The Windham County reformer. (Battleboro, Vt.) 1876-1897, 1895-08-23
The Renewed Gold Exports.

The Renewed Gold EXPORTS
The gold export movement which
has taken nearly sl4, 600, COO out of the
country since July l3-and all but
SSl7, 600 from the government treasury
and which last week took 81, 300, 600,
started off this week in a way that
seemed ominous. Monday and Tuesday
there were exports of -, $50, 900 with
rumors of engagements for large
amounts more, and for while Tues
day the governments gold reserve fell
below theSlOO, 900, 900 mark but the Bel
mont Morgan bond syndicate stepped
in just after o'clock and deposited
81, 900, 600, raising it again above3 the
traditional dead line. Wednesday the
situation was improved, foreign OK
change fell off nearly to the point that
would leave no profit in gold shipments
and the feeling has since been growing
that the movement is near an end.
Though the shipments have been be-
yond all precedent for this season SO as
to create some uneasiness it has been
nothing serious, and in no way APP
preaching the panicky feeling OF last
winter when the governments reserve
was run down to $40, 600, 600 and sit
uation reached where it would have
been wiped out in few days and silver
payments percipitated, temporarily at
least, but for the recourse to the syndi-
cate or some other similar desperate
measure.
ii is humliating of course that this
great country, the richest and strong
est in the world with wealth of en-
ergy with which no other can begin to
compare. should have got into a con-
dition, because of it's great over issue
of paper for the benefit of silver mine
owners in other words because of its
practical signing of notes for them for
several hundred millions where it has
to depend on a syndicate of capital
lists, for heavy bonus, to protect its
1lVoll. Dut llIdl 10 bllC Situdlloil CAuAt
ly, and still worse feature of it is
that what the syndicate has done, has
been done by piling up more obliga-
tions to be met in the future. The
effect of the currency distrust that be-
gan the very day of the passage of the |
Sherman act, was that what ever gold
had to be sent abroad would be drawn
from the treasury by the presentation
of greenabcks and treasury notes and
all the multifarious forms of govern
ment paper which lad to be paid in
gold on demand in order to avoid fall
ing at once to a silver standard Then
whatever gold came into the country
rom abroad or form the mines went
nto the vaults of the banks or individ-
lals, and remained there.
This was shown by the fact that i'm
after the passage of the Sher-
nan act, gold payments at the custom
louses began to decline and for more
han Il year before the panic of '93 had
become practically nothing. Uncle {
sam had to keep constantly paying
.old to anybody who asked but had no
'ay of getting it except by borrowing )
T going into the marekt and buying !
t. AS we owe an enormous debt in
europe by means of our corporations ;
nd municipalities there was sure at ,
ertain seasons of the year to be an cx- I
ort of gold for interest account. be
ides the calls for principal, by means {
sending back securities. This inter
st and these aisles of securities, to-
ether with the requirements for for !,
ign travel. have more than absorbed
le heavy trade balance in our favor, =,
nd in the last two years have neccssl- l.
tied large cash payments besides. :,
The syndicate has prevented exports ;,
trough the summer months up to :,
thin the past few weeks, the usual -
JASON for them because the trade :;
alance at that time is always against l.
But it has been done 10y selling
broad government bonds and other Sc
lrities, to the amount of 800, 600, 600
to some estimates, and of
,ursc that is so much more to pay =
terest on in the future. 1t is not
uprising, after having STAYED off the =
lports so long, that there should be :,
me now: but the trade balance
hich turns heavily in our favor in the :,
II months ought to be sufficient to |
Cd them soon. The only trouble is Of
lat the increased debt, before over rt
own, will always carry danger with q
of tipping the balance the other n;
Az. II