New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-09-14
NOW vopx ,.uv rprpuNE TUESDAY. SEPTEMBER a. lo7O

tn some II seems as il actual receipts OF go'd
were duplicated, il "they are counted ohoo
| - when they arrive by steamer, anu again "he,
" Maid ont from the Treasury )" but the tru'n
ia that ONLY the excess of all payments over
all receipts by the Treasury is counted as I'LL
addition to the supply in the market ""e"
gold arrives from abroad. it Is properly rech-
oned as added to the supply, ana IL amy
amount thereof goes into the Treasury tna'
amount is also paid out again. ocS''cS
any excess of Treasury payments over
receipts. Since July 81, the net rece'p'S
of gold from abroad at this port nave
been S16,1S1,49G Moreover, at the begin
ming of August the Treasury held $S9,4o9,-
1919 in gold and on Saturday 1t hold only
SS1 ,633, 900, so that $7,S25, 16O mas pee"
added to the supply by the excess Vi
all Treasury payments over al us
CENTS. Yet the banks report Tl,o Jaw Tess
specie than they did July 81, so '"a'
S25, 7O4,O56 in gold has i'll some way van
ished from this market within the pasC SIX
weeks. Had not the imports been large anu
early, it Is evident that the drain might nave
caused serious trouble. .
The prospect AS to continued shipments OF
gold to this side was discussed elaooratcIy ny
The London Economist OF August 70, which
thinks that there would be no cause Tor alarih'
even if the shipments from France should dc
far larger than the seven millions stcriihg
which went from that country last year. IL
reasons. as to British finances, that the
present is not time OF pressure;
"tbough trade has been greatly contracted,
"what exists appears to be generally sound"
The same freedom from apprehension with
which that journal views the movement Oh
specie seems still to govern the Bank OF Eng
land, which has found no occasion as yet 10
raise its rate of discount. In fact, down 10
Thursday last the Bank of England had lost OF
its coin and bullion only f237, 1856 In the pre-
vious five weeks, nearly the whole sum exported
having been drawn from the circulation with
out disturbing the rate of interest. me BANK
of France held 76G,749, $50 francs gold ana
1,25O, 933, 713 silver, according to the last re-
turn in July, and on Thursday last 1t held
al 259 600 francs gold, and l,25S, Olo,OOo Sill
vcr having lost only about So, 600, 900 gold with
in the six weeks. The Bank of Germany, how
ever, appears to have lost about ST., l9o,ooo
in specie during the same PERIOD though us
reports do not give gold separately. Any pres
sure in consequence of large exports of gold
from Europe seems likely to affect the Bank OF
Germany first, because its reserves OF gold are
supposed to be low. But immense amounts Oh
specie can still be withdrawn from the ciIcu-
lation both III France and in England without
inc0nvenient consequences.
Exports of wheat have continued large,
though decline in ocean freghts to 5Si pence
by steam last week, and in lake rates to
cents from Chicago to Buffalo, indicates that
the pressure TO forward grain has somewhat
diminished. Cotton, however, Is coming Tor
| ward with unusual rapidty, the receipts since
September 1 amounting to $3.50 bales,
against 1874 to the same date last year
the exports thus far, since September L, having
been 1921 bales against 1871 last year
to date Bills drawn against cotton are press
ing exchange downward and there are no
signs indicating that the importation OF specie
is likely at present to be checked.
No one can visit this city without seeing
abundant proof of the activity of domestic
| trade. The lines of transportation all report
| an extraordinarily heavy movement with
especial increase in West-bound freight, and
the merchants of Eastern cities do not need
other evidence than their own orders to
satisfy them that the splendid prosperity
which began last year has not yet been
arrested. Trade is much safer and more
legitimate in character, however. than
it was last fall, when the specula-
tive fever was raging. and the banks
have reason to feel safer, though their loans
are expanded to 1913. 200, than they did
at this time last year with loans of only
$3.50, $50, 100. Last year their reserve con-
sisted of $40 900 900 in specie and $40, 100000
in legal-tenders, but now they hold less than
SI4OOO,OOO in egaltenders and over
1865, 600, 900 in specie. In fact, there is moth
ing to occasion apprehension Mt present, ex-
cept the possibility that beaten Democratic
politicians may make mischief. Against that
danger the country can protect itself by max
ing the Republican majOritics overwhelming.