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A small amount of anthracite and semianthracite is mined in parts of Virginia, Arkansas, Colorado and New Mexico. Exports of anthracite in 1940 totaled 2,668,000 net tons (mostly to Canada); imports, 135,000 net tons. The average number of men employed in 1940 was 91,313; average weekly wage, $24.95. The world total of anthracite production in 1936 was 113,843,463 metric tons, of which 64,330,000 tons were mined outside the United States. Bituminous (soft) coal is mined in over 30 states. The exports in 1940 were 16,465,928 net tons.

World production in 1938 of bituminous coal was 1,091,156,537 metric tons; lignite, 264,000,000 metric

tons.

The potential full-time output of active mines in the bituminous-coal industry increased 2 percent between 1938 and 1939. The coal industry reached its peak capacity in 1923 when (upon the basis of 308 operating days) the potential output was 970,000,000 tons. Subsequent liquidations forced the closing or abandonment of thousands of mines and reduced the indicated capacity to 622,000,000 tons in 1934. The potential output upon a 308-day basis was 676,000,000 tons in 1939. Under the 5-day week, full-time operation is limited to approximately 261 days. The potential capacity of operating mines upon a 261-day basis was 573,000,000 tons in 1939 compared with the total actual production of 393,065,000 tons.

Since the World War period improvements in fuel engineering have contributed to a continuing decline in the market for coal for industrial uses.

Although the effect of such improvements is cumulative from year to year the rate of decline is smaller in recent years, as the remaining margin of possible increase in fuel efficiency becomes progressively less.

The 1940 United States production of coke, which is made from coal, was 273,832,410 short tons.

Coke is burned as a domestic fuel chiefly under two regional conditons-in areas where there is a surplus production of metallurgical coke, or when the manufacture of large quantities of city gas as a primary objective result in the yield of correspondingly large quantities of coke that also must find a market. The consumption of coke for domestic heating tends to be localized in regions near centers of production. A majority of the coking plants are equipped to screen and size coke for domestic use.

In 1940, byproduct coke sold for furnace use, including all coke sold to financially affiliated corporations, totaled 5,134,395 tons-26 percent more than 1939. The sales for other uses and their increase over 1939 are as follows: Foundry use, 1,858,664 tons (25 percent); domestic use, 8,131,947 tons (8 percent); and other industrial, including that used in the manufacture of water gas, 1,754,917 tons (16 percent).

The peak for employment in the Pennsylvania anthracite industry was 1914, when 179,679 men were employed. In 1926 the figure had fallen to 165.386 and declined steadily until 1939, when 93.138 men were on the pay rolls. In 1940 the number employed had fallen to 91.313.

SERIOUS COAL-MINE DISASTERS IN THE UNITED STATES SINCE 1900

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The number of men killed in the United States by accidents in mines, quarries, coke ovens, oredressing plants, smelters, and auxiliary works was 1,690 in 1940; 1,334 in 1939; 1,369 in 1938; 1,759 in 1937; 1,686 in 1936.

The number injured in 1940 was 78,550; 75,495 in 1939; 71,618 in 1938; 96,484 in 1937; 92,644 in 1936. Coal mines accounted for 1,420 fatalities in 1940; 1,078 in 1939; 1,105 in 1938; 1,413 in 1937; 1,342 in 1936.

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World Production of Crude Petroleum

Source: United States Bureau of Mines; figures show millions and tenths of millions of 42-gallon barrels

Po

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1.3

0.5

2.6

1.6

2.8

6.3

4.4 9.2

9.0

12.5

11.7

10.1

13.1

9.9

13.7

13.3

14.0

16.3

14.3

17.1

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16.3

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15.8

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13.5 18.6

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13.4

Also 1940-Germany-Austria, 5.3; Hungary, 1.7; Iran (Persia), 78.6; Japan, 2.6.

