THE INFLOW OF GOLD 243 



gain in tho same iiitorval lias boon $449,000,000, from winch 

 is to be deducted the falling off in several nations of $2(),000,- 

 000, and thus a net increase is shown of $423,000,000. At 

 the present rate our gain will exceed that of all European 

 countries. Remember also that their population is five 

 times that of the United States. Let us concede that some 

 excess crept into the estimates of earlier years in our stock, 

 and has been carried forward; but the methods of calculation 

 in France and Russia render it certain that like excess in 

 greater degree exists in their records. The ratio is therefore 

 practically accurate. 



An interesting comparison is that by persons. Our 

 stock of gold is $15.80 per capita; that of France is stated 

 at $24.30; of Germany, $13.54; of Austria-Hungary, $0.01; 

 of Russia $5.70; of Switzerland, $9.00; of Sweden, $3.42; 

 of Norway, $3.73. With greater assurance and accuracy, 

 we can consider and contrast the holdings of the treasury of 

 the United States and of the foreign central banks. Let 

 us take two dates five years apart and look at the totals and 

 the changes in the interval, September, 1898 and 1903. The 

 Bank of England in that oeriod lost in gold, $2,204,000; the 

 Imperial German Bank, $38,083,809, and Russia $132,240,- 

 000, while gains are reported in the Bank of France, of $127,- 

 040,000; of Austria-Hungary, $79,120,000. The aggregate 

 gains in all the European states were $201,807,000, and the 

 losses $181,571,000. Thus the net gains in ofhcial holdings 

 in those states for five years were $80,000,000, and were equal 

 to that of one year of our treasury. 



The banks, national and other, own $322,000,000. Our 

 treasury holds now $055,000,000. A fair comparison with 

 foreign official holdings permits us to combine these sums, 

 and to reach as the treasure on which our financial system 

 is based $977,000,000, hard on to a bilhon dollars. The pubhc 

 and private credit of the British empire rests on $100,850,- 

 000 in the Bank of England; of Germany on $170,371,000 

 in the Imperial German bank; of Russia on $404,390,000 in 

 the Imperial bank; of France on $494,500,000 in the Bank of 

 France. Exclude the gold of the banks; our treasury alone 

 holds 3.9 times more than the Bank of England; 3.8 times 



