The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-05
ESTIMATING THE GOLD.
DIRECTOR OF MINT AT WASHING
TON CALCULATING AMOUNT IN
UNITED STATES
TOURISTS TAKE OUT MILLIONS
In Spite of All Drains the supulv
Has Increased Enormously,
and Is Now Over
Billion Dollars.

-,
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 modifica-
ton of the present estimate doubtless will
De made as the result of an extended
inquiry that Is being made by this bu-
reau and by Mr.. Muhleman, of the New
YORK suo-treasury, but the reduction will
De small as compared with the stock
Inc original basis of the treasury esit-
mate is a computation made by Di-
rector L1nderman, director of the mint in
1873 Gold was then at a premium and
not In general circulation He took the
amount in the treasury and in national
banks and added $4,000, 900 for circulation
on the Pacific coast and $10,O0O0O0 for the
holdings of other banks and boards in
all $135. 0OOO, 900.
ITO 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 con-
sumtton in the arts. The result is the
current estimate
THE gold in the treasury and in the
national banks comprises the only part
OF the stock that can be actually count
ed. At the date of the last reported
statement by the national banks, April
rs, 1900, the holdings were S195, 1853, S72. The
treasury holdings May LIST We're $426 $3.50 ST.
the two tins aggregating 1922, 759, 243. The
estimate for May 1St was $1,043, 525, III,
which left 1920, 100000 to be accounted for
as held by state and private banks
trust companies and in safes, pockets and
boards. This is the sum subject to mod
ifcation
mo account has been taken in the
past of gold carried out of the country
! on persons of travellers 1t being as
sumed that there was little OF it and
that all but an appreciate amount was
returned by incoming travellers This
year the bureau 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 our consuls
abroad. The replies show that gold
thus carried out finds it's 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 $4,000 per year
and turns 1t into the Bank of England
About $4,000 per annum is melted at
Geneva and in all a net loss of 100000 to
900 is indicated. At the latter rate
in twenty-five years the total would be
$50, 600 900, a sum that should be taken
| account Of An effort has been made
to arrive al the present consumption Of
| coin by manufacturers, jewelers., dem
! lists and others in the Industrial arts.
| Inquiries have been addressed to about
| 40 900 firms and individuals and replies
have been received from Topper cent Of
| them. I eL T1g -aF5 H5t
The returns indicate a total consump-,
| ton of about $S,500.0G0 in coin per year.
Prior to 1885, the bureaus estimate was
never less than this amount, but from
| 1913 it has been placed at s., 500 600. The
reduction seems to- have been an error.
An additional allowance of S2.000,OC0 per
year for seven years would require cor
rection of $f400GG00s
"Mr. Muhleman, of the New York sub
treasury, las been diligent student of
the subject and is of the opinion, owing
chiefly to errors made prior to 1886 the
estimate has been too low by perhaps
800, 600 600. he attacks DIR. Iinderman's
original estimate and argues that it was
500, 10000 too high and he has recently
made an exhaustive investigation of inn
ports and exports of coin and bullion
since 1873. BY checking these from other
sources of information he Is led to be-
lteVee at times bullion and foreign. coin
have been reported as domestic coin
which would carry error into the esti-
mates of coin stock. He thinks these
/ errors In reported exports and ytmpoEts,
may have increased the estimates by as
much as $45 co., Mr.. Munleman's
tables are very elaborate and will re-
quire considerable time for review. Sons
of his corrections doubtless will be ac-
| cepted and the amount finally deducted
from the previous estimate, as a result
of the revision. probably will be between
| $50 OG0, eco and 100000, 600.
''In my opinion there should be much
more extended inquiry before the figures
! are finally agreed upon as the result OF
| this investigation will be the basis Of
calcula tioEs for long time to come.
! The changes spread over the estimates
for twenty-five years and chiefly prior to
! 1895 signify nothing as to the available
resources Of the country. they alter the
calculations as to the hidden hoard< but
they are not a part of the active stock
! and are not even available in time of
need, for boards instead diminish at
such a time. Reductions do not alter the
figures for the great increase in our
! stock in recent years, but rather en-
| phasiZe it, for the additions are made
larger In proportion of the total stock.
The estimate of the stock or Aug. l
was 81 1853, 5l8, 1872. and If the entire $780,
| O0O,O00 was deducted the stock would re-
| main 60 per cent above what 1t was
four years ago.