Q^ r ■i-mu^i. '-x-asi^*^ *T i I I \ |.i ! J !■ •«jx;»i Hntt CJfoUegp of AgricuUutB Kt dornell Ininecaitg JItliata, 5J. % 3Iibtatg Cornell University Library HG 587.C67 Coinage laws of the United States, 1792- 3 1924 013 814 359 Cornell University Library The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013814359 REPORTS OF COMMITTEES OF THE SENATE OF THE UNITED STATES FOE THE SECOND SESSION OF THE FIPTT-THIED CONGEESS. 1893-'94. IS SEVENTEEN VOLUMES. Volume 1.— No8. 73 to 330, inclusive, except Nos. 93, 116, 200, 201, 227, 235, 240, 259, and 293. Volume 2. — No. 227, Hawaiian Islands. Volume 3. — No. 235, Coinage Laws of the United States. Volume 4.— tNo. 259, Parts 1 and 2, Imports of Merchandise, etc. Volume 5.— No9. 331 to 519, inclusive, except Nos. 334, 358, 368, 370, 401, 406. 407, 412, 413, 415, 418, 419, 421-424, 426- 430, 436-449, 451-457, 460^63, 465-469, 473-475, 477, 485-487, 491-494, and 511-513. Volume 6. — ^No. 334, Tariff Comparisons. Volume 7.— Nos. 358, 368, 370, 401, 406, 407, 412, 413, and 415. Volume 8.— Nos. 418, 419, 421, 422, 423, 424, 426, 427, and 428. Volume 9.— Nos. 429, 430, 437, 438, 439, 440, 441, 442, and 443, Volume 10.— N os. 436, 457, 477, 485, 486, 487, 606, and 624. Volume 11.— Nos. 444, 445, 446, 451, 452, 453, 454, 455, 456, 460, and 461. Volume 12.— Nos. 462, 463, 465, 466, 467, 468, 469, 473, 474, 475, 491, 492, and 493. Volume 13.— Nos. 494, 511, 512, 513, and 559. Volume 14. — Nos. 520 to 700, inclusive, except Nos. 559, 603, 606, 624, and 698. Volume 15.— Nos. 603, 698, 701, and 702. Volume 16.— Nos. 703, 704, 705, and 706. Volume 37.— Nos. 707, 708, 709, and 710. NOTB.— No's. 93, 116, 200, 201, 240, 293, 447, 448, and 449 bound with Vol. 2, first session Fifty-third Congress. WASHINGTON: OOVEKNMENT FEINTING OFFICE. 1895. <3L '^- -i z- / "i I ]sr D E X TO THE REPORTS OF COMMITTEES OF THE SENATE OP THE UNITED STATES FOR THE SECOND SESSION OF THE FIFTY-THIRD CONGRESS. Subject. Vol. A. Abbey, George C. On bill (S. 890) granting an increase of pension to. Abert, James William. On bill (H. R. 2582) to authorize the appoint- ment of, to the retired list of the Army Abert, James William. On bill (S. 2048) to authorize the appointment of, to the retired list of the Army Aljaiidoned military reservations. On hill (H. K. 4667) to provide for the opening of certain, and for other purposes Accounting in the Post-Office Department. On bill (H. E. 4610) to improve the methods of ; Accounting in the Treasury Department. On bill (S. 1831) to improve the methods of ; Accounting in the Treasury Department. On bill (H. R. 6948) to im- prove the methods of Accounts of the Treasury of the United States. On bills (H. R. 5529 ami W. 1552) to repeal section 311 of the Revised Statutes of the United States relating to Accounts of the Treasury of the United States. On bill (S. 1552) to repeal section 311 of the Revised Statutes of the United States relating to , Accrued pensions in certain cases. On bill (S. 1876) to provide for the payment of Adams, W.L. On bill (S. 117) for the relief of Ad valorem and specific rates of duty on imports. Opinions of col- lectors of customs concerning Agricultural Report, 1893, etc. On joint resolution (II. Res. 139) for the printing of 500,000 copies of the Agriculture, condition of. On Senate resolution to authorize Commit- tee ou Agriculture and Forestry to have printed so much as necessary of the evidence and other information relating to Agricultural products and provisions. Replies to Tariff Inquiries. 672 14 619 14 620 14 650 14 93 (*) 293 (*) 387 5 200 230 (•) 316 1 163 1 358 7 290 1 372 5 460 11 461 11 462 12 463 12 465 12 466 12 * Bound with vol. 2, first session, JTifty-third Congreaa. m IV INDEX TO REPORTS OF SENATE COMMITTEES. Subject. Alden, Warren Alonzo. On bill (H. R. 2108) for the relief of Alforcl, Benjamin. On bill (H. R. 522) for tbe relief of Alley in square 185, in District of Columbia. On bill (S. 2217) to pro- vide for closing part of an Alley.s in square 751 in tbe city of Washington. On bill (H. E. 3629) to close American Transportation Company, etc. On bill (S. 1471) forrelief of the Amsterdam, etc. On bill ( S. 1645) for the relief of tbe dependent rela- tives of the seamen of the Netherlan-ds steamer Anatomical science. On bill (S. 1280) for the promotion of, and to pre- vent the desecration of graves in the District of Columbia Annual, special, and veto messages, proclamations, and ipaugural ad- dresses of the Presidents of the United States from 1789 to 1894, inclii- sive. On House concurrent resolution to print and bind in cloth 6,000 copies of the : Appropriations. On bill (H. R. 4858) making appropriations for fortifi- cations and other works of defense, etc Appropriations. On amendment to bill (H. R. 5481) making appropri- ations to provide for the expenses of the government of the District of Columbia for the fiscal year ending June 30, 1895 Appropriations. On bill (H. R. 5894) making appropriations for the Military Academy for the fiscal , year ending June 30, 1895 Appropriations. On amendment to bill (H. R. 7097) making appropri- ations for the legislative, executive, and judicial expenses of the Government, etc Appropriations. On bill (H. R. 6373) making appropriations for the support of the Army for the fiscal year ending June 30, 1895 Appropriations. On bill (H. R. 6108) making appropriations for the diplomatic and consular service of the United States for the fiscal year ending June 30, 1895 Appropriations. Oii bill (H. R. 6016) inaking appropriations for the service of the Post-Of&ce Department for the fiscal year ending June 30, 1895 Appropriations. On bill (H. R. 6937) making appropriations for the Department of Agriculture for the fiscal year ending June 30, 1895. -. Appropriations. On bill (H. R. 6748) making appropriations for the naval service for the fiscal year ending June 30, 1895 .Appropriations. On bill (H. R. 7097) making appropriations for tbe legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1895 Appropriations. On bill (H. R. 6913) making appropriations for cur- rent and contingent expenses of the Indian Department, etc., for the fiscal year ending June 30, 1895 Appropriations. On bill (H. R. 6518) making appropriations for rivers and harbors, etc ^ Appropriations. On bill (H. R. 5481) making approi>riations to provide for expenses of the government of the District of Columbia, etc Appropriations. On bill (H. R. 5575) making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30, 1895 Appropriations. On bill (H. R. 7477) making approptiations to supply ' deficiencies in the appropriations for the fiscal year ending June 30, 1894, etc Aqueduct Bridge. On bill (S. 2210) to provide for the repair of the piers, audi for its use by a street railway Arctic. On bill (S. 286) for the relief of owners and crew of Hawaiian bark Arizona. On bill (H. R. 4393) to XJrovide for tbe admission of Arizona, certain counties in. On joint resolution (H. Res. 121) authoriz- ing proper officers of the Treasury Department to examine and certify claims in favor of ^ J Arkansas. On bill (H. R. 7334) to sell certain lands in Montgomery County, to M. E. Church South Arkansas, Texas and Mexican Central Railway Company. On bill (H.E. 7335) for the relief of No. 614 585 14 14 580 14 125 586 1 14 212 I 251 1 587 14 278 1 286 1 399 5 425 5 470 5 471 481 501 503 506 510 519 524 589 597 561 231 629 509 562 INDEX TO REPORTS OF SENATE COMMITTEES. Subject. Arlington Reservation for electric railway purposes. On bill (H. B. 7515) granting right of way through the Army at institutions of learning. On the bill (S. 1644) relating to the detail of retired officers of the Army of the United States. On bill (S. 898) in relation to "reserved list" Army of the United States. On bill (S. 1209) to regulate enlistments in the Athon, Levenia D. On bill (S. 1391) granting a pension to Athos. On bill (S. 1706) to provide registers for the steamers Claribel and Atkins, William H. On bill (S. 408) for the relief of Attorney for the District of Columbia and his assistants. On bill (S. 1267) authorizing them to administer oaths and affirmations , Auditing the accounts of customs officers, etc. On bill (S. 1738) to improve the methods for Audi tor of the Treasury for the Post-Office Department. On bill (H. R. 4340) to amend section 407 of the Revised Statutes so as to require original receipts for deposits of postmasters to be sent to the Augusta, Mary O. On bill (H. R. 4013) for the relief of w... No, Vol. B. Babcock, Avery D., and wife. On bill (S. 744) for the relief of Bacon, Ira. On bill (S. 747) grantinghim an additional bounty of $100. Badger, O.C. On bill (S.943) for the relief of Baldwin, Alexander W. On bill (S. 1365) for the relief of Baldwin, Frank D. On bill (S. 1578) authorizing Secretary of War to recognize, as lieutenant-colonel of the Nineteenth Infantry Volunteers from 15th day of May, 1865 Barnes, William B. On bill (S. 1857) granting an honorable discharge to Barracks, Jefferson, Missouri. On bill (S. 190) for the benefit of sundry persons residing in the vicinity of Barry, Maj. Robert P. On bill (S. 1770) to place on the retired list of the Army ■ ■ • Bassett, Elisha B. On bill (S. 1483) to correct the military record of .. Bennington. On bill (S. 967) in relation ^o gunboat Betz, Rufus. On bill (S.2143) for the relief of Bews, Julia. On bill (H. R. 3992) granting a pension to Biehn, John P. On bill ( S. 501) granting a pension to Bill H. R. 4864. On Senate resolution to print in pamphlet form for nse of Senate 15,000 copies of the ,-■%■"% Block, S. j'., and Baurman, A. P. On bill (S. 1141) for the relief of Bobinger, William H., and George. On bill (S. 2118) authorizing the sale of title of the United States to a tract of land in Montgomery County, Md., to ■■-;■-■ Bouldin, Briscoe B. On bill (S. 1992) for the relief of Boyd, Johial W. On bill (S. 1064) for the relief of. Boyd^ Orsemus B. On bill (S. 2186) for the relief of the legal repre- sentatives of — :'■■• Bradford, Ann. On bill (S. 237) granting a pension to Bribery, etc., attempts at - Bribery, etc., attempts at (parts 1, 2, slnd3) Bribery, etc., attempts at. Bridge across the Niobrara River. On bill (S. 1403) for the repairing of a bridge near the village of Niobrara, Nebr. - - - - - - - - - - Bridge across the Eastern Branch of the Potomac River. On bill (S. 1112) in relation to * Bound witli vol. 2, first session, Fifty- third Congress. 662 340 114 151 398 616 99 124 240 116 122 280 359 220 193 654 324 112 307 356 658 594 670 691 249 565 497 392 689 382 436 457 477 485 486 487 606 624 182 313 14 5 10 10 10 10 10 10 10 10 1 1 VI INDEX TO REPORTS OF SENATE COMMITTEES. Subject. Bridge steel, over the St. Louis River between the States of Wisconsin and Minnesota. On bill (H. R. 5978) in relation to Bridger, James. On bill (S.217) for the relief of the heirs of Brooke, Brig. Gen. John R. On bill (S. 467) for the relief of Broughton, Marv P. On bill (H. R. 953) to increase the pension of — Brown, Jeremiah F. On bill (S. 1375) to remove the charge of desertion from Brown, Lucy. On bill (H. R. 4720) granting a pension to Bryan & Co., C. B. On bill (S. 326) for the relief of Buckmaster, William P. On bill (S. 224) for the relief of Building and Loan Associations. On Senate concurrent resolution to print 40,000 additional copies of the Ninth Annual Report of the Commissioner of Labor relating to Bureau of Statistics of the Treasury Department, etc. On House con- current resolution for the printing of 11,000 copies of a special report of the C. California, Oregoa, and Nevada. On bill (S. 1295^ for the relief of the States of Canals, etc. On bill (8.511) providing for the establishment and enforce- ment of rules and regulations for the use and navigation of United States Cannon, condemned, and cannon balls. On bill (S. 1683) loaniag to the association having in charge the monument erected on Govern- land uear Chicago, 111., to the Confederate dead buried there Cannon for ornamental purposes. On bill (H. R. 3202) donating to the Saint Lawrence Statu Hospital at Ogdensburg, N. Y., condemned.. Cannon, Henry M. On bill (S. 221) for the relief of Caracas awards. On bill (S. 756) for the application of the accretions of the Caracas awards of 1868, etc Caravels of Columbus to the Columbian Museum of Chicago. On bill (S. 1454) authorizing the Secretary of the Navy to transfer the repro- duction of the Carmack, Joseph W. On bill (S. 192) for the relief of Carpenter, Thomas H. On bill (S. 179) autjiorizing the restoration of the name of, to the rolls of the Army Gary, Augustus G. On bill (S. 1948) granting a pension to Castine, Me. On bill (H. R. 4322) granting the use of certain land for public park to the town of Centennial celebration of the laying of the corner stone of the Capi- tol. On bill (S. 1137) to provide for the printing of the report of the joint committee of Congress, etc Certificates of titles to vessels. On bill (S. 507) providing for the col- lection of fees for furnishing Certificates of the District of Columbia. On bill (S. 1896) to provide for the payment of 8 per cent greenback Chamberlain, Charles H. On bill (S. 1057) for the relief W. R. Wheatou and (part 1) ! Chambers, Thomas. On bill (S. 349) for relief of Chapman, William B., and others. On bill (H. R. 4328) for the relief of . . Chapter of Calvary Cathedral, Sioux Falls, S. Dak. On bill (S. 934) for the relief of the Chemicals, oils, and paints. Replies to Tariff Inquiries , Chemical Schedule. Replies to Tariff Inquiries Chipman, Hon. J. Logan. On resolution authorizing the printin;; and binding of 8,000 copies of eulogies delivered in Congress upou Chippewa and White Earth Indian reservations, in Minnesota, to the Duluth and Winnipeg Railroad Company. On bill (S. 1458) grant- -- ing a right of way through the Choctaw Coal and Railway Company. On bill (H. R. 299) to exten d the time for the construction of the , No. 335 6 329 1 104 1 567 14 435 6 409 5 95 1 599 14 383 6 379 5 287 145 272 255 530 330 521 78 107 590 555 160 143 538 203 215 345 420 363 370 401 406 132 206 142 INDEX TO REPORTS OF SENATE COMMITTEES. VII Subject. Civil Service CommisBion, etc. Ou House concurrent resolution to print 23,000 copies of the Tenth Annual Report of the Claribel and Athos. On bill (8. 1706) to provide registers for the 8 team- Clerks, railway postal. Onbill(S. Sii) to reclassify and fix salaries of .. Clift, William. On bill (S. 58) for the relief of Coast and Geodetic Survey. On resolution to print 1,500 copies of part 1 and 2,800 copies of part 2 of the report of the Superintendent of the Cohen, Jacob I., and Mordecai, J. Randolph. On bill (S. 269) for the relief of, administrators of M. C. Mordecai Coinage Laws of the United States, 1792 to 1894, with an appendix, fourth edition Coinage Laws of the United States, 1792 to 1894, etc. On Senate con- current resolution to print 5,000 additional copies of the fourth edi- tion of the document entitled Collectors of customs, opinions of, concerning ad valorem and speoiiio rates of duty on imports Collisions at sea. On bill (S. 1965) for prevention of Collisions at sea. On bill (S. 1990) to amend an act approved August 19,1890 Colored people. On bill (H. R. 7095) to provide for a national home for aged and infirm Columbian Museum of Chicago. On bill (S. 1454) authorizing the Sec- retary of the Navy to transfer the reproduction of the caravels of Columbus to the Commissioner of Education. On House concurrent resolution to print 35,000 copies of the report of the, for 1891 and 1892, etc Commissioner of Fish and Fisheries. On Senate concurrent resolution to print 1,000 extra copies of Mis. Doc. No. 200, being report on salmon , fisheries of the Columbia River Commissioner of Labor. Ou Senate concurrent resolution to print , 40,000 additional copies of the Ninth Annual Report of the, relating to building and loan associations Comparison of the Customs Law of 1894 and the Customs Law of 1890, with ratesof the Wilson bill (H. R. 4864) as it first passed the House ; and of the Mills bill of 1888 Comparison of the Tariff Laws of 1890 and 1894, etc. On Senate con- current resolution to print 60,000 copies of the Concord. On bill (S. 967) in relation to gunboats BenrAngton and ConneU, Arthur. On bill ^fi. 2203) for the relief of Conway, Mrs. Susie. On bill (H. R. 6902) granting a pension to. Conveyance, deeds of trust, and releases of land in the district of Columbia, and for other purposes. On bill (S. 832) in relation to Cook, William H. H. On bill (S. 142) to remove the charge of deser- tion. Corbett, P. S. On bill (S. 103) for the relief of \ Coroner, deputy. On bill (S. 1007) to authorize the Commissioners of the District of Columbia to appoint a Corporations by general law in the District of Columbia. On the bill (S. 1766) to provide for the creation of Corser, David S. On bill (S. 1190) granting an increase of pension to.. Coughlin, James. On bill (S- 1601) granting an honorable discharge to Court of Ajipeals for the District of Columbia. On bill (H. R. 5860) to establish a Courts, United States. On bill (S. 1252) to provide for the times and places to hold terms of, in the State of Washington Cotton manufactures. Replies to Tariff Inquiries On bill (S. 1490) to pension. Crandall, Mollie. , , . Cronk, Charles W. On bill (S. 1228) for the relief of. Culver, Catherine P. On bill (H. R. 684) for the relief of the heirs of.. Cumberland Female College of McMinnville, Tenn. On bill (S. 982) for the relief of the Cunningham, Calvin B. On biU ( S. 421) for the relief of 692 616 213 96 141 139 235 317 358 364 417 521 500 581 383 559 700 356 553 593 123 111 238 669 566 89 583 381 353 469 473 474 355 190 292 342 288 VHI INDEX TO REPORTS Or oriiN^iji 6) to relieve from the charge of desertion . . Proctor, Thomas E. On joint resolution (S. E. 74) for the proper enroll- ment of in U. S. Navy Property returns by offlcers of the Government. On bills (H. E. 5530, same as S. 1553) to regulate the making of Property returns by offlcers of the Government. On bill (S. 1553) to regulate the making of Props, Adaline J. On bill (H. E. 6228) granting a pension to Public lands." On bill (S. 67) to amend an act entitled "An act for the relief of certain settlers on the public lands, and to provide for the repayment of certain fees, purchase money, and commissions paid on void entries of Public printing and binding, etc. On bill (H. R. 2650) relating to collation and systematic reenactment of the numerous provisions of preexisting law regulating the Pullman, Capt. John W. On bill (S. 1637) for the relief of Pulp, papers, and books. Replies to Tariff Inquiries Pyramid Lake Reservation in Nevada. On bill (S. 99) to secure the relinauishment of the Indian title to a portion of R. Railway postal clerks. On bill (S. 544) to reclassify and fix the sal- aries of Ransom, Dunbar R. On bill (S. 322) to place, on the retired list of the Army Randolph, Fanny B. On bill (S.694) for the relief of Rates of duty on imports into the United States from 1789 to 1890, inclusive, etc. On resolution to print 6,000 copies of Senate report No. 2130, Fifty-first Congress, second session, relating to Raymond, George S. On bill (S. 1858) to grant an honorable dis- charge to Eecord and Pension Office. On joint resolution (S. E. 43) for the relief of the employees of, who were injured in the Ford's Theater disaster. Eecorder of deeds in the District of Columbia. On bill (S. 1005) to prevent the recording of subdivision of land in the office of Eed Cliff Indian Eeserva tion in Wisconsin. On joint resolution (H. Ees. 140) to confirm the enlargement of the Redfern, Joseph and Eliza J. On bill (S. 807) for the relief of Redstone, Albert. On bill (S. 1105) for the relief of Eed Wing, Minn. On bill (H. E. 6110) to authorize the construction of a bridge across the Mississippi River at Reno, Nev. On bill (S. 98) to establish a military post near the town of. Eegulation of steam vessels. On bill (S. 497) to amend section 4400' of title 52 of the Eevised Statutes concerning the * Boand with vol. 2, first session, Fifty-third Congress. S. Eepts— 53— 2 il 101 210 173 138 93 157 179 532 130 189 135 666 695 339 201 229 675 171 574 261 513 177 213 180 153 237 664 117 527 187 258 322 75 147 XVIII INDEX ro REPORTS OF SENATE COMMITTEES. Subject. Repayment of certain fees, purchase money, and commissions paid on void entries of public lands." On bill (S. 67) to amend an act entitled "An act for the relief of certain settlers on the public lands, and to provide for the Report 227. On resolution to print copies of (Foreign Relations Committee) Report 334, being a comparison of bill H. E, 4864 and existing law. On Senate order to bind 200 copies of ■. , Reservation, sale, and settlement of certain lands in several States and Territories. On bill (S. 1591)to provide for the ; . " Reserved list " of the Army of the United States. On bill (S. 898) for the creation of a Revenue-Cutter Service. On bill (S. 1681) to promote the efSciency of the , Revised Statutes. On bill (H. R. 4340) to amend section 407 of the. Revised Statutes. On bill (H. R.5529) to repeal section 311 of the Revised Statutes. On bill (S. 497) to amend section 4400 of title 52, concerning the regulation of steam vessels , Revised Statutes. On bill (S. 509) to amend section 4178, in relation to the marking of vessels' names at bo w and stern, etc , Revised Statutes. On bill (S. 588) to repeal section 4145 and to amend sections 4146 and 4320, also section 1 of the act amending section 4214 of the Revised Statutes, approved March 3, 1883, and for other purposes , , Revised Statutes. On bill (S. 1552) to repeal section 311 of the Revised Statutes. On bill (S. 1784) to amend section 3719 of the Revised Statutes. On bill (S. 1542) to amend section 4746 of the Revised Statutes. On bill (H. R. 7072) to amend section 3816 of the ... . Revised Statutes. On bill (H. R.236) to amend section 4837 of the Revised Statutes. On bill (H. E. 4952) to amend section 2455 of the Reynolds, Russell N. On bill (S. 1383) granting a pension to Richards, Joseph H. On bill (S. 1558) for the correction of the mili- tary record of Rice, John M. On bill (H. R. 3978) for the relief of , Rigg, Druzilla J. On bill (H. R. 4290) granting a pension to , Ripley, Emma A. On bill (S. 447) to authorize Secretary of the Inte- rior to issue a duplicate of a certain land warrant to Rivers and harbors. On bill (H. R. 6518^ making appropriations for the construction, repairs, and preservation of certain public works on Robbins. Thankful. On bill (H. R. 4780) to pension , Roberts, George F., etc. On bill (S. 557) for the relief of , Robinson, Maj. Gen. John C. On bill (S. 731) for the relief of Roby, Robert. On bill (S. 1793) to remove the charge of desertion from, Rodman, Daniel C, etc. On bill (S. 814) for the relief of the represen- tatives of Russell, Charles T. On bill ( S. 1999) for the relief of Russell, John H. On bill (S. 348) for the relief of Russell, Rear-Admiral John H. On bill (S. 864) for the relief of , Russell, John. On bill (S. 925) granting an honorable discharge to S. St. Charles College. On bill (S. 211) for the relief of , St. Lawrence State Hospital at Ogdensburg, N. Y. On bill (H. R. 3202) granting condemned cannon to the St. Louis River Bridge Company and the Duluth Transfer Railway Company. On bill (H. R. 4765) to authorize construction of bridge over St. Louis River by the St. Paul, Minneapolis and Manitoba Railway Company. On bill (S. 1694) granting the right of way through the White Earth, Leech Lake, Chippewa, and Fond du Lac Indian reservations to the Salmon fisheries of the Columbia River Basin. On Senate concurrent resolution to print 1,000 extra copies of Senate Mis. Doc. No. 200 re- lating to the * Bound with vol. 2, first sesaion, Fifty-tliird Congress. 171 238 343 332 114 362 116 200 147 148 149 230 350 352 411 525 638 673 663 522 678 211 519 641 354 76 697 357 400 128 256 311 327 255 336 328 581 INDEX TO EEPOETS OP SENATE COMMITTEES. XIX Subject. Salt Lake City. On bill (H. E. 4449) fixing the limit of indebtedness ■wbich may be incurred by Saltwort, or'Eussian thistle. On bill (S. 1237) for the extermination and destruction of plant known as the Sartori, Commodore Louis C . On bill (S. 1713) to promote Scarboro Hill Military Eeservation to the Ilwaco Eailway and Navi- gation Company. On biU (S. 634) granting a right of way across the Schanmburg, James W. On bill (S. 597) for the relief of Schmidt, Christopher. On bill (S. 573) for relief of School trustees. On bill (S. 1717) to authorize the appointment of women in the District of Columbia as Scott, John. On bill (H. E. 1313) to increase the pension of Scott, W.T.