The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-04

The drain on the Treasurys gold had
| hean going on for the preceding twelve
months. but we have so recently pub
lished those figures that they are unneces-
sary here. Observe how steadily the
gold had been withdrawn from the treas
urv from January. 1893 (and the same
was true for the twelve months proceed
ing. to June, 1893. and see how 1t then
stopped. The newspapers announced OF
the morning Of June 6, 1893, that the
President would call Congress toSether
in the early part of September TO repeal
the Sherman law. Exports OF gold at
once ceased, and there was shipment OF
gold to this country on June Z4th' ana II
continued until more than $DOo'VOO had
been imported. The drain on the Treas
ulv's gold at once came TO an end. and
by January, 1894, 1t had become practi-
cally nothing. But in February, l694, MT.
Bland came forward with his proposition
to coin the seigniorage, which was free
silver in another form. 1t passed both
bodies of Congress by large majorities,
and thus showed the world that the coun-
try was still welded 10 free silver in
spite Of the repeal of the Sherman law,
and the world has consequently gone Oh
sending us our securities ana drawing our
gold away from us ever since.
The fact which our correspondent reters
10. that our railroad securities are pay
able in gold. amounts to nothing. the
foreigner knows very we'll that If Con-
rress shall declare that the deprecated
silver dollar shall be legal tender for all
dollars of debt the Supreme Court will
ratifv IT and that his debt will become
payable in the silver dollar.
We know the following facts. and will
furnish proof of them TO any one who
doubts: A Richmond party applied 10
an acquaintance in London in June, 1893,
10 hunt up amongst money lenders for
commission a loan of $4,000. offering 8
ner cent interest, the loan TO be payable
in gold, and as much OF ana whatever
collateral DreXell, Morgan Co. of New
York. might demand. The money could
not be got in all London. Why was this?
The Englishman cared nothing for the
contract to pay in gold. He reasoned if
Congress makes silver a legal tender for
a gold debt the Americans would tender
silver and he would have to take it.
Confidence was gone. and when that hap
pens d nation Is dt 'He uoor OF Ddnk-
Tuptcy.
What our correspondent says of the de-
mand of European banks and governments
for gold makes no impression upon us.
1t is true the principal banks of Europe
have increased their holdings OF gold in
the past four years some $OD0CO,WO; but
their draft for that was not on this coun-
try alone They drew 1t from all quarters
of the globe where they had trade rela-
tions II the Government of Austria had
taken every dollar that she needed to
supplement her own gold from this coun-
try we would not have felt 1t, since her
entire gold money is only about $l30,0OoW.
We do not, of course. know how much
gold Russia has accumulated for her
war chest" but all statements about 1t
are obviously greatly exaggerated. The
! entire gold money Of Russia and Finland
is at this time only si55. 900. Most OF
| this was there four years ago. and Russia
! cannot have drawn very much from us.
We take these figures as to Russia and
Austria from the Forthcoming report of
| the Director of the Mint.
Nor can we regard the suggestion of
mismanagement Of our railroads as i'm
portant. Their management has been
about the same for the past four years
as IL has been for fifteen or twenty, and
the receiverships of the court are about
the same. There have been a few i'm
portsnt receiverships. such az the Atchi-