The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-02
Of gold now going on are to pay this
balance.


balance.
An obvious criticism on this view OF
the case IL this: The items of MI Her
delbachs account have been charseS
against tbs I'm about the same amounts io'
a number OF years. In many oil THESE
years the balance OF trade was very ht-
tie In our favor, and in some OF thei'
was greatly against US. On his theory II
would seem. therefore, that IN those
years we should have made much larger
expectations OF gold than We made last
year: yet We made very small exporta-
tions In any OF them, and in some
we actually gained gold.
he treats this criticism. and his answer
to 1t is this: Foreigners. he says, are
dismayed at the condition OF our Treas
ury and our currency. They nave no
doubt OF the good intentions OF our Gov
eminent 10 uphold the parity OF gold'
silver and paper, but they cannot help
doubling its ability under present cir
dlsordered our whole financial state, they
annually invested the Ddiance on the ac-
count that he states in American secnri-
ties. But they are afraid to make those
investments in our securities any longer
lest they may get silver dollars wnen they
part with gold dollars. and they there
fore require us to pay the bdiance III
gold.
We cannot help thinking that this ex-
porter OF gold has some reason for WISH
ing to turn attention from the true cause
OF our exports, which we are SATISFIED is
mainly due to sales OF securities sun go
ing on. Even yesterdays press dispatch
from New York (Which is plainly semi
official and inspired one), giving an ac-
count Of the progress which the assistant
Secretary of the Treasury is making in
getting the new Issue of bonds taken,
concludes thus: "Only the sale OF nfty
or seventy-ive millions abroad would
effectually put stop to the gold drain,
by checking the gold exports and restor-
ing confidence among the foreign invest
ors, who are pouring their securities into
this country"
IT the hrst place. it is plain that II
fear that our money might become the
debased silver dollar deters Europeans
from making further investments IN our
securities. the natural tendency Of that
same Apprehension would be TO make
them sell those they now have In the
next place. the items OF money spent by
American travellers and freight amount
ing TO more than hah OF Mr.. Heidelbach's
account are cases in which gold is ac-
tuaIIy and currently paid TO Europeans
along through the year. from day TO day.
They do not constitute an accumulated
fund on this side, waiting for orders that
are to direct its destination. Mr.. Hell
delbach's theory is doubtless true, to this
extent-that II there is any accumulated
fund in this country due from the sources
he names to Europeans, 1t is called for
by them directly in gold, because they are
unwilling, IN face OF the threat OF free
silver TO invest 1t in American enter
prises or securities. But the case VIII
not admit OF the theory that there is any
such accumulated fund here, over and
above the immense balance of trade in
our favor, amounting last year to S26i,-
eo9.ey9. We believe that balance was
ample 20 pay everything We owed in Eu-
rope upon current account, and should
have left us something coming here. The
drain upon our gold cannot be accounted
for upon any theory other than that Eu-
rope is alarmed at the prospect OF this
country drifting to a silver basis Of fifty
cent dollars, and it IS Withdrawing every
dollar it has here before the evil day
arrives.