Omaha daily bee., 1900-01-31
MANY MILLIONS MISSING.
Gold that Has Disappeared from Cir
nnIntInn In TANcniN Ncnrs.

Since the resumption Of specie payment
in 1879. relates the Brooklyn Eagle, a vast
sum OF gold has disappeared from ctrcuia-
ton. This sum Is estimated by Treasury
department officials in round numbers at
$500, 900, OOO. No trace Of 1t appears in the
regular Of the Treasury depart
mcn' or in the national bank returns, IL
| hus Deen apparently swallowed UP.
ile treasury has now determined to To-
cate this big fortune, IL possible, and steps
have been taken to learn where 1t has gone.
The director of the mint has started the
search after the $500, 600, 900, and he is to
enlist in this work the aid Of all the whole
sale manufacturers OF jewelry and people
in all classes of manufacture and trade 10
which the consumption of gold enters.
The treasury officials believe that a l'.sa
amount OF money is taken out of the cH-
culation every year by manufacturer OF
jewelry, by dentists, makers of gold leaf
and other commodities composed or gold.
In their opinion a good part of the missing
$500, 900, 900 is made up in this way. The de-
partment has always made an estimate oil
this amount in striking its balances at the
end of each year, but this has been so un-
satisfactory 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withdrawn through these agencies.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:
I'm estimating the amount Of gold used
!, by manufacturers of jewelry, dentists and
! others each year we have been compelled
: in the past TO depend upon the reports OF
the mints and refiners. For the last ten
5 years we have placed this estimate at
( 81, 500, 900, this being based on the bullion
4 supplied to jewelers. in bars by the minis
S and assay offices and the private refiners
Q OF the country. This is undoubtedly about
r correct, so far as the consumption Of gold
e bars is concerned. but it does not touch
the question Of the amount of gold coin
that is melted by manufacturers and others
every year.
, "Thers is something like $500, 900, 900 ir
gold which is missing from the amount
= put into circulation by the government II
z the last twenty years. Our reports furnish
- very reliable data as to where the majoI
il part OF our money is, but none OF the rec
: ords locate this $500, 900, 900. The regula'
e financial statements of the treasury anC
h OF the national banks. show just how mucl
! money is held on a certain day, with tn,
h exception, of course Of what is actual,
e IN active circulation on the day the ac
n count is made up. We have an accoun
% also of, all gold shipments that go abroa
lie through the regular channels.
THE only other way we can explain III
fe absence OF the S3oo'ooo'ooo IN sold Is ina
N 1t is lost, hoarded away somewhere OF ma
is been melted down Tor use IN the industrla
~ arts. OF course we must allow somethin
De for the holdings OF private nanks ana loa
re and trust companies and for some losse
of through tourists carrying it out OF tn
I'd country. But, even making allowances 70
l. all this, it would still. leave a tremendou
OF sum unaccounted for.
ne 81 believe that our yearly estimates fo
ne the amount of gold consumed by manufac
q turers and others are entirely too small. I
to order to determine this more accurately
We have had 10000 circulars prepared, whic
er I intend to send to all wholesale and re