New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-03
THE FINANCES AND BALANCE or TRADE

THE FINANCES AND BALANCE or IHADh'
Angus, has been passed and the Treasury hnS
hocp enabled by syndicate operations barely 10
maintain It's gold reserve, Notwithstanding eX'
ports of gold from NewYork alone exceeding III
norris by S1496S. 14S in the last five weeks Iher'
has been no such pressure in the money marhc'S
that This outgo has aroused apprehension, ana TO
some bankers 1t may have been rather gr"'i'
Ing as tending toward better rates for money. It's
cause is sufficiently obvious. and 1t Is also ciear
that larger shipments would have been neces-
sary TO square the months account without
anticipating official figures. it is safe to say
that enough excess of imports over exports VIII
appcar for August, with the interest due ABROAD
oacl, month and the differentiation OF imports,
10 call for a remittance Of IA much as Sl''o"'ooV
GOLD Rul in addition the country has 10 pay Tor
= part of the bonds sent over TO Europe by Inc
svn1;cote which have not remained there but TO
the amount of several millions have been re-
,rrned during the last month 1t is supposed
that mich more than majority Of the bonds
sent abroad have been actually resod here' either
upon recent OF by contract for future delivery
From the estimates of bankers it may De III
ferrcd that the Sl5,OOO,O0O gold exported IN
returned. or presently 10 arrive, leaving mer-
chandise and interest balance OF as large III
amount TO be settled in some other way
In effect therefore. the country gave snort
notes 70 Europe for $15OOOOO0. more or less,
which it is now taking up. But as the pohus are
worth po per cen, more than the price received
for Them the country has TO pay about S''ooo'ooo
for a six months loan of Slo,OOO,ooO, WHICH II
10 per cent ycarly-rather high rate 1or rich
and powerful Nation TO pay. Inc rich ana pow
erful Nation, however had the disease caiieu
Democracy and such diseases cost. When all
the profits of the syndicate and others IN TIE
bond operation are footed up, they seem lhss
njfcant by the side of the enormous sum when
the country has lost in other ways through us
freaksh vote for "a change" Before chahge
the Nation was adding TO It's wealth. taxing sooo
wears with bad about 81 ,2OO,OOO,OOO yearly, ana
in two years under Democracy 1t has added moth
ing What the cost will amount TO when all IS
! done cannot yet be judged.
The imports in August prove more satisfactory
IN Treasury officials. 1t Is said swelling the GUS
| toms receipts in a manner to gladden. the Demo
cratic heart This means, Of course, that Imports
of products were large, and by comparing GUS
toms receipts with known imports In other
months It may be inferred that the aggregate
value Of imports in August was not less than
SO 900 900, which would mean for eight months
500 600 600 more than for the same months or
the previous year. AS the exports In August
were nearly 10 per cent smaller than last year,
iudgipg from New-York returns, 1t needs no
| elaborate argument to show that the country Is
bullding a debt for itself. irrespective OF the
bond transactions Nearly all the goods for
which the country is presumably paying about
500 600 900 more than last year In eight months
could have been made and formerly were made
! by American workers, and the policy when con-
dennis these to idleness in order that the Ma
tons money may go abroad for the goods they
used 10 make. is now working out again results
similar to those which were produced in 1897
by the Democratic tariff and again In 1873 ana
in 1884. by unwise reductions OF duty at the de-
mand of Democratic partisans.
The fact that exportable crops are short ana
! the industries Of the country not IN condi-
ton to stand a severe strain, must be taken INTO
account. If imports continue out or proportion
to the purchasing power of the people, Uoupie
will inevitably come in some form, though II may
be deferred for years. The congratulatory air OF
Treasury officials is not creditable to their good
| sense A better revenue the Treasury does need,
but it might better borrow money, even at a
Democratic shave Of 40 per cent year, IMAM get
it at the expense Of depressing home industries
and running into debt for goods they are not
permitted TO produce. Nor Is it possible 10 de-
termine how far the apparent balance 10 De met
falls below the true balance, because imports are
invoiced for duty adjustments far below thelr
actual value abroad. 1t is the belief OF men VINO
| should know the woOllen business well that the
goods imported during eight months OF TINS year.
nyolced at over $3600O,OOO, are In fact sold here
for at least $1OOOO00O more, being undervalued
over 20 per cent in the aggregate 1t will not be
possible to know the full extent OF the mischief
or TO apply a remedy for some time to come, but
1t is not the less important that the people should
be kept aware Of the cost of vicious National
policy.