The Wrangell sentinel., 1940-06-21
UNCLE SAM HAS WORLDS GOLD
 IN US. VAULTS
By Claude A.. Jagger

Uncle Sam, Like Midas, finds him. self Wallowing in gold.
 Will he, Like Midas, be flabber- gasted when he finds he cannot eat gold?
 This question has been propound- ed frequently Of late. as the yellow metal has streamed from war-rid- den Europe to America.
 The United States treasury cur rently holds more than $19,250,-I 00O,000 worth of it-some 70 per cent of the known monetary yellow metal stocks of the world In addition, the Federal ReserveI Bank of New York has in it's Yaultsl huge stores Of glittering bars, for the account of European central banks The total as of May 31 wasI S1,270,0O0,000, and a good chunk has been added since, perhaps $5O0,-l OOO,000.
 Brought By ConVoy3
 The money gold held by Uncle Sam (these figures do not include gold in rings and watch cases and otherwise employed in industry and arts) has almost trebled since the value of the dollar was fixed at 1/35 of an ounce of the stuff by the Gold Exchange Act, Jan. 31, 1894.
 The money metal, in the form of bars about the size of a small ear of corn, worth $I2,OO0 each and neatly boxed, rolled in from over seas at the rate of about S250, 0,0OO,- 900 a month during the early months of the war, until May, when the total jumped to $40, 0,000. Early in June, between $500,000,- 900 and $600,0O0,0OO arrived in New York from Canada in three days alone, supposedly brought a. cross the Atlantic by convoy.
 Most of the gold comes through the big banks, in their usual inter- national transactions. They immed lately sell it to the treasury at S35I an ounce. The Treasury issues cer- tifieates to the Federal Reserve bank in payment, and the conner cial banks receive deposit credits for them. They are required to keepI a certain volume of reserves with the Reserve Banks, but they now have reserves of more than $6,500,- 000,000 in excess of requirements, principally due to the gold influx.
 Bankers Still Trust In It
 Nazis proclaim that they are fighting against, among other things, the tyranny of gold" Soon after the Hitler government came into power in 1883, it shipped out all but a few million dollars worth of it's money metal, in payment of debts, and proceeded thereafter toI do business with the rest of the world on barter basis.
 It has NOT hesitated to use gold to make foreign payments, however, when it could get it. Holland and Belgium are believed to have ship ped out most of their gold before they were invaded, and other coun- tries threatened with invasion have rushed much of their yellow metal treasure to this continent.
 A part of the Nazi philosophy as
 
 for a currency based on labor" not gold"
 Most banking authorities in Washington and Wall street express confidence that gold will remain the chief international method of reck- oning value, and that Uncle Sam will have no difficulty in putting his metal to work when the time comes Some say that anything like free enterprise and trade in the world requires a readily exchanged standard of value, and because of centuries of tradition, almost ap- preaching instinct, gold will re- main the principal measuring stick.
 good many money experts look to the day when revival of trade on a broad peacetime basis will bring about a better distribution of