Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-12-04

occasion to recommend a re-cast of the
laws relating to the consular service, in
order that it might become a more efficient
agency in the promotion of the interests 1t
was intended to subserve. The duties and
powers of consuls have been expanded with
the growing requirements of our foreign
trade. Discharging important duties affect
ing our commerce and American citizens
abroad. and in certain countries exercising
judicial functions, these officers should be
men of character, intelligence. and ability.
Upon proof that the legislation of Dem
mark secures copyright to American citi-
zens on equal footing with it's own, the
privileges of our copyright laws have been
extended by proclamation to subjects of
that country.
The Treasury.
The Secretary of the Treasury reports
that the receipts of the Government from
all sources during the fiscal year ended
June 80, 1893, amounted to $461, TIC, sol "a
and its expenditures to s459,314. 67429. There
was collected from customs S205,355. DIG. I3
and from internal revenue S161, 02I ,623. SO.
Our dutiable imports amounted to $421, $780,
Ill, an increase of So, 453, 901 over the pre-
ceding year. and importations free of duty
amounted to si4l5H,2i1, a decrease from
the preceding year of 13,455,4 Al. Internal
revenue receipts exceeded those of the pre-
ceding year by s7,147, 1852.
The total tax collected on distilled spirits
was s0i, 40, 260.5J, on manufactured
tobacco, s31, $50, MIA, and on fermented
liquors, S322,54S, 9S3.O7. We exported mer-
chandise during the year amounting to
SSi1, 665, 1884, a decrease of $1S2, 81, 954 from
the preceding year. The amount of gold
exported was larger than any previous year
in the history of the Government, amount
ing to S10s,GS0,Si4, and exceeding the
amount exported during the preceding year
- SIS, 49,, 5l1.
The sum paid from the Treasury for sugar
bounty was s9,375. BOSS, an increase over
the preceding year of S2,033, 053.09.
1t is estimated upon the basis of present
revenue laws that the receipts of the Gov
eminent for the year ending June 50, 1894.
will be S430, 12l, 365.3S and its expenditures
$45s, 1ol ,365.3S, resulting in a deficiency of
$2S,000.000.
On the first day of November, 1898, the
amount of money of all kinds in circula-
ton, or not included in Treasury holdings
was sI11S,Jf4,6S2, an increase for the year
OF S112, 40i.94I. Estimating our population
at 81, 100000 at the time mentioned the per
capita circulation was $3.50. On the same
date there was in the Treasury gold bull
lion amounting to s96,657,273 and silver
bullion which was purchased at a cost of
SIG, POI ,553.
silver Purchases.
The purchases of silver under the law OF
July II, 1890, during the last fiscal year.
aggregated 5i00S, l62. 80 fine ounces, which
cost A5,53l.3i4.53. The total amount of sill
yer purchased from the time that law be-
came operative until the repeal of its pur-
chasing clause. on the list day of November
1S,3. was 1GS,67I. 500. 46 fine ounces which
cost Sl55930, 9i0.SI Between the LIST day of
March. 1873. and the LIST day of November
1S3. the Government purchased, under all
laws. 503003.1lI fine ounces of silver at
cost of $685. 94S The silver dollars that
have been coined under the act of July Il
1890. number 36.0ST.2S5. The seigniorage
arising from such coinage was &C. 1aS. 30
leaving on hand in the minis 40, Gsp9 7G0
fine ounces of silver, which cost $12e, I5S,-
2lS.
Our total coinage of all metals during
the last fiscal year consisted of % $50 $40
pieces valued at sI3.6S5 1850, of which
there was $;0o3s 40 In gold coin, S5.3I3 715
in silver dollars. s7.217.@2090 in subsidiary
silver CON- and $l.0S6. 1920 in minor coins
During the calendar year 1892 the pro-
ductson of precious metals in the United
States was estimated to be 1J963IJ fine
ounces OF gold of the commercial and coin
age value of $}3,000,000, and 5SuOOO0O fine
ounces of silver of the bullion or market
value of So, 100000 and of the coinage value
of s1i,9S9 800
1t is estimated that on the first day of
July, 1928, the metallic stock of money in
the United States, consisting of coin and
bullion. amounted to 81 DE-, so 1C9. of which
SOD tsbI .tiS,p gold
silver
one hundred and nineteen national hanks
were Organized during the year ending
october ii. 1888, with capital of S11 30
Vn. torty-slN went into voluntary liquida-
ton and one hundred and ifty-eisht sus-
pended. SiXty-five OF the suspended banks
were insolvent, eighty-six resumed BUSH
ness, ana seven remain in the hands of
bank examiners, with prospects of speedy
resumption. OF the new banks Organized
II were located in the Eastern States,
IL west OF the Mississippi River, and 81
in the Central and Southern States The
total number of national banks in existence
On the 3lst day of October, 1893, was 3796.
having an aggregate capital of $685., 55S. 10.
The net increase in the circulation of these
banks during the year was $685. SS6972
k.fect OF the silver Repeal.
The recent repeal of the provision of
INV requiring tue purchase or silver bull
lion by the government as a feature of our
monetary scheme has made an entire
change in the complexion of our currency
affairs. L do not doubt that the ultimate
result of this action will be most salutary
ana far-reachirg. In the nature of things.
however, 1t is impossible to know at this
time precisely 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 es-
sential or eXpcdent. OF course, after the
recent financial perturbation, time is neces-
sary for the re-establshment of business
confidence. When. however, through this
restored confidence the money which has
been frightened into boarding places is
returned to trade and enterprise, a survey
Of the situation will probably disclose a
safe path leading to a permanently sound
currency, abundantly sufficient to meet
every requirement of our increasing popu-
lation and business.
In the pursuit of this object we should
rcsolutely turn away from alluring and
temporary expedients, determined to be
content with nothing less than a lasting
and comprehensive financial plan. In these
circumstances L am convinced that a rea-
sonablc delay in dealing with this subject.
instead of being injurious will increase the
probability of wise action.
The Monetary Conference which assem-
bled at Brussels upon our invitation was
q ~ .nrrr 1al to h. m n ,1o,y