Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-08-20
NOT POSSIBLE
Under ExIsslas Conditions isr Raid 70 Pc
Made on Treasury Gold.

Washington Aug. 19.-It is felt here
that in the battle for gold. or, more cor
rectly speaking, the battle for the pat-
ance of trade between the United STATES
and foreign manipulators, there IS nc
longer any possibility of the United
states being the loser. The feeling at the
treasury department Is thar the UMteu
States has at last got into strong posi-
ion; that the American securities cannot
be beaten down by any EFFORT on the part
of European bankers, and that this coun-
try can hold it's share of the worlds gold
supply In spite of any manipulation that
may be INDUCED in.
The belief that the unsuccessful at
t'.empts which have been made to beat
down the American market were the re-
suit of a concerted action of European
bankers, renders the question of ability
to withstand such attacks matter OF
great Importance. Little doubt Is feH
that European bankers view with some
alarm the growing strength OF American
securities and the development OF Ameri-
can trade, which exactly reverses the or
der of things which existed during Presl.
dent Cleveland's administration, ana
brings gold in abundance to this country
instead of taking it out and weakening
the gold reserve of the government. With
the certainty of an abundance of gold in
the United States. the silver question
shrinks in Importance, and the silver agl-
tation is discouraged and deprived or It's
that the gold standard leaves the United
States in the power of the foreign holders
of god loses its force when gold is being
attracted here and the conditions are
such as to insure its being held.
The utmost confidence in the situation
Is felt by the treasury department. As
sistant Secretary Vanderip says that all
the conditions existing are of a charac-
ter to insure the United States against
any retrograde movement and to render
iYnyN nSSih 70
which caused universal depression during
the last administration. The conditions
are such he says, as to attract gold to
this country, and render absolutely i'm
possible any raid upon the gold reserve
of the treasury. On the contrary, there
being a large volume of gold held by the
American banks, and the movement of
crops demanding the use of small notes,
considerable gold is likely to come into
the treasury.
The upward tendency of wheat is imme-.
diately due to the short crops abroad.
and the price may go beyond point
which can be maintained. but the prices
for some time past have been abnormally
low, and there is no reason to believe
that 1t is likely to fall to such low point
again. The general business activity
which is developing will be sufficient to
maintain prices of wheat and other COM
modities at point much higher than
they have been during the past few yeas.
The advantages to this country coming
from an increased revenue under the
Dingley law and from the restriction of
impOrtations through the protective quail
ity of that law, are necessarily as perma-
nent as the law itself. and while the
great advance in wheat may be due to
considerable extent to temporary causes,
that is only one of several things which
are bringing about a revival of business
activity. In other words. Mr. Vanderlip,
thinks that there is every reason to feel
not only encouragement. but confidence.