The Times calls attention to the immense demand which America
is making upon Europe for gold. No less than 216,000,000 has been exported there from England and France within four months. The demand is due primarily to the resumption of specie payments, which has caused such a demand for gold that the United States Mint cannot supply it fast enough. There is scarcely any demand for the "dollar of our fathers," business men naturally preferring a metal which does not fluctuate, or at all events does not decline; and the demand, with the increasing business of the Union, is likely to continue. Indeed, unless the outturn of California and Australia increases suddenly, the American requirement is likely to add for some time to that appreciation of gold which the ablest statists believe to be steadily going on, till the sovereign has within ten years gained more than 12 per cent. in purchasing-power ; while any increase in the demand must speedily, and for a con- siderable period, send up the rate for money.
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