Mississippi leader. (Jackson, Miss.) 1892-1895, 1894-12-11

OF the United States since the passage OF
the act Of Feb. 2s, 1873. Is s42l, ,776, 4os. Of
which $31s, 18S, 1913 were coined under the
provisions of that act, s9s, So, ,14s under
the provisions of the act of July IA, 1890.
and g, ,07S, ,472 under the act providing for
the coinage of trade dollar bullion. The
total coinage of all metals at our mints
during the last fiscal year consisted of 63,-
1920 pieces, valued at $106, ,216, 730 .06, Of
which there were s99, ,474, ,912.50 in gold
coined: S75S in standard silver dollars;
$6, ,024, 140. 80 in subsidiary silver coin; $5l6,
&c in minor coin.
During the calendar year 1898 the pro-
duction Of precious metals in the United
States was estimated at 81 ,739, ,326 flne
ounces of gold of the commercial and
coinage value of s35, ,955,0O0 and $4,000 900
fine ounces of silver of the bullion or Inar-
ket value of s46. 800, 600 aud Of the coinage
value of 81, ,573, 600 1t is estimated that
on the first day Of July, 1894, the stock OF
metallic money in the United States, con-
sisting Of coin and bullion, amounted to
u, ESQ, ,640, ,95S, of which 1927 ,923, POI was
gold and $624, ,347, 755 was silver.
Fifty national banks were organised
during the year ending Oct. 81, 1894. with
capital of 81, ,2s5, 900, and 70 with capt.
tai Of $40, AIS, 900, went into voluntary
liquidation. Twenty-one banks, with
capital Of q, 600 were placed In the
hands of receivers. The total number OF
national banks in existence Oct. 81 last
wys 8, ,756, being 40 less than on Oct. 81.
1893.
The capital stock paid in was e672, ,61.-
865, being s., ,67S, ,491 less than at the same
time in the previous year. and the surplus
fund and undivided profits, less expenses
and taxes paid, amounted to 1884, 1884,
082. 10, which was SIC, ,0Ss, $50 less than on
Oct. 81, 1893
The circulation was decreased q, TAI, 1913.
The obligations Of the banks to each other
were increased s117 7,26s, 1884 and the indi-
vidual deposits were SET. 1874 ,4s9 less than
at the corresponding date in the previous
year.
Loans and discounts were $16l zoe, ,823
more than at the same time the previous
year, and checks and other cash items
were 500, ,3i9, ,968 more. The total resources
Of the banks at the date mentioned
amounted to $3, ,473 ,922, ,055 as against s.
109, ,563, ,2S4.36 in 1893.
Tariff Lsgislation Needed.
The tariff act passed at the last session
of the congress needs important amend
ments, If it is to be executed effectively
and with certainty. In addition to such
necessary amendments as will not change
rates Of duty, am still very decidedly IN
favor of putting coal and iron upon the
free list.
So faI rs the sugar schedule is concern
ed, would be glad, under existingl aggi-
tations, to see every particle OF differen-
tial duty in favor of refined sugar stricken
out of our tariff law. If with all the favor
now accorded the sugar refining interests
in our tariff laws, it still languishes to the
extent of closed refneries and thousands
of discharged workmen, it would seem to
present hopeless case for reasonable leg
islative aid.
Whatever else is done or omitted earn
estly repeat here the recommendation
have made in another portion of this
communication that the additional duty
of one-tenth of cent per pound laid upon
sugar imported from countries paying
bounty on its exports be abrogated. It
seems to me that exceedingly important
considerations point to the propriety Of
this amendment. With the advent of q
new tariff policy, not only calculated to
relieve the consumers of our land in the
cost of their daily life, but to invite bet
ter development Of American thrift and
create for us closer and more profitable
commercial relations with the rest of the
world, it follows as a logical imperative
necessity that we should at once remove
the chief if not the only obstacle which
has SO long prevented our participation in
the foreign carrying trade of the sea. A
tariff built upon the theory that 1t Is we'll
to check imports and that homo market
should bound the industry and effort Of
American producers was fifty supple
mented by refusal to allow American
registry to vessels built abroad, though
owned and navigated by our people, thus
exhibiting a willingness to abandon all
contest for the advantages Of American
trans-oceanic carriage. Our new tariff
policy, built upon the theory that it Is
we'll to encourage such importations as
our people need, and that our products
and manufactures should find markets in
every part of the inhabited globe, Is con-
sistently supplemented by the greatest
possible liberty to our citizens In tho
ownership and navigation of ships In
which our products and manufactures
may be transported.
The millions now paid to foreigners for
carrying American passengers and pro-
ducts across the seas should be turned into
American hands. Ship building, which
has been protected to strangulation,
should be revived by the prospect of profit
able employment for ships when built, and
the American sailor should be resurrected
and again take his place q sturdy and In
dustrious citizen In time of peace and Q
patriotic and safe defender of American
interests in the day of conflict.
The ancient provision Of our law deny
ing American registry to ships built
abroad and owned by Americans, appears
In the light of present conditions not only
TO be q failure for good at every point, but
to be rather q relic Of barbarism than
anything that exists under the permission
of q statute of the United States
earnestly recommend its prompt repeal.
During the last month the gold reserved
in the treasury for the purpose of redeem
ing the notes Of the government circulat-
ing as money in the hands of the people
became SO reduced and its further deple-
tion in the near future seemed so certain
that in the exercise Of proper care for tho
public welfare 1t became necessary to re-
plenish this reserve and thus maintain
popular faith in the ability and determine
tion of the government to meet, as agreed,
its pecuniary obligations.
It would have been well IL in this emer-
pency authority had existed to issue bonds
of the government bearing low rate Of
interest and maturing within q short
period.
But the congress having failed to con-
fer such authority. resort was necessarily