Norwich bulletin., 1921-07-15

gold pouring into the United States from Europe which found her stores of the yellow metal the quickest means of paying for the supplies which she must have from us, and the quantity of gold entering the United States in
 the fiscal year of 1915, the first full year of war, was STE, ,o90, 900 or more than in any earlier year in the history of the country. But that was only the
 beginning of the gold flood, for in 1916 the total of gold imports was $494, ,e00,-
 GOO and that of 1917 ssT7 ,o0o oo0. Then
 we began to loan the Allies the funds from which to make their purchases in
 the United States and in 1918 the gold
 imports fell to $125, ,00O, coo, and those
 of 1919 to $62,000,0G0. But with the
 cessation of our loans to Europe, gold
 began to come again and was $15o, 900, ,- 900 in the fiscal year 1920 and s65o, ,0oe,- 900 in the fiscal year of 1921, just named.
 In fact the quantity of gold import ed into the United States since the be- ginning of the war is more than half that imported during the entire cen tury since the records of gold importa- tions began. The very earliest official record of gold imports began in 1921, and we have thus at the end of the fis- cal year 1921 a record of the full cen turys record of the yellow metal; the amount imported from 1891 to the end
 of the fiscal year 1914 having been 1 S2, ,385, ,000 900, and from 1914 to the end of the fiscal year 1921 $2,630, ,0o0, 900, ! making the grand total imported dur l ing the century S5,016 900, 900, of which 1 529o entered since the beginning of 1 the war.
 Of course, adds the banks statement | not all of the $2,690, 00o, 900 of gold | imported since the beginning Of the war has remained with us for the 1 gold exports in the same period 1s14- 1 1921) aggregated $1, 435, ,000, ,000, leaV- l ing the net imports Gin excess of ex- t, ports) for the entire period 1914-1921 1 $1,190, 900, 900, while the S5S0, 900, o0( 1 turned out by our own mines during 1 the period brings the total additions i to our gold stock since 1914, by inn portation and domestic production, UT | to SLIPS, 900, ,0G0, of which, however
 nearly $500, 900, 900 has been used for
 industrial and scientific purposes. leay- l our gold available for currency pUr- l ing the net additions since 1914, te l poses about 1850, 600. 900. It is noi ! Statement of the Treasury Department 1 surprising then that the Calculations 1 shows the total stock of gold in the United States on June l, 1921, $3,1T5,- 000,00O against S1.SS2, 100000 at the be. l ginning of the war.
 l What has the remainder of the world done about the gold for monetary pur. poses meantime? The Reports of the 1 Director of the Mint showing the "ap- 1 proximate stocks of money in the prin. statistics were available at S6,24O, 900 .. | total of gold for all countries for whicl cipal countries of the world' put thu $40, 100000 at the beginning of 1913 900 at the beginning of 1914 and SS ] though the 1919 tabulation fails to in 1 clude figures for certain countries tha are known to have been at that tim, I about $500, 900, 900, suggesting that tn total of words gold stock at the pre-
 sent time is nearly S9,000, ,000, 900, al
 though only a small part of this in actual circulation, most of it be ing held in banks and public treasu
 ries as a basis for the enormous pape
 circulation.
 This world total of approximatel s9, ,o00, 900, 900 of gold stock availa bl
 for currency seems to add weight t
 the often expressed belief that onl
 about one-half of the worlds gold pre-
 duction passes into coin or become 1 a basis for currency, since the know l figures of gold production from tn l discovery of America to the presen , time show grand total of SIS, ,0o0, 900. 900, of which total about one-haif i : now recorded as in existance, eithe in the form of coin or as basis fo
 circulation. Curiously, too, about one ? half of this enormous total the famou 7 gold vs silver campaign of 1896, sine the records of world gold production