The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-11-28

Offices during the year was $2,0SS,372,
and the total expenditures $1,1S5, ,435,
showing the net earnings from all sources
to have been S902936. The value of
the gold and silver estimated to have
been used in the industrial arts during the
calendar year 1894 was approximately
S2l ,54l, ,652, of which $10,65S,S0 S04 was
gold and S1O,SS3,O4S was silver. The es-
tlmated metallic stock in the United
States on July l, 1895, was: Gold. $685.
229; $50; silver, $625, ,S5S,949, total of
S1,262, ,0S4,774.
The estimated product OF gold and sill
yer in the United States during the cal
endar year 1894, was: Gold, $50, SOC, 900;
silver, 49,50O ounces of the commercial
value of S31 .422, 900, and the coinage val
Tie of $64000,000. The estimated pro-
duction of the world for the calendar
year was: Gold. $1S0,626, 100; silver,
coming value, $216,292, 200: commercial
value, S106, ,522, 900.
The coinage of gold and silver by the
various countries of the world so far as
this information has been received for
the calendar year 1894, was: Gold, $227,
921.O32; silver, S106,3S3,952
In his report Mr.. Preston gives an esti-
mate of the approximate stock of money
in the principal countries of the world.
He places the stock of gold at 81, ,0S6, $780,
600; the stock of full legal tender silver at
$3,439,30O, 900; stock of limited tender sill
ver S63l 200, making total silver stock
i'll the world of S4,010, 100000; the un-
covered notes are placed at $2,469. 500.-
600.
Mr.. Preston. i'll n review of the none
tary legislation of the country, states
that the real demonetization of silver
took place in 1853, when the weight of
the different coins was reduced about
Z per cent. This, he says, was not an ac-
cident or oversight, it was expressly de-
clared in the house of representatives
that the intention was to make gold the
sole standard of value in large transac-
tions and silver subservient to it for small
ones. The act of 1873, he says, was only
nominal.
In his report the direct Jr of the mint
says that the result of the currency legis-
lation of the United Sta tes for over Il
hundred years has been Such as to leave
an incompetent monetary system as in
consistent illogical and expensive. As
can well be imagined that inspires little
confidence at home and is not conducive
to our credit abroad, and its reform is
one of the most important and urgent po-
litical questions of the hour.
He says that on January /, 1870, the
date of the resumption of specie pay
ment, the only currency, except coin GER
tificates required to be redeemed in gold,
was the $346,6S1, ,016 legal tender notes
then outstanding, which the then secre-
tary of the treasury was of the opinion
that Il gold reserve of $100,000,000 would
be sufficient to maintain, but the paper
currency, redeemable on presentation, has
been inserted to the extent of 1856, $780,
600, issued in payment of the silver bull
Besides these there were outstanding No
vember 1, 1895, $333 456, ,236 in silver GER
tifcates, and as the act of July II, 1890,
declared it 'to be the established policy
of the United States to maintain the two
metals ut parity with each other" there
was now Il total of S2S1 800, 532 resting
on the basis of the gold reserve Of $780,
OOO OnO