New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-12
THE pRfTE or GOLD.

The faN of gold to 1908 bid on Monday, a
lower price than has been recorded at any
time since the first suspension of specie pay
ments in 1852, will not seem surprising "a
those who have watched recent events. OF
these. the most important in effect upon the
price of gold has been the remarkable excess
of exports since August Returns for Feb
ruary are not vet complete, but, estimating
these from the known increase at New York,
we conclude that the total excess OF
exports since September l must have been
more than $1j0,O0O, 900. Though the ship
mcnts of bonds from Europe have been large,
they have not been large enough to cvcrbal-
ancc this enormous excess of payments due
from abroad, and there Is no room to
doubt that the premium on gold would have
disappeared altogether, from natural causes
and not because Of any especial influence cx-
erted by operations of the Treasury, If the
public credit had not been assaulted by the
Silver men. II is worthy of note that the low
price of brcadstufis and provisions, which has
brought to gIicfimportant firms, since the treaty
of peace between Russia and Turkey was signed,
has stimulated exports, so that the excess is
still remarkably large for the season, and may
perhaps continue some weeks later than is
usual Ordinarily, imports begin to exceed
exports before the 1st of April.
The second potent influence has been the
Silver BILL itself, as it has been understood
here and in Europe. since its passage. As
soon as it had passed the Senate, we said that
il seemed to be great triumph for the de
Tenders of the public credit both because the
bill was much less Objectionable than the one
which had passed the House, and because it
gave very great power to the Secretary of the
Treasury to accelerate his preparations for re-
SUMPTION. The same view was taken in Er-
rome, MS early kilograms showed. Ii Mr.. Sher-
man chooses he can make gold very abund-
ant and grccnbacks very scarce, while the
use for gold viii be materially diminished by
the employment of silver i'll payment of duties.
II is the general impression, both here and in
Europe. that he will not fail to use the great
power given by the bill in such manner as
to promote resumption, and that no other
measure can be passed which will seriously in
teIfere with his efforts.
Another remarkable event is the rapid in
crease of specie reserve in the New York
banks. Specie held now exceeds currency held
Inv nearly 81, OOO, 900, and increased last week
BIZ nearly $3,S0OO00, while the legal-tcnder
ayelage decreased nearly $2,500,O00. Per-
haps the banks are changing the character of
their resources and of their business more
largely than is generally suspected. Payments
from the Treasury have been considerable,
but not as large as they were last year at this
season. Receipts of gold overland have been
considerable, but it is not usually supposed that
they have been as large rs they were last year.
There is some reason to believe that specie
which has for years been hidden and
boarded has now begun TO flow out, and to find
its way to the banks. Undoubtedly, the COW
elipg of "short" sales Of gold has had con-
siderable effecv on tho price, but the decline
has now boen so long continued and steady