Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1867-05-14
What Becomes Of the Gold,

Attic date of the discovery of Anne
RIGA the whole amount OF gold in com
mercial Europe was estimated at
$40, 100000 During thesucceeding
one hundred and twelve years the
opening of new fields of supply ad
ded about SO, 1897, 500, 600, so that had
there been no loss nor shipments,
there should have been at the com
mencement Of the present century
$6.557, 500, 900 in the commercial
world. If to this we add the enor-
nous receipts from California and
Australia developed in late years and
the continued supplies drawn from
the older fields, the statement will
seem incredible that instead Of accu-
mulating, the stock Of gold 10 Europe
is actually on the decrease. The in
quiry then naturally arises, what be-
comes of the precious metal?
In a paper read before the Poly
technic Association Dr. Stephens sta
ted that Of our annual gold prodact,
full fifteen per cent. is melted down
for manufactures; thirty>fve per
cent. goes to Europe; twenty-five
per cent. to Cuba: fifteen per cent. to
Brazil; five per cent. to China, Japan
and the Indies; leaving but five per
cent. for circulation in this country.
OF that which goes to Cuba, the West
Indies and Braz.s foil fifty per cent.
finds its way to Europe, whore, after
deducting a large percentage used in
manufacturing, four tifths OF the re.
mainder is exported to India. Here
the transit Of the precious metal is at
an end. Here the supply, however
vast is absorbed and never returns to
the civilized world.
The Orientals use bat little, Willie
their productions have ever been in
demand among the Western nations.
As mere recipients therefore, these
nations have acquired the desire Of
accumulation and boarding, passion
common alike to all classes among
The Egyptians, Indians, Chinese and
Persians. A French economist states
that ia his opinion the former nation
alone hide away $4,000, 600 OF gold
and silver annually, and the present
Emperor Of Morocco is reported as
SO addicted to this avaricious mania
that he has filled seventeen large
chambers with the precious metals.
The passion of princes, it is not sur
prising that the same spirit is shared
by their subjects. and it is in this
prediction that we discovered the
solution Of the problem as to the ul>
innate disposition f'the precious met.
ais. This absorption by the Eastern
nations has been uninterruptedly 60
inc on since the most remote historic
cal period. According to Pliny, $500,
600, 900 in gold was in his days annu-
ally exported to the East. The bali
ance in trade in favor Of these ma
tons is now given as $80,00O,00 an
nually
Actual loss to the world to a great
amount, is yearly caused by sinking
in the ocean, and in some OF the pro-
cesses employed in the arts, as plat
ing and gliding. In concluding an
estimate concerning the actual loss
Of coin in circulation by abrasion
may be proper. In report made
by the director of the United States
mint few years since, is given the
following results Of some careful and
comprehensive experiments made at
the mint to ascertain this loss, shows
/ ing that waste of gold and silver by
I this cause has been generally greatly
overe stimated. "On our silver coins
taken promiscuously the average
amount Of loss from abrasion was as
certained to be one part in 6.3a, white
the gold coins tested separately
showed an average loss on the half
eagle OF one part in $3.50; the double
/ eagle one in 5000 and a careful es-
tlma as to the proportions OF the
various sizes OF coins actually IN cir
culation in The United States, made
Of two metals, led to the conclusion
that the yearly loss does not exceed
! one part in 2,400."