New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-09
lilly GOLD GOEN OFT

Gold goes abroad every month but only tho
no: cxpOltS-thc excess # exports over imports
Of gcld-hayc been regarded by the CONNER
cial world a a sign of danger In the summer
exports usually exceed import OF gold, but last
summer this state of things continued longer
than usual. During the month If September
the tide turned and gold began to come this
way and in October the excess Of imports over
exports was S2.63i ,OS0 This excess con-
tinucd through plIt Of November, but toward
the end of that month the tide turned again
gold began to 90 out largely, contrary to al
nest all experience at that season, and in De-
ccmber the net exports were 81 ,3O3.G03. APP
pncntly the excess of exports in January was
even greater, though the precise figures are
not yet known.
This i. somewhat more significant change
than Demo cratic journals are willing to admit,
though not MANY think it worth while to falsify
about it by printing exports Of gold rs if they
were net exports. Nineteen years ago, in De-
ccnbor. 1874. there were large net exports of
gold, and an insignificant excess of exports in
December Of the following year. but the
phenomenon has not occurred since except in
December 1883. An OrcurIt nee so larr in the
winter months il materially $. rutinized with in
tcrcst by business men, who are anxious to
understand the cause. As there are many con-
nctng forces at work. various exl lanatons are
always possible for those who please TO twist
facts to servo their interests or prcjudces. The
true question is whether any moro reasonable
exp anaticn Of the unusual phcn3 menon in De-
ccrnbcr and Janraly can be given. any which
moro fairly fits the facts, than the one TIE
TRIBrNE has suggested.
There was large excess of merchandise en-
ports over imports in DecC mber and January,
as there had been in November. 1t was 50
large as to preclude the notion that gold was
sent abroad in settlement OF current balances
on mere ardisc account. Nor could there have
been balances on such accounts carried over
from previous months, because the state of ex-
change and the large excess OF gold imports
over gold cxpJlt in October ndcr that idea
inldmis ibie. something occurred b. tween
October and December t. reverse the current
cont AIRY t. ordinary experience at that season
The demand for gold abroad had been con-
iinuous for months, but not such Is t. produce
especial strngcncy in foreign money markets.
The question j. why the gold was taken from
the Unit d States. On December "Tha Lon
don Econ IN ST said:
European gold requirements have attciy been salts
fed by shipments from the United States. But a
Change In the monetary policy OF the States. which
would not only put Stop TO gold exports thence, but
aO In all probability lead to gold Withdrawals from
This SIDE may soon take place ana that would. OF
course, be utterly Incompatible with low rates OF
money here. since the bank would he compelled to take
measures TO protect lis stock OF the metal.
This shows that the Bank of England had
no, thought it necdful 10 protect its gold re-
serve, bcclusc aware that "tic monetary poll
icy of the States was producing the outgo
frcm this country. Il recognizes that change
in this policy, such as Senator Sherman had
publicly advocated. would put a stop to gold