The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-29
carlisle's Talk with the Bankers.

/ Csrlisle's Talk With the Bankers.
The con ference which Secretary Car
/ Isle had with bankers in New York
{ Thur5idF appears 10 have been mutHauv
salts factory one. The bankers now know
wha. the financial policy of the admins
/ tration is and, If they are correctly re-
ported, they are ready to cooperate with
! the administration i'm carrying H. out
/ The reason given for not selling the bonds
/ to replenish the gold in the treasury ap-
/ pears to be a sound one. The relief that
the sale Of bonds would give would be
only temporary, and would make it
| more G;ficult to get congress TO repeal the
sherman silver purchase act.
That act is regarded b. the secrctar.,
and also by all the ablest tinanriers
Of the country, as being the chiefcauss OF
the export Of gold. IL is true that thus
far this year our imports have exceeded
our exports many millions Of dollar. and
it takes gold to pay for the excess of i'm
ports, but in 1912 our exports exceeded
our imports more than $500. 900 600. and
yet during that period gold was exported.
In fact, we have been exporting gold ever
since the Sherman silver purchase act
went into effect
There can be no doubt that much Of the
gold that has been sent abroad has been
used TO pay for our securities held abroad
and which have been coming home be
cause the holders of them are afraid that
If the Sherman silver purchase act
is not repealed they viii be
compelled to accept silver for them If
there was a certainty that the parity of
gold and silver would be maintained they
would accept silver as readily as gold.
but there is no such certainty The
bullion in a silver dollar is worth only "a
cents, and if the country should be forced
to a silver basis the depreciation in their
securities would be immense. 1t is not
surprising, therefore, that they are send
ing their securities to this country while
they can get gold for them.
Secretary Carlisle seems to think that
if the banks in the west and south will
carry on a campaign of education
the opposition to the repeal of the Sher-
man silver purchase act will largely dis
appear by the time congress meets. He
is satisfied that even the silver mine own
ers can be convinced that the act is hostile
to their interests.
Now that il is certain that bonds will
not be issued except as a last resort the
secretary, doubtless, hopes that the banks
Of the country will help the treasury meet
the demand for gold until congress CON
venes Doubtless they will assist him as
long as it is to their interest to do so
or as long as they can do so without loss
to themselves. 1t is too much to expect
that they win make any great sacrifices
to aid the government Bankers. like
others, may bubble over with patriotism
that costs nothing, but they are not going
to bear any more than their share of the
cost maintaining gold payments, even
though they have large stocks of gold.
The brokers who are buying gold for
export are being condemned by some, but
they are simply doing what the existing
financial conditions permit them to do,
and what others would do in their posi-
ton. The gold exporters are not to
blame for the outflow of gold TO Europe
Those who made such an outflow possible
by unwise legislation are to blame. The
Republican party is responsible for the
existing financial trouble,