Birmingham state herald., 1896-02-05
THE PosroFF1cE GOLD.

losing from s60, 000 900 to $75, 900, 900 gold which rightly belongs to it and which is withheld and converted into paper money by the banks which are made deposito- ries of postal funds. About three weeks ago, after the last bond call was issued, postmaster in a western city sent per sonal letter to Postmaster-Gene Will son, suggesting that measures be taken to divert all the gold received al postof- fees into the United States treasury. This postmaster stated that a large per centage of the daily receipts at his office for stamps and money orders was in gold coin. This he deposited in bank along with his other receipts. That was the last he saw of the gold. The bank, he said, in paying his checks invariably used silver certificates, and in their remit tances to the pos stmaster-general they used the same form of money.
 This letter gave the postmaster-ge general an idea which he immediately put into execution. He decided to determine ex- actly what percentage of postoffice re- ceipts is in gold coin and to discover, if possible, what becomes of the coin. Ac- cordingly, two weeks ago he sent letter to each of the 900 first and second-class post offices asking prompt replies to these questions:
 What percentage of the daily receipts al your office is in gold coin?
 What disposition do you make of the gold coin?
 Does any part of it find its way into the United States treasury"
 Answers have been received from large number of these postoffices and the ic ;c acti iraa cd that the amount of gold which the treasury should receive from this source is about $60, 900 900 or $75, 900, 900. The postmaster general expects next week to be able to state accurately the percentage of gold received at these postoffices and what be- comes of it. He says that the replies al ready received have surprised him, and adds:
 'In cities where we would naturally ex- pect small percentage of gold in circu- lation these reports show that the post office daily receives large sums in gold. In other cities where one would naturally look for a large circulation of gold the percentage of gold receipts is practically nothing. On the whole, the reports which 1 have examined show that a consdera- ble part of the postoffice receipts is in gold coin, and scarcely any of this reaches the government treasury. Post- masters are instructed to deposit their receipts in national banks In cities of importance some bank is generally desig- mated as a government depository. In other cities where there are sub-treasu- ries the deposits are made with them, and from those cities alone does the govern ment receive the gold taken in al it's post offices"
 There is loss of gold in another direc- ton. In the foreign money order de- partment we accept any kind of money, but must pay the order in gold Ger many, for instance, cashes money orders issued by the United States, and the United States cashes orders issued by Germany, and at certain intervals the accounts are balanced. The balance is always against the United States, how ever. Last year, for instance, 900 in United States money orders were cash ed abroad. while but $6OOO000 in foreign money orders were cashed in the United States This shows a difference of $7000,- 900, which this government had to make up in gold. This gives fair idea of the loss of gold through the money order system, but the amount thus lost is small compared to the amount received at post offices and deposited in national banks never lO Dc Scth DS tiS bof again.
 It is gratifying to know that the gov ernment is to make an effort to husband it's gold resources. If the postmasters who make deposits and the banks who transmit the deposits had not been al- lowed to discriminate against the parity of our several kinds of money and to pocket all the gold, there might have been no occasion of this pending loan of $1OO, ,O0O, 00O It should go into history as the postmasters' bonded debt. We hope that the postmasters at Montgomery and Mobile will be candid with the postmas ter-general and let him know what has become of the gold taken in at their of fees during the past three years. Would it not be in order for the government to call upon the postmaster and deposto- ries to make good the gold they have re- ceived and to return them the paper money they substituted in it's stead? In this way we might avoid any further is sue of bonds.