- On bill (S. 1615) for the relief of Sohwatka, Ada J. On bill (S. 20,56) granting a pension to Sealer and assistant seaWr of weights and measures in the District of Columbia, and for other purposes. On bill (H. E. 3246) for the appointment of a Seaman, Capt. Henry C. On bill (S. 1189) for the relief of Service pensions. On bill (S. 1173) to grant Sewerage of the District of Columbia. On Senate resolution to print 500 copies of Ex. Doc. 445, first session of Fifty-first Congress, being report of a board of sanitary engineers upon the Sewers and water mains in the District of Columbia. On bill (S. 872) to make service connections with Sewers and water mains in the District of Columbia. On bill (H. E. 4571) to make service connections with Seweis, trunk, in the District of Columbia. On bill (S. 2066) to pro- vide for continuing the system of Sexton, James A. On bill (S. 2281) to authorize the Postmaster-Gen- eral to credit for amount of money stolon from Shaffer, CM. On bill (S. 361) for the relief of Shawnee tribe or nation of Indians. On bill (S. 661) for the relief of. . Sherman, John, jr. On biU (S. 763) relieving the personal representa- tives of ; ., Sherwin, Thomas, deceased. On bill (S. 1069) for the relief of the estate of _ Shipley, H. W. On bill (S. 120) for the relief of Shipley, E. E. On bill (S. 199) for the relief of Sibley, Henry H. On bill (S. 914) for the relief of the legal personal representatives of Silk culture in the United States. On bill (S. 115) for the develop- ment and encouragement of SiouX Nation of Indians iu Dakota, etc. On bill (S. 145) to authorize the'Secretary of the Interior to divide a portion of the reservation of the Sixteenth street in District of Columbia to Executive avenue. On joint resolution (S. E. 63) to change name of Smith, Charles B. On bill (S. 1312) for the relief of the heirs of Smith, Thomas Ehys. On bill (S. 499) for the relief of Smith, Otis. On bill (S. 1640) granting a pension to Smith, Henry. On bill (S. 1077) for the relief of Smith, Henry C. On bill (S. 1657) to remove the Charge of desertion from Smith, Pauline J. On bill (H. E. 6361) granting a pension to Smithsonian Institution and National Museum. On resolution to print 10,000 additional copies of the reports of the Smithsonian Institution and the National Museum for the year ending June 30, 1893, etc Smithsonian Institution. On bill (S. 1460; to amend an act entitled "An act to establish the Smithsonian Institution for the increase and diffusion of knowledge among men " Society of the Twenty-second Michigan Infantry Volunteers. On bill (S. 1381) to provide for the restoration to the, of two flags now in the War Department i. 194 202 683 85 242 246 281 551 224 626 120 609 647 604 90 131 623 648 657 214 389 550 241 269 159 267 226 247 152 191 318 386 591 677 167 216 397 XX INDEX TO REPORTS OP SENATE COMMITTEES. Subject;. Soldiors' aclcTitional homestead certificates, etc. On bill (S. 1590) to validate outstanding Soldiers' Home. On bill (S. 752) to extend North Capitol street to the . Soldiers' Homes. On bill (H. R. 236) to amend section 4837 of the Revised Statutes relating to Solution of the Labor Problem. On Senate resolution to print 1,000 copies of Senate Mis. Doc. No. 95, entitled a Somerville, Hiram. On bill (S. 1301) for the relief of the legal repre- sentatives of Southern Railroad Association, lessees of the Mississippi Central Rail- road Company. On bill (S. 754) for the relief of the Southern Ute Indians in Colorado, etc. On bill (S. 1582) to ratifj^ and confirm an agreement with the Special assessments. On bill (S. 891) authorizing the Commissioners of the District of Columbia to accept payment without interest of certain Spencer, William Loving. On bill (S. 1117) for the relief of.; Spirits, wines, and other beverages. Replies to Tariff Inquiries < Stanford, Hon. Leland. On resolution to print 8,000 copies of eulogies delivered in Congress upon Stark, DoraL. On bill (S. 694) for the relief of Starkweather, William A. On bill (S. 121) for the relief of Starr, Eliza K. On bill (H. R. 3487) granting an increase of pension to. Statistics. Tariff i Statistical Abstract for the United States for 1893, etc. On House con- current resolution for the printing of 12,000 copies of the , Statistical tables showing imports of merchandise, with duties col- lected under the tariff of 1890 ; corresponding rates of duty under bill H. R. 4864 as passed by the House and Senate ; imports and exports for the fiscal year 1894; receipts and expenditures of the Government, etc. (part 2) Statistics, Bureau of. On House concurrent resolution to print 11,000 copies of a special report of , Statute of limitation and give the right of appeal in certain cases. On bill (S.346) to remove the bar of the , Steamships. On bill (S. 1886) to facilitate the entry of Steinmetz, William R. On bill (S. 812) for the relief of Stevenson, John H. On bill (S. 1211) for the relief of Stewart, A. P. H. On bill (S. 1325) for the relief of Stewart, Peter Grant. On bill (S. 118) for the relief of Stivers, Charles B. On bill (H. R. 868) for the relief of Stivers, Charles B. On bill (S. 2119) for the relief of Stockwell, John. On bill (H. E. 856) granting a pension to Street, George W. On bill (H. R. 4328) for the relief of Street-railway franchises in the District of Columbia. On joint reso- lution (S. E. 99) to compile and publish the laws relating to Streets of the cities of Washington and Georgetown. On bill (S. 2131) to secure uniformity in the names of minor Sugar. Replies to Tariff Inquiries J Sugar schedule in the tariff bill of 1894 Sullivan, George L, On bill (S. 1470) to remove the charge of desertion from Sundries. Replies to Tariff Inquiries Surgeons, assistant. On bill (S. 1594) to remove certain disabilities of the late acting Supervisors of elections and special deputy marshals. On bill (H. E. 2331) to repeal the statutes relating to (part 1) Supervisors of elections and special deputy marshals. On bill (H. R. 2331) to repeal all statutes relating to (part 2). Views of minority.. Surveyor of District of Columbia. On bill (S. 444) in relation to the .. Swift, J. M. On bill (S. 2088) granting a pension to Swilt, Mary A. On bill (S. 489) for the relief of 539 87 525 320 348 161 279 97 321 467 468 236 153 73 576 709 710 276 708 379 228 325 168 484 164 686 621 622 596 345 680 546 452 453 603 637 701 373 113 113 94 464 319 INDEX TO REPORTS OP SENATE COMMITTBES. XXI Subject. Table of the average ad valorem rates under the tariif of 1883, Mills bill of 1888, tariff of 1890, House bill 4864 as it passed the House and also as amended by the Senate and passed July 2 (calendar day July 3) ; also statistical tables showing imports of merchandise, with duties collected under the tariff of 1890 ; corresponding rates of duty under bill H. R. 4864 as passed by the House and Senate; imports and exports for the fiscal year 1894 ; receipts and expendi- tures of the Government, etc. (parts 1 and 2) j Tallapoosa. On bill (S. 1201) for the relief of the sufferers by the wreck of the U. S. S Tanner, George C. On bill (H. R. 2842) to reimburse him $200 for rent of rooms Tariff comparisons. On order to bind 200 copies of Report 334, show- ing changes in text and rates of duty of the tariff act of 1890 and of the administrative act of June, 1890, made by the bill H. R. 4864. Tariff' comparisons. Report Committee on Finance Tariff comparisons, 1894, 1890, and 1888 Tariff act of 1894 compared with tariff' act of 1890, with rates of the Wilsou bill of 1894 and the Mills bill of 1888 Tate, Harriet R. On bill (H. R. 621 3) granting a pension to Taylor, John W. On bill (S. 144) to correct the military record of Taylor, J. Seymour. On bill (S. 1012) to correct the muster roll of Telegraph operators. On bill (S. 1009) for the relief of Tennessee. On joint resolution (S. R. 61) providing for the adjustment of certain claims of the State against the United States Tenney, Marilla. On bill (H. E. 1713) granting a pension to Thompson, Jane. On bill (H. R. 3218) granting an increase of pension to Tilton, Henry M. On the bill (S. 901) for the relief of the owners of the schooner Tobacco, and manufactures of. Replies to Tariff In(iuiries < Todd, W. B. On biU (S.329; for the relief of To wusend, James L. On bill (S. 1468) for the relief of Travila, Robert. On bill (H. R. 894) for the relief of Treasurer of the United States. To accompany letter of the Treasurer of the United States, transmitting accounts settled by his ofi&ce with the First Comptroller for fiscal year ended June 30, 1893 Treasury. "Warrant for the payment of money out of the Treasury of the United States. On bills (H. R. 5529 and S. 1552) to repeal section 311 of the Revised Statutes of the United States relat- ing to accounts of the Treasury Department. On bill (S. 1831) to improve the methods of accounting in the Treasury Department. On bill (H. R. 6948) to improve the methods of accounting in the Trimble, Mary. On bill (H. R. 4811) granting a pension to Tribunal of Arbitration at Paris. On joint resolutions (S. R. 76 and 85) providing for the printing of the praceedings of the Trickey, Mary E. On bill (H. E. 1196) granting a pension to Tripler, Eunice. On bill (S. 910) for the relief of Typhoid and malarial fevers, etc. On House concurrent resolution to print report of Medical Society of the District of Columbia Tyson, Bryan. On bill (S. 450) for the relief of Tuthill, Emmet C . On bill (H. R. 4328) for the re lief of U. Uncompahgre and Uintah Indian reservations viding for opening the Union Passenger Railway Company of the District of Columbia, bill (S. 1712) to incorporate the * Bound witli vol. 2, first session, Fifty-third Congress. On bill (S. 1887) pro- On" 708 297 693 343 334 559 611 108 651 613 245 577 218 91 454 455 456 568 482 302 140 447 200 293 387 635 505 541 102 499 277 345 450 537 XXII INDEX TO REPORTS OP SENATE COMMITTEES Subject. United States courts. On bill (S. 1252) for the holding of, in the State of Washington University of the United States. On Senate resolution to print 2,000 copies of Senate report No. 433 University of Utah. On bill (H. R. 3135) granting a site off the public domain to the Utah, Territory of. On bill (H. R. 3.'52) to a(Jmit into the Union, etc . .. Utter, Joseph G. On bill (S. 1343) to remove charge of desertion from . . Utter, Joseph G. On bill (H. E. 4671) to remove the charge of desertion from - V. Vessels. On bill (S. 507) providing for the collection of fees for furnish- ing certificates of title to Vessels' names at bow and stern, and also to provide for marking the draft," approved February 21, 1891. On bill (S. 509) to amend an act entitled "An act to amend section 4178, Revised Statutes, in relation to the marking of , Vesuvius. On bill (S. 826) to remit the penalties on the dynamite-gun cruiser Virginius indemnity fund. On bill (S. 1703) to provide for the disposal of the interest on the - Vosburgh, Harriet T. On bill (H. R. 4561) granting a pension to Voss, Elizabeth. On bill (H. R. 855) granting a pension to W. Wacker, John W. On bill (S. 468) to remove charge of desertion from. Walker, William T. Onbill(S. 1970) granting an increase of pension to. Wallawalla, State of Washington. On bill (S. 636) granting the use of certain lands to the city of Walter, etc., Olivia and Ida. On bill (S.409) for the relief of Walters, Joel A. On bill (H. R. 3840) granting a pension to War, Secretary of. On bill (S. 1683) to authorize Secretary of War to lend condemned cannon and cannon balls to association having in charge the monument erected on Government land near Chicago, 111. Ward, Mrs. Abby Jane. On bill (S, 1996) granting a pension to Warrant for the payment of money out of the Treasury Washington College (now known as Washington and Lee University). On bill (S. 454) for the relief of Washington and Great Falls Electric Railway. On bill (S. 1952) to incorporate the Washington Central Railway Company. On bill (S. 877) to incorpo- rate the Washington, State of. On bill (S. 1252) to provide for the times and places of holding terms of the United States courts in Water mains and sewers in the District of Columbia. On the bill (S. 872) to make service connections with Water mains and sewers in the District of Columbia. On bill (H. R. 4571) to make service connections with, in the District of Columbia. Water main assessments in the District of Columbia. On bills (S. 970 andH. R. 6893) to regulate Water supply of the city of Washington. On bill (S. 1359) to increase the Weather Bureau. On House concurrent resolution to print 5,500 copies of the annual report of the chief of the, for year ended June 30, 1893. Weisel, George. On bill (S. 1528) to remove the charge of desertion from Welch, Hannah. On bill (H. R. 1214) granting a pension to Wells, Engene. On bill (S. 33) to restore to the Army Wetmore and Bro. On bill (S. 210) for the relief of Wheaton, William R. On bill (S. 1057) for the relief of (part 1) Wheaton, William R., and Charles H. Chamberlain. On bill (S. 1057) fortherelief of (part 2) "^Bound with vol. 2, first session, Fifty-third Congress. 353 571 308 414 199 520 143 148 254 408 582 219 106 674 558 178 578 272 671 447 432 402 536 353 90 131 264 488 396 431 531 644 263 300 203 203 INDEX TO REPORTS OP SENATE COMMITTEES. XXIII Subject. Wli6eler,Capt. Edward. On jointresolution (S. E. 19) to correct the mil- itary record of Wheeler, Mrs. Lucinda C. On bill (H. R. 1463) granting a pension to. . Whittaker, George. On bill (S. 1229) to correct the military record of. Wighttaan, .John. On bill (S. 886) for the relief of the legal represent- atives of Wlghtman, John. On bill (S. 886) for the relief of the legal represent- atives of "Wilcox, Mary E. On bill (S. 283) for the relief of Willamette Valley and Cascade Mountain Wagon Road Company in Oregon. On bill (S. 1649) providing for the survey of the land described in the grant to the Willamette Valley and Cascade Mountain Wagon Eoad Company. On bill (S. 819) providing for the survey of the land described in an act of Congress approved July 5, 1866, granting the land therein men- tioned to aid in the construction of a military wagon road, which land was subsequently granted' by said State to the Williams, Thomas. On bill (S. 1.571) for the relief of Wills, A. W., administrator. On bill (S. 528) for the relief of Winnebago Indians in Minnesota. On bill (S. 2153) for the relief of certain Woods, and manufactures of. Eeplies to Tariff Inquiries . Woods, Margaret A. On bill (H. R. 6050) granting a pension to Woodworth, S. L. On bill (S. 1675) to remove the charge of dishonor- able dismissal 'from, etc Wool, and manufactures of. Eeplies to Tariff Inquiries . Yankton tribe of Sioux Indians in the State of South Dakota. On bill (S. 442) for the sale of their surplus lands Yaquina Bay. On bill (S. 112) to provide for the construction of a military and commercial telegraph line along the coast between Yaquina and Yellowstone National Park. On bill (S. 166) to provide for the punish- ment of offenses committed in the Yellowstone National Park. On bill (H. E. 5293) concerning leases in the Yerger, Eliza H., and Mary Virginia Eawlins. On bill (S. 1406) for the relief of Yorke, Louis A. On bill (S. 1438) for the relief of Yorke, Louis A.. On biU (S. 1438) for the relief of Young Men's Christian Association of the District of Columbia. On bill (H. E. 7071) to exempt the property of, from taxation Young Men's Christian Association of the District of Columbia. On bill (S. 1459) to exempt the property of, from taxation 608 540 563 270 552 127 282 301 602 557 529 438 439 440 441 442 443 444 445 446 451 668 610 492 493 494 511 512 196 74 295 548 633 265 489 545 547 TA-BLE OF THE REPORTS MADE BY THE COMMITTEES FOR THE SECOND SESSION' OP THE FIFTT-THIED CONGEESS. Subject. Vol. COMMITTEE OK AGRICULTURE AND FORESTRY. On bill (S. 1237) for the extermination and destruction of the noxious plant or weed known as saltwort or Russian thistle or cactus On bill (S. 115) for the development and encouragement of silk culture in the United States under the supervision of the Secretary of Agri- culture On bill (S. 1170) to establish an electrical experiment station for the purpose of investigating and determining whether electricity can be profitably applied as a motive power in the propulsion of farm machinery and implements COMMITTEE OK APPROPRIATIONS. On bill (H. E. 4858) making appropriations for fortifications and other works of defense, for the armament thereof, etc On bill (H. E. 5894) making appropriations for the Military Academy, etc On bill (H. E. 6373) making appropriations for the support of the Army, etc On biU (H. E. 6108) making appropriations for the diplomatic and con- sular service of the United States, etc On bill (H. E. 6016) making appropriations for the service of the Post- Offioe Department, etc On bill (H. E. 6937) making appropriations for the Department of Agri- culture, etc On bill (H. E. 6748) making appropriations for the naval service, etc.. On bill (H. R. 7097) making appropriations for the legislative, executive, and judicial expenses of the Government, etc On bill (H. E. 6913) making appropriations for current and contingent expenses of the Indian Department and fulfilling treaty stipulations with various Indian tribes for the fiscal year ending June 30, 1895. .. On bill (H. E. 5481) making appropriations for the expenses of the gov- ernment of the District of Columbia On bill (H. E. 5575) making appropriations for sundry civil expenses of the Government for the fiscal year ending June 30, 1895 On bill (H. E. 7477) making appropriations to supply deficiencies in the appropriations for the fiscal year ending June 30, 1894, etc COMMITTEE ON CLAIMS. On bill (S. 121) for the relief of William A. Starkweather On bill (S. 901) for the relief of the owners of schooner Henry B. Tilton, etc - 202 267 271 278 1 399 5 470 5 471 5 481 5 501 503 5 5 506 5 510 5 524 14 589 14 597 14 73 1 91 1 XXV XXVI INDEX TO REPORTS OF SENATE COMMITTEES. Subject. COMMITTEE ON CLAIMS — Continued. On bill (S.223) for the relief of Isham T. Owen On bill (S.3261 for the relief of C. B. Bryan & Co., of Memphis, Tenn.. On bill (S. 58) for the relief of William Clift On bill (S. 348) for the relief of John H. Russell Onljill (S. 574) for the relief of D wight HaU On bill (S.425) for the relief of Potomac Steamboat Company On bill (S. 269) for the relief of Jacob I. Cohen and J. Randolph llor- decai, administrators of M. C. Mordecai On bill (S. 694) for the relief of Fanny B. Randolph and Dora L. Stark. On bill (S. 914) for the relief of the legal personal representatives of Henry H. Sibley, deceased On bill (S. 754) for the relief of the Southern Railroad Association, etc. On bill (S. 1215) for the relief of Lennes A.Jackson On bill (S.117) for the relief of W.L.Adams On bill (S. 1325) for the relief of A. P. H. Stewart On bill (S. 288) for the relief of Clara A. Graves, Lewis Smith Lee, Florence P. Lee, Mary S. Sheldon, and Elizabeth Smith, heirs of Lewis Smith, deceased On bill (S. 143) for the relief of the heirs of D. Fulford On bill (S. 409) for the relief of Olivia and Ida Walter, heirs and chil- dren of Thomas U. Walter, deceased, and also of the late Amanda G. Walter On bill (S. 61) for the relief of Pearson C. Montgomery On bill (S. 807) for the relief of Joseph Redfern and Eliza J. Redfem.. On bill (S. 499) to provide for the adjustment and payment of the claim of Thomas Rhys Smith On bill (S. 1365) for the reUef of Alexander W. Baldwin On bill (S. 100) to reimburse certain persons who expended moneys and furnished services and supplies in repelling invasions and sup- pressing Indian hostilities within the territorial limits of the pres- ent State of Nevada On bill (S. 57) for the relief of the legal representatives of Henry S. French On bill (S. 207) granting jurisdiction and authority to the Court of Claims in the case of the towboat Future City, her barges, cargoes, etc. On bill (S. 1420) for the relief of J. Floyd Johnston, administrator OnbiU (S. 1615) for the relief of W. T. Scott and others On bill (S.103) for the relief of P. S. Corbett On bill (S. 120) for the relief of H. W. Shipley On bill (S. 597) for the relief of the legal representatives and devisees of James W. Schaumburg On bill (S. 1666) for the relief of Nnncy E. Day, administratrix of the estate of James L. Day, deceased On bill (S. 1288) to execute the findings of the Court of Claims in the matter of the claim of William B. Isaacs & Co On bill (S. 1066) to authorize the Third Auditor of the Treasury to audit certain quartermaster's vouchers belonging to John Finn, of St. Louis. On bill (S. 744) for the relief of Avery D. Babcock and wife, of Oregon. On bill (S. 599) for the relief of the residuary legatees of Mark Davis, On bill (S. i289) for "the relief of Sophia MiilVrV.'. '. ". ". '.'""' '. .'".'. '. '.'. ', ' ".'. On bill (S. 421) for the relief of the legal representatives of Calvin B. Cunningham On bill (H. R. 684) for the relief of the heirs of the late Mrs. Catherine P. Culver Onbill(S.203)fortherelief of JohnF. W. Dette On bill (S. 210) for the relief of Wetmore & Bro., of St. Louis, Mo On bill (H. R. 894) for the relief of Robert Tranla On bill (S. 1319) for the relief of E. Douglass, etc OnbiU (S.459) for the relief of B. F. Myers On bill (S. 1286) to authorize the Secretary of the Treasury to pay to the State of Florida the balance found to be due said State, etc" On bill (S.211) for the relief of St. Charles College On bill (S. 217) for the relief of the heirs of James Bridger, deceased . No. 208 209 221 224 233 241 242 252 257 275 280 283 284 288 292 298 300 302 303 315 326 327 329 92 95 96 128 129 130 139 153 159 161 162 163 164 165 175 178 183 187 ^ 191 193 1 197 r232 INDEX TO KEPORTS OF SENATE COMMITTEES. XXVII Subject. No. Vol. COMMITTEE ON CLAIMS — continued. On bill (S. 487) for the relief of the widow .and heirs of Samuel Kramer. On bill (S. 1824) for the relief of Samuel Fitzhugh, administrator of Henry Fitzhugh, and to carry out the findings of the Court of Claims. On bill (S. 982) for the relief of Cumberland ' Female College of McMlunville, Tenn On bill (S. .552) for the relief of Calvin Gunn On bill (S. 1301) for the relief of the legal representatives of Hiram Somerville On bill (S. 557) for the relief of George F. Eoberts, administrator of the estate of Williaiji B. Thayer, etc On bill (S. 814) for the relief of the representatives of Daniel C. Kod- man, deceased, and others On bill (S. 1963) for the relief of the sureties of Dennis Murphy On bill CS. 763) for the relief of personal representatives of John Sherman, jr On bill (S. 454) for relief of Washington College (now known as Wash- ington and Lee University), located at Lexington, Va On bill (S. 1881) for the relief of Edward H. Murrell On bill (S. 1992) for the relief of Briscoe H. Bouldin On bill (S. 1274) for the relief of Henry J. Hewitt On bill (S.3978) for the relief of .John M. Eice On bill (S. 526) making an appropriation for the benefit of the estate of William Moss On bill (S.221) for the relief of Henry M. Cannon On bill (S. 1262) for the relief of Paul McCormick On bill (S. 1069) for the relief of the estate of Thomas Sherwin, deceased On bill (S.2203) for the relief of Arthur Coniiell On bill (H. E. 522) for the relief of Benjamin Alford On bill (S. 1471) to provide for the adjustment and payment of the claim of the American Transportation Company for dredging done at Fairport Harbor, State of Ohio On joint resolution (H. Ees. 121) authorizing proper officers of the Treasury Department to examine and certify claims in favor of cer- tain counties in Arizona On bill (S.224) for the relief of William P. Buckmaster On bill (S.817) for the relief of Jennie M. Hunt On bill (S. 1527) for the relief of the officers and crews of the United States gunboats Eineo and Ghocura On bill (S.1571) for the relief of Thomas Williams On bill (H. E. 6384) for the relief of Walter S. McLeod On bill (S. 1945) for the relief of Holmes and Leathers On bill (S. 1406) for the relief of Eliza H. Yerger and Mary Virginia Eawlins On bill (S. 361) for the relief of CM. Sliaffer On bill (H. E. 3334) authorizing and directing the Secretary of the Treasury to pay to the heirs, or legal representatives of C. P. Gooch, certain money due him for carrying the mail On bill (H. R. 1314) for the relief of Mathew S. Priest On bill (H. E. 859) for the relief of B. D. Greene On bill (S. 118) for the relief of Peter Grant Stewart On bill (S. 1066) to authorize the Third Auditor of the Treasury to audit certain quartermaster's vouchers belonging to John Finn, of St. Louis, Mo On bill (H. R. 2842) to reimburse George C. Tanner, late consul, etc., the sum of $200, paid by him for rent of rooms On joint resolution (H. Ees. 79) for the relief of Peter Hagan COMMITTEE ON COMMERCE. On bill (S. 507) providing for the collection of fees for furnishing cer- tificates of title to vessels On bill (S. 587) to regulate the carriage of passengers by sea 338 341 342 346 348 354 357 374 389 432 478 497 514 522 523 530 550 553 585 586 599 600 601 602 631 632 633 657 665 666 684 686 690 693 694 143 144 XXVIII INDEX TO REPORTS O^ SENATE COMMITTEES. Subject. Vol. COMMITTEE ON COMMERCE — continued. On bill (S. 511) providing for the establishment and enforcement of rules and regulations for the use and navigation of United States canals and similar worlis of navigation, etc On bill (S. 495) to establish a marine board for the advancement of the interests of the merchant marine On bill (S. 497) to amend section 4400 of Title LII of the Revised Statutes of the United States, concerning the regulation of steam vessels...... On bill (S. 509) to amend an act entitled "An act to amend section 4178, Revised Statutes, in relation to the marking of vessels' names at bow and stern," etc On bill (S.588) to repeal section 4145 of the Revised Statutes of the United States, and to amend sections 4146, 4320, etc On bill (S. 432) to provide an American register for the foreign-built steamship JSl Callao and change her name to Oneida On bill (S. 1426) to provide a register for the steamer Goldsworthy On bill (S. 1645) for the relief of the dependent relatives of the seamen of the Netherlands steamer Amsterdam, etc On bill (H. E. 6110) to authorize the construction of a bridge across the