The evening bulletin. [volume] (Maysville, Ky.) 1887-1905, 1896-10-24

BE OF ANY GENUINE BENEFIT
TO THEIR COMMERCE OR THEIR
FINANCE? HOW MUCH WILL IT
HELP TOWARD THE RELIEF OF
THEIR FINANCIAL DIFFICULTIES
OR THE REMOVAL OF THEIR
COMMERCIAL DEPRESSION? AND
HOW is 1T GOING TO PROVE IT
SELF WORTH ALL THE TROUBLE
AND SACRIFICE THEY ARE MAX
ING TO PROCURE IT? OR. TO PUT
THE QUESTION IN ITS PLAINEST
POSSIBLE FORM, WHAT PRICE DO
THEY SUPPOSE THEY ARE PAY
ING FOR IT. AND WHAT CAN
THEY HOPE TO RECEIVE IN RE-
TURN?
1.-THE Americans are buying this gold,
or, rather, they are borrowingit temper
arily, on the most onerous terms con-
ceivaDle. They are giving for it the
best produce of the country their
wheat, their WOOL their cotton, their
iron, their provisions and their manu-
features, to say nothing of their ill
used silver. They are flooding the mar
kets of Europe with these commodities
at the least favorable season of the
year. SO en- ormous is the exodus of
them that Sufficient room cannot be
and freights have risen materially in
consequence. Outside of the markets,
however, a few special reasons for the
rush of exports may be traced. Doubt
less it was stimulated in the first in
stance by the tightness of money and
the drawing in of bankers loans. Then
it was encouraged and facilitated by
the rate wars on the southern and
Vrhi induced holders
of old grain to ship it as fast as they
could. These rate wars enormously in
creased the volume of traffic, while
adding absurdly little to the earnings
of the roads. All the grain collecting
centers, Kansas City, Minneapolis, Du
luth, Chicago, st. Louis and Peoria,
had record receipts. a statistical au-
thority estimated that in the first three
weeks after the reduction of freight
rates 100000 bushels of grain were
carried from the western and south
western states to the seaboard.
THE whole of that work was evident
ly done under great disadvantages, and
with little, if any, profit; much of it
perhaps at a positive loss. The farmer
who raised the grain may have starved
or gone bankrupt. The rail-
roads which carried it to the seaboard
of cent per ton per mile are doubt
! less qualifying for fresh receiverships.
The elevator companies, the brokers,
and the exporters, have all had to
adapt themselves to the hard times,
and to work on very slender margins.
| These individual losses swell up into
| a huge, one might say a stupendous,
| loss to the nation. That is the price
which the United States is paying for
the $50, 600, 900 or $40, 900, 900 of gold, which
it has contrived to coax back from
Europe. 1t does not seem to be a great
bargain for the Americans.
They cannot hope to grow rich on
such one-sided trade. The millions of
tons Of surplus produce they are throw
ing overheard as it were, in order to
get a few million dollars worth of
! the yellow metal, are the best wealth
! they have; almost their only eXportable
| wealth. 1t can never return to them
! from Europe however fast the gold
! they are getting in exchange for ii
may return to Europe. 1t is so much
of the muscle and brain Of the coun-
! try gone forever And for what? So
many bars of yellow metal, and so
many barrels Of gold coin, not tithe
of which is actually needed in the
country either for money or for the
! industrial arts.
IF gold had bona fide and an effec
tive role to play in the currency Of the
! United States, as it has in the currency
Of the United Kingdom, there might be
some conceivable object in accumulat-
| ing it, though even among ourselves
that is apt to be overrated. BUT IN
| THE UNITED STATES GOLD Is \
| MONETARY EXOTIC. 1T HAS A
| VERY LIMITED RANGE OF CIRCU-
| LATION AMONG THE PEOPLE,
AND IT Is ONLY ONE OF SEVERAL
! POSSIBLE FACTORS IN BANK RE
SERVES.
There is no natural indisputable
| place for it in the working currency Of
the Union. 1t only embodies a tantal-
izing and impracticable ideal which the
actual money of the country has to try
to live up to, but so far with very indif-
! ferent success. If the ideal were made
| practicable by means of adequate leg
islation, or if its impracticability were
recognized, and the farce of playing
with it abandoned, the Americans
might at last find a real escape from
their monetary dilemma. AS it is now,
they pay a cruel price for a superhuity,
which will not stay with them when
they have got it, and which rarely re-
| turns to them of it's own accord
1T IS ONLY BY FINANCIAL MA
| NIPULATION, AS COSTLY AS 1T is
FOOLISH AND AS FUTILE AS 1T is
| UNSCRUPULOUS, THAT GOLD CAN
BE DRAWN EITHER INTO THEIR
BANKS OR THEIR NATIONAL
| TREASURY. Their ordinary balance
of trade no longer attracts gold to
them except for month or two at the
most favorable season of the year,
which they are now enjoying. At the
present rate Of shipment the surplus
of bread stuffs and other staples avail
al co. M nicrIt % SilNr hn