The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1906-11-08

Who is getting the great quantity
OF gold that is coming out of the
mines? This is question that is en-
gaging the attention of financial writ
ers these days.
The reports of production show
that the mines are turning out gold
at the rate of over $500, OOO, 900 a year.
The statisticians who have given their
attention to The subject are convinced
that the output during the last twelve
months has been fully as much as
that
The returns from the great Euro
pean banks show that during the
twelve months ending in the middle
OF September they lost in round fig
ures $49,O0o,00O of gold. These are
not all the important banks of Eu-
rope, it is true, but they comprise the
ten great national banks which hold
most of the reserves and which in the
middle of September last year held
altogether no less than $1,s7s, OOO, 900.
The loss was not very large pro-
portion of the total-something over
2 1-2 per cent-but the remarkable
thing is that there was not a gain in
stead of loss where the quantity of
new gold was SO great. 1t is assumed
that other financial institutions in Eu-
rope could not have gained what the
great reserve banks lost, not to speak
of their taking from the output of the
mines. Hence it is argued that the
new gold cannot have become a fac
tor in European banking.
Turning to the United States, it is
found that the national banks have
lost nearly $6,5oo,0oo in about the
same time. But the reports of the
United States treasury tell different
story They show that the treasury
holdings, including those against gold
certificates, increased nearly s101, $780,
900 during about the same period
The treasury therefore, gained about
SAG, 100000 more than the great re-
serve banks of Europe and our ma
tional banks lost. So that much OF
the twelve months output from the
mines is accounted for.
But that is not much more than
one-ninth of the output. What has
become of the other eight-ninths? To
begin with, it is found that Great
Britain has imported over $4,000, 900
of gold more than she has exported
Then it is loosely argued that if Bri
tain absorbed that much into general
circulation continental Europe may
easily have taken 100000, 900 more.
This is far from convincing and all
the further from the fact that it is
assumed that all the net import into
Britain went into circulation and none
tho manufactures.
Then it is loosely estimated tina.
the sum of $2o,0o0,o0O has gone to
Mexico to supply requirements un-
der the recently adopted gold stand
ard and that India and Argentina
have each absorbed about the same
SUM for like purpose. There re-
mains about si4O,0O0,OOO still to be
accounted for, and that is charged up
in lump to manufactures.
We may be little more exac
when we recall that in this estimate
account has been taken only of the
loss of the national banks and the
gain of the treasury in this country
But that does not tell the whole
story.
During the last fiscal year we inn
'orted nearly $5s,000,O0O more gold
han we exported, besides keeping ali
of our own production at home. AS
we imported nearly $17,O0O,O00 more
than we exported during July and
August, it is safe to say that during
the period under consideration we i'm
ported FULLY 100000 more than We
exported Our mines during the same
period must have yielded fully $780,
100000.
We had, therefore, taken no less
than $153,0O0,0O0 of the worlds out
put-which, of course, includes our
own-up to the 1st of September in
stead of s95,oo0,o00 figured in the
foregoing estimates, or $5s,OOO,0o0
more This will serve to fill in some
of the vacant spaces in that estimate