The times. [volume] (Richmond, Va.) 1890-1903, 1897-04-11
SOME MOST IMPORTANT FACTS.


SOME MOST IMPORTANT FACTS.
Tho public records are making some
most interesting and remarkable as
closures. Everybody recollects the agony
with which Che whole country watched
the gold reserve OF the Treasury during
the spring, summer and fall of 1896. IL
was being drawn on all the time 10 sup
plv gold for alarmed Europeans who were
sending American securities here TO Do
converted into gold before our money
turned into silver, and it sometimes SEEM
ed almost impossible to prevent the gov
eminent being protested. But wheh
the November election gave the free sill
yer agitation a quietus for time at
least. what happened? Drafts upon the
gold reserve came at once to an end ana
tho Treasury's gold. instead of decreasing
has been steadily on the Increase ever
since. Men no longer want gold pu'
they are actually begging tire United
States Treasury 10 accept their e,id ana
give them paper money in its place. The
net gold reserve in the Treasury on
Thursday last was Sl52, iS4552. and the In
crease has come from deposits OF gold In
the sub-treasuries at New York and Bos-
ton in exchange for paper currency. This
record carries with IT q lesson Of the
very last Importance IL only our free
coinage friends would read II Alright.
During all OF their agitation they have
regularly seen the Treasurys gold reserve
depleted whenever their prospects inn
proved, but whenever free silver appear
ed to be upon the wane, the Treasury
gold reserve has remained unmoested. If
it did not, as has recently happened.
greatly Increase This is the lesson the
free coiners should learn in regard to
the standard Of value. ep that fixed
and invioable and there will DO little or
10 occasion TO make any use Of It at all.
1t stands, like a dictionary, always READY
as reference. but rarely used for practi-
cal purposes. But the practical affairs
Of life are done with the credits based
upon tho standard, as our intercourse is
with language that is rarely referred to
the dictionary.
As a companion piece to these facts
the following article from a recent issue
Of the New York Herald should be con-
sidered. The Herald, in speaking OF the
scare, refers to the importation In view
Of the proposed retroactive effect for the
new tariff law. ITS article is as follows:
surprised at the exhibit made by the
clearing house banks IN their statement
OF yesterday During the week nearly
nve and a half millions were absorbed by
the Sub-ITeasury for customs duties, end
yet the amount of actual cash held by the
banks has decreased less than two mil
lions The Clearing House statement. TO
be sure Is merely an average of the six
days balances, and, therefore, does not
iuAy reflect the amount OF cash with
drawn by importers during the scare"
The main reason. however, for the com
paratvely small decrease is the fact that
Treasury absOpti0ns were largely offset
by steady How Of currency from the in
terror.
This has evidently been of larger vol
ume than generally supposed. 4 few
years ago the remittances from New
loIk at this season for interest and
dividend payments-known as the April
lst settements-always caused a tenn
porary stringency in the local nancy
rates. Now, however. the april settle
ments' and coincident phenomenal with
uiaWais by importers. are met without
ripple in the market. and the influx OF
currency from the interior IS uninforrunt-
eu. lhese facts suggest an UNPLEASANT
stasnauon or capital which however
sHou4u soon be relieved 10y the rostora-
800, - -. Coil"uehce among borrowers and
4eHueIs ankle in the business outlook
The :acts stated in that article furnish
the clue TO all Of our troubles Why should
there be a steady flow Of currency from
the interior" and why should "the influx
OF currency from the Interior be uninter-
rupted'? How are the Virginia farmers
ever TO have any currency with which 10
transact their business II there is always
70 be steady flow Of currency from
them 10 New York? and why viii not this
flow Of currency from them 10 New York
be STEADY and uninterrupted" n their
currency is one which IS good at its face
value in New York? it must ever be so.
whilst our currency IS national and the
only possible way TO prevent it is for the
currency that the Virginia farmer has
to be as good as gold with him. but being
issued by banks whose solvency IS un-
known TO New York. TO be at discount.
therefore. in New York.
The country will wake up after awhile
to this prime fact, and then we shall have
a contented people.