The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-10-30

their 1ll-ustd %llNtT l0f1 aft htNf'fNN 80
markets OF Europe with these commodi-
ties at the least favorable season OF the
wear So enormous Is the exodus or them
that sufficient room cannot he found on
Atlantic steamers. and freights have risen
materially IN consequence. tn" New hoFh
Commercial Bulletin reported as long ago
as August ~ that all the local steamship
lines were engaged 20 their full grain-car-
rying capacity up 10 October !. ana sotne
OF them 10 October Is Contracts were De-
ing made for half a million bushels per
day. and the demand continued undated,
the only limit 20 business being the amount
OF room available Boston. Philadelphia.
baltimore and all the outporis were equally
active a sudden demand for grain nan
sprung up all round. and how much or IL
was speculative and how much legitimate
trade no one could distinguish, nor did any
one care 20 inquire particularly lhere
were orders to MI. and the only tnins 10 40
was 20 mi them.
Outside Of the markets however a Few
special reasons for the rush of exports
I may be traced. Doubtless II was stlnn-
I lated in the first instance by the tishiness
I OF money and the drawing IN OF hankrtS
4 loans Then II was ENCOURAGED ann IA
/ cilitated by the rate wars on the southern
| and western roads. which induced holders
/ OF old grain TO ship II as fast as they could
These rate wars enormously increased the
I volume OF traffic while adding ahsurdly
I little 10 the earnings az the roads Al the
/ grain-collecting centers. Kansas IitN, MINI
/ neapolis. Duluth. Chicago 81 LOUIS ana
\ Peoria. had record receipts Stats
tical authority estimated that in the first
\ three weeks after the reduction az frcigh.
/ rates $4,000 bushels Of grain were car
rled from the western and southwestern
states 10 the seaboard
The whole OF that work was evidently
/ done under great Disadvantages. and with
i tt.,fa 90 any rroft. rasfFh ~ In perhaus al
\ a positive loss The farmer who raised the
4 grain may have starved or gone bankrupt
\ over H. The railroads which carried II 70
/ the seaboard for the munifcent rate Or a
\ quarter OF cent per ton per mile are
| doubtless qualifying for fresh receiver
ships The elevator companies. the bro
/ kers and the exporters have all had 10
| adapt themselves TO the hard times and 20
| work on very slender margins. These indi-
| yidual losses swell UP into huge-one
| might say stupendous-ioss 10 the nation
That IS the price the United States is pay
ing for the S2o.oooo 900 or 100000 OF gold
which il has contrived 20 coax back from
Europe II does not seem 10 be a great
Bargain for the Americans.
They cannot hope to grow rich on such
one-sided trade The millions Of tons Of
! surplus products they are throwing over
| board as II We're in order 10 set Few
million dollars worth OF the yellow metal
are the best wealth they have: almost their
| only exportahle wealth. IL can never re-
turn to them from Europe. however fast
the gold they are getting In exchange Tor
! il may return 70 Europe. II Is 50 much OF
| the muscle and brain OF the country gone
! forever And for WHAT SO many bars OF
! yellcw metal and 80 many barrels OF gold
| coin not a 1.-THE 81 which is actually
needed IN tine country. either for money or
for the industrial arts.
III gold has a bona fide and an effective
| role to play in the currency Of the United
states as fl has IN the currency a. the
United Kingdom. there might be some con-
c.ivable object In accommodating =. though
even among ourselves that Is apt 10 be
overrated But in the United States gold
IS monetary exotic. IL has a very limited
range OF circulation among the people. and
II Is only one OF several possible factors in
| bank reserves
There is no natural indisputable place
for il In the working currency o. the union
/, only embodies a tantalizins and I'M
practicable ideal which the actual money
Of the country has to try 20 live up ~
! hut so far with very Indifferent success S.
II the ideal were made practicable by
means OF adequate legislation. or II Us
impractioability We're recognized. and III,
farce OF playing with IL abandoned. The
: Americans might al last find real IS
! cape from their monetary dilemma As i
IS now they pay a cruel price for z super
"
! | they have got II, and which rarely re-
I | turns - them OF its own accord
& 1T "a only by financial manipulation
+ as costly as Ii is foolish. and as futile
| as !, is INSCRIPTIONS. that gold can bC
, | drawn either into their banks or their ma
ticaal treasury. Their ordinary balance
OF trade no longer attracts gold 70 them
Except for a 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 breacstpffs and
other staples a.aiable for export might
I easily be exha listed before a third Of tre
{ season is over. and how are foreign obliga-
: tions TO be met during the other two
!. | thirds?
e Since 1899 the gold movement of the first
. seven months Of the year-January 10 June
:, | has been increasingly adverse 10 The
y United States Only once ia these five
= years has the loss or balance been moderate
9 and that was when the decentralization
4 syndicate calamity Undertook 10 save The
T. treasury by an eNchur 81 ~ gold Tor culr
5 bonds on terms which lowered American
:. credit almost 10 the level 81 chill or Bra
J. zil-
g The outlook FOR 1871 Is thus by no means
q cheering. while the crors have not beer
2 very bountiful 10 start with TIE hest part
: OF the surplus they may yield II likely q
e be exported IN the first three months o.
y ! the crop year IL Is being thrown on the
F.
u the season. and rs net return TO the pro.
q dpccrs viii make a rather sorry record
ont OF this aitenuated income there vii
{ have 70 be met next year at least sln0.c0e.W
= Of new capital charges on reorranized rail
. roads and other corporations. Fe the i'm
v ports curtailcd as severely as they MAJ
s. there will still be a huge excess o. forcigl
d obligations TO provide for, and how j. thi
.. 10 be doner
I'm the first place the s20 600 OF gol
which the New York banks have so os
y tentatiously taken from Europe will hav
= to come back again In the next plac
the treasury may have to part with
= good many million dollars OF its reserv
which was found 20 difficult to repler
y sh last spring " TIL the contraction
imports which has been going on Tor som
u time and which seems likely TO continue "
IL customs revenue declines seriously. "
j. public income will fall more and more snol
OF the expenditure. the treasury Will
= longer be able TO hold back legal tenu'
q notes as II has tried TO do lately. ana whs
- the notes go out they are sure TO be use
again for withdrawing gold from the trea
ury.
IT 'srhe old, vicious circle will be set In m
is ton again, which has so frequently drain'
= the gold reserve down TO the verge oil n
= tional insolvency. The old dilemma W
IN IN d,,e time come round once more CT pu