THE INFLOW OF GOLD. 



BY ELLIS H. ROBERTS. 



[Ellis H. Roberts, treasurer of United States; born, Utica, N. Y., September 30, 1827:; 

 graduated from Yale, 1850; principal Utica free academy, 1851-59; editor of the 

 Utica Herald, 1851-80; member of New York legislature, 1866; member of congress, 

 1871-5 ; assistant treasurer of the United States, 1889-93; president Franklin National 

 bank, New York, 1893-7; treasurer of United States since 1897.] 



The discovery of gold in California lifted the production 

 of the yellow metal in the United States from $889,000 in 

 1847, to $60,000,000 in 1852, and from 1850 to 1860, pro- 

 duced an average of $55,000,000 a year. The event marks an 

 epoch. In twenty one of each of the years since, our mines 

 have turned out less than $40,000,000 while in 1902 they 

 gave $80,000,000. Out of this situation pregnant problems 

 arise which call for thought. 



In the United States at the beginning of the month of 

 October, 1903, the gold in the stock of money was $1,277,- 

 362,657; the amount in circulation in coin and certificates 

 was $1,016,648,693, while in the treasury was $654,811,716. 

 If this stock of gold could be gathered in a solid mass, we 

 should have a cube of nearly sixteen feet, weighing 2,354 

 tons and requiring 147 freight cars to move it. Were all 

 coined into eagles and placed edge to edge, the line would 

 be 2,116.84 miles long, say from New York to sixty miles 

 west of Colorado Springs. Of the world's production in 

 1902, amounting to $290,000,000, the United States furnished 

 $80,000,000. 



In gold in stock, in circulation and in official holdings 

 our country surpasses every other nation. The stock of 

 Great Britain is $528,000,000, so that ours is double. The 

 increase in five years here has been $376,021,387. In that 

 period Great Britain has added $90,000,000; France, 137,- 

 700,000; Germany, $95,000,000; Austria-Hungary,. $55,300,- 

 000, while Russia lost $10,400,000 and in several other coun- 

 tries there has been a reduction. In all of Europe the total 



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