The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-11
GRAVEYARDS FOR GOLD
Countries in Which the Yellow
Metal Disappears Mysterieusly.
India and China Repositories for
Vast Quantities of Specie That
Never Finds Its Way Into Cir
culatiOn-The Fabulous Wealth of
the Maharnjahs and Mandarins.

| Gold for various reasons disappears
rapidly in all countries. but nowhere else
does it pass out of sight so rapidly as In
Indiana and China. So rapidly does the
| precious metal vanish in these two Orien-
tai lands that they have come to be known
as gold graveyards. Speaking Of this Gu
\ rious characteristic, Thomas Jefferson
Hurley, Of the American Institute of Min
! ing Engineers. in his recent pamphlet en-
the gold production Of the world, says:
| "A yellow stream flows into both Of
these countries year by year. There Is
no end to this stream; it is always flow
! ing. The money does not reappear in the
| Indian banks. The soil of India absorbs
| the golden flood Just as the sands CT the
desert swallow the overflow of the great
rivers. When it is remembered that this
work CT absorption has been going on
with little interruption for ten centuries.
and still continues under our eyes, il In
easy to form an idea Of the immense
treasures that are hidden in that country.
"AlI this gold remains sterile. and conse-
quently Is lost. 1t is absurd to say that 1t
is brought into monetary circulation or that
it passes through the hands Of the native
goldsmiths. 1t Is disseminated In innumer-
able places, from which 1t never emerges-
1T is estimated that In the regency Of
Bombay alone there are L. 100000 gold SOW
ereigns boarded. Hundreds upon hundreds
Of millions Of dollars lie In the hiding
places of the famine-stricken land AL
classes are afflicted with the incurable habit
Of boarding gold. The splendid Mahara-
jahs are shrewd enough to use banks Of de-
post, but there Is still barbaric display OF
jeweled idols in the strong rooms and Of
golden vessels in the princes apartments.
Even the gods Of India" remarked .
writer In the Courier des Etats Unis."
ARE very fond of gold. They whistle for
dent to the divine call, 1t comes ripping
from all points, until it reaches the sacred
parnis. 1t accumulates in the subterranean
passages Of the temples. to which the
priests alone have access. Thence it over
flows and takes its place like proud con-
queror upon the affairs, where 1t shares
with the gods the incense and the homage
of the men it has bewitched.'
1T seems curious that while half the
world is engaged in an eager search for
gold the teeming populations Of India ami
China devote most Of their energies to
keeping it out Of use and circulation"
But India and China are not the only
countries which absorb gold without ever
giving it back again. AS matter of fact.
in all countries there is a tendency on
the part of coined gold to get cut Of
sight and stay hidden. This is a subject
which has occupied the students OF finance
in all lands, and there have been many
analyses Of the different causes for the
~ vaf fE,~ ot
ingenious explanations. the problem al
ways has remained very Interesting enc.
Our own Treasury officials have given 1t
good deal Of study.
OF the vast amount of gold that is an
nually mined and put into circulation,
there always remains a heavy balance
unaccouuted for, even after all allowance
has been made for use in the arts. for
loss by friction and for what would seem
a fair amount to charge to loss by fire.
by being sunk in deep waters and BY
boarding.
Our Treasury officials, according to Mr..
estimate that there is used in the
arts annually. in gliding, in electroplating.
and similar operations which withdraw
gold from possibility of other use, probably
not less than $40. 900 worth OF gold
Then there is the use Of solid gold in
Iewelry and plate This in reality is not
IN actual withdrawal OF gold. for it can be
-emeIted and coined Still. the handling Of
the metal in the process of manufacturing
these articles and the handling Of them
after they are made is a source OF very
loss from friction, under
which gold, because of its softness, loses
weight sometimes with startling rapidity.
It is estimated that gold for these pur-
poses is used every year to the amount Of
July $50, 000, 900. This, with the amount,
nc, coo. goo. used in the arts. makes an an
iual total OF $50. 000.0o0 in these two direc-
ions alone. Then there is to be added the
and smaller, yet by no means
nconsiderable. amount OF gold lost every
-ear by fire. shipwreck. and carelessness-
Since the resumption of specie pay
nents." says Mr.. Hurley. Treasury OIL
ials estimate that $500. O10. 600 in gold has
disappeared from circulation. The Bank
" England is said to be poorer by $780,
100, eco in gold than 1t was in 1897. France
eports an immense decrease in gold COIN
ID and in reserve, and other countries
lave similar stories to tell An enquiry
.ecently set afoot by our Treasury De-
,artment showed that the holdings in gold
If the national banks on April 26 were
1855. ?69. S72 The Treasury holdings on
Nay 1 were s426.9Ss.371. the two items
ggregating $622, 759. 243. The estimate for
LAY L WAS S1,ufosoSo,l1t, WHICH StSu,-
100, COO to be accounted for as held BY
tate and private banks. trust companies,
md in safes. tills. pockets. and boards
"a large amount Of gold Is taken out
Il the country by travellers. One tourist
gency receives from travellers from $780,
90 to $150. 600 per year and turns it into
he Bank of England. About S75, coo per
ear is melted at Geneva, and in all net
oss CT from 100000 to 100000 is indl-
ated. At the latter figure the total in
twenty-five years would be $50. 600. eco. En-
uiries made Of 5000 firms and individ-
ais indicate a total consumption of coin
y manufacturers, jewellers. dentists, etc,
Z 50 100000 per year. The official esti-
,ate of the entire stock of gold in the
ountry was s1.05S. 51S,S92 at the beginning
I August last"
Mr. Hurley says that all the Indications
re that the worlds output OF gold will
cntinue to increase for many years to
ONE. even over the vast amounts that
re being turned out at the present day.
lot only. he says, are new processes saw
lS gold that it was impossible to save
en- years ago. but new gold camps are
bringing into life and cid silver mines
re developing into gold propositions as
reater depth is attained.
We predict he concludes. that with
n the next twenty years Alaska and the
northwest Territory will yield over ST.
DO, COO goo. and that by 1925 they will con-
ain population of over 10000
BEARS In Pennsylvania.
(From the Philadelphia Record)
Center county is literally overrun with