The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1876-11-24
The Handling of Gold in California.
The San Francisco correspondent of

The San Francisco correspondent of
the n. Y. Times writes as follows:
Probably the one thing which most
attracts the eye of the traveller in Cali |
fornia is the gold currency. The mining
element is so completely the controlling
power in San Francisco that their pas
sionate love of gold as an object, as
something tangible, has become the prin-
ciple of banking here. One would have
thought that it would have been sufi-
cient for all the needs of gold currency
to use gold as circulating medium and
transact business by means of bank notes
or checks. But this is not the practice,
for, though gold notes do exist, they
have been emitted for the convenience of
Eastern tourists, who do not care to car
ry half a hundred weight Of gold con
cealed about their persons. The Cslifor-
mans, however, will not accep, fiimsy
fold of paper, although it is actually
worth its face, and is promise to pay
which will neither be postponed nor vio-
lated. What they want is the solid,
shining gold in twenty-dollar pieces, for
the fifty y-dollar slug. SO beloved by the
miners in former years. appears to have
yielded before the march of degenerate
civilization. The ef1ete and effeminate
pockets of modern days cannot support
the ponderous angles of the gold slug,
which has accordingly passed into his
tory. l am, indeed, informed that in the
mining regions the faro bankers find it
to their interest TO preserve this relic of
"the days of 49," and that to "copper" a
slug behind the queen" isstill a popular
expression, which represents an actual
ity.
The banking element here smiles at
the anomalies which result from this
fondness of the "real article" Almost
all the bankers have received their train.
ing in the East, and it seems ludicrous
to them beyond measure to be compelled
to 90 the Clearinghouse with q horse
and wagon to bring away the balance due
the firm. ! had the pleasure, through
the kindness of Ex-Governor Lowe, Pres.
ident of the Anglo Californian Bank, o.
seeing some of the golden machinery o.
the California land. He showed me g
vault in which was ponderous and ex
tremely large safe on each side. He
opened the quadruple door of steel anc
displayed a quantity of huge bags lyins
at the bottom of the vault. Each con
tained $4,000 in double eagles, which ii
the universal coin of business, and eacl
weighed about seventy pounds avoirdu
pois. Governor Lowe said, II grant i
seems ridiculous to return to such ;
primeval way Of doing business; but i
has it's advantages. This morning ou
employe at the Clearinghouse had t.
receive balance of 1927 900, the weigh
of which was about 465 pounds avoirdu
pois. This was, undoubtedly awkwar
to handle, but lis weight made it secure
No one could very we'll steal it. In til
East, bank clerks returning from tn
E Clearing houses of la -ge cities have fire
quently been chloroformed and robbed
Here this would be impossible. Some
times, however, when the balances az
exceedingly heavy, as happens once in
while from special transactions, the bul
den of the gold is really hard to bea
But on the whole. the security from rQt
berry overweighs every other considers
e ton. Look around at our counter
y You see they have no iron ratings. n
: wire fencing. The counter is not brea
r high. And thief could easily sfretc
over and dip his hand into one of the'
:, trays, which are made to hold exactl
o the contents Of one bag. But what goo
it would it do him. He could bare
n snatch FIVE double eagles. Now, Ea
e whole packets of notes Of large demon
l. nations have been grabbed in this wa
= And with regard 10 burglaries, we do n
If fear them. 1 pointed out TO you 4
J. quadruple thickness of the safes, but o
J. best and chief security is in the weig
e, of the gold. There is more than mi
er lion in double eagles in that safe, al
l. even suppoeing that. burglars. could pe
sibly get through that quadruple wall
I'd steel, they could not carry away th'
ID plunder, except in q wagon.
II