Mississippi River at Red Wing, Minn On bill (H. R. 5806) to authorize the city of Hastings, Minn., to con- struct and maintain a wagon bridge over the Mississippi River On bill ( S. 1886) to facilitate the entry of steamships On bill (H. R. 5978) to authorize-the construction of a steel bridge over the St. Louis River between the States of Wisconsin and Minnesota. On bill (H. R. 4765) to authorize the St. Louis River Bridge Company and the Duluth Transfer Railway Ccmpany to construct, maintain, and operate a bridge over the St. Louis River, etc On bill (S. 1681) to promote the efficiency of the Revenue-Cutter Service. On bill (S. 1965) for the prevention of collisions at sea On bill (S. 1990) to adopt regulations for preventing collisions at sea.. On bill (S. 1852) to provide an American register for the steamer S. Oteri On bill (H. R. 7449) authorizing the Minneapolis Gaslight Company of Minneapolis, Minn., to lay submerged gas pipes across the Missis- sippi River at Minneapolis On bill (H. R. 6518) making appropriations for rivers and harbors, etc On bill (S. 1706) to provide registers for the steamers Clanbel andAthos On bill (H. E. 7383) regulating lights on fishing vessels , COMMITTEE ON THE DISTRICT OP COLUMBIA. On bill (S. 752) to extend North Capitol street to the Soldiers' Home. . On bill (S. 1005) to prevent the recording of subdivisions of land in the District of Columbia in the office of the recorder of deeds On bill (S. 872) to make service connections with water mains and sewers in the District of Columbia On bill (S.'444) making the surveyor of the District of Columbia a sal- aried officer, etc ' On bill (S. 891) authorizing the Commissioners of the District of Colum- bia to accept payment, without interest, of certain special assess- ments, etc On bill (H. R. 3246) for the appointment of a sealer and assistant sealer of weights and measures in the District of Columbia, etc On bill (H. R. 4013) to release and turn over to Mrs. Mary 0. Auousta certain property in the District of Columbia On bill (S. 832) to simplify the forms of deeds, of conveyance, trust and releases of land in the District of Columbia, etc ' . On bill (S. 1267) a bill to authorize the attorney for the District of Columbia and his assistants to administer oaths and affirmations On bill (H. R. 3629) to close alleys in square No. 751 in the city of Wash- ington, D. C On bill (H. R. 4571) to make service connections with water mains and sewers in the District of Columbia 145 146 147 148 149 150 204 212 322 323 325 335 336 362 364 417 459 496 519 616 617 87 88 90 94 97 120 122 123 124 125 131 INDEX TO REPORTS OF SENATE COMMITTEES. XXIX Subject. Vol. COMMITTEE ON THE DISTKICT OP COLUMBIA — Continued. On bill (S. 1305) to amend "An act relating to the incorporation of certain corporations within the District of Columbia," approved October 1, li(90 On bill (S. 1280) for the promotion of anatomical science and to prevent the desecration of graves in the District of Co^iimbia On bill (S. 1111) to authorize the Comniission'ers of the District of Columbia to grant a permit to build on lot 43, square 358, in the city of Washington, D. C On bill (S. 1597) to amend an act entitled "An act for the support of the government of the District of Columbia for the fiscal vear ending June 30, 1878," etc " On joint resolution (S. R. 63) to change the name of Sixteenth street in District of Columbia to Executive avenue On bill (S. 1503) to establish harbor regulations for the District of Columbia On bill (S. 1141) for the relief of S. J. Block and A. P. Banrman of the District of Columbia On bill (S. 1680) to more effectually suppress gambling in the District of Columbia On bill (S. 970) regulating water-main assessments in the District of Columbia On bill (S. 1717) to authorize the appointment of women as school trus- tees in the District of Columbia On amendment to bill (H. E. 5481) making appropriations to provide for the expenses of the government of the District of Columbia for the fiscal year ending June 30, 1895, etc On bill (S. 1112) to provide for a survey for a bridge across the Eastern Branch of the Potomac River On bill (S. 1359) to amend an act approved July 15, 1882, entitled " An act to increase the water supply of the city of Washington, and for other purposes On bill (S. 1952) to amend an act entitled "An act to incorporate the Washington and Great Falls Electric Railway" On bill (S. 1841) to provide that all persons employing female help in stores, shops, offices, or manufactories shall provide seats for the same when not actively employed On bill (H. R. 6171) to avithorize the Metropolitan Railroad Company to change its motive power, etc. On bill (H. R. 6893) regulating water-main assessments in the District of Columbia On bill (S. 877) to incorporate the Washington Central Railway Com- pany On bill (S. 1712) to incorporate the Union Passenger Railway Company of the District of Columbia On bill (S. 1896) to provide for the payment of the 8 per cent green- back certificates of the District of Columbia, etc On bill (H. R. 7071) to exempt the property of the Young Men's Chris- tian Association of the District of Columbia from taxation On bill (S. 2131) to secure uniformity in the names of minor streets of the cities of Washington and Georgetown On bill (S. 1459) to exempt the property of the Young Men's Christian Association of the District of Columbia from taxation On bill (S. 2094) to amend the charter of the-Eokington and Solaiers' Home Railway Company On bill (S. 2210) to provide for the repairs of the piers of the Aque- duct Bridge and for its use by a street railway On bill (S. 2118) authorizing the sale of title of the United States to a tract of land in Montgomery County, Maryland, to William H. and George Bobinger On bill (S. 2245) to prohibit the interment of bodies in Graceland Cem- etery in the District of Columbia On bill (S. 329) for the relief of the estate of W. B. Todd, deceased.. . On bill (S. 852) to incorporate the National Light and Fuel Company., 136 156 251 (15 I 25 174 234 247 248 249 250 264 281 286 313 396 402 472 479 488 536 537 538 545 546 547 560 561 565 566 568 569 XXX INDEX TO REPORTS OF SENATE COMMITTEES. Subject. No. Vol. COMMITTEE ON THE DISTRICT OF COLUMBIA — Continued. On bill (S. 1148) to provide a building site for the National Conserva- tory of Music of America On bill (S. 2217) to provide for the closing of a part of an alley in square 185 in the city of Washington, D. C On bill (S. 2066) to provide for continuing the system of trunk sewers in the District of Columbia, etc On bill (H. E. 7095) to provide for a national home for aged and inilrm colored people, etc On bill (S. 1007) to authorize the Commissioners of the District of Columbia to appoint a deputy coroner COMMITTEE ON EDUCATION AND LABOR. On bill (S. 346) to remove the bar of the statute of limitation and give the right of appeal in certain cases , On amendment to bill (H. E. 5575) making appropriations for sundry civil expenses of the Government for the fiscal year ending: June 30, 1895, etc ' COMMITTEE ON EPIDEMIC DISEASES. On bill (S. 2280) to amend section 2 of an act approved February 15, 1893, entitled "An act granting additional quarantine powers and imposing additional duties upoh the Marine-Hospital Service " COMMITTEE ON FINANCE. Coinage Laws of the United States, 1792 to 1894, with an appendix. Fourth edition Imports and exports. American Colonies to Great Britain from 1697 to 1789, inclusive (parts 1 and 2) Tariff ooinparisons Collectors of customs, opinions of, concerning ad valorem and specific rates of duty on imports Chemicals, oils, and paints. Replies to tariff i nquiries Chemical schedule. Replies to tariff inquiries Imported merchandise for 1893 Earths, earthenware, and glassware. Replies to tariff inquiries . Metals and manufactures of. Replies to tariff inquiries. Woods and manufactures of. Replies to tariff' inquiries. 570 580 623 652 669 228 304 634 235 259 334 358 368 (370 <401 ^406 407 (412 ^413 ^415 '418 419 421 422 423 424 426 427 428 429 430 437 438 439 440 441 442 443 444 445 446 L451 > 9 INDEX TO EEPOETS OF SENATE COMMITTEES. XXXI Subject. COMMITTEE ON ifiNANCB — Continued. Sugar. Replies to tariff inquiries Tobacco and manufactures of. Replies to tariff inquiries Agricultural products and provisions. Eepliea to tariff inquiries Spirits, wineg, and other beverages. Replies to tariff .inquires Cotton manufactures. Replies to tariff inquiries Flax, hemp, and jute, and manufactures of. Replies to tariff inquiries Wool and manufactures of. Replies to tsiriff inquiries Pulp, papers, and bpoks. Replies to tariff' inquiries Comparison of the customs law of 1894 and the customs law of 1890, with rates of the Wilson bill (H. R. 4864) as it first passed the House and of the Mills bill of 1888 Sugar schedule in the tariff bill of 1894 Tariff comparisons 1894, 1890, and 1888 Sundries. Replies to tariff inquiries .„ Free list. Replies to tariff' inquiries Merchants. Replies to tariff inquiries Farmers. Replies to tariff inquiries Labor organizations. Replies to tariff inquiries Miscellaneous. Replies to tariff inquiries Customs law of 1894 and comparison of the text of the tariff laws of 1890 and 1894 (parts 1 and 2) Table of the average ad valorem rates under the tariff of 1883, Mills bill of 1888, tariff of 1890 as it passed the House and also as amended by the Senate and passed July 2 (calendar day July 3); also statistical tables showing imports of merchandise, with duties, under the tariff' of 1890; corresponding rates of duty under bill H. R. 4864, as passed by the House and Senate; imports and exports for the fiscal year 1894; receipts and expenditures of the Government, etc. (parts "land 2) , Statistical tables showing imports of merchandise, with duties col- lected under the tariff of 1890; corresponding rates of duty under bill H. R. 4864, as passed by the House and Senate ; Imports and ex- ports for the fiscal year 1894; receipts and expenditures of the Gov- ernment, etc. (part 2) Statistics, tariff.. COMMITTEE ON FOKEIGN RELATIONS. On Senate resolution that the Committee on Foreign Relations shall inquire and report whether any, and, if so, what irregularities have occurred in the diplomatic or other intercourse between the United States and Hawaii iu relation to the recent political revolution in Hawaii, etc On hill (S. 286) for the relief of the owners and crew of the Hawaiian On bUl (S. 489) for the relief of Mary A... Swift (452 H53 (454 ^455 ^456 r460 461 462 463 465 466 467 468 (469 {in (iU (475 H91 r492 493 I 494 511 [512 513 559 603 698 701 702 703 704 705 706 707 708 708 [709 »710 227 231 319 XXXII INDEX TO REPOETS OF SENATE COMMITTEES. Subject. COMMITTEE ON FOREIGN RELATIONS — continued. On bill (S. 756) for the applications of the accretions of the Caracas aivards of 1868 to the new awards made in 1889 and 1890 , On bill (S. 1481) to amend the act entitled "An act to incorporate the Maritime Canal Company of Nicaragua/' approved February 20, 1889 On bill (S. 1999) for the relief of Charles T. Russell On bill (S. 1703) to provide for the disposal of the interest on the Vir- ginius indemnity fund On Senate resolution in regard to the traffic in firearms and intoxi- cants with the natives of the islands of New Hebrides by Europeans and Americans , On bill (S. 2024) authorizing additional compensation to the assistant commissioners to the Industrial Exhibition held at Melbourne, Australia COMMITTEE ON INDIAN APFAIES. On bill (S. 1055) to carry into effect the findings of the Court of Claims in the cases of Edward N. Fish and others, etc On bill (S. 870) authorizing the issue of a patent to the Presbyterian Board of Home Missions for certain lands on the Omaha Indian Reservation for school purposes ' On bill (H. R. 299) to extend the time for the construction of the Choctaw Coal and Railway Company On bill (S. 198) to authorize the Secretary of the Interior to settle the claims of the legal representatives of S. W. Marston, late United States Indian agent at Union Agency, Indian Territory, etc On bill (S. 99) to secure the relinquishment of the Indian title tp a portion of the Pyramid Lake Reservation in Nevada On bill (S. 1403) to authorize the reconstruction of a bridge across the Niobrara River, near the village of Niobrara, Nebr On bill (S. 1467) to amend an act entitled "An act to provide for the sale of the remainder of the reservation of the Confederated Otoe and Missouria Indians in the States of Nebraska and Kansas, etc. ". On bill (S. 442) to ratify the agreement made with the Yankton tribe of Sioux Indians in the State of South Dakota for the sale of their surplus lands On bill (S. 1458) granting to the Duluth and Winnipeg Railroad Com- pany a right of way through the Chippewa and White Earth Indian reservations in Minnesota On bill (S. 661) for the relief of the Shawnee tribe or nation of Indians On bill (S. 646) for the relief of John O'Keane.. On bill (S. 145) to authorize the Secretary of the Interior to carry out in part the provisions of an act to divide a portion of the reserva- tion of the Sioux nation of Indians in Dakota into separate reserva- tions, etc On bill (S. 1532) to ratify and confirm an agreement with the Southern Ute Indians in Colorado, and to make the necessary appropriations for carrying the same into eifeot On bill (S. 1694) granting to the St. Paul, Minneapolis and Manitoba Railway Company the right of way through the White Earth, Leech Lake, Chippewa, and Fond du Lac Indian reservations in Minnesota On bill (S. 1623) for the relief of William Hurt On bill (H. R. 2710) for the relief of Jesse S. Morrison On bill (S. 1803) authorizing the construction of a wagon road on the Hoopa Valley Indian Reservation, in the State of California, and making appropriation therefor On bill (S.934) for the relief of the Chapter of Calvary Cathedral, Sioux Falls, S. Dak On bill (S. 1995) granting to the Eastern Nebraska and Gulf Railway Company the right of way through the Omaha and Winnebago Indian reservations On bill (S. 1887) providing for opening the Uncompahgre and Uintah Indian reservations 330 134 135 142 169 177 182 184 196 206 214 225 226 279 328 361 367 416 420 434 450 INDEX TO REPORTS OP SENATE COMMITTEES. XXXIII Subject. COMMITTEE ON iNDiAK AFFAiKS — Continued. On joint resolution (H. Res. 140) to confirm the enlargement of the Red Cliff Indian Reservation, in the State of Wisconsin, made in 1863. .. On bill (S. 2153) for the relief of certain Winnebago Indians in Min- nesota On bill (H. R. 7335) to grant to the Arkansas, Texas and Mexican Cen- tral Railway Company a, right of way through the Indian Territory . . On bill (S. 1585) authorizing the sale of timber on the Jicarilla Apache Indian Reservation for the benefit of the Indiana belonging thereto. . COMMITTEE ON THE JUDICIARY. On bill (H. E. 288) to provide for two additional associate justices of the supreme court of ihe Territory of Oklahoma, etc On the bill (S. 655) to extend the jurisdiction of justices of the jieace in the District of Columbia, and to regulate the proceedings before them On bill (S. 1414) to amend section 4 of an act entitled " An act to define the Jurisdiction of the police court of the District of Columbia" On bill (S. 686) to amend an act entitled ''An act to divide the judicial district of North Dakota," etc... On bill (S. 1460) to amend an act entitled "An act to establish the Smithsonian Institution for the increase and diffusion of knowledge among men " •. On bill (S. 1252) to amend an act entitled "An act to provide for the times and places to hold terms of the United States courts in the State of Washington " On bill (H. R. 5860) to amend sections 4, 6, and 10 of the act of Feb- ruary 9, 1893, entitled "An act to establish a court of appeals for the District of Columbia," etc COMMITTEE ON MILITARY AFrAIKS. On bill (S. 112) to provide for the construction of a military and com- mercial telegraphic line along the coast between Yaqnina, on Yaquina Bay, and Port Orford, to connect with Newport on Yaquina Bay, Alsea Bay, Florence on Siuslaw Bay, etc., in State of Oregon On bill (S. 98) to establish a military post near the town of Reno, in Washoe County, Nevada On bill (S. 731) for the relief of Maj. Gen. John C. Robinson, United States Army, retired On bill (S. 527) to construct a road to the national cemetery at Dover, Tenn On bill (S. 192) for the relief of Joseph W. Carmack On bill (S. 187) for the relief of Frederick Gramm On bill (S.191) for the relief of George A. Orr On bill (S. 194) for the relief of Napoleon B. Giddings On bill (S. 193) for the reUef of John S. Neet, jr , OnbnirS. 195) for the relief of Ezra S. Havens On bill (S. 176) granting the right of way to the Duluth and Manitoba Railroad Company across the Fort Pembina Reservation in North Dakota On bill (S. 634) granting a right of way across the Scarboro HiJl Mili- tary Reservation to the Ilwaco Railway and Navigation Company. . On bill (S.189) for the relief of John M. Davis On bill (S. 408) for the relief of William H. Atkins On bill (S. 474) for the relief of Wells C.McCool On bill (S. 506) granting an honorable discharge to William Pierce On bill (S. 910) for the relief of Eunice Tripler, widow of Charles S. Tripler On bill (S. 470) for the relief of George H. Jewett, of Arlington, Wash- ington County, Nebraska On bill (S. 467) for the relief of Brig. Gen. John R. Brooke, United States Army S. Eepts— 53— 2 III 527 529 562 696 118 158 173 186 216 353 381 74 75 76 77 78 79 80 81 82 83 84 85 86 99 100 101 102 103 101 XXXIV INDEX TO REPORTS OF SENATE COMMITTEES. Subject. COMMITTEE ON MILITAltY AFFAIBS — Continued. On bill fS. 469) for the relief of Adolph von Haake On bill (S. 468) to remove the charge of desertion standing against John "W. Wacker On bill (S. 179) authorizing the restoration of the name of Thomas H. Carpenter, late captain Seventeenth Infantry, to the rolls of the Army, etc On bill (S. 144) to correct the military record of John W. Taylor On bill (S. 104) for the relief of Gen. Napoleon J. T. Dana On bill (S. 743) for the relief of the citizens of the States of Oregon, Idaho, and Washington, who served with the United States troops in the war against the Nez Perces and Liannock and Shoshone Indians, etc On bill (S. 142) to remove the charge of desertion from William H. H. Cook On bill (S. 190) for the benefit of sundry persons residing in the vicin- ity of Jefferson Barracks, Mo On bill (S. 898) for the creation of a "reserved list" of the Army of the United States On bill (S. 407) making an appropriation for the improvement of the road to the national cemetery near Pensacola, Fla On joint resolution (S. R. 43) relieving the employees of the Record and Pension Of&ce who were injured in the Ford's Theater disaster, etc. On bill (S. 575) for the relief of Sarah K. McLean, willow of the late Lieut. Col. Nathaniel H. McLean On bill (S. 283) for the relief of Mary E. Wilcox On bill (S. 1209) to regulate enlistments in the Army of the United States . On bill (S. 1312) for the relief of the heirs of Charles B. Smith, deceased. On biU (S. 812) for the relief of William R. Steinmetz On bill (S. 322) to place Dunbar R. Ransom on the retired list of the Army On bill (S. 1343) to remove the charge of desertion standing against the name of Joseph G. Utter On joint resolution (S. R. 61) providing for the adjustment of certain claims of the United States against the State of Tennessee and cer- tain claims of Tennessee against the United States On bill (S. 573) for the relief Christopher Schmidt On bill, (S. 857) to correct the military record of James MoConnell On bill (S. 1637) for the relief of Capt. John W. Pullman On bill (S. 1526) for the relief of Henry Haltemau On bill (S. 33) to restore Eugene Wells to the Army On bill (S. 1683) to authorize the Secretary of War to lend condemned cannon and cannon balls to the association having in charge the monument erected on Government land near Chicago, 111., to the Confederate dead there buried On bill (S. 829) granting an honorable discharge to Cyrus Payne On bill (S. 1295) to reimburse the States of California, Oregon, and Nevada for moneys by them expended in the suppression of the rebellion On bill (S. 471) to relieve John Friedlin from the charge of desertion On bill (S. 168) granting to the State of Wyoming certain lands in the Fort D. A. Russell Military Reservation for agricultural fairaud indus- trial exposition grounds, etc On bill (S. 1482) to relieve John Holbrook from the charge of desertion. On bill (S. 1483) to correct the military record of Elisha B. Bassett On bill (H. R. 3135) granting to the University of Utah a site off the public domain On bill (S. 925) granting an honorable discharge to John Russell On bill (S. 1513) for the relief of Maj. Gen. George S. Greene . . On bill (S. 837) for the relief of Albert Locke, alias Shipley ![!! On bill (S. 1857) granting an honorable discharge to William B. Barnes. On bill (S. 1644) relating to the detail of retired officers of the Army at institutions of learning On bill (H. R. 4328) for the relief of William B. Chapman, George W." Street, John W. Hoes, Emmet C. TuthiU, and Joseph H. Curtis 105 106 107 108 109 110 111 112 114 115 117 126 127 151 152 168 180 199 245 246 260 261 262 263 272 285 287 289 305 306 307 311 312 314 324 340 345 INDEX TO REPORTS OF SENATE COMMITTEES. XXXV Subject. No. Vol. COMMI'ITEB ON MILITARY AFFAIKS — Continued. On bill (S. 747) granting to Ira Bacon, of Company A, Fifty-second Regiment Indiana Volunteers, an additional bounty of $100 On bill (S. 274) mating an appropriation for tbe establishment of a national park near Florence, S.C On bill (S. 529) for the relief of William R. Miller On bill (S. 473) to remove the charge of desertion from the military record of Jeremiah L. Daly On bill (S. 1594) to remove certain disabilities of the late acting assist- ant surgeons On bill (S. 1273) for the relief of Bernard J. D. Irwin On joint resolution (S. R. 68; for the relief of W. D. Mack On bill (S. 1077) for the relief of Henry Smith from the charge of de- sertion On bill (S. 1294) to remove the charge of desertion from the record of Benjamin Hartley On joint resolution (S. R. 45) granting a medal to Bvt. First Lieut. A. Liebscbutz On bill (S. 1064) for the relief of Johial W. Boyd On bill (S. 1298) to remove irom the rolls of the Army the charge of desertion against Neil Fatten ^ On bill (S. 811) for the relief of F. Halverson French On bill (S. 873) for the relief of Capt. Robert McClermont On bill (S. 1381) to provide for the restoration to .the Society of the Twenty-second Michigan Infantry Volunteers two flags now in the War Department On bill (S. 1375) to remove the charge of desertion from the military record of Jeremiah F. Brown On amendments to bill (H. R. 5575) affecting the appropriations for the maintenance of the National Home for Disabled Volunteer Soldiers.. On bill (8. 1468) for the relief of James L. Townsend On bill (H. R. 4961) granting certain rights over Lime Point Military Reservation, in California On bill (S. 2070) to provide for the restoration to the State of Michigan two flags carried by the Twenty-second Michigan Infantry Volun- teers and now in the War Department On bill (H. R. 4671) to remove the charge of desertion standing against the name of Joseph G. Utter On bill (H. R. S36) to amend section 4837 of the Revised Statutes of the United States as to soldiers' homes On bill (S. 1549) for the relief of William H. Hugo On bill (S. 1528) to remove the charge of desertion from the military record of George Weisel On bill (S. 399) for the relief of Bvt. Lieut. Col. J. Madison Cutts On bill (H. R. 4322) granting the use of certain land to the town of Castine, Me., for a public park On bill (S.1688) for the relief of Enoch Davis On bill (S. 528) for the relief of A. W. Wills, administrator On bill (S. 636) granting the use of certain lands in Wallawalla County, State of Washington, to the city of Walla Walla for a public park. .. On bill (S. 1229) to correct the military record of George Whittaker. .. On bill (H. R. 1461) to remove the charge of desertion from the record of Andrew L. Grugett On bill (S. 1601) granting an honorable discharge to James Coughlin, of North Topeka, Kans On bill (S. 1866) for the relief Isaac L. Musselman, of Tennessee On bill (S. 1657) to remove the charge of desertion from the military record of Henry C. Smith On joint resolution (S R. 19) authorizing the Secretary of War to cor- rect the military record of Capt. Edward Wheeler, Fifty-sixth New York Volunteers On bill (S. 1189) for the relief of Capt. Henry C. Seaman On bill (S. 1675) to remove the charge of a dishonorable dismissal, after the battle of Stone River, standing against the name of S. L. Wood- worth, to correct the record, and issue him an honorable discharge.. 