Gilpin observer., 1908-05-07


for his accumulation of gold is out
stripping that of any other nation Of
the world. And not only is he Croe-
sus modernized. but he is like unto
Midas whose touch Transmitted every
thing to gold. And strange as 1t may
seem he cannot get rid of the gold
which is pouring into his Golfers. The
people of the nation refuse to take it,
saying: Keep the heavy. yellow
metal. Give us in exchange your
note, stating that 1t is worth the
amount of gold coin which we have
deposited with you" Being an ac-
commodating old gentleman, Uncle
Sam gracefully complies with their
request
With this result: There is on de-
posit in the United States treasury,
sub-treasuries, mints and assay Offices
more gold than ever before in the his
tory of the country. II represents the
most valuable stock of the yellow
metal that the world has ever seen or
perhaps dreamed of. 1t reaches the
tremendous total of $1.O2O, ,373.471. II
the coins we're laid upon each other
they would make shiny monument
40 miles in height. II their rims
were placed so as to touch each other
they would cross and recross the
United States five times. They weigh
almost 100000 pounds. Every ounce
of the metal has been the cause of
hardship. most OF 1t death. Every
ounce Of IL has produced joy. some
times mad intoxication. 1t has in
spired greed. lust. envy and murder
1t has created romance. To-day it is
the symbol Of prosperity of the wealth
lest nation the world has ever seen.
1t takes the breath away. that
thought of $1,000 .OO0. 900 in gold
Think what could be done with it!
The national debt of the United States
could be wiped out. il the gold could
be used for any such purpose, and
there would remain comfortable
balance. 1t would provide 100 battle
ships of the Dreadnaught type, fully
equipped for service. 1t would sup
port the navy for ten years. the army
for similar period. The United
States could refrain from drawing a
cent of revenue for one year, and yet
the gold in its vaults and in the in
stitutions it controls would be sufi-
cient to meet its tremendous expendi-
lures.
OF course, all this gold does not be-
long to the government. Gold certifi-
Gates are In circulation against coin
valued at $790,01l. .S69. That is to say.
every person who has one of these
certificates is entitled to step up to
the counter of Uncle Sans paying Of
flee and say: Give me the equivalent
OF this In gold" The demand would
have to be complied with instantly.
Then $15O,000,0O0 constitutes what is
known as the gold reserve. 1t is
maintained by law for the redemption
of greenbacks. To the credit Of the
government also is an additional $45.-
395.19O. for which gold certificates
coin valued at $34,066.412 lying in the
cash boxes Of the United States treas
ury and sub.treasuries ready to be paid
out whenever call is made.
The people, however, do not want
gold. On the Pacific slope II is still
the fashion to use the yellow metal.
but in the effete west, as in the more
effete east, 1t Ia not wanted. 1t is
heavy. bulky, and inconvenient. It ex-
poses the holder to robbery and per-
haps death. Therefore, as soon as
miner obtains pound of gold or any.
one else gets hold of the metal his
first act is to take 1t to an assay office
to determine its purity and then to
turn 1t into one OF the government
mints for coinage. When this IL done
the owner receives the gold certifl.
Gates. Certificates are not issued
against bullion. Read gold note. II
you are fortunate enough to have one
IN your possession. and you will find
its value is that Of the gold coin" in
the treasury OF the United States.
Five hundred double eagles. valued at
$4,000. which picked up the other
day in the treasury department,
weigh 3S pounds. Four thousand, &c.,
900 gold certificates. representing
$40.000.000. which also held, weigh
exactly liz pounds. To transport
that amount Of gold coin mile would