Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1904-07-29
THE WORLDS GOLD.

The increase in the production OF gold
has been nothing less than marvellous.
la 1873 the worlds stock of gold was es-
timated at 81 $50. 100000. On January
], 1903, the worlds stock of gold was es.
timated at 20 ,3S2, 100000. Here ia Il
gain Of $4,000, 0C0.0O0 i'll thirty years.
The Wall Street Journal q few days ago
published statistics showing that the
gold producuon since the year 1870 had
amounted to SS,903, i00. 00O. In all the
preceding years since the discovery Of
America by Columbus, the fetal pro-
duction was s2,45G. $4,000. More gold
has been produced since 1891 thar III
the three centuries preceding 1900.
or the total production of gold since the
discovery Of America, nearly one. hall
Of il has been mined in the last thirty
years and OF this amount 80 per cent Of
it was produced by the United States.
But while the production OF
gold may well amaze us, the problem Of
its distribution puzzles US. Where
has all the gold gone to that has
been produced since the Lydians be-.
gan TO coin money? The worlds pro.
duction OF gold since 1873 accounts for
all except about $500 900 600 OF the
present stock Of gold in the world, and
the production from 1860 to 1872 was
more than double s500,O00,000. Where.
then, has all the gold gone to that was
mined before 1850? Apparently the:e
is no trace OF it anywhere unless it be
found in the art objects in which gold
liz used
The amount OF gold that goes into the
arts and sciences varies each year, and
its amount ia by no means easy to de-
termine. The director OF the mint esti-
mates that in 1902 the Industrial con.
sumption OF gold amounted to S75, 7G4..
400. The total production OF gold in
that year WIS about s295, 000. 600, 81
that the use OF gold in the arts and in
dustr"s amounted to II little over % per
cent OF tue mount mined. Accepting
this percentage us a basis Tor calculation
it wOuld appear that OF the total produc-
'iSh vi gnu iiOlIl l1S- 10 1JJO, ION I =
ing 10 slO,9S5, 19l. 900. the proportion
that went into the arts and industries
was g, IiG, 295.250. This leaves n bal.
ance of 1928 ,sS5,75O which should an.
pear it would seem, i'll the records OF
the worlds stock OF gold. But as a
matter OF fact the total stock OF gold i'm
the world on the first OF January, 1903
was, as has been stated, 1892, 600, 600
This leaves 81, 80. 100 of which there
appears to be no trace.
Has this vast wealth been lost in the
past four centuries. or is it still in exis.
tcnco, n hidden reserve ubon which
drains may be made in times Of special
demand? Various answers, it is evi.
dent, might be made tn euch M inquiry.
Professor j. Laurence OF Chicago last
yenr hazarded Il guess rs to the disap.
pearance OF this large SUN OF gold, which
no estimated in 1901 M amounting to 81.
jOO.0C0, 900, but which, on the basis OF
the estimate which we have made for
l9O3. should be more than a., SOC, OOO, 900.
Professor LaughIin suggests that this
immense sum is largely held in reserve
Shy great financial houses in Europc.
and by many other private bankers, TIE
character Of whose business dors not re.
quirc them to make public reports Of
their specie holdings"