The Vancouver independent. (Vancouver, W.T. [Wash.]) 1875-1910, 1882-08-31


it in equal parts to four or five different
vessels. 1t is a strict rule with some
Wall street firms never to trust more
than $3.50, 900 at time on any one ship.
One Of the singular circumstances con-
nected with the shipping of gold is that
for the last twenty years or more every
key which has been taken out of Wall
street has been handed down to the YES
sells by one man, s'honest old John
Barkley," who is said to have grown
rich in the business. For each keg he
takes on board his truck he is paid 81,
and the big, heavy one he has had built
for the special purpose will carry $2,-
oily is held by Cooper Spier, who fur
nishes all the kegs and packs them, get
ting 50 for each one completed. In
shipping specie there are many matters
of detail which the experienced man
knows to be of prime Importance, but
which to person unacquainted with
the business seems valueless. For in
stance, in making ready shipment of
81 ,000, 900 to Europe the ordinary indi-
vidual would be quite rs willing to
bag fve-dollar pieces as double eagles.
Not SO the shipper who has hiseye on the
main chance. He demands the double
eagles every time. Chief among the rea-
sons for this choice is the fact that specie
shipped in any quantity for any consid
cradle distance always loses in weight,
and consequently IN value, from abra-
sion. While fve-thousand dollar bag
made up of fve-dollar coins would con-
tain one..thousand. pieces, the same sum in
double-eagles would contain only $50
pieces. In the latter instance there is
not much if any more than one-fourth
the chance for abrasion which exists in
the former. Eight fve-dollar pieces
show o greater surface and have much
sharper coinage lines than do two dou
ble-eagles and the loss by abrasion on
long, rough ocean voyage, must, of
course, be considerably greater than
coins of lesser value. The uninitiated
would be apt to smile incredulouslv
when told that there is loss-and one
of consequently this abrasion of coins.
Circumstances. varying on different voy-
ages, of course, produce variance in the
extent of the abrasion. ION an aver
age" said prominent shipper yester-
day. "a million of dollars sent across
from London will lose-will lose-well, a
few dollars" Pressed to estimate more
definitely, the shipper said: IA few dol
lars. Oh, that is 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. Taking shipments
of 81 ,0O0. 900 recently made, one was
found to have fallen shore in the voyage
fraction more than nine ounces another
fraction more than nineteen ounces,
while in shipment of $75O, 900 there was
loss of fraction more than twenty
ounces. The average loss can be safely
estimated at sixteen ounces on 81 ,O0O. 900
shipments. Gold being worth SIG an
ounce, sends the ''few dollars" up to
about $3.50. Any movement will have
similar effect. In Great Britain it is
declared that q shipment from the Bank
of Edinburgh down to the Bank of Eng
land will cause the loss of an appreciable
percentage. and Q government
officer said yesterday that a bag
of coin cannot be carried down
Wall street single block from the sub
treasury to the custom house without an
abrasion which is discoverable. The
only protection to be found against
abrasion lies in the shipment of gold
bars, instead of in coin. Until quite
recently, however, gold bars have not
been readily obtainable. To secure
them the shipper has been obliged to
pay premium, and generally so high
was the premium placed by the bullion
brokers commanding the situation, that
the possible loss by abarision would not
by any means balance it. But not long
ago change came over this condition of
affairs, and law has been passed re-
Gently by congress allowing the SUBJ
treasury here to pass ont fine gold
bars from its vaults in exchange for
national. coin. This is to the govern
ment's advantage in that heretofore
specie has been obtainable without any
charge for the one-fourth of per cent.
coinage cost. The issuance of the bars,
moreover. will tend to keep the United
States coin ct home. This new law went
into effect June Let, and its appreciation
in Wall street 10 shown by the fact that
81, SOC, 900 in bars bas been bought
within tho past fortnight. Another
e6, 900 600 has been nodded and IL in the
vaults Of the assay Office ready for de-
livery. The bars or 'sbricks" Of gold
average. . value Of t45OO. Carefully
assayed by the government. they are
stamped with their weight, quality and
vAlus. The bars are packed in specie
kegs, but the canvas bags are not used,
saWdust being substituted, . further
pFeventative Of abrasion. It 10 popu-
Iarlv supposa1 that all gold resolved