The Indianapolis journal., 1899-12-11

the average. close to standard. and ex-
porters are prefering to ship II rather than
pay the bar charge. The total gold i'm
ports OF the year amounted TO SIS, $50 and
exports to $ss. So, 7s3. The total silver i'm
ports were 81. .l2O.57s. commercial value. and
silver exports SIS. $50. .335
The stock OF bullion in the mints and as
say Offices on July /. 1S99 was as follows:
Gold. sss2. az; silver (cost) $S5,575,sss
During the year 81 1eS. .S51 in worn and un-
current gold coin were received. with loss
of s1O54s; and sS.5SS.O7s of W. orn and incur
rent subsidiary silver was coined. with a
loss of s4S5.797.
The seigniorage on the coinage of silver
dollars during the year amounted TO
s5.520.145: on subsidiary silver. sS5.S3S; on
nickels and pennies. $6ss. .729. The coinage Of
all nations. including the recoinage. in 1898
was: Gold. 1896 AZ. sos: silver. $40 d. .e35.
The government has now practically no
bullion available for the coinage of SUBJ
sidiary currency. 1t 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 leg
islative authority for new coinage is imper-
atively demanded. Continuing, the report
says:
I'm the report of this bureau year ago
an effort was made to tabulate the princi-
pal stocks OF gold held for monetary use in
the world at the close of the years lSS2
and 1897. This table. corrected by returns
from additional banks and the elimination
OF some errors. shows the stocks of gold in
sight in Europe to have increased by about
80 per cent from Dec. 81, 1892, TO Dec. g.
1897. From the latter date to Dec. 81,
the stocks, instead of continuing to in
crease showed diminution. At first
thought the reduction is likely to cause
SURPRISE for with the enormous gold pro-
ductions OF the year. amounting to $751;
100000. the stocks of that metal might be
expected to everywhere augment When 1t
Is considered, however, that the United
States took above 500. 900 of gold In 1898
and that India's net imports were over
twenty million, and that the industrial con-
sumption OF the world was $65,O0O,OOO, 1t
VII. be understood that no general increase
I'm European stocks could occur last year.
But 1t still remains to be explained where
the disappearing gold of Europe went to.
RUSSIAN STOCKS.
ssThe total reduction shown by the above
table Is $50, 900 600, and the Russian stock
shows a reduction of $685. 100000. But NJ.
De Xitte, 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
I'm 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 coun-
try to par with gold and establishing its
interchangeability. During the past year
the bank has been paying out gold freely,
and gold coin, long absent from the circu-
lation of the empire, has again entered
into common use.
1.-The Bank OF England and Imperial
Bank of Germany both show a loss of gold
during the year. But the record of the ex-
ports and imports of Great Britain and
Germany show that each of those coun-
tries received about $4,000, COO more gold
than 1T parted with. Trade was very ac-
tive in both countries. and apparently drew
on the reserve stocks of the two leading
banking institutions. The money stock of
those countries was in a larger degree than
the year previous in movement among the
people and in the local banks. 1t is of es-
pecial interest that the stock of uncovered
bank notes in Germany was s24000.00O
greater Dec. 81, 1898, than Dec. 81, 1897, and
was $50. 900 greater in France. That IL
iustrates the elasticity which enables the
monetary systems of those countries to
ease off such an extraordinary demand for
gold as the United States made on the
world last year. The Austro-Hungarian
Bank had S7.0O0.000 more of uncovered pa
beginning. The three countries had about
$7S.000.000 more of uncovered notes than the
year before, fact which doubtless contrib
uted 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 payments In gold. The issue acts
as buffer between such demand and the
commercial interests of the country, pro-
tecting the latter from sudden and sharp
pressure. 1t is a legitimate use of credit
by country. through the agency of banks
OF issue. to meet passing demand.
The most notable change in gold stocks
during the year was in the United States.
The stock of coin in the country, including
bullion in the mints, Jan. 1, 1898, was esti-
mated at $745. .245.95S, and on Jan. /, 1899, at
$945. 79S. .70s. gain of $500, ,652, $685. The gain
appears in the following items: Stock, Jan.
WEATrrD rnDrnaCr