The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-08-21
GOLD WILL COME BACK.
Conservative Chicago Bankers Esti-
mate That $1oo,OoO,OOO Will
Soon Recross the Ocean.

Chicago, Aug. 21.-The gold which
has been sent to Europe during the
past four years to offset the balance of
trade against the United States is COM
ing back with interest. The turning of
the tide is expected within 80 days.
When it begins to come only the ia
cilitieS for transporting it across the
seas will limit its flow.
Conservative Chicago bankers and
brokers look for gold importations with
ing the next 60 to 80 days aggregating
over $50 600, 900. Within six months they
would not be surprised to see the i'm
portations reach 500, 100000 more.
And this is to be only the beginning.
The flow of gold from Europe to Amer
lea is expected to continue during the
next year and the year following and
perhaps the year still following. Rea-
sonable crops only-not prodigiouS
crops, but just reasonable ones-are all
that is considered necessary the two
years following 1897 to maintain the
balance of trade in favor of this coun-
try and start a long era of the nations
greatest prosperity.
In Europe the bankers have read the
signs of the times and are figuring as to
how they can keep their gold from slip
ping away from them. This means
higher rates for money in Europe. The
European bankers have got to send US
their gold or else they will have to
pay a premium for the privilege of re-
tanning it. 1t all amounts to the same
thing to this country and means that
money will be plenty for all legitimate
Investments and industries.
Gold would be flowing into the coun-
try right now, according to the men
who keep close watch on the doings of
the financial and commercial world, but
for the fact that with returning good
times the American merchants are buy
ing large stocks of goods abroad to sup
ply the increased demand in all trade
channels They have been letting their
stocks run low and are hurrying to re
plenish them. Within a month it is
calculated the extraordinary buying
will be finished. Then the gold left
abroad will begin to come back in re-
turn for American wheat
THE outlook said B. NJ. ChatteIl of
the Illinois Trust and Savings bank
yesterday, lis that our exports will be
so tremendous and the balance of trade
so much in our favor that I cannot see
how We can help drawing gold from
Europe. In all probability there will
be a struggle on the part of European
bankers to retain their stock of gold,
and consequently there will be higher
rates for money abroad. In other words,
with it.
IF we have fair crops for the next
two years we will draw gold from them
to a standstill. We know we have ire
mendous crops this year, while the
rest of the world hasn't and we will
not need great yields the coming two
years to keep things prosperous.
Il think imports of gold may begin in
30 days, or as soon as the jobbers, who
| have light stocks on hand, finish their
purchases abroad. Necessarily these
| purchases are on a cash basis, but they
! cannot continue very much longer Aft
/ er that the balance of trade will be
| largely in our favor. You know the
absolute limit of transportation facili-
| ties across the ocean for gold is about
| S3O,O0O,0 600 a month under any circum-
| stances Perhaps the importation with
! in six months will amount to S75 900, 600
| and l would not be surprised if it ran
/ to 500, 900 ,000.''
THAT estimate is too conservative -
was the comment of a capitalist who
listened to the final statement,