The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-08-30
FALSE

Some Of the London papers are hopefully
predicting a financial collapse in the United
States. They pronounce our situation
unsound and wind up a long list of reasons in
support of their predictions by charging that
we are a debtor people and are building on
false expectations. Upon the heels of these
gloomy prognostications the London Times,
in a recent financial article. in which refer
ence is made to the late withdrawal of gold
from the Bank of England on American ac-
count, says 'sThe fact of withdrawal for
America in any form having begun is some
what significant" and adds, American eX-
change is not yet at a point wherein gold
would be taken from the bank as a regular
exchange operation" All of which means
that our cousins across the Atlantic are fear
full that when that point is reached, that. in
spite of predictions, European gold will flow,
to American money centers.
1t was about this time last year the move
ment of gold to the United States began,
which resulted in a net import of nearly $70,-
100000 within five months. In referring to
this matter an exchange says: "That history
is about to repeat itself there are now very
strong indications, and that we will once
more begin drawing gold from abroad is al
most a. certainty. Those who have cherished
the idea that a shortHess in our grain crop
this year is to cause our total ruin have shut
their eyes to everything that is full of prom
Use. They have failed 10 recognize the fact
that this is a producing country and that its
resources are many. Even if we were short
of wheat for our own consumption, what are
We to do with all our cereal crops, our corn,
our cotton, and our tobacco? What is to be
done with our provisions, of which we eX-
ported about $3.50, 100000 last year? Are
the markets abroad to be closed against us
because we have had a falling off in the pro-
duction of one of our staple articles Of export:
II seems absurd to dignity with argument the
claims of impending ruin which have been
predicted upon a deficiency in the wheat
yield. The markets of the world are
thing that we can produce, and natural laws
are compelling an increased demand for our
products every year. Whatever loss we sui
fer from a lack Of supply in one direction is
met by an enlarged demand in another. Our
trade has not yet reached its natural limit
1t is growing and extending itself in every
We are supplied with various
means of meeting loss with profit and Of fore
stalling all danger Of disaster by new ele-
ments of prosperity.
As long as our exports of merchandise eX-
coed our imports at the rate now prevailing
all danger of the financial crash prophesied
by those whose "wish is father to the
thought will be indefinitely postponed.
says the San Francisco Chronicle
when we experienced the worst financial
of all, it may be safely asserted that
all our crashes are attributable to our excess
of imports over exports. 1t is this that drain
ed off the specie of the country and left US
unsound and rotten paper currency at
home, with enormous foreign debts That only
gold and silver would pay. Durir re quar-
ter of a century ending December -, 1880, |
the era of greatest oyertrading in the United
States was from 1859 to 1873, inclusive. In
those five years our imports Of merchandise
exceeded our exports of the salne as fol-
1863 80. .....Shjl,jo8,6S 2
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