The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-23
THE DECREASING RESERVE.
Nearly -Four and q Half Million OF Gold
Goes Cut In One Lay.
MUCH SPECULATION As TO The CAUSE
The Chief Cause supposedIio % be the Recent
Collapse of the n AMIR Craze In south
Africa Senator Morgau's
Annual Report.

WASHINGTON. Nov. 22.-The Treasury
Department was informed early this
morning that s5,yJoO09 in gold has been
engaged for export 10 Europe on Satur-
day. Secretary Carlisle carried the in
formation TO the White House when he
went over At il o'clock 10 attend the
usual Friday Cabinet meeting. But later
this afternoon Assistant Morgan tele-
graphed Secretary Carlisle that the ac-
tual gold Withdrawals to-day were ST.
olD,e)0, Of which yl.O9Vo) was in gold coin
ami $5nV,vh lu god bars. WIN thc f"'f-
OD taken on thursday thls Will make tAe
gold exports tomorrow A..,p,p".
I.azard Erlres. VINO engaged @l,-Jy,Ny
for export. reduced tneir order 10 fyl3'vN'
With this export the treasury gold re-
serve stands al the close pf business To-
day at $sl,ooOl).
CAUSES ASSIGNED.
Various causes are assigned by Treas
ury officials for the heavy gold exports az
this time Cnief among them arc uie
collapse Of the Kannr mining boom III
SOuin Africa and the consequent drag
gug down Of large houses tAaastu lh
TINS class Of share speculation. Ihe M Meds.-
ern troubles have also caused WtLAi' -
on the bOurscs in Paris Berlin, fiaNn-
fort. ana London. leaving the Ne" o.h
market the financial centre whtie sioiha
ana bonds cOuli pe sold without Eftat
sacridcee Az "A result of the realization
on American securities held abroad to
make good loses sustained in hpecuh' i.h
in South Africa, gold has TO De anlppf' 10
Other rea ons assigned are the small
export OF cotton and the large import OF
foreign goods together with the Iuftng ,
fact recognized the world over una, Aoi"
is more readily obtained from the Iiea--
ury OF the United States than from inc
treasury OF any other nation.
Several times within the past few years
Id N.NN q N
much lower figure than IL is now. ON
January "a. 1891 just before the first BOND
issue OF s5OO1Oy0. 10 fell TO $j5,GJO,ll3 rud
even after that gold was put into t-r
reserve sending ID up to SiN3so,co on
March 10Th. 10 fell on August lOth 10
So. $50. ~. just before the second bonh
issue was made the reserve stood at ~
10000
from the gold received from this second
SO.0O0OOD Of bonds the reserve reached ON
December tst SiHo,ei3Wo. From TINS inquire
IL fell gradually TO fn .H2 i2l on Feoruarj
9. 1886 when The third bond issue, TINS
time for 63.40pVO. was made. As a re.
suit of this issue the gold reserve altalncl
on Iune egth SlO7.5l2 900, from which figure
if has continued 10 decline as the result
of Withdrawals for exports.
DEFECT OF WITHDRAWALS.
one effect OF the heavy gold with
drawais at New York this week has heth
tO reduce the gold coin not coyeE,' ~
outstanding g0lu certificates 10 ABOUT ~
ppU.0 and To so seriously dellcie the
stock OF kold coin at the New York sub,
Treasury that gol1 -oin from seftial
yye.fern eub-treasuries and from the
United states mint SO Philadelphia has TO
be shipped 10 New YORK % replenish It's
reduced gold stock.
The Treasurer Of the United States
Hon -. y. Morgan. in his annual report
on the operations and conditions or the
Treasury. after giving nBuics as TO lr-
SUITS and expenditures, which diuer
very slightly from thoE. already punlish-
Cd. saws. -
Aside from the variations in the totm
stock of gold coin at fhe New York sub
dependent upon the domestic production
ana cOnguruTJfion as wei az the imports
and exports OF the metal, the most I'M
p0riant change now going on !n the com
position of the money supply arises from
iha gradual retirement OF The Treasure
notes of 1870. through their redemption in
silver dollars.
"Bv this process which began in Au-
gust 1853. and har continued since the
total issue of Slf5.SJle2 of these notes
was reduced by September 30, 1895, to 'lij-
d2sN.'