The broad ax., 1900-01-20
S3OO,OOO,OOO IN GOLD.
LOST. STRAYED OR STOLEN
FROM OUR SHORES.
Another Chapter In Our Financial HIS
tory That shows FutnItV OF MaIn-
tanning General Prosperity and the
Gold Standard ut tbs same Time.

The Louisville Courier-Journal, in
its issue OF Dec. %. ult., brushes aside
as a mere bagatelle our shipments OF
gold to England. The gold reserve
in the treasury" IT says, was SAL
423, 427 yesterday, and the total amount
Of coin and bullion was but a little IN
der $400, 600. 0o0." This, with $l4l ,OO0,-
600 in the banks and about $500. O00,-
600 in the country, in circulation, is as
sumed TO be a splendid showing, and
to elevate the United States to the
front rank as gold country. But now
comes a circular from the directors Of
the mint to the manufacturers of jew
elry, gold leaf supply houses. and all
dealers and manufacturers who use the
precious metal in their work. The
Chicago Tribune gives the substance OF
the circular in the following succinct
language:
Lost or strayed-$300, O00, 900 in
American gold coin. Any person who
has information OF its whereabouts will
please communicate with the director
of the mint" The truth is cropping
out that We are short of our gold cir
culating medium the enormous sum OF
$500, 900; il is lost Not from the
treasury, but from the circulation
among the people. This means that
there are $500, 900, 900 short in our mon
ey, and when we add to this shortage
the sum of $241, 423. 427 in coin in the
treasury, and the bullion to make up
$4O0, 900. We have a shortage OF
500, 900 of gold coin on our total
stock Of gold coin. II appears that
Prof. Faulkner doubted whether the
stock of coin outside the treasury was
what IL was assumed to be, and the
director of the mint has been so i'm
pressed by the professors statements
that he is going to try to find out.
The treasury department knows how
much money the treasury contains. and
the banks certainly know how much
money they hold, but all our officials
have been going upon the theory that
our gold coin in general circulation is
exactly the difference between the
amounts in the treasury and in the
banks, and the public have been fed
with that idea until they have been al
most made to believe that We have
plenty OF gold coin. Even the Courier
Journal, usually so careful in its cal
culations, has been deceived by Off
cial reports. Under these circum-
stances, therefore, II does not make a
vast difference to the public welfare
whether We ship gold coin to
England or not. 1t may transpire that
we are not so heavily laden with cir
culating medium as We have been as
Stunning; indeed, the recent stringency
appears to demonstrate the fact that
We are short, and short $500. OOO,O 900.
From this may be deduced the actual
fact OF the necessity of using billions
Of make-shift money, usually termed
''industrials." but all speculative, and
the further fact of the positive recur-
renee of panics accompanied by the
demands upon the United States treas
ury to rush to the aid Of the market.
We do not believe that Director Rob-
erts can ascertain the whereabouts of
this lost money, for it does not exist,
except in imagination. unless IL be in
old stockings and teapots.