The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-16
'rices on New York Stock Exchange:

Here are twelve leading securities
valued at much more than their enor-
nous capital OF s6O2. SIS s24. and. instead OF
a single decline. we find in all an advance
in five weeks. while gold exports were
very heavy, OF from to IS per cent. II
only one or several had advanced The
Times might well say, "Englishmen may
think Western Union purchase and
Americans may think II a sale" but when
not only those quoted, but others also,
advanced, though less, there can be only
one reasonable verdict, namely, that the
world, instead Of "scuttling out" OF was
rather "scuttling in" American invest
ments. These figures should convince
that as vet the Sherman law has not
frightened the world into n belief OF the
early advent Of G5-cent dollar.
Again the New York Financial Chron-
icle an authority, says In it's leading
editorial OF the 4th, THE early weakness
(of exchange) was In part due to rather
liberal purchases mot scuttling) OF secu-
rifles for London account" Also, Not
withstandng the further exports, the
money market remains extremely easy
and rates rule very low" which could
hardly be the case II the world was
alarmed" and was "scuttling out OF
American Investments" When the world
becomes alarmed money tightens and
pdUkS refuse u Ht ~
more than individuals. can scuttle out
without less. frequently ruinous, and II
the world is now scuttling out Of Ameri-
can Investments all rules must be sus-
pended or reversed for its benefit. because
II scuttled out at a profit OF from TO is
per cent. on some of its most important
investments between December p, w.
and January q. 49,
Second. Are the SIS. 900 900 gold exported
since January lst and previously owing
to "scuttlng out OF American Invest
ments?" American investments are heid
principally in Great Britain, TO some ex-
tent in Germany and Holland, and TO a
very small extent in Austria and France.
the last preferring Panamas. Now II
there is or has been unusual scuttling
out of American investments the scut-
fling should have most manifested Itself
I'm Great Britain, where most are held,
and the gold proceeds should have mostly
gone thither. But have they? NO Then
where? Read your financial report OF
the 9th as follows: THE vast majority OF
the gold exported from this country has
been traced to the banks Of France and
Austria. about s37, 900 900 to the former and
s25 900 900 TO the latter" and the Sl5,OOO,OO
exported since the 1st of January have
eone the same way Does this mean
surplus "scuttling out OF American In
vestments" to the extent OF 81, OOO,OoO since
January. '92? No. What then does IL
mean? II means for Austria, that she
has passed from silver TO gold standard,
and she needed the gold for reserve. IL
means for France partly, that In antici-
nation Of greatly expanding her note
circulation additional gold reserve was
required, partly TO pay TOT surplus i''er-
cbandise our imports exceeding our ex-
N the nSCai years
1880 1891 partly for expenses Of American
travellers on the continent. and, as the
brother replied when asked what the
Lord had done for him. "a mere nothing
for "scuttling.'
The financial report continues, 1T mas
become fashionable to attribute the OUT
go 10 the operation OF the sherman SILVER
law. but the necessities of the two prin-
cinal absorbers OF our gold would have
compelled the out-go, even II the silver
law had not been in existence. IL may
therefore be claimed that The world is
not alarmed" Is not "scuttling out or
American investments" and that there
is no material, but only post noe
prcpter hoe relation between gold exports
and the Sherman law; and such being the
case judgment must be against Inc
Times denial for repeal. not because the
demand is not good. but because the rea-
sons are bad. The two reasons Tor re-
neal are because the law is an arbitrary
interference with economic principles.
and because 1t bears the seeds or dis
aster. but when the seeds Will ripen,
whether this year or five years or more
hence no man can tell We may. now
ever. comfort ourselves by the renection
that It's said "the watched pot never
boils." All eyes are watching the Sher-
man pot. and so possibly 1t may never
produce the evils feared or predicted.
3D."