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CRUDE PETROLEUM PRODUCTION BY CHIEF STATES IN UNITED STATES
(Figures represent thousands of 42-gallon barrels)

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Ohio W.Va.) Cal. N. Y. Pa. 4.325 1,301 13,258 22,363 16,196 1,054 8,795 9,916 11,753 73,011 906 7.438 7,400 8,249 103,377 8,738 1,695 8,097 7,212 5.763 232,492 6,759 3,647 12,803 6,486 5,071 227,329 7,389 3,363 11,892 5,327 4,472 188,830 6,456 3,508 12,412 4,644 3,876 178,128 6,287 3,181 12,624 4,235 3,815 172,010 4.608 3,804 14,478 4,234 4,095 174,305 4,870 4,236 15,830 4,082 3,902 207,832 5,258 4,663 17,070 3,847 3,847 214,773 5,633 5,478 19,189 3,559 3,845 238,521 5,484 5.045 17.426 3,298 3,684 249,749 5,821 5,098 17,337 3,156 3,580 224,354 5,581 4,999 17,353 3,169 3,444 223,881 5,193 The total value in 1940 at the wells was $1,352,000,000.

6,841 20,272 77.398 35.714 23,272 19,702 21,804 14,791 21,807 12,051 25,168 11,686 32,871 11,182 50,330 11,008 80.491 10,469 90,924 11,764 95,208 18.180 93.869 21,143

U. S. PETROLEUM, GASOLINE, KEROSENE AND NATURAL GAS PRODUCTION

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Value

$1,000

196,194

265,271

416,090

392,816

1.555.990 384,632

1,555,474 368.540

395,378

1,916,595 429,374

476.813

1940.

1,513,340
1,373,060
1,294,470
616,359
1,352,000
The 1940 figures are subject to final revision.

528.354

500,698

534,240

2,672,000 591,509

Value and Weight of Gold

Source: Director of the Mint
An

The unit in weighing gold is the troy ounce.
ounce of fine gold means an ounce of pure gold.
On January 31, 1934, the President proclaimed the
United States gold dollar to be 15 5/21 grains of
gold, nine-tenths fine, which is equivalent to $35
per fine troy ounce; the previous value of gold was
$20.67 per fine ounce, based on the dollar of 25.8
grains of gold nine-tenths fine. Weighings are made
in troy ounces and decimals thereof. Jewelers use
the penny-weight and grain. The troy pound never
is used. The grain is the same in both troy and
avoirdupois measure but the ounce and the pound
are not the same. The troy ounce contains 480
grains and the troy pound 5,760 grains, there being
12 ounces to the pound. The avoirdupois ounce con-
tains 4371⁄2 grains and the avoirdupois pound
contains 7,000 grains, there being 16 ounces to the
Dound. The troy ounce is about one-tenth heavier
than the avoirdupois ounce.

The 400-ounce gold bar is most frequently used for monetary purposes. It is about 311⁄2 inches wide, such a bar, at $35 per fine ounce, approximates $14,000. 634 inches long, and 134 inches thick. The value of

A 14.1 inch cube of gold weighs a ton.

The gold in the United States Treasury, $19,963,090,869, on June 30, 1940, would make a bar A Government gold storage vault has been built at about 50 feet long, 30 feet wide, and 21 feet thick. Fort Knox, Kentucky, and gold was removed there from New York and Philadelphia in 1937.

A quake-and-burglar-proof vault at San Francisco for storage of Government gold was dedicated story streamlined building. in May, 1937. It is built on solid rock in a five

The Government's silver vault has been completed at West Point, on the Hudson, and silver from New York was moved there in 1938 and 1940 under heavy armed guard.

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World Gold Production Valued in U. S. Money

Source: The Federal Reserve Board; figures show thousands of dollars.
North and South America

Africa

Esti. Year World (Cal.) Produc- South Rho- West tion Africa desia Africa ada

Far East

Can- United

Col-
States Mexico ombia Chile

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$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold

$20.67

1929.. 382,532 215,242|11,607 1930.. 401,088 221,526 11,476 1931.. 426,424 224,863 11,193 1932.. 458,102 238,931 12,000 1933.

