The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-19
MANY MILLIONS MISSING.


Brooklyn Eagle.
Since the resumption Of specie payment
in 1879 a vast sum Of gold has disappeared
from circulation. The sum is estimated by
numbers at $500, 900. 900. No trace of it APP
pears In the regular statements OF the
Treasury Department, or In the national
bank returns 1t has been apparently COM
pletely swallowed UP.
The treasury has now determined to To-
cate this big fortune. if possible, and steps
have been taken to learn where IL has gone.
The director of the mint has started the
list in this work the aid OF all the whole
sale manufacturers Of jewelry and people
In all classes of manufacture and trade in
which the consumption of gold enters.
The treasury officials believe that a large
amount of money is taken out Of the circu-
lation every year by manufacturers OF
1ewelry. by dentists. makers Of gold leaf
and other commodities composed OF gold.
In their opinion a good part of the missing
$500 100000 is made up in this way. The
department has always made an estimate
of this amount in striking it's balances at
the end OF each year. but this has been so
unsatisfactory that Director Roberts has
now determined to get nearer the exact
sum withdrawn through these agencies. In
speaking OF his undertaking he said the
other day:
''In estimating the amount OF gold used
by manufacturers Of jewelry. dentists and
others each year We have been compelled
the minis and refiners. For the past ten
years we have placed this estimate at
1850, 900, this being based on the bullion
supplied to jewellers in bars by the mints
and assay offices and the private refiners
of the country. This Is undoubtedly about
correct, so far as the consumption OF gold
bars is concerned, but IL does not touch
the question of the amount of gold coin
that is melted by manufacturers and others
every year.
There is something like sSooooo.ooo In
gold which is missing from the amount
put into circulation L. the government In
the past twenty years. Our reports fur
nish very reliable data as TO where the
major part OF our money is, but none or
the records locate this s300.00000o. The
regular financial statements OF the treas
ury end OF the national banks show just
how much money is held on certain day.
with the exception, Of course, OF what Is
actually In active Circulation on the Gay
the account is made up. We have an ac-
count, also, of all gold shipments that go
abroad through the regular channels.
THE only other way we can explain the
absence of the $500, 900 In gold is that
1t is lost, boarded away somewhere or has
been melted down for use In the indus
trial arts. OF course. We must allow some
thing for the holdings Of private banks
and loan and trust companies. and Tor
some losses through tourists carrying IL
out of the country. But, even making al
lowances for all this, IL would still leave
a tremendous sum unaccouated for.
at believe that our yearly estimates for
the amount of gold consumed by manufac-
turers and others are entirely too small.
In order to determine this more accu-
rately, L have had twenty thousand circu-
lars prepared, which intend 10 send 10 all
wholesale and retail manufacturers OF jew
elry, manufacturers OF plated ware. to
members of the dental trade, the gold leaf
supply houses, and. in fact, TO all classes
of dealers and manufacturers who
gold and silver I'm their work. The circular
will ask that we be supplied with a
statement of the value of the gold and
silver used by each firm during the year.
We will ask for the race value OF all
United States coins used and the COM
mercial value OF United States mint or
assay Office bars, private reiners' bars.
foreign coin. old plate. jewelry, native
grains nuggets and wire or rolled plate
that have been used.
BLANK forms will be distributed with
the circular OF inquiry, showing just how
returns may be made. or course, all infor-
nation reported to us in this way will be
treated as confidential. and We will make
use OF only the aggregate.
81 wish to say something for the benefit
of those who may hesitate TO answer these
inquiries for fear they have unwittlngly
violated the statutes against mutilitating
of coin. II Is proper TO say that this stat
ute IS directed against fraudulent tamper-
ing with coin by which the weight Is re-
duced. 1t has never been construed to
apply TO the melting or total destruction
of coin. whereby IL has passed utterly
from circulation"