The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-06-13
FINANCE AND COTTON
FINANCIAL.

.. Inn being subjected, has very Materially |
Firakened apprehension as TO the possible evil |
s"llls of his outflow and the question is worth
opsidelipg; Ought we to keep the gold in the !
.Sinry or export it? The only philosophical an
.rer IS; that depends altogether on what we get
ms,change for II. II we get something which !
issfspeca importanee-if in time Of famine we
IN to6d, or in lime Of war get AIMS and ammu- !
sdon, OF in time of peace get things which viii
X sources of wealth and power in the future, !
hen there is no occasion for dread when the !
I'D goes But if we are to receive only articles
shxury, which will be consumed without add
NJ 10 our zeal welfare, then 1t is far better and
wiser for us TO keepour gold at home. The
sock Of gold is like olstern of water kept by
family against time of drought If this elner.
Seucg Is never 10 come II is foolish to save the
water lit does come, II will defeat the pur-
pose Of saving the water TO say that the family
must still avoid drineing il. But we must dis
dngush between It's legitimate use and its use by
Mo children 10 drive u toy water-wheel, We
therefore conclude thatit is more conducive to
pOger TO keep our wealth than 10 consume ii |
snd better still, TO place il in such form that it
NAV help to cseate more wealth. In more ways
nan one Is ftugali(y at the bottom Of national |
swell as individual prosperity. II may not at
frsl sight appear that he who loans his money
ba manufacturer adds any more to the national
wealth than If he spent ii In wine and cigars; !
ht In the folmer case he perhaps enables Il /
manufacturer 20 enlarge his buildings and add u !
new engine TO his works. lie is really the owner
srhimselt only uses The latter holds himself
hreadincss 4 resign either this or It's equiy0-
knt IN money when the debt is demanded
Ai.er ali The great and permanent elements of
real power and true prosperity are TO be found
IN the characters of Il people, and not in the
god and iron they may possess History
Gems with illustrations of the trOth OF
IBIS assertion, How did Tyre, and phGni.
cla, and Athens make themselves felt over
large portion of the known world ? How
did he little republic OF Venice resist the armies
Oi Continental Europe? How did the Dutch Re-
public foil the mighty efforts of Louis XIV. TO
compass It's destruction, and at the same time
contest the supremacy of the ocean with the
combined fleets of france and England2 by
their mues of gold and iron, their fertile fields,
or their internal financial system? II cannot be,
for 10 all these respects their neighbors had the
advantage,
BY what means have the inhabitants of the
British isles been enabled to found IN empire
which encircles the globe? Is there anything In
the 81 uation or resources of those little Islands,
not so large as Now England which has given
them this enormous power? In fine, how is 1t that
snail natOns have so often become great mali
time powers, and that once become so, they
have exered so great an influence over the des-
tiny of the human race? Since these effects are
not due to the advantages of the position in
which nature placed them, they must be due TO
The characteristics of the people themselves
The fundamental cause of all this greatness Is
disposition to labor for q higher good than
present qualification. Wealth is not always
power, in some respects 1t may be absolute
weakness, Thus the trite maxim, which men
are generally so much more ready.to apply TO
others than TO themselves, that ones wealth Is
measured by the simplicity Of his wants rs much
as by the amount of his income is the express
sion of great and important political TRUTH
nation may be saved or destroyed according MS
It's people are willing or unwilling to dispense
with costly Injuries.
LEGAL tenders are coming In to New York
nom the country at an almost unprecedented
rate, and the Commercial Advertiser thinks the
banks will hold Il larger greenbaCk reserve than
for several years past when the first movement
Of money from New York is made for the new
crop in August II is believed that all the loan
bills (of sterling) made forty TO sixty days ago
have now been settled so that Il disturbing ele-
ment has been eliminated from the foreign ex-
change market It's early In the season yet for
bills, drawn In anticipation of meI-
eaandisc exports later in the year.
too appear h IN sufficient INC sIa, suPRly
point and further gold shipments between now
aud the middle or latter part of June may occur
But so long as the bankers can make round
profits now 10y these antlcipatory drawings, the
question of gold exports in the next two weeks
may be said TO depend on the disposition OF the
bankers in this respect and on the movement OF
securities. Three sources of exchange, Mt least,
are expected to operate in this respecl favorably
ma short time. First Mr. Gowen's consolidated
Sswill go abroad TO the extent of sl2 900 600 any
how. Then there is reason TO believe that the
New York, West Shore q Buffalo railroad com
lany VIII successfully negotiate the first S2O,'
NN0O Of their general S5O,0000O)j per cent.
mortgage bonds UNITED States Trust the trusteel
N The next three or four weeks. If so, most of
the bonds viii so abroad, and will add so much
exchange to the $40, 0e0,c0 per cents. which
VIII be taken by the syndicates and sent 10
Europe for the Northern Pacific company
The Financial Chronicle thinks heinclnation
IN speculative circles is to think that renewed
activity and prosperity are wholly dependent
upon the next harvest. An abundant produc-
n9n IN every department OF agriculture the
vhr9nlee thinks, would be a powerful and
wnVesome influence, aud might possibly hold
N abeyance evils that are now working In our
financial system; but II II did, II would only be
omake those evils less manageable and more
harmful later on. For Al look vt the present
influence Is at work besides poor crops, since The
conditions aIe peculiar and conflicting. lst in
NE FIRST place mercantile business Is greatly de-
p,essed, I'D, Production of goods Is unprohta-
DE "a, Labor is disturbed and striking every
where. 18th. Our Import trade continues simply
enormous, 9th, General prices are high. Last
years bad crops cannot erple'n all this. Have
bad crops made our imports so large Have bad
crops made prices OF articles other than food
aud cotton high2 These are question worth u
among those who know the disturbing power
OF vicious ourren cy.
Tts facts In reference to the profits Of the
Standard oil company were recently brought
gu, for the first time In the course of u suit
brought by the state authorities OF Pennsylvania
against the company, TO collect some s3lij,OC
~ back taxes which II was claimed were due
the state, From these facts itnppears the Stand.
ard oil company was chartered In Ohio, as au
oil-rcilning company, with n capital of
slW00ln In 1872 the capital was In
creased to s2jOO,Oo0 and In .lS,5 10
SN000l No change has been made In tho
nominal capital since the latter date,
hul the undivided profits have In
creased the actual capital 10 an &C
knowldgod sum of SOS, 600 In 1850 hut which
y now estimated ut sS6,00Nl0O. In add ION TO
CARED In dividends In eight years.
Mr. 7: J. JENNINGS telcgraphs from London
10 the World.
The news Of the extensive, strikes in tho
American iron trade has produced a decided
scare In the market for American railway Sc.
eufiues. The most gloomy anticipn,ions, II
need hardly DO said, are set ailoM by the press,
ZONE writer's confidently affirming that the
strikes may last for months. In city circles the
word Is being passed round that everything
American ought 10 be sold Immediately, the loss
otconndeuce being now complete, Following
Is II does upon long period OF depressed prices
This strike cannot fan TO exercise the most lilu.
fious influence upon the entire market
a, DALLAs EXCHANGE AND COIN.
ny buying. Selling. Buving. Selling,