Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-25
j. s. GOLD RESERVE
$1,000, 449,5S3.69
Largest Amount Ever Assem-
bIed in Treasury of Any
Nation.
PAST YEARS. RECALLED

Two billions of dollars of gold re-
This mark was reached Monday. the
exact figures being $1,000. 449, 5s3. 80.
Two billion dollars is the largest
amount of gold ever assembled in the
treasury of any nation in the world
at any time in history. But that is an
old story; 81 900. 600, 700 would mean the
same thing.
Gold weighs 3.6s pounds to the 81 900;
1904. AS, $500 in gold would. therefore,
Put SIS, 900, 900 on a freight train, and 1t
would require 1874 cars to carry the total
reserve; this would mean about $4,000
pounds to a car. This number of cars,
forty feet to the car, would make train
1854 feet over all. without the engine,
considerably over a mile in length.
Low in the Year 1896.
In 1896, during the Cleveland admin
istration, the treasurer of the United
States had a hard time to keep the
legal amount of $1OO,OOO,OOO in the
Treasury; one time it fell as low as
S44, So, 400. The bankers Of the United
States had to take a hand and make
voluntary deposits of gold with the
government to keep the gold reserve
intact.
There is in the vaults of the Treas
ury and subtreasuries of the United
States. in gold coin, 1865 $3.50. 734.22; in
bullion. s1.o3s.459. s49.47.
On October ] last it was estimated
that the gold stock In the United States
was $2.636.O09. 56s. This means the gold
coin and bullion in the Treasury and
held in banks and by the people. ex-
elusive of the gold used in the arts
at this time is not now to be estimated.
More than $135, 900. it is figured, is
lost in the arts and sciences.
June 1, 1879. when specie payments
We're resumed. following the suspen-
sion caused by civil war conditions.
there was s96.262 $50 in gold in the
vaults of the government.
Reserve Caused Concern.
1.-THE gold reserve has been the cause
Of much concern said Daniel N Nor
gan, treasurer of the United States.
reporting the condition Of the Treas
ury in 1896, land has been maintained
only at cost of a fresh issue of bonds
and by the voluntary contributions of
banks and financial institutions. With
the exception of brief period in the
dulumH oI 1880, and dnOtner IN the
spring of 1896. the ruling rates of for
efgn exchange were such throughout
the year as to permit if not to require,
the export of gold
Under this drain the reserve shrank
gradually; sank until, February 10,
1896. when it stood at S44, $50. 493 1t
was then rapidly built up from the
proceeds of the sale of bonds, then
rose to 1928. 713,703 by March 81. After
inconsiderable variations in the re-
serve during April. the export of gold
was resumed on May l, and this move
ment. together with the continued
withdrawal not for export, again put
in operation the process of depletion
There was an almost daily incline
until July %, when the official figures
Of the reserve were $s9,669.7 us. At
this point the bankers of the principal
cities Joined together in a movement
Of relief. the result being that the
banks and financial institutions de-
posted gold in exchange for paper
currency. and restored the reserve to
81 10. 1S2.403 by August 4.
After discontinuance of the opera
tions. the free gold again declined
gradually to S100.937, 561, where it
stood September 1. In the latter half
of August, there occurred favorable
turn In foreign exchange. which had
the effect, first, of checking the out
flow of gold. and, later. of setting in
motion a rapid current in the opposite