Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-12-10

THE SINKING FUND.
From these statistics the report passes on to
discussion Of the financial problems OF the
day. 1t is stated that the requirements of the
sinking fund for the current fiscal year are es-
timated at As, 9l3, 025. The applications TO
the fund to November l, 1891, consisted of
bonds, interest notes and fractional currency
amounting to so. 81, 1913. The additional APP
plication OF similar items of indebtedness
during the remainder of the year and of
national bank notes redeemed under
the provisions OF the act of July a. 1880
In excess OF deposits received during
the year for the redemption of such notes, es-
timated at "a. 254. 500 and SIS. 600 600 respect
lively, will bring the total amount to be applied
to the fund to within $40, 747, 1862 of the esti-
mated requirement
Transactions IN FOUR AND A HALy PER CENT
The history of the transactions in the AZ
bonds, whereby that loan was extended at per
cent Is given, with the following summary:
Under this proposal there were presented prior
to September for continuance S23 Ala COO. of
which s2O 100 were deposited with the
treasurer Of the United States as security for
circulation and 2,l5S. 900 for deposits. But
It was found that some owners Of Az per cent
bonds who desired their continuance were
unable to take the necessary stems to that end
within the prescribed time and an extension
Of the time to September 80 was therefore
grantee On that day the total amount of
bonds which had been presented for continu-
anee was S25, AZ. 200, leaving for REDEMPTION
s25.457 600, of which eli, $40 100 were pre-
sented and paid during the month of Septem-
Der. There were also redeemed in that month
TO correct an error made by the owner, Sal 700
continued bonds. and the amount now ont
standing on interest at per cent is SIS. 364.-
500.
MONEY IN CIRCULATION.
The financial stringency Of a year ago is al
luded to under the topic Of circulation" and
the Secretary takes occasion to assert that its
existence, and the widespread apprehension
which it caused. induced a revival OF the erro-
neous idea that the volume of money in circu-
lation not only inadequate to the needs of
than during the so-called flush times which
followed the civil war.
the amount of money in circulation has been
very largely increased since the close of the
fiscal year. The amount July i, 1891, was
sl.4S7, 40. 107, and the amount per capita was
SEAL The return Of gold to the United
States. the operation Of the silver act of July
IA 1880. and disbursements by the treasury on
have enlarged the volume to 81 .577, 262, go,
and the per capita amount to S2i.3S
A table appended shows that on the LIST in
slant there was in the United States 81, 577,-
262.VI0 In circulation This figure is obtained
by deducting from the general stock coined or
issued e, sos. Ill ,909 the amount in the treas
ury, EN-, $40 s39. OF the amount in circnla-
ton S40o, 93l 400 was in gold $50 6e7 2O4 in
standard silver dollars. So Si5 437 in snbs;d
larry silver, sl42 Gas, 969 in gold certificate.
ESQ 1873 $40 in silver certificates $40 9sy ~, IL,
treasury notes (act of July IA, Is9O). s3s3 asa :
SO9 In United States notes, 50 765 900 in cnr
rency certificates and clos, ISL .s5S in national
bank notes
The coinage Of the minis during the Last ia.
cal year was the largest in the history of the
mint in this country. aggregating Il9. SAT Az
pieces, valued at s63, 6ll.l59.35.
NATIONAL BANK FAILURES
After abiding to the figures used by the con.
troller Of the currency in his annual report the
Secretary says:
The present has been more disastrous than
any former year as TO the number OF failures
but not as to the amount of capital and liabili-
ties involved. More than one-half in number
Of the banks that became insolvent during the
period covered by the report OF the controller
were located in two western states, and their
insolvency was chiefly due to the effects Of four
successive crop failures, while the severe de-
preston Of business which followed the strin-
gency VI last year influenced in q great degree
the failures that occurred in other parts of the
country. IL is shown that OF the total number
Of national banks organized only 81 per cent
have become insolvent during q period of
twenfy-nine years. and that the annual average
loss to creditors during that time has been only
one-twentieth Of ] per cent OF their average
liability. The affairs OF i02 insolvent banks
have been finally closed, at an average expense
q as per cent win an average dividend to