The Van Buren press., 1898-07-16
SIGN OF GOOD TIMES.
Recent Increase of Gold Coin in
Circulation.
Advance of Trade In the Last Year
as shown by the Condition of
Trade balances with
Europe.
ICopyrlght. 1898. /

copyright. 1891
II the abundance of gold in elrcula-
tion means or has any connection with
prosperity, then that era Of good
times" which has fingered long and
tardily in the coming, is upon US, for
gold has not been throughout the coun-
try so plentiful in years as it is to-day.
Gold as an active circulating medium
has long been a myth; but very little
of it has ever filtered into the ordi-
nary channels of trade. In the last few
months, however, the general public
had had an opportunity to acquaint it
self with the use to which gold may be
put as coin.
recent investigation as to the
special holdings of the GA national
and state banks that form the Clear
ing House Association of New York
City revealed the fact that their total
holdings in specie amounted to about
$780, 600 of which sum only three
per cent was in silver. In other words,
these banks were holding in gold alone
almost $165 100000, the greatest total
ever held in the vaults of the New York
banks. One of the banks, the National
City, had one-siXth of this vast accu-
mutation of yellow metal making the
largest amount any single bank had
ever held at any one time in the his
tory Of American finances.
The causes that have induced this in
nuX of gold are manifold. 1t may be
that our war with Spain, and the money
it has unquestonably put into circnla-
ton, together with the almost universal
failure of crops abroad, have been in
strumental in bringing about the pres
ent condition, although, as the public
seems to think these two potent sources
of prosperity have not been the only
causes of the present influx of gold.
The real reason for the improved con-
ditions in the United States is that we
Americans have just passed through a
most remarkable year of trade. During
the ten months ended in April we ex-
ported twice as much merchandise as
we imported. The exact figures for
these exports for the ten months are
! 81 ,025, 426,6S1, while the value of our inn
ports reached only $5l1, 1S1 ,1S6, giving
balance in our favor of $514, s45, 495.
The showing for the full fiscal year end
ing with June will reach the S600,00O,-
900 mark, or possibly fall just the other
side Of it.
A comparison of these figures with
those of any recent year shows clearly
what our advance in trade has been.
In 1892, for example, conditions were
somewhat similar to those existing to-
day; that is, there had been pretty
general failure of the crops abroad, and
! America was called upon TO fill the
empty granaries of Europe-always a
highly profitable business transaction.
Yet, despite this, the excess of exports
over imports was only a little above
$20o, 900, Coming down to last year,
the balance in our favor was in the
neighborhood of $300,00O,00O.
Going back still farther than 1892
and taking into account IS years prior
to 1876, it is interesting to note that
there were but 16 years in our life as
nation when the volume of export trade
exceeded that of the import trade. Since
1876, during but three years was there
showing in our favor. One of these
years was 1879, regarded for long
time as a record breaker in the matter
Of foreign trade; 1898 will in the above
respect go far ahead of anything our
country has ever known. 1t would seem
that the flow Of gold-and the move
ment of gold is usually toward the east
had turned in our direction; our i'm
portation of gold has been in round fig
ures $780, 900, while we sent abroad
but s15,O00,000. BY the end of the pres
ent fiscal year there will be added to
the total of gold imported sum sufli-
cient TO establish balance of 100000
900 in our favor. This means that our
supply of gold will be far in excess Of
anything the country has ever known.
The government reports show but ~
years in the last half century where the
imports of gold exceeded the exports.
These were between 1878 and 1883; they
will be remembered as a period of great
prosperity. From 1sss on TO 1897 we
sent out much more gold than we were
able TO bring in. But in 1897 things
started our way once more with now
balance of almost S5o,ooo,oo0 on our
It'd