Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-11-23
THE GOLD OUTFLOW.
Treasury Reserve at the Close Of Bust.
ness Yesterday, $50, $4,000.
Collapse of kaf1r Mining Doons In
south tfrics-ERstern Trousics-
u..,,,.,,on ON American s~curi.
tie, Held Abroad-Other Reasons.

WASIINGTON, November THE
Treasury Department was informed early
this morning that 100000 In gold hai
been engaged for export % Europe ON
S,turday. Secretary Carlisle carried tho
Information TO the White House. when he
went over at II o'clock 10 attend the
usual Friday Cabinet meeting. But later
this afternoon notwithstanding Nor
gan telegraphed Secretary Carlisle that
the actual gold Withdrawals to-day were
s,0Ooy. OF which 100000 WAS In gold
coin and 100000 in gold bars. With the
$4,000 taken on Thursday. this Will make
the gold exports tomorrow StSoeps
Nessrs. Lazard Freres, who engaged
| 81. 90 for export, reduced their order
To ssO0.CCo.
With this export. the Treasury gold re-
serve stands at the close pf business to-
| day at S2SJO.0Oo
Various causes are assigned by Treasury
| officials for the heavy gold exports at this
! time. chief among them are the collapse
| Of shA Kaffr mining boom IN South
| Africa aud the consequent dragging down
OF large houses engaged In this class OF
share speculation. The Eastern troubles
bourses i'm Paris. Berlin. Frankfort, and
! London, leaving the New York market
| the only financial centre where stocks
and bonds could he sold without great
sacrifice As result OF realization on
| American securities held abroad. 10 make
good losses sustained IN speculation In
| South Africa gold has to be shipped to
meet such sales.
EXCESS OF IMPORTS.
Other reasons assigned are the small
export OF cotton. and the large import
/ OF foreign goods, together with the fur
| ther fact, recognized the world over that
gold is more readily obtained from tho
Treasury OF the United states than from
the treasury OF any other nation.
Several times within vhe past few years
| the Treasury gold reserve has been at "A
! much lower figure Than II Is now. ON
/ January 81. 1894. Just before the first bont
issue OF S0CVo.coo IL fell 10 sL56jO.l75. and
even after that gold was put into the
reserve. sending II up 20 100000. on
March leth, though II fell on August loth
10 s52.is9,7s1.
Just before the second bond issue was
made the reserve stood az Sis.eoco.
From the gold received from this second
! $sO.0O0.Otv or bonds the reserve reached.
/ on December lst. sl0s.0J0O0o. From this
figure 1t fell gradually TO sil.3s2f2l. on
| February 3 1875. when the third bond Is
SUE. this time for So, 10000, was made. AS
| n result Of this issue, the gold reserve
attained on June 18th. $V7,5l2,ooo, from
which figure 1t has continued to decline.
a. the result OF Withdrawals for export.
GOLD COIN DEPLETION.
One effect OF the heavy gold With
dtawals AZ New York this week has been
10 reduce the gold coin not covered by
outstanding gold certificates to about S', .
go. and To 80 seriously deplete the
stock OF gold coin at the New York Sub
| Treasury that gold coin from several
western suh-treasuri.s and from the
United states mint. at Philadelphia. has
10 be shipped TO New York 10 repienish
its reduced gold stock.
The Treasurer OF the United States.
Hon. u. y. Morgan. in his annual report.
on the operations and conditions OF tho
Treasury, after giving figures as 20 re-
ceipts and expenditures which differ very
slightly from those already published.
says:
ASIDE from the variations In the total
stock OF gold IN the country, which are
dependent upon the domestic production
and consumption, as well as the imports
and exports Of the metal. the most i'm
pOrtant change now going on In tho
composition OF the noney-supply arises
from the gradual retirement OF the Troa-
sury notes of 1850 through their redemp-
/ tiOn in silver dollars.
by this process. which began in Au-
gus. 1896 and has continued since tho
total issue ot Sl55.ssl .O)2 Of these notes
was reduced by September -, 1855. TO
sli3 t6C 80"