. Financial history of the United States . 7 1893 . . 1894 . 64,873,025 The reasons for the fall in the gold reserve are too variousand complicated to be treated here : the failure of the greatEnglish banking-house of Baring Brothers in 1890 broughtabout a considerable withdrawal of English capital investedin the United States; and an unhealthy and inflated industrialdevelopment in this country was stimulated by the new outward appearances the country was very prosperous;expenditures were large, imports increased, and a failure ofthe crops in Europe in 1891 enlarged our g
. Financial history of the United States . 7 1893 . . 1894 . 64,873,025 The reasons for the fall in the gold reserve are too variousand complicated to be treated here : the failure of the greatEnglish banking-house of Baring Brothers in 1890 broughtabout a considerable withdrawal of English capital investedin the United States; and an unhealthy and inflated industrialdevelopment in this country was stimulated by the new outward appearances the country was very prosperous;expenditures were large, imports increased, and a failure ofthe crops in Europe in 1891 enlarged our grain a brief season only, were the natural effects of the Sher-man law delayed ; Europe soon recovered, American exportsfell, and in the six months ending June 30, 1893, the balanceof trade against the United States was $68,800,000. Thetariff of 1890 was followed by diminished customs revenue from customs was as follows : — 1890 f229,66S,ooo 1891 219,522,000 1892 177,452,000 S*93 203,355,000 1894 131,818,000. in< P1-1OO HH I o12; § 188] Gold Reserve and its Decline. 443 Fortunately the internal revenue receipts maintained theircustomary level with something to spare; but on the otherhand increased appropriations cut deep into the funds of thetreasury. The treasury was slowly but surely exhausted. In 1890 the surplus was ;?i05,344,000; in 1891,^37,239,000;in 1892, ^9,914,000; in 1893, ^2,341,000; but in 1894appeared a deficit amounting to ^69,803,000. The treasuryhad been weakened by the reluctance of Secretary Windomto deposit government funds in national bank depositories,and by his preference to rely entirely upon the purchase ofbonds for getting money back into circulation. In the earlieryears of Harrisons administration, bonds were purchasedfreely, — too generously in view of the impending strain uponthe resources of the treasury. Another element of concern was due to the change in thekind of money received by the government in the payment o
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