The Argus. (Rock Island, Ill.) 1885-1886, 1885-12-24
GOLD ON THE MOVE.
WHICH MOVES THE NEW YORK
f2ESS TO SPECULATION
Upon why 1t Moves -An Outflow to Eu-
rope Feared and Some Reasons
Suggested for It-Treasurer
Jordan Explain. 1t.

NEW YORK, Dec 2i.-The recent change
III the price Of sterling exchange and the
conse Iuent shipping Of gold to Europe IL
tnls commented "a by Tha Herald; Among
the reasons for the advance are the raraly SIS
If grain and cotton exports and the at
vance Of the bank rate OF interest in
Lon lon and alsp the return Of Anrr-
can railroad bonds to some extent,
caused by apprehensions sprin-iug from
the death of Mr. Vanderbilt. Nor is it 10y
any means clear that the movement Was not
promoted by considerable speculative pur-
Glasses. OF foreign exchange for the direct
purpose of disturbing the stock market,
But, underlying all of these, the most eff
cicnt cause of the iise was the growing fear
of the approach of collapse OF our rational
currency to the so-cent silver dollar stand
ard, and the conse Iuent haste of capitalists
10 seek investments sure to escape the
shrinkusc.'
The Tribune says, The advance III Tar
ling exchange has IA meaning which should
rot he missed by law makers Gold is
wantei abroad, while those who have it
h 3re arc getting anxious lest they may tinl
that it has turned To silver The owner Of "a
large amount OF geld takes great risk if he
hui'ies It in the grodiid or il'its IL
up in the house But il ,l- own
esa lend il or deposit III LAM, tLe5
do not know whether the borrower o. ,hj
bank may not be enabled legally Or even
compelled tn pay III silver dollars or MOI at
all Hence some are tran, ferfiMG th 'ir gold
10 England. There they feel sure that q
loan OF deposit OF gold means payment of
gold and not of si-cent dollars. That is
what the Wall sire bankers mean
WHEN they say that sterling eX rhsngH has
advanced because of a demand for bills
which is maialy for investment Early
last year may bought startling exchange Or
sent gold abroad, and among
them were some of the most - ga ions
Democratic capitalists 1t is NJ luHlgcr a
secret that Ms Tilien sent "A ian 8 amount
abroad; in CCm nGrCial cir, -, Wien the
money was attrrWarI returned. it was said
HAT the a,nount was fdlly q ,o4u,ocJ We
hive money enough in the county but it
is not wise to make the Lo'iers Of 500
CO.,, 900 Of that money, aud Tho ln-t part q,
it, 50 distrustful that they prefer to lend %
.odge it in Bingham rather than here
The W orld's VI ashiuGt n spe isl says:
irel,sui or Jordan sail that in his opinion
tbs reason gold was going abroad was that
American exports We've SO much lighter
than usual at this season OF the year.
"G Id, he said, lis now shipping hasis
when the rate Of exchange should he lowest
This is due - unusually light exports
| hen the foreign iihl, .tt% Oh American ST.
curitips may II. realizing, and that would
take good deal of gold from our shores
These foreign investors bought our securi-
ties at very iow tignres, ani it may I've that
they have concluded that this is the tim TO
realize"
The Post says: "Ths talk OF exports Of
gold was still the point that attracted the
most attention Wednesday, thou III iG APP
peared t" h,,e lost II good deal OF thu effect
which it had Tuesday "Don it was an
noun ell so suddenly that it took everybody
by sltpiis'. The Important fact became
known before long that the rates for actual
purchnrc of bankers demand bills was only
4s9l4 to lS9is, which is l. to 4 below tn
rate AT which gold can be shipped without
loss to the shipper, This made it more clear
that the advance in the rate of exchange
had been artificial and that there was
no legitimate reason for the export of
gold ~