The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-07-31
UNITED STATES
STOCK OF GOLD
Result of Careful Estimate by
George E. Roberts, Retiring
Director of the Mint.
ALLOWANCE FOR ERRORS
FIGURES SHOW A GRAND TOTAL
OF s1,4s4, ,28o.

Washington, July 30.-The retiring
director of the mint, George E. Rob
erts, has been for number of years
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, and today
gave out the following summary of
his conclusions:
For a number of years the treasury
estimates of the stock of gold in the
United States have been questioned by
competent students, who have believed
them to be high. The amounts report
ed to be in the treasury ana in nation
al banks are not disputed, but the
large residue assumed to be in other
banks and in circulation is considered
a doubtful quantity, For example, the
estimate for June 80. 1906, was as fol-
lows:
United States treasury ....S S04,S4O, l35
National banks -..--------. 1928 Isl
National banks by clearing
house certificates ..... 69,197,0 900
Other banks and in circu-
lation ................ go. 4SO,S44, fS5
4oIttl ..-....'s.. 800 -- .@I,1' -'SS0s-V'
The report Of the comptroller of the
other banks not in the national system
reported to him as holding on that date
a total of S54,397 .279, including clearing
house certificates. These banks also
held SS1, 81 ,6S1 in unclassified cash, "
and 81 .027, 629 In specie" Allowing the
usual percentage of this TO be gold and
making some further allowance for
private banks not responding to the
comptrOller's unofficial inquiry, $780,
900, 900 is considered a fair. estimate for
the gold coin in banking institutions
other than national.
Estimate for California.
The laws of the state of California
require the moneys of the state, coun-
ty and municipal governments to be
kept in the immediate custody of the
treasurers, and this is held to mean
that the cash must be in the vaults of
their offices instead of on deposit in
banks. The aggregate amount of gold
coin so held in the state of California
on the first Monday in July, 1906, was
S20,151, 400. These are the only large
holdings of gold of which there is def
mite knowledge.
The total, therefore, of gold which
may be said to have been in sight in
this country on June 80. 1906, was ST.
112, POI, S25, leaving 1850, 793, 3S4 to be
considered lin other banks and in cir
culatiOn." For this last item it is evil
dent there can be no exact figures. The
sum total is arrived at by the method
described below, and after the analysis
above given is made the remainder is
assigned to the unknown holdings.
The treasury estimate dates from
June 80, 1873, when DIR. Henry r. Lin
derman, director of the mint, estimated
the total stock of the country at $685.
O00, 900. The conditions then were ia
vorable to a close estimate. The coun-
try was on paper basis, and the
stock Of gold comparatively small. DR..
LindeTman in framing his estimate.
said that he had taken the amounts in
the treasury and national banks and
added an allowance of $40, 000, 900 for
the amount in circulation on the Pa
cific coast and $4,000, 900 for the hold
lngs of the public in other parts of the
country.
Since 1873 the coinage of the mints