The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-12-08

NCfAL.
--4.4l4
DD|7 hot understand why the
yIYNna from the Treasury Depart
XiSH alate that the circulation gf the Ns-
tlonal bankscxceed w fnany.milllons oidol-
lars. the 80 per cent III the bonds deposited
Tho matter was reler1d to the Treasury Dc
partmcnt by The lIladelphia Times lor az
explanation The Deputy Comptroller OF
the Currency answered by stating that on
October LIST which Is the latest date on
which n report was received from national
banks I'm operation, these banks held bonds
on deposit 10 secure circulation amounting
to 1865 1886 800. On the bonds they would
be entitled to receive 30 per cent, or
on that date there had been issued to
them by the Comptroller of the Currency
1926 072, 800 only, or about two millions OF
dollars less than the security would, under
the law, permit these banks to receive. On
October 1, however, the total outstanding
national bank note circulation was $780,
770,49O. Deducting the circulation OF going
banks before given, at S325 OI239O there Is
left $50, SOS, 100 Of circulating notes of failed
and iiquidating banks and banks reducing
their circulation, under act of June 90 1874.
Of this last amount of circulation, the re-
demption of $3l ,024 had been assumed
!. by the United States Government on the
HSspQsit of legal tenders by the banks, under
bus provisions of law, and the remain
1851 ,176, were secured by bonds held
Treasurer of the United States, in
for failed and liquidating banks,
had not vet deposited legal tender
ITO secure their circulation. The bonds
mentioned are not included in the
DIS reported by the banks in operation
)e mentioned: These figures show the
discrepancy on October l, and the reason
for IT, The same discrepancy, as you sug-
gest, exists at any date and the explanation
is at any date the same.
The Director of the United States Mint
estimates the worlds production OF gold Tor
the calendar year Of 1881 at $lO7 100000, and
of silver at $87 100000. The consumption
of the world in ornamentation, manutac-'
turers and arts, for the same period, is es-
timated at $4,000, 900 gold, and $35 ,OOO 900
OF silver. The estimated circulation of the
principal countries ofthe world is placed at
1921 100000; full legal tenders, silver, S.
1880 900; limited tender, silver, S423 ,OO0,-
OOO total specie, $3.50, 100000; paper, 49,
G44000,000.
The annual product of gold and silver in
the world varies from $780, 100000 to $780,
600 900; in 1868 the total was $2S5, 900 900; in
1868 S271 100000 with a decline from
that time until 1877, when the tide turned.
The product last year was $l1S,O0O,O 600 in
gold and $94,000,000. Nearly one-haf OF
the gold and about three-fourths of the
silver was mined on the continent OF
America.
A million OF dollars in our gold coin
weigh S,6S571 pounds avoirdupois, and a
million standard dollars in our silver coin
weigh 5S,92S.57 pounds.
One hundred thousand dollars have been
spent in gold mining in Oglethrope county,
Georgia, without the investors realizing
anything in return.
The valuation of California real and per-
sona, is this year $65S ,691 ,059, and taxation
is at the rate f654 cents on the 81 900, pro-
ducing $4,7l4, 426.
The real and personal property in the
United States is valued at 7O,OOO,060000.
The five National banks of Denver, with
capital of S620,000 hold $7,2S357l OF de-
posits
The pension roll for December demand ST.,
100000.
THE Director of the Mint recommends the
cessation of the coinage of the standard
silver dollar until other nations conclude to
unite with the United States upon an in
ternational ratio of coinage. The Director
proceeds to argue that such mathematician
agreement might render it necessary to re-
coin the standard dollar, and ADDS: IN
such a case further coinage OF silver dol
lars of the present weight unless needed for
circulation is a needless expenditure" In
referring to the above the Courier-Jo urnal
says this curious statement is to be
understood properly only when we
consider that the Government Is
cent. on all silver coinage. The average
profit is about fifteen cents on every stand
ard dollar, and more on the small coins.
Therefore the Directors basis OF argument
is an absurdity. He also shows in his report
that out of 100, 100000 silver dollars coined
100000 are in circulation and 81, 600
held against certificates in circulation. The
gold and silver received and operated upon
by all minis and assay offices has exceeded
by more than $50, 900, 900 the receipts of any
previous year, amounting in round num-
bers to 1926 100000, of which $l93,OOO,OO0
was gold and $33, 100000 silver. This large
increase Director Burchard says was due to
the continued influx of gold from abroad,
over sos, 600 deposited being from that
source alone. The coinage facilities of the
minis have been tested to the fullest extent
in converting this bullion into coin.
THE volume of currency of all kinds now
afioat in this country is estimated at S9zZ-
50O0U0-an increase of about so per cent
during the last three years. Deducting
from Total increase 500, 000, 600 that is be-
leyed to Abe boarded, and it is found that
there Is an almost exact correspondence be-
y tween the rate of increase in prices, and the
rate of currency imitation. Whether the
rate of increase in average prices has been
determined, to any great extent, by the in
nation or not, the fact that they have gone
on simultaneously and in nearly the same
ratio Is certainly suggestive OF very lntl-
mate relations existing between the two.
THE annual report Of o. ii. Irish, chief of
the Bureau of Engraving and Printing in the
Treasury department, states thatduring the
year ended June 30, 1881, there were com
pleted and delivered 7,174,761 sheets of
notes and securities of the face value of
81 ass 70S $40; 1s,l70,693 sheets Of internal
revenue and customs stamps, containing
eSi 459655 stamps and 6S2,339 sheets OF
checks, drafts, etc. besides a large amount
of miscellaneous work. The aggregate cx-
penses for the year were 1901 ,l65.
The Census Bureau places the net local
Indebtedness OF the United States. less the
sinking funds, in 1880. at 81 ,O5l, SGi 1852.
A decree has been issued in Russia author
izing the issue of6,OO0,OOO rubles Of silver
money.
The Imperial Bank Of Germany has re-
duced It's rate of discount 20 five per cent.
end the interest on advances to six per
cent.
Comptroller Knox closed a lecture on
banking in Baltimore by saying that the
national system need not be dissolved on
account'ofthe reduction of the public debt,
but could remain legally in existence with
but a small issue Of circulation, and with
less than 100000 Of United States bonds
on deposit.
Ala, the financial columns Of papers pub
lished at the money centres Of the country,
give evidence of a growing demand for gov
eminent and other secure bonds, and also
for good -dividend-paying stocks The