The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-01
to Is per cent. In i've weeks past, as fol-
lows: -
Prices on NEW Yoxx STOCK ExcH,Sex.


| s24 OF securities advance from per cent.
to IS per cent. in five weeks, one surely
| cannot maintain that Europe Is selling
many OF our securities.
II, then. selling securities does not
cause gold exports. what does? The
principal cause doubtless Is that Austria
is getting on gold basis, and the gold is
for her. Observe that the gold goes 10
Paris. where Austria appears to have
made her negotiations.
Coming now directly to our theme,
the argument of The Times seems to
be this: Excess of exports for the calen-
dar year 1892 having been $50 22l, IA. Eu-
rope should have sent us an equal amount
OF gold. or failing TO do so. Europe Is
selling us our securities.
Let us see what countenance the figures
OF the United States Treasury Department
give to this proposition. Surplus reports
for 1877 to 81 were as follows:
1877 Observation-Disclosures I'l 'l1%'o'f
1873 northumberland. 2Ji'slf'zot
1873 ................ .......... <Uf'o"I'u"o
1851 io''o'o''i-
1881 ...................'' ~''''i-''io
s110i .024 62f
During these five years Europe was
either flooding us with gold. or was selling
our securities at a terrible rate; or was
II either. which was IL? In n Europe
took from us s344.14O in gold in addition
to the hundred and fifty million surplus
exports. and sent us in
1870 NEUTRALITY-SUSPICIOUS.. l'o"i'o.If
1870 .................. ....'s'''' iI'll''"'I
1881 ...............''' V''fpV'i-'
or. in these five years Europe sold us
about 1890, 900 900 lof our securities. II
Europe had done so. she would have
bankrupted herself by first bankrupting
us.
In so our surplus exports fell to only
twenty-five millions, but still Europe was
memorable and insisted upon selling.
sending us less than two millions OF net
gold In SO the same selling continued,
we receiving only six millions net gold
for our SURPLUS hundred millions exports,
and in 49, although our surplus exports
were about seventy-three millions, Eu-
rope sold in addition eighteen millions OF
our securities, or, on The Tines theory,
SCI, 900, 900. In SS Europe apparently re-
pented of her hard dealings with us the
previous twelve years, and not only sent
us SOS, 6O7 surplus merchandise. but
s25, 55s OS3 gold additional. Repentance,
however, is short-lived. so In 81 Europe
sold us about $3.50, 1900 of our securities,
for in addition TO sl12.25S.S09 surplus ex-
ports, Sne drew Sho, loD,Vot BOlu. w Hcic al
these securities came from, The Times
can probably tell. and The Times can
reconcile its theory and these
variations in the course OF gold
Our surplus exports for fiscal years
from June, 1876 to 81, were $3.50, 700. 6G0
and yet our net imports Of gold for same
period were only s7s.532, 7O2 How, also.
can The Times reconcile this fact with
its theory that 1862. IA Of gold ought
to have been sent TO America from tor-
eign countries during the year" because
our exports exceeded our imports by that
amount?
The truth is that so many causes in
huence the flow Of gold, that few. If any,
can explain or forecast its course, except |
In the crudest manner. Therefore, ii is |
bad logic and hurts a good cause to as
sign the cause for current exports OF |
gold, unless fortified by undisputed facts. |
and especially when the claim rests |
upon opinion, or at best, upon coincidence. |
-.