359 360 363 369 373 376 385 386 390 391 392 393 394 395 397 435 480 482 483 490 520 525 526 531 533 555 556 557 558 563 564 583 584 591 608 609 610 XXXVI INDEX TO KEPORTS OF SENATE COMMITTEES. Subject. COMMITTEE ON MILITARY AFFAIKS — Continued. On bill (S. 1009) for the relief of telegraph operators during the war of the rebellion On bill (H. E. 2108) to perfect the military record of Warren Alonzo Alden On bill (H. R. 7419) for the construction of a military road from the city of El Paso to Fort Bliss, Tex On bill (H. E. 6405) to remove the charge of desertion standing against Patrick Kelleher - - On bill (H. E. 2582) to authorize the appointment of James William Abert to the retired list of the Army On bill (S. 2048) to authorize the appointment of James William Abert to the retired list of the Army On bill (H. R. 868) for the relief of Charles B. Stivers On bill (S. 2119) for the relief of Charles B. Stivers , On bill (H. E. 2133) to correct the military record of Capt. E. M. Ives.. . On bill (S. 1170) to relieve George L. Sullivan from the charge of de- sertion On bill (S. 1012) to correct the muster roll of J. Seymour Taylor On bill (S. 1578) authorizing the Secretary of War to recognize Frank D. Baldwin as lieutenant-colonel of the Nineteenth Michigan Infantry Volunteers from the 15th day of May, 1865 On bin (S.'2255) for the relief of Capt. WiUiam Fletcher, United States Army On bill (H . E. 3005) for the relief of George Isenstein On bill (S. 2143) for the relief of Eufus Betz On bill (H. R. 7515) granting the right of way through the Arlington Reservation for electric railway purposes On bill (S. 1558) for the correction of the military record of Capt. Joseph' H. Richards On bill (S. 1858) to grant an honorable discharge to George S. Raymond, Onbill(H. R. 562) for the relief of Marlln Parks On bill (H. R. 4686) to correct the mOitary record of Alexander P. Magaan On bill (S. 1770) to place Maj. Robert P. Barry on the retired list of the Army On bill (S. 2186) for the relief of the legal representatives of Orsemus B.Boyd On bill (S. 1556) to relieve Titus Priest from the charge of desertion. .. On bill (S. 1793) to remove the charge of desertion from the military record of EobertEoby COMMITTEE ON NAVAL AFFAIKS. On bill (S. 299) mating an appropriation toward the construction of a dock at the Portsmouth Navy- Yard On bill (S. 1405) for the relief of the sufferers by the wreck of the tJ. S. S. Despoicfc on Assateague Shoals, Virginia On bill (S. 12:8) for the relief of Charles W. Cronk On bill (S. 2809) to promote the efficieiicv of the Naval Militia On bill (S. 943) for the relief of 0. C. Badger On bill (H. E. 5833) providing for the rescue of the- armament and wreck of the U. S. war ship Kearsarge On bill (S. 826) to remit the penalties on the dynamite-guu cruiser Veswius ,- On bill (H. E. 3202) donating condemned cannon to the St. Lawrence State Hospital at Ogdensburg, N. Y On bill (S. 864) to authorize the payment to Eear-Admiral John H. Eussell of the highest pay of his grade On bill (S. 1438) for the relief of Louis A. Yorke On bill (S. 1254) to permit Agnes A. Niver to bring suit against tiie United States On bill (S. 1201) for the relief of the sufferers by the wreck of the U. S. S. Tallapoosa No. 613 14 614 14 615 14 618 14 619 14 820 14 621 14 622 14 630 14 637 14 651 14 654 655 656 658 662 663 664 667 687 688 689 695 697 138 181 190 198 220 243 254 255 256 265 266 297 INDEX TO REPORTS OF SENATE COMMITTEES. XXXVII Subject. COMMITTEE ON NAVAL AFFAIRS — Continued. On bill (S. 1587) to open the navai reservation in Lafayette County, Florida, to settlement and entry : On joint resolution (S. R. 74) for tbe proper enrollment of Thomas R. Proctor in IJie Navy of tbe United States On bill (S. 1779) authorizing certain ofSoers of the Navy to administer oaths On bill (S. 1784) to amend section 3719 of the Revised Statutes On bill (S. 967) to rejmi^ tlie penalties on gunboat No. 3, the Concord, and gunboat No. 4, the Bennington On bill (S. 1769) to establish an observatory circle as a provision for guarding the delicate astronomical instruments at the United States Naval Observatory against smoke or currents of heated air in iheir neighborhood and undue vibrations from traffic upon the extension of public thoroughfares in the vicinity, etc On bill (H. R. 6321) authorizing certain officers of the Na'^'y to admin- ister oaths On bill (S. 1211) for the relief of Pay Inspector John H. Stevenson, United -States Navy On bill (S. 1438) for the relief of Louis A. Yorke , On bill (S. 1464) for the relief of certain enlisted men in the Marine Corps of the United States Navy On bill (S. 1535) to correct tlie naval history of John C. Dull On bill (S. 1083) for the relief of the estate of John Ericsson On bill (H. R. 38) relating to the pay and retirement of mates in the Navy On bill (S. 1454) authorizing the Secretary of the Navy to transfer the reproduction of the caravels of Columbus to the Columbian Museum of Chicago On bill (S. 397) for the relief of Jerome E. Morse On bill (S. 1713) to promote Commodore Louis C. Sartori, etc COMMITTEE ON ORGANIZATIOiS', CONDUCT, AND EXPENDITURES OF THE EXECUTIVE DEPARTMENTS. On bill (S. 1553) to regulate the making of property returns by officers of the Government On bill (S. 1552) to repeal section 311 of the Revised Statutes of the United States On bill (H. R. 6948) to improve the methods of accounting in the Department of the Treasury, and for other purposes On amendment to bill (H. R. 7097) making appropriations for the legis- lative, executive, and judicial expenses of the Government for fiscal year ending June 30, 1895 COMMITTEE ON PACIFIC RAILROADS. On the subject of an appro]iriation for the payment of the fees of coun- sel employed by the Attorney-General to represent the interest of the United States in matters affecting the Pacific railroads COMMITTEE ON PATENTS. On bill (S. 1154) for the relief of the legal representatives of John C. Howe, deceased COMMITTEE ON PENSIONS. On bill (S. 1190) granting an increase of pension to David S. Corser... On bill (S. 435) granting the right to personally inspect and have attested copies of all evidence and reports filed or used in proceed- ings to obtain a pension, etc , On bill (S. 304) to increase pensions fOr loss of the sight of both eyes. , On bill (S. 1427) granting an increase of pension to Mrs. Helen G. Heiner 309 339 349 350 356 371 384 484 489 515 516 517 518 521 598 229 230 387 425 217 502 89 166 172 185 XXXVIII INDEX TO REPOETS OF SENATE COMMITTEES. Subject. COMMITTEE ON PENSIONS — Continued. On bill (S. 491) granting a pension to Alice K. Potter, •widow of Gen. Joseph H. Potter, deceased On bill (S. 1355) granting a pension to Mrs. Nicholas Henrich On bill (S. 828) granting a pension to JuliaE. Look On bill fH. R. 3218) granting an increase of pension to Jane Thompson. On bill (H. R. 855) granting a pension to Elizabeth Voss On bill (S. ) granting a pension to Andrew Franlilin, alias Andrew McKee ; On bill (H. R. 5258) granting a pension to Hannah Lyons On bill (S. 1230) for the relief of Maria T.Karge On bill (S. 1876) to provide for the payment of accrued pensions in cer- tain cases On bill (S. 1640) grantinga pension to Otis Smith On bill (S. 1117) for the relief of William Loring Spencer On bill (S. 1480) to codify and arrange the laws relating to pensions. . . On bill (S. 879) granting a pension to Josephine F. Kelton, widow of Brig. Gen. J. C. Kelton, late Adjutant-General United Stntes Army.. On bill (S. 1542) to amend section 4746 Revised Statutes of the United States On bill (S. 1490) granting a pension to MoUie Crandall On bill (S. 1957) granting an increase of pension to Joseph W. Fisher. On bill (S. 1833) granting a pension to Hannah Howard On bill (S. 237) granting a pension to Mrs. Ann Bradford, widow of Daniel R. Bradford and mother of William K. Bradford .^. On bilP(S. 1391; granting a pension to Mrs. Levenia D. Alton On bill (S. 1508) granting an increase of pension to Helen L. Dent On bill (S. 1956) granting an Increase of pension to Mary Doubleday, widow of Bvt. Maj. Gen. Abner Doubleday On bill (S. 1539) granting a pension to Josephine Foote Fairfax On bill (H. R. 4720) granting a pension to 1 .ucy Brown On bill (S. 2088) granting a pension to J. M. Swift '. On bill (H. R. 5459) to pension the minor children of Alfred T. Phipps. . On bill (H. R. 3076) granting a pension to George L. Frymire On bill (S. 1935) granting a pension to Elizabeth EUery On bill (S. 1584) granting a pension to John Eckland On bill (H. R. 1463) granting a pension to Mrs. Lucinda C. Wheeler, widow of John H.Wheeler On bill (H. R. 1196) granting a pension to Mary E. Trick«y On bill (H. R. 3033) granting a pension to Amanda .J. Lane On bill (H. R. 3065) granting a pension to James Lane On bill (H. R. 5020) granting a pension to Washington Hislop On bill (H. R. 1313) granting an increase of pension to John Scott On bill (S. 1686) granting a pension to Margaret English On bill (H. R. 953) granting an increase of pension to Mary P. Brough- tou On bill (H. R. 3309) granting a pension to Ambrose Giseburt On bill (H. R. 6206) granting a pension to A. F. Neely On bill(S. 1656) granting an increase of pension to Mary A. L. Eastman . On bill (H. R. 3487) granting an increase of pension to Eliza K. Starr. .. On bill (H. R. 1713) granting a pension to Marilla Tenney On bill (H. R. 3840) granting a pension to Joel A. Walters On bill (H. E. 5351) granting a pension to Celestia P. Hartt On bill (H. R. 4561) granting a pension to Harriet T. Vosburgli On bill (S. 1948) granting a pension to Augustus G. Gary On bill (H. R. 5374) granting a pension to Sarah Oddy On bill (H. R. 6902) granting a pension to Mrs. Susie Con way On bill (H.R. 3992) granting a pension to Julia Bews On bill (H. R. 1717) granting a pension to Eliza Holmes On bill (H. E. 856) granting a pension to John Stock well On bill (K. R. 3858) granting a pension to Mrs. Eliza B. Pierce On bill (H. R. 6213) granting pension to Harriet E.'Tate On bill (H. E. 5816) granting a pension to Mary Ann Donoghue On bill (H. E. 2996) for the relief of Mrs. E. S. Luke, widow of John L. Luke 189 205 207 218 219 239 244 253 316 318 321 337 351 352 355 375 378 382 398 403 405 404 409 464 495 504 534 535 540 541 542 543 544 551 554 567 572 573 575 576 577 578 579 582 590 592 593 594 595 596 607 611 612 625 INDEX TO KEPORTS OF SENATE COMMITTEES. XXXIX Subject. COMMITTEE ON PENSIONS — Continued. On bill (S. 2056) granting a pension to Ada J. Schwatka, widow of the late Lieut. Frederick Schwatka On bill (S. 1692) granting a pension to William J. Murray On bill (H.R. 4811) granting a pension to Mary Trimble On bill (S. 2275) granting a pension to Elizabeth New, widow of Jethro w New On bill (S. 2032) granting a pension to Ida C. Martin On bill (H. E. 4780) granting a pension to Thankful Robbins On bill (H. E. 2920) granting a pension to John Maliolm On bill (S. 1018) granting a pension to Susan E. Cunningham On bill (H. R. 1214) granting a pension to Hannah Welch On bill (H. E. 7294) empowering fourth-class postmasters to adminis- ter oaths to pensioners On bill (S. 1175) to require payment of pension money to wives in cases where male pensioners desert or abandon their families, or are habit ual drunkards, or for any reason fail and neglect to support their families On bin (S. 1173) to grant service pensions On the bill (S. 1969) granting a pension to Harrison C. Hobart On bill (S. 253) granting a pension to Maria Hall, widow of Joseph Doak, deceased On bill (H. E. 5703) for the relief of Johanna Gleason On bill (H. E. 4490) granting a pension to Henry C. Field On bill (H. R. 6050) granting a pension to Margaret A. Woods On bill (S. 501) granting a pension to John P. Biehn On bill (S. 1996) granting a pension to Mrs. Abby Jane Ward On bill (S. 890) granting an increase of pension to George C. Abbey .. On bill (S. 1383) granting a pension to Eussell N. Eeynolds On bill (S. 1970) granting an increase of pension to William T. Walker. On bill (H. E. 6228) granting a pension to Adaline J. Props On bill (H. E. 6103) granting a pension to Mary A. Menefee On bill (H. E. 6361) granting a pension to Pauline J.Smith On bill (H. R. 4290) granting a pension to Druzilla J. Eigg On bill (H. E. 7574) to amend section 3 of an act entitled "An act granting a pension to soldiers and sailors who are incapacitated for the performance of manual labor, and providing for pensions to widows, minor children, and dependent parents," approved June 27, 1890 On the bill (H. E. 898) granting a pension to Jesse Davenport COMMITTEE ON POST-OFFICES AND POST-UOADS. On bill (H. E. 4610) to improve the methods of accounting in the Post- Ofiflee Department, and for other purposes On bill (S. 1063) for the relief of the legal representatives of George On bill (S. 1022) fo^the relief of W."H.'L.'PepperelV.'.V/.!!'.y///V/!'' On bill (S. 544) to reclassify and fix the salaries of railway postal On bill (S. 349) for the relief of Thomas Chambers On bill (S.200) for the relief of Moses Pendcrgrass, of Missouri On bill (S 199) for the relief of E. E. Shipley On bill (S. 886) for the relief of the legal representatives of John Wightraan, deceased On bill (S. 450) for the relief of Bryan Tyson On bill (S. 2065) to prevent the carrying of obscene literature and articles designed for indecent and immoral use from one State or Territory into another State or Territory On bill (S. 886) for the relief of the legal representatives of John Wightman, deceased On bill (S. 2281) to authorize the Postmaster-General to credit the account of James A. Sexton with amount of funds stolen No. 626 14 627 14 635 14 636 14 640 14 641 14 642 14 643 14 644 14 645 646 647 649 653 660 661 668 670 671 672 673 674 675 676 677 678 679 685 157 176 188 213 215 268 269 270 277 476 552 648 XL INDEX TO EEPOETS OP SENATE COMMITTEES. Subject. Vol. COMMITTBE ON PRINTING. On Senate resolution to print and bind for use of Senate, 1,200 copies of Senate Ex. Does. Nos. 45, 57, 76, and 77 of second session of Fifty-second Congress, relating to the Hawaiian Islands On resolution to print 4,000 copies of the new edition of the Senate election cases On resolution authorizing the printing and binding of 8,000 copies of eulogies delivered in Congress upon Hon. J. Logan Chipman On resolution authorizing the printing and binding of 8,000 copies of enlogies delivered in Congress upon Hon. William Mutchler To accompany letter of the Treasurer of the United States, transmit- ting accounts settled by his office with the First Comptroller for fiscal year ended June 30, 1893 : On resolution to print 1,500 copies of part 1 and 2,800 copies of part 2 of the report of the Superintendent of the Coast and Geodetic Survey. On resolution to print 8,000 copies of the Thirteenth Annual Eeport of the Director of the Bureau of Ethnology On resolution to print 8,000 extra copies of the report of the Commis- sioner of Fish and Fisheries for fiscal year ended June 30, 1893 On bill (S. 1137) to provide for the printing of the report of the Joint Committee of Congress on the centennial celebration of the laying of the corner stone of the Capitol, etc On resolution to print 10,000 additional copies of the reports of the Smithsonian Institution and the National Museum for the year end- ing June 30, 1893, etc On resolution to print for use of Senate copies of all paper* and messages sent to Congress by the President since January 1, 1893, relating to Hawaiian affairs On resolution to print 8,000 copies of the document entitled imported Merchandise Entered for Consumption in the United States during the years 1890 to 1893 ■ ., On resolution to print 8,000 copies of eulogies delivered in Congress upon Hon. Leland Stanford On resolution to print 6,000 copies of Senate Eeport No. 2130,' Fifty- first Congress, second session, relating to rates of duty on imports into the United States from 1789 to 1890, inclusive, etc' On resolution to print copies of Eeport 227 from Committee on Foreign Eolations On House concurrent resolution to print 8,000 copies of the eulogies delivered in Congress upon William Lilly On Senate concurrent resolution to print 15,500 copies of the Four- teenth Annual Eeport of the Director of the United States Geological Survey, etc On House concurrent resolution for the printing of 12,000 copies of the Statistical Abstract for the United States for 1893, etc On joint resolution (H. Ees. 139) for the printing of 500,666 copies of the Agricultural Eeport, 1893, etc On Senate concurrent resolution to print 5,000 copies of Senate Mis'.' Doc. No. 77,' being memorial of the National Wool^rowers' Associa- tion On Senate concurrent resolution to print and bind 10,000copies of the proceedings of the Pan-American Congress, held in Washington D. C, September, 1893 ....' On Senate concurrent resolution to print 5,000 additional copies of" the fourth edition of the document entitled Coinage Laws of the United States, 1792 to 1894, etc. On Senate resolution to print 1,000 copies of Senate Mis. Doc. No. 95* entitled a Solution of the Labor Problem. " ' ' On Senate order to bind 200 copies of Eeport 334, being a comTigrisnii ofbill(H.E. 4864) and existing law.... ! ...:' On House concurrent resolution to print 8,000 copies of the eulogies delivered in Congress on the late W. H. Enochs f . On House concurrent resolution to print and bind in cloth l,56ocop"ies of the anunal report of the Health Officer of the District of Columbia etc 119 132 133 140 141 154 155 160 167 222 223 236 237 238 273 274 276 290 294 310 317 320 343 347 365 INDEX TO REPORTS OF SENATE COMMITTEES. XLI Sabjeot. Vol. COMMITTEE ON PRINTING— continued. On Senate resolution to print 5,000 copies of Senate Report No. 331 relative to the Nioarauga Canal, etc On Senate resolution to authorize Committee on Agriculture and For- estry to have printed so much as necessary of the evidence and other information relating to condition of agriculture On House concurrent resolution to print 11,000 copies of a special report of Bureau of Statistics On Senate concurrent resolution to print 8,000 copies of the eulogies delivered in Congress upon Hon. Randall Lee Gibson On Senate concurrent resolution to print 40,000 additional copies of the Ninth Annual Report of the Commissioner of Labor, relating to •building and loan associations On Senate resolution to print the evidence taken in relation to the personflelof the Navy, etc On bill (H. R. 7072) to amend section 3816 of the Revised Statutes On House concurrent resolution to print 5,500 copies of the annual report of the Chief of the Weather Bureau, for year ended June 30, 1893 On House concurrent resolution to print 10,000 extra copies of the report of the Director of the Mint, etc On House resolution to print 4,000 extra copies of the special report of the select committee of the Medical Society of the District of Colum- bia on typhoid and malarial fevers, etc On House concurrent resolution to print 35,000 copies of the report of the Commissioner of Education for 1891 and 1892 On joint resolutions (S. R. 76 and 85) providing for the printing of the proceedings of Tribunal of Arbitration at Paris On Senate resolution to print 2,000 copies of Senate Report No. 433, relating to the University of the United States On bill (H. R. 2650) relating to collation and systematic reenactment of the numerous provisions of preexisting law regulating the public printing and binding, etc On Senate concurrent resolution to print 1,000 extra copies of Senate Mis. Doc. No. 200, relating to the salmon fisheries of the Columbia River Basin On House concurrent resolution to print and bind in cloth 6,000 copies of the annual, special, and veto messages, proclajnations, and inau- gural addresses of the Presidents of the United States from 1789 to 1894, inclusive On Senate resolution to print500 copies of Ex. Doc. No. 445, first session of Fifty-first Congress, being report of a board of sanitary engineers upon tiie sewerage of the District of Columbia On joint resolution (S. R. 91) for the printing of 2,000 copies of a digest of laws and decisions relating to the appointment, salary, and com- pensation of officers of United States courts On joint resolution (S. R. 99) to compile and publish the laws relating to street railway franchises in the District of Columbia On letter from Anson G. McCook relating to index to private claims. .. On Senate resolution to' print in pamphlet form for the use of Senate 15,000 copies of the biU H. R. 4864 On House concurrent resolution to print 23,000 copies of the Tenth Annual Report of the Civil Service Commission, etc On Senate resolution to print 500 extra copies of the Annual Report of the Librarian of Congress for the year 1893 t)n Senate concurrent resolutidn to print 60,000 copies of the Compari- son of the Tariff Laws of 1890 and 1894, etc COMMITTEE ON PRIVATE LAND CLAIMS. On bill (S. 1076) to release a certain limitation existing in an act of Congress touching the Episcopal Church at St. Augustine, Fla On bill (S. 447) to authorize the Secretary of the Interior to issue a duplicate of a certain land warrant to Emma A. Ripley , 366 372 379 380 383 388 411 431 498 499 500 505 571 574 581 587 604 605 680 682 691 692 699 700 195 211 XLII INDEX TO REPORTS OF SENATE COMMITTEES. Subject. COMMITTEE ON PRIVILEGES AND ELECTIONS. On bill (H. R. 2331) to repeal the statutes relating to supervisors of elections and special deputy marshals, etc. (part 1). On hill (H. R. 2331) to repeal the statutes relating to supervisors of elections andspecial deputy marshals, etc. (part 2, views of minority) . . COMMITTEE ON PUBLIC BUILDINGS AND GROUNDS. On hill (S. 1462) to provide additional accommodations for the Gov- ernment Printing Office On hill (S. 2293) to provide for the improvement of the building and grounds of the United States court and post-office at Little Rock, Aik COMMITTEE ON PUBLIC LANDS. On hill (H. R. 356) to authorize the Secretary of the Interior to reserve from sale certain lands in the abandoned Fort Cummings Military Reservation, etc On bill (H. R. 4859) for the relief of certain settlers upon the Iowa Reservation in Oklahoma On hill (S. 67) to amend an act entitled "An act for the relief of cer- tain settlers on the public lands ; and to provide for ttie repayment of certain fees, purchase money, and commissions paid on void entries of public lands" On hill (S. 160) to fix the price of lands entered under the desert-land laws On hill (S. 1057) for the relief of William R. Wheaton and Charles H. Chamberlain, of California On bill (S. 1057) for the relief of William R. Wheaton and Charles H. Chamberlain, etc. (part 2, views of minority) , On bill (S. 1105) for the relief of Albert Redstone On hill (S. 1649) providing for the survey of the land described in the grant to Willamette Valley and Cascade Mountain Wagon Road Company, in the State of Oregon On hill (S. 1583) for the relief of Wesley Montgomery On hill (S. 679) for the location and satisfaction of outstanding mili- tary bounty land warrants and certificates of location under section 3 of the act approved June 2, 1858 On bill (S. 1834) to require patents to be issued to land actually settled under act entitled "An act to provide for the armed occupation and settlement of the unsettled part of the peninsula of Florida," ap- proved August 4, 1842 On bill (S. 819) providing for the survey of the lands described in act of Congress approved July 5, 1866, etc On bill (S. 1591) to provide for the reservation, sale, and settlement of certain lands in several of the States and Territories On hill (H. R. 5065) to ratify the reservation of certain lands made for the benefit of Oklahoma Territory, etc On bill (S. 1433) granting the Hot Springs Water Comp,any a site for a reservoir for cold water upon the permanent reservation at Hot Springs On bill (H. R. 3458) extending time for final proof and payment on lands claimed under the public land laws of the United States On bill (H. R. 6080) to donate the military reservation at Oklahoma City, in Oklahoma Territory, to said city for free public schools, etc. On bill (H. R. 7334) to sell certain lands in Montgomery County, Ar- kansas, to the Methodist Episcopal Church South On bill (H.R.6969) for the relief of Benjamin F. Poteet .'.".'.".'.".' On bill (S. 1590) to validate outstanding soldiers' additional homestead' certificates, etc On bill (H. R. 4952) to ameud section 2455 of the Revised Statutes of the United States 113 113 170 659 121 137 171 192 203 203 258 282 291 296 299 301 332 333 344 507 508 509 532 539 638 INDEX TO EEPORTS OP SEXATE COMMITTEES. XLIII Subject. COMMITTEE ON PUBLIC LANDS — Continued. On bill (H. E. 4242) directing the Secretary of the Interior to make certain investigations concerning the consolidation of land districts in California, etc On bill (H. E. 4667) to provide for the opening of certain abandoned military reservations, etc On bill (S. 2038) for the relief of Oklahoma settlers COMMITTEE ON TERRITOKIES. On bill (H. E. 4449) fixing the limit of indebtedness which may be incurred by Salt Lake City On bill (S. 166) to provide for the punishment of offenses committed in the Yellowstone National Park On bill (H. E. 352) to enable the people of Utah to form a constitution and State government and be admitted into the Union on an equal footing with the original States On bill (H. E. 5293) concerning leases in the Yellowstone National Park On bill (H. E. 353) to provide for the admission of the Territory of New Mexico into the Union, etc On bill (H. E. 4393) to provide for the admission of the State of Ari- zona into the Union, etc SELECT COMMITTEE ON THE FIVE CIVILIZED TRIBES OF INDIANS. On Senate resolution directing the Committee on the Five Civilized Tribes of Indians to inquire into the present condition of the Five Civilized Tribes of Indians and of the white citizens dwelling among them, etc SELECT COMMITTEE TO ESTABLISH THE UNIVERSITY OF THE UNITED STATES. On bill (S. 1708) to establish a national university SELECT COMMITTEE ON FOBD THEATER DISASTER. On the amendment to the bill (H. E. 5575) relating to the Ford Theater disaster JOINT COMMISSION OF CONGRESS TO INQUIRE INTO THE STATUS OP LAWS ORGANIZING THE EXECUTIVE DEPARTMENTS. On bill (S. 1260, same as H. E. 4610) to improve the methods of ac- counting in the Post-Office Department, and for other purposes On bill (H. E. 4340) to amend section 407 of the Eevised Statutes so as require original receipts for deposits of postmasters to be sent to the Auditor of the Treasury for the Post-Oifice Department On bill (S. 1552, same as H. E. 5529) to repeal section 311 of the Eevised Statutes of the United States On bill (S. 1553, same as H. E.'5530) to regulate the making of property retiirns by officers of the Government On bill (S. 1738) to improve the methods for auditing the accounts of customs officers, etc On bill (S. 1831) to improve the methods of accounting in the Treasury Department For the payment of money out of the Treasury, report of the experts of the commission recommending a change in the form of the war- rant Old money orders, report of the experts of the commission concerning the disposition of International money orders, reports from experts of the commission recommending discontinuance of certain statistics relating to * Bound witli vol. 2, first session, Fifty-third Congiess. 