Freeland tribune. (Freeland, Pa.) 1888-1921, 1901-01-09
GRAVEYARDS OF GOLD.
VAST QUANTITIES THAT DISAPPEAR
IN INDIA AND CHINA.

rapidly in all countries, but nowhere
else does 1t pass out of sight so rapidly
as in India 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
as gold graveyards. Speaking of this
curlo'.s characteristic. Thomas Jetfer-
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 to this stream; it is always
flowing. The money does not reappear
in the Indian banks. The soil of In
dia absorbs the golden flood just as the
sands of the desert swallow the over
flow of the great rivers. When it is re-
membered that this work of absorp-
tlon has been going on with little in
terruption for ten centuries, and still
continues under our eyes, it Is easy to
form an idea of the immense treas
ures that are hidden in that country.
"All this gold remains sterile, and
consequently lOoI. IL is dDSuTu 10
say that it is brought into monetary
circulation or that it passes through
the hands of the native goldsmiths.
1t is disseminated in innumerable
places, from which it never energies.
ut is estimated that in the regency
of Bombay alone there are 100000
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 incurable habit of boarding
gold. The splendid maharajahs have
become shrewd enough to use banks of
deposit, but there is still barbaric dis
play Of jewelled idols in the strong
rooms and of golden vessels in the
princess apartments.
Even the gods of india remarked
a writer in the Courier des Etats
Unis, are very fond of gold. They
whistle for it through the lips of their
priests. Obedient to the divine call, it
comes ripping from all points, until It
reaches the sacred parnis. It,accumu-
lates in the subterranean passages of
the temples, to which the priests alone
have access. Thence it overfiowS and
takes its place upon the affairs, where it
shares with the gods the incense and
the homage of the men it has be-
witched.'
'It seems curious that while half
the world is engaged in an eager
search for gold the teeming popula-
tions 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 mat
ep of fact, in all countries there is a
tendency on the part of coined gold
to get out Of sight and stay hidden.
This is subject which has occupied
the students of finance in all lands,
and there have been many analyses of
the different causes for the disappear
ance of gold. Yet, with the most in
genious explanations, the problem al
ways has remained a very interesting
one. Our own treasury officials have
given it good deal of study.
OF the vast amount of gold that is
annually mined and put into circula-
ton, there always remains 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
Mr.. Hurley, estimate that there is used
in the arts annually, in gliding, in cleo
troplating and similar operations which
withdraw gold from possibility of other
use. probably not less than $10,0OO,-
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 a source of very con-
siderable loss from friction, under
which gold, because of its softness
loses weight sometimes with startling
rapidity. 1t is estimated that gold for
these purposes is used every year to
the amount of fully $50,O00,0O0. This,
with the amount, $10,000,0 900, used in
the arts, makes an annual total of
$60,000,000 in these two directions
alone. Then there is to be added the
uncertain and smaller, yet by no
means inconsiderable amount of gold
lost every year by fire, shipwreck and
carelessness.
"Since the resumption of specie pay
ments in 1879" says Mr.. Hurley,
treasury officials estimate that $780,
100000 in gold has disappeared from
circulation. The Bank of England is
said to be poorer by $400,000,0 900 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