The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-25

OF lAat year. IN 1904. tIe dftidt' lii''
OF wheat fell to % cents, and that year
we had TO satisfy the international equa-
ton by exporting slS.25O.6l0 In gold. Next
year wheat rose TO n cents, ana we M
ported s1S.2l3 54 Of gold TO satisfy tie
equation Of International trade. .-
How viii tho placing OF our finances
upon a silver basis Affect our European
trade balances? Mr.. st. John. the famous
silYertc banker, gives the following eA-
PLANTATION: "A premium cn gold VIII o.
minish our importalOus or merchandise
b. increasing the cost Of their payment
A premium on gold, which thus VIII IN
crease our exports and diminish cur I'M
ports, VIII tend 10 establish credit bal
ance for the United States In foreign
trade. credit balance OF trade 10 10
settled with Us Will call for foreign money.
Europo's silver money IS oyeryaiueq lh
her gold, compared with ours. ~ from
three cents TO seven cents on the oohdr'
This means that 10 would cost the EURO
pean merchant from three 10 seven per
cent TO settle with US in his silver money,
more than TO settle with Us IN gold
Therefore EurOpes trade settlements
with Us, when Europe - our debteI, VIII
be made In gold" So far, Dir. 81. John
- undoubtedly correct ,
Harl times enforce economy. During
tho fiscal year that began July !, 1910,
panic year. our imports or merchaiidlso
fell of "a per cent They mad pecn >s'D,-
400 ~ during the fiscal year thAt began
July /, 1872. During the Succeeding year
they were but S654. NiG-2. our exports
increased per cent. They haI pech
SSi1 $50 1874 during the fiscal year lhte
closed June 30. 1873; during me next lis-
cal year they were $500, liO,j12. (See Re-
port Bureau Of Statistics, commerce
ard N8yiga ton, page luibD
II the year 1897 shall prove 10 De
panic year. fne stasnation of business VIA
be far more profound than 4 was IN
1883. But let Us suppose a iallins on 2i
only - per cent. from the value or meI-
cnIudise imported iu 1876, which 10 re-
ported al 500 lli,avh J'nls W9ull give ni-
importation II >0o4 isIseD Tor lle year
20. We VIII increase our exports Oh ~
nestle merchandise reported az 49, l'9,-
3.l I'm go by > per cent, w1lcA VIII
make $500 Do 202 Tor the year 20. Inc
difference between the merchanaE l ii-
ported and exported would be SCI ,f4.---
OF this about 40 millions would nave 20
be shpDtC 20 as iu specie, the resi- WO-iI
be absorbed in the payment OF interest
on cur bonded Indebtedness held ia Eu-
rope.
As England is the banker OF the world
tho London banks would have 10 supply
the specie 90 be TRANSMITTED 10 ine Di-t-
al STATES The loss OF TWO hundred mill
lion dollars In gold would cause a very
serlOus disturbance OF prices Ia bngiahl'
unless the gap should be flled from some
other ource. This would Dee done by tnr-
lands calling IN hor loans, she would
"unlOaY her American securities lyo"
As England holds S2.2OO.OcOoOj ~ Amer
team bcndS the process CT 'un4Oluln5
would require eleven years, II me ieiy
bonds enough every year were s1iu 10
provide tho gold for settling tId"e "a
anccs due ms. But England wOul pIODa-
biy want 10 withdraw her American IN
ycstments az rapidly as pcsSlpie-at lAt
rate let AS say, Of 20 nlluOn doiats ~
annum This would require Us 70 S''lp ,o
millions In gold every year, ll the me can
tile balance due US every year. shyui4
renal at 200 millions. Al the end o.
eight years, therefore, we Shoulu ildFs
discharged our bonded DEBT 70 LIA ~ .l,1 a
by tie pr nent Of go millions 10 goid
anu LOO ilions In merchandise. Dur
ing those eight years gold IN tni9 country
would certainly be held at "A premium,
limited only by tho gold price OF siiNet
bullion .u Il llOn, and that Wouli p,
determined by the relation between tne
Asiatic demand ior silver and the Next
can supply. ,,
them be- relieved of the interest charge %.
