The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-27

A few years ago governments and large
banking houses in Europe were eagerly
clutching the gold they possessed and greed
lily grasping for more. To save it's gold the
Bank of England time ard again adv lnced
the rate of discount, while the Bank Of
France has frequently required its borrow
ers to take part of the money loaned III six
yer funds. This was due to the opinion that
the stock Of gold in the world in use as
money was insufficient to meet the growing
demands incident to passing of nation after
nation to. the gold basis. The insufficiency
of the stock of gold money to meet the
worlds needs vas the basis of the demand
for international bimetallism. 1t was this
aspect of the subject which led SO many the
oretical economists in Europe to advocate
worldwide bimet41lism. 1t was the INSULT
cheney of gold which led so many fnanciers
in this country to favor bimetallism ten or
fifteen years ago, and the same belief found
expression in Republican platforms In more
recent years the scarcity of gold has been
the basis of the demand for the free and I'M
limited coinage of silver. Two years ago the
scarcity of gold and it's alleged appreciation
were made responsible for the hard times
and the alleged shrinkage in values by the
Bryan party.
Ten years ago there was good ground for
such an assumption because all the move
ments and conditions favored it, but in ten
years a wonderful change has taken place.
Complete returns from ali the nations show
that the gold money of the world amounted
to $4,OS6. 100000 Jan. 1. 1895. During
the past four years the world s
stock of gold has been increased
about $1,000 200. AS about $50 900, O0O
worth of gold bullion is used annually in the
mechanic arts, $3.50 OOO,O 900 of the output of
the four years has been added to the worlds
gold money making the aggregate at present
about a,746, 800 OOO-an increase equivalent to
1926 per cent, which means that there is
one-sixth more gold money now than on Jan.
l, 1895. In 1883 the worlds stock of gold
money was 1924 100000, or 81, 452, 100000 less
than at the present time. That is, in the
intervening fifteen years the worlds stock
of gold money has been increased Abb per
cent, or more than two-fifths AT the pres
ent time the output of gold is so rapidly
that it is probable the worlds stock of that
money year hence will reach $1,000, 600, coo,
one-fifth of which will be owned in the
| United States. Instead of scarcity, abun-
dance appears. The banks of the world hold
much larger reserves of gold than five years
| ago. and the volume in circulation has large
ly increased. In no country is this more ap-
parent than in the United States. Two years
ago more than IS per cent. of the customs
dues were paid in silver funds, but during
the first twenty days in December so per
cent. of the duties was paid in gold The
plenitude of gold has driven the greenbacks
out of the treasury, with the exception of a
/ paltry $15,0OO,00O, for which gold has been
| refused.
Such facts as these. proving that the stock
of gold is ample and that. with its rapid in
crease, will be abundant to meet the worlds
demands for money, have given the 16-to-1
| heresy its death blow.