The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1920-02-20
Worlds Supply Is Seven Times
What It Was in
1914.
FIGURES ARE ILLUMINATING
statistics Give an Idea of Imitation of
Worlds currency-CentraI Powers
Worst of-increase Mostly in
eeIiGerent Countries.

New fork.-The worlds paper mon
ey is now seven times the amount n
was In 1914. while the gold supply
PACK or the paper. has increased less
man one-half In the five years since
the war started. This comparison
conveys a faint idea of the initiation
OF the worlds currency, which econo-
hiists reckon as one of the chief caus-
IS or skyrocketing prices and high
cost of living.
me sOo per cent jump In paper
money, too. is exclusive of the issues
Oh currency by the bolshevist govern
ment OF Russia. which has kent the
printing presses turning out shipplns-
tiers by the bale. The situation is
Drought right down TO date by the sta
ustical department of the National
City bank of New York, which has
Just issued world figures to the be-
ginning Of 1920. The tables are H.
Illuminating.
When the war started In 1914 tbir.
y principal countries of the world
nad. In round numbers, about $1,000
WO,OOO of paper currency. At the
armistice 1t had Jumped to about S4O.-
WVOO.OOO. or more than five times as
hign. Since the nrmstice ii has gone
up to about 100000 1000. This is
outside the $34,OO0,OOO,OOO which, 1t is
estimated, the bolshevist government
mas industriously turned cut.
$4,000, 100000 More Gold Res.rv.
Meanwhile what was happening n
tne gold reserves back of the notes in
the thirty countries? In 1914 thew
amounted. roughly. to 5000, 100000
Ihey are now about $1,000, DOC. 900
Notes have thus increased more than
1OV per cent and gold less than 50 per
rent.
Back in 1914 the ratio OF gold re.
serves to outstanding notes in the thir-
y countries were 20 per cent. BY the
line OF the armistice 1t had fallen to
1874 per cent, while last Christmas
line 1t had dropped still lower to 1877
Der cent.
The allies so the tables Of tho M.
ionai City bank show. taken as a
sroup at the start Of the war had
'3,163,OOO,OOO of gold and $4,000. OOO.-
w or paper. At its finish they had
'5,217OOO,OO0 of gold and So. 10000
MO of paper, and now they have Of Y
old S5.O7l 100000 and of paper 500.
0O.OOO00O :,
The central powers-Germany Ans
a-Hungary. Bulgaria. and Turkey
vent into the war with 5000, DOC, COO of
old and $1.2OOO00,00O of paper. At
he armistice they had $6S6,OOO 900 Of
old and $12305, 100000 Of paper
'hile now their paper has gone up to W W
18TH 100000. II.
10 reduce 1t to percentages, the ra- ~
10 Of gold to paper at the start of the ci
'ar was: Allies. 1855 per cent; CEN III
raj powers, 49.7 per cent. At the ar az
listice the ratio was: Allies. 900 In
er cent; central powers, 3.5 per cent. ca
t the outset Of 1920 the ratio stood: IN
lilies. Ill per cent; central powers III
z per cent. pS
Increase IN BclIigerent Countries. 49,
Naturally most of this increase oc. 60
urred In the belligerent countries in
ne ratio between gold and notes in M
ne twenty-three countries and col. 70
Mes which participated in the war fo
Ell from lib per cent in July, 1914. sill
lo.S per cent In November, 1918. re
nd to 11.2 last December. Among In
ne eight principal neutrals the move IN