The San Francisco call., 1899-02-12

turned in favor of America, months ago.
The ways of banking make it cheaper to
a certain large extent to ship gold to
America from Australia to settle Amer
lean balances than to ship it across the
Atlantic from London, and most of the
Australian gold that comes here is in
tended to pay commercial debts in the
East. These millions that come by near
ly every steamer right along are con-
signed to banks here. The receiving
banks instantly. cart the, sovereigns to the
mint, and sell them at their bullion value
for American gold coin. The British gold
is at once melted up and coined with the
stamp of the eagle. That great extra sup
ply of British coin has enabled the San
Francisco mint to recently break the
worlds minting record for gold coinage
per month.
The story of this receipt of gold has
been told before. but the news 5, ialWays a ;z
tralan gold gets here and when 1t is ex-
changed at the Mint for American gold
coin 1t is still in the hands of the bankers,
and it still is due In the East. 1t Is really
minted in transit The stock of gold at
the Mint and at the Sub-Treasury is not
swelled. The Australian gold passes on
with hardly a pause. A similar tale could
be told of some millions in Japanese yen.
Then there is another recent reason for
the flow of Pacific gold eastward. The
Government has in the past few months
paid out millions here on war contracts
in great variety. These payments drain
gold from the Sub-Treasury, and much or
It is due in the East. Payments on war
ships, transports. powder, supphes ana
so on are enormous in the aggregate.
For these and other reasons the east
ward stream of gold has been and re-
mains enormous. But few people would
guess that most of this gold goes by
mail. Uncle Sam cautions 1901 americans
against sending money by mail unless 1t
is registered or goes by poStotf1ce order,
and if it is registered his liability is linn
tied to SO per registered package. In the
e u. d, llAA Toe
by mail in the past few months, and at
least a million dollars a week is carried
across the continent in mail sacks, to the
chagrin of the express companies.
This is done because it is cheaper The
gold is sent as common merchandise un-
der the regulations limiting packages to
four pounds. The rate is cent per ounce
Registration costs s cents per package
The practice is to put q roll of $1,000 In
double eagles in a little round leathern
case, on the side of which is a panel with
flaps, in which a little card bearing the
address is inserted. This card also re-
orally needs 67 cents In stamps-a so cent
stamp, a cent, 4 cent and an cent,
the last the registration stamp. The cases
are returned like mail sacks. An express
wagon load of such packages is dumped
at the Postoffice and each is registered.
The precious packages are dumped in
special leathern interior sacks, holding
from $25, 900 to $4,000 each, and there is
standing good for $40 per $1,000, the boys
hustle the sacks across the continent day
by day.
risks with wrecks and train robbers.
Every dollars worth of gold is insured
to reach its destination, and certain in
surance companies are eager for the risks.
The 81 cents, plus insurance and plus
drayage, represents the cost of transpor-
tation. The total is less than the express
charges, with the express companies liza
of gold is going East by mail. 1t means.
for one thing, an addition of over $50 900
a year to the Postoffice receipts here.
In these remaining days of train robbers
it requires no explanation to explain why
Government officials. bankers and all con-
cerned wish to say nothing about the
phenomenal shipments and why the op-
Grafton has gone on with such secure
secrecy. But that is the way San Fran
cisco has fed $45 900 000O in gold to the East
during the past few months.