Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1893-09-26
GOLD EXPORTS AND THE sHRR.
MAN BILL.


of the advocates of the repea.
of the Sherman law is tina.
the Sherman law has operated t
drive gold out of this country
This argument has been used by
the bankers of the east since las.
winter and the monometallists oil
the country have echoed and re.
echoed it until there is not a mai
in the country who has heard
anything about the silver question
who has not heard that the Sher.
man law is responsible for the
heavy gold shipments which have
been made from this country Ia
Europe. The statement has been
believed by millions of the people
of this country who do not stop to
do their own thinking but who are
willing to allow others to think
for them.
1t has been only a few weeks
since the repeal of the Sherman
law was urged in order that the
steady drain of gold from the
United States might be stopped.
1t was for this purpose that the
extra session of congress was call
ed to meet less than two months
ago.
The fallacy of this argument
can, perhaps, be best shown by an
extract from the last report of the
director of the mint That report
says: at may be interesting and
valuable to recapitulate the move
ment of gold from the United
States in recent years. The heavy
export of gold commenced in May,
1888, aggregating to July, 1889,
when the movement ceased, S61,-
435,989. In the summer of 1890
another movement commenced,
which continued for only two
months, with a total export, in
that brief period, of S15,672, 982.
In February, 1891, still another
movement of gold to Europe COM
menced, which did not cease until
the close of July, causing by far
the most serious loss of gold which
this country has sustained for
many years. The total amount
exported from the port of New
York during these six months was
S79,223,494. In the month of
February, 1892, gold exports again
commenced and have continued
until this time, aggregating from
February 10, 1892, to February Is,
from the port of New York,
the sum of 800, $3.50, an amount
in excess of any prior export
movement of gold from this coun-
try. The movement still contin-
ues, the shipments for the first
SIX weeks of the present calendar
year reached about $4,000 OO."
The report extended only to
February 10, 1898, but the move
ment which was then in progress
continued until the latter part of
when the total shipments
the year amounted to about
9 100000. 1t Will DO seen that
he gold shipments commenced
more than two years before the
law went into operation,
so that the heavy gold exports
previous to July, 1890, must be
attributed to some other cause
Than the Sherman law.
Within the last two months
here has been shipped into this
country about s7O,OOO,O 900 in gold
md the Sherman law is still in eff
.ect. The movement of gold from
his country has never been so
as the movement has been
this country during the past
.wo months. The net loss Of gold
10 far this year has only been
lbout $50, 900 and gold is still
imported. 1t is not at all
Improbable that, at the end of the
'ear, the balance of gold ship
nents will be in our favor. The
SO far this year, under
he operation of the Sherman law,
8 much better than it was during
he fiscal year ending July l, 1889,
when the Sherman law was not in
operation. The monometallists
viii have TO devise some other ar
,ument in favor of the repeal of
he Sherman law.
IT is about time for the Head-