Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-01-31
k>oso>o>O>o>o>ososo>oo~os
! What They DO
| With the Gold
! From Europe.
The Sub Treasury
Cashier Explains the /:
Simple System by
Which Foreign Gold,
Arriving by Ship in +;
New York, is Turned
Into American Gold.
BY GEORGE w. nARLOR, CASHIER
OF The L. S. SUB-TREASURY.


Buying 100000 worth of gol,
from the Bank of England is no NOR
complex a transaction than buying
piece of real estate. Whatever diff
ference there is In the two is in favol
of the gold purchase. In 1t you ar;
pretty sure to get the value of you
money.
Much Of the gold bought by the
large banking houses of New Yorl
and other American cities is purchased
from the Bank of England or the Banl
of France. Its purchase is arranged
for by the English or French agents
of the bank that wishes to secure
the gold. The price that will have
to be paid depends largely upon the
demand. At the present time, when
every dollar of gold that can be Sc
cured is being eagerly sought by
bankers here, the price is as high as
and per cent.
The shipment of the gold is &C
companied by comparatively few ex-
ira precautions. An extra detective
or two from Scotland Yard, perhaps,
and as many other private detectives
employed by the Bank of England
furnish all the protection needed.
All gold imported into this country
comes in one of two forms. 1t is
either in gold bars or in coin. II
in coin 1t is usually American money
that has been sent abroad in some
previous year, for a comparatively
small amount of foreign gold coin is
brought here. Whether in bar or coin,
however, 1t is all shipped in small
steel cases. The bars are of an exact
length, so as to permit them being
packed tightly in the cases, while the
coins are in bags, irrespective of de-
nominations, that hold just 500
ounces.
The arrival of a gold-laden ship at
her pier in the North River is no diff
ferent, so far as precautions for the
gold itself is concerned, from that of
any other vessel. There are always
government officials, city officials and
private detectives to meet each ship
and the arrival o. boat with yl0,-
100000 of gold aboard will result in
no more than one of two extra men
being present to ride on the wagons
carrying the gold away from the
pier.
The steel boxes, with their precious
contents, as they are carted down
from the ship to the wharfs, might
from their appearance contain only
ordinary merchandise. II any unusual
precautions be taken, however, 1t is
during the brief moments that the
boxes with their millions are lying
on the pier waiting to be lifted into
the wagons and carted away. Then
they are watched by a good many
pairs of eyes, and not a stranger is
allowed to approach anywhere near
hem.
The final act of the purchase of gold |
liffers in times of panic and at ordi- |
nary times. At the present time, !
when the necessity for gold is so |
great that every moment is precious,
is real value in relieving a situation,
such as We have been going through |
'ecently comes only when it is piled |
high on the counters of the banks |
md trust companies awaiting the de- |
hands of the creditors of those in
ititutions.
The gold that arrives in bars goes
lirect to the Assay office. Before any
Ittempt is made to analyze it and
scertain its real value the purchaser
eceives a certified check from the
Assayer for SO per cent. of the value
to be contained in the bars.
The check can be converted into
ash Immediately and the delay of
wo or three days necessary to make
complete assay of the shipment is
voided. Whatever additional sum is
ne the purchaser after the Assayer's
eport is made, he receives in a day
r two.
Much the same process, so far as
xpediency isa concerned, is gone
trough with the gold coins. They
lstead Of going to the Assay Office,
o direct to the Sub-Treasury. Each
az Is weighed unopened, and IL found
, tip the scales of 500 ounces $4,000
cash is Immediately advanced.
hat process saves many hours, for
ach bag has to be opened, the coins
'sorted into their several denomina-
ons, counted and weighed for loss
ON abrasions. After that is done
Ie money is returned to bags con-
lining $1,000 each and the balance
lie the purchaser, whatever 1t nay
}, is forwarded to him.
The only other class of gold ship
ent that has to be handled is that
foreign gold coins. They are not }
EN- counted but are placed imme- 0
ately in a crucible. melted and then
mt to the Assay once, where they
Q treated as were the gold bars. Q
lie extra time necessary to secure
tual American money for the gold
ins OF foreign nations is the chief u
ason for the small amount of gold
ported In that form. q
As between shipping gold in coin
bars there Is little preference. It 8
said that the motion Of the ships y
uses loss Of about 5000 in every %
Ipment Of 100000. 1t is a fact,
viewer, that the coins do lose con-