The herald., 1893-12-04
CONDITION OF THE TREASURY.

holdings was 81. 1885 682, an increase
for the year of 1l2, ,404 947. Estimating
our population at n, ,446 900 at the time
mentioned the per capita circulation
was $25.4 On the same date there
was in the treasury gold bullion amount
ing to $96, ,657 1913 and silver bullion
which was purchased at cosG of $780,
26l ,553.
The purchase of silver under the law
of July IA, 1890. during the last tiecal
year aggregated 5, ,400. .816. .259 fine ounces,
which cost 45.531, ,37453. The total
amount of silver purchased from the
time that law became operative until
the repeal of it's purchasing clause on
on the last day of November, 1893. was
1885,, 459. .046 fine ounces, which cost
$155, $3.50. 940.8 Between the first
day of March. 1873, and the let day Of
November, 1898, the government pur-
chased under all laws, 503, ,003,7l7 fine
ounces of silver, at cost OF $5l6, ,622,-
948. The silver dollars that have been
coined under the act of July IA. 1890,
number 36,0S7, 1856. The seignorage
arising from such coinage was So, 6,977,-
09S 80. leaving on hand in the mints
lao, 0,6e9, 760 fine ounces of silver, which
cost 1926, $751; ,21S.
| Oah tOthA tOihhBo VA OIL DlOthib outihh
the last tiscal year CONSISTED of 81, ,280, 1875
pieces, valued at $43, ,6S5, 1S8. 80, of which
there was s30,038, l40 in gold coin,
| 5,343, 716 in silver dollars, $7,217, ,220 80
in subsidiary silver coin and 81 .0S6, l02 80
in minor coins.
During the calendar year 1892 the
production of precious metals in the
| United States was estimated to be
81, 1898, 1875 fine ounces of gold OF the
commercial and coinage value of $685..
100000. and $4,000, 900 fine ounces OF
silver OF the bullion or market value OF
$50, ,750, 900, and of the coinage value OF
$74, ,989, 800.
1t is estimated that on the first day
of July, 1898, the metallic stock OF
money in the United States, consisting
of coin and bullion, amounted to ST.
213.559, 16y, of which $597 ,6S5 was gold
and $6l5, 1851, ,464 was silver.
| NATIONAL BANKS.
One hundred and nineteen national
banks were organized during the year
ending October 81, 1893, with capital
of $1l, 100000 Forty-six went into
voluntary liquidation aud 158 suspend
ed. Sixty-fve of the suspended banks
were insolvent, SO resumed business
and seven remained in the hands
of bank examiners with pros
poets of speedy resumption. OF
| the new banks organized, A were
located in the eastern states, Al west oi
the Mississippi river and "a In the
central and southern states. The total
mum ber of national banks in existence
the 3lst day of October, 1883, was 1896,
having an aggregate capital OF $685.,
548, 100. The net increase, in the circu
ss0aa sss sas # skf sfhaes aas pagfa drlng the yea
REPEAL.oE THE sHBRMAN law.
| The recent repeal Of tho provision O.
the law requiring the purchase of bull
lion by the government, as feature ol
our monetary scheme, made an entire
change in the complexion of our cur
rency affairs. / do not doubt that
the ultimate result of this action
will be most salutary and far-reaching.
In the nature of things, however, it il
impossible to know at this time pre-
cisely what conditions will be brought
about by the change, or what, if any.
supplementary legislation may in the
light OF such conditions appear to be es-
sential or expedient. Or course,
after the recent financial per.
turbation time is necessary for
the re- establishment of business
confidence. When, however, through
this restored confidence the money
which has been frightened into hoard
ing places is returned to trade and enter
prise, survey OF the situation will prob
ably disclose safe path leading to q
permanently sound currency, ,abundantly
sufficient to meet every requirement OF
our increasing population and business.
In the pursuit OF this object we should
resolutely turn away from alluring and
temporary expedients. determined to be
content with nothing less than lasting
and comprehensive financial plan. In
these circumstances l am convinced that
a reasonable delay in dealing with this
subject instead OF being injurious will
increase the probability of wise action.
MONETARY CONFERENCE.
The monetary conference which as.
eembled at Brussels upon our invitation
was adjourned to the 3Oth day of No
vember in the present year. The con-
Hiderations Just stated, and the fact
that a definite proposition from us
seemed to be expected upon the reas.
sembling of the conference, led me to
express willingness to have the meet.
ing still further postponed. 1t seems to
me that it would be wise to give general
authority to the president to invite
other nations to such a conference at
any time when there should be fair
prospect of accomplishing an interna-
tional agreement on the subject Of
coinage.
GOVERNMENT BONDS.
desire also to earnestly suggest the
wisdom of amending the existing stat
utes in regard to the issuance OF govern
ment bonds. The authority now vested
in the secretary of the treasury to issue
bonds is not as clear as it should be, and
the bonds authorized are dissdvan-
tageouH to the government, both as to
the time of their maturity and rate of
interest. W
IMMIGRATION.
The superintendent of immigration,
through the secretary OF the treasury,
reports that during the last fiscal year
there arrived at our ports 440, ,793 immi-
granite. OF these 1908 were not permit
ted to land under the limitation of the
law, and 577 were returned to the coun-
tries from whence they came by reason
of their having become public charges.
The total arrivals were 140 034 less than
for the previous year.
NATIONAL QUARANTINE.
The secretary, in his report, gives an
account of the ODarati0u 0f tha marina