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a technical i
An old gold miner said to me recently: "It pays to
work ov-.-r the tailings now, though it wouldn't have
paid a few years ago."
My HUemury (Clows
including its own gold
holdings, and the aggre
gate is still increasing.
A similar rise in the
tide of gold is progress
ing in Europe. The
Treasury at the same
time estimated that the
total amount of money
of all kinds in circulation
in the United States, in
cluding its own gold.
silver, nickel and note holdings, wras $il46^s4s.Sgj;
an average of SjjoijS per capita Its silver holdings
amounted on July i to $515,449,603. of which
5456.-soo.00:; were silver dollars.
It is apparent from the bank and mint reports that
a much larger percentage than usual <>f last year's
gold product, both in America and Europe, went
into actual circulation as coin, as well as into the
banks and trust companies to swell their reserves,
and correspondingly less of t ;e year's product was
consequently absorbed by the arts and manufactories.
This, with the diminished activity of trade, has con
tributed largely to the abundance and cheapness of
money in the markets, a feature that will become
still more prominent in the future.
On July i. last, the nine principal European banks
held in gold the equivalent of £367,048. '-6 (or $ 1 > : - -
241,6.50). Of this large total the Bank of England
had £35.330.282. the Bank of France £11 11.050,377,1 1.050,377,
the Hank of Germany £56,872.000, the Imperial Bank
of Russia /"91. 330. 000. the Austro-llungarian Hank
£47. 1 18,000. the Bark of Spain £14.; i".:-". the
Hank of Italy £«. 104.000. the Bank of The Nether
lands £5.477,00:;, and the National Hank of Belgium
At the corresponding dite in 1903 the total held
by these banks was only £334.545.384- This shows
an increase in their gold holdings during the year of
£33:7502,942 (or $162,514,710). Here we have a
practical commentary on the rising tide of gold in
Europe. This increase, of course, largely resulted
from the resumption of production by th<- Kami
mines, which had entirely ceased early in April. U)oo.
owing to the South African War, but it was stimu
lated by the causes I have pointed out.
I it. 1 . . .
! • ■ ■ ' ■ to rea
■ tse. But until 1 iml h
is in< rea irked
VVhei • • . ■ labor
led they i
■ ' to a
Hu\ still the United States in that year lost its
lead among gold-producing countries, which it secured
in !<)oo. through Australasia's increasing its output to
4,145,876 ounces, valued ;it $S.\ j; i,; v u- hi the
Australian report Westralia has come to the front,
with nearly fifty per rent, of the entire Australasian
product, whereas in iS<n Westralia represented only
z,<).~ »S ounces, or less than three ami one-half per cent,
of tin- !.7<i'i,i ; ounces produced by all Australasia.
The gold product of the United States in ujaj fell
off about ?;.ioo,ooo from that of nio:, the total
being valued at S; n--;.; ;-. California's product,
too. fell off a trifle in value to $16,535,525 in iqc;.
The decrease in the United States, however, was
entirely in Colorado, owing to the interruption of
mining by the tabor troubles, Colorado's product
having fallen $6,500,000 short of thai of 1902. But
our neighbor Mexico had an output of Si 2,550,000 in
1003 against one of only $11,293,524 in mo. . Its