The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-27
WHAT Is THE EXPLANAI1oN or -

Tho Rank Of England has increased JUS
.old,,cs Of gold since January lst by
40 10000 1t holds to-day $i0,OO000 more
cold than IL held year ago, ana cohsl"-
erablv more than it ever held at one time
before. Since April the Bank Of France
has increased its gold reserve by $TO"'wl'
and the Bank Of Germany by N5,O00~o.
why do these facts exist, and where has
the gold come from?
Discussing this matter day or so
back the Evening Post, Of New YORK,
saws that 81 10000 Of what the Bank OF
ENGLAND has received In the past hVe
months Is made up of increased imports
from several gold producing countries
II would have us, in other words, be-
lieye that the increase is due TO nat
ural flowing OF gold. made up in great
part of newly produced gold. to the place
where IL can find the most prolltaDle en-
ployment We have no doubt this is true
as 10 all the rest OF the world. but We
do not believe IL is true as 10 that part
OF this accumulation Of gold which has
gone from the United States. We be-
lleye that this country has lost that gold
because of the disOTdeTed and threaten
ing state of our currency and finances.
II is impossible to understand the steady
drain OF our gold 10 Europe otherwise.
The balance Of trade in favor Of this
country for the eleven months ending
at the coming first Of July will be lit,le
II any, short of S2l0OOo.000. II was $23l,-
100000 at the first OF June and exports
have been larger than imports all through
June. Gold should naturally. therefore,
have been coming here all this spring,
instead Of going steadily away. Gold has
been leaving us because foreigners be-
lieve we Will pay our debts in fifty-cent
silver dollars, and they are, therefore,
selling us our securities owned by them,
and taking the proceeds away in gold.
But another large source of the drain
is in alarmed Americans, who are send
ing geld to the banks of England. France
app Germany, to be stored there on de-
I}osit until 1t Is finally determined here
whether our coinage is to be debased or
not. Wealthy Americans. TO whom low
interest with security to the principal
is much more important than high cur
rent rates of interest. are casting an
anchor to windward by remittances Of
gold abroad.
10y the way pdiN VI SNalfAlithb
which Mr.. Cleveland is said 10 have
given out to the newspapers in yester-
days press dispatches. is quite unin-
telligible TO us. lie is represented as say
ing:
Last year, up to June 1st the balance
against us from the export and imports
OF merchandise. excluding gold and sill
yer, was $6i552. O46. The balance in our
favor for the same period this year was
So &c., $50. representing a change In our
favor of sl27.5l2. COS"
We do not believe Mr.. Cleveland said
this. as It is anything but correct state
ment OF the case. The apparent balance
OF trade against us at this time last wear |
was what is here stated but the Treasury,
Department made statement in the fan |
OF 1898 which showed that the Account |
with countries having a deprecated manor |
currency, like Brazil, had been erroneous.
ly kept in that deprecated curre,c,, |
and that when this error was allov.o5 |
Tor the actual balance against us for the |
whoie year was less than $4,000 0oo |
Again, the balance Of trade in our fa,,or |
this year. instead Of being S62 $50 GO is |
nearing s2iOoO0,O00 as we have st,tod |
above. ''"
IL Is pity that an important state
ment OF this kind. so well calculated 70
ailay apprehension, should be rnarred h,.
errors like this. -