River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-12-18


he amount Of ~, ss9 54s97 ia gold, ana SlH,6s5
l2b.Sa in silver, total of Saf,44a,us99i, fHe and
imported bars were made in the amount OK Sl2,.
s4e, SIZES Of gold, and S9D45 s03ll of silver, The
minis ana assay Offices generally are in excellent
eahdit on, and their capacity is sufficient ta meet
the demand for coinage and bars The GOLD coin
age sinee 1879, about which time II disappeared
from circulation. has been principally in dOuble
eagles. but during The last year over per cent Of
the gold coins struck were in pieces of smaller
denomination. The coinage OF eagles ana hall
eagles win be continued until me demana for
small gold coin is suppliee The coinage OF stand.
ard silver dollars has been Kept fully no 10 Ae re-
qulftMent Of law, Notwithstanding the difficulty
experienced in procuring silver bullion fer The
tnHts al sau Francisco and Carson at market
rates.
The amount Of silver coin OF less than DOLLAR
provided for by law having been executed the
coinage of thie money has been suspended, The
demand for minor coins pariiculGrly for the one,
duction from the mines Of tie United States for
the last gear is estimated by the director 10 be
naaT4y ss0,0oa,8C0 the production of gold and
silver being equal H., iha yssa an t ,bsl
Of The preceding year. caused by dmiautian
in the yield Of the mines OF Nevada, which WAS
not compensated by increased production IL
The director estimates the coin in the country
on Oct 81, 1879, at S359, IS ,sg OF gold and sisi
455,350 Of silver. Tho bullion Ia the minis and
New York as ay office at that date awaiting coin
age amounted to S4p a3l 35 Of gold and "a, a33 lS
OF silver, king the total amount OF corr and
bullion sasl sb9l,t6a. The estimating Of the spocit
IN the country az any given time, Is always dill
eui,; but this estimate appears 20 have been care
fully prepared from coinage reports and statistics
OF recoinage, export ana import
The amount of gold and silver annually used IN
the arts and manufactures forms no incOhRidcr
able factor in estimating the production If the
mines, or the specie available for eirculauea, and
an attempt has been made TO arrive at the
amounts so used from records Of the New York
assay Office, which furnishes the principal part OF
Of the metals consumed for these purposes, eHG
from the report of the manufacturers. 19ie gen
era results while incomplete in details, indicate
that the total consumption Tor purposes other
than coinage is i'll excess OF estimates heretofore
made, In the last annual report the secretary
stated:
II would seem TO be the bast policy ser the
present TO limit the aggregate issue OF our silver
dollars, based on the ratio of Sixteen to ene, Il
such sums as can clearly be maintained at PAL
with gold until the price Of silver in the market
shall assume definite ratio to- gold, when thai
ratio should be adopted and our coins made e
conform TO It; and the secretary respectfully rec
ommsnds that he be authorized to discontinue the
coinage of the silver doIlaFwhen the amount out
Standing shall exceed x50,000,000
lie respectfully calls the attention of congress
to the Importance of further limiting the coinage
of the silver dollar The market value OF the
bullion in this coin has been, during tlle past
year 10 to is per cent. less that the market value
of the bullion in the gold dollar.
The total amount of silver dollars coined 80 Nov
1879, nnder the act Of Feb %, 1873 was S45,206
go, of which SI3,002 Coz was in circulation aDG
the remainder. S32 2E333S in the treasury 10 thas
time. No effort has been spared 10 put this cUfE
in circulation Owing 10 its limited coinage ii
has been kept at par, but its free coinage 5oulC
soon reduce its current value TO its bulldog value
and thus establish q single silver standard. The
inevitable les nit would be TO exclude go)6 coif
from circulation. 1t is impossible TO ascertain
what amount of silver coin, based upon tbs ratio
of sixteen of silver TO of gold, can be main.
tined par with gold; but it is manifest that this
can only be done by the government helding in ltd
vaults the great body of the silver coin. 1t wou1d
tied coinage unless ii is desirable to measure ali
values by the silver standard Ghe secretary can
not too strongly urge the importance OF ad. ustng
the coinage rates Of the two metals by treatees
with commercial nations, anu, antu this can be
done, Of limiting the coinage of the silver dollars
to such sum; for, in the opinion OF congress
this would enable thedepartment to readily main
tain the standard dollars of gold and silver at par
with each other.
