The times. [volume] (Richmond, Va.) 1890-1903, 1892-12-23
TIE DRAIN ON Us FOR COLD.

! ported from the United States to Europe
within the past few weeks. and the guam
tity still e, pected to go. are matters OF
very great surprite TO those who watch
events Of this sort.
Within the past thirty days. we have
sent 10 Europe sl5. 1900. and prudent
dealers in exchange in New York city
think thai we will send 100000 600 more
before January LIST. During this period
It has been customary for gold to be COM
ing to this country in payment for our
exports of grain. meat. petroleum, cot
ton, etc, and no disclosures have been
made. relating to the balance OF trade
during the PAST few months that afford
any explanation of the unusual phe-
nomenon.
Some have attempted to account for the
expectation Of gold by suggesting thai
Europe has became alarmed at the pro-
liability Of free coinage Of silver being
adopted in America. and hat she Is send
ing us American securities held by her
for fear that she may be compelled TO
receive her interest on them In depre-
ciated silver dollars. TWO considerations
proye this suggestion to hav little pro-
liability in It.. There is less occasion for
such apprehension now than there has
been I'm several years past. The election
of Mr.. Cleveland was a distinct black eye
10 the free silver agitation. and 1t would
be very strange II a fear Of this sort had
taken possession OF the European mind
at the moment when the opponents OF free
silver were in triumph. when II had stood
steady during all the time that the free
silver men seemed to be coming to the
front.
And there are no sort OF evidences that
Europe is selling our securities to us. on
the contrary, It is certain that the houses
in New York, which are buyers of Ameri-
can securities for European account, have
recently been purchasers rather tina
sellers OF such.
On the whole, the phenomenon seems
lust now, quite inexplicable. but it is not
necessarily an occasion for any sort OF
alarm or uneasiness. The United States
have within their borders not less than
5000. 900, 900 Of gold coin with an mex
haustible credit on which TO acquire any
further sum that they may need. In
addition, when We send gold opt-o the
country, It is. Of course. in exchange for
something else. and that something else
is presumably OF greater importance to
us than the gold which we exchange for
II. The fact Their that what is called
the balance of trade is against us, does
not, as many think, necessarily mean a
misfortune 10 US. If we want a thing
more thar we want the gold we give for
It, we are better off In having that thing
than in having the gold.
The Saturday Review. one Of the least
e~xcitable, soundest and most conservative
Journals published in London, had an
: article within the past six weeks in which
it announced that the Car Of Russia
had ordered all the deposits of the Rus
sian Government, amounting to slOO,OOO'WO
in gold, in every quarter Of Europe, to
be sent to St. Petersburg. The Review
dIkut1 lIdL Nnlo li'aA4N NHNN
going to precipitate a general European
war. 1t argued tina the famine, the chol-
era, and the Nihilists, all cooperating
together in exciting popular discomfort
in Russia, had raised an internal storm
there which made war a necessity for the
Car as a means of suppressing insur-
rection in his own dominions. 1t fortified
its argument by pointing out the fact that
Russia necessarily had more occasion for
money in the various quarters Of Europe
where she had interests to protect than
she had to have all her store banked up
in st. Petersburg.
The suggestion is, OF course, no more
than conjecture, but it is conjecture that
has not only possibility, but great pro-
liability in it, and financial journals have
recently been noting a steady flow of
gold to st. Petersburg. This may account
for the drain of gold from this country.
European bankers being called by the
Car for his deposits, may be reaching
out in every direction for the gold that
they are required to send to him, and it
may pc that we are being levied on in
common with all other countries.
II this be the explanation Of the
European demand for gold We do not
know whether we should regard il as the
presage OF a blessing or Of a curse to
Europe. The world has never known
half so many men to be under arms as
are now marshaled in Europe, and, armed
with the terribly destructive engines Of
modern war. the slaughter that would
follow a general European war is too
horrible TO contemplate.
On the other hand such a conflict would
probably result In a general disarmament
and hardly any price is too great to pay
for such a result. 1t is simply impossi-
BILE that the present state of affairs can
continue TO exist. II 1t does, 1t must,
within no distant time, convert Europe,
as Gambetta phrased 1t, into a beggar
in front of a barrack.
SUSPENDING IMMIGRATION.
The report to the Senate Committee on