4,297 (39,862
4,995 43,454

45,835 13,463 2,823 683

8,712

6,927

7,508

5,524 55,687

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8,021 6,785

469,257 227,673 13,335

5,992 62,933
6,623 160,968

442
788

12,134
14,563

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13,813 3,281 428 12,866 4,016 50,626 12,070 5,132 52,842 13,169 6,165 3,009 16,873 8,968 | 6,919

$1-15-5/21 grains of gold 9/10 fine: i. e., an ounce of fine gold=$35

1933.. 794,498 385,474|22,578 | 11,214|103,224| 89,467

1934. 823,003 366,795 24,264 1935.. 882,533 377,090 25,477 1936.

971,514 396,768 28,053 1937. 1,041,576 410,710 28,296 1938.. 1,136,360 425,649 28,532 1939. 1,212,796 448,753 28,009 1940..1,285,060 491,628 29,155

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United States totals include the Philippines.
World totals exclude estimates for Soviet Russia, as follows, in millions of dollars-(1929) 15: (1930)
31; (1931) 34; (1932) 40; (1933) 56; (1933) 95; (1934) 135; (1935) 158; (1936) 187; (1937) 185; (1938) 180.
The second 1933 figure for Russia and those since are based on $35 value per fine ounce.

U. S. and World Silver Production, by Years

Source: Director, United States Mint

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$1,000
$1.000
107,626 1931.. 30,932,050 8,970 195,919,987 56,848
105,113 | 1932.. 23,980,773 6,762 164,892,802|
119,727 1933.. 23,002,629) 8,051 169,159,054 59,201
95.261 1934.. 32,725,353 21,156 190.398,156 91,930
176,658 1935.. 45,924,454 33,008 220,704,231 142.535
172,498 1936.. 63.812,176 49,422 253.695.856 115.175
159,567 1937.. 71,941,794 55,647 274.573,873 124.077
144,9431938.. 62,665,335 40,511 267,765,434] 116,577
151,210 1939.. 65.119,513] 44,202 265,262,077 104,500
139,969 1940.. 69,585,734) 49,483
96.302

Stock of Money in the United States

Source: United States Treasury Circulation Statement

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Dollars 1915.. 4,050,782,821 1.967,664,597 1920. 8,158,495,864 2,379,663,573 1925.. 8,299,382,000 4,176.381,450 1926. 8,428,971,329 4,210,358,026 1927. 8,667,281,866 4,159,055,896 1928.. 8,118,090,754 3,725,649,727 1929. 8,538,796.192 3,789,886,214 1930.. 8,306,564,064 4,021,936,763 1931 9,079,623,698 4,277,734,850 1932.. 9,004,504,534 3,493,121,805 1933. 10,078,416,523 3,797,691,605 1934.. 13,634,380,567 8,408,392,036 1935.15,113,034,715 9,997,361,666) 1936.. 17,402,493,297 11,851,635,026 1937.. 19,376,690,005 13,685,480,147 10,240,964,078 1938..20,096,864,767 14,535,626,578 12,233,067,576 1939. 23,754,736,319 17,862,671,169 15.299,262,384 1940.28,457,959,874 21,836,935,523 19,651,066,772 1941.32,774,554,351 24,575,186,185 22,300,087,392

Note.-There is maintained in the Treasury-(1) as a reserve for United States notes and Treasury notes of 1890-$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890-an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (ii) as security for outstanding silver certificates-silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates-gold bullion of a value at the legal standard

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equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1943, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System.

U. S. Gold and Silver Exports and Imports, by Years

Source: U. S. Department of Commerce; figures in thousands of dollars.

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1928.

560,759 168,897

87,382

68,117 1940.

115,967 396,054 54,157 42,761
466,794 612,119 26,485 28.664
809,528 363,315 13,850 19,650
366,652 193,197 19,041
52,759 1,186,671
1,960 1,740,979)
27,533 1,144,117
46,020 1,631,523
5,889 1,979,457
508 3,574,659)
4,995 4,749,467

60,225

16,551

102,725

18.801

354,531

7.082

11,965 182,816 12.042 91,877 230,531

14,630

85,307

3.674

1929.

