New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-28
NEARLY FIVE MILLION TO GO
GOLD EXPORT MOVEMENT PROMISES TO
CONTINUE NEXT WEEK.
CoNsEoU ENCEs OF DEMOCRATIC MALADMiNlS-
TPAIION-NEED OF PROMPT ACTION BY

CONSEQUENCES OF DEMOCRATIC MALADMlNlS-
rRArIoN-NEED or PROMPT ACTION BY
CONGRESS OR THE TREASURY.
TIE Withdrawals OF gold from the Sub-Treasrry
YESTERDAY raised the exports for to-day nearly up TO
the extreme estimates Of shipments that had pre-
viously been made. The amount taken out was
$4,000 In addition 10 g 100000 on Thursday. The
total shipments by the French and German steam
ers sailing to-day will be $4sooOo Of which La2arl
Fr1res viii send 100000 Heidclbach Ickeiheimer d
Co. s.. 10000 and I.adenburg. Thalmann CO., $V'-
COO II is not Impossible that the amount may ne
enlarged as there will be time 10 Withdra" So"
from the Sub-Treasury this morning and get 1t on
the German steamer Aler before she sails ms
contirgencv however Is not looked for. The sub
Treasury also lost $o50oG) gold, Withdrawn for snip
ment TO Canada. making $4,000 this week sent IN
that direction out of the country.
The actual gold reserve in the National treasury
Is now down 10 about S50oo.Cc0 as consequence OF
those exnorts There is no means of measuring The
extent TO which It may fall. The foreign exchanges
are ruling at rates which permit, proitabie export
of the yellow metal TO the Continent of Europe ana
closed strong yesterday, without any Indication "i
weakness. Commercial bills are exceedingly scarce
anI there is no prospec; OF a fresh supply next
week Bankers have no inducement to sell drafts
"short" in anticipation OF covering later with DIS
Eurore made by exports Of American proIn9pras;;
ior e fnr nriyeI from he use Of their credl;
abroad. There are no security bills in the market
prolonged delay and Wrange In congress over the
settlement Of the tariff question have excited as
trust abroad. and the Indifference o. the Admnsa-
lion to the critical state OF the Treasury has IN
creased foreign alarm. Bankers with European
connections conccde that their advces by cable ana
letter this week have Indicated growing desire 10
Withdraw capital from this country. 1n' brSt-ln-
formed financial circles look for further snip
rents Of gold nt week agSrcga;ng NVWn"N
There l. substantial unanimiiy of sentiment IN
Wall street that Congress should devote immediate
attention to the condition Of the National finances.
Instead of wasting time and energy in eeXpermentng
with the tariff. The policy Of the Treasury De
Iartment has disguised bankers ba; the plea IS
made that Congress will not rrant the needed au-
thorlty To issue per cent bonds or 70 enable the
Secretary OF the Treasury % borrow at his discretion
enough money pui ;he Treasury's reserve beyond
cavil and check the outflow % gold 10y restoring
European confidence. The banks OF New-Nork are
unwilling agitation for action 10 relieve
the Treasury. for fear that Gemagogic legislators
may miscOnstrUc their motives. Bu, there Is a
growing impression downtown that il would be wise
for the Chamber of Commerce 10 lead the way in
a"ousinS Congress TO the dangers OF the situation
and squirting X TO give some proper RELIEF 10 the
Treasury 1t is agreed also that the situation just
fes the President in calling upon Congress for ade-
quate action If relief is promptly given K IL
thought that exercise of authority under the
Resul.ption act is imperatively needed.