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LAULE: WEDNESDAY, FRBW'AIU 1V ll;..ü.
11 How Wall Street Ilstnlier Muf Furee Gola to l'ruiulum. A prominent official cf tho treasury la riuotcd In tlio reports of tho Asi-oci- ntp.A Press as saving1 that tho "aTCnc.V ! la Now York which ia responsivo for tho exportation of gold may yet f orco tho secretary of the treasury to put out silver," and that if this should occur tho president will publicly placo tho blamo whero It bolones, and f ay that "he was forced thereto by tho bnnk Brs" that is, the bankers of New York. Tho president, it is also Raid, is "reaching tho conclusion that gold withdrawals aro not duo altogether by tho natural laws of trade, but is in part a conspiracy against the nation's credit." We understand Mr. Cleve land to mean by this that tha most vaunted friends of "sound money" and tho most trusted friends of tho nation's nmrlit. urn thn renl foes that OTO embar rassing his administration, and not tho silver cranks and the advocates of cheap money. These people aro sys tematically raiding and plundering tho gold reserve and periodically forcing the government to Issue bonds which they buy at their own price. That this recurring drain on the gold reservo Is very largely duo to the efforts of tho syndicates to force tho government to resort to successive bond lssuo3 seems reasonably certain. Not by a:iy means has all the gold drawn from tho treas ury been drawn for tho purposo of ex port Thus, for the calendan year 1805 there was a withdrawal of gold from tho treasury to the amount of C33.030, 000, whllo tho exports wcro C74,000,CCO. In addition, there was tho gold produc tion of this country for that year vvhlisli xr-K p.nlnod at tho mints. At&Ih. on December 1, 1394, thcro was f,lll,C33,000 rold In tho treasury, and bstweon thrvt timo and tho dato of tho contract wlt'i tho svndlcato 037.000.030 had bejn with Irawn. thouTh onlv half of this wan for oxport This was drawn to foreo a bond lssuo or oleo iu autlup.'.tioa of it. It may have been that seolng thrvt g"ld waa boing withdrawn for oxport tho bankers foresaw or believed that an other bond Issue was inevitable, and hn.Rt.pnod to make thomsolvos roadv to buy tho govornmont'3 bonds by raiding the government's from. llowover, that may bo these repaatod Knrnmblos fur irold. murtt. If continued. Inevitably forco gold to u preiuinin. No Riiroi Wiiv to brlu'r that uuuut uoulcl bo imagined than for tlio government to bo porpalunlly In tho market for gold at any price. So far as tho lo?al fondora ai'u concerned, it is olmnlv puerilo to hold that they would not pans current rs readily a3 Oliver ctuu catos at their faco valuo if they wcro rodeeiucd in coin at tho government's option and convenience. Thoy aro now prosoutcd for redemption, not through any lack of confidence, but simply bocauw) It la a convoniont in ntnimnnt for tho exnorter and the bullion dealer and for syndicates that UoiV the (Sold Stanil .i-.l ' . .'vtr: Our 1'rople. ' A correspondent of the New York Sun, who signs himself "Banker," writes to that paper as follows: "When tho greenbacks have bean re tired, what then? What kind of la w ful money will bo available for tho 2.' per cent reservo fund of tho banks Goldl "In what kind of legal tender moncj shall the national bauk notes bo ro í'.eemable? Gold I "Whero will tho gold como from U settle tho international 'balance o trade?' From tho banknl j "Then what will becomo of tho gok j reserve of tho banks? and what wil then becomo of tha banks when the! 'gold reservo' 3 exhausted? And ho will tho suspension of specie payment by the banks affect tho public mind? "There is now about 5200,030,000 gol in the country available for tho 23 p; cent lawful reservo and moro th:v 8400,030,000 Is needed Where Ghall th banks get all this gold from? "Theso aro pertinent questions vhic our Don Quixoto and his faithful aquir I linvA not ft rannled with." - - ii These aro tüo cUiUcultia3 that tin Constitution lm taken pains to pniu out whenever tho proposition to rotiro tho greenbacks and treasury notes has been brought forward, flow long could tho banks maintain spocio pay ments? How long could thoy m in- tain their lawful reservo? it is to uj observed that tho banks havo no abil ity to get gold c:eopt in tho onlin: ry courso of business. They C Minot is suo bonds for It and 'h'.-n pay it out .