The Press., 1893-03-30
{E. Jay Edwards in The Hartford Times.) OUR STOCK OF GOLD.

A reports which suggest that great danger threatens the treasury de- partment of the government, on account of the demand for gold, who do not un- arisen, or what the banks and the secre- tary of the treasury have been doing to prevent the continuation of it. Yet this lack of knowledge is not at all strange, since, if a dozen of the greater bankers and financiers were called upon to set forth their explanation, the chances are that no two of them would agree fully in their opinions. The writer recently asked fully score of men who had won repute and fortunes in the banking business for an explanation of these alleged dangers, and was astonished to find that some of them could give no coherent explanation, while others laid the difficulty at one door and still others put it in entirely different directions.
 Therefore the mystery which this ques- ton has oceasioned many business men is not at all to be wondered at Some bank CTS think that really no danger exists, saying that the government is powerful enough to meet any emergency, just as it did at the time of the civil war. New York bankers all seem to agree upon one thing, and that is that if the secretary of the treasury continues to buy silver bullion at market prices and to issue for it what are called silver notes, by and by there will be so many of these notes in exist ence that they will practically usurp all other money, which means, of course, that gold would be driven out of circulation. To offset this opinion, there is great body of men who have given study to the subject who either take the contrary view or else insist that no great harm would happen if such contingency should arise.
 With the opinion varying in this way, the statesman and the financiers will be compelled to act as seems to them best, but it is possible at this time to illustrate some of the operations of the treasury de- partment and of the greater bankers, and in these illustrations, perhaps, some of those who are in doubt about these mat ters may receive some light.
 For year or more weekly reports have been published of the demands of bankers for gold coin from the treasury depart ment to ship abroad, and nearly all of the gold thus demanded and paid out has passed over the weather worn and elbow polished counters of the sub-treasury in New York city. The operation may be Illustrated by the experience of one bank in New York when the gold excitement was at it's highest, in the middle of Feb- ruafy.~-A customer of this bank called one day and said to the president that he wanted $5O0,OO0 in gold coin to ship to Europe on the following day so as to meet bills of exchange or sight drafts which he had drawn upon his European bankers for his own customers. This mans deposit in this bank amounted to more than $1 ,O00, ,O00, and he had the right to de- mand from the bank lawful money. The bank could have paid him in legal tender notes or treasury notes and he would have been compelled to take that money. Had he done so he must have taken this paper across the street to MT. Roberts, the sub. treasurer of the United States, and Mr. Roberts would have said to him: "Yes the government is compelled to give you gold for this paper if you insist upon it.
 The bank, however, desiring to oblige customer whose business was very prof. itable, undertook itself to provide him with this gold coin. To do this it was only nece ssary that the bank should senc some of it's employees to the sub-treasury and offer paper money and receive for il the gold. Then this gold would be care fully packed and shipped to a European steamer, where it would be kept in strong vaults, and upon arrival in Liverpoo would be transferred to special messengers and guarded until it reached the bankers in London, where it would be used to pa, the bills of exchange drawn against it.
 It so happened in this case that MT Roberts, the treasurer, was not noti fled until 8 very short time before the de mand was made upon him for gold. It il no small task to count large amount o legal tender notes and to pass an equall, large amount of gold over the counter, $, that it. is customary to notify the sub treasury some days before the actual trans fer is expected to be made. In this cas- the bank sent to Mr Roberts $500 900 il 1 legal tenders, and when he saw the grea l pile of money he insisted that it should b counted. To have counted it would hay
 required four or five hours, and by tha | time it would have been too late to ge the gold to the steamship. The govern
 ment did not decline to redeem it's money
 but insisted upon counting it, as it had
 right to do. In the emergency the banl took this $50O,O00 of greenbacks to an
 other institution, and exchanged withou
 immediate counting the notes for gol
 certificates in denominations of 5000
 each. That made it necessary to coun
 only fifty notes. and within an hours tim
 the gold was on it's way to the steamship
 This operation illustrates very many c
 those which have taken place in Wa
 street since. this public excitement abou
 gold has begun. Some of the theorist
 insist that such an operation as this woul
 not have been necessary if the govern
 ment had not been buying silver; but 1T
 quiry was made of the banker who go
 this gold and he said that he had issue
 bills of exchange to customers of his wh
 wanted these drafts to pay merchants
 Great Britain for goods which they ha
 bought, and the reports received at tn
 custom-house across the street from tn
 sub-treasury for the past year indicat
 that very many of our merchants are con
 pelled to do this thing because the peopl | of the United States are bylyinp more K,