The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-04
Present stock of Coin and Bullion Is
Sixty Per Cent. Above What 1t
Was Four Years Ago.
MKINLEY EN- ROUTE TO CANTON
HAS FINISHED ROUTINE WORK AT
THE NATIONAL CAPITAL.
sensational Breach of Promise Suit
Against Major Armes-MfIwau-
KEGS Population 2S5,315.

-
WASHINGTON, Aug. 2.-Mr. Roberts.
the director of the mint, i'm 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 estimate doubtless will be made as
the result of an extended inquiry that is
being made by the bureau and by Mr.
| Muheman, of the New York subtreasury,
but the reduction will be small as COM
| pared 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 premium
| and not in general circulation. He took
| the amount in the treasury and in national
| banks and added $4,000, 900 for circulation
on the Pacific coast and $l0,00O,OO0 for the
| holdings of other banks and boards, in all
s1s5OOO,OO0. To this has been added each
year the coinage and the imports of domes-
tic coin, subtracting the recoinage. the ex-
ports and estimated sum for consump-
ton in the arts. The result is the current
estimate
THE gold in the treasury and in the
| tional banks comprises the only part of
the stock that can be actually counted. At
the date of the last reported statement by
| the national banks-April 26. 1900-their
holdings were sl95, ,769,S72. The treasury
| holdings May l were s426 9S9, 81, the two
items aggregating s622, 75s,2 24S. The estimate
for May / was 1,043, ,525, III, which left $780,
| 100000 to be accounted for held by state
| and private banks, trust companies and in
safes. pockets and boards. This is the sum
| subject to modification.
mo account has been taken in the past
| of gold carried out of the country on per-
sons of travellers, it being assumed that
| there was little of it and that all but an in
| apprecable amount was returned by in
| coming travellers. This year the bureau
| has made a systematic effort to learn what
this movement amounted to by Inquiries
| addressed to the steamship lines, money
| changers at the principal ports and our
consuls abroad. The replies indicate that
| gold thus carried out finds its way through
bankers to the principal banks of issue in
the several countries. The tourist agency
of Cook & Sons receives from travellers
from 100000 to $4,000 per year and turns
| ii into the Bank of England. About S75, 900
| per annum is melted at Geneva. and in all
I a net loss of 100000 to 100000 is indicated
| At the latter rate in twenty-five years the
| total would be $20.O00O00, sum that should
be taken account of. An. effort has been
made to arrive at the present consumption
| OF coin by manufacturers, jewelers., dent
| lists and others in the industrial arts In
| quiries have been addressed to about As 600
| firms and individuals and replies have been
| received from 20 per cent. of them The re-
| turns indicate total consumption of about
s3.5oO,oOO in coin per year. Prior to 1898 the
bureau estimate was never less than this
amount, but from 1893 it has been placed
at s1.5Oo.OOO. The reduction seems to have
been an error. An additional allowance of
s2,OOO,OOO per year for seven years would re-
| quire a correction of s14,00O,OOO.
| MIR. Muhleman, of the New York SUBJ
treasury, has been a diligent student of the
subject for years. and is of opinion that
owing chiefly TO errors made prior to 1895,
| the estimate has been too large by perhaps
s1O0,OOO,OOO He attacks Dr. Linderman's $
/ original estimate and argues that ii was
s29, 900 too high, and he has recently
made an exhaustive investigation of i'm
| ports and exports of coin and bullion since
1873. BY checking these from other sources
of information he is led to believe that at
| times the bullion and foreign coin have
been reported as domestic coin which
| would carry error into the estimate of coin
/ stock. He thinks these errors in reported
| exports and imports may have increased
| the estimates by as much as si5 OO0 OOo
| Mr.. Muhlemans tables are very elaborate
/ and will require considerable time for re-
| view. 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 be-
tween s50,000,0 900 and 800 00O0. 600. In my opin-
| ion there should be much more extended
| inquiry before the figures are finally fixed
| on as the result of this investigation will
| be the basis Of calculations for a long time
/ to come These changes, spread over the
! estimates for twenty-five years and chiefly
| prior TO 1855. signify nothing as to the avail
| able resources of the country. They alter
| the calculations as to the hidden boards
| but they not part of the active stock
| and are not even available in time of need
| for boards increase instead of diminish at
| such time. Reductions do not alter the
| figures for the great increase I'm our stock
| in recent years. but rather emphasize H.
| for the additions are made larger I'm pro-
| portion to the total stock. The estimated
| stock on Aug / was 81. .o5s SIS. SOC. and IL the
entire sl00.0o0,ooo was deducted the stock
| would remain so per cent. above what IL
| was four years ago.
THE inquiry as to the exact stock Is of
value for statistical and comparative pur-
poses. not for the purposes of determining
/ whether or not the country has gold
enough A country on the gold basis gets
| the share of the worlds gold which fits pro-
portion of the worlds business brings to IT,
| That share is controlled by the laws of
trade, not by governmental regulation. An
inquiry into the share which each country