Ashtabula weekly telegraph. (Ashtabula, Ohio) 1880-1886, 1880-12-17

Ghlltu nlAANh Enlu tOlus lfhlltnNl
TOtal......"....""........ SiO,oo5, iR
Coinage Of silver....,.............. So,llsO0
United states silver coin .......... 5O7,52i
Total, ................,.......... e0,06O,b ,b24
There was In the mints and assay Offices on
the LIST Of November bullion held for coinage
amounting to S7s,55s,sll.55 OF gold, and So.
O43,36737 Of silver, making the total coin cir
ouatlon and bullion available for coinage in
the country Of:
Gold 1888, eS2, ,6H
los, S2O,9ll
Total. tal.".................".. sel2, ,2O3, ,OOa
srANDARD-sILvER DOLLAR.
In compliance with the provisions Of the act
OF February %, 1873, during the last fiscal year
2i,262,b1 standard ounces Of silver bullion,
costing S24 4,972 l6l.s1 IAN average Of S208l O13-
AZ per month";, we're purchased, Of which "a
005,566.H ounces we're coined into q, ,o88 $50
standard-sllver dollars. The total coinage OF
standard-sllver dollars since the passage Of the
act, up to November /, 1890 has been S72s47,-
200, at which date Sl1 OSl 450 were In the Treas
ury. OF the latter amount s19,7SO,2n were
represented by outstanding silver certificates,
the amount in actual circulation at that date
being S25,763,29l.
Since the passage Of that act the Depart
ment has issued numerous circulars and
notices to the public, in which II has offered
every inducement which It could under the
law to facilitate the general distribution and
circulation Of these coins. IL has required
United States disbursing officers to pay them
out in payment for salaries and for other cur
rent obligations, and It has offered to place
the silver in the hands Of the people through
out the United States without expense for
transportation, when sent by express, and at
an expense for registration-fee only, when
sent by registered mail.
Notwithstanding these efforts, It is found tc
be difficult to maintain in circulation more
than thirty-five per cent. of the amount coin
ed. While at special seasons Of the year, and
for special purposes, this coin is in demand,
mainly in the South, it returns again to the
Treasury, and its reissue involves an expense
for transportation at an average rate OF one
third of one per cent. each time. Unlike gold
coin or United States notes, II does not, to the
same extent, form a part Of the permanent
circulation, everywhere acceptable, and when
flowing into the Treasury, easily paid out with
little or no cost Of transportation. The reasons
for this popular discrimination against the
silver dollar are;
/. 1t is too bulky for large transactions and
its use is confined mainly to payments for
manual labor and for market purposes or for
change. The amount needed for these pur-
poses is already in excess of the probable
demand.
2. 1t is KIN own to contain a quantity of silver
OF less market value than the gold in gold
coin. This fact would not impair the circula-
tion of such limited amount as experience
shows to be convenient for use, but 1t does
prevent its being held or boarded as reserves,
or exported, and pushes It into active clrcula-
tion until It returns to the Treasury, as the
least valuable and desirable money in use.
For these reasons the Secretary respectfully
but earnestly recommends that the further
compulsory coinage Of the silver dollar be sus-
pended, or, as an alternative, that the number
ofgrains OF silver in the dollar be Increased so
rs to make 1t equal IN market value to the gold
dollar, and that its coinage be left as other
coinage TO the Secretary OF the Treasury or
the Director Of the Mint, to depend upon the
demand for it by the public for convenient
circulation.
The average cost OF the silver in a standard
dollar, as shown by the purchases for the Gov.
ernment fron the date of the Resumption act
TO this time measured by the gold standard Is
$O.9O0 or in ratio of l to 1894. Upon this
ratio silver dollar, in order to be of
equal value TO gold dollar, should contain
465 3 grains. As the expense of coming
silver dollar is equal TO the value of about
five grains of standard silver bullion, It is CON
fidently believed that silver dollar containing
$50 grains, based upon a ratio of one of gold to
about l7.5 OF silver could be safely coined, as
demanded for use or expectation, without do
monetizing gold or disturbing contracts or
business, and with great advantage to the
silvermining interests Of our country. Upon
the facts stated, 1t would seem to be wise pol.
icy now, I'm the spirit of the Constitution, to
regulate by law the ooin-value Of the two
motals so as TO conform " the market ratio.
NATIONAL BANKS.
The capital stock of the National Banks on
October l, 1880, was S457 553 $50; surplus, $780,,
6ls5S3; and the total circulation outstanding.
S343,949sg3.
National Banks arc organized in every State
of the Union except Mississippi, and in every
Territory except Arizona; and the total mum.
ber In operation is'2,O96, which is the greatest
number that has been in operation at any one
time.
The capital stock Of the National Banks
is SI7,OOOOOO less and the surplus nearly sl4,,
100000 less than at the corresponding
date in 1873. The loans Of the banks
at the date Of their last returns were
slOS7 ,OOO,OOO, an the Individual deposits SsTs,.
100000, the highest points reached since the
organization Of the system, the loans being
SsOT0O0,0 900 greater and the individual depos
its s25S, 100000 greater than in October, 1873
while the capital and surplus at the previous
date were S. 100000 in excess OF their present
amounts.
The individual deposits and the public, pri.
vate and bank deposits, not deduoting the
amount due from banks and the amount of
the clearinghouse exchanges, have increased
more than f522, 100000, and amount TO the un.
nrpn0dantnd sum Of Al IkE nna n1a
The National Banks hold nearly 500, OoO,OOC
Of United States bonds, which win mature ou
or before July next.
The whole amount Of United States bonds
held by the National Banks as security for cir
oulatiOn and for other purposes is S4O3, ,36e, $50
and the average amount Of capital invested by
the State banks, savings-banhs, and private
bankers for the six months ending May 81, 1880,
a. shown by tho returns to this Department fol
purposes OF taxation, IL tess O53, ,lO4, making
total of SB3l, ,l22, ,45l
The profit upon circulation, to the National
Banks, at the present price of bonds in the
market is estimated not to exceed IL per
cent. upon the capital invested, and the
amount Of State and National taxes Is more
than per cent. upon the amount Of cIrcula
tion.
The eNationel-BankinE system has fully 70
allied all the expectations OF It's founders. II
has furnished safe currency, of uniform CIR
eulation, carefully guarded against counter
feiting, protected by ample reserves, and
promptly redeemed both at the banks and the
Treasury. No othOr legislation In respect 70
these important corporations seems 70 be re-
auired ~ the present session.
--se-@-
THE city of Cambridge, Mass, has
recently set three memorial stones,
weighing over ton each, at as many
points within its borders to mark Ger.
tain events in its history. One on
Ninth Avenue, corner of Spruce Street,