New-York tribune., 1900-08-04
THE STOCK OF GOLD.
DIRECTOR OF THE MINT DISCUSSES
MODIFICATION OF ESTIMATES.

Washington Aug 3.-Mr. Roberts, the Director
OF the Mint, In speaking to-day of the probable
modification of the present estimate of the stock of
gold in the country, said:
Some modification of the present estimate doubt
Guiry "if that % is being made by this bureau and by
Mr.. Muheman, of the New-York suo-Treasury.
the stock. The original basis of the Treasury esti
Preeor Of Se Mint IN i cola Was the9 a
premium, and not in general circulation lie took
and a adGed 5000 for the circulation on the Pas
cc Coast and 600 for the holdings Of other
been added each year the coinage and the imports
the recoinage, the exports and an estimated sum
for consumption in the arts. The result is the
current estimate
banks comprises the only part of the stock that
be actually counted. At the date of the last
reported statement by the National banks April
2s. 19Oo their holdings $685. 576s,S72 The Treas
ury holdings May l were s4269S9.371 the two
items aggregating 1922 1929. The estimate for
May $1O4S 525 III, which left 1920 900 to be
accounted for held by State and private banks
trust companies and in safes, tills, pockets and
boards This is the subject to modification
No account has been taken in the past OF gold
carried out of the country the persons of trav-
ellers ii being assumed that there little OF IL
and that all but inappreciabe amount was re-
turned by incoming travellers. This year the bu-
reau has made a systematic effort to learn what
this movement amounted to by inquiries addressed
to the steamship lines. money changers at the
principal ports, and consuls abroad The re-
plies indicate THAI gold thus carried out finds its
way through bankers to the principal banks OF
issue in the several countries. The tourist agency
of Cook & Sons receives from travellers from
100000 to $l50000 year, and turns 1t In to the
Bank of England. About $4,000 per annum is
melted at Geneva, and In all a net loss of S6OOOco
to $SOOOO IS indicated. At the latter rate in twen-
ty-five years the total would be $50 OOOODO a sum
that should be taken account or. An effort has
been made to arrive at the present consumption of
coin by manufacturers jewellers dentists and
others in the industrial arts. Inquiries have been
addressed to about forty-five thousand firms and
individuals and replies have been received from 10
per cent of them. The returns indicate total
consumption OF about $3,500OOO in coin a year
Prior to 1893 the bureaus estimate was never less
than this amount, but from 1897 it has been placed
at A6OO.00 The reduction seems TO have been an
error. An additional allowance of OOO0 per year
lot seven years would require a correction of
n4OO0,OOO.
M .1r Muhlejman. Of the New-York Sub-Treasury,
mas been dtligent student of subject for years
made prior to IsS5 the esti0Ssie %e eTs & 70 errors
Dy perhaps $lWG00,0oo he attacks DR.. Under
SZS CO,Wo too high. and he has recently made an
eHhaustive investigation of imports and exports of
com and bullion since 1888 BY checking these from
9ttner sources OF Information he is led believe
reported as domestic coin. which would caTTY
error into certain stock thinks these errors in
the estimates by as much as s45 90 Ooo Mr. Muhle-
mans tables are very elaborate, and will require
considerable time for review. Some Of his correc-
Lons doubtless will be accepted, and the amount
nnaliy deducted from the previous estimate as a
result or the revision probably Will be between
$4,000 600 and 800 100000
In my opinion there 81 ould be much more ex-
tended inquiry before the figures are finally fixed
upon The result of this investigation will be the
basis OF calculations for long time come These
changes spread over the estimates for twenty-five
years, and chiefly prior to 1885, signify nothing
TO the available resources of the country. They
alter the calculations to the hidden boards, but
they are not part Of the active stock and are not
even available in time Of need, for boards increase
instead of diminish at such time. The reductions
DO not alter the figures for the great increase in
our stock in recent years, but rather emphasize It,
for these additions made larger in proportion
to the total stock. The estimate for the stock on
August 16 S05S51SS S92, and If the entire $780,
OO0OOO was deducted the stock would remain so per
cent above what 1t was four years ago.
The inquiry as to the exact stock is of value for
purpose of determining whether the country
has gold enough. country on the gold basis
gets the share of the worlds gold which its pro-
portion Of the worlds business brings it, That
share is controlled by the laws Of trade, not by
governmental regulation. An inquiry into the
share which each country holds is like inquiry
as to how much OF a mans blood is in his right
arm; 1t may be depended upon that the amount
is what the requirements Of that member demand.
Our great gain in gold in recent years has come
because could use it and position in the
worlds trade has enabled us to command it.