The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1886-07-09
.gLa gntalasarsI
Once No.. Is ana u F~ourtsenlh slresl.
HOW Is suIpPEn.
The Methods Employed to Transport the
Precious Metal.

The Methods Employed 70 Transport the
Precious Metal,
LOadoa Correspondence san Frutcheo Cal,
was not acquainted with the odd fact
concerning the shipment Of gold to Europe
until the other day, Each key contains
$4,000 in clear gold. II Is from the Bank
Of America, at New York, that most OF
the gold is shipped from that city, The
foreign steamships sailing from Boston
now carry little or no gold, although the
reverse was the case years ago, The ship
ments Of gold are not generally Tor the
banks account.
At 9 first glance persons might suppose
that when the demand arises for gold 10
send abroad tho shipper would only have
to send in his order for his hundreds Of
thousands TO the sub-TIeasuIy where
millions OF specie are on deposit, But
there are sufficient reasons why this plan
will not work, The SUBJ Treasury can pay
out its coin only to creditors OF the Gov
eminent, With the Bank Of America the
associated banks keep on deposit con-
stantly an enormous amount OF gold,
sometimes amounting to $40,000!000. To
the members Of the Bank Association the
Bank Of America issues its own Certih-
Gates against these deposits, r~edeemable
on demand, SO, when there Is occasion
for making y gold shipment the coin
Is prepared for that purpose In the rear
office OF that bank-here It Ia bagged and
keyed and made ready for shipment.
Kegs in which gold is packed-"specie
kegs" as they are called-are made oil
extra hard wood. They must have an
extra iron hoop, Specie ia not thrown
loosely into q key, nor, upon the other
hand, Is 1t carefully wrapped in tissue
paper and piled up one coin upon another,
The keg serves only as q protection for
canvass bags, into which the gold is placed
in the ordinary hlt.and,misS fashion Of
pennies in q mans pocket. Into each keg
goes 5000, aud ten bags I'LL a keg, In
the interests Of security each bag Is treat.
edto what ia technically known among
the shippers as the "red-tapping" process.
At each end OF the keg, in the project.
ing rim OF the slaves above the head, are
bored four holes at equi-distant 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 centre.
At the point Of meeting the tape ia sealed
to the kegs head by wax bearing the
stamp OF the shipper. Gold crosses the
ocean very much as does every other
kind OF freight, without any special look
ing after. The average rate oil insurance
is about s., 900 upon a shipment Of 81 1000.
600. There are shippers who do not in
sure. Having to ship Sl,00O,000 they will
give 1t in equal parts to half q dozen diff.
ferent vessels. II 10 q strict rule with
some firms never to trust more than
S25O,000 at q time on any one ship. Pea.
body & Co, Of Boston, recently shipped
$l.0O0,O00 in this way.
A certain party furnishes all the kegs
for gold and packs them. The man who
does this Is a monopolisti in his way. Ship
pers OF large amounts always lose a few
dollars by abrasion, but not exceeding
sixteen ounces on q million dollar ship.
ment. The only protection to be found
against abrasion lies in the shipment OF
gold in bars instead Of in coin. Gold bars
are not readily obtained,