Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-11
MONETARY FACTS AND FIGURES

Increasing imports, decreasing exports,
and a sharp expectation of gold are not
pleasant facts, but they are facts now occur
ring, and the financialist and the merchant
will do well to give them thoughtful atten-
ton. During last week 8, 534, go in specie
was sent away from this country TO pay debts
owing outside of it. Except on the week end
ing February 4th, this was the largest week
ly shipment of the kind made this year. The
net exports of specie so far this year amount
to $I1 SOC, 900, against SIG, 574 ,214 net i'm
ports in 1881 in the corresponding time.
The difference in money supply is over 1885,
100000 in four months and a week. The
boarding of gold by individuals continues,
and to such an extent that the New York
Chronicle says that boarding is absorbing
more gold than the mines produce, in
deed published figures indicate that hoard
ing, and what is consumed in arts
and manufactures together, amount 10
about 100000 more. The result
is that we have no stock to draw exports
from except that held by the banks and the
treasury. As the boarding is always most
active from harvest to seed time, when the
farmers are selling their produce, it is ex-
pectsd that during the summer to some ex-
tent exports might take place without
depicting the reserves OF the treasury and
the banks. As the treasury as rule pays
out only what it receives in taxes, the bond
payments that will occur will only restore
money previously drawn from the market, so
that specie wanted to go abroad must come
principally from the banks. The bank
statement shows reserves OF $685. 800 in
excess Of legal requirements This reserve,
unless greater stringency should bring
supply from the interior, would soon be
exhausted if the export of gold should
seriously increase. An inflow might set in
during the early summer when money
is not in great demand, but it would
be followed by severe pressure when
the movement of the crops begin, as of
course the mere money the interior parts
with in the summer the more it will require
toward harvesting time. The cause OF the
export of gold is, of course, owing TO the ex-
cess of imports over exports, 10 our buying
more than we are selling. The monthly
statement for March, Just made public, shows
an adverse change of over 10000 900 in a
single month"; decline of $22, 454 ,255 in ex-
ports, and an increase of $7,SSS,579 in i'm
ports The imports during March were the
largest of any month for nearly two years.
The change is laid to the bad harvests OF last
season, but that decrease does not fully ac-
count for an increase of imports. We do not
buy more because we produce less. a de-
sirable change in our foreign trade can come
only from good crops and good foreign de-
mand for them; till we have them, we shall
probably be getting into debt and exporting
gold. The boarding of gold illustrates
fact which has led to the inquiry, why does
not gold circulate in an equal de-
gree with silver? Nobody likes to take
silver dollars to any large extent, and
holders like 10 pay il away rather than other
money; this effort to get rid of it favors
far as it goes, the circulation of that metal.
Gold people like to keep, and will pay away
any other money rather than that; therefore
its circulation is restricted. Silver dollars
lie unused in the treasury vaults because
they are not desired. Gold accumulates in
private boards because it is desired. There
are more silver dollars accessible to the people
than they want, therefore they part with them
readily. There is less gold than the people
would be willing TO have, therefore they pay
it away reluctantly.