116.583 291.649

58.434

83,407 63.940 1873-1940. 6,775,189 29,546,824 3,514,194 3,256,672

Silver export figures, 1936 and 1937 do not include pesos coined for the Cuban Government.

Net United States imports of gold-(1934), $1,131,994,000; (1935) $1,739,019,000; (1936) $1,116,584,000; (1937) $1,585,503,000; (1938) $1,973,569,000; (1939) $3,574,151,000; (1940) $4,744,472,000.

The world's industrial consumption of gold and silver. in 1938, was-gold, $58,039.320: silver, 53.013,498 Ane ounces.

Gold Reserves of Central Banks and Governments

Source: The Federal Reserve Board; figures show millions of dollars; at par of exchange.

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Others not in the above table (millions of dollars)-Brazil (51); Chile (30); Colombia (17); Czechoslovakia (58); Denmark (52); Egypt (52); Greece (28); Hungary (24); Java (140); Mexico (47); Netherlands (617); New Zealand (23); Peru (20); Portugal (59); Roumania (158); South Africa (367); Sweden (160); Turkey (88); Yugoslavia (82); Uruguay (90); Venezuela (51). Gold reserves, Dec., 1940, not included above-United States, $48,000,000; Belgium, $17,000,000.

U. S. Gold Exports and Imports, by Countries

[In thousands of dollars at approximately $35 a fine ounce]
Source: The Federal Reserve Board.

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The total for 1934 includes January figures at $20.67 a fine ounce. "All other countries" include (1938) $31,830,000 from Argentina.

(1939) $28.097,000 from China and Hong Kong, $15.719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555.000 from other countries.

(1940) $75.087,000 from Portugal, $59,072,000 from Argentina, $43.935.000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R, $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16.310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.

History of U. S. Monetary Standards, 1785-1933

Source: Office of the Secretary of the Treasury

Under the Articles of Confederation, the Congress in 1785 adopted the dollar as the monetary unit of the United States, and in 1786 fixed its value at 375.64 grains of pure silver. This unit was derived from the Spanish piaster, or milled dollar, which had constituted a large part of the metallic circulation of the English colonies in America.

Congress, by the Act of April 2, 1792, established the first monetary system of the United States under the Constitution. That Act provided "that the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths." and established two units of value: the gold dollar containing 24.75 grains of pure gold (27 grains of standard gold 0.916 -2/3 fine), and the silver dollar containing 371.25 grains of pure silver (416 grains of standard silver 0.8924 fine), the proportionate mint ratio of the two metals being 1 to 15. A mint was established at Philadelphia, and provision made for the coinage of both gold and silver coins. The coinage was unlimited and there was no mint charge. Both gold and silver coins were legal tender.

The Act of 1792 undervalued gold, which was therefore exported. To remedy this the Act of June 28, 1834, reduced the content of the gold dollar from 24.75 to 23.20 grains of pure gold, and reduced the standard weight from 27 to 25.8 grains, thus reducing the fineness to 0.899225, and, since the fine content of the silver dollar was unchanged, making the mint ratio between gold and silver 1 to 16.002. By the Act of January 18, 1837, the fineness of both gold and silver coins was fixed at 0.900, and the weight of the gold dollar was fixed at 25.8 grains of standard or 23.22 grains of pure gold, and, since the fine content of the silver dollar was unchanged, a new mint ratio of 1 to 15.988 for gold and silver was thereby established.

The acts of both 1834 and 1837 undervalued silver in terms of gold, and silver was attracted to Europe by the more favorable ratio there obtaining.

