New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-11-26
GOLD GOING OUT

Tho fact that some gold has been ordered
for export gives especial interest 10 the hnan-
ca statements which have just been made
bv Secretary Of the Treasury Foster and by
ex-Secrctary sherman. During the last thir-
teen wears exports Of gold have never exceeded
import, in November except in 1sSS. when
the crop Of wheat was short, the cotton crop
was 5000. 900 bales. and the previous corn
crop had been remarkably small. leaving IN"
country without supplies for exports IN the
fall But the condition, in this country were not
then unfayorablc nor was the following year
ono of misfortune. and it may be fairly in
fcrrcd that moderate outgo Of gold late in
the year though quito unusual, is 10y no means
a sure precursor Of trouble.
The circumstances, however arc not what
they were four Yeas ago. The Treasury re-
serves Of gold in excess Of certificates ont
,tanding vere then nearly two bundled millions
and are now about one hundred and twenty
three millions, while the silver certificates out
standing were then two hundred and thirty
seven millions and are now about three hundred
and twcnty-thrcc millions. The fear lest an
outflow Of gold should disturb the currency.
and the greater fear that the Congress just
elected may act unwSely about financial mat
tcrs and particularly about silver coinage give
to the movement al this time an interest which
Tho similar movement in 1855 entirely lacked.
Secretary Foster publicly states that there is
some reason 10 look for a deficit unless ap-
preparations are scnpuously cut down. Sem
atOr sherman declares that in his opinion tho
present silver law ought 10 be repealed, at least
50 far as to stop purchases of silver lie OBJ
serves that the act was intended to support
the price Of silver, but ha, not had tina; effect,
has done all the good it can and he thinks it
should be repealed.
1t is never possible 90 determine with ac-
curacy what motives cause net exports Of gold.
but there is some reason for the impression
that the continued purchases Of silver have
contributed with other causes to produce that
effect These may quite probably have dmn-
iShcd the purchase Of American securiticc on
foreign account, and other investments Of for
cgn capital in this country. At the same time
they have caused large issues Of paper Cur
rcncy each month, which are now received i'm
payment Of duties 10 such an extent that. in
tho first three weeks Of November only n
per cent Of customs payments at Ncw-Yorll
was III PDll OF Stlu ciIill.fdIcS. IN THIS and
other uses gold is to such IN extent supplantod
by paper that exports Of the metal occur with
less resistance Fear of serious monetary
changes here, in consequence Of the recent
lection, may influence the minds Of some
men, and there are even some who reason that
a froe-conage bin may be passed by the pres
emit Senate and the House at the session soon
TO gin.
senator Shcrmans proposal presents this
difficulty, if there were no other, that IT is not
likely to be approved by either the senate or
the House without notifications which he
would strongly resist. If the silver question
comes up this winter at ALL there are Some
who will surely insist upon free coinage at
once, and others who are likely 10 assent IA
it because they would like t. have the matter
settled before a Democratic President has hocn
lnaugura'cd. The chance of obtaining a f.,
yorablc vote in the House for "A repeal Of the
law requiring silver purchases, without any
provision for silver coinage seems to be very
slender
The condition of the Treasury will have
much to do with the matter. 1t now has mar