The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-12-09
a SHOWER OF GOLD.

Epronean dispatches for the last month
notice every few days large shipments or
cold 70 tins country. The New York ItmeS.
ut ,hc oGth inst. thus explains what it means :.
Ahort one month ago the importation of
cold in large quantities mo thlS country from
Enrone was begun for the first time since the
norir which occurred in 1878, and within the
time indicated there have been about $1,000
C0O in gold received in thiS city from abroad
In order to learn the cause of the sudden IN
tiuy of such comparatively large amounts OF
specie, a Times reporter yesterday called up
ON number of prominent bankers and CAPT
talists in Wall street, aud IN every instance
received the same answers to his questions III
regard to the matter. They said that the bal
ance of trade was in favor Of this country,
and as it cost less to remit specie than 10 buy
bills OF exchange, the balance was settled IN
gold. One of the gentlemen spoken with
said: The reason is very plain. We are
now clothing, feeding and lighting large
part of Europe, and we are not importing
ANYTHING like an equal amount OF mercnah'
disc from them. The goods they get from us
must be paid for, and as exchange IS hlgh,'
they prefer to make their remttances IN goiu'
cannot give YOU the exact figures, but win,
in the last ten days 100000 barrels OF reHheu
petroleum. worth about three and hall MI
lions of dollars, have been exported from tlis
country to Europe, and that amount alone Is
undoubtedly large enough 70 afiect lne price
of exchange. Besides the petroleum. the large
amounts of cotton and grain and other pro-
duce sent out must be taken into considera'
lion. A great part of the money now coming
in goes into the hands of the thrifty, saving
portion of the community, ana they are lax
lug care of it, and are not inclined to speEd II
recklessly." In reply to question as to why
the price of gold did not decline, in view o
the large quantities beng imported, another
gentleman said that he ascrlbed 1t to the un
Settled condition of the political affairs OF TIT
nation. There were so many lncendlar.
speeches and threats made by the polilica
orators and editors throughout the Countr.
that the people were tlmid, AMI were disln
clined to part with their specie. 50 soon a
the presidential question should be delnltel.
decided, however, he believed that the pric
of gold would be much lower. Another SAID
that besides the primary cause.-the Dalanc
of trade in favor of this ccuntry-it wa
thought that the ROthSchild- Morton syndicate
might have something to do with the suduei
increase in the amount OF the importation 0
rold. They might he sending gold here ant
depos,ting it in the United States sub'treasur
in order to pay tor the A per cent. govern
ment bonds subscribed for by them. He coul
not say how long the present condition
affairs woul0 last, but it might possibly com
to an end within three or four weeks, as larg
lmpOrtatiOns Of holiday and other goods Wer
generally made about the middle OF D4ceu
Der. Orders for them might be sent at an
time by cable, and they could be shipped
this country by first steamer and in that wa
the difference might be made up or at lca
materially reduced.