The advocate., 1892-01-13

shows conditions as follows:
Gold certificates, March 3. 1852, July
10, 1882. 6,6's SS0
Currency certificates June 8, iSS2..... 9,465f 90
Silver certificates June g. 1882. ......s 324,772,3iS
Treasury notes Of $780, July IA, 1890. 1882, ,lO2
Total. al...."............ .........."S577, ,l43269
OF this aggregated amount Of notes
and certificates issued on deposits Of
coin and legal tender notes and purchases
of silver bullion, the report states that
there are $23,63S,5l now in the treasury,
and that the residue is in circulation. IsitH
In 1891 the treasury lost In gold $l4,-
100000; In revenue, $43,OOO,OOO; the debt
increased in December $9,794,749.
The aggregate of the debt bearing no
interest is 1886, ,3s1, ,6S635, of which
&3l668l,Ol7 are designated legal tender
notes. There is claimed to be in the
treasury 'gold reserve" of $780, 100000,
with which to reduce the nations paper
money. The net balance reported In the
treasury at the beginning Of 1892 is
$34,574, 1880.
It can readily be noticed that there is
"no dangerous surplus" The amount of
principal OF the bonds issued In aid of
che construction OF the several Pacific rail
roads shows $64, ,623,512. There Is an &C
crued but not yet paid interest on these
bonds of the amount Of 1898, ,7O5.36.
THE SITUATION IN THE FINANCIAL WORLD.
Henry Clewe, the eminent New York
finsncIer, thus writes on "ForCes Which
Now Regulate the Course Of Values"
The year 1892 opens with promising ma
terial prospects for the United States, and
yet with some legacies of misfortune from
1891 which are calculated to qualify our
hopes.
II the past year has been one of unpreOe-
dented harvests and as such has conferred
inesiimable benefits upon our long de-
pressed agricultural interest, it has also
been one of check, reaction and dullness to
most of our manufacturing industries. Con-
stituting, as we do, an inseparable part Of
the community of nations, il has been i'm
possible for US to wholly escape the effects of
the European reaction that set in with the
crash Of the Barings. That great failure
was but the elimination, in the case Of
single house, Of a system Of wild adventure
and loose finsnciering which had infected
every money center of the Old World, and
had brou sht Europe to the verge of finsn
Oial uphe wal excesding in gravity anything
in the worlds previous experience.
The elimination showed that the finsn-
ciers OF every nation had, for ten to fifteen
years, been employed in launching enter
prises the world over that were not only
grossly inflated in their capitalization, but
also devoid of any sound basis or permanent
self-suppOrt. In this way the capitalist
forces had become pledged to an extent
that made it impossible to satisfy the de-
mands of legitimate business under period
of pressure, and hence there was, on every
money market of Europe, sudden precipi-
tation Of doubtful or rotten securities for
realization. The consequence Oflthis has
been decline of 4OtO 80 per cent. in the
market value of most Of the corporate issues
put out within the last ten years.
The absolute and utter worthlessness
OF the financial system throughout
christendom; the appalling instability Of
the monetary system Of civilized nations
10 unwittingly admitted and openly con-
fessed In the foregoing statements,
which, to person whose vision is as
broad as piece Of tape, might seem to
be the very acme Of judicial wisdom.