Arizona republican., 1903-10-10
The Wonderful Supply of Gold.

terest concerning gold as a factor In the monetary strength of the United States. Notwithstanding the direful predictions made in 1896 that the defi- mite adoption of the gold standard would cause the yellow metal to De- come so dear" that it would be driven into hiding, it is shown that the quan- tity of gold in circulation is steadily increasing. During the last fiscal year the proportion of gold to the whole amount of money in circulation rose to All per cent, which is the highest ra- tio ever recorded During the five years ended July l, the gold in the treasury vaults of the United States was increased by the sum of $393 39SO,- 295, or nearly at the rate of $SO.OOO,O0o a year. During the same period the Bank of France gained s127, ,64O,GO0, and Austria Hungary $79, 100000 - aggre- gates not to be compared with the in crease in our supply. On the other hand, the Imperial German Bank lost s2S, ,6S3, ,O0O the Bank Of England s2.265.-
 
 figures lead Bradstreets to comment:
 Tt was not singular that at the meeting al which this showing was made Secretary Shaw should have as sured the bankers that there would be no money famine this autumn, and that it was to assure the business men of the country that there would be none, and not to aid the stock market, that he made his recent proposals for relief"
 At the jCint convention of the Mary land and District of Columbia bankers. Treasurer Roberts developed at more length the statistics of his annual re- port. Referring to the fact that cur rent financial discussion deals in much the larger part with national bank notes, he pointed out that. as a matter of fact. they constituted at the begin ming of last month less than q sixth of the general stock, or s41S.5s7975 out oi a total of S2, 7OS, ,693 ,663. Gold on the other hand. constitutes not much less than half the total stock, amounting as it does to s1.267. .733,949.
 Taking the money in circulation, we find that it amounted at the beginning of last month to s2,3SS, ,902, IFS. Of this total. gold constituted s1.014, ,530, ,07S while bank notes were just less than s40O,OOO.G0O. The growth of the gold element in the last five years has been noteworthy. On September l, 1898, the total gold, coin and certificates, in cir culation amounted to s666. 166 165, which was S7 per cent. Of the entire amount. By the corresponding date this year the amount of gold has increased by $348, ,364.910, so that it constituted 42.11 per cent. of the whole. The increase in the gold in circulation during the last fiscal year, as we learn from the statistics in the treasurers report, was over $5,200,000 in excess of the increase in national bank notes. The increase in the amount of circulation per cap- fta for the last fiscal year kept ahead Of the growth of population-the in- crease in the population being 21 per cent, while the expansion in the cir culation per capita amounted to 32 per cent.
 Turning now to the treasury itself. it is found that the gold there held con- stitutes the largest fund of which there is any record amounting as il does to sG53. 900, 900. According to the statement Of Treasurer Roberts in his address before the bankers, the treas ury holds three and nine-tenths times the amount Of gold belonging to the Bank of England, which is s166, ,S56 OO0; more than tLree and eight -tenths that of the Imperial German bank, which is SIC, ,3T1 eco, and very nearly three times that of the Austria Hungary bank, which is $221. .3O4, ,O00 In fact, tht fund held by the treasury lacks only SS,00O,00O of being equal to that of the banks of both England and France which latter holds S494 506, 0O0, and il exceeds the holdings of Russia. Ger many, BelgiI m and the Netherlan nd. combined. These foreign holdings ar' practically the sole basis Of the finan ces of the respective nation. but in tn, United States. in addition to the 8olt in the national treasury. the banky national and other. own s322. .403. .571 which is more than any central insti tuition holds save those of France ant Russia.
 The facts here presented are espe cially interesting just now, becaus they emphasize the truth of the asser ton that the depression now prevailin! Tn Wall street is trouble which is con. fined mainly to stock speculators. Busi ness men throughout the country art not likely to take alarm because O. panics ia the stock maI llet. so long a: there is such an extraordinary volume Of money in circulation-and nearl. half of that money gold.