The record-union., 1899-12-11
Gold, $119,ss2,772; silver (cost), $685.

Gold, $119,ss2,772 silver (cost). $685.
$50, $685..
During the year $1,16S.951 in worn
and uncurrent gold coins were receiv-
ed with a loss of $1O,543 and $S,58B O76
of worn and uncurrent subsidiary sill
yer was recoined with a loss of $685.
1917.
The seigniorage on the coinage of sill
yer dollars during the year amounted
to $500, 145; on subsidiary silver, $685.
S3S; on nichels and pennies, $69S, 729.
The coinage of all nations, including re-
coinages, in 1898 was: Gold, $685., AT, :
800; silver, $149, 2S2, 935. The Govern
ment has now practically no bullion
available for the coinage of subsidiary
currency. It has bullion purchased for
the coinage of silver dollars, but this
cannot be used without authority from
Congress. The needs of the country
for fractional currency are increasing,
and legislative authority for new COIN
age is imperatively demanded. Contin-
uing, the report says:
In the report of this bureau a year
ago an effort was made to- tabulate the
principal stocks of gold held for none
tary use in the world with the close Of
the years 1892 and 1897. This table,
corrected by returns from additional
banks and the elimination of some err
rors, shows the stocks of gold in sight
in Europe to have increased by about
so per cent. from December 81, 1893.
The stocks, instead of continuing to in
crease, showed diminution at first,
though the reduction is likely to cause
production of the year, amounting to
1921, 100000, the stocks of that metal
might be expected to everywhere aug
ment.
When it is considered, however that
the United States took above $4,000 o.
600 Of gold in $685. that midas net i'm
ports were over $20,O0O.OOO, and that
the industrial consumption of the wor1e
was $65,OOO,OOO, it will be understood
| that no general increase in European
stocks could occur last year. But it
still remains to be explained where the
disappearing gold of Europe went to.
The total reduction shown by the
| above table is $190,OOO,OOO, and the
Russian stock shows a reduction Of
S16S, 100000 But NJ De White, the
Russian Minister of Finance, states in
his annual report upon the budget that
during the year 1898 there has been
, an increase in the general amount Of
gold in the country"
The reduction shown in the stock OF
the Imperial Bank has been brought
about by the monetary reform. The
enormous stock in the bank at the close
of 1897 was provided for the purpose of
bringing the paper currency of the
country to par with gold and establish
ing its interchangeability. During the
past year the bank has been paying out
gold freely and gold coin, long absent
from the circulation of the empire. has
| again entered into common use.
The Bank of England and Imperial
Bank of Germany both show a loss Of
gold during the year, but the record
of the exports and imports of Great
Britain and Germany show that each
of these countries received about $50
OOO,0CO more gold than it parted with.
Trade was very active in both coun-
tries and apparently drew on the re-
serve stocks Of the two leading banking
institutions. The money stock of those
countries was in larger degree than the
year previous in movement among peo-
pie and in the local banks It is Of
special interest that the stock of un-
covered bank notes in Germany was
S24,O00,OOO greater on December 81,
1898, than on December 81, 1897, and
was S36, COO, 900 greater in France. That
illustrates the elasticity which enables
the monetary systems of those coun-
tries to ease off such an extraordinary
demand for gold as the United States
made on the world last year. The
Austro- Hungarian Bank had SIT, OOO.-
OO0 more of uncovered paper out at the
end of the year than at the beginning.
The three countries had out about
SfS,0UO,O0O more of uncovered bank
notes than the year before, fact which
doubtless contributes much to ease the
financial situation. The ability to thus
enlarge the stock of paper currency is
valuable to a country in the event of
any sudden call upon it for heavy pay
ments in gold. The issue acts as a
buffer between such demand and the
commercial interests of the country.
protecting the latter from sudden and
sharp pressure. 1t is a legitimate use
of credit by the country, through the
agency of banks of issue, to meet a
passing demand.
The most notable change in gold
stocks during the year was in the Unit
ed States The stock Of coin in the
country, including bullion in the mints
on January 1, 1898, was estimated at
S145, 245, 953, and on January 1, 1899, at
$945, 79S, 70S, a gain of $20O,OO2 S35.
The gain appears in the following
items:
Stock January 1, 1898, S745, 245, 953.
Net imports Of United States coin, $685.
OS2, Coinage during the year,
$17,9S5,75S. Gain in bullion in mints,
81, TO- 30. Total, 1851. 0S4. S59. United
States coin melted at minis. 81, $50, 741;
taken by payma sters to Cuba, Porto
Rico and Philippines, So, 455, $50; used
in manufactures, 100000. Total, $5,-
2S6,071. Stock, January 1, 1899, $945,
79S, 1888.
On the increased stocks shown by
the above statement, appears $780,
632, $40 appears in the reports of Ma
tional Banks and the Government
treasury. The holdings of the former
must be taken for December Is, 1897,
and December 1, 1898, their nearest
statements to January LIST, being on
those dates. They show holdings as
below.
Treasury, January 1, 1898, $197, 49,
142. National Banks, December Is,
1897, $1S7 sos, 644. Total, 1886, 375, 1856.
Treasury, January 1, 1898, 1921. 49,
SS1. National Banks, December 1,
1898, $263, $685. 745. Total, $545, OO8, 626.
Gain in treasury and National Banks,
$3.50, 632, $40
The difference between this and the