Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1882-07-21

choice is that the specie shipped in any
quantity for any considerable distance
always loses in weight, and consequently
in value, through abrasion. While a
five thousand dollar bag made up of five
dollar coins would contain 1000 pieces.
the same sum in double eagles would
take only $50 pieces. In the latter in
stance there is not much, if any, more
than one-fourth the chance for abrasion
which exists in the former. Eight five.
dollar pieces show greater surface and
have much sharper coinage lines than do
two double eagles, and the loss by abras-
ion on long, rough ocean voyage must,
of course be considerably greater with
the coins of lesser value. The uninitiated
would be apt to smile incredulously when
told that there is loss--and one of con-
sequence-by this abrasion of coins.
Circumstances varying on different
voyages, of course, produce variance in
the extent of the abrasion.
"On an average said prominent
shipper, yesterday, "a million of dollars
sent across to London will lose-will lose
-well--a few dollars" Pressed to esti-
mate more definitely, the shipper said,
"a few dollars. Oh, that's definite
enough" What the Wall street man
considered "a few dollars" was shown by
reference to the account books Of one Of
the heaviest houses in the street. TAX
ing shipments of S1,000,000 recently
made, one vs"s found to have fallen short
in the voyage fraction more than 8
ounces, another more than 1S ounces,
another fraction more than 10 ounces,
while in shipment of $3.50, 900 there was
n 1pou nf n fvnpfip,, thn,, on
The average loss can safely be estimated
Gold being worth S16 an ounce, sends
the "few dollars up to about $3.50. Any
movemant will have similar effect. In
Great Britain it is declared that ship
ment from the Bank of Edinburgh down
to the Bank of England will cause the
loss of appreciable percentage and a
government officer said yesterday that n
bag of coin can not be carried down Wall
street n single block fran the sub-treas-
ury to the custom house without an
abrasion which is discoverable.
The only protection to be found against
abrasion lies in the shipment of gold in
bars instead of in coin. Until quite re-
Gently, however, gold bars have not been
readily obtainable. To secure them the
shipper has been obliged to pay pre-
MUM, and generally so high was that
premium placed by the bullion brokers
commanding the situation that the pos.
sible loss by abrasion would not by any
means balance it. But not long ago a
change came over the condition of affairs,
and law has been passed recently by
congress allowing the sub-treasury here
to pass out fnc gold bars from it's vaults
in exchange for national coin. This is tt
the governments advantage, in that here
tofore specie has been obtainable withou
any charge for the one-fourth of one PEI
cent coinage cost. The issuance OF th'
bars, moreover, will tend 10 keep United
States coin at home. This new law wen
into effect June |, and its appreciation il
Wall street is shown by the fact tina
81 900, 900 in bars has been bought with
in the past fortnight Another $1,000,
900 has bcen nodded and is in the vault
of the assay office, ready for delivery
The bars, or "bricks," Of gold average
value Of $500. Carefully assaped by til
government, they are stambed with tbei
weight, quality and value. The bars al
packed in specie bags, but the canva
bags are l.ot used, sawdust bein
substituted, further preventive c
abrasion.