The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-14

There Is every reason to believe that DR..
Van Vorhis, In letter printed else
where. is unnecessarily alarmed. There is
not so much as phantom of a suspicion
that the men who are engaged in export
ing American products lost SIS, 76s, IA worth
OF such merchandise during last July, or
$34, 500, 2H during last June, even II 1t did
embrace nearly 100000 of silver bullion.
There should not be the slightest alarm
lest these exporters dumped $70,0o0.000 of
merchandise into the ocean after pur-
business for that purpose. DR.. Van
Vorhis Is disturbed because during the first
seven months of the present calendar year
we, to use his phrase, lost ST., S31 54i Of
money metals. There is no evidence that
dollar Of such metals was lost. Besides,
even IL the government otherwise Classics
1t, silver bullion is not a money metal in
the United States. Silver is merchandise.
OF gold we exported s3.S7s6s5 during the
first seven months of 1899 in excess of the
amount we received from abroad, but in
the corresponding six months of the year
1893 We received $6s, s55,54S in foreign gold
in excess of the amount exported. Nor is
1t true that our stock of gold was diminished
nearly 100000 during the first six months
Of 1899. During the month of June when
we lost" that is exported s17so2. $40 more
than we imported, the stock of gold coin
was increased S23, 204. 735. Moreover, during
the eight months which ended with August,
1899, the United States minis coined $50, 49,
620 of gold Still further. the general stock
of gold coined or issued In circulation and
in the treasury was increased during the
year which ended June /. 1899, sos, 367 900.
The writer speaks of Klondike as If that
was the only source of our supply of gold.
Is he ignorant of the fact that the United
States produced about 900 of gold bull
lion the last year and that the output is
increasing? Then, there is a little CLEAN of
hope in the fact that more gold came to
us in our foreign trade in July than We
sent away, II ones soul is harassed day
and night lest the country should lose it's
gold.
1t is not difficult to find satisfactory ex-
PLANTATION for the export of gold in June
being 81, S02,6 l0 in excess of the import.
Before the end of May steamships were
crowded with American tourists as they
never have been before. They took with
them millions of gold drafts. which came
back to the United States for payment.
Furthermore, last year and the year pre-
vious gold was worth more in the United
States for investment than for any other
purpose. A year ago the owners of money
began to look about for bonds and other
securities. The appreciation of railroad
and other securities made them favorable
investment. The result has been that mil
lions of such securities owned in Europe
have been purchased by investors in the
United States, that large portion of
the favorable balance Of trade has been
invested in such securities and returned in
stead Of gold to pay the balance. The
writer also forgets that a portion of the
carriage charges on foreign merchandise is
paid out Of our trade balance because
foreigners own the larger part of the ships.
Many other facts might be aided If 1t
werc necessary to dc to make it plain
that no values in merchandise and money
are being lost at sea, as Mr.. Van Vorhis
seems to suspect. If either merchandise or
money were being lost" by tens of mil
lions a month Bradstreet and Dun and
other financial watchers would have raised
the cry OF alarm long ago. AS they have
not, and the prosperity of the country is
general and confidence is .unbounded, let
US not become the victims of overweight
ina ginations or nightmares.