The Wichita daily eagle., 1893-01-31
GOLD EXPORTS AND SILVER.

NEW YORK, Jan. S0-Henry Clews. in
his weekly financial circular for the week,
among other things, says:
THE renewal of exports of gold in con
siderable amounts has fallen as u wet
blanket on Wall street. One explanation
of the outflow seems to be that the silver
situation is creating disposition among
European banks to keep and to increase
their stocks Of gold, and another, specific
one, that in view of the political dangers
that now so closely threaten France, the
Bank Of France deems it prudent TO
fortify its position by augmenting its re-
serve Of gold. So long as gold is less pro-
tected at New York than at any other
great financial center, all such demands
naturally fail at first principally upon US.
But, 50 far as the drain Is special or
artificial one, it is not likely TO continue
long without reactionary compensation.
If France (or any other country thinks
proper TO buy from US gold in the same
way as she would buy cotton or wheat.
those purchases correspoudIugly augment
Frances indebtedness to the United States,
and to the same extent increase the liabil-
ity of France To remit gold 10 this country
at some later stage. There can be little
doubt that very considerable portion OF
the extraordinary gold exports OF the last
two years has been shipped from tempoT-
airy reasons and outside of ordinary trade
movements; and somewhere those funds
are he'd for transient purpos IS, from which
the metal will be released TO return hitheT,
so sOou as normal financial relations be-
tween this country aud Europe are re-
stored. Ii would be a serious case FOR this
country-with its gold diminishing and its
silver iuc redsing-if this expectation were
not reasonably admissible.
at has always been the course Of our
gold movement to run into alternate
periods of excess Of exports over imports
and of excess of imports over exports.
From 1862 TO 1871 the exports
uniformly exceeded tne imports by
an average OF SO, ,000, 900; during the next
six years, there was an average excess OF
imports of $3l, 2OJ. go; aud, for the next
following eight years, the exports averaged
SIC, 600 OOO IN excess OF tue imports. FROM
these com parsons it viii be seen that the
gold movement of the last two years has
deyiated from the prepOnderant rule only
in the sense that the outflow has been lar
ger in volume than usual. The late trade
movement has not been such As 10 occasion
any large export Of gold. Although, for
the last two months Of 1892, there was no
such excess OF merchandise exports As oc-
CURED IN the same mouths OF 1921 (Which
was an altogether unprecedented period Of
eXportations). yet the two months move
ment shows AN excess OF exports OF Sfl,-
current foreign Indebtedness on accounts
outside Of purely trade operations It
therefore seems warTantable 10 conclude
that the current gold shipments are large
Iy due TO special purely hnaucisl causes.
The now uufaYorable prospect OF the
present congress repeating the Sherman
silver act has in measure helped to check
the improving tendency in prices t2at set
in with the second week OF tnis month. IL
is now evident that, while the house IN ght
be depended upon 70 give "A large mAJUrty
vote IN favor OF the suspension Of silver
purchases, no decisive ACTON is hoped Tor
from tue senate. Republican senators ap-
pear unwilling D assume suy political
TespOnsl bIiitles IL the matter Hud seeiu 40
think ~ good party poilcy 10 leave The
question 10 be dealt with bY their oppo
H~Hts at the next session. aud. even were 10
Or Lvrwlse, there 10 ii.tle doubt thrt some
two or Three senators from the U!uiuZ
states could aud would defeat any inter
ference with the pre~eBt law through OBJ
struct!ye tacti = Under these cream
stances, tie hope has been surrendered %
changing tue status Of silver during tHs
i've remaining weeks Of the eIplrlpg $50
siOn.
81 he question arises whether Tr Cieyr-
iaud may be expected, under the-e eiEegui-
~fsucss, 70 call q special session ~ me-
'iia. ely after the adjournment ~ colgFes-.
@s YET. there bave been 40 0ui q vIu..s aa
- what may BE- the new PRESIDENT dig
position ~ this matter There are boz
ever, certain YeFy obvious proJab b.ltji~s
hat he might take ;bai course. !, WI
irv8lyc upgH Mr. flev~itgd'- sduiai-.rs-
) t4r q. .--r-
'ic1s begun it-t Npyrm Der vito fh-
L4roresa -avsruusafS for su s6 j1-t r1eut
" De silver question aud it wisl put THE
/ sisted states aL Z sad vantage 34 tue
conference, . We rgut.Uua buying (
million culrss Uer mDr-E. af-ef a.F.-.. .
-afouZa our 1elel,Ttes tHTssfeae8 tie c.1
ference Kat, Ia ct-e q 5te afc--... b.. .
7g ~ satisfactory -e- l~'a~H', We
,aGH.d promptly dI-c8lsfu4s rar.
1urcaases aut thereby throsv urca
Europe the whole burfb-n % CIR
5rDlucf n be metal 70 wo8.d be sa.s-
3rt noe D.. iae conference sHyait r.-4tas .
is a~.i.'~rt IONS Iex. Gay under suca 1s- +
IfE-i41c=s. Tor lt would 81 deprive t.ls
.sI1fr. ai uIprtl force and -sc-1a poser f.
70 gre ar-9-ia-i iaas - fo maze g zlua~t .
Iapl-- sie 3 5-la.s sue European Hs..sa- f
20 accept tre r1.cT ~ ,ateaaat.oasI free
30 af-e. The form q se't .e-Bsst H.e-s lr
= +taa-- 90 tEsz Corntrr Afr sEstaaE .
Flil 1Ht ~ ug~sr1 ud-<' n 2 te uea3- sa Pc
Cd st5 iLat bofA roe .zaE SO e.1 eFE-
E-Fclai Interests are seriously aaE.o4e -
- tHe esflles. pose .3-~ s-t l-HeE- ls
.1lAsfiou whEca j. casting dark sIsa-ow
< t1-5f DYrr every fora Gt eat~Epstss l
sep direction. j, .- a.-s 20 b= cgHs.esEssl
as- -bs G-s-sl cGgdsr-r4 ~ SIZE -rvsr1-
~ -at 8 s1ea sss ta deru fr4 luE5 r.. s.a r--
= 1astrneet- 30 ..-aul- tr sEr-=ra# sta--s -
r 10 4va al F+ne e.1< l.ateF.alt G--
.rr Aas. sEaiH, tks-s a :-e.as
.rsu-r er4E tz.r couufEr. TOO stra5z % ~
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