Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1900-08-09
OLD ESTIMATES REDUCED
No Account was Taken of Sums
Carried Out by Tourists.
WHERE THE HOARDS ARE.
Three-anhs Of the Entire Amount OF
Gold Coin i'm This Country L. Held
by the United States Treasury and
' National Banks.

Washington. Aug. 4.-Mr. Roberts,
the director of the mint, in speaking
| Friday of the probable modification
| of the present estimate of the stock
of gold in the country, said:
"Somc modification of the present
| estimate doubtless will be made as
the result of am inquiry that is being
| made by this bureau and by Mr..
Muhlman. of the New York sub
treasury. but the reduction will be-
small. The original basis of the
treasury estimate is computation
made by DR.. Linderman, director of.
the mint in 1873. Gold was then at
q premium and not in general circu-
iation. He took the amount in the
treasury and in national banks and
added $20,O00.O0O for the circulation
on the Pacific coast and $1O.O00,00
for the holdings of other banks and
boards, in all $l3j.OOO.OOO. To this has
been added each year the coinage and
the imports of domestic coin, and
subtracted the recoinage, the exports
and an estimated sum for conSump-
tiOn in the arts. Ihe result is the
current estimate.
"'rhe gold in the treasury and in
the national banks comprises he
only part of the stock that can be
actually counted. At the date of the
last reported statement by the ma
tional banks. April 26. 1900, their
holdings were Sl05, .S12. The treas
urY holdings May I were 1926, 6,9S9.37I,
the two items aggregating S622, ,159,-
243. The estimate for May 1 was 81
043,525,11 which left Si2O, 100000 to
be accounted for as held by state and
private banks, trust companies and
in safes. tills. pockets and boards.
This is the sum subject to modifica-
ton.
NO account has been taken in the
past of gold carried out of the coun
try by travellers, it being assumed.
that there was little of it and all but
an inappreciable amount was return
ed by incoming travellers. This year
the bureau has made a systema tic.
effort to learn what this movement
amounted to by inquiries addressed
to the steamship lines, money chang
ers at the principal ports, and our
consuls abroad. The replies Indicate
that gold thus carried out finds it's
way to the principal banks of issue
III tnc several countries.
''The tourist agency of Cook & Sons
receives from travellers from 100000
to $15O.0O0 per year and turns it into
the Bank of England. About $4,000
per annum is melted at Geneva and
in all Il net loss of S600.000 to $S00O00
is indicated. At the latter rate in p
years the total would be $40. 900. Il
sum that should be taken account Of
An effort has been made to arrive at
the present consumption of coin by
manufacturers. jewellers, dentists and
others in the industrial arts. Inquir-
les have been addressed to about A.
900 firms and individuals and replies
have been received from 20 per cent
of them. The returns indicate a total
consumption of about S3.5OO.00O in,
coin per year. Prior to 1898 the bu-
reau'S estimate was never less than
this amount. but from 1898 it has been,
placed at S1.500,000. The reduction
seems to have been an error. An ad-
ditional allowance of S2,000.000 per
year for seven years would require
correction of S14,000.000.
"Mr. Muhlman, of the New York
has been dilgent stu
dent of the subj ject for years and is
of opinion that, owing chiefly to er-
rors made prior to 1888. the estimate
has been too large by 500. 100000
The estimate for the stock on August
I was $1.Oj3.51S. .S92, and if the entire,
Sl0O.OOO,OOO was deducted the stocil
would remain 60 per cent. above what
it was four years ago"