- tho demand of nota Moldura, lor in:'.' process would represent a eonsli'iit stream of losses. It is verv easv to show that tin greenbacks have nothing to do wlt'i tho outflow of gold, andtodomonutratj that fact Is to show very clearly thi-.t tho movemont to retire these notes i . i.imply pai i of the colossal nchemo t; rob tlio masses for tlio benefit of tliu moueyed classes. Tho Philadelphia American priul snmn tabular statoraonts that are c..!- culated to open tho eyes of thoso ;h havo no very clear ideas of tho result i of demonetization of silver oa the trade and industry of this country, end all for the benefit of Europe. Wo print thoso tables below, merely promising that the figures aro based on actual calculations of the comparativo pricc3 of 10 commodities, roproscntlng over two-thirds of our exports and 20 rrll clcs representing nearly one-half of our Imports for tho fiscal year ended June 30, 1891: At price equivalent to thoso rc- oolvod in loiJ our exports oi uu mestlo produco amounting to C803.SOi.037, would nave been worth ..11,888.171.039 Ro-oxports amounting to IJ2.035, 035 would hove boca worth at nrlcA nnlvnlnnt to thosO DSld for lmnorts ia 1873 81,013,193 anco l.i our Uvor ol iiw,j... Add not gold oxports 4,528,01- Add not sliver exports of ooln and bullion 37,104,713 Our gross exports, which woro sold at 330J,i:0,572, would hnvo brought 11,620,402,831 The same quantity of Imports, whloh wo importod at a valuation nf rt.-4.a94.ü. would havo cost at prtoos equivalent to thoso paid In 1373 r""":":l Loaving a total merca-ridl o Making the total balance that tho same amount of effort that wo oxpondod la 1831 oa our foreign trado would havo put to our ored ltia 1873 719,721,072 Balanoe actually due on our for eign trado 278,8ro,CQ. Loss on our foreign trade for 1801 directly duo to the fall in prices oauscd by tho demonetization of silver. I If0.r In other words, as the Ame.. can points out, if we had received the same recompense for our labor and energy expended In our foreign trado In 1394 as we did in 1873, the produce that wo sold would have enabled ub to meet our foreign charges on our foreign debt, etc., and pay off 5440,030,030 of tho principal, thus reducing tho iatrr cst charges for 1895 by nearly 818,003, 000. But, Impoverished by the appre ciating gold standard which caused falling prices, we were compelled to in crease our foreign debt by probably 830,000,000. Compared with the prices of 1873, our losses on our foreign trade for the fiscal year ended June 30th last caused by tho fall in prices were still greater, ii prices of 1873 had prevailed our trado balance for tho year would havo been r.omothlng like this for 1895: At prices equivalent to thoso ro- colvod In 1873 our oxporti of do- mostlo produoe amounting to 8703,302,509 would havo boon worth 81.7I8.783.C83 Ho-osports amounting to 01 1,14 ,MW at prices oqulvolont to those paid for Imports in 1073 would havo boon worth g'.113' Our gross exports which woro valued at $337,038,103 would havo brought il.709.031.rni Tho samo quantity of Imports which wo Inportod at a valuation of 0? l,0C0,O0i would havo co3t at prlcos equivalent to those pild In l)73 1.152.B33.308 Lonvln? a total morohandlso bal- ;:nco in our favor of 8 0l0,r3i,273 AiM not rold oxnorta 31.0.": - Ai'. l net iillvcr exports of coin r.ml million $.7,U !.",:? r.Lin Import! of silver .,rn 13 '3.1.C2J ?. . M i'tlng tho total Imlr.nco tl'-t tli." s;uno amount cf cliart that w j c::- pomlcd on our foreign tr. V1 Is I 9i would havo put to ov.r r -.li- i:ili;7J t: .:. ' ; l '.noo actually duo cn onr t r- ol.tn trado for l"0i ... Loss on our foreign tru,:!o f ;r I'ii dlrcutly duo to tho fail l:ip.:c.i cauncd by tho damonotlü".' i of cllvcr ti . That ia to uay, Jf prlc. i ti IC" l;s l prevailed our trado of IS'.!. vr.v.: . i. .w icjroased our foreign debt by C43;),i::'. - j ), but under tho rrlc?s fixed by g 1 1 :K'nomotalllsm that debt has b?en i reascd C103,000,00a Aa the Amerlc.:.i , iya, our foreign crodltors havo born pl-.-.ccd In a position to dictate our Inanolal policy. Thoy say: "Issuo to -.a government bonds in payment of t!io dobt due us or wo will take gold." 'That ia tho situation to-day. Atlanta .'oni'.tltutlon. GOLD AMD SILVER. n ictlmttts ns to the Produotlon la This 'inn'.ry t'io 1'n.it l'ear. '; '.ikijtra dlspr.t2li stated \n\n wish to lorco a i ont salo. íuerapnis Commorelal Appoal.