New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-17
feet absolutely any Of the theories put Forward
Oplnion must walt on information
THE FINANCIAL REVOLUTIONS

THE FINANCIAL REVOLUTIONS
The first year OF President McNncys ~"
mlnistratlon Is nearly ended. In the one 'l'"F
most ar(lcntly desired by the people. the res'ora-
ton Of public prosperity and National soNencl
il has achieved a magnificent success air'auy
and yet nearly five menths were spent uhu''
the Democratic tariff for deficit. with ltS eNiIS
exaggerated by imports to anticipate new dltleS
The official return for six Of the remaining
months has Just been published. leaving only
the current month 10 complete the year III the
six months, August,January inclusive uhde'
the new tariff the excess Of merchandise exports
over imports was $780, 0IGi2 but In the Prev
ous five months the excess of merchandise i'm
ports had been $S790469 In the six months
ending with January net imports Of gold were
S26.S0S. col, but In the 1--we preceding montns
net exports of gold were $2i.3G9,9iO. more
complete revolution in the finances and com
mcrcc of country has never been witnessed
within 80 short a period. Instead or a drah
Of gold to pay for merchandise imported aver
aging nearly SjOO0OOO a month during the
first five months after the Inauguration, under
The very same policy which had compelled
President Cleveland to borrow $2620OoO30 dur
ing his term. or nearly S5,j0o,0oO for every
month. the country takes in only S26NiNGOl
gold in six months because its people are now
lending in Europe n part Of $36OOO9VJo que
on the hall years merchandise account
January was the fifth successive month IN
which merchandise exports were over Slr0pO-
600 and the sixth In which exports weI" moro
than double imports. The exports were Sl"N-
$50 455. and the excess of exports over imports
was $JLGSG.JlG. Net Imports Of gold WoH'
500 427. a large part from Australia by Way
~ san Francisco. Net exports OF silver fell O."
81. 765.j4G. so thar Europe practically paid only
100000 out of an Indebtedness ~ nearly
SIS 900 for the month. An entire years
interest on all debt abroad might have boon
paid from the remainder. though in fact much
n il was forwarded in December and .-r
January balance was largely left ON Interest,"
abroad. because drawing more interest there
than II could earn here.
Tor those who insist that no safety or pros
perty can be secured by change OF tariff. or
can come without currency reconstruction. these
figures arc highly Instructive. OF course they
do not determine that currency changes may
not be highly desirable in order 10 p-or.d.
a.alns, future emergencies. bur they prove taai
Tear OF he unsounlncss OF the currency instant.
D.
i,onal.polcy Of Protection; that the main cause
NJ apprehension, 4 drain Of gold 10 pay for eN-
ccssiye imports. Is ar once removed: that the
swift revival Of home industries enables tho
country 10 take In instead Of sending our the
precious metal. and TO lend instead 81 borrow
ing by tho hundred millions. and rhay Europ,
becomes not master of but tributary 10 thc
United States whenever this Nation maintains
rs industrial Independence In the ignt Of
these flcts. so impressively demonstrated by thr
events Of only eleven months. questions regard
ing tho currency can be- approached without
frantic cXagEcrations or false ideas Of their
bearing upon the Nations welfare.
The current month completing tbe frs yea"
II the new Administration. will probably alj
about S30.ONt0O0 to the excess Of exports over
IMPORTS In two weeks Of February export
from Ncw-York alone have been about $1,000
000 or 30 ger cent, more than last year. Will"
Imports have been $1GoOOO0 or 5 per cent los-
than last year. Already $2.j00O0O 10 gold ar
rived last week from Australia M San Fran
cisco while imports here have been about
81. 900 900 more than exports. The prospect is
that tic last seven months Of President Ne
Elnley'S first yca- will show net exports of
nearly 500 100000 merchandise. and net I'm
ports Of over $4,000 600 gold. with sOmcth!n-
over SlO0O0oo0o due. hut lying ~ mtores
abroad 10 be drawn whenever the country
wants Il. Many estimates have been made
hy bankers OF Tho amount thus loaned abroad
but while exchange used hero rs collateral
IS about Sl0O000oO and some large loans in
Germany by banks nj Chicago are known g
Is obvious that tho transactions OF the groa'
international bankers do not become known.
and probably count FOR much moro than -h,
balances visible The one thing oor'ain IS THAI
Europe has Ia no way rs yet settled with th',
country for the greater part OF the enormous
balance appearing on seven months merchan-
disc and specie account