Abstract

The Drain of Gold
July 16, 1891 issue

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The continuance of the export of gold after sterling exchange in the United States had fallen below the exporting point has caused much anxiety and perplexity in the financial world. Not far from $70,000,000 have been exported within three months, and, in spite of the fact that the rate of exchange is now such as to make the operation apparently a losing one, the export has gone on and may be renewed at any moment. The Treasury had on the first of the month about $177,000,000 of gold coin, and $62,000,000 bullion, say $240,000,000. Of this, $100,000,000 is a gold reserve, supposed to be specially pledged to the redemption of Government notes.

See Also:

EXPORTS; GOLD; FOREIGN exchange; GOLD reserves; FINANCE -- United States; BANK notes; UNITED States
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