The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-12-05

974.53. The total amount of silver pur-
chased from the time that law became
operative until the repeal of its pur-
chasing clause, on the last day of No
vember, 1893, was 16S STA, $50 46 fine
ounces, which cost $155, $50, 940.S4. Be
tween the LIST day of March, 1873, and
the list day of November 1898. the gov
eminent purchased under all laws $685..
0OS,n7 fine ounces of silver at a cost
of S516, 622, 94S. The silver dollars that
have been coined under the act of July
IA, 1890, number 36,0S7,2S5 The seig-
noirage arising from such coinage was
77,09S.39, leaving on hand in the
minis 140, 699, $50 fine ounces of silver
which cost $126, 57S,21S.
Our total coinage of all metals dur
ing the last fiscal year consisted of
81, 2S0S75 pieces, valued at $436S5, 1850,
coin, $5,343, us in silver dollars, $7,217,-
220.90 in subsidiary silver coin. and
81 .0S6, 102-90 in minor coins. During the
calendar year of 1892 the production of
precious metals in the United States
was estimated to be 1886, 375 fine ounces
of gold of the commercial and coinage
value of $33,O0000 and 5S000,000 fine
ounces of silver, of the bullion or mar
ket value of $50, $50, 600, and of the COIN
age value OIL 9i4,SoJ,SUU
1t is estimated that on the first day
of July, 1898, the metallic stock of
money in the United States, consists
ing of coin and bullion, amounted to
S1,2l3, 559, 1853, of which $597 1897. 685 was
gold and $615,S61, asa was silver. One
hundred and nineteen national banks
were organized during the year ending
October 81, 1898, with a capital of SILL
100000. Forty-six went into voluntary
liquidation and 15S suspended. Sixty
FIVE of the suspended banks were in
solvent, eighty-six resumed. business
and seven remained in the hands of
bank examiners with prospects of
speedy resumption.
Of the new banks organized, forty
four were located in the eastern states,
forty-one west of the Mississippi river
and thirty-four in the central and
southern states. The total number of
national banks in existence on the 31st
day of October 1898. was 1886, having
an aggregate capital of $685.. 55S, 120 The
net increase in the circulation of these
banks during the year was SS6, 1856, 972.
SILVER.
The recent repeal of the provision
Of the law requiring the purchase of
silver bullion by the government as a
feature of our monetary scheme has
made an entire change in the COM
plexion of our currency affairs. I do
not 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 legisla-
ton may in the light of such condi-
tons appear to be essential or expe-
dent OF course, after the recent finan-
cial perturbation, time is necessary for
the re-establiShment of business conf
dence. When, however, through this re-
stored confidence the money which has
been frightened into boarding places is
returned to trade and enterprise, sur
vey of the situation will probably dis
nently sound currency abundantly suf-
ficient to meet every requirement of
our Increasing population and bust
ness In the pursuit of this object we
should resolutely turn away from al
Turing and temporary expedients, de-
Itermined to be content with nothing
hess than lasting and comprehensive
financial plan. In these circumstan-
ces [ am convinced that a reasonable
delay in dealing with this subject in
stead of being injurious, will increase
the probability of wise action. The
monetary conference which assembled
at Brussels upon our invitation was
adjourned to the Goth day of Novem-
Der in the present year. The consid-
|erations just stated, and the fact that
la definite proposition from us seemed
to ha exnected upon the reassnmbline
Of the conference, led me to express
ia w..lligl4ess to llave tic meeling sel
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. 1 desire, also, to earnestly
suggest the wisdom of amending the
existing statutes in regard to the issu-
ance of government bonds. The au-
thority now vested in the secretary OF
the treasury to issue bonds is not as
clear as it should be, and the bonds
authorized are disadvantageous to the
government. both as to the time OF
their maturity and the rate of inter-
oct