The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1880-03-11
OUR COIN SUPPLY.

The Secretary Of the Treasury is re-
ported to be concerned about the excess
lively large accumulation of silver coin in
the Treasury, that somehow does not
readily pass into circulation. These
piles increase from month to month,
while the importation Of gold that was
50 active few months ago has suddenly
been checked, with indications that if
foreign goods continue to be received up
to the month of June in anything
like the proportions that they have
been during the months of January and
February, the balance of trade in favor of
the United States will be reduced to SO
low an ebb that the current of gold i'm
ports will be turned to exports and flow
back to Europe as fast as it lately did
into the United States. The matter we
understand is considered as sufficiently
grave to demand consultation of the
Cabinet, and it is alleged that an i'm
portant circular will be shortly issued by
the Treasury Department.
The STAR has considered this matter
of over importation of foreign merchan-
disc on frequent occasions, and the pres
ent aspect of the case has been SO fire.
quently pointed out that our readers can
hardly feel surprised to learn of the con-
cern alleged to be felt by the Secretary
Of the Treasury. We are impressed,
however, with the belief that our export
of grain, owing to the high price
at which the bulk Of it is held now in
the hands of capitalists who have COM
bined to corner the markets, must before
long be actively resumed, and when this
is done, if to the extent anticipated, it
will have an important bearing upon the
question of further gold imports.
The Springfield Republican estimates
the demand from Europe for our grain
during the current crop year at from
100000 to possibly 100000, 900 bush
els. 1t places our total yield for the year
past at 420, 900, 900 bushels, out of which
it alleges that we have spared to Europe
159, 100000 bushels and thinks the value
of our grain exports must unquestion-
ably reach $l5O,0000O0, and may rise to
higher figure this year.
The demand in England is clearly
known. 1t will amount to about no.
900, 900 bushels. The demand in France
can be less accurately estimated. All
Northern Africa is in state of famine,
or is producing barely enough for its
own supply, leaving nothing for export
This cuts off one French source of sup
ply in Algeria. The crops in Northern
Italy have failed, and Italy is importing
grain already, instead of exporting it,
which closes another region from which
France obtains grain. The potato crop
in Northern France has generally failed,
and the local food supply all over the
republic is deficient. 1t is low esti-
mate, then, which places the French de-
mand for wheat at 10O,0OO,0O
bushels. The rest of Europe will prob
ably need 100000 more, but may need
less.
! The food supply Of a continent is not
thing to be easily reduced to figures.
Moderate estimates, however, place the
demand at a larger figure than the
amount Of the probable surplus in this
country.
! If, therefore, these estimates are exact,
or even approach to exactness, it can
scarcely be possible that the current of
gold is likely to be changed to an out.
ward one to an extent sufficient in any
manner to derange our finances or seri-
ously embarrass the operations of the
Treasury.