The Savannah morning news., 1900-09-30

II 81 be Ia coin. that he has many dollars
less q miili0n-several hundred perhaps.
He could spend his million coin by coin
and get ran value FOR t.. Tor the abrasion
OF each coin o. 50 N Rhi % g. barely notice
able. only when weighed IN bulk Is the
discrepancy visible As the gold will he
melted as soon as q rMches London the
discrepancy win be noticed so he cannot
afford 20 ship coins that have been IN
circulation.
There Is only ono place where he can get
100000 IN gold coin that has not been
worn That Is az the United states trea-
sury. or one Of It's substatlons. Of which
that on Wall street is the principal. But
even hero be- IS liable TO lind himself with
less than 100000 The coinage law SAYS
a gold coin shalt consist OF 80 parts pure
gold and fDi parts pure copper But only
iu theory can gold and copper be mixed In
that proportion. The most delicate me-
thods can only approximate u. and the
law fixes a limit of tolerance That rs.
the mint must do its best to make the
coins exactly $40 parts gold. but II they
have hut S99ia parts they VIII be accept
ed as leeal coins. Therefore the most
that the government guarantees IN 100000
OF its coins Is that they are within one
half Of 1 per cent OF Sl.oOoo0 OF actual
value but they may be- sttil less. The
clerks in the subtreasury Will not go 10
the trouble OF picking ont the heaviest
coins. The law fixes ano her limit on gold
coins-the weight az which they must be
retired from circulation u they be found
In the suhtreasury That limit requires
that a coin must not have been worn so
much hut that SOS paris u gold remain
Coins far below that value are In general
circulation. and are kept there because
the man who takes one 20 tine subtreasury
must suffer a less on g. But many barely
having sqs parts are goissucd by the sub
tr,asury. 30 that Ia Siveo00o one would
get coins averaging about S9sia or about
81 800 less than $4,000.
IL is therefore clear that John Smith
viii not shin the million ia coin unless
he Is merely supplying American coins
10 be paid to Americans In exchange on
tourist business. thereby running no risk
OF having the loss by melting.
There ~ only one place where gold can
be had with absolute certa nty that there
will be no loss That g. at the assay Of
dee. IN the shape 81 bun on bars or bricks
These bars the government guarantees TO
be full value. and all the world accents
the governme NJ stamp without question.
Tor the faith q the entire people Is picdg
ed IN that stamp The government sells
these bars for their value plus 4 cents a
500 Thus John Smiths million viii cost
him 10000. But a. he would probably
lose $500 u he took coin he can well at
ford 10 pay Tor these government bricks.
The government further requires Of John
smith that for this gold he shall pay gold
coin OF full legal value or sold certin-
Gates. or coin notes Silver and silver
certificates viii not he accepted for II.
The gold standard is a theory IN all places
but at the counter % the treasury
81 Ooo.400 for hts 81 600 90 In hars. the gold
coin he pays for it may be worth only
ssqs zoo. Tor the coin may be ahradcd n
the bare line OF iagality. IL he pays in
coin. notes or other currency. he pays the
full si,oco 400, OF course, for a promise Of