New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-04-11

81, 100000 by September /. There is no
apparent reason for suppOsing that the
return OF legal-tenders will be unusually
small this year. But the apprehension OF
some experienced observers. is. that the
specie portion of the reserve may be drawn
unusually low during the Summer by exports
of coin.
From April to September l, a large share
of the coin exports of the year are usually
made. Last year, the domestic exports OF
specie during those months were S24, 664OlS,
and during the whole year only $37, 429, 661.
In 1876 the exports from April L to Sep
TENDER 1 were 500, 1923, 991, and during the
whole year, $47,973,762 In 1875, the ex-
ports from April l to September were 49,
623,21S, and during the whole year, S1O,-
10S,S52. In 1874, the amount exported dur
ing these months was $34,972, $50, and dur
ing the whole year, $6G,544,393. If the
exports of specie should be as large during
this Summer as might be expected from re-
cent sales of bonds, or as large as they were
in 1875 or 1874, it is feared by some that
the reserves of the NeWYork banks,
now composed more largely OF specie
than of greenbacks, would be dangerously
reduced But little reason for this fear
will be found in the records of the
specie movement hitherto. In 1877, the
specie in the New-York banks was reduced
81, 800, 900 from April 1 to September l,
but because the sOacie In the Treasury, in ex-
cess of coin certificates, increased about $780,
600. 600 during the same time. In 1876, the
banks actually gained f1,000,000 and the
Treasury lost only $9,OOO,O00 during these
d. nY-
ported. In 1875, also, the banks gained III
specie, and the Treasury lost only $6,50O,OO0,
though nearly $40, 000,0 was exported. And
in 1874 the banks lost less than SIOOO,OOO.
and the Treasury as much more, while the eX-
ports were S35, 10000 These comparisons
show that exports of specie even larger than
there is any reason to apprchend may be made
without materially depicting the store in the
banks or in the Treasury, and it must also be
remembered that the annual production OF the
precious metals is believed to be larger now
than il was in either of the years mentioned
Ii is supposed that the production OF
precious metals is now about $7,OOO,OOO
per month. From September l, 1877,
to March /, 1873, a period OF six
months, the production is supposed to have
been about sI2,OOO,OO0, and during that
time imports of specie actually exceeded ex-
ports by 81 800, 900. Hence, Mt the beginning
of March the store of specie in the country must
have been fully $40 900, 900 larger than il was
September l if over $3,000,0 600 be allowed for
six months consumption in the arts. Ofths ac-
cumulation. about 1913, 100000 WAS in the
Ncw-Yolk banks and about $l1,5OO,OOO in
the Treasury, leaving at least T2,5OOOOO
elsewhere. During the month of March the
excess Of exports OF specie at New-Iork was
only about $500, 000 and if the production
was about S7,OOO,OOO, we began the month of
April with at least $lG,O0O,O0O more Of specie
in the country than there was September i,
of which $40, 100000 more was in the
Treasury not covered by certificates, and
S2G, 100000 more in the Ncw-Iork banks,
leaving an increase of about $7,5OO,O0O else
where All this accumulation, besides the
production of $7,000,000 per month, must he
exported before any drain, necessarily depict
ing the banks or the Treasury, can occur.
The conclusions preceding are based upon
the estimate of production made by DR.. Under
man, Director of the Mint But the yearly
statement by Wells, Fargo & Co., if accepted,
would indicate production of about $4,000
conclusions here reached. 1t is not improbable
that the statement of Wells, Fargo g. Co.,
based upon returns of quantities of coin and
bullion actually transported, may be the more
correct, but, in order to be quite within the
mark. the estimates of DIR. Lmderman have
been followed.
The sales of bonds officially reported last
week were $4,145,O against S5,14S,25G
during the previous week, and $3.50, 100
during the week ending March %. OF the
sales last week, $2,6I0,000 were coupon
bonds. The decrease in sales of bonds of that
kind. even more than the decrease in aggre
gate sales, indicates diminutiOn in foreign
orders to sell, but it must not be supposed
that the transactions officially reported afford
any accurate measure of the entire sales made.
A very encouraging feature is the continued
excess of exports over imports. Since January
1, the exports from New-York have been
larger by about $24,000,000 than those of
the corresponding period last year, while i'm
ports have been about $10,000,000 smaller.
At Boston, Also gain of about $3,OO0,0OO
appears in exports. Probably imports are
everywhere retarded by the expectation of
change of duties If the condition of foreign
trade does not greatly change before Congress
adiourns, il is possible that we may get
through the Summer without exports of specie
exceeding the quantity produced
|
PRINCE GORTSCHAKOFF7S REPLY.