The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-11

| 70 e1g7. 100000, the stocks Of that metal
might Be expected to evsrywhers aug
when il i considered, however. that
| the United etates took above esoo.oooo0o
| OF gold in 1883. that India.s net imports
were over 200 and that the indus-
| trial consumption Of the world was $685.
| COCOON Il will Be understood that no gem
eral increase in European stocks could
occur last year. But II still remains to
be explained where the disappearing gold
| OF Europe went"
Russia Lost Most.
The total reduction OF the stock OF
| gold IL siS0.0Oo00o, and the Russian
stocks show a reduction OF SIS, 100000.
But NJ. De White, the Russian minister
| OF finance. states In his annual report
| upon the budget that during the year
! 1895 there has been an increase In the
| general amount OF gold In the country"
| The reduction shown in the stock of
! the Imperial bank has been brought
about by the monetary reform. The
enormous stock in the bank at the close
! of 1857 was provided for the purpose OF
bringing the paper currency Of the coun-
try to par with gold and establishing It's
interchangeability. During the past year
| the bank has been paying out gold freely.
and gold coin, long absent from the CIR
culation OF the empire. has again en-
| tered into common use
England and Germany.
The Bank OF England and Imperial
bank of Germany both show a loss of
gold during the year. but the record OF
the exports and imports Of Great Britain
and Germany show that each Of these
countries received about $50 100000 more
| gold than 1t parted with. Trade was
very active in both countries and appar-
entity drew on the reserve stocks Of the
| two leading banking institutions. The
money stock of those countries was. in
larger degree than the previous year, In
movement among the people and in the
local banks. 1t Is Of special interest
| that the stock of uncovered bank notes
in Germany was $24, 900 greater on De-
cember 81, 1898, than on December 81. 1897,
and was $S6000,000 greater in France.
| That illustrates the elasticity which en-
ables the monetary system Of those coun-
tries to ease on such an extraordinary
demand for gold as the United States
made on the world last year. The Aus
| tro-Hungarian bank had sl7,o0o.o00 more
| of uncovered paper out at the end Of the
year than at the beginning.
Value Of Paper Money.
The three countries had out about $7S,-
900 900 more Of uncovered bank notes than
the year before. a fact which doubtless
contributes much to ease the financial
situation. The ability to thus enlarge
to a country in the event Of any sudden
call upon It for heavy payments In gold.
| The issue acts as a buffer between de-
mand and the commercial interests of
the country, protecting the latter from
sharp and sudden pressure. 1t II a le-
| Ultimate use of credit by the country,
| through the agency Of banks OF Issue, to
meet passing demand vs.
bullion in the MINIS.
The most notable change in gold stocks
| during the year was In the United States.
| The stock of coin In the country, includ-
ing bullion in the mints on January /,
1898, was estimated at $745. 1853, and on
January l. 1899. at $s45, ,7os, gain of
/ 5000, 003 1876.
Net imports OF United States coin s3,os2.71s
/ Coinage during the year ......... 1856, 1853
Gain IN bullion in mints ......... s,770.430
United States coin melted at
Ta Mlnas BY payma:ter: t to Cuba lSSO7A
Porto Rico and the Philippines 2465.3 $3.50
| Used In manufactures ........... 1900, 900
Stock January /, 1899 ........... s945, 1885, sS
I - Treasury and Bank Holdings.
+ fFOf the increased stocks shown by the
above statement. $159, $40 appears in the
| reports OF national banks and in the gov
| eminent treasury. The holdings of the
former must be taken for December Is.
| 1897, and December l. 1898, their nearest
statements to January 1 being on those
dates. They show holdings as below:
Treasury, Janpary l. 1893 ....... .$197, 767, 142
National banks. December Is.
"a 1871 ......,r...... -............. lO, 66, 644
Total 49,. 49,. .............. $685.. s75. 1855
| Treasury. January /, 1899 ....... .1S1, 11s ss1
! National banks, December /, 1898 263. sSS. 745
Total $685.. -. .:.....:...: s545.oos.s 2s
banks ..,........... $l5y, 10, $40
/, The difference between this and the ag-
| gregate gain estimated for the country,
| $40.9 1896, Is considered to have gone into
| state and private banks and general circu-
lation. at..s 4I VIII
worlds Gold, Production. .aa
The production Of gold in all of the inn
| portant gold fields Of the world is increas-
ing rapidly, and with prospects Of contin-
| ued gains for years to come. The yield
! In the world in the calendar year 1895 was
$685.. 100000, against $sss, OOO, 600 in 1897 The
| production in Australia to date, In 1899.
| has shown a gain Of rs per cent. over the
! corresponding months of 1898, which indi-
| Gates probable gain for the full year of
$16.000,00O. The United States. Canada and
| Mexico will doubtless increase their pro-
duction s1S,O00.000.
| In South Africa the production in the
| first half Of the year was IS per cent.
| above the yield of the same months In
| 1885, and II the industry had been undis-
| turbed the gain for the year would prob
| ably have been above $20,000,0O0. AS all
! these principal districts are now in condi-
| tion to produce at a higher rate than at
! the opening of the present year, and all
! are preparing for larger yields, 1t is not
| improbable that when operations are fully
resumed in South Africa. the worlds out
put win quickly pass s4o000o.oo0 per an
! mum.
Effect of Gold Increase.
! Tho worlds stock of coin Is now being
| increased more rapidly and by higher
! annual percentage to the existing stock
| than during the period from 1850 to 1860.
| when the great output of gold from Cali
| fornia and Australia startled the econo-
| nists Of all countries and gave the world