The times. [volume] (Richmond, Va.) 1890-1903, 1893-03-03

fered net ioss Of sso.coc.oo Of that
metal, se.t- IS
The Bulletin points out these further
facts as accentuating the case stu more
sharply. In March. 1856. nearly 70 per
cent. OF the customs receipts st New
York were in gold certificates; IS per
cent. in silver certificates and Is per cent.
in United States notes. For the year
1856. Is per cent. were in gold certificates.
81 per cent. In 1850, rising to 75 per cent.
in 1887. so per cent. in 1883. Sc per cent.
in 1889. and above 30 per cent. In 1890.
Since the passage OF the Sherman silver
law the decline has been rapid. For the
last six months Of 1891. less than 30 per
cent OF these payments were In gold GER
uHcates. and for 1892 the percentage was
still lower and during the past six
months It has not risen as high as 10
per cent and, In September and Deem
Der fell below per cent.
These facts can have but one meaning.
customs duties. gold coin. goa certi-
fcates silver coin snd silver certificates
and nothing else. When the Sherman
Law was passed In 1890. the customs re-
ceipts show that gold certificates were
the common and every day money Of
the people. The law has now been in
operation three years, and all gold GER
tihcates have disappeared. Why? They
have been boarded by the banks or con-
verted into gold coin TO get gold TO send
abroad to the people who have sent their
securities here to be sold from fear of
having TO take sixty-five cents for every
dollar promised.
But whatever the figures mean, even
the silver men must admit that they
show a startling case OF gold leaving the
Treasury. leaving the country. and dis
appearing from common use, In proper
ton as their laws for forcing silver on
the public go into full effect.
In the same line OF discussion is the
work now being done by the Financial
Chronicle OF New York. 1t has recently
been calling especial attention to the
way in which our imports have been
steadily growing since silver legislation
began to operate. as evidence that silver
was crowding gold out and forcing the
country's business to a basis OF dollar
worth sixty-five cents. 1t calls attention
to the fact that the money value Of our
imports in 1855 was FIVE hundred and
eighty-seven million dollars. In 1889 Il
had grown to seven hundred and seventy
millions, and to eight hundred and TWEEN
ty-three millions in 1890, and to eight
hundred and twenty-eight millions in
1891, and TO eight hundred and seventy
six millions in 1892.
II must be admitted that this growth
Of the value Of our imports is out of all
proportion TO what natural causes could
have produced. especially when 1t is borne
In mind that during the last few years
Of the period the Mckinley bill, which
greatly raised duties. has been in force.
During that period the quantity Of for
eign goods imported should naturally
have declined, as the Mckinley bin in
tended should be the case. Instead, how
ever. we see imports steadily increasing.
There Is absolutely nothing in increase OF
population or In any supposable consump-
ton OF foreign goods that will account
for a rise OF three hundred million dol
lars in the amount consumed between
1885 and 1892. But the case. in this as
pect. is still more striking. The case is
getting worse all the time. Our exports
for January, 1892, showed a net surplus
| over our imports for that month of $751;
lS.OOO. But our imports for January.
1893, show a surplus over our exports for
that month Of over sixteen million dol
lars. Instead, therefore. OF January 1898.
making us a net profit Of thirty-seven
million dollars. as January. 1892. did, It
made us a net loss Of more than sixteen
millions.
| The Financial Chronicle advances the
| theory that these wonderful phenomena
are the results Of the process by which
| Greshams law operates-by which
a cheap money drives out dear money.
1t claims that when two such mediums
of exchange are put into a competing
circulation they work out self-adjusting
process by which the dear one disappears
and the cheap one takes possession Of the
entire field Our increasing imports are,
| IL claims. that process Of self-adjust-
ment. We know as well as the Chronicle
can that the cheap money wilt certainly
drive the dear money away, and we KIN DIV
| as part of this that the DEPRECATED sill
yer dollar will certainly drive the gold
dollar out Of the country. We do not.
however. perceive The process OF reason
Ing by which II can be shown that the
increase OF imports is the manifestation
| OF Gresham's law. Nevertheless. i. is
| Certainly unnatural and due 10 some dis
| turbing cause, which cause we do not
at all doubt is In some hidden way the
| laws that attempt TO impart one hundred
cents OF value TO "a piece OF metal worth
| only sixty-fve cents.
4
THE APPELLATE BENCH.