The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-12-05


OBS, 140 in,gold CON-. $5,34S, us in silver
dollars, 1871, 220. 80 in subsidiary silver
coin and 1,086, 102.90 in minor coins,
During the calendar year 1892 the produc-
tlon of precious metal in the United
States was estimated to be /, see. 375 fine
onces of gold of the commercial and
coinage value of 5000, 900 and SO, 900, 600
fine ounces of silver of the bullion or
market value of $50, 75O, 600, and of the
coinage value of s$74, 9S2, 800. 1t is esti-
mated that on the first day of July, 1898,
the metallic stock of money in the
| bullion, amounted to S1,213, 555, 169, of
which $597, 6S7, 6s5 was as gold and $685.
! SCI, 4S4 was as silver One hundred and
| nineteen national banks were organized
during the year ending October 81, 1893,
with capital of 81, 230, 900. Forty-six
went into voluntary liquidation and one
hundred and fifty eight suspended.
| insolvent eightys-ix resumed business,
and seven remain in the hands OF bank
examiners, with prospects OF speedy
resumption. Of the new banks oragnlzed
A were located in the Eastern States,
Al west of the Mississippi river and 81 IN
| the central and Southern States. The
| total number of national banks in exls-
| tence on the 1st day of October, 1923, was
1886, havig an aggregate capital OF $685.
5l,20. The net increase in the circuia-
ton during the year was $50, 1856, 972. The
recent repeal of the provision of law re-
quiring the purchase of silver bullion by
the government as feature of our none
tary scheme has made ali entire change
in the complexion of our currency affairs
l do net doubt that the ultimate result
of this action will be most salutary and
far reaching. In the nature OF things,
however, it is impossible to know at
this time precisely what conditions will
be brought about by the change, or
what, if any, supplementary legislation
may, in the light of such conditions,
appear to to essential or expedient.
| Of 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
| turned.to trade and enterprise a survey
of.the situation will probably disclose a
safe path leading to permanently
sound currency, abundantly sufficient
| to. meet every requirement OF our lncreas-
ing population and business. In the pur-
turn away from .alluring and temporary
expedients. determined to be content
with nothing LESS than lasting and
comprehensive financial plan. In these
circumstances | am convinced that a
reasonable delay in dealing with this
subject, instead OF being injurious will
increase the probability Of wise action.
The monetary conference which as
sembled at Brussels upon our invitation
was adjourned to the Both day of Novem-
Der in the present year. The considera-
ton just stated and the fact that a
| definite proposition from us seemed to be
expected upon the reassemb bling of the
conference, led me to express willing
ness to have the meeting still further
postponed. 1t seems to me thai it would
be wise to give general authority to the
President to invite other nations to such
conference at any time when there
should be fair prospect of accomplish
ing an lnternatiO nal agreement on the
subject of coinage.
Government Bonds.
desire also to earnestly suggest the
wisdom of amending the existing statutes
in regard to the issuance of government
bonds. The authority now vested in the
secretary of the treasury to issue bonds
is not as clear as it should be and bonds
authorized are disadvantageous to the
government, both as to the time of their
maturity and rate of interest.
Fewer Immigrants.
The superintendent of immigration re-
ports that during the fiscal year there
arrived at our ports AS, 723 immigrants.
OF this 1858 were not permitted to land
under the limits of the law and ST. were
returned to the countries from which they
came by reason of their having become
public charges. The total arrivals were
AL, 032 less than for the previous year.
The secretary in his report gives, an ac-
count of the operations of the marine
hospital service and of the good work
done under it's supervision in preventing
the entrance and spread of contagious
diseases. The admonitions of the last
two years touching our public health,
and the demonstrated dangers of the in
PRODUCTION of contagious diseases from
foreign ports, have invested the subject of
national quarantine with increased in
terest. more general and harm onious
system than now exists, acting promptly,
and constantly operating, by preventive
means to shield our country from the
invasion OF disease. and at the same time
having due regard to the rights and
duties OF local agencies, would, believe
add greatly to the safety of our people.
The Army.
The secretary of war reports that the
strength of the army on the Both day of
September last was 1851 enlisted men
and 2, IA officers. The total expen ditures
of the department for the year ending
june 80, 1883, amounted to $5l, 1856, O74. SO.
Of this sum, 81, 1922, 5S1.95 was for salaries
and contingent expenses, S23, 81, s5s 35
for the support of the military establish
men 1t, $6,077. 033 49, for miscellaneous OBJ
jects, and $40, sis, 63l. Al for public works.
This latter sum includes SIS, 1856, S76. 46
for river and harbor improvements and
So, 266, l4i. 20 for Notifications and other
works of defense. The total enrollments of
the militia of the several states was on the
1st of October of the current year 112, 597
officers and enlisted men, The officers of
the army detailed for the inspection and
instruction of this reserve of our military
force report that increased interest and
marked progress are apparent in the dis
cipline and efficiency OF the organization.
Neither Indian outbreaks nor domestic
violence have called the army into service
during the year and the only active
military duty required of it has been in
the department Of Texas, where viola
tians of the neutrality laws of the United
States and Mexico were promptly and
efficiently dealt with by the troops.
al ri ting the warm anorOva1 Of tho oi,,,;i