The World’s Stock of Money
The following paragraph is taken from the forty-second report of the Comptroller of the Currency, just prepared for transmission to Congress:— Statistics relating to the aggregate stock of money in the principal countries of the world at the close of the calendar year 1903 have been received and compiled by the Bureau of the Mint, from which it appears that the aggregate is $12,313,100,000, the amount of gold being $5,628,200,000, of which $2,892,600,000 is held in banks and public treasuries, $2,526,000,000 being in general circulation. The stock of silver aggregates $3,201,400,000, of which $2,268,700,000 is “full tender” and the remaining $932,700,000 limited tender. Uncovered paper currency is stated as amounting to $3,483,500,000. Of the total stock of money in the world $2,500,200,000, or approximately one fifth, is held in this country. The stock of gold of the United States, $1,320,400,000, is greater than that of any other country, and is nearly one fourth of the world’s stock. The amount of silver is $679,200,000. When reading the statement that approximately one fifth of the world’s stock of money is held in the United States, we should remember that a comparatively few men control the finances of this country. This is the oligarchy of wealth—almost immeasurable money power in the hands of a limited number. The possibilities of such a situation are tremendous. It is one of the signs of the times.