Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-10-11
GOLDEN FLOOD POURS
INTO UNITED STATES
FROM ACROSS OCEAN
More Than Billion Dollars in
The Precious Metal Now Held
in This Country and
More Coming
PHILADELPHIA MINT BUSY

Philadelphia has become a vsritabie El
Dorado and even AlAddin'n lamp could
hardly have been expected 70 furnish the
almost fabulous sums Of gold which can be
found IN this city today. This is not fairy
tale. since figures speak for themselves.
The amount Of gold In the United states
~ present exceeds any amount held az any
one time by any country IN the worlds his
tory. and arrangements are being made at
the Philadelphia Mint 20 handle large
part OF this gold. which has poured into
this country az result OF the European
war.
Since last May the Philadelphia Mint has
received ss.ooo,oco OF this European gold
IN hars and ssk.ooo.oo0 In coin. Further
more in the vaults OF the Mint at present
there are new gold United Staten coins
amounting 90 tiH.b7b.oo0 These are ready
for circulation when called for.
MS case Of gold, gold, everywhere; yet
financial agents OF the ALLIES have assured
American hnsnoiers that s+oo. .o0o.o 900 worth
OF gold is yet 10 be imported here from
Europe In the near future.
MORE THAN A BILLION IN GOLD
Hear this: In the United states Assay
once In New York the deposits At present
amount 20 tsbo,ooo.ooo; then count the
$500. 900. 900 which IL coming rom Europe /:
in the Philadelphia Mint there are the new
coins totaiing tist.b7b.ooo and tso. 900, 900
IN gold coin and bars In ali. Il makes
grand totai-grand IN more ways than one
---of r,ci1. 100000. Think OF itl
Surely "aii the kings horses and all the
kings men" could not haul such n ioadl
But 20 be moro explicit: Every gold dollar
has 7s.s grains Of pure gold. and there are
1000 Troy grains In one pound svolrdupois.
These si.o1i. 100000 would weigh almost
$4,000. 100000 grains. or approximately
1oso tons. II loaded on freight cars. 10000
pounds 20 the car. II would take a train OF
ZIG care 70 carry that amount Of gold from
one point TO another.
The Assay Offce In New York literally
n loaded with sold. II Ia found there in
boxes, bins. bars and kegs. The gold does
not all come here In coin; much OF Il comes
In bars. But whether II comes one way or
the other. the gold Il all melted again into
bars at the Assay offoe or at the Mint.
These Government bars are almost uni
form In size and weight. and are known
ss "certihcate" bars Many are valued at
approximately $4,000.
MELT GOLD DAY AND NIGHT
More than nfteen big melting pots are
used In the work. and they are busy night
and day. During tho year ending October
the deposits received at the Assay Offce
amounted TO stso,oo0.oo0. The daily aver
age was s1.s7o,ooo.
All this gold which has been pouring
into the United States 10 a part OF the
American balance In trade with the Allies.
Another part OF the balance has been taken
In the form OF American securities which
were held abroad. and they amounted TO
considerably more than the combined value
Of the gold that has been received and what
stiil Is due hero in America.
Several inancisrs agree In saying that
the Influx OF this great amount of gold
raises n very serious economic question for
the natlon--one which viii require the
highest degree OF statesmanship to regulate
and control