The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-07-31

dustrially have been regularly deduct
ed. By this method the estimate had
been built up from year to year to
the totals used.
Possible Sources of Error.
these estimates are carried along, are
three, to-wit:
Ffrst-Errors in custom house re-
turns Of coin imports and exports
Second-Errors in estimating the in
dustriai consumption.
Third-The unrecorded movement of
cion in and out of the country in the
immediate possession of travellers.
1t is evident that if errors under
these heads should be cumulative they
would become important in a long term
of years, even though inconsiderable in
any single year. Whatever errors oc-
CURED would affect the amount as
signed to 'other banks and in circu-
lation," the sums in the treasury and
national banks being definite and Of
fetal
Among the most intelligent and we'll
informed of the critics has been Maui
rice L. Muhleman, for many years an
official OF the treasury department. He
has several times reviewed the esti-
mates and given cogent reasons for
believing them too high. The director
Of the mint has been satisfied for sew
eral years that errors had crept into
the estimates, but has preferred not to
announce a revision until all sources
of information had been exhausted. He
is now ready to make the changes sub
mitted below.
Error in Original Estimate.
The first error to be noted is one dis
hxr
derman's original estimate of the stock
in the country June 80. 1873. The stock
OF gold actually in the treasury on
that date, after various "coin items
are eliminated, was only 81, 1SS,54S; the
stock of specie" in national banks at
the nearest statement thereto was a.
S1S,0S6 The latter included some sill
yer coin. The nearest date for which
the stock of silver coin in banks is OBJ
tainable is June 30, 1876, when it was
81, Az, 5O4. 1t seems probable that there
was silver coin to the amount of ST.
100000 in the banks on June 80. 1874.
which would make their gold holdings
$S,S1S,OS6. Adding the $50 900, 900 esti-
mated by DR.. Linderman as the amount
in the hands of other banks and the
public, the total in the country on that
date would be sos, 0O6, 634, instead Of
Sl35. 000. GOO. This difference is undoubt-
eddy due to DR.. Lindermans having
included certain coin items" such as
bonds, in his figures for gold in the
treasury.
Errors in imports and Exports.
There being no duty upon gold bull
lion or coin it naturally follows that
customs officials are not as particular
to verify the accuracy of declarations
as they would otherwise be- If a ship
ment of gold bullion or foreign gold
coin should be accidentally entered at
a custom house as United States coin
it would be taken up in the statistics
as an addition to the stock, but the
same shipment would probably go di-
rectly to some office of the mint serv-
ice, and, after coinage, be added to the
stock again, thus effecting a duplica-
ton. Having occasion to suspect that
this had actually occurred, 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 bullion at the United States assay
office in New York City. The result
was the discovery of such Implications
to an aggregate of S29, 10, and it is
thought there is warrant for raising
this by estimate to 10000, 900.
The Canadian Figures.
The custom house figures for the
movement of United States gold coin
between this country and Canada evil
IDENTIFY do not tell the whole story They
show in the period under review a bal
ance against this country of $15,I15,6S9
while the stock Of United States gold
coin in the Dominion treasury and in
the chartered banks increased in the
same period from about $4,000. 900 to
Is 80
less to Canada in excess of the custom
house records at $4,000, 600. Canada,
it should be understood, during these
years has had no gold coinage of its
own, and United States gold coin is a
legal reserve against its bank notes.
Coin Carried by Travellers.
It has been assumed that coin car
ried out of the country by travellers
was usually brought back i'm the same
manner, but the probabilities are that
some of it is melted down abroad and
finally lost to our circulation. Inuui-
ries covering this phase of the subject
have been addressed to all our consular
officials in foreign countries and re-
plies received. The reports indicate
that less coin is carried away In recent
years than formerly, but that an al
lowance should be made. These losses
Industrial Use.
revised estimate of the amount |
consumed in Industrial consumption, |
based upon the mora definite informa- !
ton obtained in recent years, raises /
previous estimates by the sum of $685.
900, 600.
Total Deductions.
Summing up the deductions of $685.
100000 prior to 1880, $50, 900. 600 in Gus
toms entries, $751; 900 for the Cana /
dian movement. S25, 600, 900 for indus
trial consumption, and $40, 900. 900 for /
the unrecorded exports. a total of S135.-
100000 is reached. This sum taken
from amount in other banks and in |
circulation on June 30, 1906, would |
leave that estimate at 1925, 793, 1884.
Bringing the calculation down to June |
|, 1907, and making the deductions, /
gives total stock of gold coin and /
bullion On the mints) of $1,4S4, S45. $50.
Of which S1.109, ass, $50 is held by the
treasury and national banks.
1t Is believed that these are all of
me deductions that are warranted hx, a |