The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-08-04
THE STOCK OF GOLD HERE.
A Probable Modification of the Present Estim-
ate. Mr.. Roberts Statement.
(By the Associated Press.l


Washington. August 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 es-
innate doubtless will be made as the
result of an extended inquiry that is be-
ing made by this bureau and by Mr..
Muhleman Of the New York Sub-Treasury
but the reduction Will be small as com
pared with the stock. The original basis
of the Treasury estimate is a computa-
tion made by Dr.. Linderman, director Of
the mint in 1878. Gold was then at
premium, and not in general circulation.
He took the amount in the Treasury and
in national banks and added 10000 600
for the circulation on the Pacific coast,
and so, coo coo for the holdings of other
banks and boards in all $135 600.
ITO this has been added each year
the coinage and the imports of domestic
coins and subtracted the re-coinage, the
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 date Of the last reported state
ment by the national banks, April 18th,
1900, their holdings were 195,769,S72.
The Treasury holdings May 1st, were
$426 ,9S9,371, the two aggregating $685.
759. 243 The estimate for May 1st was
81 ,O43, 525,117, which left 1920 900 600 to be
accounted for as held by State and private
and in af
pockets and private banks and boards.
This is the sum subject to modification.
"No account has been taken in the
past of gold carried out of the country
on the persons Of travellers, 1t being as
sumed that there was little Of It, and
that all but an inappreciable amount
was returned by incoming travellers.
This year the bureau has made a syste-
matte effort to.learn what this movement
amounted to. The replies indicate that
gold thus carried out finds its way
through bankers to the principal banks
of issue in the several countries. About
SIS, 600 per annum is melted at Geneva,
and in all a net loss of 5000 600 to $500 900
is indicated. AT the latter rate in TWEEN
ty-fiVe years the total would be 500,
600, 900, a sum that should be taken ac-
count of. An effort has been made to
arrive at the present consumption of
coin by manufacturers, jewelers., dentists
aud others in the industrial arts. In
quiries have been addressed to about
A., 600 firms and individuals and replies
have been received from 20 per cent. Of
them. The returns indicate a total con-
sumption of about $3,500OOO in coin per
year. Prior to 1898 the bureaus estimate
was never less than this amount, but
from 1893 it has been placed at 81 500 Geo.
The reduction seems to have been an
error An additional allowance of 49,,
900. 600 per year for seven years would
require correction of $14OOO,OO0
"Mr MuhIeman of the New York Sub
Treasury is of the opinion that owing
chiefly to errors made prior to 1885, the
estimate has been too large by perhaps
$1G0. COO 600. He attacks Or. Linderman's |
original estimate and argues that it was
So, eco too high, and he has recently made |
an exhaustive investigation of imports
and exports of coin and bullion since
1873 BY checking these from other
sources of information he is led to be-
lieve that at times bullion and foreign |
coin have been reported rs domestic |
coin, which carry error into the estimate |
of gold stock He thinks these errors in |
reported exports and imports may have
increased the estimates by as much as
$45 0O0. coo. Mr.. Muhleman's tables are
very elaborate and will require consid- |
cradle time for review. Some OF his |
corrections doubtless will be accepted |
and the amount finally deducted from the |
previous estimate, as a result of the |
revision, probably will be between $780, |
0O0 0G0 and $100,000,0 600"