The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1882-03-08

!
Up Ono Hundred Millions OF Gold
--0old- Famine in Europe Amer
lea Keeping All OF Her Geld Pro-
auctions.
The drain 81 geld to France seems t"
have ceased. For the first time y.~ier-
day no gold was taken from the Bank
Of England. while very small sum was
l&id il. The reserve. however. has lal-
Ter to but little over 80. tntl. tNhl, and that
ts Il sum 700 small III critical times like
these. The question is how tO r.'pienis',
1t. At their meeting on Thursday tht.
Directors decided no, to raise the rate
! of interest, aud the general opinion a.
The city is that they decided rightly.
The Directors doubtless wisi,e'i to spare
trade. which is already in dancer oi i"'-
i'll. checked iy the 'tl'er-tcnt. rate. and
/, 7-lwr-,sn rate. II light be better -
/ laras$ ;ra.ie u little how than +. p,,ni>!:
! 1t severely somewhat later. There - no
great stock o. god anywhere tn b.
(lraWn upon, and, therefore. il nL.y rv,.-
snnak'y H. urged drastic tax, s;,,t- are
j necessary tO obtain u sufficient :,..:'ri,.
! For >''.slc time there has been Il >.wr.itv
of gold.
The adoption OF gold currency ill.,
stead Of !. number oi silver "uyrrGr.:,
ny Germany ten years a::', has a." vi,
from either countries Il lar:c ;ii.i"an; o.
the metal, and til" rt'Suu.l,'i' g.! = a";..
! payments Ivy the United States !.:>- still
iirtcr drained the .nl,l-ll-inH countries
u; their >:.r... The United States it.i'
! :our or five Years now lave rsi..:;,, :! al
: the lIetal produced by ,l..i: own l::i,,,,:
til" output iron, the mines ~. Russia as
; TX ell retained ut hnil,e, .: has i'un,i i,+
way no further West Than Germany and
Asia; and The yield .: the ->u>::a.ian
! mines las been steadily I.".rc sin:
for :: long tiln;.. Thus We i,ars. an
ad'li ioi'al demand and 'i,,.;',-
isi' Il supply q TIE metal. and Ss:,rc;y
, Is the consequence. the stock hc!u h%
the !:uaN vi England: was already small
an! ii had hcv:l reduced 10 IL :ia,,...n g.
~ low a.:'oumt hy The 'ir;,iu 10 Paris.
The general opinion is that the amount
sent to Paris will come back again in
! the ''u.rs" OF II few weeks. un.; t:..; no
Anxiety, therefore ~ td iN felt uiny, the
subject: but that is only an opinion, un,i
'E:;"W:ii.c it /: ;!ti::t-tinn be t:Ial III:
Reserve j.: Unc'',.:G rl;st.iv low. -, =, j.
"!'r c;.'>c Hi>;ur'in: the :.:nn'.v n::;rkr."
! t. which VIZ ;Hv.' no; set Referred. ;:n.!
which for !;,e present ':i.:n.,,t - t..
mos! Gi>tHr!'in.u vi. al! ii j. ;iiv arsi,I: "i
the I'a!:n lOah contract II, III .'i,': IN
u, gold wherever it Is .ohc ;,n'nl nn any
part III t:.e world. and thus; !n..'rcci,::Ey
t.t' supple, that would n:si.rwl*c iin.s
their way I" the Bank .; England,
Thtr.' il Il S,l '"'rS!iti,H:> notion amen"
conf intntal > ut ',n.cl thai !. :.'l.i eur
r'nry, in = III" il,'xp'. .:.',!c way, i'll
c!,:!>,.' TIE Wee 'tll-,,rni;i inr ,,,-..yn
Il country ami raises It's dignity. /; is Il
superstition tn.cn.Ic!'.l. n" ii ;,bt, ~
t:'r M'ii"n "f our own county,. :.'':s:-
!in'. ;nr nearly ;!ir,-I;,ar;.'I* 81; Il ,"l,
land j. i"'y"n'l question the Gr.,.,r,, -
commercial nslh,i,~. II l. hastily liz
frvr.!, therefore. THAT the gold currency
has in S,'l.!. Way or other contributed IL
tie commercial rra-en,in:ncc OF E!:"
land. We need hardly say t" orr read
trs his is u complete dtlu>i"n. England
had '"s'nnv the .T;H:c;t ~ tnnn,"r.;::'
countries before she :,,ln':ctl an cxtl..
s;vt!. :;O'.! currency :rt: sl" w:nl'I "
tain her commercial V-'-.'W;n".nr
though she. were to chang" her currency
NV. It is. n ,1"!rt n greet convenience
for Il ric!, sulhtry ike England t" have
~, Il standard ot mon V Il meta! wl,ic!s
contains high value in Il small compass
iut t!;n,l.:;, convenient. such n;ol>: y,
III no way essential to Tie prosperity -
" community. There cam h." "" .,;,r,i.n.
however. Tat the cx:inl'c o. i,,s"iaurI
;n''a' 4 Germany t. :,.ioii the ::iI.'.
::H, Standard :.,tr: the I: ;nin,tiel -
the Franc'~t ;er,,'an war. AMI Italy now
has tn" van ;ytoprovi'!c hc:s'i:a!>o with
:; ::r!d standard. Hyan act pissed iit",
c::lE M.l; uf last year she decided ;,r.; ::
i"r:'"'! paper currency WAS I" l'c ln'' :'n
end w. and that Ivy means n: loan: -"
would provide herself with cnnt";1 -:
."l.i ami silver t. return 10 hntn'';"
currency. In virtue 81 this law ~"
brought out Il loan last July, witch WAS
coulr;:rtsl COR Ivy the Ie->rs. I;arin:: 4;
l;a,n;,i". hy which tic contractors
bound Themselves 81 provide :',,' i;:..:.::i
Gov:'r,nr'n! with IIjhk,.nal E,'.;!:>
-;c-!in:; in gold before the cnl o. the
current year. BY the crd Of December
last they arc. un':er.tnnl to have n.Ovi'-
ul a!mnt six million. m the metal. and
the: have since been buying up further
supplies.
The c,ntractds lave agents ;n.aIl
n,:Hs nf the worll-in IL" Tni;cs; States.
in .:ou'h America, all over the (:n;i-
n"nt, in Egypt, and ~ Ird::,. anil they
seek o;t all the out-o: tlcway boards
they can hear 0f to- buy them up and
>hi J. then, to Italy. They are most ,ic-
<iru:s 10 spare the money markets q: the
world, and more particularly the money
market q: !.N,l'iOl. and no doubt nsta.h
vi the gold whici, th.,,y i,av" thus picked ;
u.i wo;l:si have remained ':iI.cn in old
stMkin =, Or old cuplns,r.i;. il il i.n;
not been sought Tor anil got b.: thc"a.
But still it Is evident that the action of
the cont rctor~ j. sweeping ny anil send
Ing t" Italy gold which otherwise would |;
lind it, way to l.nn'l,n. A!!r~.vrirmcc !
t:!!> Us that w!,., the Bank Of England !
raises it, rate "t discount, and thus, in
bankers phrase, "n,,kcs money dc'r' !
that is t0 say. offers to capitalists :, |
high interest for tho use Of 'nl,:ta! IN
the sh"rt-lnan ,,,arkct-yo!d comes
forth il, large quantities from the most
UNEXPECTED places, and is poured into
London. Iftlie Italian loan contractors
had no; 'n'cu beforehand with tive tank.
,,af a. Ia. six s.i.rl,t millions: Whit.(,