New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-05
TIE RESULTS or THE SL'EE ATT

TIE RESl LfN Of IHI' ''|' go
Those who opposed the Republican Sh''f
l,ill havc lahorcd 70 make II appear that the
recent monetary prc>sur" was caused u! tha'
enactment Their reasoning is thai Europe Is
afdnGantly supplied with capital! which ro''"
,,c transferred ~ tits country within week
in answer TO any demand, and enough would
have been so transferred to meet all oNig"ncirS
had thoro not been fear that silver might
Intimately be paid instead of gold. But this
reasoning has not the merit of according with
facts.
Tho banker or capitalist in Europe who
learned bv Telegraph that money in New
Yor,; brought half of one per cent premium
tac nrcyiaus day. knew that h. could lend his
money with express stipulation teht 'o'o
.h,uid be- paid if he desired. He also knew
lha, he could pat his money ont in New York
and take it back again several times over
Lefo.c any chlngc u the silver basis hero
could occur In all probability rot single
pc,xon having money To lend was mt that time
deferred by the Apprehension mentioned. But
the fact was that bankers AT home and abroad
knew full we'll that the Treasury WAS album
dantly able to diSburSc money enough TO re-
move stringcncy in the market, at least for
a time, and that it wis willing ~ well "a able.
Becau" cign capitalists had reason TO pre-
sumo It the Treasury would disburso large
". &c money could possibly be transferred
hithcr from Europe, SO that tn" rate OF IN
tcrest then obtained would probably he not
abnormal, thcy did not caro- tn send their
funds.
But il is also mistake tn suppose that those
who have much money unemployed abroad
ara in the main The kind of people who would
naturally be inclined to send it hither. Tho
bankers and moncy-lcnders abroad have been
somewhat pressed for money, and anxious
about the near future ever since the collapse
in the Argentine Republic. Investors also.
particularly in England, had lost heavily by
the fail in Argentine securities, and had
locked up and made temporarily unavailable
large amounts thus invested Among those
who would have been most likely to transfer
money to Ncw-York under ether circum-
stances the pressure resulting from this state
of things and the anxiety to fortify them
selves against possible monetary disturbances
in England or on the Continent, were sufli-
Gent to prevent any large movement of cap
ita to this side.
of event, since the Silver Act went into effect
has been such as to remove much Of the aT,-
prehension previously felt regarding its effect
The price OF silver has been rapidly advanced
The London market has come to depend *
greatly upon the Ncwiork price that. at least
for the present, the payments OF the Treasury
control the whole world. The gap between
gold and silver was about 3G cents per ounce
and is now only about 10 cents, and it il
| natural that there should now be much less
apprehension of II decline to the silver basis
among those who expect the advance in price
| to be permanent. As yet there is no proof
known to the public that the production OF
silver has increased, and without an increase
| in its production silver bullion is likely to be
| sustained in price by such purchases as the
United States is now making. Apprehension
may appear again if it becomes known that
] the output Of silver has materially enlarged