St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1891-10-03
MILLIONS At SEA.



Now Specie is shipped 70 and FRO Acres,
the Ocean.
In one little tightly locked room on
i many Of the large ocean steamers there
frequently goes over . treasure large
enough to buy the entire steamer and
Its fittings several times over. This
, little chamber is the gold room OF
treasure chest It receives its precious
freight at the last moment before the
steamers start and its contents are the
hrst portion of the cargo to leave the
ship when she has been securely
berthed During the recent rush OF
gold abroad, the strong boxes have
been kept in very active use. and the
purscrs of the several ships have had
corresponding increased responsibilities
placed upon them.
Contrary to the general notion, .
shipper of god does not 60 to the sub
treasury in New York to get . consign.
ment Of gold simply because the gov
ernment keeps its supply there for the
payment Of its legitimate obligations.
1t is not an exchange Office in the sense
OF taking any sort Of securities or legal
tender and giving out gold coin instead
Ii gold certificates are proffered gold
may be had, and it il . member of the
associated banks doing business
through the clearinghouse, that much
gold goes out from the sub-treasury
into the hands of the several banking
institutions They do not keep all the
.oin or bars or whatever shape the
precious metal may be in their own
vaults. but instead employ the great
vaults Of the Bank of North America,
which has become by general arrange
ment between the several banks q
sort Of depot for the deposit Of
gold There is . sort of q cooper shop
attachment to the bank as well, and q
bag factory too. The bags are strongly
sewed snug little affairs Of stout can
vas. Into each one five thousand dol
lars in gold coin is placed, five-dollar
pieces If no other sort is to be had, and
twenty-dollar pieces in preference. be-
cause then the surface of abrasion is
less and the loss from this cause is very
much reduced The specie kegs arc
made Of hardwood and have an extra
iron band about them. There is room
In the rear of the bank specially set
apart for the packing OF the specie. and
the operation is witnessed BY q repre-
sentative of the shipping firm which has
received the coin order from abroad
and upon whose order the shipment Is
making. Ten bags just fill = keg. and
when the head has been put in by an
attendant cooper q tape check is ap-
piled. four holes are bored through the
ends of the stavcs above the head aud
bottom Of the keg. and red tape run
through and the ends brought to COM
mon point at tho center Of the head,
where they are sealed BY a great batch
Of wax. bearing the seal of the shipper.
A stout Low cart stands outside the door
Of the bank, and on this the fifty thou
kegs are placed. A couple
Of men jump on with the driver, au-
other couple perhaps look on and fol-
A single truck will carry as much As
forty kegs or two million dollars. and q
fixed sum per kcg is charged. The de-
livery to the steamer is simply Is other
freight, SO many packages, contents
but not vouched for by the
steamer people. The marine
insurance companies will insure at the
rate Of about two thousand dollars on
. million-dollar shipment Each ship.
per has . different notion Of doing his
business and many do not insure at all
The steamer is designated, and a an
extra precaution large shipment, say
Of q million and half, may 60 on as
many As five or six various boats. 1t is
on the simple rule of not intrusting too
many eggs to one basket-N. Y. World.