The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1896-12-09

optes issued In payment OF silver pur-
-haFes under the act Of July II. 1880,
COW paid In gold when demanded.
could not create much disturbance. a.
tesy might from time to time. when
s~ceiyed In the treasury by redemption
N gold or otherwise. be gradually and
prudently replaced by silver coin This
plan OF issuing bonds for the purpose
VI redemption certainly appears to be
the most effective and direct path to
the needed reform. In default Of this.
however. IL would be step in the right
direction II currency obligations re-
deemable I'm gold. whenever so re-
deemed. should be cancelled instead OF
being reissued. This operation would
be slow remedy. but II would i'm
prove present conditions. National
tanks should redeem their own notes.
They should be allowed TO issue circu-
lation TO the par value Of bonds depos-
tied as security for it's redemption. and
| the tax on their circulation should be
reduced TO one-fourth OF l per cent.
In considering projects of the retire.
tnent OF United States notes and treas
Iry notes issued under the law OF 1890.
am of the opinion that we have
| placed too much stress upon the dan
ger of contracting the currency. and
have calculated too little upon the gold
that would be added TO our circulation
II invited to us by better and safer
|
contraction Of our currency that
should be avoided as its unequal dis
/ tribution. This might be obviated. and
any fear of harmful contraction at the
same time removed. 10y allowing the
| organization of smaller banks i'm less
| populous communities than are now
/ permitted and also authorizing exist
ing banks to establish branches in
small communities under proper re-
| strictions
The entire case may be presented by
the statement that the day of sensible
and sound financial methods will not
/ dawn upon US until our government
abandons the banking business and the
accumulation of funds. and confines it's
/ monetary operations TO the receipt of
the money contributed by the people
| for its support, and to the expenditure
of such money for the peoples benefit.
Our business interests and all good cit
liens long for rest from feverish agita-
ton, and the inauguration by the gov
| eminent of a reformed financial policy
which will encourage enterprise and
make certain the rewards of labor and
industry.
Statistics Given by the President.
The statistics of national income and
outgo. etc., given by the president are
as follows:
The secretary of the treasury reports
that during the fiscal year ended June
30, 1896, the receipts Of the government
from all sources amounted TO $409. 49,
4OS.7S. During the same period its ex
penditures were s43i. 67S. 654.4S, the ex
cess of expenditures over receipts thus
amounting to S25,2O3 245.70. The ordi-
nary expenditures during the year were
S4.015, .21 less than during the proceed
Ing fiscal year or the receipts men,
toned there was derived from customs
the sum of $1s0,O21, 75l.61, and from in
.ernal revenue $146, .615.66. The re-
ceipts from customs show an increase
Of s., S63, 134.22 over those from the same
source for the fiscal year ended June
30,1S95, and the receipts from internal
revenue an increase of 1854 ,537.91.
The value of our imported dutiable
merchandise during the last fiscal year
was 1869, 757 40, and the value of free
goods imported $4O9. 967 470, being an in
crease of Sc, 523, 675 in the value of dutia-
bic goods and SAL. 231 .034 in the value of
free goods over the preceding year. Our
exports of merchandise. foreign and do
mestic, amounted in value to $685.. $685.
93S. being an increase over the proceed
ing year of $75,06S,773. The average ad
valorum duty paid on dutiable goods
imported during the year was 1894 per
cent, and on free and dutiable goods
taken together TO- SO per cent.
The cost of collecting our internal
revenue was 2.7S per cent, as against
2.S1 per cent. for the fiscal year ended
June so. 1895. The total production of
distilled spirits. exclusive of fruit bran
dies, was So, 5SS, 103 taxable gallons, be-
ing an increase of $3.50, los gallons over
the preceding year. There was also an
increase of l,443,676 gallons of spirits
produced from fruit, as compared with
the preceding year. The number of bar
rels of beer produced was 1888, $50, as
against 80, $780, S4 produced in the pre-
x,aaIf inn hat .Nf
1888, 466 barrels.
The total amount of gold exported
during the last fiscal year was $112, 409,-
947 and of silver $50 541 $40. being an
increase of s45. 941 ,466 of gold and 3d.
246, 1884 of silver over the expectations of
the preceding fiscal year. The imports
of gold were 1925, 065 and of silver
s2S, az. 1S6, being $2.5S9.6 95 less of gold
and $S,566,O07 more of silver than dur
ing the preceding year. The total stock
of metallic money in the United States
at the close Of the last fiscal year.
ended on the Goth day of June. 1896.
was $122S 326, OBS, of which $500. So, 964
was i'm gold, and $62S, 1884, OIL in silver.
On the 1st day of November, 1896. the
total stock of money of all kinds in
the country was $22S5. 410.590 and the
amount I'm circulation, not including
that in the treasury holdings. was ST.
627. 055.64l, being s22.63 per capita upon
The production of the precious metals
in the United States during the cal
endar year 1895 is estimated to have
been 2254. $50 fine ounces of gold Of the
value of s46.610.000 and 55.727. 900 fine
ounces of silver. of the commercial
value Of $50. 445. 900 and the coinage
value of s72.051, 900.
The estimated production OF these
metals. throughout the world during
the same period was 9.6SS.s2l fine ounces
of gold amounting to $500, 2S5. 700 in
value, and 169. 1855. 249 fine ounces of sill
yer. Of the commercial value of $780,
654 900 and of the coinage value of s21s.-
73S. 100 according to our ratio.
These coinage of these metals in the
various countries of the world during
the same calendar year amounted to
3232. 70l ,43S in gold and 1921. 900, 219 In sill
yer. w Ift
The total outstanding circulating
notes Of all national banks on the 31st
day of October, 1896. amounted to 1924.
$50. S07 including unredeemed but fully
secured notes OF banks insolvent and In
process Of liquidation. The increase in
national bank circulation during the
year ending on that day was $21. 099.
429. On Oct. 6. 1896. when the condition
Of national banks was last reported.
the total resources of the 3,679 active
institutions was SO, 263, 6S5, 1888. which
included 81 2q3 26S $40 81 i'm loans and