Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1882-07-19

the vessels by one man, "honest old
John Barkley," who is said to have
grown rich in the business For each
key he takes on board his truck he is
paid 81, and the big heavy one which he
has built for the special purpose will
carry 100000, or forty kegs. A
similar monopoly is held by Cooper
Spier, who furnishes all the kegs and
packs them, getting So 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 a person unacquainted
with the business seem valueless. For
instance, in making ready shipment of
81, 100000 to Europe the ordinary in
dividual would be quite as willing to
bag SIS pieces as double eagles. Not so
with the shipper who has an eye upon
the main chance. He demands the dou-
bic eagles every time. Chief among the
reasons for this choice is the fact that
specie shipped in any quantity for any
considerable distance always loses in
weight, and consequently in value,
through abrasion. While a 5000 bag
made up of $5 coins would contain 1 ZOO
pieces, the same sum in double eagles
would take only $50 pieces. In the lat
ter instance there is not much, If any,
more than one-fourth of the chance for
abrasion which exist In the former.
Eight So pieces show far greater sur
face and have much sharper coinage
lines than do two double-eagles, and the
loss by abrasion on a 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 a
lOss-and one of consequently this
abrasion of coins. Circumstances, vary
ing on different voyages, of course, pro-
duce variance in the extent of the abra-
sion.
"On an average" said prominent
shipper yesterday, 81 900, 900 sent
across to London will lose-win lose
well-a few dollars" Pressed to esti-
mate more definitely the shipper said:
ga lew dollars. Oh, that's definite
enough" What the Wall Street men
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, 900, 900 recently
made, one was found to have fallen short
IN the voyage a fraction more than nine
ounces, another a fraction more than
eighteen ounces, another fraction more
than nineteen ounces, while in a ship
ment of $3.50, 900 there was a loss OF a
fraction more than twenty ounces. The
average loss can safely be estimated at
sixteen ounces on million-dollar ship
ment. Gold being worth SIG an ounce,
sends the 'few dollars up to about
$3.50. Any movement will have SINH
lar effect. In Great Britain it is de-
clared that shipment from the Bank OF
Edinburg down to the Bank of England
will cause the loss of an appreciate per
centage, and a government officer said
yesterday that bag of coin cannot be
carried down Wall Street single block
from the sub-treasury to the custom
house without an abrasion which is dis
coverable.
The only protection to be found
against abrasion lies in the shipment of
| gold in bars instead of in coin. Until,
quite recently, however, gold bars have
not been readily ohtainable. To secure
them the shipper has been obliged to
pay premium, and generally so high
was That premium placed by the bullion
brokers commanding the situation that
the possible loss by abrasion would not
by any means balance it. But not long
ago a change came over this condition OF
affairs and law has been passed recently
by congress allowing the sub-treasury
here to pass out fine gold bars from its
vaults in exchange for national coin.
This is to the governments advantage in
that heretofore specie has been obtain
able without charge for the one-follrth OF
1 per cent. coming cost. The issuance
of the bars, moreover, will tend to keep
United States coin at home. This new
law went into effect June 1, and its ap-
probation In Wall Street is shown by the
fact that 81 $780, 900 in the bars has been
bought within the past fortnight. An
other SIS, 1000, 900 has been nodded and is
in the vaults of the assay office ready for
delivery. Ike bars or Fsbricks " of gold
average value of 81, 500. Carefully as
sayed by the government, they are
stamped with their weight, quality and
value. The bars are packed in specie
kegs, but the canvas bags are not used,
sawdust being substituted, a further
preventive of abrasion.