New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-30
THE INCREASING STOCK or GOLD.

The long continued COnCellment or Inc s'o'h
81 gold held bv the Bank 81 Germany has
ceased and The annual report recently maze
shows that the gold held about the first OF the
vc,r WAS SlJOOOOOO more than had been sup
noscd Corrected in the light of this inforna-
ton the latest statements Of the gold h'll by
all the great European banks aggregate ABOUT
Sg7I 100000 These banks. in brief. hold nearly
a quarter ~ the supposed available STOCK oil
gold I'm the world. The United States Treasury
and the banks Of Newlork hold only about II
SIKH ~ much. and while they hav" lost about
S-oooo 600 during the last year the banks OF
rurono have gained about Sls6Oo0W~ In
,,ur vnors the United States Treasury nnd the
New York banks have lost S1l.oooo" wh!ie
th. banks ~ Europe have gained III goa
Si05n0.om.
This t. no, astonishing when II Is considered
that all The gold produced from me mines o'
This country and somewhat more has h'eh OK
,,-,cJ and n, the same time the production OF
n,t..s 4, other countries has been In four years
| % Iss. o6l ounces. or about s410otV". Inv
| ne, exports from the United states nave p'Fp
SlSlNnrp. - that the stock cmpi"d upon the
world outside the United States has been ABOUT
S,s,o OpuOoO in four years. som" part Oh inns
has been consumed in the arts. bnt me ia'eS'
| official and other estimates greatly diminish 'h'
,uo,vonce FOR such use Beyond all question. rs
! much ~ 10 per cent has been add'd "Hnh
f,ur wears to The worlds stock OF gold avail
| abb, FOR monetary use.
| The stock ~ geld has been Increasing hlu'h
faster than the population This Is the ''''
| whether the United States be- taken INTO ac-
| count or not but especially II only the supply
! and population Of Europe are considered. III 'h'S
! o,r,,rv .noclal causes. chiefly change of Ma
| tIonal policy have led TO large loss or Soid !
! oh,u, sIp, 600 900 since The beginning Of ! >of.
| Rut ,he larger fact is that the worlds prodic-
i'm, outsld, the United States has been wlthlh
four wears over a tenth of the entire STOCK oi
oold In IN. world. During that time, moreover
| ,ber, has been no actual decrease IN me guam
| ,{tv az silver used money. The monetary
| husls Of the circulation In The entire western
| world has increased, and that materially, ana
| Vet il II gravcy argued by some that III" tie
| crease. in the monetary basis by d-rse of silver
| has caused worldwide depression OF prices
ON ,he face If things 1t Is plain that tins * not
true. even though there may he truth in the
claim that the fall In the price OF silver has
affected prices OF commodities in silv"r-'islng
countries aud prices ~ commodities largely ex-
| por,ed from such countries.
Putting that part ~ the question aside for the
| moment II Is Of much use - have the fact
| established that the supply Of gold which serves
| rs the actual basis FOR the circulation through
| ont the Western world has Increased WITHIN
four years much more than the population, ana
worry much more than the volume Of business
| transacted. For whatever the cause or causes
Of the recent depression IN Industry and bust
ness may be- it Is at least plain that in Europe
and America, taken together. there has been
little IL any increase In volume OF business
transacted With more gold in actual use, and
more by S;3.,O0OOOO in the great reservoirs OF
Europe and America by which exchanges ar,
supported and international balances adjusted
there Is yet a depression In prices which some
men continually attribute To shrinkagc of III,
monetary basis by the disusr Of silver 1t l.
worth something 10 have that notion put out Of
the way. even though II may be- claimed. and
frankly admitted. that in some other ways The
dis,Ise Of silver has seriously disturbed III,
worlds industry and commerce.