The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-10-23
ENGLANDS CRAZE
Attacked by a Wild Specula-
tive Wave.
WHEN THE CRASH COMES
United States Must Stand Part of the
BlOw-Present Conditions are
More Favorable.

A washington correspondent says that
1.-The cessation of god exports has been
exceedingly gratifying to the treasury de-
partment. 1t Is now something over
fortnight since the treasury gold reserve
WAS seriously treutdhed upon by with
drawaas for export The drain stopped,
whether temporarily or not, It Is too early
to know, at time that was most fortu-
nate. Even n the gold reserve has prac-
ltica[Ly gained nothing in the fortnight of
peace the country is reasSured and con-
dltions uiave frightened. There are many,
however, who believe that the present
situation is unnMturaGy produced. They
anticipate THAT further gold withdrawals
are of necessity to be expected.
To pay for imports, meet letters OF
credit, purchase securities. pay debts, and
in fact to cover the balance against the
United States, gold is required. Why,
then, the treasury has not been called
upon to furnish 1t for more than a fort
night, is not apparent. That there may
ury Is not Improbable.
Aside from conditions that are purely
local to the United States, there are mat-
rers that give ground for anxiety as to
the future. AT present England Is at
hacked by a craez of speculation. It is
worse than the Panalma) Canal AFFAIR, that
yvhen n lhiia.qt on In t,hreA1 Irr.,ooa,s .,ros
perity. Money is plenty and cheap in
England. and is seeking an outlet that
wl.a bring large and quick returns. The
craze Ito grow udch suddenly is arlsp0wer-
fun, particularly where gold Is involved.
1t Is slated that mining securities, to the
alleged value of one Thousand million
pounds-$5 900, 900, ,O00-have been sold dn the
last six months in London. A crash must
come. When it does the effect WEI be
disastrous. The bubble viii be pricked.
England, rich as she is, will with diff
Guilty resist the shock. In view CT the
close financial connection between tine
United States and England, this country
must necessarily stand part of the blow.
The danger Us tnat It may unsetSe and
set back the prosperity that is coming.
How soon the bubble will burst In
England is not known. The longer II Is
postponed the better the United States
may be prepared to meet it. That Cana.
dians ARE apprehensive rs shown by the
fact that their own ioca1 securities, the
ones listed on the exchanges
ait Toronto and Montreal, have fallen
wBthln the last two weeks FIVE or six
points. The situation would be improved
II the Allison short time and low rate
emergency notes had been authorized by
Tine 1ast congress- As 1t is, the effect OF
the breaking of the Kaffir boom may be
quite hurtful to America, but far less so
than to England,
The treasury statement issued up to
the 18th shows "a large excess Of expen-
ditures over receipts. one million dollars
having been expended for pensions.
The gold reserve today shows an in
crease OF about $4,000. and stands at
500, ,06i, ,672.66.
Unless there should be Unexpectedly
large receipts for the remainder Of octo-
Der, the treasury deficit will be about Elk
millions for the month
The deffcIt for the first half OF October
Is $S.4Si,G67.S7. while the deficit for the
year to date is s1s,Ses.S25.sS. The receipts
yesterday were only s71s,9ss.2s. while tine
expenditures were st.24O.oOO, making de-
felt for the day of s521, ,9sS.7.
THE gold reserve showed fall Of about
$65,OOO yesterday, and has not increased
amy for the month, for IT has varied
throughout October. slightly above and
slightly below nlnety-three millions. The
total loss OF god for the month has only
been a52.57S. an exceedingly smaM
amount; but ther eRhave been no exporta-
tons.