The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-31
$i,44,S46, ESQ IN GOLD june |
ESTIMATE FOR THIS COUNTRY TO
CORRECT OLD ERRORS.
George u. Roberts. I,etIrtng Director NJ
Mint. Assemblies Figures tn show sup
ply and nays That In No other Country
Gan standard Money ne No enn

Mint, Assemblies Figures to show sup
ply and nays That In No Other Country
dan standard Money TIE So Defined.
WASHINGTON. July D.--The retiring Di-
rector OF the Mint. George r. Roberts, has
been conducting an inquiry for the purpose
OF verifying the Treasury estimates Of the
stock OF gold in the United States or OF
tracing errors therein. For a number OF
years the Treasury estimates OF the stock OF
gold in the United States "A v been ques-
toned by competent students. who have
believed them to be high. The amounts re-
ported TO he In the Treasury and In national
banks are not disputed. but the large residue
assumed to be In other banks and In circula-
ton IL considered a doubtful quantity. The
possible sources Of error are three: Errors
in Custom House returns of coin imports
and exports, errors In estimating the indus
trial consumption, and the unrecorded
movement of coin in and out of the country
in the immediate possession OF travellers.
Mr.. Roberts in a statement made to-day
says. There being no duty upon gold
bullion or coin il follows that customs Oii-
Gals are not "a particular to verify the ac-
curacy OF declarations as they would Dther-
wise DO. If a shipment Of gold bullion or
foreign gold coin should be accidentally
entered at a custom house as United States
coin IL would be taken up in the statistics
az an addition TO the stock. but the same
shipment would probably go directly to
Some Office Of the mint service and, after
coinage. he added TO the stock again. thus
efecting a duplication. Clerks were set at
work to trace the entries at the New York
Custom House and compare them with the
entries of foreign coin and btsllon at the
United States, Assay Office IN New York city.
The result wa the discovery Of such duEli-
cations to ar aggregate of S23. iO4. no. AMI It
in thought there Is warrant for raising this
by estimate to $50. 900. 600"
The Custom House figures for the move
ment Of United States gold coin between
this country and Canada show in the period
under review a balance against this country
OF SIS, Ills, $50, while the stock OF United
States gold coin IN the Dominion treasury
and in the chartered banks increased IN
the same period from about S5.OoO.OOO to
$43. 9l4, l54. IL il safe to estimate the loss
to Canada in excess of the Custom House
records at S25, 000. 900.
at has been assumed that coin carried
out OF the country 10y travellers was usually
brought back in the same manner, but the
probabilities are that some OF II is melted
down abroad and finally lost to our circula-
ton. Inquiries covering this phase of the
subject have been addressed to all our
consular officials in foreign countries and
replies received. The reports indicate that
less coin ia carried away in recent years
than formerly, but that an allowance should
he made. These losses since 1873 are esti-
mated at $40, 600, 600.
Summing up the deductions of SIS. OOO, 900
prior TO 1870. $9O.O0O,GO in customs entries,
e25. OOO, 900 for the Canadian movement,
s25. GOO, 900 for industrial consumption and
$40. 600, IN for the unrccorded exports. "A
total Of sl35. OOO. 600 is reached. This sum
taken from amount in other hanks and in
circulation on June 30. 1908. would leave
that estimate at SIPS. 793. 3s4. Bringing the
calculation down to June |. 1907. and making
the deductions. gives a total stock Of gold
coin and bullion in the mints of 81. ~ .s45. $50,
Of which 81. 100, Asa. $50 is held by the Treasury
and national banks.
"In no other country of the world can 40
large a percentage Of the estimated stock Of
standard money be definitely located"