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X-3099
April 15, 1921.
MEMORANDUlVI to Mr. Emerson.
An inspection of the accompanying table indicates that of
the net exports of ~291,700,000 of gold in 1919 a~nroximately
$154,700,000 came from the Federal Reserve Banks and about
$140,000,000 from other banks and the public. This disregards
the domestic production of gold for the year which was about
$12,000,000 less than the amount of gold used in the industrial
arts.
For 1920 net imports of $95,000,000 of gold account largely
for the increase of $128,000,000 in the Federal Reserve Banks
gold reserves held in the United States.
The remainder of the
increase may be .assumed to have been withdrawn from the circulation outside the Treasury and the Federal Reserve Banks. In this
connectio~ it may be stated that tre anomalous decrease of less
than $3,00C,OOO in the stock of gold is due to the fact that a
large amount of unassayed gold held in the New York Mint on December 31, 1920 (for which payment had not been made) was not included in the stoCk of gold figures for January 1, 1921. Had
this gold been treated as a part of the stock of gold in the country
the amount of gold outside the tr. S. Treasury and the Federal Reserve
Banks as shown in the attached statement would have been increased
proporti ana tely.
From January l to February 23, 1921, an increase of $89,000,000
in gold reserves of the Federal Reserve BariL: s held in the United
States is accounted for largely by net imports of $79,000,000, while
the increase of $35,000,000 in gold outside the Treasury and the
Federal Reserve Bariks is due ~rirrarily to the fact that a substantial
proportion of the unassayed gold held by the Mint on December 31 has
since been assayed and become a part of the Country's stoCk of gold.
E. L. SMEAD.
., .
46fj.
STOCK OF GOLD IN THE UNITED STATES
(Amounts in thousands of dollars)
1921
Dec-31,1920 Feb.28
Total gold reserves of F.R.Eanks 2,092,062 2,062,845
2,062, 786 2,148,085
Gold with foreign agencies:
-----"5...8;;.:::2~9_ _.:::;.13"-=1:..1,~3=21::;...,-_ _---"3.z. •3.:. ;:0::..;:0;,. _._ _ __
Dec.31,1918 Dec.31,1919
(a) Gold reserves in u. S. 2,086.233
(b)
Increase - - - - - {c) Gold outside Treasury and
F. R.. Eanks 836,615
(d)
Increase - - - - - (e) Gold in the U. S. Treasury,
(exclusive of trust f1mds) - 157,662
(f)
Increase - - - - - -
1,931,524
2,059,486 2,148,085
154,709dec. 127,962
88,599
696, 660
139,955dec.
568,, 681
604,3 69
127,979dec. 35,688
159,530
1,868
156,667
164,431
2,863dec. 7,764
2,787,714
2,784,834 2,916.885
Stock of money in the United States,
(a, c, and e) - - - -
3,080,510
Increase (b,d,and f) -
292,]96dec.
1919
Imports - - - - - - - - - - - -
76~534
368.185
Exports - - - - - - - - - - - Excess of imports - - - - - - -
lit
291,651
2,880dec.132,051
1921
(To Feb.28)
417,068
82,587
3.761
)22,091
1920
94,977
(*) Excess of exports.
78,826
@FedFRASER