The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1895-02-16
ThE REASON OF COLD EXPORTS
ne'oDhcsn Liquidation the Cause o, the
Tremendous Outxo.

, Tremendous outxo.
). dlaha polls journal was boas
y ing the other dag of the large forei r
, investments made in America afte
. the passage of the Mckinley bill. an
5 at the sarae time asserting. that cx
, ports OF go!d at present arc ca used b,
I the carlisle currency bill The Conn
1er-JOurnal took occasio To shaw, tb,
tnesc Investments after the pa Ssace O
the Mckinley bill were MYTHICAL <,
1nr as they were indicated by the .,o1c
movement, as the net exports of gold
GO, e t"e!ve months ended June 30
!e"1- We're the largest since 1864. The
journal admits the accuracy of the fr.
ures submitted, but tries to u.rirolr
ont in this way: . -
The Courier-Journal points GU. tins, d,,,,,
| ~ uscai year which ended June 30 1891, the
| net export OF gold was $685. 130Css th.,, ,hc
~, ,sfsest since 1854 That is true but Why vas
| LIS large export OF gold necessary in 1897: Be-
ea.se the net exports OF i,andise amount
| 80 ~ ,u' sSveoso4l. That balance in favor
] vas Hos n1och over Cne-thiri OF the money
necessary to pay foreign freish.s and Interests
| on american securities held abroad So the
| goa went The Courier-Journnl also calls at
Lention to the fact that the ne. export 81 ro,d
uaetns the fiscal year ended June so 1898 was
se.,ooo,4od True; but turn the records Of
exports and imports OF merchandise for that
S os.. ana II appears tina: we bought SIS
more q prosd than we sold. Tia. is Va. had 70
pay curing the year only the foreign
~! 1.eissts end dividends securities. bu: eIa-
WY the gold was needed
Aherc arc few otter Interesting f,cts I'm
connection With this matter. The net exnort
OF gold during the fiscal yenr whict cn(Sn5
June 49, 1894 was e4,a-s.eE. Why was the net |
export so small: Because tho ne, exnoy. y. |
l45 $50" LIS VIC same pesioo was $685. |
NOW, 1t Will be observed th,t this |
as wholly irrelevant to the question
whether the passage of the hfcKiniov
Dill induced foreigners to invest lnrro
sums IN American securities and To |
pup 2oIa to this country to pay for
.ne:n- The large net export of gold
."aI year shows that they did not do
IT, Inc Journal admits this. but saws
the balance of trade, though in or
favor as the phrase is. was not so ,nuch !
~ Our favor as it might have been |
why was not the balance Of trade |
more In our favor2 Was 10: the Nc
hlnley bill passed to check iu,,,,,r1a
ions? II 1t be said it was no. ~ -,
VII operation. we pass on to the fiscal
ear 1883 when it was certainly erct- | =
i"S IN Its work, and the balance of .
race was whati is called adverse. This
ear we exported ss7, SOC, 1873 in gold, the e
arRest n mount ever exported i'm a sin, 3
le year: This showed clearly cao;,rh
nat the Mckinley bill was not brinr-
1g gold from Europe r
Now, SO far the trade balance is
'ncerned there is practically no dis
'te tha' IL would be paid in gold if OF
lese were no other causes OPERATING r,
"' other causes are always opcrat- he
=. dence, II we assume that m hi
verse balance OF trade will reces-
r'iy cause an outflow. or balance es
our favor an inflow, OF gold, we to-
nli continually And statistics refut- he
our theory. In the fiscal wear 1894. tie
ABOVE stated: we exported more than ca
imported by some $237 900 600 ! M
us was en- ideal year according to we
E republican theory, rs the balance his
'faoe was SO largely lin our favor att
ports rc01l1. r.hno
publican platform Of 1883 demanded ev.
II every body knows it was a bad sci
II Tor business. The simple reason eve
y we did not import more was be- VIII
Use we could not afford it, our re- !
rcss having been crippled bv the No
.rnan act panic Rv repri!;can par
&c we ought to have Imported. net Nc
''ooo'ooo OF gold. but, in fact, our for.
Exports were over four millions | pco
doubt the difference was n1,dc eve
oE the return of our securities and W
was caused by the fear that w, it's ,
mt not be a ble to nairtair the GOLD win
,dard. 7 and
he fact rene ins that the large out to r
or gold was going on under the the
r'son administration. All the con- Arg
ohs aHecting the CURRENCY, with
exception of the Sherman act. NJ,
CHI were operating under the Har- nor
,-..a..-1 . tloh' are stlll in force is tn
80 :'e .het the outflow carr
'olo' winch has been going on for pres
~. '"e o"Aahce or trade ! led c
~ y. VIC oeher' mas been finer
NC" currency Oil is to form
"a - -: pfooa oiitles and the trust
.,I ->ot dollar OF to I'll
NAL bank currency, as it isnow. +he
IL would be under the pending what
would be availa BILE to settle in. "a :.
'tlonal balances The new Cur. ~ -
ol11 might. and probably would, over.
the banks to furnish their share | Cow,
; gold for export, and to that ex. 49,,
relieve the treasury. For that and -
1t is rather calculated to dinain- lican.
an to increase the shipment Of tbi, +
ms 1T gives an additional reason | ooa =
'ect that the gold standard can ent;,
uiSSAAe Scurlcr-Jour- their
gener
The republican pretentio,a ,f Y. We
ng fair and honest elections are
hallow when such fair and hon TINT ,
'ct1ons fail to elect their candi- comm
A living example OF this is the voting
{ situation in California In slider
OF the nanipulations of re- trust {
an election officers in that state from t
eturns show the election of inr d,
democrat, for governor, bv one that II
nd three hundred plurality. insati.
he republicans are threateniap will fs
Snc state outright for old man Paign
80. sueiedteo at the polls. nopoly