Year: 1879

such light money market as has recently been ex-
perenoed with consequent high rates. the loss of in
terest upon million or million and half dollars
for even few days is big item. and bankers natu
rally chafe at having 1t out Of reach while borrowers
stand begging for it. The amount Of the present
influx of gold will probably be double that of any
other year in the history Of the country. About
S12,OOOOoO have already arrived. some ss.0000o0
are afioat. and it is expected that S75.Ooo,o0o
will have arrived before New Years Day.
The present current Of trade in favor Of this country
has been flowing for three years. but immense
quantities of our bonds held abroad. and these
were bought up and shipped hither instead Of
money to pay for goods. 1t is estimated by COM
petent authorities that not less than G0o0o0OOO Of
our bonds have been returned from abroad in COM
paratively few years. The amount held In Europe
is now small as to practically prohibit their ex-
portation, since tho purchase Of any considerable
amount at puts the prices up high that it is
cheaper aud more convenient to send gold. This
being the case, the immense quantities of grain
are shipping must be paid for in gold. Before
the resumption of specie payments all the
gold imported withdrew from circulation the
amount necessary to carry it, and hence
tightened the money market. Now, however
every ounce OF gold brought here adds SO much d-
rectly the circulating medium, and tends to
the money market. Before it can pass into the
rency, however, it must be assayed and coinod
Any action the part Of the government which
tends facilitate to retard these operations may
have tho most important influence upon the money
market, aud through that upon the trade OF the
country. Hence 1t becomes Of the highest impor-
tance to inquire whether the complaints OF the gold
importers have any foundation.


THE OFFICIALS BLAMKLEss.


HERALD reporter having visited tho complain
ants and also tho officials of the Assay Once
wherein, it has been charged, the delay OCCURS COL
lected tine information which follows, and which
quits the ofciss there of all blame and throws the
responsibility for any delay upon the system and
not upon those who administer 1t. In the first
place. the facilities for handling such uncom-
monty large importation are lacking. Tho building
adjoining the Sub-Treasury which is occupied by
the Assay Office, is not adapted to the purpose be-
ing the structure known to the people of the last
generation the United States Bank. Not
witbstandng it has but six furnaces for do.
posit melting there never has been any complaint
Of delay since the foundation of the establishments
in 1854 until the present tine. Tie largest influx
of gold heretofore in 1S6O-61. During tho last
three months Of tire former year and the first two
quarters of $42 900 of British gold
handled in the Assay Office. This amount
large excite q great deal Of attention at the
time. and the prospects of our assuming position
a creditor nation were regarded very fattering.
Then came the war. piunging the country deep in
debt. and now. with the resumption OF specie pay
once more flows to shores and in
stream Of unprecedented magnitude. One notable
namely 1S73-just before the panic, when $l3 900
in British and French gold received at the Assay
Office. with the exception OF that year the business
small, comparatively speaking that since the
outbreak of the the great mass of the people for
got the existence Of such an institution as the
COMPLAIN of delay probably know little
about the work involved in melting and appraising
the metal they deliver. Until ten years ago the
government for the accom- modation of gold import
ers, delivered to them, upon the receipt OF the
bullion. gold certificates for ninety-hve per cent Of
the estimated value of the deposits. leaving margin
of five per cent to be adjusted when the assay was
made These certificates could be used a,sost ns
we'll cash by the importers. who then suffered
delay in getting the use of their money.


THE PRRsENT SYSTEM.


It s the institution OF this system that the bankers
demand Uncle sam however, declares that il is too
risky, and he declines to do more than furnish
receipt for the gross weight OF metal until he shall
melt and sppraise 1t ut It's exact value. Under
circumstances, however, does more than four days
eapse between the deposit OF the metal and the de-
livery of its equivalent to the deposition. All the
loss Of time that elapses between the assay of the
metal and its conversion into il borne by the
government the deposition being paid the value Of his
consequence Of there being NO mint in the metrop
oils all these vast weights OF gold and silver have to
be sent at Uncle Sans expense to the mint ut Phil
adelphia and brought back whom coined. In this
way the government suffers the loss cntaiied by





that intervene between the assay and coinage Tho
Philadelphia Mint is so taxed to produce
anred Ss Sy pss nosss
gold from Now YORK must lie and 'take
its chance" for coinage. About sAocooW
in the vaults of the Mint waiting for coinage. 1t
very clear that It will not take long empty the
Golfers of the Assay Once IL it is to pay its funds
for bullion which it cannot convert rapidly into
rency. 1t was reported in the WASHINGTON de-
spatches recently that tho Secretary of the Treas
had r,la Mt ho
OF the Superintendent of the Assay Once.
Only $5ooo.Ooo were so placed to the credit OF the
Assay Office and on Thursday this amount was
hausted. leaving the Office with no money on hand,
all the funds lying in the Mint at Philadelphia.
July. A correspondence had been in progress be-
tween the Director Of the Mint an and d. the Treasury
Department, and yesterday S10,0O0000 we're placed
TO the credit of the Assay ONCE.


PnyssrrG OBLIGATIONS


It was just In time since ncary six tons of gold
was deposited at the Office on Thursday to be
assaycd, and the amounts received yesterday were
also very large. These amounts will in the course
of business have to be paid for in few days.
of gold, IL may be Doted. is worth a little over
$500.OOO. From this II appears that when
says his wife Is worth her weight In gold. ho
The time which elapses between the delivery OF
the gold and the payment cannot, the Assay officials
say, be abbreviated. very great proportion OF the
metal they are now receiving is in the form of
twenty franc pieces from the mint of the French
Republic ana so bright and pretty that it a
pity to melt them up again. The bankers. 1t ~ as
Serted their IN currency Tor these quicker
than they could have them counted piece by piece.
Tho bankers hardly fair In thcr estimates Of the
time they kept waiting. For instance. IL a
steamer arrives after three four o'clock in the
afternoon, tho banker counts that day of de-
lay, when, Ms matter Of fact, the metal must lie
untouched night In the vault of the Assay Oncc
when II IL delivered there at such late hour, the
work for that day has all been planned and IL under
way. II bullion Is deposited prior to noon. is. II
possible weighed and melted tho same day. and the


'slips from IL are in the hands OF tho assayers by
four O'Clock in the afternoon. and may. perhaps.
be made up by him for the furnaces. As q
rule however, they lie In his hands until
the next morning. tho slips Tor each
days work generally laid out on the
previous evening. Two slips from each melt
are tested separately by different assayers. II these
assays agree and discrepancies are found. the
ports handed TO the coinputor by two O'Clock
the day after the deposit received. In another
hour the value is determined and warrants Tor the