The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-21
FLIGHT OF OUR GOLD
sGO0,OOO,OOO OF THE RICH METAL
LEFT Us IN THIRTY YEARS.
An Expert In American Silver Mining
Points to n Possible Safeguard
Against the Drainage.
Henry B. clifford. in Boston TRANSCRIPT

an itinerant Jew of the metallic world
Laws were never strong enough to hold
it in nations vaults. 1t was so two
thousand years ago; it is the same now
Historian or scientist cannot within CEN
turtles trace the gold in an ordinary
coin to its date of extraction or record
the nations it has served. Its past is
the richest field of "Reminiscences
Long before the age of man much of
the metal in the worlds coins stole
from its birthplace in the womb of
nature and became the Bayard Taylor
of the mineral world. 1t passed through
canyons, embraced by rushing waters,
now resting in some friendly bank of
sand, then by torrents swept to plain
or sea. To gold all periods are mo-
ments, all moments cycles of greater
age than thousands of Christian eras
The reflection of nations, tribes and
arts now buried in the graveyard called
the past can be seen In it's yellow face.
Ever on the move, in the crown of
kings. then in the coin of the regime,
remodeled into a thousand different
folms-fnger rings, encompassing rare
jewels. and as such entombed in silent
companionship with the dead. dug from
Theban SepulcherS, released and again
passed into circulation, idolized by men,
an aristocrat among metals. the most
contradictory of all the products of
awful nature, producing such opposite
results, many heart pangs, so many
thrills of joy, so many bitter tears, SO
many happy smiles. so much crime. so
much honorable effort.
Where gold is plenty prosperity
reigns; when it steals away, stagnation
follows. This relic of barbarism, this
currency of the remotest civilization
has defied all modern progress to con-
ceive a basis of exchange to take its
| place. AS in the past, the fate of ma
| tions is still held subservient to it's will.
| First III the new world to feel it's pow
er was Greece, then Rome. While gold
| tarried with Augustus the prosperity of
! his nation was proverbial. When other
countries seduced away the yellow
metal then followed the decline of the
| empire. When Spain was the favored
| land there also was the seat of learn
| ing and art. Its glory faded when gold
departed.
With the discoveries of the gold
| decked sands of our Pacific arose the
| star Of American progress. Nations
| showered wealth upon our towns. our
| enterprises. Has any country ever
1
| discoveries made possible the century
| of enlightenment, brought the torch
! that lit the way to prosperity. The de-
| parture of gold is now causing loss of
| confidence, financial security, the lock-
| ing of capital-so essential to the life
| of trade-in vaults and secret hiding
| places.
NOT A BAD SIGN.
| The weekly Exports to Europe. while
| startling is no new danger. The pass
| age of gold from nation to nation is
| natural to the metal: it has been in
| progress here for thirty-eight years.
Many of the most powerful countries
do not mine gold. When there is a
scarcity the continual efforts and arti-
| fees of trade used by nonproducers to
| win the metal from others become more
| apparent Countries rich in minerals
| have always been the envy of pastoral
and mercantile empires. Thus Eng
| land, France and Germany are drain
/ ers from America and Russia. Where
| gold wanders is an enigma. The ma
| terial progress of the world. the wise
/ deliberations of law makers have made
known no method to effectually destroy
| its migratory tendencies. Since 100
| Russia, the country of stringent laws.
l. has made a home product of $1,000, 000,-
| 600. Yet some flaw in the fortress has
| America, the rich and just, has made
| within forty-six years product of
| 5000, 100000, and suffered a loss of
! 81, 500, 100000 in the same time. Nom
| producing nations either make a bust
| ness of enticing gold or they have bet
ter methods of holding it. France has
| 5000 100000, England and Ireland $780,
000, 900, Germany 1925, 100000, leaving but
$3.50, 100000 of coin to do service for
| the rest of the civilized world, of which
| the United States has $500, 100000 These
| three nations seem to make a business
| of importing our gold, for in 1893 of
the 500, 533, BAT of coin exported every
| dollar went to the three with the ex-
| .ception of $500: that perhaps by mis-
| take found it's way into Italy.
| The last year has been a repetition
| of the year before. What is the reason
of these drains-these efforts to rob
| nations of each others gold? Is it pos
| sible that the, world fears a great
| shrinkage in the product of the world?
| What has become of the $7.S00,OOO,00O
| extracted from placerS and veins since
| 1900? Has it gone into the arts? Was
Won Humboldt wrong and the English
man Lowe right in his statement that
| one-half of the annual amount was so
consumed? Has it been buried with
| the dead? Is it possible that Asia Is
| to-day the same bottomless sea 1T was
| in the past, where flowed golden streams
lost forever to the civilized world?
That there is abundance of gold to
| fill the requirements OF single stand
ard is evident. That there are enor-
nous profits in the legitimate extrac-
| ton admits of no contradiction But
if gold is to be the standard of nations
| then of equal Importance to its produc-
ton is the problem of how metallic ma
tions can keep nonDroducers from abb
sorbing; at least, leaving sufficient to
enable US to prevent a recurrence of
the money panic of 1893, when even
! currency was at a premium.
$500 100000 LOST
There must be some way to prevent
Europe, which, with the exception Of
Russia. is so poor in mines of gold that
the production of the continent was but
$3.35S. 900 in 1893, from absorbing SO much
of the product OF other lands. Since
| 1864 the United States has lost in this
manner over $500, 900, 900. Australia,
with credit of $1.700, 900 from her
placers since 1853, has to-day less than
SIPS 100000 of coin. Africa, with it's
great deposit, will experience the same.
| Nations, indeed, seem SO hungry for