HOW THE AMERICANS STOW THEIR GOLD.

Westport Times, Volume IV, Issue 651, 28 April 1870, Page 3

HOW THE AMERICANS STOW THEIR GOLD.

The reports of the American papers of a proceeding which has just occurred at the New York Sub-Treasury are of some interest as illustrating the difficulties of the United States Government as owner of a large hoard of gold. The Assistant-Treasurer is held personally responsible for every penny which the Treasury vaults contain, and at every change of appointment the money must be counted, so that the new appointee may have his responsibility defined. As there are now about seventy-five million dollars in gold coin (fifteen million sterling} and about forty thousand dollars in silver in the vaults it may be seen what labor of counting is involved in the transfer rendered necessary to count every coin, the chests and bags being equalised and only one or two counted against which the others may be weighed; but much as the process can be abbreviated it still takes a long time—occupying on the previous occasion twelve days. The arrangements for the custody of the money are of the most solid kind. The vaults are two in number, situated on the main floor of the building. The sides and roof of each are of eight feet granite masonry and two feet of iron plates. Between the plates are musket balls laid in loose. The floor is thirty feet of masonry and two feet of iron plates, also with a layer of musket balls. Each vault is closed by four iron doors weighing two tons each, and fastened by two combination locks to each door. The three inner doors are locked without a key, while the locks on the outer ones are operated by means of an instrument about an inch long by half an inch wide, which may be carried in a vest pocket. Each vault is about twelve feet square. On the sides of each apartment are built one hundred and twenty chests of iron, each of the capacity of a quarter of a million of gold coin. Each chest when full is closed by an iron door, and fastened with a lock which is sealed, so that the door cannot be tampered with without breaking the seal. In this way the United States Government performs its business as the second or third largest holder of gold in the World—the Bank of France being the largest, and the Bank of England only sometimes exceeding the usual figure of the American Government.