The Birmingham age-herald., 1915-07-12
UNITED STATES I5 D BE CALLED UPON r lP B|G SUM OF MOIi iEY Aggregate Importation af Gold Since First of the
 Year $12O,000,OOO DISARMAMENT IS
 TO BE PEACE PLAN 
 Believed the Gradual Cutting Off of Armament Will be Part of
 the Peace Terms When
 Agreed Upon
By HOLLAND

New York, July T. Especial. )-In view of the continued imports of gold the aggregate Of which since the first of the year is. in round numbers. $12S, 0O00Oo, the opinions and surmises of those who are masters of foreign exchange should be of value, since all of the comments which were made in reply to inquiries contained one common viewpoint There is now no question of doubt respecting tho continued movement of gold to the United States. We shall accumulate all that foreign nations have to spare, and it will constitute one stupendous fund which will remain available for such as- sstance as the other nations of the world require at this time, and also for the upbuilding of impaired industries and the quickenng of those which have been de- stroyed by reason of the war. That is the unanimous opinion of the masters of foreign exchange.
 All of the exchange authorities point to the fact that while the American dollar stands at par with gold there is depre- citation of foreign money in relation to gold, the smallest amount at present be- ing about per cent and the largest 25 per cent approximately. This latter de- preciation is one which one of the great est nations of the world in population and in latent resources is now compelled to face.
 The exchange authorities agree In say ing that Austria has practically no gold and that German gold to some extent is still in hoarding. Not all of the gold and silver which the peasantry of Europe, even of France put into some hiding place at the time of the Balkan war has as yet been brought out. Germany has been trying to induce her citizens to bring out all their boarded gold and receive for 1t government obligations. How far this appeal has succeeded Is not definitely known. Austria has no gold to speak of, and Germany will not permit any of the gold in that country to be exported
 One of the leading expert authorities on foreign exchange said this morning that there was curiosity as well as great interest for another reason than that inn piled in idle curiosity, in the strenuous attempt the French government is now making to persuade it's citizens who have boarded gold to bring it out. That there are large stores of gold in hoarding in France is not doubted, but whether the plain people can be persuaded to yield a considerable part of this is yet to be % disclosed. Even if they do replensh French treasury gold not much of 1t will be permitted to leave the country. The experts also say that England will keep firm control of her gold supply. seeking to supplement the use of it or to avoid the use of it by obtaining loans for which the security is the credit of the kingdom
 Still there must be considerable imports of gold while the war lasts, and all of this will come to the United States with some trifling exceptions
 What the Effect Will Be
 We shall therefore have an accumula- tion of gold by way of imports which, added to our own gold possessions. and to the yearly increase in our fresh gold sup