Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-08-08
The Outflow OfGOld.

We confess that we have been somewhat
uneasy in view of the large expectation Of
gold from this to other countries during
the last few months. We do not wish to
have the pleasure of haunting the monome
tallists with their "unholy work" and
charging all the troubles of the country to
their failure to remonetize silver by pro-
viding for its free coinage. We trust that
the monometallists are actuated by like
good motives and not at all anxious to
have the opportunity to charge upon the
bimetallists the disasters that might re-
suit from exporting too much gold. One
Of these patriotic monometallist journals
is the New York Tribune. which says:
"Durng all the first half OF this year the
markets were In n twitter because gold was going
out Now the markets are alarmed because the
gold may not come back. But II II should not,
what reason Is there TO fear calamity? II may
DO granted that "A return Of the gold, giving
greater strength TO the banks, and greater conf
dence that gold payments would continue Is
highly desirable. But the enormous financial
strength shown by the country In meeting 80
severe a drain OF gold al the close Of year OF
short crops warrants the question whether re-
turn Of the metal Il essential.
.This country never enjoyed more marvcllou
prosperity or grew more rapidly than In 1877"
and 1850. when large crops here were aided by
unusual demands from Europe. But on the day
OF specie resumption, January l, 1879, the
Treasury held ono hundred and thirteen MIL
lions In gold less gold certificates outstanding,
and November /, 1850, 1t hold one hundred aud
thirty-ihree millions, while II now holds one
hundred and twenty one millions. The amount
Of legal tenders and bank-notes outstanding, OF
which the gold In tho Treasury serves IA tho
basis, was then from Ave hundred and ninety
10 six hundred and sixty millions, but II Is now
about Ave hundred aud nfty-eight millions, In
Guiding the new T. easury notes. The increase
In the shape Of silver certificates Is protected
by silver coins on deposit, and In other respects
the Treasury has more gold for the redemption
OF less paper than IL held ON the day Of re-
sumption or for some time thereafter.
"Next as 70 the supply Of gold outside the
Treasury, upon which 10 may draw In an emer-
geney, the entire amount January !, 1879, was
about one hundred and sixty-fye millions, and
by November, 1851, IL had risen TO three hum
dred and twenty millions, but the amount in
circulation outside the Treasury L. now about
four hundred aud eight millions actual coin be-
side one hundred and twenty-ono millions gold
certificates The increase has been much
greater than the increase In volume Of business
transacted. About two hundred millions more
could be taken out OF the country ana still the
supply for actual use, both inside and outside
the Treasury. would DO both absolutely and
relatively larger than IL was on the day Of re-
sumption or after the enormous expansion OF
the next year. IL IL dincult TO see, In the light
Of these facts only, Why there should be trcpi-
cstion about holding q gold supply 10 much
larger than suiYiced when the country was pecu-
larry prosperous"
This enemy Of FREQ coinage sets Q good
example TO as Of the other side Of
that question. Lot US all use our
utmost cxertions to save our land from
financial troubles. and agree to settle our
differences without giving our opponents
or the cause they advocate any stabs un-
der the fifth nb. The country before
theories.