The Maryville times. (Maryville, Tenn.) 1884-1944, 1899-09-02
A BILLION OF GOLD.
Big Stock of Precious Metal That
Is Now on Hand.
Our Coin and Bullion Have Increased
to a Thousand Millions ar the
Result of Sound Economic
Policy.

termined data show that the stock of
gold coin and gold bullion in the United
States at the present time is not far
from $1,0O0000, 000-$9S5, 4S3,605. OF
this sum nearly $23OOO0,O00 is in the
treasury and $2O0,0OO,OOO in the New
York city banks, while the remainder
is distributed among banks of deposit
and of savings, in other institutions and
in private repositories throughout the
country.
The striking significance of this enor-
nous and unprecedented total of ST.
ooo,0OO,o0o gold will appear when we
state that it is larger amount of gold
than is possessed by any nation in the
world; that it is about one-fourth Of
the entire worlds stock of the metal.
1t is greater sum than is held by
Great Britain and Russia combined. 1t
is within $15O,O0O,OO0 of the entire
amount possessed by Great Britain and
Germany, and it is $2o0,O00,0o0 larger
than the sum held by France, which,
next to the United States, is the larg-
est gold holding country in the world.
Not only does the possession of this
gold make this country pre-eminently
rich, but our existing economic condi-
tions are such as to enable us to main
tain our ascendancy, and so long as we
continue to be large creditor nation
and SO long as we tenaciously adhere to
our policy of protection our financial
position will remain unassailable.
The most marvellous fact in connec-
ton with our possession of this billion
dollars in gold is the rapidity with
which more than one-third of it has
been accumulated. Three years ago the
holdings of gold coin and bullion in the
United States were, in round figures,
$500, 100000. Since then the net impor-
tations of the metal have been $685.
100000, and the remainder of the in
crease has been made up from the prod
uct of our mines, less the amount used
in the arts, and by the release of gold
from boards.
| Another significant fact is that the
popular sentiment regarding gold has
been entirely reversed in three years.
For example, in 1896, until the presi-
Dental election, there was an urgent
demand for gold, due to distrust re-
garding the maintenance of our cur
rency conditions and also due to the
entire absence of confidence in the
financial policy of the Cleveland admin
istration. During Mr.. Cleveland's term
the secretary of the treasury sold
bonds of the par value of $262,315,435
bearing a high rate of interest, for the
ostensible purpose of maintaining the
gold reserve, which was constantly be-
ing depleted, but really for the purpose
of making up for deficiencies in rev.
enue caused by the operation of the
Wilson free-trade tariff. The demand
for gold drained the treasury, bringing
it almost to the verge of bankruptcy at
the end of January, 1895, and again at
the close of January, 1896. No sooner
was gold paid into the treasury for
bonds than it was Immediately with
drawn, through the operation of the
"endless chain," and shipped to Europe
or domestically boarded in expectation
of it's later commanding premium
which expectation was realized in the
fall of 1896. The product of our mines
was largely exported and gold every
where was in request.
When the result of the presidential
election in November, 1896, was an
nounced confidence was instantly re
stored and there followed a radica
change in popular sentiment regarding
gold. This is evidenced by the rapid
accumulation of gold above noted; by
the accumulation of the unprecedented
amount of the coin and bullion now
held in the country; by the fact thai
the vaults of the treasury and of the
banks are literally overlooking with
: gold; by the fact that for at least siN
months the assistant treasurer at New
York has been obliged to refuse to &C
cept gold in exchange for legal tenders
whereas three years ago he was daily
and almost hourly required to redeem
legal tenders with gold; by the fac
that as rapidly as gold coin is paid ou
by the banks ON current disbursements
it is promptly exchanged by the holder
for some form of paper money; and b.
the fact that for the first time since thu
: resumption of specie payments duties
at the customhouse have been almos
! wholly paid in gold.
. Three years ago there was an entire
absence of confidence in the financia
policy of the administration; now con
fidence abounds. Three years ago thu
country was grooming under the burde1
of foreign competition and commercial
and industrial enterprises were pros
trated by the operation of the Wilson
free trade tariff; now the country j!
marvelously prosperous, our exports o
manufactures are enormously increas
e ing, our domestic industries are thriv
ing, wages are advancing; and all thi
is distinctly traceable to the operation
n Of the Dingley protective tariff.
The fact of our possession of ST 600,
j 100000 in gold and of the existence o
h the highly favorable economic condi
a tons above noted is signal triumph
for our protective policy. The golt
could not have been accumulated an,
the trade conditions could not hav,
a been attained under free trade pol
r icy, for the essential factor influencin,