Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1900-12-01
GRANEYARDS OF GOLD.
VAST QUANTITIES THAT DISAPPEAR
IN INDIA ANO CHINA.

GDIu LOT various reasons dlSapDearS
rapidly in all countries, but nowhere
else does ii pass out of sight so rapidly
Is in luiia and China. says the New
York sun. So rapidly does the precious
metal vanish in these two Oriental
lands that they have come to be known
rs gold gravoyardS. Speaking of this
r,l,iOlG characteristic, Thomas Jefer.
son Hurley of the American Institute
Of Mining Engineers, in his recent
pamphlet on the gold production OF
the world, says
"A yellow stream flows into both of
these countries year by year. There is
no end 10 this stream; it is always
flowing. The money does not reappear
in the Indian banks. The soil of In
dia abscrbG the golden food just as the
sands Of the desert swallow the over
ilow Of the great rivers. When it is re-
membered that this work of absorp-
90" ''c. ~~''~ %, '-''.h li'+'o q.
terruption for ten centuries. and still
cohtlnues under our eyes, 1t is easy 70
t.:t a. idea Of the immense treas
ures that are hidden in that country.
All this gold remains sterile. and
consequently is lost. 1t is absurd to
say that it is brought into monetary
circulation or that it passes through
n" sanpf,.si Of The native goldsmiths
~
places, from which it never emerges
1T is estimated that in tn" "cGcncy
or Bombay alone there are 1900 900
gold sovereigns boarded. Hundreds up
on hundreds of millions of dollars lie
in the hiding places of the famine
stricken land. All classes are afflicted
with The incurablc habit of boarding
gold. TIE splendid maharajahs have
become shrewd enough to use banks of
deposit. but there is still barbaric dis
play Of jcweled idols in the strong
rooms and of golden vessels in the
princess apartments.
Even the gods of India remarked
a writer in the Courier DIES Etats
lnis, are very fond of gold. They
whistle for it through the lips of their
priests. Ohedient to the divine call it
comes ripping from all points, until It
reaches the sacred parnis. 1t accumu-
lates in the subterranean passages of
the temples, TO which the priests alone
have access Thence 1t overflows and
takes its place upon the affairs, where it
shares with the gods the incense and
the homage of the men IL has be-
witched.'
1T seems curious that while half
the world is engaged in an eager
search for gold the teeming popula
tons of India and 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 a mat
err of fact. in all countries there is
tendency on the part Of coined gold
to get ont 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 disappear
anco of gold. Yet, with the most in
genious explanations, the problem al
ways has remained very interesting
one. Our own treasury or1ials have
given it a good deal of study.
OF the vast amount of gold that is
annually mined and put into circula-
ton. there always romans heavy bal
ance unaccounted for even after all al
loWance has been made for use in the
arts, for loss by friction and for what
would seem fair amount to charge to
loss by fire. by being sunk in deep
waters and by boarding
Our treasury officials according to
MIR. Hurley, estimate that there is used
in the arts annually, in gliding, in cleo
and similar operations which
withdraw gold from possibility of other
use, probably not less than 100000
900 worth of gold,
Then there is the use of solid gold
in jewelry and plate, This In reality
is not an actual withdrawal of gold,
for it can be remelted and coined Still,
the handling of the metal in the pro-
cess of manufacturing these articles
and the handling of them after they
are made is source of very con-
siderable loss from friction, under
which gold, because of it's softness,
loses weight sometimes with startling
rapidity, 1t is estimated that gold for
these purposes Is used every year to
the amount Of fully 100000. This,
with the amount $40 900 900, used in
the arts, makes an annual total of
alone Then there is to be added the
and smaller, yet by no
means moons iderable amount of gold
lost every year by fire, shipwreck and
Since the resumption Of specie pay
ments in 1879 says Mr., Hurley,
treasury officials estimate that $780,
300, 900 in gold has disappeared from
circulation. The Bank of England is
said to be poorer by $400, 100000 In
gold than it was In 1897. France re-
ports an immense decrease in gold
coined and in reserve, and other coun-
tries. have similar stories to tell. An
inquiry recently set afoot by our
treasury department showed that the
holdings in gold of the national banks
on April 26 were s195, 1882 The
treasury holdings on May ! were
s426 $685. 7l. the two items aggregating
1922 759,243. The estimate for May !
was 1,043, 525, III, which left 100000
300 to be accounted for as held by state
and private banks, trust companies,
and in safes, tlls, pockets and boards.
"A large amount of gold is taken out
Of the country by travellers. One tour
st agency receives from travellers
from 500, to Sl5O,OOO per year and
turns it into the Bank Of England.
About $4,000 per year is melted at
Geneva, and In all net loss OF from
100000 to 100000 is indicated. At
the latter figure the total in twenty
i've years would be 500 900, 900. lnquir-
es smade of $4,000 firms and individu-
Ills indicate total consumption Of