Show GOLD STOCK IN COUNTRY 0 PROBABLE MODIFICATION OF THE PREEN Director Roberts of the Mint Talks of the Inquiry Being Made by His Bureau and SubTreasury Washington Aug 3 George Roberts Rob-erts Director of the Mint speaking today of the probable modification of the present estimate of the stock of gold In the country said Some modification of the present estimate doubtless will be made as the result of an extended Inquiry that Is b lng made by this bureau and by Mr Muhleman of the New York subtreas ury The original basis oC the trens ury estimate is a computation made by Dr Llnderman Director of the Mint in 1873 Gold was then at a premium I and not in general circulation He j took the amount In the treasury and In national banks and added 20000000 for circulation on the Pacific coast i and 10000000 for the holdings of other ITo I banks and hoards in all 135000000 To this has been added each year II the coinage and Imports of domestic coin and subtracted the recolnage the exports and an estimated sum for consumption con-sumption In the arts The result Is the I current estimate The gold In the treasury and In the national bunks comprises only part of the stock that can be actually counted At the date of the last reported statement state-ment by the national banks April 20 1900 their holdings were 195709872 The treasury holdings May 1st were 120980371 tho two items aggregating 62l7fi92l3 The estimate for May 1st was M3525117 1 < which loft 420000000 to be accounted for as held by State and private banks trust companies and In safes pockets and hoards This Is the sum subject to modification No account has beon taken In the past of gold carried out of the country coun-try on persons of travelers it being assumed that there was little of It and that all but an appreciable amount was returned by Incoming travelers This year the bureau has made n systematic sys-tematic effort to learn what this move addressed ment amounted to by Inquiries dressed to the steamship lines moneychangers money-changers at the principal ports and our Consuls abroad The replies indicate In-dicate that gold thus carried out finds Its way through bankers to the principal prin-cipal banks of Issue In the seoral countries One tourist agency received from travelers from 100000 to 150000 per year and turned It Into the Bank of England About 75000 per annum Is melted at Geneva and in all a net I loss of 600000 to SSOOOOO Is Indicated At the later rate In twentyfive years tho total would be 20000000 a sum that should be taken account of An effort has been made to arrive at the present consumption of coin by miners Jewelers and other Industrial arts and the returns Indicate a total consumption consump-tion of about 3500000 In coin per year Prior to 1S03 the bureaus estimate was never less than this amount but from 1SD3 It has been placed at 1COO 000 I 000An additional allowance of 2000000 per year for seven years would requiro correction of 11000000 Mr Muhloman Is of the opinion that owing chiefly to errors made prior to 1885 the estimate has been too large by perhaps 100000000 He attacks at-tacks Dr LIndermans original estimate esti-mate and argues that It was 20000000 I too high and he has recently made an exhaustive Investigation of Imports and exports of coin and bullion since 1S73 By cbecking these from other sources of Information he Is led to believe be-lieve that at times bullion and gold coin have been reported as domestic coin which would carry error Into the I estimate of coin stock Ho thinks these errors In reporting exports and Imports Im-ports may have Increased the estimates esti-mates by ns much as 15000000 Some of his corrections doubtless will be accepted and the amount finally deducted from the previous cstl mote as a result of revision probably will be between 50000000 and 100 000000 These changes spread over the estimates for twentylive years and chiefly prior to 1SS5 signify nothing as to the available resources of tho country They alter the calculations as to the hidden hoards but they arc not a part of the active stock and arc not even available In the time of need for hoards increase Instead of diminish at such n time Reductions do not alter the figures for the great increase In our stock In recent years but rather emphasize it for the additions are made larger In proportion to the total stock The estimate for the stock on August hit last was 053518892 1 and If the entire 100000000 was deducted I the stock would remain 60 per cent above what It was four years ago The Inquiry as to the exact stock Iso Is-o value for statistical and staLslcLI compara tive purposes not for the purpose of determining whether or not the coun try has gold enough A country on the gold basis gets the share of the wod sold s-old which Its proportion of the worlds business brines it |