The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-06-30
GOLD EXPORTS.

Wv W. '
"A current exports OF gold.
which the alarmist press has
been pointing out az another sikh 81
the nations impending ruin. ~ gwen
hy the New York Times.
u rs strange Says the Times that
most comments upon tho current ex-
ports of gold distrust the %sounIness
81 conditions In the country which
spares IL rather thnn IN the coun-
tries Whtch are demanding u. Not
less porverse Is the disposition to re-
gard the loss of gold as weakening
ourselves rather han az strengthen
ing our foreign correspondents. 81
those taking such views We're 20 ask
themselves what other country In the
world could spare the gold with the
same Indifference as Ourselves, they
would see NJ once that the possossor
VI gold In unoxampled abundance IL
not tho sufferer from the need OF
gold. " gold were not a drug with
ourselves, We would make a price
on the two billions 81 dollars worth
Of goods which the world takes from
us Annually which would make the
goods more attractive than the gold.
The fact that the gold IL going in
stead Of the goods ~ a sign that the
demand for the gold is specific. and
IL M more 10 be satisfied by the
shipment OF anything else than an
order for wheat can be Tiled with
corn. In other words, az tho elnhor-
ute article In the Annoiist this week
suggests, the foreign demand Tor gold
IL abnormal. and 10 not 60 be con
sidered as having reference primarily
either 10 ordinary economic or hnan.
ciai conditions.
Europe demands gold at a time
when les banking conditions aro un-
precedentedly strong. n when in
dustriai and commercial conditions
are not such "A 10 strain banking re-
sources, This makes II necessary to
consider why the foreign bankers are
certifying themselves 80 wastefully
They are fulfilling the functions
watch we shortly shall expect 20 be
fulfilled by our federal reserve bank.
Il Is within the memory Of an who
pay attention TO international affairs
that shortly before the war between
Russia and Japan, Count White de
clared To the car that Japan was
already beaten by the weakness OF
It's credit The fact was exactly To
the contrary. q was Russia which
was beaten hoy lis financial and mill
tary unpreparcdness. and Russia ever
since a been strengthening it, r.
nances. There was a similar incl
dent during the Agadir disturbance.
when there was danger Of a collision
between France and Germany. It II
known to an the World thta the kais-
or told the government OF the
Heichsbank that never again should
Germany's policy be- crippled by Us
finances. Ever since hat day Ger
many has been plllng up gold and
adding 10 liz spandau military treas
IRE rather Than to the resources Of
lis industrial undertakings. The 9th
or great hoard OF gold is Frances,
and assurediy e. is the politics OF
France rather than the weakness OF
tho United states which for
every dollar sent thithcr.
None Of these conditions make Il
necessary for us 10 guard our gold
~ though IL were our nations life
blood. our conditions are 80 good
that We cannot agree whether any
thing more n tho matter with them
than a condition OF mind. Whether
o. not a conditions are "a delusion
Of depression when compared with
"a own better times-since mo-
where m tao world are there better
conditions for tho comparison--it IL
sure that there can be no deiuslnn
~ The superiority 81 our conditions
60 those OF II unhappy friends