639 650 681 194 295 414 648 628 629 377 433 528 93 116 200 201 240 293 447 448 449 XLIV INDEX TO EEPOETS OF SENATE COMMITTEES. Subject. No. Vol. SPECIAL COMMITTEE TO INVESTIGATE ATTEMPTS AT BKIBBRY, BTC. On Senate resolution to investigate attempts at bribery 436 457 f477 485 486 ■ 487 606 .624 179 10 On Senate resolution to investigate attempts at bribery (parts 1,2, 3).. On Senate resolution to investigate attempts at bribery 10 • 10 JOINT COMMITTEE TO EXAMINE ACCUMULATIONS OF FILES IN THE POST-OFFICE DEPARTMENT. On report of Postmaster-General in respect to accumulation of old papers, etc., in the Post-OfiSoe Department 1 REPORTS OF COMMITTEES, BY WHOM MADE, AND FROM WHAT COMMITTEE. COMMITTEE ON AGKICULTCRB AND FOBESTRT. ITo. ByMr. Peffer 267,271 By Mr. Hansbrough 202 COMMITTEE ON APPROPRIATIONS. ByMr. Cockrell 506,510,589,597 ByMr. Call 278,501 ByMr. Gorman 503,524 ByMr. Blackburn 470,471,481 By Mr. Brice 399 COMMITTEE ON CLAIMS. By Mr. Pasco 95, 96, 129, 130, 139, 178, 183, 221, 224, 252, 292, 300, 326, 327, 346, 357, 374, 522, 523, 530, 550, 585, 586, 588, 601, 631, 657, 665, 666, 684, 693, 694 ByMr. Caffery 153,478,632 By Mr. McLaiiriii 497,633 ByMr. Berry' 175 ByMr. Daniel 159,257,283,284,288,341,342,432,553 ByMr. Allen 348 By Mr. Mitchell, of Oregon 73, 162, 163, 164, 187, 191, 241, 242, 275, 302, 303, 329, 354,389,602,686,690 ByMr. Stewart 92,165,193,197,232,233,280,298,315 By Mr. Peffer 91,128,161,338,432,514,549,599 ByMr. Fatten 600 ByMr. Davis 208,209 COMMITTEE ON COMMERCE. ByMr. Ransom ■ 519 By Mr. White, of Louisiana 204 By Mr. White, of California , 364,417,616,617 By Mr. Frye 143, 144, 145, 146, 147, 148, 149, 150, 212, 325, 362, 459 ByMr. Washburn 322,323,335,336,496 COMMITTEE ON THE DISTRICT OF COLUMBIA. ByMr. Faulkner 97,122,123 ByMr. Gibson - 250,652 ByMr. Hunton 538,565 ByMr. Martin 124,125,136,281,286,568,569,570 By Mr. McMillan 87, 88, 120, 247, 248, 402, 479, 536, 537, 560, 561, 580 ByMr. Gallinger 156,249,251,313,472,566,669 By Mr. Prooto r 90, 94, 131, 174, 234, 264, 396, 488, 545, 546, 547, 623 COMMITTEE ON EDUCATION AND LABOR. ByMr. Kyle 304 By Mr. Lodge 228 COMMITTEE ON EPIDEMIC DISEASES. By Mr. Gallinger 634 XLV XLVI INDEX TO REPORTS OP SENATE COMMITTEES. COMMITTEE ON FINANCE. Ko. By Mr. Voorhees 235, 259, 334, 358, 368, 370, 401, 406, 407, 412, 413, 415, 418, 419, 421, 422, 423, 424, 426, 427, 428, 429, 430, 437, 438, 439, 440, 441, 442, 443, 444, 445, 446, 451, 452, 453, 454, 455, 456, 460, 461, 462, 463, 465, 466, 467, 468, 469, 473, 474, 475, 491, 492, 493, 494, 511, 512, 513, 559 By Mr. Harris 603, 698, 701, 702, 703, 704, 705, 706, 707, 708, 709, 710 COMMITTEE ON FOREIGN RELATIONS. By Mr. Morgan 227,331 ByMr. Turpie 330,408,410 By Mr. Daniel 319 ByMr. Frve 400 ByMr. Dolph 458 ByMr. Davis 231 COMMITTEE OX INDIAN AFFAIRS. By Mr. Jones, of Arkansas 169 ByMr. Roach 279 ByMr. Blanchard 416.420,529 ByMr. Alien 182.434,562 ByMr. Stewart 177,361 ByMr. Piatt 134,142 By Mr. Mauderson 135, 184, 206 ByMr. Pettigrew 225,226,328 ByMr. Shoup 196,214,367,450,527,696 COMMITTEE ON THE JUDICIARY. ByMr. Vilas 118 ByMr. Wilson ' ' 353 By Jlr. Piatt 216 ByMr. Mitchell, of Oregon 158,173,186,381 COMMITTEE ON MILITARY AFFAIRS. ByMr. Walthall 74,75,76,114,115,117,151 By Mr. Bate 77, 311, 314, 324, 359, 397, 483, 556, 557, 583, 584, 614, 615, 630, 654, 687, 688, 689 By Mr. Cockrell 78, 79, 80, 81, 82, 83, 84. 85, 86, 112, 245, 285, 308, 390, 391 ByMr. Palmer 533,608,609,610,656,662 ByMr. Mitchell, of Wisconsin 127,260,360,480 By Mr. Pasco 345, 363, 376, 386, 531, 563, 591, 637, 651, 663, 664, 667, 695, 697 ByMr. Hawley 180, 312, 482, 490, .5.55, 558, 613 Bv Mr. Manderson . 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 152, 246 262, 263, 272, 289, 305, 340, 369, 385, 435, 525, 526, 564, 618, 619, 620, 621, 622, 658 By Mr. Davis 126, 168, 199, 261, 287, 306, 307, 373, 392, 393, 394, 395, 520, 655 COMMITTEE ON NAVAL AFFAIRS. By Mr. MoPherson 349,350,371 (for Mr. Gibson), 384 By Mr. Butler 190 (for Mr. McPherson), 265, 266, 309 By Mr. Blackburn 254 356 By Mr. Gib.son .'.'."220,2431683 By Mr. Camden 4g4 By Mr. Hale 138, 18i,"297,'489, 518 By Mr. Perkins 19.^,2.5.5,256 521 By Mr. McMillan 515,516,517,598 By Mr. Proctor 339 COMMITTEE ON ORGANIZATION, CONDDCT, AND EXPENDITURES OF THE EXECUTIVE DEPART.Mi;XTS. By Mr. Proctor 229,230,387 ByMr. Lodge ' '425 COMMITTEE ON PACIFIC RAILROADS. ByMr. Faulkner 217 \ INDEX TO EEPORTS OP SENATE COMMITTEES. XLVII COMMITTEE ON PATENTS. No. By Mr. Dixon 502 COMMITTEE ON PENSIONS. By Mr. Palmer 166, 207, 218, 219, 239, 337, 351, 352, 375, 382, 398, 409, 504, 541, 542 543, 544, 577, 578, 579, 593, 594, 595, 596, 611, 612, 661, 675, 676, 677, 678, 679 ByMr. Brice 551,670,671,672,673,674 By Mr. Vilas 590,649 By Mr. Peffer 316,495,572,573,592,640,646,647 ByMr. Shoup 355,378,403,685 By Mr. Gallinger 89, 172, 189, 205, 244, 318, 321, 464, 534, 535, 540, 567, 582, 607, 625, 626, 627, 635, 636, 641, 642, 643, 644 (645 for Mr. Palmer), 653, 660, 668 ByMr. Hawley 404,405,554 ByMr. Quay 185,253,575,576 COMMITTEE ON POST-OFFICES AND POST-i?OADS. ByMr. Vilas 157,476,648 ByMr. Mills 268,269 ByMr. Himton 270,552 By Mr. Mitchell, of Oregon , 176 By Mr. McMillan 213,215,277 ByMr. Wolcott 188 COMMITTEE ON FEINTING. By Mr. Gorman.. . 98, 119, 132, 133, 140, 141, 154, 155, 160, 167, 222, 223, 236, 237, 238, 273, 274, 276, 290, 294, 310, 317, 320, 343,347, 365, 36, 372, 379, 380, 383, 388, 498, 499, 500, 505, 571, 574, 581, 587, 604, 605, 680, 682, 691, 692, 699, 700 By Mr. Manderson 411, 431 COMMITTEE ON PRIVATE LAND CLAIMS. ByMr. Hale 211 ByMr. Pasco 195 COMMITTEE ON PRIVILEGES AND ELECTIONS. By Mr. Vance (parti) 113 By Mr. Chandler (part 2, views of minority) 113 COMMITTEE ON PUBLIC BUILDINGS AND GKOUXDS. By Mr. Vest 170 By Mr. Brice 659 COMMITTEE ON PUBLIC LANDS. BvMr. Berry 137,344,638 ByMr. Pasco 203 (part 2), 299, 507, 509, 532, 650 ByMr. Vilas 681 ByMr. Martin 282,301,333,508,539,639 By Mr. Allen 291 ByMr.Dolph 171,203 By Mr. Pettigrew 258 By Mr. Carey 121,192,296,332 COMMITTEE ON TERRITORIES. BvMr. Faulkner 194,414,548,629 By Mr. Blackburn 628 By Mr. Carey 295 SELECT COMMITTEE ON THE FIVE CIVILIZED TRIBES OP INDIANS. By Mr. Teller 377 SELECT COMMITTEE TO ESTABLISH THE UNIVERSITY OP THE UNITED STATES. ByMr.Hunton 433 XLVUI INDEX TO EEPOKTS OP SENATE COMMITTEES. SELECT COMMITTEE ON FORD THEATER DISASTER. No. By Mr. Manderson B28 JOINT COMMISSION OF CONGRESS TO INQUIRE INTO THE STATUS OF LAWS ORGANIZING THE EXECUTIVE DEPARTMENTS. ByMr.Cockrell 93, 116, 200,201, 240, 293, 447, 448, 448' SPECIAL COMMITTEE TO INVESTIGATE ATTEMPTS AT BRIBERY, ETC. By Mr. Gray 436,457,477,487,606,624 By Mr. Davis 485,486 JOINT COMMITTEE TO EXAMINE ACCUMULATIONS OF FILES IN THE POST-OFFICE DEPARTMENT. By Mr. Vilas 179 *A11 bound with toI. 2, first session Fifty-third Congress. 53D CONGEESS, ) SENATE. ( Eepoet 2d Session. J ( No. 235, COINAGE LAWS OF THE UNITED STATES, 1793 TO 1894, ■WITH AN APPENDIX OF STATISTICS RELATING TO COINS AND CURRENCY. FOURTH EBITION— REVISED AND CORRECTED TO AlftlUST 1, 1894. PllBPAEED UND15E THE DIEECTION OF I'HE COMMITTEE ON FINANCE, U. S. SENATE. March 5, ISM. — Snlimitted by Mr. Vookhebs, from the Committee on Fiuance, aud ordered to be printed. WASHINGTON: GOVERNMENT PRINTING OFFICE. 1894. SUBJECT INDEX. A. Pago. Abrasion of coins, allowance for 46 Addresses, extracts from inaugural 585, 586 Agriculture: acreage under crops, etc 465 losses by the depreciation of silver 452, 462 number of people engaged in : 448, 465 prices of products. (5ee Prices.) v.ilue of all products 465 Argentine Republic: exports of merchandise 819-822 imports and exports of gold and silver 182, 819, 822 imports of merchandise 814-819 monetary system of 788 Arizona, production of gold and silver 316 Assay offices : Boise City, Idaho 44, 55 Charlotte, N. C 16,44 New York, N. Y 29, 44, 55 Attorney-General, letter relative to lawful character of silver certificates. . 787 Australasia : imports and exports of gold 166 monetary statistics of 132 Australia : iinancial conditions in 400 gold production in 368 Austria, monetary statistics of 157 Austria-Hungary : imports and exports of gold 175 imports and exports of silver 176 B. Bacon and hams, prices of 458 Bank of France, metallic reserve 144 Banking, bills introduced in Congress relating to. (Sen Bills.) Banks conducted in violation of law, inquiry concerning 331 Banks : coin and coin certificates held by 216-218 nati onal, condition of 219-222, 224, 225 deposits in 215, 219-222, 224-229 earnings and dividends 230, 462 statistics relating to 215 private, condition of 239,240,242-245 savings, condition of 236-238,240,242-245,4.19 State, condition of ' 234,240,242-245,449 Banks of issue of principal countries, situation of 102 Barley: prices of 790 production of 466 Beef, prices of - 458, 464 Belgium : imports and exports of gold and silver 171 monetary statistics of 145, 156 III IV Page, Bills relating to banking, coinage, and currency, introfluoed in Fifty-Hiird Congress — H. E. 1, summary of proceedings 473-517 introduced in House 473 passed by the House 486 received in Senate and referred to Committee on Finance 487 reported back from Committee on Finance 487 passed by Senate 512 signed by the President 518 n. R. 3 544 H.R.ll 544 H. E. 29 544 H. E. 64 545 H. E. 65 545 H.R.66 545 H.R.127 , 546 H. E.128 546 K.R. 135 ' 547 H. R. 136 547 H.R.147 547 H.E.168 - 547 H.R.171 548 H.R.172 553 H. R. 181 553 H. R. 211 : 554 H. E.246 554 H. R.256 555' H. E. 258 555 H. R. 265 555 H. R.266 556 H. R.289 556 H. R.292 557 H.E.293 557 H. E.332 558 H.R.339 558 H. E. 384 : 558 H. R. 392 559 H. E. 1914 559 H. R. 1951 559 H. R. 1957 .., 560 H. R. 1959 560 H. R. 1960 561 H. E. 1980 561 H. E. 2014 , ■ 562 H. E. 2344 564 H. R. 2368 564 H. R. 2374 , 565 H. R. 2659 565 H. E. 2662 565 H. R. 2872 565 H. R. 2879 566 H. R. 3238 566 H. R. 3301 567 H. R. 3378 567 H. R. 3424 568 H. R. 3427 ; 568 H. R. 3430 568 H. E. 3434 : 569 H. R. 3138 569 H. R. 3623 ;■.:■. 569 H. R. 3759 570 H.R.3760.... ■ 570 H. R. 3825 ■■ 571 H. R. 4005 571 H. E. 4OT6 572. H. E. 4232 ■"■ 572 H. E. 4250 ■"■ 57K H. E. 4310 57^ H.E.4326 , ,-„... ".""577, 844, 845 Page. Bills relating to bniiking, cainage, and currency, intrortuceel in Flfty-tliird Congress — Continued, H. E. 4391 077 H. E. 4392 577 H. K. 4412 577 H. E. 4447 578 H. K. 4477 751 H. E. 4664 751 H. E. 4896 751 H. E. 4956 711,752 Introduced in House and roforrod to Conimitteo on Coinage, Wei^lits, and Measures 711 reported back to House 711 passed tlie House 728 reported to Senate 729 passed the Senate 732 examined and signed 732 vetoed by President 732 reconsidered and rejected 735-737 reports accompanTing 840-844 H. E. 4960 752 H. E. 4988 755 H. E. 5011 756 H. E. 5386 757 H. E. 5401 757 H. E. 5446 757 H. E. 5448 760 H. E. 5654 761 H. E. 5749 762 H. E. 5820 764 H. E. 5864 764 H. E. 5941 765 H. E. 6077 766 H. E. 6481... 1 , 766 H. E. 6517 766 H. E. 6612 766 H. E. 6618 767 H. E. 6763 768 H. E. 6811 768 H. E. 6864 770 H. E. 6951 770 H. E. 6967 771 H. E. 7047 772 H. E. 7067 773 H. E. 7211 773 H. E. 7530 774 H. E. 7575 775 S. 1 5'25 S. 2 525 S. 3 525 S. 8 526 S. 12 - 526 S. 21 526 S. 16 527 S. 52 528 S. 53 529 S. 289 529 S. 294 529 S. 325 530 S. 414 530 S. 438 530 S. 453 ^ 531 S. 462 531 S. 484 532 S. 485 533 S. 486 r. 534 S. 545 --- 534 S. 570 534 S. 595 : 536 VI Page. Bills relating to banking, coinage, and currency, introduced in Fifty-third Congress— Continued. S. 751 536 S. 765 537 S. 883 537 S. yl6 537 S. 1050 - 538 S. 1151 - 539 S. 1177 743 S. 1178 744 S. 1284 744 S. 1388 - 745 S. 1566 746 S 1814 747 S. 1923 747 S. 1986 747 S. 2029 747 S. 2115 - 748 Bland seigniorage bill. See Bills, H. K. ll'jG. Bland seigniorage bill and Sherman law, operations compared 436 Boise City, Idaho, assay office 44,55 Bonds, Govej'nment: gold received from sales of 829-832 Pacific railroad 249 prepayment of interest on 320-323 purchases of 312 subscriptions and sale of five per cent loan of 1904 779-783 Brazil, cash value of imports from, in depreciated currency 826-828 British colonies, financial conditions in " 398 Brussels monetary conference, 1892 200-207 Bullion. (5ee Gold and Silver.) Butter, prices of ' 4.58 C. CaKfornia, gold production in 315, 367 Can II da, financial conditions in 399 Cape Colony: financial conditions in 399 imports and exports of gold 182 imports and exports of silver 183 Carpets, prices of 459 Cash in United States Treasury 246, 250, 337 Cattle, prices of 464 Certificates: coin, held by national banks 127-129,216-222,241 gold, outstanding 127-129,207,254,261,262 silver, outstanding 127-129, 207, 254, 263, 264 issue authorized g4 69 opinion of Attorney-General, regarding 787 redemption of, in gold 328 Charlotte, N. C., assay office established at 16 Cheese, prices of .......'..'. 458 Chicago, deposits and reserve ........'. 226 Chile, imports and exports of gold and silver .!.!!]]!!! 182 China : imports and exports of gold and silver 181 monetary statistics of ...[.'. 155 prices of staple products 463 Circulation: national bank .' 093 of principal countries. . . .■".".".".■.■;;;; ] ;;; : ;;;: ■i36,"i62,"]63, 305, 433 of principal E uropean banks j^g2 153 440 of United States ' . .' ' " ' iiB; 126^ 127; 129, 207, 215, 263, „, . , 264,459,454,457,465,686,695,697,699 Clearinghouse: ' ' ij^u./ New York, transactions of 039 United States, transactions of '..'.'.'.'.'. 233 Coffee, prices of '.'..'.'..'.'.'...'. 459 VII Pago. Coinage: acts establishing standards 3, 6, 7, 10, 15, 19, 25, 26, 27, 31, 32, 33, 34, 37, 47, 62, 64, 83-89 Argentine Republic 788, 789 Australasia 132,298-304 Austria 157,298-804 Belgium , 145,298-304 Central and South America 298-304 China 155 Denmark 155,298-304 fineness of, in principal countries 197 of foreign money at United States mints autliorized 43 France 142,144,298-304 Germany 150,298-304 gold 80,92,98,99,298-304 Great Britain and colonies 131,298-304 India 133,138,298-304,788,789 ■ Italy 148,298-304 Japan , 153,298-304 laws of the United States regnlatiug 1-77,81 Mexico 156,298-304 minor 94,95,96 Netherlands .' 150,298-304 Norway 155,298-304 Persia 158 Peru 156 Portugal 149,298-304 recoinage of, the world 10^, 188 Russia 159,298-304,788 Scandinavian Union 155, 298-304 Ernest Seyd's letter on 279 silver 91,98,99,115,116,263, 264, 276, 277, 291, 298-304, 317, 640, 645-647, 655-707 South and Central America 298-304 Spain 149,298-304 Sweden 155,298-304 Switzerland 145,298-304 Turkey 298-304 United States mints 90,98,298-304 Venezuela . . .' • 160 of the world 99,101,102,298-304,440 Coins : foreign, legal-tender value of, established 7, 10, 11, 12, 16, 25, 31, 57, 81-83 recoinage of 57 value of 100,193,846 relative value of gold and silver in England 435 United States, authority for coining 81-89 gold 83,87 minor 86, 89 silver 84,88 stock of 124,129,207 Colorado, production of gold and silver 316 Columbian half dollars, coinage authorized 76 Commerce of the United States : 257-260 Commission,'Royal British 684 Comstock lode 382 Confederation, articles of, relating to coinage 1 Conference, monetary, in Brussels, 1892 200-207 Conferences, monetary, in Paris, 1868, 1878, 1881 199 Congressional debates, extracts from 429 Constitution of the United States, provision for coinage, etc 1 Copper, acts providing for coinage of 6, 7, 10, 24, 31, 32 Copper, operations of the French syndicate, the Seci6t^ des Metaux 396 Corn: prices of 438,445,458,464,790 production of 466 Cotton : cloth, prices of 790 consumption of 468 VIII Page. Cotton — Continued. prices of 132,437,438,458,464 production of - 467 Counterfeiting, penalties pr()vl?Teasurer of the mint shall, and he is hereby directed, to retain two cents tiTn pav-t of°buu- per ounce from every deposit of silver bullion below the "on deposited, standard of the United States, which hereafter shall be *"' made for the purpose of refining and coining ; and four cents per ounce from every deposit of gold bullion made as afore- said, below the standard of the United States, unless the same shall be so far below the standard as to require the operation of the test, in which case, the treasurer shall retain six centsper ounce, which sum so retained shall be accounted for by the said treasurer with the treasury of the United States, as a compensation for melting and refining the same. Sslc. 6. And he it further enacted, That the treasurer of Treasurer of the mint shall not be obliged to receive from any person, not broSuged to for the purpose of refining and coining, any deposit of silver ^e'^'ij^ts of bS bullion, below the standard of the United States, in a smaller ion"."^' quantity than two hundred ounces ; nor a like deposit of gold bullion below the said standard, in a smaller quantity than twenty ounces. Sec. 7. And be it further enacted. That from and after oflioers of thi the passing of this act, it shall and may be lawfal for the ™^^'f^^y sj^tJ officers of the mint to give a preference to silver or gold buuion' of the bullion, deposited for coinage, which shall be of the stand- xTnuel'statea!''* ard of the United States, so far as respects the coining of the same, although bullion below the standard, and not yet refined, may have been deposited for coinage, previous thereto, any law to the contrary notwithstanding ; Provided, i783, oh. le, see. That nothing herein shall justify the officers of the mint, ''' or any one of them, in unnecessarily delaying the refining any silver or gold bullion below the standard, that may be deposited, as aforesaid. Sec. 8. And be it further enacted. That the President of President may the United' States be, and he is hereby authorized, when-"efgh°^of oop^ ever he shall think it for the benefit of the United States, to pe"" "o"^- reduce the weight of the copper coin of the United States; Provided, such reduction shall not, in the whole, exceed two pennyweights in each cent, and in a like proportion in a half cent; of which he shall give notice by proclamation,* and communicate the same to the then next Congress. Sec, 9. And be it further enacted, That it shall be the J^o^e of ais- duty of the treasurer of the United States, from time to and hSf°(i°eut»'."' time, as often as he shall receive copper cents and half cents from the treasurer of the mint, to send them to the bank or branch banks of the United States, in each of the states where such bank i? established ; and where there is no bank established, then to the collector of the principal town in such state (in the proportion of the number of inhabitants of such state) to be by such bank or collector, paid out to the citizens of the state for cash, in sums not less than ten ' Weight changed by proclamation of the President, January 26, 1796. 10 dollars value; and that the same be doue at the risk and expense of the United States, under such regulations as shall be prescribed by the department of the treasury. ACT OP FEBRUARY 1, 1793. Belatdve to the legal tender of foreign gold and silver coins. Mvfdh^s^"^' '' -^^ *^ enacted by the Senate and Bouse of Representatives of 'Act of Fei). 9, the United States of America in Congress assembled, That the ^'^i802"cS™8.^'^' ^^'"^'^'1 section of an act, intituled "An act regulating foreign coins, and for other i^urposes, " be, and the same is hereby suspended, for and during the space of three years from and after the first day of January; one thousand seven hundred and ninety-eight, and until the end of the next session of Congress thereafter, during which time the said gold and silver coins shall be and continue a legal tender, as is provided in and by the first section of the act aforesaid; and that the same coins shall thereafter cease to be such tender. ACT OP APRIL 24, 1800. An act appropriating money for the purchase of copper, ete. copp°r for copper SECTION 1. Authorizes the purchase of copper equiva- coins. lent to the amount of cents and half cents coined subse- quent to March, 1799, and provides an annual purchase of copper thereafter equivalent to the annual coinage of cents and half cents. Expense of re- Sec. 2. Directs the retention of bullion sufficient to cover fining, how paid, ^j^g expense of refining. ACT OP MARCH 3, 1801. An act concerning the Mint. Section 1. Directs mint to remain in Philadelphia until March, 1803. As say a of Sec. 2. Placcs certain duties with regard to the mint upon the Chief Justice, Secretary and Comptroller of the Treasury, Secretary of State, and Attorney- General and other duties upon the district judge of Pennsylvania, United States district attorney for Pennsylvania, and the commissioner of loans for Pennsylvania. coins. ACT OP March 3, 1803. idjhil*' ^^^'" Continues in force act of March 3, 1801, for five years. 11 ACT OF APRIL 10, 1806. rorelpn gold and silver coina Begulatmg the legal-tender valne of foreign coins in the United States. the United States at tlie foUowinj; Be it enacted by^dhe Senate and House of Bepresentatives^'^*^^' of the United States of America in Congress assembled, That from and after the passage of this act, foreign gold and sil- ver coins shall pass current as money within the United States, and be a legal tender for the payment of all debts Coins and rates, and demands, at the several and respective rates following, and not otherwise, viz : The gold coins of Great Britain and Portugal, of their present standard, at the rate of one hundred cents, for every twenty-seven grains of the actual weight thereof; the gold coins of France, Spain, and the dominions of Spain, of their_ present standard, at the rate of one hundred cents, for every twenty-seven grains and two-fifths of a grain, of the actual weight thereof. Spanish milled dollars, at the rate of one hundred cents for each, tlie actual weight whereof shall not be less than seventeen pennyweights and seven grains, and in proportion for the parts of a dollar. Crowns of France at the rate of one hundred and ten cents, for each crown, tii6''Trel*sury to the actual weight whereof shall not be less than eighteen cause assays of pennyweights and seventeen grains, and in proportion for &c.,°™iS'hS"lt the parts of a crown. And it shall be the duty of the Sec- to1^i°*report°of retary of the Treasury, to cause assays of the foreign gold theresuuVcon- and silver coins made current by this act, to be had at the ^^*^ annually. Mint of the United States, at least once in every year, and to make report of the result thereof to Congress, for the purpose of enabling them to make such alterations in this act, as may become requisite, from the real standard value of such foreign coins. And it shallbe the duty of the Sec- retary of the Treasury, to cause assays of the foreign gold and silver coins of the description made current by this act, which shall issue subsequently to the passage of this act, and shall circulate in the United States, at the Mint afore- said, at least once in every year, and to make report of the result thereof to Congress, for the purpose of enabling Con- gress to make such coins current, if they shall deem the same to be proper, at their real standard value. Sec. 2. Eepeals 1st section of act of February 9, 1793, tenderquauty^^f and suspends operation of second section of same act for ^^'s» <"•"» f"' three years from April 10, 180G. ^ ^^^^' ACT OF APRIL 21, 1806, An act for the punishment of counterfeiting, etc. Section 1. Provides penalties for counterfeiting coins of counterfeiting the United States, or those of foreign countries made cur- mestfc'coS^ ^'*" rent in the United States. Sec. 2. Provides penalties for importing false or coun- j^6°^'«» fo' terfeit coins. Sec. 3. Provides penalties for impairing, falsifying, etc., fai^ifytog Vf " the coins of the United States. eoin». 12 ind"v'?