New-York tribune., 1900-04-27
THE OUTGOING GOLD.

Gold exports start again. and under circum
stances which give rise to much conjecture In
hunting explanations people naturally turn
every man to his own pet theory Of the finan-
cal situation. and some differences are drawn
which would be too much for any yoke Of oxen.
1t can serve no good purpose to deny that where
countless conflicting forces operating upon
the money market with almost infinite complex
ity it is not always possible TO determine that
this or that particular force is the cause of an
actual movement But a large share of the in
fluences which have heretofore contributed to
cause April or May exports of gold is in this
instance eliminated, and the problem may thus
he rendered little simpler than usual. The
country is not being called upon to pay indebt-
edness on merchandise account. 1t is not
taking back from abroad large amounts of
curities and sending the gold for them On the
contrary. the movement is the more strange be-
cause balances due this country on merchan-
disc and security account are obviously heavy.
In nine months ending with March the de-
clared value of merchandise exported was
greater than the nyoced value of goods i'm
ported by SAP, 900, 900. Silver also went abroad
in value exceeding by $4,000, 900 the net imports
of gold in the same months. The April move
ment has been of the same character and has
only added many millions to the balance due
count. Back of this year have been others of
the same sort. In the twelve months ending
with last June the exports exceeded imports of
merchandise and specie by 500, 100000 In the
previous year by S534, 100000 and in the year
1897 by S213.OO0.000. This balance Of 81 1872
100000 in three years and nine months to the
end of March far exceeds any amount supposed
to have been due from this TO other countries.
In place of interest due abroad there must now
be a balance of interest due to this country on
payments deferred Freight on American prod
ucts is paid by the foreigners who consume
them. The freight goods imported and the
undervaluations of those goods would fall far
short Of balancing account so large.
1t has become rather the custom of late to
reckon undervaluaton of imports as a large
item. But there is no motive for 1t except in
goods dutabe by value. In nine months ending
with March the goods bearing any duty what
ever were only $500, 100000 in value. and who
ever will look through the long lists of duties
collected on different articles will realize how
few there which now depend upon the de-
clared value of the goods. But of these few
large proportion are goods of such character
that undervaluations are dangerous and diff
cult, and the perpetual complaints of importers
indicate in some measure the care with which
the law is enforced. Under "A different kind
OF tariff and with different officials il used TO
be reckOned that undervaluations alone might
reach iii amount n fifth of the dutabe imports
but it may he doubted whether as much as
fifth Of the dutiable goods can now he under
valued at all. and probably no one who knows
much of the present tariff will imagine that the
undervaluations can now amount to n tenth of
the dntiable imports. After all possible allow
ance is made for such defects I'm the account
there still remains a balance so enormous that
one cannot suppose half Of ii covered by ex-
pNnditures Of American travellers abroad and
by remittances Of immigrants working IN this
country.
The rate of interest in this and oiher coun-
tries has In recent years been the apparently
controlling factor in almost every instance Of
change from imports 10 exports OF gold In this
case the comparative cheapress Of money here
has an Obvious reason 1t was the intent of the
monetary net recently passed to make money
more abundant nnd cheap. and for the time it
seems To have that effect The issues OF new
bankrotcs to many interior banks have some
what Increased the amount which other parts
Of the country have found II convenient to keep
In New York and the large disbursements from
the Trea sury on bonds exchanged have thrown
into the market many millions for which en-
ployment has not yet been found At the same