The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-12-14

40
I'll, an increase of 52,453,9O7 over tn
7 preceding year, and importations FIRE
, of duty amounted to $444,544,211,
! decrease from the preceding yea
, OF Sl3, 3,453,447. Internal revenue re
celpts exceeded those Of the precedin,
: year by $7,H7,445.32. The total ia,
collected on distilled spirits was $94,
12O,26O 90, ou manufactured tobacc,
$3l ,8S9, ,7ll.1l, and on fermented liquor.
$32, ,e48,9 ,983 OF. We exported merchand
ise during the year amounting to $847
&C., 794, decrease Of $s182,6l2 954 from
the preceding year. The amount O
gold exported was larger than any pre-
vious year In the history Of the govern
ment, amounting to $1O8,68O,844 ant
exceeding the amount exported during
the proceeding year by $58, ,4855I7. The
sum paid from the treasury for sugar
bounty was $9,375, 1908, an increase
over the preceding year Of $2O3,30
300.
1t is estimated upon the basis Of pre-.
sent revenue laws that the re
ceipts of the government for the year
ending June 30, 1894, will be $43O,121,
$40 38 and its expenditures $458, ,121,
300 49, resulting in adeficiency Of $28
0Co,00O. On the first day of November
1893, the amount of money of all kinds
In circulation or not included in Treas.
ury holdings, was S1,718,544, ,682, an in
crease for the year of $112,4O4, ,947.
Estimating our population at 67,426,.
OOO at the time mentioned, the per cap.
lta circulation was $3.50. On the
same date there was in the Treasury
gold bullion amounting to $97, ,273,
and silver billion which was parchasrd
at cost Of $12s,26l,553.
The purchase Of silver under the law
OF July Ia, 1890, during the last fiscal
year, aggregated o4 4,0O8. 1852 50 fine oun-
ces, which cost SIS, ,53I ,374 So. The total
amount of silver purchased from the
time that law became operative until
tie repeal of its purchasing clause, on
the first day of November, 1893, was
lW6H .59O46 fine ounces, which cost
Sloo, ,93O. .94O.84. Between the first day
OF March, 1873, and the first day Of No
Vember, 1893. the government purchas.
ed under all laws 5O3,9O3,717 fine
ounces Of silver at cost Of $516,622,.
94S. The silver dollars that have been
coined under the Act of July II, 1890.
number 36,OS7,2S3. The seigniorage
arising from such coinage was 36,977,-
wy 81, leaving on hand in the mtnts
1869, 760 fine ounces of silver which
cost $l26,7759.219.
Our total coinage of all metals during
|
SO pieces, valued at S43,685, 1880. of
which there was $3O,O39, ,I4O in gold
coin, So 33,7l0 in silver dollars, S72l7.
22O,9O In subsidiary silver coin and 81,
OS6, lO2 80 In minor coins. During the
calendar year 1893 the production of
precious metals in the United States
was estimated to be 1.596,375 fine oun,
ces OF gold of the commercial and coin
age value Of S33 100000, and 58,O00O0O
line ounces OF silver at the bullion OF
market value of $50 75O 600 and of the
coinage value of $74, ,8S9. 800.
1t Is estimated that on the first day
OF July, 1888. the metallic stock of
money in the United States, consisting
Oh com ana bullion. amounted to ST.
2l3,oo9, 1863 Of which$597, ,697 ,6S5 was gold
ani S6lo 66l ,4S4 was silver. Oue hun.
drea and nineteen national banks we're
organized during the year ending o.
toOtr 81, 1893, with a capital Of Sl1,-
23OOOO Forty six went into voluntary
liquidation AMI one hundred and fifty
eight suspended. SiXty-tive OF the sns.
pended banks were insolyent, eighty
SIX resumed business and seven re-
main III the hands Of bank examiners,
with prospects of speedy resumption.
VI the new banks organized fOrty-four
were located in the Eastern States,
1orty-0ne West of the Mississippi river
and thirty-fOar in the Central and
southern States. The total number of
bank IN existence on the 31st Of Octo-
Der, 1898, was 1886, having an aggre-
gate capital of $69o, ,558, ,12O. The net
! increase In the circulation Of these
banks during the year was $36,886, ,972.
the recent repeal of the provision of
law requiring the purchase of silver
bullion by the government as feature
| mar IN npIN l.,
entlro change In the complexion Of our
currency affairs. / do not doubt that
the ultimate result of this action will
he most salutary and far reaching. In
the nature or things, however, it is Inn
| possible to know at this time, precisely
what conditions will be brought about
by the change, or what, If any, supple
mentary legislation may, In the light
OF such conditions, appear to be essen.
hal or eXpedient. or course, after the
recent financial perturbation, time is
necessary for the re. establishment Of
business confidence. When, however,
through this restored confidence the
money, which has been frightened into
hoardlng places, Is returned to trade
ana enterprise, a survey Of the Situa-
ton will probably disclose a safe path
leading to permanently sound cur
rency, abundantly sufficient TO meet
every requirement of our increasing
population and business. In the pur-
suit OF this object we should resolute.
~ turn away from alluring and tempo
rary eXpedients determined to be con-
tent with nothing less than a lasting
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.
Ihe monetary conference which as
sembled at Brussels upon our invita-
tlon was adjourned to the Goth day 0!
NoYember of the present year.
The consideration just stated and
the fact that definite proposition
from us seemed to ba expected upon
the reassembling of the conference LED
me ID express willingness to have the
meeting still further postponed. 1t
seems to me that 1t would be wise to
give general authority to the President
TO invite other nations to such con-
terence at any time when there should
be fair prospect Of accomplishing an
International HUrpppnpDf on fhn n loot