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176 their holdings of Liberty and Victory bonds. An attempt will be made later to examine their position. For the present I limit myself to the remark that the estimates of wealth indicate that the farmers fared better than other people in spite of their losses and loud complaints in 1920.

In manufacturing machinery, tools and power plants we gained a good deal, though not so much as is commonly supposed. We gained substantially in electrification and in our facilities for the use of petroleum, which will be materially to our advantage in the future. After all the necessary writing off has been done we shall still possess considerably more general equipment than we had in 1916 and there will be ample for the employment of the increased number of workers. The latter will not amount in numbers to the maximum at work during the war period. A good many of the factory workers will return to general building and a good many will go back to the farms.

In our holdings of gold we also have on record a large increase, and the quantity has been swollen further during the last six months. At present time the United States possesses about three-eighths of the world’s estimated total supply of gold, and the concentration of this vast quantity in one country is one of the great economic concerns of the ages.