(iuii states ^^*^' ^' Coutinues jurisdiction of individual States over pValrved. " ^° ofifeuses made punisliable by this act. ACT OF APRIL 1, 1808. Mint at PMia- Prololigs coutiuuauce of tlie mint at Pliiladelpliia for delpLia. furtlier term of five years. ACT OP DECEMBER 2, 1812. Mintiit Phiia. Providcs for a cojitiunanceof tliemiiitatPliilfldelplTiafor dciphia. ^ further term of live years after the 4th of March, 1813. ACT OP APRIL 29, 1816, To regulate tlie legal tender value of certain foreign coins within the United States. Act of Mar. Be it eiuicteA hy the Senate and House of Representatives of 3, 1819, cii, 97. tfiQ United States o/Americain Congress assembled, That from the passage of this act and for three years thereafter, and no longer, the following gold and silver coins shall pass current as money within the United States, and be a legal tender for the payment of all debts and demands, at the several and respective rates following, and not otherwise, Eegniations as videlicet : the gold coins of Great Britain and Portugal, of to the currency, their present standard, at the rate of one hundred cents for every seventy-seven grains, or eighty -eight cents and eight- ninths per pennyweight; the gold coins of France, of their present standard, at the rate of one hundred cents for every twenty-seven and a half grains, or eighty-seven and a quar- Act of Mar *^^ ccnts per pennyweight; the gold coins of Spain, at the 3,i82i,cii.53. rate of one hundred cents for every twenty-eight and a half i823.cii.5o. grains, or eighty-four cents per pennyweight; the crowns of France, at the rate of one hundred and seventeen cents and six-tenths ]>er ounce, or one hundred and ten cents for each crown weighing eighteen pennyweights and seventeen grains; the five-franc pieces at the rate of one hundred and sixteen cents per ounce, or ninety-three cents and three mills for each five-franc piece, weighing sixteen penny- weights and two grains. Assay of for- Seo. 2. Provides for an assay annually of the foreign coins eign coins. made current by the act, and a report of the result to Con- gress. ACT OP JANUARY 14, 1818. MintatPhiia- SECTION 1. Continues the mint at Philadelphia for a deiphia. ^gj.j^ Qf ^^g yP3^^.g f^,Qj^ ^j^g ^^jj ^^ March, 1818. .*iT^f «/'i*nK ^^^- ^- Transfers the duties enjoined on the commissioner assigned col leotof of port. " of loaus of Pcuusyl \rania to the collector of the port of Phila- delphia. 13 ACT OF MARCH 3, 1819. Continues in force the legal-tender value in the United States of foreign coini. Be it enacted, by the Senate and House of Representatives o/.„f "'"J^;"'^^' the United States of America in Congress assembled, That gom coins of the gold coins of Great Britain-and Portugal, of their pres- ^Iporhiiai?*" eiit standard, shall be a legal tender in the payment of all ' > debts, at the rate of one hundred cents for every twenty- seven grains, or eighty-eiglit cents and eight-ninths per pennyweight; the gold coins of France, of their present ofSranoe. standard, at the rate of one hundred cents for every twenty- seven and a half grains, or eighty-seven and a quarter cents per pennyweight; the gold coius of Spaiu at the rate of ofSpain. one hundred cents for every twenty-eight and a half grains, or eighty-four cents per pennyweight, until the first day of ]S"ovember next; and that from and after that day foreign current untu gold coins shall cease to be a tender within the United J^tn ttrcease^^*' States, for the payment of debts or demands. Sec. 2. Continues in force two years from April 29, 1819, ^^^ „f ^pj.^ the provisions of the act of April 29, 181G, relating to silver ^», isis. coius. ACT OP MARCH 3, 1821. Regulates the legal-tender value of the crown and five-franc piece of France. This act continues in force for two years from April 29, value of* irenou 1821, the provisions of the act of April 29, 1816, relating coins. to crowns and 5-franc pieces of France. ACT OP MARCH 3, 1823. Continues "the mint at Fhiladolphia for a period of five years from March 4, 1823. Section 1. Continues the mint as above. coBtinning mint atPhiladel^ Section 2. Continues the duties heretofore assigned to^*""' the collector of the port. Sec. 3. Provides for proper deductions as a charge for charge for re- reflning or alloying silver bullion. fining. ACT OP MARCH 3, 1823. This act continues in force for a further period of two Legal tender years from March 4, 1823, the provisions of the act ofl^^l "^ ^*^'"''' March 3, 1821, in regard to the five-franc piece and crowu of France, 14 statute n. ACT OP MARCH 3, 1823. Mar. 3, 1823. — Regulating the legal-tender value of foreign coins. Act of Mar. 3, Be it enacted by the Senate and Souse of Representatives of '^Gow' coins oifhe United States of America, in Congress assembled, That Great Britain, from and after the passage- of this act, the followhig gold fnd's|^'nTto°be coins Shall be received in all payments on account of public receiveii IJ^.P^^^ lauds, at thc Several and respective rates following, and not SnaiX ''°'^''"° otherwise, viz: the gold coins of Great Britain and Portu- gal, of their present standard, at the rate of one hundred cents for every twenty-seven grains, or eighty-eight cents and eigbt-ninths per pennyweight; the gold coins of France, of ibeir present standard, at the rate of one hundred cents for every twenty-seven and a half grains, or eighty-seven and a quarter cents per pennyweight: and the gold coins of Spain of their present standard, at the rate of one hun- dred cents for every twenty-eight and a half grains, or eighty -four cents per pennyweight. Annual assay, gjjc. 2. Providcs for the annual assay of the foregoing coins and report to Congress. ACT OF MAY 19, 1828, Continuing the Mint at Philadelphia, and for other purposes, Continning SECTION 1. Continues the Mint at Philadelphia until ""' ■ otherwise provided by law. Establishes Sec. 2. Establishes the brass troy weight procured in standard weight, jgg^ ^^ ^^^ standard troy pound of the Mint. Series of Seo. 3. Providcs that the Director of the Mint shall pro- weights. g^j,g ^ series of weights, requisite subdivisions and mul- tiples of this pound weight, and that all transfers of the Mint shall be regulated by this standard, to be tested an- nually in the presence of the Assay Commissioners. When silver Sec. 4. And be it further enacted. That when silver bul- to require The lion, brought to the Mint for coinage, is found to require operation of the ^\^q operation of the test, the expense of the materials em- ployed in the process, together with a reasonable allowance for the wastage necessarily arising therefrom, to be deter- mined by the melter and refiner of the Mint, with the appro- bation of tlie Director, shall be retained from such deposit, and accounted for by the treasurer of the Mhit to the Treas- ury of the United States. Silver bullion Sec. 5. And be it further enacted, That, when silver bul- l''"pr*oport°on'''o'f^^*'°' ^^rought to the Miutfor coinage, shall be found to cou- goid. tain a proportion of gold, the separation thereof shall be effected at the expense of the party interested therein : Proviso. Provided, nevertheless. That, when the proportion of gold is sucb that it cannot be separated advantageously, it shall be lawful, with the consent of the owner, or, in his absence, at the discretion of the Director, to coin the same as au or- dinary deposit of silver, caerks. Sec 6. Authorizes employment of clerks and otber force. 15 Seo. 7. And be it further enacted, That it shall be lawful "''««*»'■ of the /ijiT-v- , ^ri-i»«-.j. '• T ii Mint to receive tor the Director of the Mint to receive, and cause to be as- and oanse to be sayed, bullion not intended for coinage, and to cause cer- ^tTnfended'for tiflcates to be given of the fineness thereof by such officer coinage, &o. as he shall designate for that purpose, at such rates of charge, to be paid by the owner of said bullion, and under jg"*^ Jsgy'^'^J* g' snch regulations, as the said Director may, from timetOaec.M. ' " * ' time, establish. ACT OP JUNE 2S, 1834, Begiilatea the legal-tender value of foreign silver coins. Be it enacted by the Senate and House of Representatives of^^^^^^"^' the United States of America, in Congress assembled, That certain silver from and after the passage of this act, the following silver J°J^ *° p**' ^^ coins shall be of the legal value, and shall pass current as money within the United States, by tale, for the payment of all debts and demands, at the rate of one hundred cents the dollar, that is to say, the dollars of Mexico, Peru, Ghili, and Central America, of not less weight than four hundred and fifteen grains each, and those re-stamped in Brazil of the like weight, of not less fineness than ten ounces fifteen pennyweights of pure silyer, in the troy pound of twelve ounces of standard silver : and the five franc pieces of Prance, when of not less fineness than ten Ounces and sixteen pen- nyweights in twelve ounces troy weight of standard silver, and weighing not less than three hundred and eighty-four grains each at the rate of ninety-three cents each. Sec. 2. Directs the assay annually of the foregoing coins •Aj'inai assay. and report to Congress. ACT OP JUNE 28, 1834. Concerning gold coins of the United States, and for other purposes. Be it enacted by the Senate and Souse of Representatives <'/,yS*™t''of coi™^ the United States of America, in Congress assembled. That ^gfe act of April the gold coins of the United States shall contain the follow- 2. 1792, a. 9. ing quantities of metal that is to say; each eagle shall con- ^^^_^f^^^'^^ tain two hundred and thirty two grains of pure gold, and ' ' ' " two hundred and fifty-eight grains of standard gold; each half eagle one hundred and sixteen grains of pure gold, and one hundred and twenty nine grains of standard gold; each quarter eagle shall contain fifty-eight grains of pure gold, and sixty-four and a half grains of standard gold; every such eagle shall be of the value of ten dollars; every such half eagle shall be of the value of five dollars; and every such quarter eagle shall be of the value of two dollars and fifty cents; and the said gold coins shall be receivable in all payments when of full weight according to their respec- tive values; and when of lessthan full weight, at less values, proportioned to their respective actual weights. 16 Gold antunyer Sii,c. 2. And be it further enacted, That all stanflard gold coSra^'e ^to bo 01' silver deposited for coinage after the thirty first of July IveVf?3 ^'""" ii^^t) sliall be paid for in coin under the direction of the Sec- retary of the Treasury, within fl.ve days from the making of such deposit, deducting from the amount of said de])osit of ProTi_so. goldandsilver one half of one per centum; Provided, That no deduction shall be made unless said advance be required . by such depositor within forty days. goWcoinshliYbe Sbc. 3. And be it further enacted, That all gold coins of receivable. the United States, minted anterior to the thirty first day of July next, shall be receivable in all payments at th(! rate of ninety four and eight-tenths of a cent per pennyweight, teasl^r"' ™''^ ^^^- *• Directs the setting apart of gold coins for assay as provided in the act of April 2, 1892, by the treasurer of itrftotbriOTity" *^® Mint, and makes a maximum limit of inferiority of staiidards to exceed which would result in disqualification of Mint officers to hold office ; and further provides that if, in making any delivery of coin at the Mint in payment of a deposit, the weight thereof shall be found defective, the officer concerned shall be responsible to the owner for the IfuU weight, if claimed at the time of delivery. ACT OF JUNE 28, 1834. Regulates the legal- tender value of certain foreign coins. Act of June 25, -Se it enacted by the Senate and House of Representatives ^ Elates at which ''•^ *'*^ C^witef^ States of America, in Congress assembled, gold coins shall That, from and after the thirty-first day of July next, the afte/^luiy^'Vi^ following gold coins shall pass as current as money within 1831. ' the United States, and be receivable in all payments, by Brifirn "^POTtu* '^^i^lit) for the payment of all debts and demands, at the gal, and Brazil, ratcs foUowiug, that is to Say: the gold coins of Great Britain, Portugal, and Brazil, of not less than twenty-two carats fine, at the rate of ninety-four cents and eight- tenths Fiance. of a Cent per pennyweight; the gold coins of France nine- tenths fine, at the rate of ninety-three cents and one-tenth Spain, Mexico, of a cent per pennyweight; and the gold coins of Spain, and Colombia. Mcxico, and Colombia, of the fineness of twenty carats three grains and seven-sixteenths of a grain, at the rate of eighty-nine cents and nine-tenths of a cent per penny- weight. Annual aaaay. Scc. 2. Dirccts the assay annually of the foregoing coins and report to Congress, ACT OF MARCH 3, 1835. Establishes branches of the Mint of the TTnited States. Branoj, mints. SECTION 1. ISstablishes branches for the coinage of silver and gold at New Orleans; of gold only at Charlotte, N. C, and Ualilonega, Ga., makes provisions for the purchase of gites, erectiou of buildings, etc, 17 vision by Direc- tor. Sec. 2. Designates the officers and employes and tbe .offlcwsandsai. method of tlieir appointment, together with the salaries. Sec. 3. Provides for takinp; oilicialoath and giving bond. Oath and bond. Sec. 4. Places the general supervision of the branches General super- under the control of the Director of the Mint at Philadel- phia, subject to the approval of the Secretary of the Treas- ury; authorizes him to prescribe regulations, require re- turns, and to preserve a uniformity of weight, form, and" fineness in coins stamped at each place. Sec. 5. Extends to these branches the laws governing the Mint of the United States. ACT OP JANUARY 18, 1837. Further in regard to the establishment of a mint and regulation of, coins of the TTnited States. Be it enacted by the Senate and Souse of Representatives ^^* ^'it^'^' ^ of the United States of America in Congress assembled, That Act'o'f Mar. 3, the officers of the Mint of the United States shall be ai8fj,«Jjf;j, g^ Director, a treasurer, an assayer, a melter and refiner, a i843, oh. 46. ' ' chief coiner and an engraver, to be appoipted by the Presi- lsfi%^'^^^^^ ^ dent of the United States, by and with the advice and con- officers, sent of the Senate. Sec. 2. And be' it further enacted, That the respective Duties of— duties of the officers of the Mint shall be as follows: Mrst. The Director shall have the control and manage- Director. meat of the Mint, the superintendence of the officers and persons employed therein, and the general regulation and supervision of the business of the several branches. And in the month of January of every year he shall make report to the President of the United States of the operations of the Mint and its branches for the year preceding. And also to the Secretary of the Treasury, from time to time, as said Secretary shall require, setting forth all the operations of the Mint subsequent to the last report made upon the sub- ject. Second. The treasurer shall receive, and safely keep all Treasurer, moneys which shall be for the use and support of the Mint; shall keep all the current accounts of the Mint, and pay aU moneys due by the Mint, on warrants from the Director. He shall receive aU bullion brought to the Mint for coinage ; shall be the keeper of all buUion and coin in the Mint, ex- cept whUe the same is legally placed in the hands of other officers, and shall, on warrants from the Director, deliver all coins struck at the Mint to the persons to whom they shall be legally payable. And he shall keep regular and faith- fiil accounts of all the transactions of the Mint, in bullion and coins, both with the officers of the Mint and the deposit- ors; and shall present, quarter-yearly, to the Treasury Department of the United States, according to such forms- as shall be prescribed by that Department, an account of the receipts and disbursements of the Mint for the purpose of being adjusted and settled. S. Eep. 235 2- 18 Assaye' Third. The assayer shall carefully assay all metals used in coinage, whenever such assays-are required in the opera- tions of the Mint; and he shall also make assays of coins whenever instructed to do so by the Director. ^ Mdtor and re- ji^^^^^ rjijjg welter and refiner shall execute all the opera- tions which are necessary in order to form ingots of stand- ard silver or gold, suitable for the chief coiner, from the metals legally delivered to him for that purpose. Chief coiner. Mftli. The chief colncr shall execute all the operations which are necessary in order to form coins, conformable in all respects to the law, from the standard silver and gold ingots, and the copper planchets, legally delivered to him for this purpose. Engraver. Sixth. The engraver shall prepare and engrave, with the legal devices and inscriptions, all the dies used in the coin- age of the Mint and its branches. oASant^aSd Sec. 3. And le it further enacted, That the Director shall oierka. appoint, with the approbation of the President, assistants to the assayer, melter and refiner, chief coiner, and engraver, and clerks for the Director and treasurer, whenever, on rep- resentation made by the Director to the President, it shall be the opinion of the President that such assistants or clerks are necessary. And it shall be the duty of the assistants to aid their principals in the execution of their respective oflSces, and of the clerks to perform such duties as shall be prescribed for them by the Director. Vacancies^ in Sec. 4. And he it further enacted, That whenever any ofii- rary absencelcer of the Mint shall be temporarily absent, on account of how flued. sickness, or any other sufficient cause, it shall be lawful for the Director, with the assent of said officer, to appoint of^?kmontSdSome pcrson attached to the Mint, to act in the place of servants. such officcr during his absence, and that the Director shall employ such workmen and servants in the Mint as he shall from time [to time] find necessary, taken. ° ^ Sec. 6. J^WfZ &et^/Mr^/ier enactef^. That cvcry offlicer, assist- ant, and clerk of the Mint, shall, before he enters upon the execution of his office, take an oath or affirmation before some judge of the United States, or judge of the superior court or any court of record of any State, faithfully and diligently to perform the duties thereof. ^Bouds reauir. Sec. 6. And be it further enacted, That the following offi- cers of the Mint, before enteriug upon the execution of their respective offices, shall become bound to the United States, with one or more sureties, to the satisfaction of the Secre- tary of the Treasury, in the sums hereinafter mentioned, with condition for the faithful and diligent performance of the duties of their offices, viz : The treasurer in the sum of ten thousand dollars; the assayer in the sum of five thousand dollars; the melter and refiner in the sum of ten thousand dollars; the chief coiner in the sum of ten thou- sand dollars. And that similar bonds may also be required of the assistants and clerks, in such sums as the Director shall determine, with the approbation of the Secretary of the Treasury. Their duties. 19 Seo. 7. And be it further enacted, That there shall becerfoSkf aS allowed to the officers of the Mint the following salaries per assistlnts.^' *" annum : To the Director, for his services, including traveling expenses incurred in visiting the different branches, and all other charges whatever, three thousand five hundred dol- lars; to the treasurer, assayer, melter and refiner, chief coiner, and engraver, each, two thousand dollars; to the assistants and clerks, such annual salaries shall be allowed as the Director may determine, with the approbation of the President : Provided, That an assistant shall not receive Pro'f'so- more than fifteen hundred dollars; and that a clerk shall not receive more than twelve hundred dollars; to the „^*f ^fj"^a™/v - workmen and servants shall be allowed such wages, to be anta. determined by the Director, as may be customary and rea- sonable, according to their respective stations and occupa- tions ; and that the salaries provided for in this section shall be payable in quarterly instalments. Seo. 8. And be it further enacted. That the standard for gf/a "fnd'' gfiver both gold aud silver coins of the United States shall here- coins, after be such, that of one thousand parts by weight, nine^g^l'JIjI''^"^''^""" hundred shall be of pure metal, and one hundred of alloy; ' and the alloy of the silver coins shall be of copper; and ^^"y^- the alloy of the gold coins shall be of copper and silver, provided that the silver do not exceed one half of the whole alloy. Sec. 9. And be it further enacted. That of the silver coins, weight of su the dollar shall be of the weight of four hujidred and twelve ^'^ """'' and one half grains; the half dollar of the weight of twOg ^192 t^g '*^^"' hundred and six and one fourth grains; the quarter dollar 'Act' February of the weight of one hundred and three and one eighth ^^AofFebruary grains; the dime, or tenth part of a dollar, of the weight of i2,i873,s. is. forty-one and a quarter grains; and the half dime, or twen- 28,i878.^ '^"''^ tieth part of a dollar, of the weight of twenty grains and five-eighths of a grain. And that dollars, half dollars and g^-^,""*^!' j*"'^ quarter dollars, dimes and half dimes, shall be legal tenders tenders, &c. "^ of payment, according to their nominal value, for any sums ^''^^■ whatever. Sec. 10. And be it further enacted. That of the gold coins, ooS^''*''^^"^'' the weight of the eagle shall be two hundred and fifty eight Seeaotof April grains ; that of the half eagle one hundred and twenty nine ' ^ ° ' *■ *• grains; and that of the quarter eagle sixty four and one Eagiea &o half grains. And thatfor all sumswhatever, the eagle shall shaii be legal be a legal tender of payment for ten dollars; the half eagle *™''"' *"• for five dollars, and the quarter eagle for two and a half dollars. Sec. 11. And be it further enacted. That the silver coins heletofore^s^iSd heretofore issued at the mint of the United States, and the and gold coins gold coins issued since the thirty-first day of July, one j^, igl^^yjfa^/po'^. thousand eight hundred and thirty four, shall continue to Mnue to be legal be legal tenders of payment for their nominal values, on the *™''°™' same terms as if they were of the coinage provided for by this act. Sec. 12. And be it further enacted, That of the copper pj^^'^j^'g^"''™?- coins, the weight of the cent shall be one hundred and sixty- eight grains, and the weight of the half cent eight four grains. And the centshall be considered of the value of one vaiue^f a clm^. 20 hundredtli part of a dollar, and the half cent of the \ alue of one two hundredth part of a dollar. Devices and Sbc. 13. And be it further enacted, That upon the coins legends of coins. ^^^,^^^-^ j^^. ^^^q Mint there shall be the following devices and legends: upon one side of each of said coins there shall be an impression emblematic of liberty, with an inscription of the word Liberty, and the year of the coinage; and upon the reverse of each of the gold and silver coins, there shall be the figure or representation of an eagle, with the inscrip- tion United States of America, and a designation of the value of the coin ; but on the reverse of the dime and half dime, cent and half cent, the figure of the eagle sliall be omitted. Goidandsiiver Sbc. 14. And 1)6 it further enacted, That gold and silver toco?na'^e™^aii ^"^^^'^^ brought to the mint for coinage, shall be received b'cT received^ and and coiucd, by the proper officers, for the benefit of the ""proTiso. depositor : Provided, That it shall be lawful to refuse, at the mint, any deposits of less value than one hundred dollars, and any bullion so base as to be unsuitable for the opera- Further pro-^ions of the mint; And provided also, That when gold and ■viso. silver are combined, if either of these metals be in such small proportion that it cannot be separated advantageously, no allowance shall be made to the depositor for the value of such metal. Eeceipt to be Sec. 15. And he it further enacted^ That when bullion is giv6nforbuiiion.|3i.o^gjjj;t(j -^^q ]y[i^^ fyj. coinage, it shall be weighed by the treasurer, in the presence of the depositor, when practicable, and a receipt given which. shall state the description and Proviso. weight of the bullion: Provided, That when the bullion is in such a state as to require melting before its value can be ascertained, the weight after melting shall be considered as the true weight of the bullion deposited. Bullion depos- Sec. 16. And be it further enacted, That from every par- t»'^belT3ay°id.*^^ eel of bulliou deposited for coinage, the treasurer shall de- liver to the assayer a sufficient portion for the purpose of being assayed; but all such bullion remaining from the operations of the assay shall be returned to the treasurer by the assayer, Assayer to re- Sbc. 17. And be it further enacted. That the assayer shall port the quality, report to the treasurer the quality or standard of the bull- ion assayed by him; and he shall also communicate to the treasurer such information as will enable him to estimate the amount of the charges hereinafter provided for, to be made to the depositor, for the expenses of converting the bullion into standard metal fit for coinage. Charges to Sec. 18. And be it further enacted , That the only subjects SsXeoTod; of charge by the Mint to the depositor shall be the follow- ing: For refining when the bullion is below standard; for toughening when metals are contained in it which render it unfit for coinage; for copper used for alloy when the bul- lion is above standard ; for silver introduced into the alloy of gold; and for separating the gold and silver when these Rate of, how metals exist together in the bullion: and that the rate of fixed. these charges shall be fixed, Irom time to. time, by the Director, with the concurrence of the Secretary of the Treas- ury, so as not to exceed, in their judgment, the actual ex- 21 pense to the Mint of the materials and labor employed in each of the cases aforementioned; and that tlie amount re- ceived from these charges shall be accounted for, and ap- Digpogition ot propriated for defraying the contingent expenses of the amount received. Mint. Sec. 19. And be it further enacted, That from the report y^^^^ „f ^g. of the assayer, and the weight of the bullion, the treasurer posit, &c., how sball estimate tbe whole value of each deposite, and also ®*'""''*^''- the amount of the charges or deductions if any; of all whicli Le shall give a detailed memorandum to the depos- itor; and he shall also give, at the same time, under his band, a certificate of the nett amount of the deposite, to be paid in coins of the same species of bullion as th at deposited. Sec. 20. And be it further enacted, That parcels of bull- Transfera of ion sball be, from time to time, transferred by the treasurer ^^J.'