The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-29
THE GOLD OF THE WORLD
IN ANOTHER YEAR 1T IL EXPECTED
TO REACH $4,000, 100000.
Immense Increase in the Monetary
Supply That VIII Affect the Free
silver Arguments.

Washington Dispatch in Boston Herald.
An increase of nearly 40 per cent in the
worlds stock of gold money during the
last seven years will be indicated in the
forthcoming report of the director of the
mint. A table was prepared by Director
Leech in 1888 showing the ascertaned
and estimated stock of money In all the
countries of the world. This table has
been rectified from year to year by in
formation obtained from United States min
listers and consuls and from economic jour-
nails until it is now believed to come as
nearly as possible to the exact facts.
Whatever errors may have been made in
the original calculations, there is no doubt
of the increase in the supply of gold money
within the five years, because the figures are
based chiefly on the recorded production of
gold and the coinage of the minis.
The worlds production of gold since the
discovery of America has been about
5000, 100000 Only about half OF this is in
use as money in the form of coin or gold
bars. The stock of gold mines in the world
at the beginning Of 1893 was computed by
the mint bureau at 50, 419 100000. The produc-
ton since that time has been about 81, 400. Co.,,
600. This would have increased the gold
money at the close of the present year to
$780, coo If all the gold produced had been
employed as money.
There is reason to believe, however, that
the figures of the gold supply made by the
mint bureau were below the mark. More
complete returns were received from several
leading countries in the following years, and
the estimate of the gold money of the world
was advanced on Jan. l. 1885, to $4GS6, 800 OOO
The increase in four years since that time
has been about 66O.O0O.OOO. and will raise
the gold money of the world to $4,000, 900 900
at the beginning of the new year. upon the
basis of the estimate of 1885,
This result is obtained by allowing a con-
sumption of $60000,000 each year In the arts
from the new gold of the year or from the
existing stock of m, ey. The whole produc-
ten of gold for the four years has been
about $500, 900, 900, leaving $3.50 900, GO to be
added to the monetary stock.
An accumulation OF gold like this within
so snort a period has changed the face of
the bimetalic discussion and is likely to
put an end to the complaint of a scarcity of
gold An increase of 40 per cent. in seven
years is in excess of the increase in the
volume of business or the population of the
great commercial countries. 1t is an in
crease greater than the combined increase
IT. gold and silver money only a few years
back. The combined gold and silver produce
ton or the world as recently as 1886 was
vi 5000 but as much silver as gold was
used III the arts, and not less than 500 100, 900
of both metals was thus employed. This
reduced the increase in the supply of hi
metallic money to $127 Co., as compared
with a present increase of gold alone of
more than $500, 1900.
The evidence Of the great accumulation of
gold is found in the condition of the great
European banks of issue, which have in
creased their supplies OF the yellow metal
in a remarkable degree within the last few
years. A recent number Of one of the lead
ing Paris financial journals, Il Economists
European, gave the following figures of the
gold reserves of all the European banks OF
circulation at the close of the year for sew
eral representative years: