«T> 



rVE SOLD THE TREASURY DRY!" 131 



limit, only to recoil as Myers supplied the de- 

 mand. The price was low, unnaturally low, 

 held down by an artificial barrier and we were 

 loaded down with it, horribly loaded. Bears 

 were jubilant and sold freely all they could con- 

 veniently borrow, for had they not a call upon 

 the Treasury of the United States at 131 which 

 limited the possibility of loss on gold sold at 

 130% to 1/4 per cent while the chance for profit 

 was large? 



Even the few houses that were bulls by nature 

 and scarcely knew how to sell short, who had al- 

 ways kept a certain stock of coin on hand what- 

 ever the outlook, laid aside their own rules for 

 once and sold out their gold in the belief that in 

 substance they held a government guarantee to 

 replace it. Not only was long gold sold and 

 short sales stimulated, but the commercial de- 

 mand was cut off. Importers of goods which 

 had to be paid for in gold postponed remittances 

 or borrowed the gold they must ship, hoping to 

 supply their requirements on better terms, as- 

 sured that at the worst they could always get 



