The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-11


worn and uncuirent subsidiary silver
was recoined, with a loss of sis5,7@;
The seigniorage on the coinage OF
silver delivered during the year
amounted 10 s5.52D.1;5; ON subsidiary
silver, 1885, 3S: on nickels and pennies,
S6sS, 129. The coinage of all nations. m
Guiding reconages in 1898. was: Gold.
$685., 4i1.9o5: silver, SI49.2s2.sS5.
The government has now practically
rs bullion available for the coinage OF
subsidiary currency. IL has bullion
purchased for the coinage of silver dol
lars. but this cannot be used without
authority from congress. The needs OF
the country for fractional currency arc
increasing and legislative authority Tor
new coinage is irlperatively demanded
Continuing, the report says:
Gold Mysteriously Disappears.
IN the report of this bureau gear
ago an effort was made to tabufate the
principal stocks OF gold held for mon
etary use in the world at the close of
the years 1892 and 1897. This table, cor
rected 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, 1893
The stocks. instead of continuing to In
crease, showed a diminution. AT first
thought the reason is likely TO cause
surprise for with the enormous gold
production of the year, amounting to
$2S7. $50, $50, the stocks of that metal
might be expected to everywhere aug
rfent.
When it is considered, however. that
the United States took above 5000. 600, 600
of gold in 1898, that midas net imports
Were over S20.000.000. and that the in
dustrial consumption of the world was
$50 600. 600 it will be understood that no
general increase in European stocks
could occur last year. But it still re-
mains to be explained where the dis
appearing gold of Europe went TO.
THE total reduction shown by the
above table is $3.50 900. 900 and the Rus
sian stock shows a reduction of $685.
100, 0O0 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.
"'Fhe 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 1887 was provided for the pur-
pose of bringing the paper currency
Of the country to par with gold and
establishing its interchangeability. Dur
ing 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.
Gold Disappears In Europe.
1.-The Bank of England and Imperial
Bank of Germany both show loss of
gold during the year, but the record of
the exports and imports of Great Brit
ain and Germany show that each of
these countries received about S50,000.-
00c more gold than it parted with. Trade
was very active in both countries and
apparently drew on the reserve stocks
OF the two leading banking institu-
tions. The money stock of those coun-
tries was in a larger degree than the
year previous in movement among the
people and in the local banks. 1t is OF
special interest that the stock of I'M
covered bank notes in Germany was
S24 600, 600 greater on Dee. 81, 1898, than
on Dec. 81. 1897, and was s35.000,000
greater in France. That illustrates 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 ST 900, 900 ms re of uncovered paper
out at the end of the year than at the
beginning.
The three countries had out about
FlS.tDt.yuJ HUT Va hOhSc
than the year before. a fact which
doubtless contributes much to ease the
financial situation. The ability TO thus
enlarge the stock of paper currency is
valuable in n country in the event of
any sudden call upon ii for heavy pay
ments in gold. The issue acts as a
buffer between demand and the COM
mercial interests OF the country, pro-
tecting the latter from sudden and
sharp pressure. It is a legitimate use
of credit by the country. through the
agency of banks of issue to meet the
passing demand.
The most notable change in gold
stocks during the year was in the Unit
cd States. The stock of coin in the
country. including bullion in the minis.
on January 1. 1895. was estimated at
S745. "a. g5S. and. on January l. 1899, at
S945, 79s. .0S a gain of s2o0,0oS.SSS
Present Gold Stock.
The gain appears in the following
items: Stock January l, 1898, s145,2z5, =
9sS
Net import of United States coin, $685.
OS2, us.
Coinage during the year, s77.9S5,55S.
Gain in bullion in minis, S94,Ii0,45O
Total. 1851, 0S4.s5S-
United States coin melted at mints,
81 1885,. 74l: taken by paymasters to Cuba,
Porto Rico and Philippines, s., 435.33O /;
used in manufactures. s1.500,0o0. Total,
S5.2S6.071.
Stock January !, 1899. s945. 79S.7SS.
on the increased stocks shown by the
above statement S159 ,632.S40 appears in
the reports of national banks and the
government treasury. The holdings of
the former must be taken for December
-. 1897, and December !, 1888, their
searest statements to January l being
On those dates. They show holdings as
below:
Treasury. January l. 1898. S1s1,7s7,-
National banks. December Is, 1897,
SIS7. ,644
Total, $3S5,3T5. 1S6.
National banks. December l, 1898,
s26s, SIS, 745.
Total, $545.00S.626.
Gain in treasury and national banks,
sl59. 632, $40.
The difference between this and the
aggregate gain estimated for the coun-