| OCR Text |
Show HCfisi NEED SEf FOR GOLOiO SILVER Tremendous Paper Circulation Circula-tion in World Must Be Supplanted. White Metal to Be Relied Upon to Meet Necessity of Coinage. iUmotalism as a remedy for credit in-I in-I nation was advanced in an artlclo taken i from the Investor and Trader of New ! York. This theory receives additional 'prestige from the following article and statistics taken from the Host on News ; Bureau; "The war caused a universal nhborp-tion nhborp-tion of tho available gold supply for credit purposes. It wept mostly into the' srent state banks of Issues and national treasuries of the world. It came nust ly out1 of circulation. Tlio vacuum so created, cre-ated, and more, was filled bv paper emissions, emis-sions, of more or leas doubtful rudce inability. ina-bility. "Hut the world cannot remain satisfied i to have billions upon hi II ions of paper I circulating as money. Tlif world's hank! deposits dmibled during I lie wa r, 'gohnr from $'j.i,0na,O(iri,(Mii) lo $r.(i,nno,(HHi,(iiiK ft lM CMlhllMled thai IIOIm cnjTeliev imreased $ HUI,ihhi,(HH),imiii. Iii ( ienna ny alone t lie re Is j, V,niii,in,ie,(nii) of new b;ink notes LroiiKl't into being on account of the v hi r, "llenee, (hr-re will be nil increased de-mnnd de-mnnd for metallic umnev, gtild and silver, for. yearn enino tu supiitant, in a mcii-Hiii'e, mcii-Hiii'e, this paper circulation. Gold and silver mining will bo an economic ur-f.-.eiicy.' rromium on Silver Output. "Hut the production of gold hna rer-tnin rer-tnin llmltatlouH. It Ih only found In pny-iiiK pny-iiiK ipiantltleH In certain ipuirtei-H of the globe. And It m priec h fixed according to the moticliirv Hlnndnrd. "It is tdlver, thorefore, that will be re-Hd re-Hd upon to a gi e;i t exttit to fill the necessities of coinage. Here there curt be. extended a premium to encourage production, produc-tion, The United Htates govor -nment. has done so by establishing a nilulmum price of $1 an ounce for sllvur for un Indnflnlte period. ' Figures afford n graphic lllnst ra t Ion of the present H"M fniniie In Hie world, and how it has been absorbed. "Over the period of the war the total stock of i;oul money In t he world i n-rreasecl n-rreasecl about (I .r.T.'-.onO.non, Hot In that period tin' stock nf gold In the stale banks and treasuries of the world Increased approximately ap-proximately I ":".. n:(L(H)0, or nearly Jwlco as uiiich. The. difference Is the re.-mlt of tiiu t striking development of the wa r, n.imely, the withdrawal of gold from circulation cir-culation a nd Its eo 1 1 centra I inn under the Copt rol of tiover nment Inst It ut Ion y. Th" money eauiH part ly out of the prl vat e banks, but mainly out of the pockets of the people. These figures are based upon nd inns of t ho world's output, with due allowance for the gold nhmrbnd In the . industries and by India and Kuypt. iCold Circulation Smaller. ! '"Thus, the world's gold circulation. In ' spite ot the increase in the ueimral faipply, in today sum Her bv over ? I ,bOCi,0(jrj,UuO than It was before t.ho war. "The follow ing figures nhnw tho dlp- trihutlun of thu world's stock of pold since tho end of H. (in millions of pounds Mlerlingl : I 'en. July .Tune 3fj, ;iu, . Stock of gold In ns in 7 lu; HUT, UM4 Hanks of Franco. RuPsla. (Germany an ! England a.".; ri; fi ." S fil." 4-12 r.i'fl Dther state banks and treasuries, except t'nitcd States f.r.O -IfO . 4 " ;t 7 u 340 40 Fnited States treasury fcij 4.,- $--. sij t;o sr', Total state banks an. treasuries .;7 l.".r.I Vs0 U;:, lu-)2 100' hi prlvmo banks and in hands of the public (bv differ- ence) ' 2r? :ii -4'fi rr:" r.vS W, Total slocks flold money, excluding India and Kgvpt ..lUbt ls.o 177;". j 7 i 0"O Of which in the X'nited States ' ,;;; 5m 410 ;(( Kciual to (of tlio whole) per cent :rt M4 2S L'4 21 ': "Tho table belnw shows the fluctuations in tiio figures ut five diffcren't periods peri-ods (pounds sterling): T'rivafe brinks State banks and In ein-u- Stock? of ami la Hon (bv cold treasuries deference) money, increase. decrease. net Inc. Feven months to July 23, 1914 40,nno,i"ioo r 000, 'a 0 3.-, noo ono Klevcn months to June ;b.i, HM5 1 Lli.t'i.'O.omi '.'onn 000 70 ram'rmo lear to June- HO, 1110 Is4,nen.0 '0 ion don'ona Tr.'euo'taio Year to Juno rtf. 1!17 4 202.00(1,00(1 H1" O'i'ono 7r" no"oi0 . Vear to June 131 S 70.0'JO.OOO TC.uO.tiv) 6o!ouooo0 Total tt'J.'.Ot.O.oiio :tIO."K).000 ! 1 ," nei). 0.10 |
