The Savannah morning news., 1900-08-04
AMERICAS STOCK OF GOLD.
scME CORRECTIONS TO BE MADE
IN THE ESTIMATE.

The Estimate for May 1 Was More
Than "a Billion Dollars, but Mr..
MuhIeman of the New York Sub
treasury Calculates That This Is
Perhaps 500. COT, 900 Too High.
His Researches Are Likely to Lead
to Big Correction.
Washington, Aug. 3.-Mr. Roberts the
director of the mint, in speaking to-day
of the proba BILE modification of the pres
ent estimate of the stock of gold in the
country, said:
Some modification of the present esti-
mate doubtless will be made as the result
OF an extended inquiry that is being made
by this bureau, and by Mr.. Muhleman
of the New York sub-trea sury, but the
reduction will be small as compared with
the stock. The original basis of the
treasury estimate is a computation made
by DR.. Linderman, 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 nation
al banks, and added $40, 900 for the cir
culation on the Pacific coast. and $4,000
boards, in all $135,OOOOO0.
ITO this has been added each year the
coinage and the imports of domestic
coins, and subtracted the recoinage, tha
exports and an estimated sum for con-
sumption 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 counted.
At the dase of the last reported state
ment by the national banks, April 26. 1900.
their holdings were 1896. 1853. S72. The treas
ury holdings May l. were s426, $3.50 81, the
two items aggregating 1922. 759, 243. The
estimate for May l was 81, 043 525, Ill which
left $4,000, 900 TO be accounted for as held
by state and private banks, trust COM
panies and in safes, tills, pockets and
boards. This is the sum subject to mod
if1cation.
Carried or by Tourists.
No account has be en- taken in the past
OF gold carried out of the country on the
persons of travellers, il being assumed
that there was little of 1t and that all
but am inap9reciable amount was return
ed by incoming travellers. This year the
bureau has made a systematic effort to
learn what this movement amounted to.
The replies indicated that gold thus car
the principal banks of issue in the sew
eral countries. About SIS, 100000 per annum
is melted at Geneva and in all net loss
of $6O00C0 TO 100000 is indicated At the
latter rate in twenty-five years the total
would be s20.000000. a sum that should be
taken account of.
AN effort has been made to arrive at
the present consumption of coin by manu-
facturers, jewelers., dentists and others in
the industrial arts. Inquiries have been
addressed 10 about 500 firms and indi-
viduals and replies have been received
from about 70 per cent. of them. The re-
turns indicate a total consumption of
about 100000 in coin per year. Prior to
1893 the bureaus est mate was never less
than this amount, but from 1893 it has
been placed at $l,5O0,000. The reduction
seems to have be n an error An addition
al allowance of 100000 per year for sew
en- years would require a correction of
$4,000, 600.
MuhIemnn Makes Corrections.
MIR. Muhleman. of the New York sub
treasury, reports that owing chiefly 20
errors made prior to 1855 the estimate has
been too large by perhaps $l00.000000. He
attacks DR.. Lindermans original estimate
and argues that it was s29 100000 too
hight, and he has recently made an ex-
haustive investigation of imports and ex-
ports of coin and bullion since 1873. BY
checking from these from other sources
of information he is led to believe that
at times bullion and foreign coin have
been reported as domestic coin, which
would carry error into the estimates of
gold stock He thinks these errors in re-
ported exports and imports may have in
creased the estimates by as much as $45,-
100000. Mr.. Muhlemans tables are very
elaborate and will require considerable
time for review. Some of his corrections.
doubtless, will be accepted, and the
amount finally deducted from the previous
estimates. as a result of the revision,
probably will be between $50000,000 and