The Birmingham age-herald., 1917-07-07

New York, July 6-(Special) )-Although not until the middle of July will the Washington statisticans be able to pub fish the first reports which tell of va rious conditions which identify the fis- cal year that ended on June 90. never theless there are some figures available which will serve in taking account of national stock. so to speak. The na- tional inventory which, as whole, dis closes whether in any fiscal year. prog ress or depression has occurred, will not be written probably until a month or six weeks have passed. But we do know some highly significant items which, as whole, with a single exception, tell of progress in the United States so great that it should stagger the imagination. Some of the statistics are in figures so large that the mind can comprehend them only by comparison or illustration. OUR GREAT STORES OF MONEY
 At the close of the past fiscal year there was on hand in various places in the United States gold. the aggregate of which was, in round numbers, $S,1o000o,- . 900. So rapid was the accumulation of gold in the 12 months ending June 30, that some anxiety was expressed lest it should result in imitation of credit financial conditions attributed the ap- preciation in prices of commodities of all kind to this enormous store of gold, saying that, measured in commodities. gold, by reason of Its plentifulness. was cheaper than at any time in recent years. In other words. 1t took more gold to buy commodity than 1t formerly did.
 How rapid was the Increase in our stock of gold In the fiscal year is il- lustrated by comparison with the figures which reported the stock on hand a year ago Then we had almost S2, 332, ,000,000 in gold The story of this gold accumula- tion is part of the history of the war, for aside from approximately 100000, 900 in gold which came from our mines, all most all the gold was imported for two purposes. One of these purposes was the payment or partial payment for com modities bought by the allies and neu- tral nations in the American markets. Another of the purposes was the main- taining of the rate of a foreign ex change.
 When Lord Cunliffe governor of the Bank of England, was in the United States a few weeks ago, he spoke with unusual frankness for a banker of the reason why England was sending, chiefly through Canada, gold into the United States This was done for the purpose of maintaining foreign exchange at a req sonable figure, thereby steadying the American money market and making it not only the largest and. in fact the sole open money market in the world, but also preventing such increase of interest charges as would reflect dear money.
 One item in the national inventory for the fiscal year just ended is an increase in our gold supply of nearly s700, GOO
 NO BOARDING HERE
 It might have happened that after the United States became one of the bellig- erent allies the people. taking alarm, would hoard as much gold as they were able to secure. Hoarding gold character ized the Balkan war two years before the war with Germany began The French people also hoarded gold but when there was urgent need for funds and France appealed to her people, the peasants and the middle class brought forth their hoards of gold and poured it into the lap of the government This also was done by the French people after the Franco Prussian war when France needed money with which to meet the stupendous indemnity Bis marck insisted upon
 Congress has provided a way by which anyone who has gold or who is able to obtain it and who otherwise might be tempted to hoard it, can convert it into a federal reserve note These notes are substantially as good as gold certificates, and anyone who has $100 in federal re- serve notes in his pocketbook may feel assured that these are not only more