The times. (Owosso, Mich.) 1882-1897, 1893-12-08


453,9O over the preceding, year, and importa-
tions free of duty amounted to $444,544,2ll, a
decrease from the preceding year OF Si3, AL:
the preceding year by S1,li7, 445.s2.
The total tax collected on distilled spirits
was $94, no 260.55; on manufactured tobacco
e31, 6S9, lila: and on fermented liquors, SsS,-
HS,9S3.W. We exported merchandise during
the year amounting 10 SSf7 ,665, l9i, decrease
of SlS26l2,9j4 from the preceding year. The
amount of gold exported was larger than any
previous year in the history of the govern
ment amounting to SOS, $50 A, and exceeding
the amount exported during the preceding
The sum paid from the treasury for sugar
bounty was $9,375, l30.SS, an increase over the
preceding year Of e., GS3 ,05300
Ii is estimated upon the basis of present
revenue laws that the receipts of the govern
ment for the year ending June 81, 1884,, will be
S43O l2l 1888 and its expenditures S45S, l2l,-
$685. resulting in deficiency o'e S,OOO,OOO.
On the first day Of November, 1893, the
amount of money of all kinds in circulation, or
not included in treasury holdings, was Sl,1lS,-
6i46S2, an Increase for the year of Sll2,-
40i9E.
time mentioned the per capita circulation was
$25.49. On the same day there was in the
treasury gold bullion amounting TO $96,G57,2 ,3
and silver bullion which was purchased at "a
The purchases of silver under the law of
July a. 1870, during the last fiscal year. aggre
gated 5f,OOS, lC2.59 fine ounces, which cost Si0,
53l,T4:53. The total amount of silver pur-
chased from the time that law became oper-
alive until the repeal of its purchasing clause
on the first day Of November, 1888, was 1861
67459O.46 fine ounces, which cost Slh5, $50 0S.
Between the first day of March, 1873 and the
first day of November, 1893, the government
purchased under all laws 5O3,0U57l7 fine ounces
of silver at a cost of $5l6, 81, 9iS. The silver
dollars that have been coined under the act of
July IA, 1890, number 36,OS7,2S5. The seignorage
arising from such coinage was SS,9l7 ,0gS.3S,
leaving on hand in the minis li0,6S9,7GO fine
ounces of silver, which cost $l26,' 5S,2lS.
Our, total coinage of all meta is Is during the
laat EiGtn nf
valued at Sl36S5, 1880 of which there was
$30038 140 in gold coin, $5343,7l5 in silver dol
lars, S7,2l7,2s09O in subsidiary, 81 Oo6, 1880 in
minor coins.
During the calendar year 1892 the production
of precious metals in the United States was
estimated TO be 1,506,375 tine ounces of gold of
the commercial and coinage value Of }3OO0,OOO
and 5S0OOOO0 fine ounces of silver of the bullion
or market value of 50,750,UO0 and of the coin
age value Of S74,9S9,NO
1t is estimated that on the first day OF July,
1893, the metallic stock of money in the United
States, consisting of coin and bullion, amounted
to 81 1873, of which S19I ,O9',6S7 was gold
and $Bl5,S6l, 4S4 was silver.
One hundred and nineteen national banks
were organized during the year ending Oct. 81,
went into voluntary liquidation and 1853 sus-
pended. SlXty-tve of the suspended banks
were insolyent 81 resumed business ana Z
remained in the hands of bank examiners with
prospects of speedy resumption
OF the new banks organized "A were located
in the eastern states, Al west of the Mississippi
river and "a in the central and southern states.
The total number of national banks in exist
ence on the 3lst day OF October, 1888, was 3,Eb,
having an aggregate capital or $3.50, 55S, 10.
The net increase in the circulation of these
banks during the year was S3j,6SO.V2.
Bonding Legislation Needed.
The recent repeal of the provision of law re-
quiring the purchase of silver bullion by the
government feature of our monetary
scheme has made an entire change in the COM
plexiOn of our currency affairs. do not doubt
that the ultimate result of this action will be
IN an
In the nature of things, however, il is inn
possible TO know at this time precisely what
change, or what, ii any, supplementary legis-
lation may, in the light OF such conditions,
appear to be essential or eXpedient. OF course,
after the recent financial perturbation, time is
necessary tor the re-estabshment of business
confidence. When, however, through this re-
ored confidence the mopey which has been
frightened in boarding places is returned to
trade and enterprise, ~ survey or the situation
will probably disclose a safe path leading to a
permanently sound currency abundantly
sufficient TO meet every requirement of our
increasing population and business.
In the pursuit of this object we should reso-
lutely turn away from alluring and temporary
eXpedients, determined to be content with
nothing less than u 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 acUon.
The monetary conference which assembled at
Brussels upon our invitation, was adjourned to
the 30th day of November in the present year.
The considerations just stated and the fact
that definite proposition from us seemed TO
be expected upon the reaSsembling of the con-
ference, led me to express a willingness to have
the meeting still farther postponed.
1t seems to me that 1t would be wise to give
general authority tO the president 10 invite
other nations to such a conference at any
time when there should be n fair prospect OF
accomplishing an International agreement on
the subject of coinage.
desire also to earnestly suggest the wisdom
of amending the existing statutes in regard 10
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 the bonds authorized are dis
advantageous to the government both as to the
time of their maturity and rate of interest
The superintendent of immigration, through
the secretary of the treasury, reports that
during the last fiscal year there arrived at our
ports 4i01G3 immigrants. OF these 1868 were
not permitted To land under the limitations of
whence they came by reason OK their having
become public charges. The total arrivals were
,t3 less than the previous year.
The secretary in his report gives an account
of the operation of the marine hospital service
and of the good work done under its super
vision in preventing the entrance and spread
the last two years touching our public health
and the demonstrated danger of the introduc-
ton of CONTAGIOUS diseases from foreign ports,
has invested the subject of national quarantine
with increased interest. A more general and
harmonious system than now exists, acting
promptly and directly everywhere, and con-
shield our country from the invasion of dis
ease, and at the same time, having due regard
to the rights and duties of local agencies,
would, believe, add greatly TO the safety Of
thepeople
Our Standing Army.
The operation of laws and the influences con-
stituted TO relieve the country from the dan
gers of Indian hOstilities, together with the
increasing ability of the states, through the
efficiency of the national guard organization,
to protect their citizens from Violence. led to
the suggestion that the time is fast approach
| ing when there will have to be organizations
! of army on the lines of the present necessities
! of the country This charge contemplates in
| crease in number added expense, but Il re-
| distribution of the force and an encourage
| ment of measures tending to greater efficiency
among the men and improvement of the
service.
The adoption of battalion formations for in
| fantry regiments, the strengthening of the
| artillery force, the abandoning of smaller and
unnecessary posts, and the massng OF the
| troops at important and accessible stations, all
| promise TO promote the usefulness of the army.
| In the judgment of army officers, with but few
exceptions, the operation of the law forbidding
the re-enlistment OF men after 10 years service,
| has not proved its wisdom, and while the argu-
ments that led to its adoption were not without
| me to join in the recommendation for its re-
| peal.
| National Defenses.
II is gratifying to note the results in tie
comprehensive scheme of defense and fortih-
has been al=csGy expended, but the mainten-
| Wi he flpra La rod t,yitI