New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-02
THE MONETARY CONDITION.


The change i'm the condition of business. which
some demagogues refuse TO SEQ and some po-
ltcal business men are trying 10 retard, Is in no
other respect more striking than in the unhesi-
tatnC confidence which has governed all money
markets since the election No one can consider
what the situation was last summer, or read over
the daily reports of money markets in the fall,
without realizing that this change has been won
derfully great Nobody doubted then that the
country had abundant resources. The sole queS-
ton was whether the people would insist upon
the taxation necessary to yield sufhclen. reve-
nue. and to maintain beyond doubt the credit
Of the Government and the soundness Of the cur
rency Since the decision was made there has
been not one hours doubt whether the currency
would be kept as good as gold Those who are
still crying out for some radical monetary change
repeat stories of impending peril TO which the
people now pay not :he least attention
February Is over and though official returns
of foreign commerce for the month will not ap-
pear for some time the results for the last month
of President Cleveland's Administration can be
estimated closely enough for practical purposes.
Exports always fall off AT this season, most OF
the cotton having been marketed and the grain
forwarded De1Orc navigation clOSeu. Win the
opening Of navigation approaching again. The
decrease would naturally be large this year
because Of the enormous and unprecedented
shipments in the last quarter Of 1896 and in Jan
uary. Thus domestic exports from New-York
have been only about 100000 larger than last
year in February, while the cotton exports from
other ports have been 424 ,002 bales against 4Gi.-
52S last year. The average Of daily prices for
middling uplands has been 10 cents this year,
against 500 last year. which would imply de-
crease Of about S3.450.0O0 in value Of cotton eX-
ported not from NewYOrk. Over twO|thrds OF
the total exports are thus shown. and Indicate
for the month an aggregate Of about $40. 100000.
The imports at New-YOrk have been In four
weeks $780, 1J1 9J4 against S40,3G3, 100 last year,
and as these are also about two-thirds OF the
whole 1t may be inferred that the aggregate Of
imports will fall below exports about $1,000, 900
for the month.
This Is no such excess as was seen in the pre-
vious five months. over S50.0OO.OOO per month.
but IS. nevertheless. larger than or the month
last year. 1923 7SS In the remaining months
of the fiscal year the excess Of exports ranged in
1896 between nine and twelve Millions and it
Is not unlike? that imports may begin to exceed
last years. unless Congress takes speedy steps
to prevent large anticipation Of proposed duties
But there Is now accumulated n heavy credit
against foreign countries. which has been esti-
mated by bankers at S40.OO0.OO0. and may easily
be much more The change in mOvemen: OF
gold occurred. whether by mere coincidence or
not in the last week Of AugIi', after Mr.. Bryan's
failure here Though weeks had passed with
practically no movement either way, imports
suddenly became S2,35l 900 in that week. S34.-
| O9SOS0 in September. and S27 ,61I.91j in Oct0.
Der. Foreign confidence at once so increased that
in place of nothing but returned securities Eu-
rope began to send gold for supplies needed 1t
is of record thar the advices sent over by inter
national bankers regarding the result of the cleo
ton had much influence.
From September the exces; Of exports over
imports of merchandise In five months was $2jI.-
S24974, and Of silver $2045l.414. while Of gold
the imports exceeded exports by S1O9Sc 100
This left about 500. 300, 900 balance in favor
Of this country. which February has probably
raised to about S230,O00,OOO. reckoning $1,000.
600 silver in February. There must be de-
Quoted large sum for undervaluations. and
as dutiable imports have been I'm the six months
about sl57.OOO.O0O in invoiced value. the true
greater while interest on foreign debts and divi-
dcnds on American investments may have been
$30OOOO00 more Even then there would re-
main an apparent balance Of Sl60.0O0.O0, which
must have gone in settlement OF previous ndebt-
edness or must yet remain due this country. No
one can say how large The sales Of American
crrilies on foreign account were during the
months Of most acute apprehension last summer
But il Is not known that any banker has estl-
mated them az ms much as 500 900 900. In any
ease. whatever the sum yet H. be settled
whether S4OOOO.OOO or considerably more. II ex-
ceels any probable ba!snce Of imports over ex-
ports during the coming four months unless Con
gress unwisely invites and by dIlatory action
leaves opportunity for exceptional imports. BY
July new crops will begin TO move, and new du-
ties should be In force. This great change In
the monetary situation opening the way for ex-
pansion Of industries and enterprise is directly
due TO conviction that the people would decide
and TO the fact that they did decide for an hon
est, sound and truly American policy, leading Eu-