The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1874-03-20
The stockingcd Gold.

From the New York Herald.l r-'
What becomes OF the golds During
the past twenty years we have sent over
nine hundred aud ninety million dol
lars in coin from the port of New York,
and q very inconsidcrablc quantity IN
comparison has returned. Most Of this
specie has gone 10 England, who has al
so drawn from Australia during the
same period about ono thousand mil.
lion dollars. Yet we know that Eng
land shows no great surplus Of coin,-.
What, then, has become of nearly two
billions OF gold during period OF
twenty years? These twenty wears
have been important without parallel.
In the worlds history. While great
wars have been fought. new inventions
extended aud generally adopted, civil.
zation has been pushing In every direc.
tlon. Countries which before had only
beads and copper wire for circulating
medium have been opened to irade:
but. suspicious OF greenbacks and Bank
Of England notes. the natives sell only
II such civilized country Ks Egypsysii
the transactions must be carried on with
gold, aud so II is in all countries where
general banking system has not come
into use. II ID plain, then, that the re-
mote lands Of Africa, Asia and the East
Indies but recently opened up TO trade
have absorbed vast quantity Of this
precious metal. What have they dono
with IL? Take Egypt as an example,.
Next TO the desire 10 acquire gold IL
the unconqnerable lust TO hoard. Tho
Egyptian has long stocking, aud In 1t
he places his gold. Tho coin that hc
does not dispose of In this manner Is
used by the ladies and concublnes Of
his harcm for bracelets, ankle's, neck
laces and bosom ornaments. The con-
sumption Is thus enormous. The FUR
ther one penetrates into the interior tho
more patent this truth becomes. Sove.
reigns and twenty franc pieces arc chief.
ly valued by the females for tho glitter;
ing gewgaws with which thev can
adorn their dusky persons. Gold ls,
therefore, necessity In countries llko
Egypt. While France, Italy and Aus
tria can live on with al inconvertible
paper currency, the ruder peoples OF tho
African, Asian and South American
deserts cannot be taught TO do business
with green picture representing Wash.
ington crossing the Delaware and Sec.
retary Boutwell, coming down from HE
hole In the sky. Thus gold that goes 10
these countries remains there. But leav-
ing this great coin sponge how is it
with Europe2 We find the stocking
again, as when M, Theirs called on the
French people for five miiliards, every
concierge and cocher emptlcd his stock
ing and invested In tho loan. All ov6r
Europe stockings and trunks arc still
full Of gold, which only national ap-
peals, founded on tho warnings OF a pc
litical ruin, can put aAoat among the
people. When the American system of
savings banko booomoe a worldwide
institution the people can put ,Lelr
stockings and trunks TO other uses, ma
the world will be able to estimate tho
real quantity of gold VIC have. Even
In America the stocking hoardcr has
not ceased 10 exist, and we opine that
many millions are safely slowed away
bv venerable old men and womon.--
Then we should consider that enormous
quantities Of gold jewelry, plate aud
works of art are annually fabricated, 10
say nothing OF the loss by wear, which
Of course is irreclaimablc. IL all the
gold manufactured into the arts since
1853 and still remaining In this form
were suddenly melted into coin and see
afloat in the world we believe that there
would be little need OF paper media IL
tho hoarder could DO induced to be lees
Of miser. Whatever may bc thought
of the stocking principle, however, u n
plain that the discovery and develop
ment OF new countries cost the stable
and solid commercial world great do
privation Of gold, and the milk In tho
cocoanut Is, "What Is tho remedy"