over TWO billions Of debt the cOmmerclti
baianca due MS wound probably Dee avl
million dOlla-s-eXcept for one Important
cOns.deratiOn-tO-wi To avoid the pay
uerf rf This immense amount pf gold
tha voice OF the London Royal ENchan1e
would decree that the prices OF All Ainell'
can products must iaN OF oue-tniId-e
that our 900 millions OF exports SIr.
balance our COO millions or impo'-5 IS. he
AHHNNNNDA lA va -htANHtt '''t. W
be reduced from o. cents 20 30 Gems q
buslcL An. my iaIm.r irendi 30" az
simply vhcttiug the silver knife L. en-
your own threat. ,-,...
that the irst trade settlement on TIE nat
of Europe with the United states i5 lnadt
Ga gold. the fact makes MANIFEST a par
~ for our COLO ana SILVER money iI "a.
fo be- thaf as soon as the world becomes
permanently OLr debtor, any tempoi Jag :
balance flat we may owe Luropo On
monthly settlement VIII De accepted W
American silver cLln, for tle reason lHA'
such coin can be r-turrel 10 Us Oh SUM
subsequent monthly se-leine,nt;; .,.,. ut,
Let lbs see how 10 g. 50 TN British indla
As soon "a we shall have put ou-etf yes pi
a silver basis our CONNIE 'IaL tg."'i ~
fn'SsncisI situation OF that country witt
respect % england. India owes 60i.
debt 10 Great Br tain, as we 90 aNl nc'
exports of merchandise exceed neF ltl
ports as do ours Her rupee IS az els
count I'm Eur0peOn markets. as our sllte'
] dollar will De- India imports Boll IS WEI
as silver in cltisfacIOn OF the equation OIL
International trade. on page 90 ~ tns
Report OF the Director OF tne = me.
states Mint fCr 1898, there i5 table ga
gives Inc value OF gold coin and D4-loI
imported into and exported from iiA.i
f-,n $50 10 ls9J." For the last I've
years LLe record runs mus r..,o-4s
H. Imports ltp, ~
ls0o-9t ........~S9o l94.44 s 400 ~ ~
1All-gg ........... 1881 5bd tu.i ~
1,2-gs .......... S.4io,354 4l,igf vi
ls9l-a4 "-..... u 30 s,,, id " ~ sSi 80
la the case OF india. then, u tam,
has not proved true that 'pn me instant
ina first trade settlement On the pdr'
of Europe" with India Was made IN eDll
tho rupee rose 20 par 'in the market 8
Of the world" What reason can pe AF.l
why the United States silver lcliar sho,N'
"a 20 anv better than the Indian rupee h!
THE silver coins or the Jnltto stAle
Mint are now accepted ln SINAI! qntnu
ties bv our foreign creditors IN so.d
standard countries. on page "a or tnt
RepOrl o. the Director ~ the Mint ici
1888 there 10 q statement by couI tries
of tho exports 81 domestic gold ani 4'
,,or during the wear ending June 30 lo93l
and ON page 233 a similar table gives oul
imports az silver coin both foreign anc
doTcstic By these tables II appears tha'
during tho year we exported sou" e'
our own SILVER coins, and reiinppfter
them % tho amount Of Slop.ei2. Or ON
exported silver cCins al but s5.eh wen
~ the British possessions m tlls rem
sphere Thence they found their way -
Errone. ard came back TO us through
fhe following channels. 1900
From the Azores and MADEIRA ISL i'oo.
From Fra nee. ....--.s...s ss'.''''' 49,,
From Germany. ........-.......''s'''' ~
From Gibr4ltar. ...s.. 1890 ss..'
From Italy ......... ......s s.s.sss's''' ~.
ITrorp the Netherlands. .........---. lvH
From the United kingdom...........'l ~