Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-06-24

Gold in substantial amount keeps
going out of the country when it is
needed badly at home. Economists
who give careful study to the passage
or gold from one country to another
do not look upon the expectation of
yellow metal by any means at the
present Juncture as a sign of financial
health. Our largest bankers share in
this view for they consider 1t a con-
elusive sign of our trade prostration.
There Is no sentiment about money, 1t
has no heart, no brains nor devotion; !;
like the man without country, 1t has
no patriotism nor worries about any
political problems; 1t hurries to where
1t is most wanted; flies to the arms of
those willing to pay the highest for
Its use.
Bllls, large International bills against
us are calling for our gold The bal
ance or trade is just now against us;
the country Is buying more from her
sister nations than they are purchas-
ing from her. Our exports have de-
creased perceptibly, whereas our i'm
ports, due to the recent drastic revis-
ION IN tariff duties have in proportion
swelled materially. Add to this the
payments due on some large corpora
tlon short time loans made in Europe,
the heavy payments in interest and in
dlVluends disbursed around July on
our securities held by foreign investors
and the letters of credit cashed abroad
by thousands of Americans who spend
their vacations touring the continent
or at the many health spas, and you
have the explanation for the flight of
gold.
After all, the balance of trade as it
is known, is but in a larger sense
bookkeeping nations wherein the
creditor nations call for the payments
of the balances due them from the
debtor nations in gold, the interna-
uonal standard of values. The near
approach of our harvest when the
country will be sending abroad a plen-
tful supply of grain and foodstuffs no
doubt will bring us some relief from
the drain of our gold and by that time
perchance there may occur a revival
IN our business in exporting consider
able merchandise. This, of course,
would rapidly throw the balance of
trade again in our favor and bring
back our gold. The wish Is father to
the thought in the minds of most
merchants and manufacturers.
Psychological is the defination given
by President Wilson of the trade de-
preston. Would that 1t were really
So Mastery of grey matter over the
HeSn is possible but grey matter can
not produce profits if the material to
make it is not there. And it is this
supernatural power which the Presi-
dent credits our merchants with pos
sessing. Fortunate is it that our Pres
ident is inexperienced in business, for
tunate 1 say, for him as otherwise he
would hardly venture to give so flimsy
a reason for our industrial depression.
But for business it is more than un-
fortunate that our chief executive has
never had to scratch his head and
solve the problem of meeting a big
pay roll, for he would see material
conditions in a different light and go
about In a more practicable way to
remedy the existing depression for he
would then quickly realize the trouble
is real and not psychological
No one at Washington seems to
have a spark of kindness in his heart
for the business man. From the con-
of the saturnalia of legisla-
ton which has seemi ly but the one
purpose, the regulation of business. it
would appear to all those unfamiliar
with the hustle and hustle with which
all transactions are carried on in our
that our business men are a
dangerous lot; men who need care