The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-05

S5S. 700; coming value. s7O.s06,626.
The total coinage of gold and silver by
| the various countries of the world during
| the calendar year 1899 was:
Gold Observation-Disclosures. s4S ~, "
Silver l6622b,9ol
Total NEUTRALITY-SUSPICIOUS.. go, 331 ,5as
The total metallic stock and uncovered
paper In the world, as estimated on jan
! uary 1, 1900. was:
Gold si1. OnO. OON
Full lega-tender silver SD, O,GDo
Limitedtender silver ............... 926.3OO,OOo
Total metallic stock ............. s,659. 800 coz
Uncovered paper ................... 2,9tD, loOp,
Grand total. Il, 500, 0JO00J
The National Banks.
With reference to the recent rapid in
crease in the deposits of Government
moneys with the national banks, the Ie-
port says, in part:
Without Inconvenience to the Treasury
| and to the great advantage OF neral bust
ness needs, public moneys were kept on
| deposit in national banks until the maxi
| mum of s103. 59S. 610S4, was reached Feb
! ruary TO- 1900. in addition to s5,496, 267.5 SO
to the credit Of disbursing officers.
security United States bonds for the full
sum at par for fours and fves, with a
margin Of per cent on threes and 10 per
cent on twos. No guaranty for moneys
could be more safe and certain"
During the existence of the national
banking system, SAT- national banking as
sociations have been organized, OF which
1887 have been placed in voluntary liqui-
dalton by the shareholders, and 374. which
Hnt1 ~. .,1.p v.,nvr tv,v
1916 banks in active operation at the
close Of the year ended June 30, 1900. De-
Quoting the 43 banks placed in voluntary
liquidation and in charge OF receivers
(the latter including 3 previously report
ed in voluntary liQuidation). there was a
net increase in active banks OF 227 during
the fiscal year.
Referring to the Financial act Of 1900,
allowing the national banks to increase
bonds and permitting the incorporation of
banks with capital not less than $25, 000,
the report says:
Since the new law went into effect, and
covering the period from March IA to Oc-
tober 81, 1900, the Comptroller of the Cur
rency has approved 500 applications to or
ganize national banks, of which 3S2 were
for banks with capital of less than $780,
600. and 127 with capital of $50, 900 or more.
"since October 81, 1899. 3s3 banks, with
an authorized capital Of $50, 025, 900, have
been chartered. of which 34S completed
their organizations between March IA and
October 81, 1900. Sixty-two of the banks
organized since March IA. with capital
aggregating 1850, 900. were conversions;
1913. with capital of s5,s05,000, reorgani-
cations Of State and private banks, and
163, with capital of $3.50, 600, primary or
CARNATIONS. Two hundred and forty
- a. Icn cit al, 4
were with capital of less than $4,000,
the great majority being with the mini
mum amount required, namely, SOS, GOO,
the aggregate capital being $3.50, 00O and
ninety-nine with capital Of $4,000 or
over. the aggregate capital for this class
being $40, 900. 000.".
The amount of outstanding circulation
on March 10, the day prior to the passage
of the Financial act. was 1854 .026. 230. and
on October 81, 1900, was 1881, 613, 26S.
growth of s77,5s7,03S being shown.
The Secretary states the opinion that
the privilege to banks of issuing circula-
ton to the full amount Of their capital is
not likely to be availed of fully. The re-
quirement for the purchase and deposit o.
Government bonds by the banks. he be-
lieves, will act as check by advancing
the price of bonds when there is undue
increase of circulation.
Loans ana currency.
The Understanding debt July 1, 1900.
included unmatured United States bonds
outstanding amounting to s1,O23. 443 300,
there having been reduction since July
1, 1899, of s2a5s7,53o.
The character of the interest-bearing
debt outstanding July 1. 1900, is mate
rally different from that outstanding July |
/, 1899, owing to the issue of per cent |
bonds payable, principal and interest. in
United States gold coin. under authority |
of the act of March IA. 1900. in exchange
for certain classes of United States bonds |
bearing higher rates of in
terest
There was an increase of s175. 465 .264 in
the total amount of money in the country
outside the Treasury during the year. The
estimated population of the United States
November /, 1899, was 1899, 900, and the
per capita supply of money outside the |
Treasury was $3.50. The estimated pop
uation and per capita supply of money
November 1. 1900, were 1881 900 ard
$27.S2, respectively.
Exports and Imports.
Four great facts characterize the for
eign commerce Of the fiscal year 1900: |
First, II exceeded that of any preceding !
year, and for the first time the grand to-
tai of imports and exports passed the two
billion dollar mark; second. the manfuc-
turers' materials formed larger proper |
tion Of the imports than ever before; |
third, manufactured goods formed larger |
proportion Of the exports than ever be- |
fore; fourth, exports were larger than |
ever before and were more widely dis |
tributed than in any preceding year.
The report states that the Department |
ar;n To-
what extent the great trade balance N |
favor of the United States is causing the |
sale of American securities by their for |
eign holders 1t is evident, the report |
says, that the foreign Indebtedness of the |
is being reduced.
other Bureaus.
Secretary Gage takes up in turn the
customs service, the seal fisheries in
Alaska, the revenue marine, the merchant
marine OF the country; the Internal Rev
enue, the immigration Bureau, the Marine
Hospital Service, and the Coast and Geo
detic Survey, referring largely to the re-
ports of the heads of the different bu-
reauS concerned.
The net expenditures on account of the
District of Columbia for the fiscal year
1900 were $7.10S. 5S1.57. The net revenues
deposited in the Treasury on this ac
count for the same period were S4,O0S,-
722.77. The Secretary refers to the report |
Of the District Commissioners for partic
ulars as to District affairs.
RefundinE the Public Debt.
A separate chapter of the report is de-
voted to the refunding of the public debt.
The Secretary quotes the law of March Il.
1900, authorizing the issuance of per
cent bonds and details the work of issu