Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1893-12-04
coined under the act of July IA, 1880


coined under the act of July IA, 1880
number 36,O67,2S5.
The seignorage arising from such coin
age was $6,9l7 OO8.39, leaving on hand IL
the mints l4O,699,76O ounces of silver
which cost $l26,
Our total coinage of all metal during
the last fiscal year consists of 997 ,2sO,S7'
pieces valued at $43,685, 1880, of which
there was $30,O38,140 in gold coin, S.,
343,715 in silver dollars, $7,217,22O.9O il
subsidiary silver coin and $1,086, ,003.9(
in minor coin.
| During the calendar year 1892, the
production of precious metal in the
United States was estimated to be 1886,
375 fine ounces of gold of the coinage
value of $3O,OO0,OOO, and 58,O0O,O00 fine
ounces of silver of the bullion or market
value of $5O,65O,OOO, ana of the coinage
value of $74,9s9,sO0.
1t is estimated that on the 1st day ol
July, 1898, the metallic stock of money
in the United States, consisting of coir
and bullion, amounted to $1,218,559, 1859
of which $597,647,S65 was in gold ano
$615 1851 ,484 was in silver.
The National Banks.
| One hundred and nineteen national
banks were organized during the veal
ending October Is, 1893, with a capital Of
ST, 100000. Forty-six national banks
went into voluntary liquidation and 15s
suspended; sixty five of the suspended
banks we're insolvent, eighty resumed bust
ness and seven remain in the hands OF
bank examiners with prospects of speedy
resumption.
OF the new banks organized forty-foul
were located IN the eastern states; forty
one west of the Mississippi river and
| th1rty-four in the central and southern
states. The total number of nationa
banks in existence on the first day o.
October 1898 was 1896, having an aggre
gate capital of $642,55S,12O. The net in
crease in the circulation of these bank!
during the year was $36,SS6,972.
silver Repeal.
The recent repeal of that provision o.
law requiring the purchase of silver bul
lion by the government asa feature of oul
monetary scheme has made change ir
the complexion of our currency 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 is
impossible to know at this time precisely
what conditions will be brought about
! by the change or what if any supplement.
tary legislation may in the light of such
conditions appear to be essential or ex,
pedient. Of course, after the recent fnan-
cial perturbation, time is necessary
for the re-establishment of business con-
fdence. When, however, through this
restoration of confidence the money which
has been frightened into boarding places
is returned to trade and commerce, q
survey of the situation will probably dis
close safe path leading to permanent
ly sound currency abundantly sufficient
to meet every requirement of our in.
creasing population and business.
In the pursuit of this object we should
esolutely refrain from attempting any
temporary expedients, determined to be
contented with nothing less than last
ing and comprehensive financial plan,
and under these circumstances am con-
fdent that reasonable delay in dealing
with the subject instead of being in
| furious 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 considerations just stated and the
fact that definite proposition from the
United States seemed to be expected
upon the reassembling of the conference
leads me to express feeling to have the
meeting still further postponed. II
seems to me that it would be wise to
give general authority to the president tc
invite other nations to such conference
at any time when there should be agair
prospect of accomplishing an interna
tional agreement on the subject of coin
age.
| 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 il
not as clear as it should be and the bonds
authorized are disadvantageous to the
government both as to the time of theil
maturity and the rate of interest.
The War Department..
| The secretary of war reports that
neither Indian outbreaks or domestic
violence have called the army into serv
ice during the year and the only active
military duty required of it, has been in
the department of Texas where viola
tion of the neutrality laws of the United
States and Mexico were promptly and
efficiently dealt with by the troops, elicit.
ing tho warm approval of tho civil
and military authorities of both coun.
tries. Tho influence of civilization and
other causes lead to the suggestion that
the time is fast approaching when there
should be reorganization of our army
on the lines of the present necessities OF
the country. Coast defenses and forti-
fcations are in gratifying condition.
The Fee System.
can not too heartily indorse the pro-
position of the attorney general that the
fee system as applicable to the compen-
sation of U. s. attorneys, marshals,
clerks of federal courts and U. s. COM
missioners should be abolished with as
little delay as possible. If in addition to
this reform a system were inaugurated
which would give the U. s. commissioners
the final disposition of petty offences
within the grade of misdemeanor, es-
pecially those coming under the internal
revenue laws, q great advance would be
made toward more decent administra.
tion of the criminal laws.
Ihe POstOface.
The postmaster generals report shows
that there will be a deficiency of nearly