Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1893-12-12

a til the repeal OF its purchasing clause
I November |, 1898, was 16S,674, 590. AZ
\ fine ounces, which cost 155,9S0, $40 81
: Between March l, 1878, and November
3 |. 1898, the government purchased un'
: der all laws 503,003,717 fine ounces o.
silver, at a cost of 1915, 1922 ,946. The sill
, yer dollars that have been coined under
the act of July IA, 1890, number 36,0S7, !
2S5. The seigniorage arising from such
coinage was $6,977 ,695 80, leaving on
hand in the mints 140,699,76O fine
ounces of silver, which cost 1926, 57S ,2lS,
| Our total coinage of all metals during
the last fiscal year consisted Of:
Pieces ..........~.. 81 80 SO
Value. si6,5sS lss y
Gold Coin 3o,oSs lio ~
Silver dollars. oo5i 10 W
Subsidiary silver coins.."........".." I,2lI2D ~
Minor coins.......... -.......,....... 1,0S6lo2 90
During the calender year 1892 the pro-
duction of precious metals in the United
States was estimated to be:
Fine ounces ,5963I6
Commercial and coinage value. GOO zoo
Bullion or market value. 800, foo VVu
Coinage H,sS9svo
1t is estimated that on July l, 1928,
the metallic stock OF money in the United
States, consisting of coin and bullion,
amounted to 81 ,2l3, 559, 1859, of which
$597 1897 6S5 was gold and S6l5, SSl, asa
silver.
| THE NATIONAL BANKS.
! One hundred and nineteen national
banks were organized during the vear
ended October3I, 1898, with a capital al
81 ,230, 900. Forty-six went into volu0-
tary liquidation and 1853 suspended. on
the suspended banks 65 were inso.vent,
Sc resumed business, and remained in
the hands OF bank examiners with pros
poets OF speedy resumption. OF the new
banks organized, A were located in the
Eastern states, Al west of the Mississippi
river and 81 in the Central and Southern
states. The total number of national
banks in existence October 81, 1898, was
1896, having an aggregate capital OF
$685. .55S, l20 The net increase in the
circulation of these banks during the
year was $36, SS6,973.
EFFECT OF REPEAL.
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, makes a change
in the complexion of our currency
affairs. do not doubt that the ulti-
mate result of this act will be most salu-
tary and far-reaching. In the nature
OF things, however, it is impossible to
know at this time what conditions will
be brought about by the change, or
what, If any, supplementary legislation
may, in the light OF such conditions,
appear to be essential or expedent. OF
course, after the recent financial pertur-
baton, time is necessary for the re-es-
adjustment of business confidence.
When, however, through this restored
confidence, the money which has been
frightened into hiding places is returned
TO trade and enterprise, survey of the |
situation will probably disclose 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 resolutelv turn
away from alluring and temporary ex-
pedients, determined to be content with
nothing less than a lasting and compre-
henslve financial plan. In these circum-
stances | am confident that a reasonable
delay i'll dealing with this subject, in
stead of being injurious, will increase
the probability of wise action.
THE BRUSSELS CONFERENCE,
The monetary conference, which as
'embled at Brussels upon our invita-
-lon, was adjourned to November 80, in
he present year. The considerations
ust stated, and the TACT that definite
'roposit on from the United States
eemed to be expected on the reassem-
Ding OF the conference, led me to ex-
'ress willingness to have the meeting
TIL further postponed. 1t seems To me
hat 1t would be wise to give general
uthority to the president to invite
ther nations to such a conference at
ny time when there should be a fair
Prospect of accomplishing an interna- {
lohal agreement on the subject of coin t
ge. ,
ISSUE OF BONDS. IL
l desire also to earnestly suggest the c
'lsdom OF amending the existing stat I
ties IN regard to the issuance of govern G
lent bonds. The authority now vested c
the secretary of the treasury to issue r
onds is not as clear as it should be n
nd the bonds authorized are disadyan- +
igeous, both as to their maturity and /
lte of interest.
The War Department..
Inc secretary of war reports that the
rength of the army on the Both dav of a
eptember last was 5,77S enlisted men
ld Zl44 officers. The total expenses of p
us department for the year ended June n
:; 1915, amounted to S5l ,960,074 80. OF II