The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-05
lS,sa.ssO.4s fine ounces. which cost $780,

16S, .S90.46 fine ounces. which cost $780,
$50, 9.O4.
Between the 1st day OF March and the
ist day OF November, 1893, the govern
ment purchased under all laws jO3,5O3,7l7
fine ounces of silver. at cost OF S6le,-
e22,s4s. The silver dollars that have been
coined under the act Of July H. 1890,
number 36,CS723l. The seiniorage aris-
Ing from such coinage was 1901, ,G9s.39,
leaving on hand in the mints 1908. .7e0
fine ounces Of silver which cost $685.
,JS,A5
our total coinage OF all metals during
the last fiscal year consisted of G,2S0.S75
pieces. valued at Si3.6 1860 OF which
there was s50,03s.lf In gold coin. s5,3i3.7i5
in silver dollars. 81. ,22OsO In subsidiary
silver coin, aud sl,0S0.lo29O in miner coins.
During the calendar year 1882 the produc-
ton OF precious metals I'm the United
States was estimated 10 be l,596.375 fine
ounces Of gold OF the commercial and
coinage value Of SS5,OOO,OOO and 5S,O0O,O0O
fine ounces OF silver OF the bullion or
market value Of S5OTj0,00O and OF the
coinage value OF S74,9Ss, 800
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 20 $l,2l3 $50, i69 Of
which S@ 697,655 was gold and Ssl56sl. 4e4
was silver
National Banks
one hundred and nineteen national
banks were organized during the year
ending October 81, 1898, with a capital
Of 81, i,2S0,oC9 Forty-siN went into volun-
tary liquidation, and 15S suspended.
Sixty-fve Of the suspended banks We're
insoivent, 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 I'm the central and south
ern States. The total number of national
banks in existence on the 5lst OF October,
1893. was $3.50. having an aggregate capital
Of S695,JJS,l20 The not increase in the
circulation Of these banks during the year
was $50, SO,972 The recent repeal OF the
provision of law requiring the purchase
OF silver bullion by the government as a
feature Of our monetary scheme has made
al entire change in the complexion OF our
currency affairs. / do not doubt that the
ultimate result OF this action Will be most
sanitary and far reaching.
In the nature Of things, however, it is
impossible 10 know at this time precisely
what conditions will be brought about by
the change, or what II any, supplement
tary legislation may, i'm the light OF such
conditions. appear TO be essential or ex-
pedient or course, after the recent
financial perturbation. time Is necessary
for the re-cstablshment OF business conf
dence. When, however, through this re-
stored confidence, the money which has
been frightened into boarding places Is re-
turned 10 trade and enterprise q survey
OF the situation will probably disclose a
safe path leading to permanently sound
currency, abundantly sufficient TO meet
every requirement of our increasing popu-
lation and business In the pursuit. Of
this object, we should resolutely turn
away from alluring and temporary expe-
dients, determined 20 be content with
nothing less than a lasting and compre-
hensiye financial plan. In those circum-
stances. | am convinced that "A reasOna-
bic delay in dealing with this subject.
instead Of being injurious will increase
the probability OF wise action.