Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1875-05-07
WHERE THE MONEY GOES.

Financial articles are dry reading in
the daily journal, yet it is pertinent
to pause slong enough occasionally to
cast a balance. Unfortunately the
balance Is. largely against US. The
chief cause of this is the indomitable
enterprise Of u people. There is no
money enough in this county to carry
forward the vast improvements pro-
jected from time to time and the result
Is that u enterrrising men go abroad
for the necessary funds. Then, again,
a very large proportion of the bonded
debt of the United States is held in
the moneyed centers of the Old World.
Our Government pays to Europe, in
the shape of interest alone, something
over sixty millions annually. The
balance of trade is also against us to
the tune Of about forty millions year.
ly. 1t is difficult to give the exact
amount OF our indebtedness in rail-
road bonds and similar securities, but
1t must be a sun SO vast as to almost
stagger the, common understanding.
Capitalists beyond the Atlantic do bust
ness strictly on a specie basis. We
borrow their gold and must return
principal and interest in a like COM
modify. How the United States is
ever going to get back to specie pay
ments with this immense drain on the
gold and silver product Of the country
spRpasses on understanding. Demo-
Gratis say that free trade is the proper
remedy. To our mind there is grave
doubt on that subject. The abolition
Of tho tariff would, of course, enable
our people to buy cheaper abroad, but
Is il. not fair to presume that they
would buy more? At first blush and
without much consideration of the
question, 1t would seem that a high
tariff could have no other effect than
to tend to keep our money at homes;
and that would appear to be just what
is needed at this particular juncture in
our history. The whole trouble is,
that we are sending out of the county
annually q great deal more gold and
silver than we produce. Senator Jones
and others have made glowing speeches
about the speedy resumption of specie
payments, but nom of them have yet
suggested a practicable method looking
to that desirable end. In fact, all OF
the speeches that have coIne under our
observation smack strongly of the
superficial. No man has yet spoken
who seemed to have the slightest con
'ception of the v%astness of this subject.
Tinkering with the currency of the
country will not cure the evil. Some
thing broader, deeper and radical
IL required. Enactments, or rather a
long series of enactments calculated
to keepthe money we produce at home,
are what is wanted. To get back to
specie payments without mourning
the risk of a disastrous panic, gold and
silver will have to become as plentiful
all over the county AS it is on this
coast. ant
We find In the London Investors
Manual an item which furnishes a
pretty good idea about where the
money goes. That Journal gives the
following as the amounts paid in
April on account OF London and Con
tinental subscriptions to American
loans:
Amt of Call.
Pennsylvania Railroad .................. $3.50 ,O0D
Real Estate IN. W 1st NJ. Bonds...... go, 900
Utica, Ithaca and Elmira abroad. $4,000
Western Union Telegraph Bonds...... Az, 100
Delaware and Hudson Canal..-.-. 10000
FL 747, 80
Same month l,9l9,aoO
The total amount to be paid up this
month Is al,747, 75O-$s, SOC, 900, against
1919, 900 for the same month of last
year. The amounts paid up each
month this year compare as follows
with those Of 1874:
". 1875. 1874.
January ..-,....... to5l,2J0 ts5o,4sU
february-........... l,9o1,O00 l,UJl wv
4arch.,.......-.-.---. z,zlIso1 I'i.V'UV
April...,...... l.747.750 l~,yl9,9OO