By the Act of February 21, 1853, the fine silver content of silver coins for fractional parts of a dollar was reduced approximately 7 percent (previously their silver content had been exactly proportional to that of the silver dollar), and they were made legal tender to the amount of $5 only (previously they had been full legal tender). This Act also discontinued free coinage of fractional silver coins, and provided that thereafter they should be coined only for the account of the Treasury, any profit accruing to the United States through their coinage to be covered into Treasury as seigniorage. The Treasury was to redeem these "subsidiary" coins at their face value in standard money, upon demand.

the

The Act of February 12, 1873, codified the coinage laws then in effect and made a number of changes in the monetary structure. This Act declared that a gold "one-dollar piece" (of unchanged fineness and content, 25.8 grains of standard gold 0.900 fine, or 23.22 grains of pure gold) should be "the unit of value"; coinage of gold was to be unlimited, and

The Gold

gold coins were full legal tender. Silver coins for fractional parts of a dollar, except for the halfdime which was abolished, were continued, as provided in the Act of 1853, with only a slight change in their silver content (and without change in their limited legal tender qualities). Former provision for silver dollars (of 371.25 grains of pure silver) was omitted, (a trade dollar containing 378 grains of pure silver, intended for export to the Orient in exchange for goods, was authorized; its free coinage was discontinued in 1878).

The Act of February 28, 1878, (Bland-Allison Act) again provided for the coinage of the silver dollar of the weight (412.5 grains) and standard (900 fine) as provided by the Act of January 18, 1837, and provided that all such silver dollars together with those previously coined should be legal tender at their nominal value for all debts and dues, public and private, except where otherwise expressly stipulated in the contract.

The Act of July 14, 1890, (Sherman Act) which provided for the purchase of silver (see page 11) and the issuance of Treasury notes of the United States (see pages 25-26) in payment therefor stated "that upon demand of the holder of any of the Treasury notes herein provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law."

The Act of November 1, 1893, repealed the purchasing clause of the Act of July 14, 1890, and declared it to be "the policy of the United States to continue the use of both gold and silver as standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value, such equality to be secured through international agreement, or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts."

The Act of March 14, 1900, reaffirmed the Act of 1873 by providing that, "the dollar consisting of 25.8 grains of gold nine-tenths fine, *** shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity." This Act also provided that nothing contained in the Act "shall be construed to affect the legal-tender quality as now provided by law of the silver dollar, or of any other money coined or issued by the United States."

In 1913, Congress provided in the Federal Reserve Act that "nothing in this Act contained shall be construed to repeal the parity provision or provisions contained in an Act approved March 14, 1900 and the Secretary of the Treasury may for the purpose of maintaining such parity and to strengthen the gold reserve, borrow gold on, the security of United States bonds *

Standard

price. Moreover, gold movements have continued to affect the volume of bank reserves and bank deposits in the United States in the same way as before 1933. In fact, we have operated for the past seven years in a manner that does not differ in its economic effects from those of the old gold standard.

Source: The January 1941 Federal Reserve Bulletin There seems to be a confusion of thought, not only among laymen but bankers, as to the question, "Is the United States on a gold standard?" One group maintains we are on a "restricted gold while standard" or "modified gold standard,' others state we are "off the gold standard." Which is correct or is there another answer to the question? Whether our monetary system rests on a gold standard depends on the way that standard is defined. Formerly the gold standard might have been defined as a monetary system under which the authorities were required to buy gold from any one and to sell it to any one, in any amount, at a fixed price, and to allow gold to move into or out of the country without restriction.

In the sense of this definition, we are not now on a gold standard. Private individuals may not, as a rule, buy or own gold coin, gold bullion, or gold certificates, and all gold transactions are subject to Treasury regulation. This has been true since the spring of 1933. The Treasury, however, has purchased at a fixed price of $35 an ounce all the gold offered, and on the few occasions when the sale of gold to settle international balances was requested, gold was released by the Treasury also at a fixed

Perhaps the most important difference between our present arrangement and the gold standard as we used to know it is the fact that the price of gold and the Treasury's willingness to buy or sell it are rot guaranteed by law, but are discretionary. Ordinarily this is more a theoretical than a practical difference; but at least on two occasions since 1934 rumors that the price of gold would be changed gained currency here and abroad and had considerable effects on international gold movements.

It should be added that in any event a single country obviously can not be on an "international" gold standard. The United States, however, has kept the dollar stable in terms of gold, as it would have been under the gold standard; but, with other countries off gold, their currencies have not been held in a fixed relationship to the dollar, as they would have been had an international gold standard been in effect.

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