The intelligencer. [volume] (Lexington, Mo.) 1887-1891, 1890-09-27
WHY MONEY WAS SCARCE.
From the Chicago Tribune. |

1t is now evident that the pressure
for money at the east the third week in
August was not so much due TO the
demand for currency with which TO
move the crops as to rush by import
ers of foreign goods to take advantage
of the Mckinley bill before its passage.
Anticipating large rise in prices they
piled in their orders for wOolens, linens,
cutlery, tin aud other goods TO be al
fected by the proposed heavy increase
In the tax on consumers, wanted the
money to paw for them TO send abroad,
and partly flooded the treasury with
the funds required to meet the duties
on the property. In consequence OF
this importing activity the balance OF
trade tor July and August was against
us TO the extent of some $45 600, 900, in
spite of the fact that the foreigners had
TO pay much higher prices Tor the flour.
grain and most other articles OF produce
they received from us in that time.
| The movement Of the crops has not
been sufficiently large TO canse undue
strIngency, though il is true more
money was required 10 hold them while
in transit TO the seabOsrd. The trouble
lay with the importers, and mostly
those OF New York city, which cried
out go loudly about the drain being
from the west. The exodus OF gold 10
Europe Oh these transactions would
have been much greater but for the fact
that our payments were partly made
i'm the shape OF industrial and other
securities, which have been freelv pur-
chased by English capitalists since the
close of last winter.
H. ,as
on the outcome of national legislation,
having filed themselves up as full as
they dared TO go, are now moving
: heaven and earth in the endeayor to
secure the quick passage of the bill.
They are lobbying around Washington
and trying to stir up al artificial ex.
element among politicians east and
west that will insure the Mckinley bill
. becoming a law. If they should fai
4 in the effort the country will pOssibl.
4 see some of those goods that are still
, in bond sent back for resale in tht
= countries where they were purchased
This would make q demOralized show
ing for our foreign commerce Of SOM
u month or months in the near future
3 but the result would be no worse thar
o that certain to follow the signature o
i the bill by the president. No one ex
u poets that wider consumption woul'
!, make the advance In prices. On tn
L contrary the mass of consumers wOul'
. feel obliged TO restrict the amount q
It their purchases. Then the UNUSUAL
II large stocks would weigh SO heavily a
ls to discourage importations for perhap
10 several months, and materially lessen
o II il did not extinguish, the treasur
1t surplus which has been SO long count
nt ell on for The end of the current tlscs
N year. The farmer and the mechanic
Al the labOrer aud the clerk, and the wag
I'd classes generally would have to pa
= higher figures for the goods, and tt
g. national treasury be relatiy ely depletp'
~ while the profits of tho operation Z
Di into the pockets Of a lew speculate,
III importers, the wages of the operstiv,
IN who produce like goods in this connti
ie not being Increased single cent by Il
10 change.
ve The crOwning feature OF the arrang
II ment is the fact that these profits W
to be reaped mostly by a class of fr'
lie trade democrats at the seaboard, who
r votes and voices aud cash are given
ay support OF the free trade platform
he enunciated by Grover Cleveland. VIII
OF they seize the opportunity TO lncres
their riches by taking advantage OF
MS perverted expression of the true repr
nj lican doctrine of moderate protecti0