The Birmingham age-herald., 1914-09-16

commercial advantage. and it is possible that when the territory Is thoroughly ex- plored new and large resources of tin will be discovered.
 But Bolivia is now the richest country in the world in tin. The supply is prac- tically inexhaustible and the quality is the yer yhighest. With the opening of the the very highest. With the opening of the supply of American pig tin choked up by reason of the war with Europe, it is probable that there will soon begin large importations of tin from Bolivia. In fact, the United States may in this way become the chief market for Bolivian tin.
 Siberia, the Mysore gold fields of India. Bolivia and other parts of South Amer ica, Mexico and Alaska should be ade- quately to replenish the worlds supply of gold, the fresh supplies beginning soon after the European war is ended
 Our Own Gold Supply
 The United States will undoubtedly con- tinue to be supplied each year with large amounts of new gold. We shall have it in plenty so that when normal conditions are reported we will be able to build up very large gold reserve upon which reasonable and yet great extension of credit may be based
 Just before the war in Europe began there was held by the federal treasury al- most exactly $1,0S1, 100000 of gold, which was warehoused. so to speak, in the tras- ury vaults. It has all gone into circu- lation through the utilization of gold cer- tificates. When the heavy exports of gold began in the spring and while they were continued gold certificates were turned into the treasury department or to the subtreasuries. They were redeemed in gold, and if it had been possible for those who were seeking gold in large amounts from the United States to secure all the certificates these could have been used to exhaust the treasury of it's warehoused gold. The fact, however, that these certi- ficates were widely scattered and, 4ur- therfore that the bankers of the country were able to some extent to protect them by paying out bank notes and the new additional currency made 1t practically im- possible, at least within a short time to secure any considerable amount of these certificates.
 The government officers at Washington knew that of the total amount of gold certificates only about one-third were held by national banks. All of the remainder of these certificates were held by state banks and were in circulation among the people.
 These gold certificates tell the story of the wonderful increase in the gold sup ply of the United States within the past 15 years. No longer ago than that. our gold reserve was only about $1O0,0 900. Now it is approximately $1, 200. 900, 900. Much the greater part of this gold was re- ceived from the mines of the United States and from Alaska, for within the past. 15 years the exports of gold and the imports. with two exceptions, have in each year approximately balanced It is the possession of this gold that has made 1t possible for the banks and the govern ment to cooperate, although In some- what artificial manner which would be unnecessary if there were a unified bank, so that we have protected the United States and are now rapidly working to ward a normal financial condition. The waste and destruction of the European war make it vital that as soon as possible after peace is restored there be a great expansion of gold mining elsewhere than in the United States and Alaska