The evening times., 1896-08-18
Has PULLED MGE D0NA
One Effect Of the Disastrous
Silver Agitation.
CONSTANT OUTFLOW OF GOLD
In Spite Of an Average Excess of
Exports From the United States
Over Imports the Yellow Metal Is
Sent From Here to Cover. balances.
Truth Told by Statistics.

The Bureau OF Statistics has some inter
esting figures as To the disastrous effect
OH wages OF the silver agitation in dri ving
out foreign capital and depressing every
sort OF enterprise. They have been col
lected and ctiiated in the past three years,
and will make effective literature In the
campaign when they get before the people
Their publication by the Bureau may be
delayed to some extent by the printing Of
flee routine. Z.
There has been an average excess OF ex-
ports from the United States over imlorts
to the United States of $2l7,7G5,G0O In
spite OF this there has been a constant
outflow Of gold to cover balances. This
means that American securities have been
sold abroad and sent home and loans of
capital To American enterprises have been
witpdrawn to an amount far in excess OF
the balance OF trade in favor Of this coln-
try.
An analysis of the figures shows that
the excess OF exports of merchandise alone
in the three years was $415 3 IS, ,OT3. This
was divided up SO as TO show an excess
OF S237, 145, $50 for 1894, OF $40, $685.
eno for 1895, and of S102, sol ,S23 in
1896
The excess of exports of silver were as
follows For 1894, a total OF S37, 1874, ,713,
for 1895. total of S37 .674.Ts7, and for
1896, a total or $40, ,726, $40.
7 CONFIDENCE Is SHAKEN.
There is also an excess of the exports
OF go!dror the three years OF 81 16 O34 67S,
in spite OF the heavy importa tions of gold
under the efforts Of the financiers who
came TO the relief OF the government This
was divided up so as to give an excess of
S4.52s, sac in 1894, of $50, ,9s4,449 in
1898, and $50. sci ,2s7 iu 1896
II is true that the United States has
all along had as an offset against its favor
able bala nee of trade the interest paid on its
securities, freight charges and expenses of
tourists visiting the old world, and the
like. These items have amounted to about
S145,T % 300 year. But, counting out
even these, there is made evident a with
drawal OF S72,0oU,0OO year of the mosey
invested from abroad to carry on business
in the United States. This is plainly the
direct result OF the silver agitation. and
will almost alone account for the business
depression and the large number OF work
ingInen thrown out of work.
In king the calculation, however a
large amount should be added to the S72.-
OO0, 900 to account for interest due from the
United States, but rot Collected. and for
new advances OF foreign money for Amer
lean enterprises. For more than twenty
years, since the American people took a
firm stand against the .'greenbact craze"
and reputation, foreign capital has sought
investment here, and the amount pnt in has
largely exceeded. the amount withdra wn
and interest paid.
The United States was looked upon as
most favorable field for enterprise and in
vestmcDt This prestige has largely been
lost. and with the silver agitation in full
sweep, seems likely to disappear, dis
aster hardly to be repaired in half a century.
OUR INDEBTEDNESS ABROAD
But under the Old conditions new money
put into American enterprises annually
would easily bring the capital driven back
over the ocean by financial false prophets
to total OF from 10000, 900 to 81 So
100000 a year: Lack OF confidence, in
spired by mistake this tail, may increase
this beyond any calculation now possible.
Arthur Raffalovich an authorityup on f.
nancial matters. says
THE true Indebtedness OF the United
States abroad had been entirely hidden by
the influx of foreign capital What the ma
ton had TO pay in interest on railway and
municipal Obligations and industrial invest
Irents had never been felt as charge upon
trade, in consequence OF the compensation
which resulted from the continuous entry OF
ca p:taI placed by Europe"
The withdrawal OF this capital. $780,
O0O, 900 a year, as it has been, has meant
Just so much less for the employment OF
labor-just so many more men out OF work.
1t is only a toretaste of what may be ex-
pected if confidence is wholly destroyed,
and all foreign capital withdrawn.