The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-08-21
Gen. Ewing on Our Ma
tiOnal Finances.
His Great Speech at IrontOn,
on Sa turday
What the Policy Of COntrActiOn HAs
Already Brought About.
And 10 Yet to Be Expected
From lt.
General Cary ON Republican Big
What the Policy Of COntrAction HA,
Already Brought About.
General Cary on Republican Big
otry.
OUR SUPPLY OF PRECIOUS METALS.

OUR SUPPLY OF PRECIOUS METALS.
We pay abroad on National and other
securities about one hundred and fifty mil
lions Of dollars in gold annually Seventy
three per cent. Of our foreign trade Ia car
ried in foreign vessels, calling for about
fifty millions Of freight in gold year. As
suming that immigrants bring in as much
gold each year as our countrymen travel
ing or sojourning abroad take from us, we
have yearly debt to pay to Europe, out
Of home resources alone, If two hundred
millions Of gold or its equivalent for in
terest on bonds and freights. In other
words, we start out to trade with the rest
Of the world each year with that balance
against us. We pay it partly in gold and
silver, partly in other commodities, partly
making new debts Our whole product of
gold and silver for five years from 1869 to
1873 was a little less than sixty millions a
year. Our annual exports Of gold and
silver coin and bullion over our imports of
the same commodities are stated by Mr..
Field at an average of sixty millions. Last
year it was over hfty-one millions and 80
far this year it is doubled the rate Of last.
Now deduct from our bullion product
twenty per cent. estimated as consumed
here in the arts, and we have net pro-
duct for export or coinage of but forty
eight millions-so that not wlthstanding
our large product Of the precious metals,
the aggregate of coin and bullion remain
ing IN the country rs steadily diminishing.
This statement Is corrobOrated by the fact,
that the gold ard silver in the United
States is estimated by the Secretary of the
Treasury at one hundred and sixty-six
millions in 1874 against two hundred and
eighty-fve millions estimated by Walker
in his Science If Wealth, in 1860.
We start out then with such debt abroad
as has reduced our gold and silver to one
hundred and sixty-six millions, and carries
away from our shores each year more than
all our product added to all that returns
to us. Bullion bought by the Treasury
abroad to prepare for redemption and
withdrawal of legal tenders may be hoard
ed until the day Of resumptlon-but it
will then pour out and flow where our
growing foreign debt, and the markets
from which it may be extracted, demand
it.
How MUCH CURRENCY WILL OUR GOLD SUP
PORT
Let us see, then, what amount of re-
deemsble currency can be kept aHoat in
the United States with our present supply
of gold and our means of keeping it.
| read from a table showing the total
amount in dollars of the precious metals
in three of the chief commercial Nations
the world, and Of the paper currency they
are able to keep ahoat, prepared by me
from statistics IN Appletons' American
Encyclopedia, Walkers Science Of Wealth
and other authorities. II is to be observed
that the power of the banks to obtain and
keep gold is to a large extent dependent
on the amount ahoat in their respective