Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1897-11-01
GOLD.


GOLD.
The amount of coined and bullion
gold in the United States is estimated
TO be about $3.50, ,OOO,O 900, an immense
sum. The attention of the world being
largely turned to gold mining the total
of supply Increases quite rap idly. AS
this country is one of the great gold
producing sections, the amount find
ing its way into the mintS is very
large. The greater share of this gold
is held by the government and by the
banks to redeem, on call, such out
standing obligations and such paper
currencies as are redeemable in gold.
All debts of the government are due
in gold. The greenback currency
something over $500, 900, ,OOO-and gov
ernment bonds are payable in gold.
Many debts are paid in other kinds of
money which are payable in gold if
the party asking payment demands
it.
While there is not law that makes
it necessary for the government to
hold any specified sum of gold in its
treasury for the payment Of its debts,
there has been a custom for many
years of holding at least 800, 1000, 900
as fund by which all gold obligations
might be met. This sum was en-
croached upon during the last Cleve-
land administration, a certain panicky
feeling about the country's finances
being abroad, while the receipts Of
of the government did not meet the
expenditures. To reinforce the treas
ury bonds were issued and money was
borrowed. Of late, while the reve-
nues have been somewhat deficient,
there has been a better feeling of con-
fidence and gold has not been de-
manded by those who wished to hoard
it against dangers, and the supply has
now reached $3.50, 600, 900.
Gold is not a convenient money
with which to do business. Few men
think of carrying enough of it on their
person even for pocket money; while
much less cumbersome than silver a
double eagle weighs about an ounce
and quarter, $3.50 worth Of gold as
much as 16 silver dollars, etc. Hence
men only hold as rule an occasional
piece of gold. The banks redeem, if
required, their bills in gold and hold
more or less of it for emergency pur
poses.
Gold, being Of uniform and equal
value the world over, has been taken
as the standard of values. All nations
and almost every individual the world
over knows the value of an ounce of
gold. If gold appears as it is when
brought from the placer gold fields,
or is melted up into bars it only re-
quires some instrument for weighing
to determine the value of the quanti
ty presented. In mining regions where
there are no small coins, or no small
currency for making change, business
is transacted with gold which is
weighed out with scales adapted to
the purpose, and change is made in
gold dust.
Gold as mere material is not more
valuable than some other minerals or
some precious stones, but it's scarcity,
its uniformity-being always alike
and its adaptibiiity to the process of
coming make it better for a money
standard than any known substance.
All of the important nations Of the
earth use it as standard. few coun-
tries using both gold and silver. The
use of silver to a limited extent is a
convenience, inasmuch as compare
lively small values can be represent
ed by a coin of such size as to be
adapted to pocket and change making
purposes. Silver coin, even Of dol
lars value, becomes heavy, few dol
lars in silver in the pocket being bur
densome. The silver dollar weighs an
ounce.
The transactions of business where
sums OF money of considerable amount
are paid and received is now done
largely, almost entirely in cities, by
the giving Of checks which the banks