The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-22
But MIsTAKEN AMERICAN.

a y .
T'he outflow OF gold from America
moves a patriotic American 10 write the
New York Evening Post that cur tourists
would do much better to consider their
countrys condition and stay here to
spend their money than TO be galivant-
irg all over Europe. and carrying all OUT
cold away to deposit 1t there IN exchange
for what does our country no good AT
all Our enthusiastic American citizen
is moved to wishing that all these tour
lists had TO be at least two or three weeks
on the voyage. and sit on seats furnish
ed with spikes all that time except when
they were too weak to sit up The
outflow of gol1 is due. he says, to their
annual hegira," which brings on an IAN
nual financial spasm" through their EEK
travagance and improvideace abroad
This gentleman is distressed to find that
these tourists spend each year some
$4,000. 100. These are the figures given
him by New York bankers who COM
pute that at least 100000 pounds sterl-
ing of credit have been taken out by
tourists this year, exclusive of sums car
ried out in the pockets or obtained by
sight drafts"
ut is time" he contends, that 1t be
made fashionable not to go to Europe
and so remove one Of our financial bur-
dens" A little patriotic self-denial, he
thinks, would be timely just now,
81, Of en-
llcitude to every serious-minded citizen.
The persons who are this summer max
Ing most trouble for our Secretary OF
the Treasury by constant demands for
gold TO meet their expenses, are the
very persons, he says. who, during the
winter, in the role Of Sons ana
Daughters Of the Revolution" or Colo
NAL Danes" are putting their ardent
patriotism into prominence. He de-
nounces this well-meant winter senti-
ment as "pseudo-patriotism, and he fol-
lows his denunciation up with a proposal
that 1.-THE good people of this country
who really care to help their native or
adopted land practically" should promote
the organization of the 'anti-European
tourist orders"
The whole Of this letter is a farago OF
rattletrap nonsense about on a par with
the other Populistic ideas that the gov
eminent can make fifty cents worth OF
silver as valuable as a dollars worth OF
1t by calling II so, or that successful
business requires great quantity OF
money or circulating currency notes.
In the first place the writer enormous
" over-estimates the sum spent abroad
each year by American tourists. Tne
New York Journal of Commerce contain
ed an elaborate investigation into the
various sources of our transmission OF
gold abroad each year. in its issue for
July s. 1895, worked out in each case In
detail, and the sources Of Information
all given. An examination of this splen-
did piece of work will satisfy any man
that IL is in the main accurate. The
amount put down in ii for Americans
travelling abroad is 100000. But in the
second place. people who have money
have a right TO spend 1t as and Were
they please The prosperity Of no coun-
try is helped by restrictive policies ap-
piled 10 the inclinations of its people.
The expenditure of 100000 a year
abroad may look on its face like a loss
OF that much money TO this country.
But advantages come from 1t in one way
and another. and the thing finally evens
up when the balance sheet is taken of
But however that may be, the money be-
longs TO the people who spend 1t, and
they have the right to spend it in Eu-
rope or in America as they prefer, or
not to spend it at all, If that suits them
better.
1t is not the gold that we are sending
abroad that causes our financial trou-
hes. They grow out of our system. our
present transmission of gold to Europe
is perfectly healthy. normal. and natu-
-al 1t goes there TO pay interest on
money that we have used to the very
greatest advantage and Improvement OF
the country, TO pay for goods we buy
there that we want, and In other ways
that the people think bring them more
happiness than custody of the gold. our
troubles grow out OF the fact that the
government has outstanding s50O,0o00O0 of
demand notes that are payable in gold
with a fund OF only 500, 10000 IN gold TO
answer the demand of these notes ana
10 way of replenishing that fund except
by the sale of bonds. The intelligent part
OF the world knows that if that gold
fund were exhausted. IT wouli mean the
change Of this government and all busi-
ness in it from the gold standard 10 the
Observation-Disclosures silver standard.
Whoever NEEDS gold 10 settle a balance
IT, Europe. gathers up some of these
United States notes and runs 10 the
Treasury with them and 6rags out the
government gold. This excites the alarm
OF the country. the panic spreads from
the financial centres to the remotest quar'
tiers Of the land, business is arrested. and
values begin to shrink. II there were
none OF these government notes. there
would be no raids upon the government
gold and none of the upheavals III bust
ress that those raids cause. The people
who owe balances abroad would be COM
PEELED TO hunt up the gold 10 pay them