The morning call., 1893-12-05

the last lay Of Nov mber 1893, was 16S.6I9.-
69O.46 fine ounces, which cost Sl55. 93O,-
94O "a. Between the first day OF March. 1873,
and the frs day of November, 1898. the Gov
eTnment purchased under all laws 5o3 OO3. III
me ounces OF silver at cost OF sol 94S.
lhe silver dollars that have been coined under
the act OF July Ia $780, number Sc. .087. .2S5.
4 ne seignlnrage arising from sucn coinage was
S6,Saa ,o9S 80. leaving on hand 10 the mlpts
i4O 699.76o fine ounces OF silver, which cost
S126.576.2IS
IL Is estimated that on the first day. OF July,
1888, TIE metallic stock of money In the Uniied
States. consisting OF coin and bullion. amounted
10 ~. .Zl3. .559, 169 of which So97, ,S97, $50 was
gold and se15,s6l Asa was silver.
One hundred aud nineteen national banks
Se's during the year sna,ag aG o0 Ucooon
went Into voluntary liquidation and l5S sus-
pended. sixty five OF the suspended oauks
were insolvent. Sc resumed business aud re-
manned In the hands OF bank examiners Win
prospects of speedy resumption.
or the new banks organized Al were located
River and "a in the Central and Southern
States The total number OF national banks In
existence on the 31st day OF Octobrr. 1893.
was was 3IS6. having an aggregate capital of
o9o,oo0,l20. The net increase 10 the circu-
latlon OF these banks during Tie year was
$50, $50, ,972.
The recent repeal of the provision of the law
requiring the purchase of silver bullion by the
NoVernment as a feature OF our monetary
scheme made an entire change IN the complex
ION Oh our currency affairs. DO MOI douot lhat
salutary and far reaching.
In me nature of things, however, IL Is I'M
possible TO KNOW at this time precisely wnal
conditions will be brought about by the change
or whal, II any, supplementary legislation may
In the ilgnt OF such conditions appear TO be es-
sentlai or expedient. or course. alter the re-
cent nnaucial perturbation, time Is necessary
Tor the re-estabshment OF business confidence.
Nnen, however, III ough this restored conn.,
dence the money which has been frightened
into boarding places Is returned 10 trade and
enterprise. survey Uf the situation VIII proba-
Diy disclose safe path leading to
permanently sound currency, abundantly
sufflcient 10 meet every requirement. OF our
increasing population and business. In The
pursuit OF this object we should resolutely turn
away from alluring and temporary expedieDts,
determine 10 be content with nothing less han
a lasting and comprehensive financial plan.
In these circumstances l am convinced that
reasonable delay IN dealing with this subject
instead OF being Injurious Will Increase the
probability OF wise action.
he monetary conference, which assembled
at brussels upon our invita- ION, was ADJOURNED
to the 3Oth day of November In the present
year. The consideration just stated and the
fact that definite proposition from US seemed
TO be expected upon the reassembling of the
conference. led me TO express Willingness 10
have the meeting further postponed. Ii seems
10 me that It would be wise TO give general
authority 10 the President TO invite other ma
tions to such a conference al any time when
there should be 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 TO
the issuance OF Government bonds. The au-
thoiity now vested In tue Secretary OF the
treasury TO issue bonds is not as clear as 1t
should be- and the bonds authorized are dis
advantageous 10 the Government, both as to
the time OF their maturity aud the rate OF in-
taresI.