New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-18


companies TO reverse their recent action?
Milestone y. j., Jan. H. 49, f. y. f..
HOW TO RETAIN THE GOLD.
A PLAN OUTLINED BY WHICH THE OUTFLOW NAY
re CHECKED MEANS USED IN ENG
LAND AND FRANCE.
To the Editor of The Tribune.
Sir: The currency problem which confronts the
country is a snarl that will take time to olsen
tangle-lt is Gordan knot that must be cut II
disaster is to be averted-and the sooner the Knot
is cut by a Congressional coup detat, the quicker
Fshall we arrive at the solution OF the problem
The paramount question should be. How
Shall We Retain Our Gold?' This is the burning
question and to it We should address our efforts
The London Statst's' correspondent gives from
Official documents the descriptions Of gold obtained
for the first 100 100000 forms of the Austrian gold
loan now being placed. The amount is stated IN
the new crowns, which are approximately equl'a-
lent TO the English shilling. as follows; Bar golu'
100000 Crowns: American eagles. llsoOOc" crowns
soycreiGns. 2O.JO0N00 crowns: napoleons 0Vti"o
crowns; gJd marks 100000 crowns: various
moneys 10000 crowns: total 22S,0OO0oO crowns.
These figures show that the United states mas
contributed $50 900 900 or more than half OF the total
50 far obtained. The same authority further says
that The gold above specified. which did not come
from the United States. did come from Africa
India. South America and countries other imam
France and England.
Now how is It that France and England have CON
tributed little of their gold to the Austrian
cause? We think that the answer will be that the
gold which austria has secured has been drawn
from sources where the least resistance 10 ire
outflow Of gold is made. thus taking advantage OF
n natural law. This country is being drained oil lis
gold at a profit To It's exporters of only l6ith OF
| per cent and Government bank. the 'lreas-
ury Of the United States" is poweress to check
the outflow. The Bank of England and the Bank or
France. which but financial arms OF their re-
speciive governments i'm such an emergency as that
which confronts this Government. whose financial
arm is its Treasury. would quickly restrain any
gold exports by means which would make such eX-
ports Improbable business to the spectators. In
juggling with phrases people have been led to
think that the United States Treasury" is not
bank. although 1t Is charged with doing banking
business 1t Is bank. just much as the BANK
of England the Bank of France Is a bank. All
three banks Of issue" with gold reserves to
protect The Bank Of England and the Bank Of
France invested With discretionary effective
powers 10 protect their respective gold holdings
but the Treasury OF the United States"-the fnan-
cial arm OF the peope-hasn't the power to inter
pose straw when its gold reserve Is being de-
pleted by pratical foreign Spectators.
Internationally considered. the Bank Of England
and the Bank OF France practically bear the same
coantres ihat taG II 's Of the Unit n,
bears TO the people Of this country. The three
OF the financial world and the only representatives.
their respective Governments The only practical
difference between the Bank OF England the
Bank OF France and our great National bank. the
United States Treasury Is that the latter s not
invested with ihe same power Of self-proiection
are the former
/, is nnt inc character Of our currency that makes
II nrontahle 10 the NIL. cot.rie OF foreign .f.et-
lators AT one-siNty fourth Of per raid our
Treasury for It's gold The proposition now before
Congress t. fund our legal tenders" into bonds
Will not stop the outflow Of gold II Will only trans
fer the scat % war" from A solidarity able -
cope with the financial powers % ~" world ~ le-
rallv authorized by CongressD to 4 rahhle Of de-
.enceless ao-as-yo- pleas. corporations N. local
banks OF IN. counfry-tul fh.y VIII become fhc
victims ~ the .goi1 lr, is.r- Their inability 10
cope with the quest ION wili Doe appreciated when We
r.roil.ri that Troy are without a ccnira.lz.I au-
thorit, army without 4 head
There j. bat one course that seems practicable
and poss .blo IN the present financial emergency.
and that is course for Congress 10 TAX" AMI take