New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-24
THE FINANCIAL SITU4TION.

Bankers estimate that the exports OF gold ms
| woek will no from 81, 600 900 to $S,OO0,0W. Al
re,dv Withdrawals from the Treasury nave re-
duccd the actual reserve of gold TO about soS'-
OOOOOO If the expected shipments later IN Inc
weok arc made the reserve will be smaller IMAM
Il was when the first bond issue was 1ouhd
ncccssary last January for S65,65O,1lJ gold was
thon on hand and smaller than 1T was last NO
vcmber when the President issued il second cali
| for bonds and the actual reserve was S62,ool'-
1O7. II had dropped to S57.667.1O9 November
o6 before the receipts from bonds sod slar'eu
n recovery But If it was necessary 10 issue
bonds when the reserve was only S6o,ooo,o"
last January. and when it was only S62,ooo'on
last November tie President may be expected
TO live I'D 10 the pledge Of his last message that
other ISSUES of bonds would be made whenever
"and ms often as 1t becomes necessary TO maih-
stain n sufficient gold reserve, and in abundant
"time TO save the credit Of our country ana
make good the financial declarations ortour
Government"
Thus IL has taken just year TO exhaust ABOUT
SIG OOO 900 received for bonds sold. leaving the
Treasury no better off than 1t was when the cal
was made q year ago. OF course it is worse OF,
because it has additional interest of SJ.oUO.Voo
n wear TO pay on the bonds issued and has be-
sides n revenue law under which within hve
months the deficit has been S44.JOO,Ooo. IN Inc
nreyjous seven months under the old tariff the
deficit had been SIT. ,OO2. But 1t Is obvious
that this deficit of So, 100000 in year accounts
for little over half the loss Of Treasury gold
The rest Is the direct fruit of profound disrust
of the Democratic party, which leads foreigners
TO withdraw capital from this country ana
Americans to withdraw their gold from the
Treasury According to Treasury estimates,
about S29OOOOO0 gold has been added from
the mines TO the monetary stock, but That guam
tty and ST. 100000 more have been exported.
| But the Treasury has lost not the S'1,Ooooo
exported in excess Of production, but ABOUT
S11GOOOOOO Reduced 10 simplest terms. the
net result Of borrowing SllGWOOoO. under
distrusted Administration and tarin for dchci''
has been a loss of our new gold and SIl,Ooo'ooo
to foreigners, besides about S4jOoOOOo Win
drawn from the Treasury by orr own people To
| remedy this situation Democratic Congressman
propose TO provide for borrowing more money
by clause in an appropriation bill. There Is no
sense in continued borrowing without an III
crease Of revenue. The deficit of S4l.oOoOoo III
five months. the distrust Of foreigners causing
exports probably reaching S20.OO0.TO in January,
and the Withdrawals Of gold by our own people
will exhaust the Treasury as fast as gold can be
obtained If this Congress cannot or Will not
| provide an adequate revenue as the necessary
preliminary to successful borrowing for tempo
rary needs, then 1t would be better 10 defeat
| appropriation bills and bring about an extra
| session Of the next Congress That Congress
will at least place before the President very
| quickly adequate measures for relief. and mar
row the responsibility TO him If he refuses to
| approve those measures.
Ii Is reported at Washington that the Prcsi-
dent will shortly send a message TO Congress
| urging some speedy action. 1t Is his obvious
duty TO do what he can with his impracticabe
| partisans though he is in great measure re-
sponsiblc for their muddle and their incapacity.
| because his Endorsement Of the dangerous State
| bank scheme as the financial measure which his
| Administration had to propose, blocked the way
to any healthful legislation. If after that monu-
| mental bunder and after permitting The Sccre-
tary of the Treasury to appeal TO Congress for
a measure authorizing the addition Of S2iSo0O-
600 more small silver certificates instead OF notes
| redeemable in gold to the stock Of money used
by the wagcearners and the retail traders, he Is
able TO suggest anything which sensible men in
| Congress can approve, it Is his duty. But there
| Is not much reason to hope for light from that
source. Until his party goes out OF the business
OF lawmaking and he calls a Congress which
can make reasonable laws and consents 10 sign
them, the country must expect difficulty.