Bennington semi-weekly banner. (Bennington, Vt.) 1894-1902, 1894-07-31
coLD STILL GOES OUT.

Gold is now goiug out of the country
and out of the Treasury. This move
ment proceeds, although the condition
of our foreign trade is such that the tide
of gold might fairly be expected to flow
hither from Europe. The merchandise
| balance between exports and imports 1or
the year ending July 1st was in our favor
to the extent of $237, 900, 600. For the
two years ending with that date the total
exports of merchandise amounted TO
$780,, ,000,0 sum so unusually large
that it has been exceeded, as the Flnan-
cial Chronicle says, "but twice in our
history" And yet, instead OF gold com
J ing to the United States in increasing
quantities. it has gone the other way.
On January 31st, 1890, the Treasury held
| SIT, 100000. On Jnly 10th, 1894,
although the gold reserve was assisted
by $4,000, 900 from the New York banks,
and by $50 ,O00, 900 from the sale of bonds,
| it had fallen to S64 100000. If the
iniquitous tariff bill shall pass, and i'm
ports consequently shall be much en-
| larged, there is a fair probability that 1t
may speedily reach even lower figure.
If gold vanishes when Europe is indebted
to us what may be expected when the
balance of trade is favorable to Europe?
Probably the explanation of this re-
markable movement of the precious
metal cannot be looked for in any one
direction. But there is little room for
doubt that it may be partly accounted
for by the determination of European
countries to increase their stocks OF gold.
The eagerness to attain this END is SO
great that, in fact. gold commands IN
Europe premium large enough to IN
duce its retention there, the settlement
e ho1o ri
the shipment of the metal from our
shores. We have, therefore, the note
worthy spectacle of metal which has
always been declared by gold mono
metallists to have an Interchangeable value
rising in value, not in this country, which
has coined silver so largely, but in
Europe, where nobody have Uried what
have been denounced here as dangerous
experiments with silver. 1t deserves
especial attention that the boasted gold
standard does not "stand," and that
gold is leaving the country as rapidly
since the purchases of silver were discop-
tinued by the Treasury as it did before.
We're the United States upon BIZ
metallic basis, nobody would care greatly
whether gold came or went. When
gold was in scant supply business could
be done with silver. If silver should De
scarce, business could be done Win goIu.
With both metals full legal tender, no
disturbance of a serious character Would
be possible If either should go abroad
But, in fact, under such circumstances,
neither would be exported in unusually
large quantities, because the blmetalllc
nations of Europe would have no induce
ment of any kind to make great efforts
to take either from us. There would be
enough for all the nations, and the ship
ments of specie in one direction or the
other would be normal, undisturbing in
their influence and in accordance simply
with the ordinary requirements of trade.
As things are, we have based our whole
mass of commercial operations
upon single metal, and pow
erful influences in Europe are
engaged in cornering the gold. Euro
pean holders of our securities are in the
position of persons having demand notes
upon us, and at their pleasure they
"calr' the gold from our Treasury
New York Press.