The Beaumont enterprise. [volume] (Beaumont, Tex.) 1904-current, 1904-09-04
WHERE HAS THE GOLD COMET

Much has been written about The
enormous increase In the production
OF gold during the lasl fifty years
The manner in which the worlds
production of gold has increased
during recent years has been noih
ing less than marvellous and the eco
nomlc effects have been worldwide
OF the total production of gold since
the discovtry OF America, nearly one
half of II has been produced since
1873. More gold has been produced
since 1879! than in the entire three
centuries preceding 1900. Thirty
years ago the worlds stock Of god
was estimated at Sl,2OO,OOO, 900
Since then more than 10000 900 of
gold has been prUdudccd. This cnor
nous Increase in the production OF
gold Is truly amazing and II would
be interesting to show the relation
between this huge increase in the
worlds stock of gold and the world
wide Industrial expansion during
the last half century
There Is another problem related
t. this huge increase in the prOduc-
ton of gold, however, which is equal
ly as interesting as the economic
effects ii has produced. Where has
all the gold gone to that has been
produced since the days of the
Persian Empire. Since the discovery
OF America the worlds production
OF gold has amounted to $lO,9S5,OOO,-
OOO. This projection Of gold was,
of course, an addition to the enor-
nous stock of gold which had al
ready been produced. Yet the
worlds stock of god at the present
time Is estimated to amount to only
81 500 10000 The worlds produc
ton of gold since 1860 has amounted
to more than $4,000, 100000. In other
words, the production of gold since
1860 accossDts for all the present
stock of gold in the world. The in
tcresting question is asked by the
Wall Street journal, where has all
the gold gone to that was mined
previous to 1860?
A considerable portion Of this mis-
sing gold can be accounted for by
the arts. The Industrial consump-
tion of gold in 1892 was estimated
at $75, 76d 900 The use of gold in
the arts and industries in 1902, there
fore amounted to about % per cent
OF the production. Accepting this
percentage as a basis of calculation,
it would appear that of the total pro.
duction of gold from 1892 to 1908.
to $1O,9S5,0 100000 the
proportion that went into the arts
and Industries was $27iO, 100000. |
This leaves balance of SS.2@O,OOO,- ,
600, which il would seem should APP .
pear in the worlds stock of gold. 7
As matter of fact, it would seem
that the worlds stock of gold shOu d |
be even larger as these figures do |
not include any of the gold produced .
previous to 1892. Yet the world S .
stock of gold is estimated to amount .
to only S5.5000OO,OOO. Since 1892 .
there has been produced $@.Soo,Ooo,-
poo of gold. of which there is appar-
emily not the slightest trace.
The interesting question is whcth-
C. this vast wealth has been lost in
the last four centuries or is it still |.
ia existence as hidden reserve.
The latter is the opinion of a num-
her of economists. Prot y Law
renee Lourhln has hazarIl abe
guess thai the s. NoU.ooouo' which
has apparently disappeared from the =
face of the earth is held iu reserve /.
by great financial houses in Eu /,
rope. and by many. other private |
banker. the character of whose bust
ness does not require them to make |
public reports of their specie hold. .
ucs." While this suggestion ui Pro
lessor Laugaliu is MOT susceptible of .
uouf 90 Is about ,hr Dd-.u-. ,Nulana
ion which culId Doe offered THAT
uch an enormous amount OFF gold
,a- disappeared from rha face ~ flo
anh without leaving i'. slightest
race s,,m- most improbable.
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