THE NATIONAL BANKS.
The report Of the comptroller of the corrency
gives complete statistics relative TO the operations
of the national banking system, from its 6rganza-
ZION uut1l the present timei the number o. aanks
in operation on Oct of the present year, the date
of their last reports 2,0as, snd the aggregate
capital $454 OF, 1865; surplus Sl64 ss 52S; tnvidu
al deposits, $719, 737, SOS; specie, including United
States coin and certificates, s42 t73;731.25 legal
tender notes, including United States certificates
s95,973, 49, loanss Ss75,0f5 1o7 The total eireua
Among the subjects discussed In the report are the
relations which have existed between the national
banks and the government in the resumption Of
specie payments and in the funding of the public
debt. In both of these important financial opera
tons the co-operation OF the national banks has
been of essential service,to the government, The
banks, in the aggregate, have constantly EeEt on
hand as reserves nearly onc-third of The entire
amount of legal-tcndcr notes outstanding, which,
together with the coiu, IS much III excess OF the
amount of the reserves required by law. They
have constantly held security for their circulat-
ing notes and for government deposits ana other
n he
ing debt of the Unitad States. They have main
tanned their legal reserves in the treasury Tor the
redemption Of their circulating notes, and such
has been made, without failure or de-
lay, at their expense. In this mode exchanges
have been made between all parts of the country
at the lowest possible rates. The effect of the
business depression prevalent from 1873 until the
resumption of specie payments upon the nstional
banks is shown in the losses which the7 have
sustained and the dividends which many have
been compelled to pass; also by the noticeable
diminution from year tie year. The aggregate
capital and deposits of banks other than national
is also given, and such other information in ref
ercncc TO those banks as could he obtained from
the officers who have charge of the execution Of
the banking laws in the different states. The
large teXes paid by national banks TO the n&tonal
state, and municipal authorities have been great
aid IN relieving other property from the burden Of
taxation, and in the aggregate, are more than the
interest at per cent on their entire circulation.
Thus the large amornt of non-taxable United
States bonds held by them became taxable, and
these taxes are in effect paid for the franchise
they enjoy of issuing circulating notes. The cost
of iduidating the affairs of national banks which
have been placed in the hands of receivers since
the establishment of the system is, for the first
time, given in the report, and wild serve TO correct
The impression which has to some extent prevail
ed, that too great portion of the assets of such
banks has been expended in the settlement OF
their afhirs. Tables are also given, showing the
loss to deposit0rs, and also other creditors,
through the insolvency of national banks, and
these losses are compared with similar leeRek in
Cured by the cfiditcrs of nsolyent banks other
than national, and the comparison is exceedingly
favorable to the national system The circulation
Of the banks, which, since the passage of The act
Of Jan, ia, 1875, has largely decreased, Is now in
creasingdn its aggregate amount showing that
the system responds promptly to the varying re-
lurements of business The advantages Of this
system over any system Of banks hitherto devised
IRE that their circulating notes ate secured be-
5ond peradventure Of loss, they are of universal
more perfectly protected from cVuntcTfe ting;
hey equal exchanges between distant paris Of the
country they are promptly redeemed on demand
1t one common place; the banks are subject 10
strict and Vgl}ant surveillance by Independent OF
icers of the government; their cond on ~ IRE
luently made known to tho public, and they CON
tribute very large percentage Of theiI prodts in
his way Of taxes. A system of banking that
after an existence OF sixteen Of years, through
periods of great imitation and great depression,
has produced such results, may fairly appeal for
the confidence and support Of congress.
RICE.
The total importation OF rice during Inc last MS
al year amounted TO rs, ,a25 pounds. OF this
5q,43s $40 pounds were imported into
san Francisco, and about 5,5d,c0J came from
China large part Of which was undoubtedly con-
umed by the Chinese on the Pacific coast, who
ire nos citizens of the United States, and who
nave no intention Of becoming such. The 9rticle
win bear higher rate of duty than now imposed
" law, without materially enehancing the COST OF
living to the general consumer.
INTERNAL REVENUE.
The receipts from the several sources OF taSation
lnder the internal revenue laws for the fiscal year
ending June 80. 1879, were as follows
from spirits s2,570 2s4 60
srom tobacco. .................. 4U,135GU2 o.
from fermented liquors. l0,l293<0 Cs
from banks and bankers. 900. 3,193Ks3 90