Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-30
COPPERTURNED TOGOLD
A WALL STREET STORY OF HID
DEN ORIENTAL WEALTH.
Chinese Cash Said to Be Worth More
Than Current Value-Similar
Story About Pennies.

From the New York Times.
Distinguished scientists have so recently
lent their support to belief in the feasible
ity of extracting probably the gold which
Is known to exist in the waters of the
ocean that one Is prepared to hear OF the
success of plans to secure gold from el-
most any source. Nevertheless. there is
strong temptation to regard more as a
romance than plain statement of
fact the assertion that large quantities OF
gold are now being taken from the copper
coins of the Orient. Wall street was given
circumstantial account last week of the
extracting of gold from Chinese copper
cash, the presence of The precious metal
In a coin so base being explained by
the assumption that mining and subse-
quent refining operations were SO crudely
conducted In the realm Of the heather
Chinese that in the matter of his copper
coins at least he was utterly neglectful in
following his heathenish propensity of
making the most of his opportunities. a
neglect that more sophisticated beings
from the Occident are reported to be MAX
ing good on large scale. 1t was even
suggested that these beings were from no
less city than New York, though the
most important smelling interests IN New
York well in the country expressed
entire ignorance of the discovery of a
brand new gold mine in Chinese copper
coins.
Copper Exports.
To add a greater element of the ludi-
crous, the reported accumulation of these
copper coins in China for the purpose of
exporting thena was assigned as one Of
the chief reasons for the large exports Of
copper from this country to China during
the past year. The generally accepted and
most plausible explanation of these large
exports, namely, that the metal was
needed in connection with war operations
III the far east, was passed over In the
copper cash gold story probably as un-
worthy of consideration now that the real
explanation had been found. So far as
the mere accumulation of copper coins at
some of the treaty ports In Chint is con-
cerned, it is stated by persons here Who
keep in close touch with the copper sit.
uation all over the world that such ac-
cumulations are periodical, and occur for
much the same reason, IL not mucn IN Inc
same fashion, as our own barks increase
their supply of currency at the time or
harvest and at other seasons of the year.
Ii is stated that it not infreauently hap
pens that whole storehouScs are filled
with these copper coins, which have a
bulk that it would be impossible to find
vault room for even in banks accustomed
to handling millions in less bulky form.
Auriferous Coinsp
The story is interesting as a reminder
of similar idea that prevailed fo-
copper coins. Only three or four years
ago the report was circulated that a large
amount of gold had been accidentally
melted in with the copper tina was used
for that years coinage of copper cents,
and that In order to recover the gold the
government was retiring the whole com
agC OF cents of that year, he CONS nav
ing passed into circulation Before the
mistake was realized. The story resulted
in countless tenders of these one-cent
pieces to the local subtreasury, which
time and time again was asked 10 SCI
value on the cents. They We're worth L
cent and no more, and the inquirarS were
so informed, though many wece still IN
credulous, thinking the government desir-
Gus of getting the precious pennies bacI.
without paying for the gold tuat was IN
them. AS u matter of fact, the cents or
that year were only stamped at the
mint the disks having been manufactured
somewhere in the Nutmeg state. a fact
sufficient in itself to disprove the story
that gold had been placed where only
copper was supposed to be. But there
were many inlaginations that proved suf-
toto, and while the inherent improbabilities
of the past weeks story are not as
great as those of the story thar goId got
into copper disks manufactured IN Con-
necticut. yet it will take more substantial
ton than has yet been offered to make 1t
appear that we are exporting copper 20
Inc far east principally to replace Chi
ncse cash that is being melted down for
its gold values. That copper coins OF
China have been melted down during the
past year may well be, but it Is likely
that such melting has had mort reference
to the manufacture of bullets and car
tridges and similar implements OF war
than to search for wealth thar has teen
piling I'D for centuries in the hands of the
Chinese without their being aware Of the