The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-12-08

to 10s171s. in consequence of which.
between the list and oath of the month,
applications to retire circulation and
withdraw bonds deposited as security
therefor were filed with the comptroller
of the currency covering the 900
monthly limit for the months of Sep
TENDER. october, November and Decem-
Der.
The. per cent consols of 1880 consti-
tuted IS per. cent of the total bonds on
deposit as security for circulation at
the beginning of the year and over 9S
per cent at the close.
On October 81, 1908, bank circulation
outstanding covered by bonds amount
ed to 49.5 per cent of the banks capital,
an increase of 13 per cent for the year
and a greater ratio of circulation to
capital than at any time since 1885.
OF the total money in the country on
July /, 1908, national bank notes, Sc
cured by bonds and lawful money, con-
stituted 1872 per cent. In 1873, national
bank notes outstanding were nearly 40
stock, but in 1891 the percentage had
fallen to 10H per cent. Reaction from
that point has been slow, and it was
not until 1900 that IA per cent was
reached.
! As a result of, the passage of the act
of March IA, 1900. permitting banks to
issue notes to the par value of bonds
deposited, authorizing the organization
of banks with minimum capital OF
/ S25 OOO and reducing the semiannual
duty on circulating notes secured by
per cent consols of 1903 from one-half
| to one-fourth of 1 per cent, banknote
issues Increased from SPAS, 516.227 on
March 1, 1900, to 419,61o,6S3 on October
81 1903 an increase of $40, 094, 456.
COMPARATIVE CONDITION.
In conformity with law, the national
banks have submitted statements OF
their condition to the comptroller OF the
/ Axrn
Is. 1902 The notable features of the
statements thus submitted are as fol-
lows: -
Individual deposits were at a higher
point on September 10, 1902, than at any
date subsequent thereto, and amounted
to Sc, 209, 273. 1898 On September -
1903, they were $3,156 1888, 499-07, de-
crease of $50, $40, 394.S6 During the same
period the loans and discounts increased
s2O1, 319, 291.35 but this increase was
/ largely offset by an increase in capltal
of $48, 187 PA, in surplus OF $6O,l6oSe4'
and in bank deposits OF s26. l4l, pig.
The specie holdings Of the banks on
September Is, 1902. were $685., 2S6, 120.Oz;
/ On February 6, 1903, these holdings hao
/ increased to SAL, 572, 1857. This was the
greatest amount of specie ever held by
| fhe hanks during the existence of the
national banking system on Septem,
Der 9, 1903, specie holdings aggregated
/ 1897, $50, 1874. OF these holdings, $1O5,.
/ SIS, 894.40 was in gold coin, $146, 541, zzU
was in gold certificates, and 1853, 307 900
1 was in gold clearing house certificates.
/ The balance consisted of silver dollars,
fractional silver coin, and silver GER
tiffcates.
On September Is, 1902, the banks held
in cash and on deposit with reserve
agents and with the treasurer OF the
United States in the redemption ,1 nuno
2574 per cent of their deposit liabilities
on which reserve is required, and on
September 9, 1903, $50 per cent
MINT SERVICE.
The domestic coinage of the minis
during the year aggregated 1874, SIS, 6Ss
pieces of the value of 81, 203, 000. 43. or
this, $45, 721, 773 was gold coin, Sl7,9I2,lSo
I standard silver dollars, $8,023, 75125 sub
minor coin. In number Of pieces, the
total coinage was greater than in any
| previous year.
The silver dollars were coined from
bullion purchased under the act OF
July IA, 1890. OF the subsidiary silver,
81 500 600 was likewise coined from TINS
bullion. OF this bullion there remained
on hand June go 1903, 1902. 1885 fne
ounces, which cost Sl6,9So, 9lO. Inc en-
tire amount will be used for coinage
by the close of the fiscal year 1904.
At the request of the secretary of war
the purchase of bullion required for the
silver coins of the Philippine Arcnlpela-
60 authorized by the act of March 3,
1909 were made by the director OF the
mint, with the approval of the secretary
of the treasury, ana curing the last
| three months OF the nScdl year Inc
r1ints of Philadelphia and San Francis
CO confined their operations to the man
ufacture of Philippine coins. There
were purchased from March 26 to, June
go, 1903, for delivery at the mints at
Philadelphia and San Francisco, 1886,
OS5. 40 fine ounces of silver, costing 49,
1862, 6S0.25. This bullion has been paid
for by the government of the Philip
pine islands, and the United States
government has been also reimbursed
for the cost of coming the same. The
: coinage made for the Philippines dur
ing the year amounted to S,O37 573. 70
pesos in silver and 1S3, 465.30 pesos in
miner coin. In addition to these, the
mint at Philadelphia coined 75O, 900
pieces in silver for Venezuela and l.
36O. 900 pieces in silver for Colombia.
The original deposits of gold at the
several mintS and assay offices aggre-
gate 1927, 004, 81. The original de-
POSTS of silver amounted to $685.
, 319.09.
For the calendar year 1902 the pro-
: ductiou of gold in the United States
is estimated at SS0,000,000 and the in
dustrial consumption at $23,0OO,O0O. For
the fiscal year 1908 the net exports OF
gold were s.. los, 56s. The value of gold
: bullion in the mints and assay OFFICES
June 80, 19G3 was $157, 511,571, and OF
. the gold coin in the country $1,O92, 04l,
l 1876, making a total Of 81, 249, $50, 1855.
The amount of the interest-beari
/ debt outstanding July l. 1902, was S931,-
07O'340 The amount July 1, 1908, was
/ 1914, SAL ,410, a reduction of SIC, $50.
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