The Celina Democrat. (Celina, O. [Ohio]) 1895-1921, 1916-12-01
TREASURY VAULTS
BULGE WITH GOLD
More Yellow Metal Here Than
Any Nation Ever Pos
SeSsed.
FILL TRAIN over MILE LONG
One Hundred and Thirty-Four Freight
Cars Would Be Needed to Trans
port Uncle Sans Store Of
Bullion and Coin.

Uncle Sam for some time has haC
in his vaults at Washington more gold
than was ever before assembled in
the treasury of any nation ut any
time In the history of the world. This
record was established when the gold
reserve ut Washington reached total
of $1,OOO,0O0,00O, out even this high,
water mark has been more than
doubled, the gold reserve recently
having passed the $2,O0O0O0,OO0 mark
Gold weighs 3.6S pounds to the
$1,000. Two billion dollars in gold
therefore, weighs 100000 pounds OF
approximately 3345 tons. Allowing
$4,000 pounds to the car, 1t would re.
qulre n freight train of 134 cars to
carry this reserve of $2,000000, 600
This number of cars, 40 feet to the
car, would make a train $500 feet over
all not including the engine, consld.
er9bly over n mile In length.
The amount of gold now in Uncle
Sans vaults is in striking contrast to
tse conditions that have prevailed at
some other periods in the history Of
the country.
Low in the Year 1896.
In 1896 the treasurer of the United
States had hard time to keep the
legal amount of $1OOOOO,O0O in the
treasury; one time it fell as low as
S44,563, ,493. The bankers of the United
States had to take hand and make
voluntary deposits Of gold with the
government to keep the gold reserve
intact.
June l, 1879, when species payments
were resumed, following the suspen.
sion caused by Civil war conditions,
there was $96,262, $50 in gold in the
vaults of the government.
"The gold reserve has been the
cause of much concern" said Daniel
n. Morgan, treasurer of the United
States, reporting the condition of the
treasury in 1896, "and has been main.
tained only at cost of a fresh issue
of bonds and by the voluntary con.
tributiOns of banks and financial insti.
tutions. With the exception of brief
period in the autumn of 1895, and an.
other in the spring Of 1896, the ruling
rates Of foreign exchange were such
throughout the year as to permit, if
not to require the export of gold.
Low Level Was Reached.
"Under this drain the reserve shrank
gradually; sank until, February 10,
1896, when it stood at $44563, ,493. It
was then rapidly built up from the
proceeds of the sale Of bonds, then
rose to $128,713,7O9 by March 81,
After inconsiderable variations in the
reserve during April, the export OF
gold was resumed on May 1, and this
movement, together with the cOntin.
ued withdrawal not for export, again
put in operation the process of deple.
tiOn. There was an almost daily de
cline until July %, when the official
figures of the reserve We're SS9,669.
775. At this point the bankers of the
principal cities Joined together in
movement of relief, the result being
that the banks and financial institu.
tions deposited gold in exchange for
paper currency, and restored the re-
serve to $110,7S2, ,4O3 by August 4.
after discOntinuance of the opera.
tiOns, the free gold again declined
to $1OO957,561, where 1t
stood September 1. In the latter half
of August, there occurred a 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