The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-08-12
AMERICA WILL RETAIN Il.
Horace white Presents the Evi-
Aesees - The Csunssyss Prosper.
ity-Ne DiAeslfy n seesrsng
Money Hseas1 Tor uanaIane Csops

CHICAGO. Aug. li--A new York special
70 the Tsmes-Herald says:
Horace White. ono Of the foremost f1nan-
ciai authorities In the world. concludes:
That we are soisg Co hold sur
gold ana draw . large anAeunt eron
aeress the Atlantie.
That there Will he No Ai0cuity In
gettinw aii the meaey seeded to
mOve the Western crops aad WITH
oct serioasiy tishtening tAe aoney
market.
That Secretary Gage's Aecisisn "a
Issue gold certificates Of 92O viii
have nucA 70 - with inprovins the
situation.
Thit the law shoulA bs amended
10 - 10 permit % the issuance 81
certificates of the Aenominaslen Of
eIO.
That the Repahii~sa payty ~ The
NEXT s<ss1en 81 congress- viii pass .
law nxing the sold stanaara aenly
into statutes.
That the present pepSeA 81 prss-
peyfty hss come 60 stay NJ 1east two
or three years.
The financial outlook has become very
interesting In view Of the tremendous
development of business the scarcity OF
money for the movement Of crops. the
action OF Secretary Gage In deciding to
issue gold certificates Of the denonina-
tons OF so so as to put into circulation
the equivalent Of gold IN excess Of the
lega, reserve in the banks. and the drift
In Europe. where renses and consols are
falling. and the fail IN sterling which
here has been met by an advance In dis
count rates. Whether we can hold the
balance ~ srade and draw large sums
81 gold frnm Europe. and whether the
ruling conditions show tendency 20 Inn
provement. are questions on which no
man Il better qualified 10 give an opinion
tha1 Mr. White.
Can Hold All 0ar Gold.
Mr. whites attention was frss called
20 the action Of Secretary Gage. and he
was asked what he thought 81 the pros-
peef of the United States importing gold
TO this country and keeping the Balance
Of trade. He said
MY opinion II that we are In q sstna.
tion not only TO retasr Mi our gold. bat
70 draw considerable fresr Europe shts
fall by reason Of our large exrar. ~ sur
plus cereals The reissue of gold eersfs~
Gates would make no difference as 10
tire amount OF gold sn this country. The
certificates merely taking the place Of
tire cosn no~ herr and the aggregate of
the coin ard certificates can b. no iarrer
than the amount of crfn would be II
,herr were 40 certificates. IL n q great
conveni~nee 70 the business community
sn have these certificates Instead nf b.
ting Obliged 20 ray express charges or
grid cofn- and the people are relieved ~
ths tncunvsntsare ~ carrying the ggld
around In their pockxsa."
~Do yon Think we are going TO get
large balance of trade this faiir''
Yes. ta.
Foreign bankers appear ~ BE- raising
discounts IN order IN retain Gaff there =
They Cannot nvnsA r@ytng for bread
stssTs which shey izks from this eossr-
try Tns rate os asseoaas 10 resisy suts-
matte When ycu speak of the Bank
os England raising the rate ns discount
shs rate az discount rats~x Itself. auA the
H~nk OF England takes eognixanre nf n.
bat the Bank cs EnGisnd cannot rafse
the rate ~ disrssunf nS sss own yosstson-
Ezor can rzas tt dewn =
Geld ssssasra sheuta Ne FtseA.
What. ia year opf-kaa. saeugd be aans
- congress On ssse anancsAi s1suassco.
- an1nk -AaaRsD oa0Ax - 80 nraa@