The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-08-04

WASHINGTON. Aug. 3--George Rob-
erts. director of the mint. speaking today
of the probable modification Of the present
estimate of the stock gold In the coun-
try sald
Some modification of the present es-
innate doubtless will be made, a. Che
result of an extended inquiry that IL ts-
ing made by this bureau and by NJ r.
Muhleman. Of tho New York sub-treas-
ury. The original basis Of the treasury
estimate Is computation made by DR..
Linderman. director OF the mint in 1873.
Gold was then ut premium and not
in general circulation. He took the
amount in the treasury and in national
banks and added $50 1000 for circulation
on the Pacific coast. and $40. 900 900 for the
holdings of other banks and boards. in
all s1s5 900 900.
ITO this has been added each year. the
coinage and imports OF domestic coin and
subtracted the re-coinsxe. the exports and
an estimated sum for consumption in the
arts. The result IL the current estimate
~The gold In tho treasury and in tho
national banks comprises only part OF the
stock that can be actually counted. At
the date of the last reported statement
by the national banks, April 70. 1900. thoty
holdings were sIs5 5.7es.s72 The treasury
holdings May ] were S2e 1858. ~, the tive
items aggresating ss2175s,34A
"Tne estimate for May was S1.ols.og.
which left A2o.o 000 to b. accounted for
as held by state and private banks trust
companies and in safes. pockets and
boards. This Is the sum subject to modi-
1cation.
Taken Away by Travellers.
.No account has been taken In the past
of gold carried out of the country on the
persons OF travellers. II being assumed that
there was little of II. and that all but
an inapprcciable amount was returned by
incoming travellers. This year the bureau
has made systematic effort to. learn
what this movement amounted to BY In
quirics addressed to tho steamship lines,
money changers at tho principal ports
and our consuls abroad. The replies In
dicats that gold thus carried out flnds
Its way through bankers to the principal
banks Of Issue In the several countries
One tourist agency receives from travel
ers from 100000 to $4,000 per year. and
turns u Into the Bank OF England. About
$4,000 per annum Is melted at Geneva.
and In all a net loss of $500 900 to $500
Is indicated. At the latter rate. in twen-
ty-flve years the total would be $4,000 ooo
q sum that should be taken account of.
An effort has been made to arrive At
the present consumption OF coin by min
srs, jewellers and other Industrial arts,
and the returns indicate total consump-
tion OF about $s5oo.eo In coin per year.
Prior TO 1888 the bureaus estimate was
never less than this amount. but for 1890
4 has haNn ptaNet El,a n.a
An additional allowance Of g 600 600 per
reetion of siaooo.eoo
Errors In Prior Estimates.
mfr. Muhlcman is of the opinion that,
owing chiefly TO errors made prior to isss.
the estimate has been too large by per
haps 500 ooo.o 90. He attacked DIR. I.indsr-
mans original estimate and argues that II
was s2s.ooo,coo too high and he has re-
Gently made an. exhaustive Investigation
Of imports and exports Of coin ana bull
Hon since iSI1 BY checking these from
other sources OF Information, he is led TO
believe that az times bullion and coin have
been reported as domestic coin, which
would carry error Into the estimate OF coin
stock. lie thinks these errors In reporting
exports ard imports have generally In
creased the estimates by as much as yas..
ecn,No. Some Of his corrections doubtless
will be accepted and the amount finally
deducted from thu precious estimate as q
result of revision probably will be be-
tween 80 ana 500 ooo.osa Thes.
changes spread over the estimates Tor
TWENTY-FIVE years and chiefly prior to iSss.
signify nothing as 20 the available re-
sources Of the country. They alter the
calculations as to the hidden boards, but
they arc not a part OF tho active
stock and are not even available In
the time OF need. for boards tn
crease instead Of diminish AZ such a tine.
Reductions do not alter the fgures fer
the great increase IN our stock In recent
years, but rather emphasize IL, for the
additions are made larger In proportion
20 the total stock The estimate for the
stock on August last was s.. o2 sisSse.
and x the entire xi5o eoo.no was deducted
the stock would remain 90 per cent above
what Il was four years ago.
The inquiry as 10 the exact stock is
OF value Tor statistical and comparative
purposes. not for the purpose Of deter
mining whether or not the country has
gold enough. A country on the gold
basis gets the share OF the worlds gold
which Its proportion OF the worlds busi-
pess brings It"