St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-05

sugar bounty was 50, 375, 1905 an in
3335, 800.
1t is estimated upon the basis of pres
ent revenue laws that the receipts of
the government for the year ending
June 80. 1894. will be s430, 121, 365. 3sS.
and its expenditures s45S. 121. 355.3S, re-
sulting In a deficiency of SIS, 600. 600. On
the first day Of November, 1893, the
amount of money of all kinds in circula-
ton, including the treasury holdings,
was S1,7lS, 544 ,6S2. an increase for the
year Of slI2. 4O4, g47. Estimating our
population at 81, 1926, 900 at the time men
TONED, the per capita circulation was
s25-49. On the same date there was in
the treasury gold bullion amounting to
s9O, 657, 273, and silver bullion which was
purchased at a cost of Sl26, 261, $50.
The purchases of silver under the law
OF July IA. 1890. during the last fiscal
year. aggregated 54,O0S. 1922 80 fine
ounces, which cost S45, 531. 374.53. The
total amount of silver purchased from
the time that the law became operative
ahtiI the repeal of the purchasing
clause, on the 1St day of November,
1893, was 16S. 674. 590.46 fine ounces, which
cost s155, $50. $40. 81. Between the LIST day
OF March, 1875. and the 1st day of No
vember, 1893, the government purchased
under all laws sos. 003. TAT fine ounces of
silver at a cost of S516, 622, 94S.
The silver dollars that have
been coined under the act of July
IA, 1890. number Sc, 0S7, 2S5. The seign-
forage arising from such coinage was
S6977 ,09S.3 SO, leaving Oh hand in the minis
l40.699, 76O fine ounces of silver which
cost SIG. SIS, 21S. Our total coinage of
all mnfotQ dnrinr tho Loot foao paor
consisted of ST. S0, S75 pieces, valued at
s43,6S5, 1883 of which there was $780,
03S. lao i'll gold coin, S5.343,7 15 in silver
dollars, S7,217, 900. 80 in subsidiary silver
coin, II 81, 0S6, 1929 o in minor coins.
During the calendar year 1892, the pro-
auction of precious metals in the United
States was estimated to be 1, SOC, 375 fine
ounces OF gold. OF the commercial and
coinage value of S3S. 600, 900. and IS, 000.-
OOO fine ounces Of silver of the bullion or
market value of $50, $50. 900, and of the
coinage value of s74, $50, 800.
1t is estimated that OH the 1st day of
July. 1898, the metallic stock of money
III the United States, consisting of coin
and bullion, amounted to 81. 213. $50, 1859,
OF which 1891, 697, SS5 was gold and S615.-
Sol ,4S4 was silver. One hundred and
nineteen national banks we're organized
during the year ended Oct. 81, 1898, with
a capital Of S11, go, 600. Forty-six went
into voluntary liquidation and 15S sus-
pended. Sixty-hve of the suspended
II were insolvent. &c resumed bust
ness, and 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 existence on the S1st day of
October, 1893, was 3,796, having an ag-
gregats capital of $685., 55S. 100. The net
increase in the circulation or these
banks during the year was $50, $50, 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 an
entire change in the complexion of our
currency affairs. and l do not doubt that
the ultimate result of this action will be
nature of things, however, it is impos-
sible 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 essential
or eXpedient. OF course, after the re-
cent financial perturbation, time Is nee
essary for the establishment of business
confidence. When, however, through
this restored confidence the money which
has beet frightened into boarding places
is returned to trade and enterprise, a
survey of the situation will probably
disclose a safe path leading TO a per-
manently sound currency, a%bundantly
sufficient to meet every requirement of
our increasing population and of bus
mess. In the pursuit of this object we
should resolutely turn away from allur-
ing and temporary eXpedientS. deter
mined to be content with nothing less
than a lasting and comprehensive fiuan-
clai plan. 1n these circumstances l am
convinced that a reasonable delay in
dealing with this subject. instead of
being injurious, will increase the prob
abilities OF wise action.
The monetary conference which as
sembled at Brussels upon our invitation,
was adjourned to the 30th day of No
veGaber in the present year. The n
SlderatiOnS just stated and the fact that
a definite proposition from us seemed to
he expected upon the reassembling of
the conference. led me to express a will
lngnesS to have the meeting further
postponed. 1t seems to me that it
would be wise to give general authority
to the president to invite other nations
to such a conference at any time when
there should be a fair prospect of ac-
complishing an international agreement
on the subject Of coinage. l desire also
to earnestly suggest the wisdom of
amending the existing statutes in re-
gard to the issuance of government
bonds. The authority now vested In
the secretary of the treasury to
ISSUE N
is not as clear as it should be, and the
bonds authorized are Instantaneous to
the government, both as to the time of
their maturity and rate of interest.