The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-07
The stockinged Gold.


What becomes of the gold? During the
past twenty years we have sent over nine
hundred and ninety million dollars in coin
from the port of New York, and very incon-
siderable quantity in comparison has returned.
Most OF this specie has gone to England, who
has also drawn from Australia during the
same period about one thousand million dol
lars Yet we know that England shows no
great surplus of coin. What, then, has be-
come OF nearly two billions of gold during
period OF twenty years? These twenty years
have been important, without parallel, in the
worlds history. While great wars have been
fought, new inventions extended and generally
adopted, civilization has been pushing in
every direction. Countries which before had
only beads and copper wire for circulating
medium have been opened to trade but sus-
picious OF greenbacks and Bank of England
notes, the natives sell only for the genuine
Skinner" To-day, even in such civilized
country as Egypt, all the transactions must be
carried on with gold, and so it is in all coun-
tries where general banking system has not
come into use. 1t is 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 done with it Take Egypt as an
example. Next to the desire to acquire gold
is the uncomfortable lust to hoard. The
Egyptian has long stocking, and in it he
places his gold. The coin that he does not
dispose of in this manner is used by the
ladies and concubines of his harem for brace
let's anklets, necklaces and bosom ornaments.
The consumption is thus enormous. The fur
ther one penetrates into the interior the more
patent this truth becomes. Sovereigns and
twenty franc pieces are chiefly valued by the
females for the glittering gewgaws with
which they can adorn their dusky persons
Gold is, therefore, necessity in countries
like Egypt. While France, Italy and Austria
can live on with an inconvertible paper cur
rency, the ruder peoples of the African Asian
and South American deserts cannot be taught
to do business with green picture represent
ing Washington crossing the Delaware and
Secretary Boutwell, coming down from his
hole in the sky. Thus gold that goes to these
great coin sponge, how is it with Europe? We
find the stocking again, as when M. Theirs
called on the French people for five m1lliards,
every concierge and cocher emptied his stock
ing and invested in the loan. All over
Europe stockings and trunks are still full of
gold, which only national appeals, founded on
the warnings Of a political ruin, can put afoat
among the people When the American sys-
tenn Of savings banks becomes u worldwide
institution the people can put their stockings
and trunks to other USES and the world will
be able to estimate the real quantity Of gold
we have. Even in America the stocking
hoarder has not ceased to exist, and we opine
that many millions are safely slowed away by
venerable old men and women. Then we
should consider that enormous quantities Of
gold jewelry, plate and works Of art are an
nually fabricated to soy nothing Of the loss
by wear, which Of course is irreclaimable If
all the gold manufactured into the arts since
1858 and still remaining in this form were
suddenly melted into coin and set ahoat in
the world we believe that there would be little
need of paper media if the hoarder could
be induced to be less of miser. Whatever
may be thought of the stocking principle,
however, it is plain that the discovery and de-
velopment of new countries cost the stable
and solid commercial world great depriva-
ton of gold, and the milk in the cocoanut is,
s'What is the remedy?" Connected with this
subject we invite the attention of the reader
to the following table of the exports of gold
from the United States during the past twenty
years -