must challenge attention
We say Nine Millions; for though the amount which
was officially reported on freight was =, 291,
whereof So 573 800 went on Saturday alone, no one
will doubt that the small amounts taken by travellers
and in express packages that do not figure in the
steamships manifests will swell the total above Nine
Millions.
We are not alarmed by this exodus We view it
not so much as the disease as symptom of recovery
This country has become large producer of the Pre-
cious Metals and can afford to spare portion of its
annual product And as between exporting Gold
and exporting Bonds State, National, orcorporate we
decidedly prefer the former. 1t is not therefore, the
payment last week of Nine Millions of the heavy debt
we owe to Europe but the existence of that debt the
means whereby it was created, the policy which tends
TO perpetuate and even increase Indebtedness to
foreign nations, to which we would call attention.
Much ingenuity has been expended to beiog the
subject of a Balance of Trade. We have been told
that the expectation Of cargo of ice costing SlOOoo
with the importation in payment therefor OF cargo
of tropical fruit worth 100000, seems to create an
adverse balance Of 100000 when it does nothing of
the kind. hundred such cases have been cited TO
obscure the mmutabe fact that nation Cor per'on)
that bnys and consumes more than IFS surplus products
sell for is IN The high road 10 bankruptcy. nation
which imports Silks Wines and other Injuries, TO
such all extent that it must export bonds ana other
mortgages on poserity TO pay for them or draw more
heavily on its reserves of the Precious Metals ana
other concrete and indestructble values, Is gong
wrong and should be arrested in its downhill course
before il can reach the natural terminus OF the Road
TO Ruin Hence we have done our utmost, though
with poor success to secure prompt Resumption OF
Snecie PAYMENTS That would have checked
importations By knocking down prices and
enabling us to produce at home millions
worth that We are now reckeS,y buying
abroad High prices are coveted by large PRODUCER,
by workers for wages, by those in debi ye, they are
not the less perlous and unwhole.ome. Ii Is a de-
porabe fact that uinetcnths of our books might to-
day be manufactured in Great Britain and imported
cheaper than they can be made here; aud Wheat has
recently been brought from Europe to feed this agri
cultural people Beside Cotton, there Is scarcely an
American product but Gold that can now be cX-
ported without lo,.. Hence the pull upon ui for
Nine Millions of Gold in week Z" 4.
The H,faH. which has been the high priest Of IN
nalion and Northampton, thu, exulis over the
prospect:
Frerv now and then certain class Of financial theorists
prcJ rcgu.on universal smaslup and III sorts u evil.
These people consiiui onlY bears; end no amount o
srguscr facts the coutr, knock the theories
M ~ ttor Lr,ds II NE prediction De not fulfilled 90 tho
tine stated they So tie tasophe ). only deferred ana
will surely come They have been repeating oil along since
the war closed their gloomy forebodings that We should
have a terrible revusian IN this county. Even tie
., fI'e ' prorae,s Of evil They predicted their
theories aud predions on what they called an isnaed cur
reney ANA urged The necessity OF lmneime ~
preventive remedy In The face Of al % the country was
never more The enormous burdens imposed upon
bv the war have been carried WIN ease thy nave nol
checked oar onward progress IN Developing ndusi com,
fc ous or unhealthy II D. SOUND ana sup,ana ana -
based upon positive production pro'ess ana tue increase
csIiirz .ton Of solid wealth The currency represents
Ln small portion VI i. wealth So great and continued has
been prosperity that thoe who predicted disasters Lave
been forced to COZ ss That ne county Is dong very
Won noiw Outstanding thc'r icbodnPs nnd theoIlea Icr'
Laps ST. Ioch AID Others public mcn begin
something about fhe condition OF the country for
ve INV o-ety4 change in heir anglage and oourse with
rceora questions o n cc lnd currency Sl. We noice
tie cd oi alarm rlifcd again. portion Of e press,
wich -s lncapal-o f learning ANYTHING by experience
rcitra,~s arn the unnecessary mud false prediction of
ing r.yul-ion 1hefc ground for his than there
before. Indeed nrc becoming stronger every yand
II the country IS settling down beautifully 10 the
new state Of thiugs brou1ht about by the war
We beg The HeraM 20 count The TRIBUNE among
t;ose who 40 not consider that The country is
doing very WELL; the contrary, We believe that it
is doing badly, aud must continue TO do badly until
either we return 20 Par Currency and lower prices,
or 80 increase our Tariff to reduce the average Of
our imports below that of exports. We cannot
o. on as We are going for shall not always have
Nine Millions of Gold per week to spare. Even the
commercial column of this same HoraM says:
lie policy Of the Treasury sacrificing much Of It's
cold keeu premium rising above 800 is
,nae Ae event of anything ke The present drain to
Europe co1fuug IL supply would soon be so far exhausted
that i control Of the market and Spectators would
he ready 10 all the Government bad 10 sell They would
az the sane me be- aided hy that dstrnst Of higher
premium which would SEIZE upon importers ana 0nes
ls,.tg occasion 60 buy gold, and hence the premium
voud Use al the higher ia consequence Of the
o;o,erIurAt having exhausted it's supply. ~ keep
lt , ME IN he face = the large demand for ship
f &C. Iie,.DT, piis premium upon IT. export ioI the
l, at1.ts slow bay aud ship H. viii view 10
ln 3 a.aiut 30 AZ higher htpfes Unless therefore The
ftt n lcwt should favorable turn affecting
SO Lrf- is likely a. md that II made
in cnnmeucnr thus early assume control OF the
m.taet llelsufA moi dcHe ~" the export 81 specie
III, ue-l ot. probably have been mach smaller
We Il, not assent 10 this reasoning. Since we
owe tie money, Il j. better 70 pay IT, and the Secre-
iary la. done well in supplying tie demand from his
vault, at 30 per cent. premium But 1t Is true that
BE- cannot Away have Nine Millions per week to
spare; and il j. high time that had provided
another way Of making both ems meet That way,
we submit. l. To be obtained through increasing the
Tariff and contracting the Currency, as to reduce
our imports aud increase our eAports.