°t°^y*[^*^^ to the melter and refiner; that a careful record of tbese and refiner, transfers, noting the weight and character of the bullion, shall be kept; and that the bullion thus placed in the hands of the melter and refiner shall be subjected to the several processes which may be necessary to form it into ingots of the legal standard, and of a quality suitable for coinage. Sec. 21. And be it further enacted, Thsbt the ingots thus ingots to bea«- prepared shall be assayed by the assayer, and if they prove ^*^ ■ ^"^ to be within the limits allowed for deviation from the stand- ard, they shall be transferred by the melter and refiner to the treasurer, accompanied by the assayer's certificate of their fineness ; and that a careful record of the transfer shall be kept by the treasurer. Sec. 22. And be it further enacted, That no ingots of gold ie''i®i^,tandard™ shall be used for coinage of which the quality differs moreioiV fn fngou than two thousandths from the legal standard; and that "^^.f"!'' and sii- no ingots of silver shall be used for coinage of which the quality differs more than three thousandths from the legal standard. , SEd. 23. And be it further enacted. That in the treasurer's Treasurer's ac- account with the melter and refiner, the melter and refiner t™ andTefiner.'*'' shall be debited with the standard weight of all the bullion placed in his hands, that is to say, with the weight of metal of legal standard fineness which it will make; and that he shall be credited by the standard weight of all the ingots delivered by him to the treasurer; and that once at least in every year, at such time as the Director shall appoint, the melter and refiner shall deliver up to the treasurer all the bullion in his possession, in order that his accounts may be settled up to that time; and, in this settlement, he shall be entitled to a credit for the difference between the whole Amount of bullion delivered to him, and received from him, since the last settlement, as an allowance for neceesary waste: Provided, That this allowance shall not exceed two Allowance for thousandths of the whole amount of gold and silver bullion, "ptotIso.^^^*^' respectively, that had been delivered to him by the treas- urer. Sec. 24. And be it further enacted, That the treasurer ingots for coin- shall, from time to time, deliver over to the chief coiner, ^s®- ingots for the purpose of coinage; that he shall keep a care- ful record of these transfers, noting tlie weight and descrip- In a bor 22 tion of the ingots : and that the ingots thus placed in the hands of the chief coiner shall be passed through the several processes necessary to make from them coins, in all respects conformable to law. Do^naBonfrom gEC. 25. And be it further enacted, That in adjusting the aufwedl^tho weights of the coins, the following deviations from the Tn'^sfn 'lepiecea^' Standard weight shaU not be exceeded in any of the single pieces: In the dollar and half dollar, one grain and a half; in the quarter dollar, one grain ; in the dime and half dime, half a grain; in the gold coins, one-guarter of a grain; in the copper coins, one grain in the pennyweight; and that 1 aiarpnnm- in weighing a large number of pieces together, when deliv- t-ogether. ^j.^^ from the chief coiner to the treasurer, and from the treasurer to the depositors, the deviations from the standard weight shall not exceed the following limits : Four penny- weights in one thousand dollars ; three pennyweights in one thousand half dollars; two pennyweights in one thousand quarter dollars; one pennyweight in one thousand dimes; one pennyweight in one thousand half dimes; two penny- weights in one thousand eagles ; one and a half pennyweight in one thousand half eagles; one pennyweight in one thou- sand quarter eagles. Coins to be Sec. 26. Atid be it further enacted, That the chief coiner ^^'^ ^ ' shall, from time to time, as the coins are prepared, deliver them over to the treasurer, who shall keep a careful record of their kind, number, and weight; and that, in receiving the coins, it shall be the duty of the treasurer to see whether the coins of that delivery are within the legal Mmits of the standard weight; and if his trials for this purpose shaU not prove satisfactory, he shaU cause all the coins of this delivery to be weighed separately, and such as are not of legal weight shall be delivered to the melter and refiner, as standardbull- ion, to be again formed into ingots and recoined. Coins to be Sec. 27. And be it further enacted, That at every delivery annuaurifr'^^of coius made by the chief coiner to the treasurer, it shall be the duty of the treasurer, in the presence of the assayer, to take indiscriminately a certain number of pieces of each variety for the annual trial of coins, (the number being pre- scribed by the Director,) which shall be carefully labelled, and deposited in a chest appropriated for the purpose, kept under the joint care of the treasurer and assayer, and so secured that neither can have access to its contents without the presence of the other. Dispositions of Sec. 28. And be it further enacted. That the chief coiner clippings, &c. shall, from time to time, deliver to the treasurer the clip- pings and other portions of bullion remaining after the pro- cess of coining, and that the treasurer shall keep a carefa> record of their amount. Treasurer's Sec. 29. And be it further enacted, That in the treasurer's ohio™oincI' account with the chief coiner, the chief coiner shaU be deb- ited with the amount in weight of standard metal of all the bullion placed in his hands, and credited with the amount, also by weight, of all the coins, clippings, and other bull- ion delivered by him to the treasurer ; and that once at least in every year, at such time as the Director shall appoint, the chief coiner shall deliver to the treasurer all the coins 23 and bullion in his possession, so that his accounts may be settled up to that time; and, in this settlement, he shall be Allowance foi entitled to a credit for the difference between the •vvriiole"®™^^*''^^^*®- amount of the ingots delivered to him, and of the coins and bullion received from him, since the last settlement, as an allowance for necessary waste: Provided, That this allow- ^'roviso. ance shall not exceed two thousandths of the whole amount of the silver, or one and one-half thousandth of the^ whole amount of the gold, that had been delivered to him by the treasurer. Seo. 30. And be it further enacted, That when the coins Payment for which are the equivalent to any deposite of bullion are t" bJTooinedf "^^ ready for delivery, they shall be paid over to the deposi- tor, or his order, by the treasurer, on a warrant from the Director; and the payment shall be made, if demanded, in the order in which the bullion shall have been brought to the Mint, giving priority according to priority of deposite only; and that in the denominations of coin delivered, the treasurer shall comply with the wishes of the depositor, unless when impracticable or inconvenient to do so; in which case, the denominations of coin shall be designated by the Director. Sec. 31. And be it further enacted, That for the purpose DepositofpnV of enabling the Mint to make retarns to depositors with Jj°p]."™^J[g*-^>® as little delay as possible, it shall be the duty of the Sec- by secretary of tary of the Treasury to keep in the said Mint, when the ^''^"^""y- state of the Treasury will admit thereof, a deposite of such amount of public money, or of bullion procured for the pur- pose, as he shall judge convenient and necessary, not ex- ceeding one million of dollars, out of which those who bring bullion to the Mint may be paid the value thereof, as soon as practicable, after this value has been ascertained; that the bullion so deposited shall become the property of the United States ; that no discount or interest shall be charged on moneys so advanced; and that the Secretary of the Treasury may at any time withdraw the said deposite, or any part thereof, or may, at his discretion, allow the coins formed at the Mint to be given for their equivalent in other money. Sec. 32. And he it further enacted, That to secure a due fnnnai trial of conformity in the gold and silver coins to their respective °°™^' standards and weights, an annual trial shall be made of Act of Mar. 3, the pieces reserved for this purpose at the Mint and its ^^s, ch^^i2, see. branches, before thejudge of the district court of the United ■'^"p®*'' • States, for the eastern district of Pennsylvania, the at- torney of J;he United States, for the eastern district of Penn- sylvania, and the collector of the port of Philadelphia, and such other persons as the President shall, from time to time, designate for that purpose, who shall meet as commission- ers, for the performance of this duty, on the second Monday in February, annually, and may continue their meetings by adjournment, if necessary; and if a majority of the commis- sioners shall fail to attend at any time appointed for their meeting, then the Director of the Mint shall call a meeting of the commissioners at such other time as he may deem per, 24 convenient; and tliat before these commissioners, or a ma- jority of them, and in the presence of the officers of the Mint, such examination shall be made of the reserved pieces as shall be judged sufficient; and if it shall appear that these pieces do not differ from the standard fineness and weight by a greater quantity than is allowed by law, the trial shall be considered and reported as satisfactory; but if any greater deviation from the legal standard or weight shall appear, this fact shall be certified to the President of the United States, and if, on a view of the circumstances of the case, he shall so decide, the officer or officers implicated in the error shall be thenceforward disqualified from hold- ing their respective offices. Pnrciiasoof 8bc. 33. And be it further enacted, That copper bullion copper bullion. ^^^-^^ ^^ purchased for the Mint, from time to time, by the treasurer, under instructions from the Director; that the cost shall be paid from the fund hereinafter provided for; and that the copper bullion shall be of good quality, and in form of planchets fit for passing at once into the hands of the chief coiner. coinageofcop- Sec. 34. And be it further enacted, That the copper plan- chets shall be delivered, from time to time, by the treasurer to the chief coiner, tcLbe by him coined; and all such cop- per shall be returned To the treasurer, by the chief coiner, weight for weight, without allowance for waste. Copper coins Sec. 35. And be it further enacted,Tha,titshaMh6 the djitj oifJnge^a for of the treasurer of the Mint to deliver the copper coins, in other money, exchange for their legal equivalent in other money, to any Proviso. persons who shall apply for them: Provided, That the sum asked for be not less than a certain amount, to be deter- mined by the Director, and that It be not so great as, in his judgment, to interfere with the capacity of the Mint to supply other applicants. Copper coiia Sbc. 36. And be it further enacted, That the copper coins expensT'of the may, at the discretion of the Director, be delivered in any Mint. of tiie principal cities and towns of the United States, at the cost of the Mint for transportation. mS«r reieivel ^EC. 37. And be it further enacted, That the money re- in exchange for ccivcd by thc trcasurcr in exchange for copper coins shall copper coins. fQj-jjx a fund in his hands, which shall be used- to purchase copper planchets, and to pay the expense of transportation of copper coins; and that if there be a surplus, the same shall be appropriated to defray the contingent expenses of the Mint. peST"°**"^" ®^^- ^^- ^"^^^ ^^ it further enacted, That all acts or parts of acts heretofore passed, relating to the Mint arid coins of the United States, which are inconsistent with the provis- ions of this act, be, and the same are hereby repealed. Approved, January 18, 1837. 25 old ACT OF MARCH 3, 1843. Segulating the legal-tender value of foieign gold and silver coins in the United States. Be it enacted hy the Senate and House of Representatives o/g^PfJ**^" ^^^^^ the VnitedStates of America in Congress assembled, That from Britain an"d and after the passage of this act, the following foreign gold rent^tilei?vaiae coins shall pass current as money within the United States, fixed, and be receivable, by weight, for the payment of all debts and demands, at the rates following, that is to say : the gold coins of Great Britain, of not less than nine hundred and fifteen and a half thousandths in fineness, at ninety-four cents and six- tenths of a cent per pennyweight; and the gold coins of France, of not less than eight hundred and ninety-nine thousandths in fineness, at pinety-two cents and nine-tenths of a cent per pennyweight. Sec. 2. And be it further enacted, That from and after the silver coins of passage of this act, the following foreign silver coins shall |P^Jj°'3^i^^'f°; pass current as money within the United States, and be re- and Trance, ai»o,' ceivable by tale, for the payment of all debts and demands, at the rates following, that is to say: the Spanish pillar dol- lars, and the dollars of Mexico, Peru, and Bolivia, of not less than eight hundred and ninety-seven thousandths in fineness, and four hundred and fifteen grains in weight, at one hundred cents each; and the five franc pieces of France, of not less than nine hundred thousandths in fineness, and three hundred and eighty-four grains in weight, at ninety- three cents each. Sec. 3 . Directs that assays be made annually to deter- mine the value of foreign coins for legal-tender purposes. Annnal assays. ACT OP APRIL 2, 1844, Prescribes the manner in which oaths may be taken by Oaths, officers of the branch mint. ACT OP MARCH 3, 1849, Authorizing the coinage of gold dollars and double eagles. J3e it enacted by the Senate and Souse of Representatives of the Coinage of United States of America shall be, from time to time, Tea ^ •' 77-,rrtij.j_i double eaglesand m Congress assembled, That there gold dollars au- e, struck and coined at the Mint of ««'"^ed. the United States and the branches thereof, comformably in all respects to law (except that on the reverse of the gold igf^^^^f,^^' '^' dollar the figure of the eagle shall be omitted), and con- formably in all respects to the standard for gold coins now isfs^ta u!''' '^' established by law, coins of gold of the following denomi- nation and values, viz; double eagles, each to be of the value of twenty dollars, or units, and gold dollars, each to be of the value of one doUar, or unit. 26 DonMo eagle S^G. 2. Aiid he it furthcT euacM, Th.a,tfov Sill sumswhatr to^be^iigai "ten^ evcr, the double eagle shall be a legal tender for twenty ^"jbid dollars and the gold dollar shall be a legal tender for one dollar. All laws now Sec. 3. And be it further enacted, That all laws now in MouTo'th? coins force in relation to the coins of the United States, and the states ^0° i* ^1*^ striking and coining the same, shall so far as applicable, to^thecohisSe^ have full force and effect in relation to the coins herein in aathorized. authorized, whether the said laws are penal or otherwise; and whether they are for preventing counterfeiting or abase- ment, for protecting the currency, for regulating and guard- ing the process of striking and coining, and the prepara- tions therefor, or for the security of the coin, or for any other purpose. goS com!'*' "^ ^^^- *• ■^'"'^ ^^ ** further enacted, That, in adjusting the ■weights of gold coin henceforward, the following deviations from the standard- weight shall not be exceeded in any of the single pieces — namely, in the double eagle, the eagle, and the half eagle, one half of a grain, and in the quarter eagle and gold dollar, one quarter of a grain; and that in weighing a large number of pieces together, when delivered from the chief coiner to the treasurer, and from the treas- urer to the depositors, the deviation from the standard weight shall not exceed three penny weights in one thou- sand double eagles; two penny weights in one thousand eagles; one and one half penny weights in one thousand half eagles; one penny weight in one thousand quarter eagles; and one half of a penny weight in one thousand gold dollars. ACT OF MARCH 3, 1851. Provisions in regard to coinage, etc., contained in an act to reduce and mod- ify the rates of postage in the TTnited States and for other purposes. vaUiTof rents' SECTIONS 1 to 10 iuclusive relate to other matters. ™s"*6°aot°of Sec. 11. And be it fu7'ther enacted. That tvom.a,nA after the Mar. 3, 1853, sec. passage of this act, it shall be lawfiil to coin at the Mint of 'Actof Feb.i2, the United States and its branches, a piece of the denom- 1873, sec. 15. ination and legal value of three cents, or three hundredths of a dollar, to be composed of three fourths silver and one Weight. fourth copper, and to weigh twelve grains and three eighths Device. of a grain; that the said coin shall bear such devices as shall be conspicuously different from those of the other sil- ver coins, and of the gold dollar, but having the inscription United States of America, and its denomination and date; Madea tender, and that it Shall be a legal tender in payment of debts for all sums of thirty cents and under. And that no ingots shall be used for the coinage of the three-cent pieces herein authorized, of which the quality differs more than five thou- weight. sandths from the legal standard ; and that, in adjusting the weight of the said coin, the following deviations from the standard weight shall not be exceeded, namely, one half of a grain in the single piece, and one pennyweight in a thou- sand pieces. 27 ACT OP JULY 3, 1852. An act to estaUish a branch mint of the TTnited States in Califomiai Sec. 1. Establishes sticli a mint. ****** Sec. 8. And he it further enacted, That, if reqjiired by the 3„^°',^ ^d'^ca^si holder, gold in grain or lumps shall be refined, assayed, castjiito bars oi into bars or ingots, and stamped in said branch mint, or in sSimpe'd 'at'^L'^ the Mint of the United States, or any of its branches, in such p™se »f "lepos- manner as may indicate the value and fineness of the bar or ingot, which shall be paid for by the owner or holder of said bullion, at such rates and charges, and under such regulations, as the Director of the Mint, under the control of the Secretary of the Treasury, may from time to time establish. ACT OF FEBRUARY 21, 1853. An act amendatory of existing laws relative to the half dollar, quarter dollar, dime and half dime. Be it enacted hy the Senate and House of Representatives o/ii^ffjjuar^anl the United States of -America in Congress assembled, Thatfrom quarte^ dime and alter the first day of June, eighteen hundred and fifty- after ^June™?; two, [three] the weight of the half dollar or piece of fifty ''^^^■ cents shall be one hundred and ninety-two grains, and the quarter dollar, dime, and half dime, shall be, respectively, , one half, one fifth, and one tenth of the weight of said half dollar. Sec. 2. And he it further enacted, That the silver coins snch coins, when issued in conformity with the above section, shall be legal de:J!*°^''^*' *™' tenders in payment of debts for all sums not exceeding five dollars. Sec. 3. Andhe it further enacted, That in order to procure Purchase of the bullion for the requisite coinage of the subdivisions of thelacroSge.^" dollar authorized by this act, the treasurer of the Mint shall, with the approval of the Director, purchase such bullion with the bullion fund of the Mint. He shall charge himself with the gain arizing from the coinage of such bullion into coin s of a nominal value exceeding the intrinsic value thereof, and shall be credited with the difference between such in- trinsic value and the price paid for such bullion, and with the expense of distributing said coins as hereinafter iiro- vided. The balances to his credit, or the profit of said coin- age, shall be, from time to time, on a w arrant of the Director of the Mint, transferred to the account of the Treasury of the United States. Sec. 4. And he it further enacted, That such coins shall j^"^°^™^°^'^''°'^ be paid out at the Mint, in exchange for gold coins at par, and paid ^oufo/ in sums not less than one hundred dollars; and it shall be^*"'- lawful, also, to transmit parcels of the same from time to time to the assistant treasurers, depositaries, and other offi- 28 cers of the tTnlted States, under general regulations, pro- posed by the Director of the Mint, and approved by the Amonntofcom-S^'5J^'^*^''y of the Treasury: Provided, however, That the asB regulated, amount coined into quarter dollars, dimes, and half dimes, . shall be regulated by the Secretary of the Treasury. No private de Sbo. 5. And he it further enacted, That no deposits for coin 8 to be re- coiuage iuto the half dollar, quarter dollar, dime, and half coivod. dime, shall liereafter be received, other than those made by the treasurer of the Mint, as herein authorized, and upon account of the United States. m^Tavl' thii? ^^^- ^- ■^'"'^ ** it further enacted, That, at the option of . goi5 and silver the dcpositor, gold Or silver may be cast into bars or ingots orbara.'" '°^°'^ "^ either pure metal or of standard fineness, as the owner may prefer, with a stamp upon the same designating its weight and fineness; but no piece, of either gold or silver, shall be cast into bars or ingots of a less weight than ten ounces, except pieces of one ounce, of two ounces, of three ounces, and of five ounces, all of which pieces of less weight than ten ounces shall be of the standard fineness, with their weight and fineness stamped upon them; but, in [all] cases, whether the gold and silver deposited be coined or cast into bars or ingots, there shall be a charge to the depositor, in addition to the charge now made for refining or parting the Charge of half metals, of One half of one per centum; the money arising SIpositOT' Yn^aii froDi this charge of one half per centum shall be charged to cases. the treasurer of the Mint, and from time to time, on warrant of the Director of the Mint, shall be transferred into the noTto'appiy to "Treasury of the United States: Provided, hoiv ever. That said silver coins, nothing Contained in this section shall be considered as applying to the half dollar, the quarter dollar, the dime, and half dime. Gold coins of Sec. 7. And be it further enacted, That from time to time there shall be struck and coined at the Mint of the United States, and the branches thereof, conformably in all respects to law, and conformably in all respects to the standard of gold coins now established by law, a coin of gold of the act'™849'oh'i09^^^^'^® ^^ three dollars, or units, and all the provisions of made ap^ucabie an act entitled " An act to authorize the coinage of gold to said coin. (Jollars and double eagles," approved March third, eighteen hundred and forty-nine, shall be applied to the coin herein authorized, so far as the same may be applicable; but the devices and shape of the three dollar piece shall be fixed f.„r .H- by the Secretary of the Treasury. 1. To take effect Sec. 8. And be it further eftac^ed, That this act shall be 1853,' oh. ■ 86, in force from and after the first day of June next. sec. 7. ACT OP MARCH 3, 1853. Coinage provisions contained in an act to supply deficiencies in the appropria- tions, for the fiscal year ending June 30, 1853. Sections 1 to 6, inclusive, relate to other matters. Charge forcast- Sec. 7. And be it further enacted. That when gold or sil- d"s^s, bar3,"'o? ver shall be cast into bars or ingots or formed into disks at Ingots. the Mint of the United States, or any of the brandies thereof, or at any assay ofttce of the United States, the 29 charge for refining, casting, or forming said bars, ingots, or disks sliall be equal to, but not exceed, the actual cost of the operation, including labor, wastage, use of machinery, materials, etc., to be regulated from time to time by the Sec- retary of the Treasury. And the Secretary of the Treas- g.