The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-07-03
SECRETARY CAGES VIEWS.
Gold Exports are Not Mt All Alarm
ing, He Says.

Ing, He says.
New York, July "A special to. the
World from Washington gives steno-
graphic report of an interview with Secre-
tary of the Treasury Gage,
The secretary said: Top notch prices
for American securities. low rates of in
terest at home. higher rates abroad, an
easy money market in the United States
as against a comparatively light market
abroad-these are few of the most pot
ent reasons for the recent expectations of
American gold, The slight exodus of the
yellow metal need cause no surprise or
concern.
When foregn-held American securities
are returned to this country for Iiquida-
ton, as many millions worth have been
returned recently because of the high
prices prevailing. it is but natural that
the gold paid in exchange for these Sc
curlties will be returned for sale no one
OF course can accurately foretell.
1t is fortunate that we have the money
to meet our obligations as they are from
time to time presented. II takes two TO
make "A bargain and so long as foreign
holders of American securities are anx-
transas placed on terms ofiioo Cs1f. Elk nj
contract is placed on terms OF mutually.
Il don't anticipate any heavy exporta-
ton of gold. Five. ten, fifteen, perhaps
twenty millions more will he transferred
to EuicTe, but | don't believe the latter
figure viii be exceeded. The payment in
Spain accounts for the loss of 500 ,0OO. 900
aud add TO this the reasons given above
and one has solution OF the gold exporta-
tioE problem.
With the balance OF trade so largely
in our favor. much OF the gold which mas
recently left the United States viii GER
taiGly be returned when we want II.
1t may be one month, ii may be six
months, or even year before 1t Is sent
back TO us. but 80 long as the trade bal
ance Is in our favor We may he sure thai
our gold will sooner or later be returned
10 our shores unless We prefer 10 take
something else in It's place
Money goes where II can get the best
returns either In the way OF interest for
its use or in exchange for commodities.
When We lose gold II tends after little
TO produce higher interest in our market.
The receipt of 1t on the other side tends
TO make interest rates lower there and
so there is tendency to an equilibrium.
when gold shipments cease, whether Ia or
from our shores"
Secretary Gage believes the prosperity
wv NouHtiy mas thloSeu Tor the last .tMO
years is here 10 stay. so long" ne adds.
'as the people have confidence In the
ability of the government 20 fulhll It's OBJ
legations dollar for dollar
Secretary is heartily in accord with
President McKinley's foreign policy.
When the question OF taking all or none
OF the Philippines Islands came up Inc
secretary argued against acquiring the en-
tire archipelago but now he believes in
holding them, He was opposed to the pay
ment OF $4,000 900 TO Spain as an indemnI-
", but he added that this was too small
matter TO squabble over.
Mckinley and Hobart, MIR. Gage be
iieves. will be the republican nominees
IN 1900 and he anticipates their return
10 ofhce by vote never before given To
a candidate for public office
MI Gage does not expect to see the
question OF trusts eyaied by the repuh-
ncan party in the next contest Unlike
Attorney General Griggs. Senator Hanna
ana other prominent republicans. no
thinks the trust question Will become n
National issue This question is certain
10 get into politics, he said.
Mr.. Gage said the government d.S,,t
Tor the hscal year was much larger than
The dencit for the present year would be.