The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-07-22
the round plate of delicate balance.
WEIGHING COIN

Upon this balance the sovereigns, or
haf sovereigns, according to the ma
chlne, slide, one at a time, by their
own weight, from an inclined half tube,
IN which they are placed by the hand
! ful. forming long, inclined cylinder of
gold coins. AS each coin weights the
balance, the latter sinks. If the coin
be of standard weight, the balance
sinks far enough for tiny steel finger
moving to the left to tilt the coin off
down tube into a receptacle below.
Ii the coin be light in weight, the bal
ance does not sink so far and the coin
is caught by a. second finger moving in
the opposite direction, which tits it in
to a receptacle on the right.
THE WEEKLY STATEMENT.
The Issue department is so distinct in
its operations from the others that it
could be just as we'll conducted in a
separate building. 1t is required by law
to issue a weekly statement, and this
statement hung at its door shows on
this special day that the outstanding
note issue-translated into dollars
amounts to 1920, 570,S25 This indebted
ness is guaranteed, according to the
statement, by the debt owing from the
government to the amount of 55,G75,-
500; other securities to the amount of
S2S, 922 900, and $142, ,S25 in coin and
bullion now in the vaults.
Gold IN bars is received by the issue
department and paid for in notes at
the rate Of f3.17.9 per ounce of twenty
two parts of pure gold out of twenty
four The price is three halfpence be-
low the market value of gold per
ounce. and is consequently less by
that proportion than the seller would
receive in coin after it had passed
through the mint. He would lose the
interest on it, however, while 1T was
being coined. and the discount ar
rangement which is a convenient one
for both parties, yields the bank an
annual profit of f15,OO0. For the priv
ilege of issuing the notes and for the
exemption Of duty upon them, the
bank pays the government about f20O,-
900 per annum. On the contrary, the
amount paid by the government for
the management of the national debt,
according to the act of 1892. is 1928 per
million UP to $780, 900, and f100 per
million for the remainder. This now
aggregates about the sum above men
toned. 100000 per year.
COUNCIL AND COMMITTEE ROOMS
Passing through the issue depart
ment you enter the main corridor On
the left is the council room, in which
the stockholders of the bank annually
nor and also a certain number of the
directors who retire each year. 1t is q
large hall seVenty-nine by forty feet,
distinguished by a statue of King Will
lam and a handsome ceiling of fret
work.
The western archway leads into
large octagonal committee room, and
the eastern to the governors room,~
square apartment, adorned with por-
traits of Abraham Newlands and 9th
er cashiers of the olden time. The
bank library is also here with albums
containing old bank notes of various
large amounts, with the names of the
noblemen for whom they were issued.
There is also the million pound bank
note. a bit of paper which, in its day,
was worth $5.000,000, and was issued
for convenience in closing an undertake
ing of unusual moment.
HOW THE BANK IS MANAGED.
The bank is managed by twenty-four
directors, in addition to the governor
and deputy governor, and they by their
committees, have full cogniZance Of all
the banks transactions and full gov
arnfng power in all respects. The gov
ernors are selected annually as candi-
dates by IAe directors from among
themselves, though they are elected by
the stockholders. The chief account
banks walls, and they or their depu-
ties are always supposed to be on the
premises. The total number of en-
ployees is about 1900 the salaries and
wages amounting to f29O,O00 per year,
and the pensions to $4,000. The pres
ent price of Bank Of England tlO0
shares is 1880, and the holders of the
stock are 100000 in number. [Only
convenient percentage of them attends
the annual meetings, as otherwise
these would be required to be held in
some such spacious meeting room as
Hyde Park.l.
EVEN STOLEN NOTES REDEEMED.
A more important question, and one
often raised, is whether or not a. Bank
of England note which mainly COM
poses the national currency, is invaria-
bly, good for its face. AS a matter of
fact, whether lost or stolen, the note
viii always be paid at the bank. This
point was finally settled many years
ago by the theft of 100000 in notes by
one of the clerks. He escaped to Hol-
land, and there disposed of the notes
to Jew. The theft, with the numbers
of the notes, was widely advertised for
six moths. After that period the Jew
appeared with them, and demanded
payment, which was refused. He went
to the exchange and raised an outcry
its own notes and was clearly insolv-
ent. In a very few minutes a clerk
appeared to invite him back to the
cashiers Office, and his claim, as we'll
as the question which it raised, was
settled for all time.
'.BOOKMAKERS" RECOVER MOST
OF THE STOLEN NOTES.
Thence came the habit of requesting
all persons presenting notes in the issue
department TO endorse them. The Gus
tom is for every person who reports his
loss Of a note to pay half crown go
cents). and for this sum the bank guar
antees to send to him the name or
names of any persons who may present
the stolen money. Nearly all the sto-
len notes in England are returned
through bookmakers. These gentlemen