The San Francisco call., 1897-07-13
TOO MUCH GOLD BY HALF.

To the Editor OF the Saa Francisco Cdlt-SIR
Let me try TO make clear statement from the
report OF the direct OF the Mint, r. +.
Preston, for the ear 1896 of the actual stock
of gold in use in the United States as money,
though doubt If it can be done by any one,
Mr.. Preston himself not excepted. So far as
can understand the use of these treasury re-
ports lin which the Mint reports are included),
the certain result at all events, of q C ose
study OF them, it is TO leave the average
student of finance in absolute uncertainty
and complete confusion. This is grave
charge but l make i: with the utmost delib-
Grafton and seriousness.
The reader shall have chance to judge for
himself. In the fist place, we naturally want
to know how much gold has been produced
from our mines, and then how much of it is
coined and used as money; also how mllch OF
it is exported in excess of imports, and how
much is used in the industrial arts and sci
ences; how much is lost and wasted by wear
and mintage. This being the report for 1896,
/ examined it to find the excess OF exports
over imports, the amount used In the arts, the
loss from recoining worn and mutilated coins,
the wastage OF mintlng 1t, the amount coined,
and then looked for the amount produced
in the United States in 1896, and there was
not word on that bjert
On page 8, in table giving the deposits OF
gold at the United States minis and assay
offices, 1S73-1S96, inclusive l find under the
head OF domestic bullion the figures $5S,-
91o,957, and on the next page, 8. under
coinage" for the fiscal year 1896, ind total
gold coined S5S, ,S78, ,490. or, S4, ,967 .53S more
than the domestic bullion. However, we
400 OF foreign coin $3 38s, ,622 OF old plate,
jewelers. bars, etc , and $3.50, 005 of mutt
lated and worn domestic coin INCLUDED IN
these deposits, making total OF sos, 169, ,aS3
apparently added 10 the stock OF gold. except
the last Item of mutilated domestic coin.
But how much did we export? On page 80
we learn that the net gold exports tor 1896
amounted to the large sum OF SIS M 9O4, 6l2, ex,
ceeding by more than $50, ,00o,O the gold
prod duced from our mines.
On page so it appears that nearly $4,000
900 of our domestic gold was consumed in The
industrial arts in 1896, and hence we must
deduct this sum of So S33, 1892 from the $53,-
910,957 of domestic bullion, leaving the
actual addition TO the stock OF gold for money
uses but $44. OF .075 the total loss by export
and use in the arts being, in fact. $34, 4,S21,-
537. But we must add 10 this loss the amount
of gold taken abroad by tourists and heir
esses, which cannot be less than $75, ,O00, 600
and we find the entire product OF domestic
bullion swallowed up and our country at least
S65, $50. 600 worse off than in 1898. And YET
dear reader, on page IA the stock OF gold In
1896 is given as $672. 225 SO. and on page
apparent increase of $54, LAT ,653, being. in
iact, $l20, 700 900 wide OF the mark-jus
that amount too much.
This is the showing for the single year 1896
The truth is, there can be no such sum o
gold in the country-not SO much by half-as
is yearly reported by the Director OF the Mint
and solemnly repeated by all the other Off
GERS of the Treasury Department.. l intend K
prove this charge to be true beyond contro
versy. 1t can be done from the books, but ht
sYs tenn OF bookke- -ping in use by the treasury
Department m axes the task difficult one-a
least, TO make it clear to the ordinary reader
but shall do IL nevertheless.
JOSEPH AsBURY JOHNSON,
IL Essex street, July II, 1897.