The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-12-15
FINANCIAL

IilFhlNtihih
aia-.
prthffAnY fofofn gives M lils reason fuf
NOT reoalying gold on deposit and Issue Ger.
tlncatea therefor, was because he nppfe.
lends that holders of United States notes
would present them In large amounts, Rcl
The gold for them, and immediately deposit
the gold and take certificates for u, 40
per cent. reserve was deemed sufficient Tor
The protection of the notes, but the law re-
qulred that gold should be held against ne
certificates dollar for dollar Hence, u lhe
practice Of issuing gold certificates without
limit had been continued, II would have
S niuH TO '"I lock pup up all The
gold against certificates, and compel the
government either TO suspend the redemp-
ton of United States notes or go INTO The
market and borrow an amount OF gold
equal to the whole amount OF notes out.
standing, A single large, operator could
treasury, obtained the gold for them, depos-
tied the gold and taken certificates, dispos.
ed of the certificates for more notes, and
then repeated the process, and SO on indefi-
nitely. II was to prevent the possibility Of
any such operation that the secretary de-
clined to issue more certificates, and Mr..
Folger states that il has been deemed pru-
dent'tto adhere to this policy to the present
time.
THE Directors of the Mint have caused the
examination of the accounts of the United
States coinage mints from the LIST OF July,
1873, to June 30, 1881, to ascertain the exact
amount and cost of silver purchased
by the government, and the profits
on the coinage of silver dur
ing the three fiscal years named.
The profits have been $9,75, 2l0, which, with
the profits on hand at the mint July !,
1873, $424725, and 1850 profits on trade
dollars, and surplus bullion credited to the
SAME account, make the total $40 Isl, 495.
OF this amount $S,774374 has been, de-
posted in the Treasury, $22l ~ PAD for
for wastings and losses by sale OF sweep,
leaving in the minis July l, 1881; 81, lOl GAO.
The secretary of the Treasury has author
lied the Assistant Treasurer at New YORK
to redeem $50O0,000 of bonds under the
1O5th call each week until further orders,
beginning Wednesday next, and to pay IN
terest on bonds to maturity January
-, 1882. ---..-.. .-..-,.----...-
r FROM its November files the New York
Commercial Bulletin has made up table
containing record of 131 fires in this coun-
try and Canada, where the loss has. been
$4,000 and upward The total footing OF
loss by this class of fires reaches something
over $5,OO0,OOO about half of which sum
has been extracted from the insurance
companies; No really great fire o occurred rec
ceeding $25O,OOO being that Of the
rubber-works at East Cambridge Mass,
the estimated loss there being, $5OO,0OO:
Omitting from the account seyera! hundred
fires where the reported loss has been less
than $4,000, the November files show a
total OF 81 fires, involving loss of from SlO,,,
600 to $40 900 each; 80 ofbetween SZo,UU ana
$50 ZOO; Is of between 1000 and soy, UUo
is Of between $4,000 and $75 goo; OF 1885,
500, 600; 2 of $3.50, 900 each, and OF 5O0,OOO
Investigation shows that the Government
make its reserve upon all liabilities the
same in ratio as reserve upon outstanding
legal tenders, it would have an available
surplus of $64 900. Deducting S26,0OO
900 for fractional currency otlegal tenders
there is left surplus of $3S,OOO,0O adding
to this sum $120O0,OOO, now in excess
usual reserve on legal tenders, would
give $50, 600 available for purchase OF
bonds.
1 The exports from San Francisco, in No
vember, were valued at $6,Sl4, 200, and were
81, 600 in excess of any previous month
in the history Of the port. The total ex,
ports for eleven month are SAG, 363, 800, ana
the total for the calendar year, IL is now as
sured, will go to the other side of $4,000
600. Over 60 per cent. of this amount goes
to Europe. About twe-thirds of the re-
mainder goes to China, Mexico, and the
Hawaiian islands.
The mines on the Comstock lode, of
which liz are incorporated, have collected
in assessments about $6S,000,0O0, but have
returned in dividends to the stockholders
500, 452,300, or SOS, 452, 300 in excess of the
assessments. The last dividend paid was
bv the Consolidated Virginia, in August,
1880.
For the first nine months of 1881, the in
surance companies doing business at In
dianapolis received premiums from, that
city to the amount of S223, 995.45, and paid
losses to the amount of $780,, 50S.72.
The Boston bank has discovered that in
carting coin to settle balances at the clear
ing-house weekly loss of $500 takes place
by reduction OF weight.