The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-05-27

still continued large exports Of gold, trans
actions having been restricted and the en-
dency of prices downward. AS the causes
of the extraordinary shipments of specie
come to be better understood, however,
confidence has improved and tho impress
sion IL very general that the drain is prob
ably nearing it's end.
Later adviccs from Europe show that our
loss of specie is not SO entirely due to foreign
financial and political e%xiGencies as has
been generally supposed on this side of the
Atlantic. The Rothschilds have not with
drawn from the Russian loan syndicate, as
reported, but have merely recommended to
the czar's governmental postponement until
affairs in Paris have settled into a
more normal conditions; nor was that
dsfsrment Influenced by any apprehsnsions
that Russia contemplated preparations for
early war, which is considered in the best
informed quarters as outside of present
probabilities.
We do not need to cross the Atlantic to
find facts which 20 farther han has been
supposed towards accounting for ths recent
extraordinary exports of gold. Important
causes lie much nearer home, and are to
be found mainly in the fact of the new
tariff having induced an extraordinary i'm
portation Of goods in anticipation of the
operation of the higher rates of duty. For
months hefora tho Mckinley hill was
adopted, We had been importing at the rate
OF H5,OOO,OlO par month in excess of the
previous year, and during the seven months
from September l to April l the increase
over a year previous was $44, 900, GOD. while
the increase in tho exports during the Same
months WAS only $4,000. eco. In addition
to the adverse trade balance thus accI ning,
there was a large retu n of securities, con-
sequent on the Barring and south American
troubles. which has been yaliously esti-
ypota3 hafyyoap fnrtv and II ftu 1nillir,e II
il thus easily apparent how an adverse bal
ance of over fifty millions may have arisen
within the last few months. Inder ord
nary circumstances. this balance would nave
been IN a large measure tided over by Ed,
ropean engagements against our future
crops, or by allowing foreign balances tt
remain here for use, or by purchases of oul
securities; but, in the present case, Europe
needed hard cash to strengthen itsel
against its recent financial i'll fortunes ant
to mako remittancss to Russia, and we hav'
therefore been called upon to pay our for
eign Indebtedness i'll gold. Our exports o
gold would seem to have sufiiced to settit
this debt. and it therefore appears reasona
BILE to expect that the drain will soon cease
1t is no triflinp warrant for confdenc.
that we have been able to pay pom demant
our entire floating Indebtedness to Europe
without a symptom of distress nnywher,
and with so little effect IDOL the value O.
securities. Still, confidence should not b,
permitted to encourage reckles5ness; ane
prudent men will not allow themselves tt
be drawn into speculative operations by til,
extraordinary temptations presented by ex
hllaratlng cro7 and railroad prospects unit
= it is quite clear that the outflow of gold ha
!, reached it's end. 1t can not at present b.
said that We are certainly clear of the dan
ger of q money market that might coupe
realizing on stocks. II is encouraging,
however, that the banks continue to max
3 large gains of currency in their transac
tons with both the sub-treasury and tn
l interior, the gains from the former sourc,
s. du ing the week having been $1,000, S9t
. and from tine latter about So, 100000, a tota
i gain of $3.50, 600. The exports of gold 70
the week amount in round fguresto Sc, 1900,
= GOO. RESRY CLAWS.