The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-01
"B.'s" FURTHER VIEWS ON GOLD
SHIPMENTS.

We print this morning rejoinder from
"B." to an article OF last Saturday. We
see nothing in It that tends in any degree
whatever TO make us modify the opinion
we have already expressed. The Times
called attention to the fact that the re-
port Of the Government Bureau Of Sta
tistics Just made public shows that for
the year ending December 81. 1892, ex-
ports from this country were worth
! Sc, %. IA more than imports TO II. 1t also
shows that we exported during the Same
time 73.2S9.10s In specie. The Times ar
| gued from this that we should naturally
now be importing gold. whereas every
steamer that leaves our ports carries gold
away from us. The Times is unable TO
account for this save upon the theory
| that Europe, alarmed at the prospect OF
being paid in deprecated silver. Is SELL
| ing us our securities.
3D." differed with The Times upon this
point, ascribing the absorption OF the
great gold fund that would seem due
10 us to what American travellers spent
abroad. to interest that we pay abroad
and to freight paid OH importations. The
Times replied that as these conditions
existed each and every year in substan-
TALLY the same state. II saw no place
for them in the discussion. BIS letter
this morning is the next stage OF the
discussion, and. with entire respect, we
see nothing whatever in 1t that tends to
prove that the gold that should have
come to us was spent in the way claimed
by "B."
Notwithstanding all "B. s" figures. we
think II perfectly safe to say that In
stead OF travellers spending more money
abroad last year. the cholera scare OF
last summer materially lessened the
amount of money spent by Americans
abroad, and. notwithstanding what "a
city bank president was heard TO re-
suppose that America paid more interest
in Europe in 1892 that she paid in 1891.
Increase in the market values OF our
securities proves nothing. Englishmen
NAV think Western Union sale, but
Americans may think 1t a purchase.
Therefore. while all Englishmen were
selling all Americans might be buying.
and thus putting up the market values
Of the securities.
The report Of the Bureau Of Statistics
for the year 1892 is just published. 1t
shows that our imports were worth
81, S77. 236 more than they were In 1891.
There is no increase here that will ac- |
count for the absorption of our large |
balance in freight charges. AS for 'B.'s
figures respecting that balance Of trade |
In past years, we see no occasion to re- |
mark on them. Each Of those years |
stood upon It's own basis. II they showed |
heavy balances due to us those balances |
were settled by the world in one form |
Or another TO our very great advantage, |
and that is all then that is in 1t. There
are hundreds Of ways in which those bal
lnces in our favor could have been set
lied without importing gold through the
There are many timid |
and wealthy Americans who prefer to
Keep large balances in the Bank Of
England rather than invest their money
n American securities that promise large
interest and dividends. Others prefer to
invest in English consols rather than
American securities. These consume a
arge part Of the balances to this coun-
RVS credit There are hundreds of other
ways in which the balance may be set
led. But this is the first time 1t has
that when the world should
,e paying us those balances. II is ac-
our hundred thousand dollars OF gold
lad been sent from the port of New
FORK between January LIST and last Sat-
irday night. and sl.5OO.OOO were shipped
and the report of yesterdays
shipment contains the suggestive state
nent that all of 1t was new coins, show
ng that the old supply is exhausted.
II "B." knows the Austrian Govern
nent is buying our gold to put itself on
! gold basis. or If he knows any facts
hat point in that direction, he knows
more than The Times does. We do not
observe that our gold goes to Paris"
ioing by a French steamer does not ne
essarily mean going to Paris, and we
now Of nothing that would seem to con-
Inc "Austria's negotiations to Paris any
more than to London or Berlin