Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-05-08
FLOOD Of GOLD
SWEEP INC UPON
SHORES Of j. s.
Precious Metal Has Attain
ed the Unprecedented
Amount of S3,001,487,.
9l5, Tide Still Rising.
my The Associated Press. }

New OfK, May "A Yeritabie
flock of gold is sweeping upon the
shores of the United States. AL
ready the precious metal in the
country has attained the unprece-
denied amount of $3,001,4S7,915
and yet the tide is rising.
Flnanciers attribute this to the
fact that the United States is
worlds one creditor nation" and
for the important reason that the
other nations of the world find It
well nigh impossible to transact
business with this country by
reason OF their own deprecated
currency.
The precious metal is coming
from all quarters Of the globe, but
the European countries, more par
tlcularly Great Britain and France,
as well as the Scandinavian ma
tons, are paying heaviest toll.
Much of the gold received from
England represents shipments
from South Africa to London,
while the French and other con-
signments bark back to the days
of the war and in some instances
to much longer periods.
Gold From Many Countries.
For example, Sweden is sending
gold received from Germany for
war supplies; also bar gold or bull
lion which many believe to be of
Russian origin. BY way of the Pa
cific have come occasional ship
ments of gold from Siberia where
they formed part Of General Kol-
chak's war chest.
South America and Central
America also are making inyomn-
tary contributions to this country's
vast holdings of the yellow metal,
mainly because of unsettled econ
omic conditions in Latin America
preclude any other form of pay
ment to this country.
The local assay office, a new
structure, whose modern equip
ment includes huge vaults five
floors below the street level, now
holds upward of $1,000, 900, 900,
fully one-third of which has come
from foreign countries.
Assay Office Kept Busy.
The machinery Of the assay Of
flee here is working at high pres
sure in an effort to reduce and re-
fine 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 apprehension, George E.
al Nrtn Of hn
National City bank and for years
director of the United States Mint
is quoted as saying:
1T 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 interna-
tional value of the British bank
note, French and Belgian francs,
the Italian Ira and the shrink
age almost to the vanishing point
of German marks and Austrian
krOnen, Mr.. Roberts adds:
$50 long as the premium on the
gold dollar exists and is general,
gold will probably continue to flow
here in greater or less quantities.
1t seems incredible, however, that
it can long continue at the pres
ent rate"
What Warburg Says.
Paul NJ. Warburg, a recognized
banking authority, now chairman
of the newly organized lnterna-
tonal Acceptance bank, Inc, says
of the gold movement:
with gold flowing our way.
having resulted in an unprece.
dented accumulation of gold in this
country, and with the increasing
strength of the Federal Reserve
system, it would be plainly up to
the United States not to hoard
its vast banking strength, but to
make it available for other coun-
tries for the purpose OF once more
starting the wheels of commerce
going.
"America having become the
gold pivot of the world, countries
with strongly fluctuating eXchang-
es, in order to do q world trade |
would have to lean heavily on
American banks, in granting these
credits, could well take upon their |
shoulders burden amounting to |
a billion dollars or more and to
that extent, relieve Europe.
"This would be one of the many |
measures that the United States |
would have to take in order to |
bridge the gap now existing be-
utan, tho dollar and Mt hAr pIlrrpn-