The Alaska daily empire., 1921-05-13
TIDAL WAVE OF GOLD SWEEPING
 UPON AMERICA
Bankers Believe 1t Should Not Be Hoarded but Used
 to Stimulate Trade.


 flood of gold is sweeping upon the shores of the United States. Al ready the precious metal in the country has attained the unprece- dented amount of $3,001, 4S7,915 and yet the tide is rising.
 Financiers attribute this to the fact that the United States is worlds one creditor nation" and for the equally important reason that the other nations of the world find t well nigh impossible to transact business with this country, by reason of their own depreciated currency.
 The precious metal Is coming from ali quarters of the globe, but the European countries, more particular ly Great Britain and France, as well as the Scandinavian nations, are pay ing heaviest toll.
 Africa Shipment.
 Much of the gold received from England represents shipments from South Africa to London, while the French and other consignments hark back to the days of the war and in some instances to much longer periods.
 For example. Sweden is sending gold received from Germany for war supplies; also bar gold or bullion which many believe to be of Rus sian origin. By way of the Pacific have come occasional shipments of gold from Siberia where they formed part of General Kolchak's war chest.
 South America and Central Ameri- ca also are making involuntary con tributions to this country's vast holdings of the yellow metal, mainly because unsettled economic condi- tions in Latin-America virtually pre- clude any other form of payment to this country.
 Billion in Gold.
 The local Assay Office, new structure, whose modern equipment includes huge vaults five floors be- low the street level, now holds up- ward of $l.O00,000,000, fully one third of (which has come from for cign countries. aatf
 The machinery of the Assay Office here is working at high pressure in an effort to reduce and refine the foreign bullion and coin. Reports that large quantities of the gold are being shipped to the Philadelphia mint lack official confirmation.
 Commenting on this inflow, which some bankers have viewed with ap- prehension, George k. Roberts, president of the National City Bank and for years Director of the United States Mint, is quoted as saying:
 Everybody Owes Us. Ut is natural that the people of Europe should be sending Us their gold. Everybody, everywhere owes us money. The easiest way for them to pay, if they can, is in gold"
 Pointing to the reduced information al, value of the British bank note, French and Belgian francs, the Ital- ian lira and the shrinkage almost to the vanishing point of German marks GUui AuSlTldH hlOhChp AsODSA M adds
 80 long as the premium on the gold dollar exists and i3 general, gold will probably continue to flow here in greater or less quantities. IL seems incredible, however that it can long continue at the present rate"
 Paul M Warburg. a recognized banking authority. now chairman of the newly organized International Acceptance Bank, Inc. says of the gold movement
 Hoarding Opposed.
 with gold flowing our way. hay ing resulted in an unprecedented ac- emulation of gold in our country. and with the increasing strength of the Federal Reserve System. fl would be plainly up to the United States not to hoard it's vast banking strength. but to make 1t available for other countries for the purpose