Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-09-24
Gold shipments 70 mi. country.

The recent heavy shipments OF gold to
this country, which have aroused much
interest and comment, are due, accord
ing to that excellent financial
authority, the New York Evening
Post to combination of three dis
tinct factors. 1t says;
These factors are: First. the contrac-
fion Of the lsgal-tepder currency
through the February bond Issue, fol
lowed by large redemption OF govern
ment notes; second, the real restriction
OF the money market as a result OF the
free coinage scare; and third, the I'M
usually large surplus of merchandise
exports over imports. The Treasury
Bureau of Statistics issues to-day the
figures of foreign trade for the month
OF August. The showing is remarka-
bic. and proves, plainly enough. how
we are heaping up an actual and heavy
credit balance on the European mar
ksts. The August merchandise ex-
ports OF the United States Increased
sl2, GI2s 04S over the corresponding
month ID 1895; the imports az the
same time decreased s2l, 653. 6lS., The
net result is an excess of merchandise
NAboat' OffI llliDEtS turing last
August of $40, lo4, 3i2. against an i'm
port excess in August, 1895, OF
sl5, III, 324. In other words, our trade
credits abroad, created by tho trans
actions of this single month. are
s34. 900. QUO greater than they we're
year ago. For the eight completed
months Of the present year the differ
ence reaches a total almost fabulous.
lin IN Al Hat 100, ha.1 tf,
ported s:'6, $50. il6 more merchandise
than we had exported. This year the
exports to date exceed the imports By
no less than $40, 7GO. 0ie. Ii 10 small
wonder. with the trade situation
sl3G. COO. 600 more in our favor than 1t
was year ago, that We are now i'm
porting foreign gold in quantity,
whereas last year. at this very time.
our own gold coin was being shipped
abroad at the rate OF els, 600, 900
monthly,
The increase in exports is explained
by our large agricultural products of
last season, but the decrease in our
imports, tho Post says, is a far
reaching commercial phenomenon.
This reduction in imported merchan.
disc has a double meaning. 1t means
that times are hard and that con-
sumers are economizing greatly. The
cause OF the current trade stagnation
and diminished business profits is
plain to all who watched the collapse
Of hope and enterprise when the free.
coinage agitators captured the conven-
tiou at Chicago. In this regard the
decreased merchandise importations
are largely symptom OF distress. On
the other hand, there can be no doubt
that economy, for the people as
whole and for private individuals, is
the only safe policy 10 such situations.
This silver blight has been resting on
the country for at least five years. In
the consequent hard times, the country
came very slowly TO appreciate tine fact
that it must for the present accom-.
mudate it's outlay to its income. Until
it learned this lesson, the gravest
symptoms Of financial disorder were
continued. Such was the case after
the panic Of 1878; the same experience
followed 1857. The reassuring fact of
the situation 10 that radical applica-
tion OF economy, as shown by heavy
cut in foreign importatious, imme-
diately preceded tho return OF normal
trade conditions. Economy is at times
heroic remedy: it is an Indispensable
remedy at times like this.