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

An idea current in Wall street is that
the Bank of America has a cooper shop
attachment. This is scarcelytrue, how
ever, though the great array of kegs
which sometimes are rolled out all day
long from the rear of the institution
would seem to give color to the belief.
The kegs are considerably smaller than
those which usually ornament beer sa-
loon sidewalks, and they are always new.
But, to those conversant with the SUBJ
ject the interesting feature of these kegs
is their contents. Each keg contains
$50, 900 in clear gold. It is from the
Bank of America that most of the gold
shipped to Europe from this city is sent.
This does not mean, however, that the
shipments are for the banks own &C.
count. They are not. At a first glance
persons might suppose that when the
demand arises for gold to send abroad
the shipper would have only to send in
his orders for his hundreds of thousands
to the Sub-Treasury, where millions of
specie are on deposit. But there are
sufficient reasons why this plan will not
work. The Sub-Treasury can pay out
its coin only to creditors of the Govern
-
come creditor of the Government sim
ply on his own option. He cannot pre-
sent check upon his banking house and
secure its acceptance by Assistant Treas
urer Acton. The laws interpose. The
Sub-Treasury can pay out gold only to
such an amount as offsets its debts.
These frequently are comparatively un.
important. For instance, q couple. of
no lahsko kss1 <,nlxy
800, 900, and this was TO be distributed
among large number of creditors. But
while they can place no dependence
upon support from this quarter, the as
sociated banks of the city have means
of their own contrivance for providing
the needed gold. They have constituted
the Bank of America sort If trust COM
pany for their advantage. And with the
Bank of America the associated banks
keep on deposit constantly an enormous
sum in gold. During the past year this
sum has ranged from $36, 000, 900 to $40,
named amount. To the members of the
issues its own certificates against these
deposits, redeemable on demand. So,
when there is an occasion for making
u lbIBc BOAu butPAuOuss StAo POI oOn uCoAE
ing to forward it secures from his own
bank these certificates for the amount
required, and, presenting himself at the
Bank of America, soon has the privilege
of looking down upon the cleaning
wealth as L lies piled at his disposal in
the rear Office of that bank-there, under
his direction, to be bagged and kegged
and made ready for shipment. 1t is not
rc.n h. IN ~ Cor al,
is done on the premises Of the Bank Of
America. One or two of the biggest
houses in the street have cooper shops"
ments secure under their own roofs, but
the rule is Otherwise. Kegs in which
gold is packed specie kegs" as they
woods. They must have an extra iron
hoop, and their workmanship must be
above the ordinary. Specie is not
other hand, is it carefully wrapped in
another. The key serves only for pro-
gold is placed in the ordinary hitand-
miss fashion Of pennies in Jersey farm
er's wallet. The canvas of these bags is
01RoC40lly 6tOub, U00 tuC Ouuo oAO % " OsA
particularly strong. Into each bag go
$1,000, and ten bags fill key; SO that
each keg which rolls out from the rear of
the Bank of America is worth the round
sum of $50 900, plus the cost of the cask
itself and the value OF yard or two Of
rough canvas. In the interests of Sc
curity each key is treated to what is
technically known among shippers as the
''red-taping" process. At each end OF
the key, in the projecting rims Of the
slaves above the head, are bored four
holes at equi-distart intervals. A piece
Of red tape is run through these holes,
crossing on the head of the key, and the
ends finally meet in the center. At tbs
point Of meeting the tape is sealed to the
kegs head by hard wax bearing the
stamp of the shipper. Any meddling
with the keg must break the tape or wax,
and 80 ON the trip across the ocean it is
an easy matter to watch the valuable
consignment and detect any attempt to
interfere with Il. Gold CROSSES the ocean
very much - docs every other kind Of
freight. Years ago there were
some shippers who detailed an en-
ployoe With every consignment to at
= : SORT Of detective and hold watch
- best he could ovsr their kegs. No
suoh care il ever taken now. Az role.
~ gold shipped y insured. Safely
watched until, on shipboard. the pre-
<,snns ev,>SNhk II than nudav thu 00nkr0l a.