^^ ^^^ ^^ ury is hereby authorized to regulate the size and devices of vices of the sii- the new silver coin, authorized by an act entitled "An act f "^a'^''™ '!J'ot"'of amendatory of existing laws relative to the half dollar, isss.ch. 79. quarter dollar, dime, and half dime," passed at the present session; and that, to procure such devices, as also the mod- els, moulds, and matricesor original dies for the coins, disks, or ingots authorized by said act, the Director of the Mint is empowered, with the approval of the Secretary of the Additional oib- Treasury, to engage temporarily for that purpose the serv- ""^'^ ^° ^^^ '"''''■ ices of one or more iirtists, distinguished in their respec- tive departments, who shall be paid for such services from the contingent appropriation for the Mint: And that here- after the three cent coin now authorized by law shall be weight of the made of the weight of three fiftieths of the weight of the'"™'™'" half dollar, as provided in said act, and of the same stand- ard of fineness. And the said act, entitled ''An act amend- Act of issii, ch. atory of existing laws relative to the half dollar, quarter t^, to^tjl^ okeo, dollar, dime, and half dime," shall take effect and be in full '"' ' force from and after the first day of April, one thousand eight hundred and fifty-three, any thing therein to the con- trary notwithstanding. • ACT OF MARCH 3, 1853. Coinage provisions included in an act making appropriations for the civil and diplomatic expenses of the Government in the year ending June 30, 1854. * * * and it shall be the duty of .the superintendent i,e''*aid'?nto th° of the Mint to cause to be paid annually into the Treasury T^o'a^'ury!' of the United States the profits of the Mint, and to present a quarterly account of the expenditures of the Mint to the Secretary of the Treasury; Sections 2, 3, and 4, inclusive, relate to other matters. Sec. 5. And he it further enacted, That when private -a ^^^ f establishments shall be made to refine gold bullion, the gold* in 'prfvate Secretary of the Treasury, if he shall deem them capable of ostabiishmeuts. executing such work, is hereby authorized and required to limit the amount thereof, which shaU be refined in the Mint at Philadelphia, from quarter to quarter, and to reduce the same progressively as such establishments shall be expended [extended?] or multiplied, so as eventually, and as soon as may be, to exclude refining from the . Mint, and to require that every deposit of gold bullion made therein for coinage shall be adapted to said purpose, without need of refining : Provided, That no advances in coin shall be made upon no advances in bullion after this regulation shall be carried into eft'ect, 'o™- except upon bullion refined as herein prescribed . Sections 6 to 9 inclusive relate to other matters. ' Sec. 10. Provides for the establishment of an assay offtce ^?«,*y,''ffi«e'=s- in New York City, for the melting, refining, parting andxort. * 30 assaying of gold and silver bullion and foreign coins, and for the casting the same into bars, ingots or disks, and makes provision for employment of the proper ofBcers and assistants. Sec. 11. And he it further enacted, That the owner or own- Eeccipt to 1)6 ers of aiiy gold or silver bullion, in dust or othetwise, or of givenforbuUion. ^ny foreign coin, shall be entitled to deposite the same in the said office, and the treasurer thereof shall give a receipt, stating the weight and description thereof, in the manner and under the regulations that are or may be provided in like cases or deposits at the Miiit of the United States with the Treasurer thereof. And such bullion shall, with- out delay, be melted, parted, refined, and assayed, and the net value thereof, and of all foreign coins deposited in said Certificate of offlce, Shall be ascertained ; and the treasurer shall there- vidue of deposit, upou forthwith issue his certificate of the net value thereof, for puburduea." payable in coins of the same metal as that deposited, either at the offlce of the assistant treasurer of the United States, in New York, or at the Mint of the United States, at the option of the depositor, to be expressed in the certificate, which certificates shall be receivable at any time within sixty days from the date thereof in payment of all debts due to the United States at the port of New York for the full sum therein certified. All gold or silver bullion and foreign coin to^beSt* '^°™ deposited, melted, parted, refined, or assayed, as aforesaid, ^""^ ■ shall, at the option of the depositor, be cast in the said office into bars, ingots, or disks, either of pure metal or of standard fineness, (as the owner may prefer,) with a stamp thereon of such form and device as shall be prescribed by the Secretary of the Treasury, accurately designating its weight and fineness: Provided, That no ingot, bar, or disk ProTiao. shall be cast of less weight than five ounces, unless the same be of standard fineness, and of either one, two, orthree ounces in weight. And all gold or silver bullion and for- eign coin intended by the depositor to be converted into Afterassaythe *^® coiusof the United States, shall, as soon as assayed and metal to be trans- its net value Certified as above provided, be transferred to SSfoined!^'"' tlie Mint of the United States under such directions as shaU be made by the Secretary of the Treasury, and at the ex- pense of the contingent fund of the Mint, and shall there be coined. And the Secretary of the Treasury is hereby au- thorized, with, the approval of the President of the United States, to make the necessary regulations for the adjust- ment of the accounts between the respective officers, upou Acoonnta. the transfer of any bullion or coin between the assay office, the Mint, and assistant treasurer in New York. Sec. 12. Places the operation of the assay office in New -Under direc- York Under direction of the Director of the Mint subordi- tion of Director. ^^^^ ^^ ^^^ Secretary of the Treasury, with authority to prescribe regulations and order tests. Sec. 13. Extends the provisions in regard to the rendi- Bppu^'™^ '""^^ ^^^^ 0*' accounts, custody of deposits, payments, oaths and bonds, etc., thereto and provides that existing laws for the government of the Mint shall be applied to the operations of the assay office. 31 SiEO. 14. Provides that tlie same charges shall be made^^^^' s^'^^j^s for refining, parting, casting, etc., as at the Mint aud appro- toMed?" ' priates receipts from charges for contingent expenses. Sec. 15. Gives authority to the Secretary of the Treas- „e?S!°* *" ^* ury to rent, lease, or otherwise secure buildings in the city of l*fe\v York for the operations of the oflice, and also to secure necessary machinery and implements. fl.CT OP FEBRXTARY 21, 1857, An act to deteinune the legal tender value of foreign coins, and for tho coin- age of cents at the Mint of the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Gongress 0'Ssembled,T]i&t ^3^y^^^^^^_ the pieces commonly known as the quarter, eighth, and lian coins are to sixteenth of the Spanish pillar dollar, and of the Mexican Sy the^iited dollar, shall be receivable at the Treasury of the United states. States, and its several ofiQces, and at the several post-of&ces and land-ofQces, at the rates of valuation following, — that is to say, the fourth of a dollar, or piece of two reals, at twenty cents; the eighth of a dollar, or piece of one real, at ten cents; and the sixteenth of a dollar, or half real, at five cents. Sec 2. And he it further enacted, Tlhat the said coins, SaidcoinstoLe when so received, shall not again be paid out, or put in""""'" • circulation, but shall be recoined at the Mint. And it shall be the duty of the Director of the Mint, M'ith the approval of the Secretary of the Treasury, to prescribe such regula- tions as may be necessary and proper, to secure their trans- mission to the Mint for recoinage, and the return or distri- bution of the proceeds thereof, when deemed expedient, and to prescribe such forms of account as may be appro- priate and applicable to the circumstances : Provided, That the expenses incident to such transmission or distribution, and of recoinage, shall be charged against the account of silver profit and loss, and the net profits, if any, shall be paid from time to time into the Treasury of the United States. Sec. 3. And be it further enacted, That all former acts authorizing the currency of foreign gold or silver coins, and mfidD ™"r5sn declaring the same a legal tender in payment for debts, are «oi"s^a^curr6ncy hereby repealed ; but it shall be the duty of the Director of repealed. ^'" ^"^ the Mint to cause assays to be made, from time to time, of such foreign coins as may be known to our commerce, to Assays of for- determine their average weight, fineness, and value, and to mf3e,''Tnd''an^ embrace in his annual report a statement of the results nuaiiy reported. thereof. Sec. 4. And be it further enacted, That from and after height and the passage of this act, the standard weight of the cent composition of coined at the Mint shall be seventy-two grains, or three ™"'^ twentieths of one ounce troy, with no greater deviation than four grains in each piece; and said cent shall be com- posed of eighty-eight per centum of copper and twelve per centum of nickel, of such shape and device as may be fixed 32 by the Director of the Miut, with the approbation of the Secretary of the Treasury 5 and the coinage of the half cent shall cease. Sec. 5. Authorizes the Secretary of the Treasury to pur- chase from the bullion fund of the Mint materials neces- sary to the coinage of the cent authorized by the act, and makes the laws in force relating to the Mint and the coin- age of precious metals applicable to this coin. Sec. 6. And he it further enacted, That it shall be lawful be paid"o"ut"nIto pay out the Said cent at the Mint in exchange for any tranamitted, &c. gf ^jj^ gQ\^ and silvcr coins of the United States, and also in exchange for the former copper coins issued; and it shall be lawful to transmit parcels of the said cents, from time to time, to the assistant treasurers, depositaries, and other ofQcers of the United States, under general regula- tions proposed by the Director of the Mint, and approved by the Secretary of the Treasury, for exchange as aforesaid. And it shaJl also be lawful for the space of two years from for cortafn^o^ns the passage of this act and no longer, to payout at the two^'eara '^ ^""^ Mint" the cents aforesaid for the fractional parts of the dol- '^ ^ "^ ■ lar hereinbefore named, at their nominal value of tweuty- flve, twelve-and-a-half, and six-and-a-quarter cents, respec- tively. Fiscal year to Sec. 7. Dirccts that the annual report of the Director of end June 30. ^.j^g jy^j^^ gj^^^^ extend to the 30th of June in each year. ACT OP APRIL 22, 1864. Amending the act of February 21, 1857. . Be it enacted by the Senate and House of Bepresentatives s t a n d a r d o/ the United States of America in Congress assembled, That, miil ' "'' ° from and after the passage'of this act, the standard weight of the cent coined at the mint of the United States shall be forty-eight grains, or one-tenth of one ounce troy; and said cent shall be composed of ninety-five per centum of copper, and five per centum of tin and zinc, in such propor- is^'^seo^fon 16^' tions as shall be determined by the Director of the Miut; and there shall be, from time to time, struck and coined at to be^coTiied'"^"^ the mint a two-cent piece, of the same composition, the Ibid. ' standard weight of which shall be ninety-six grains, or one- fifth of one ounce troy, with no greater deviation than four grains to each piece of said cent and two-cent coins; and shape,d6Tices, the shape, mottocs, and devices of said coins shall be fixed "■ by the Director of the Mint, with the approval of the Sec- retary of the Treasury; and the laws now in force relating to the coinage of cents and providing for the purchase of material and prescribing the appropriate duties of the offi- cers of the mint and the Secretary of the Treasury be, and the same are hereby, extended to the coinage h«rein pro- vided for. Present laws ex- Beo. 2. And be it further enacted, That all laws now in '^Eevlserstit- force relating to the coins of the United States and the nte3,5462. striking and coining the same shall, so far as applicable, be extended to ttie coinage herein authorized, whether said 33 laws are penal or otherwise, for the security of the coin, regulating and guarding the process of striking and coin- ing, for preventing debasement or counterfeiting, or for any other purpose. Sec. 3. And he it further enacted, That the Director of pjirootor of the Mint shall prescribe suitable regulations to insure adue^jJ}^^i(.j?^J"Jj'^ conformity to the required weights and proportions of alloy loy in such ooms. in the said coins; and shall order trials thereof to be made from time to time by the assayer of the mint, whereof a re- port shaU be made in writing to the Director. Sec. 4, And he it further enacted, That the said coins g„„j, „„;„„ ^^ shaU be a legal tender in any payment, the one-cent coin be legai tender to the amount of. ten cents, and the two-cent coin to therms/" ^''** amount of twenty cents; and it shall be lawful to pay out ^^^'"*]?g^- ^g said coins in exchange for the lawful currency of the United isrs^seo 1. ' States, (except cents or half cents issued under former acts of Congress,) in suitable sums, by the treasurer of the mint, and by such other depositaries as the Secretary of the Treasury may designate, under general regulations pro- posed by the Director otf the Mint and approved by the Secretary of the Treasury; and the expenses incident to such exchange, distribution, and transmission maybe paid out of the profits of said coinage; and the net profits of said coinage, ascertained in like manner as is prescribed in the second section of the act to which this is a supplement, shall be transferred to the Treasury of the United States. Sec. 5. And be it further enacted, That if any person or Penalty for persons shall make, issue, or pass, or cause to be made, is- making como lu- sued, or,passed, any coin, card, token, or device whatsoever, pL"ed as cents! in metal or its compounds, intended to pass or be passed '^Eevised stat- as money for a one- cent piece or a two-cent piece, such per- ntes, 6462. son or persons shall be deemed guilty of a misdemeanor, and shaU, on conviction thereof, be punished by a fine not exceeding one thousand dollars, and by imprisonment for a term not exceeding five years. ACT OP JUNE 8, 1864. Is an act for punishing and preventing the (iounterfeiting Connterfeitmg. of coin of the United States. ACT OP MARCH 3, 1863. An act to authorize the coinage of thiee-cent pieces, and for other purposes. Be it enacted hy the Senate amd House of Bepresentatives of the United States of America in Congress assembled. That so soon as practicable after the passage of this act, there toie rofnea'*'^™ shall be coined at the Mint of the United States a three-cent ^^"t ^^' i2> piece, composed of copi-er and nickel in such proportions, not '^^' ' exceeding twenty-five per centum of nickel, as shall be de- composition. termined by the Director of the Mint, the standard weight d6yfc''e!'&o!"'^''' « T?»r, 9,3r. 3 34 of whicL. shall be thirty grains, with no greater deviation than four grains to each piece, 4nd the shape, mottoes, and devices of said coin shall be determined by the Director of the Mint, with the approval of the Secretary of the Trrasury. Laws appiica- And the laws now in force relating to the coinage of cents, ' "' and providing for the purchase of material and prescribing the appropriate duties of the officers of the Mint, and of the Secretary of the Treasury be, and the same are hereby, extended to the coinage herein provided for. Applies exist- Sec. 2. Extends to the provisions of this act the laws in mg laws. operation governing other coins. To be legal ten- Sec. 3. And 1)6 it further enacted, That the said coin shall ertoro cen s. ^^ ^ legal tcudor in any payment to the amount of sixty The 3-cent coin ^cnts. And it shall be lawful to pay out said coins in ex- may be paid out change for the lawful currency of the United States, (except SwM ourflney^ ceuts or half-ccuts or two-cent pieces issued under former except, &0. ' acts of Cougress,) in suitable sums by the Treasurer of the Mint, and by Such other depositaries as the Secretary of the Treasury may designate, and under general regulations Act of Apr. 2, approved by the Secretary of the. Treasury. And under ^Actof Apr.22, tli6 like regulations the same maybe exchanged in suitable isGi. . , ' sums for any lawful currency of the United States ; and the i8'^?sec.iG* ■ ' expenses iucident to such exchange, distribution, and trans- Expenses, how mission, may be paid out of the profits of said coinage, and ^^' ■ the net profits of said coinage, ascertained in like manner as is prescribed in the second section of the act entitled "An act relating to foreign coins, and the coinage of cents at the Mint of the United States," approved February twenty- first, eighteen hundred and fifty-seven, shall be transferred to the Treasury of the United States : Provided, Thatfron\ nofeto be ili™ed ^^^ after the passagc of this act, no issues of fractional mider 5 cents, notcs of the United states shall be of a less denomination, isTa^sooy *' ^^' ^^^^ five cents, and all such issxies of a less denomination, at that time outstanding, shall, when paid into the Treas- ury or any designated depositary of the United States, or redeemed or exchanged as now provided by law, be retained and cancelled. Counterfeiting. Sec. 4. Providcs penalties for counterfeiting, etc. Devices and Sec. 5. Providcs for an additional device and legend for legends. .^j^jg ^^j^^ One-cent and Sec. 6. And be it further enacted. That the one and two be aiega? tender cent coins of the United states shall not be a legal tender only for 4 cents, for any payment exceeding four cents in amount; and so much of the laws of the United States heretofore enacted as are in conflict with the provisions of this act, are hereby repealed. ACT OF MAY 16, 1866. An act authorizing the coinage of five-cent pieces. pifces'to be co?n* ^^ *X «'*«''te(? hy the Senate and Souse of Representatives of ed of copper and the United States of America in Congress assembled, That, so nickel. gooQ as practicable after the passage of this act, there shall be coined at the Mint of the United States a five-cent piece composed of copper and nickel, in such proportions, not ex- ceeding twenty-five per centum of nickel, as shall be deter- mined by tbe Director of the Mint, the standard weight of -w-efght. shape, which shallbe seventy-seven and sixteen hundredths grains, ^^^'"'^' *■=■ with no greater deviation than two grains to each piece; and the shape, mottoes and devices of said coin shall be determined by the Director of the Mint, with the approval of the Secretary of the Treasury; and the laws now in force Laws relating relating to the coinage of cents, and providing for the pur- ^entar&c^fo ap- chase of material, and prescribing the appropriate duties piy to this coin, of the officers of the Mint and the Secretary of the Treas- ^^^' ury, be, and the same are hereby, extended to the coinage herein provided for. Sec. 2. Extends the provisions of existing laws to the. Applies eiist- coinage herein authorized. ' '°^ ^^''^ Sec. 3, And be it further enacted, That said coin shall be , Tobeiegaiten- ,,,-,. -', J. 2. J.L J. n J 11 derto amount or a legal tender m any pasmaent to the amount of one dollar. $i. And it shall be lawful to pay out such coins in exchange I'o ijb paid in for the lawful currency in the United States, (except cents, H^^y^^"^"^''' or half cents, or two-cent pieces, issued under former acts j^^'=' °^ •*■?''• 2. of Congress^) in suitable sums, by the treasurer of the Mint, A^t of Apr.22, and by such other depositaries as the Secretary of the Treas- ^*''*- ury may designate, and under general regulations approved 3. by the Secretary of the Treasury. And under the like reg- ulations the same may be exchanged in suitable sums for any lawful currency of the United States, and the expenses incident to such exchange, distribution, and transmission may be paid out of the profits of said coinage; and the net profits of said coinage, as ascertained in the manner pre- scribed in the second section of the act entitled " An act relating to foreign coins and the coinage of cents at the Mint of the United States," approved February twenty^first, eighteen hundred and fifty-seven, shall be transferred to the Treasury of the United States: Provided, Th&t from No fractional and after the passage of this act no issues of fractional than^w^'oentf to notes of the United States shall be of a less denomination be^ i||^ea. ^j>nd than ten cents; and all such issues at that time outstand- ?anoeieT^ ing shall, when paid into the Treasury or any designated ^j^^^^^'J s***- depository of the United States, or redeemed or exchanged as now provided by law, be retained and cancelled. Sec. 4. Provides penalties for counterfeiting, etc. counterfeiting. Sec. 5. And he it further enacted, That it shall be lawful Maybe redeem- for the Treasurer and the several assistant treasurers of the k88"than Im""' United States to redeem in national currency, under such rules and regulations as may be prescribed by the Secretary of the Treasury, the coin herein authorized to be issued when presented in sums of not less than one hundred dol- lars. ACT OF MARCH 3, 1871. An act to provide for the redemptian of copper and other token coins. Be it enacted hy the Senate and House of Representatives of^^^^ copper and the United States of America in Congress assembled, That the agrTo ^o™™- Secretary of the Treasury is hereby authorized and required ^^ "JUJf 1^°^ ?^™ to redeem in lawful money, under such rules and I'Cgula- $20. 36 tions as he may from time to time prescribe, all copper, bronze, copper-nickel, and base-metal coinage of every kind heretofore authorized by law, when presented in sums of Snch ooinase not less than twenty dollars ; and whenever under this au- Mnued when^ &c! thority thcse coins are presented for redemption in such quantity as to show the amount outstanding to be redun- dant, the Secretary of the Treasury is authorized to discon- tinue or diminish the manufacture and issue of such coinage until otherwise ordered by him. ACT OP FEBRUARY 12, 1873. ) ■ An act levising and amending the laws relative to the XQut, assay offices, and coinage of the TTnited States, MintestaWish- -^^ ** enacted hy the Senate and House of Representatives of ed as a bureau ^jig United States of America in Congress assembled, That the vrtiat/"" " " ^ Mint of the United States is hereby established as a Bureau of the Treasury Department, embracing in its organization and under its control all mints for the manufacture of coin, and all assay offices for the stamping of bars, which are now. Director; ap- or wMch may be hereafter, authorized by law. The chief term^S^fflcet"'' oflBcer of the said Bureau shall be denominated the Director of the Mint, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for the term of five years, unless sooner removed by the President, upon reasons to be com- municated by him to the Senate, powers; Sec. 2. That the Director of the Mint shall have the gen- eral supervision of all mints and assay-offices, and shall reports; make an annual report to the Secretary of the Treasury of their operations, at the close of each fiscal year, and &om time to time such additional reports, setting forth the opera- tions and condition of such institutions, as the ^Secretary annual esti-of the Treasury shall require, and shall lay before him the mates. annual estiinates for their support. And the Secretary of Clerks, number the Treasury shall appoint the number of clerks, classified mont"^^"*''' according to law, necessary to discharge the duties of said ™ ■ Bureau. Mint officers. Sec. 3. Specifies the officers of each mint. Eeproduced in Eevised Statutes, section 3496. Powersandau- Seo. 4. Defines powers and duties of superintendents of ties. mints. Eeproducedin Revised Statutes, sections 3503, 3504, 3505, and 3506. . Asaayers. Sec. 5. Defines duties of assayers. Eeproduced in Ee- vised Statutes, section 3507. Meiter and re- gEC. 6. Defines duties of meltcr and refiner. Eeproduced ^'"^' in Eevised Statutes, section 3508. Coiner. Sbc. 7. Defines the duty of the coiner and is reproduced in Eevised Statutes, section 3509. Engraver. Sec. 8. Defines the duties of the engraver and is repro- duced in Eevised Statutes, section 3510. 37 Sec. 9. Prescribes how temporary vacancies from sick- "^a<;™oic8. ness or otherwise may be filled by the superintendent and is reproduced in Eevised Statutes, section 3502. Sec. 10. Prescribes the oath of ofScers, assistant clerks oatiiof offlco. and employes, and is reproduced in Eevised Statutes, sec- tion 3500. Sec. 11. Prescribes the bond of superintendent and other Bond, officers and is reproduced in Eevised Statutes, section 3501. Sec. 12. Prescribes the salaries of the different officers salaries. and that they shall be payable monthly, and is reproduced in Eevised Statutes, sections 3498 and 3499. Sec. 13. Fixes the standard of fineness of gold and silver g^^st^J^aar a of coins and is reproduced in Eevised Statutes, section 3514. Sec. 14. That the gold coins of the United States shall feelcTApr. a, be a one doUar piece, which, at the standard weight of 1792. twenty-fiveandeight-tenthsgrains,shallbetheunitofvalue; i8m°* ""^""^ ^' a quarter-eagle, or two-and-a-half dollar piece; a three-dol- j^^"* ^^^- is. lar piece; a half eagle, or five-dollar piece; an eagle, or ten- Act reb. 21, dollar piece; and a double-eagle, or twenty-dollar piece, '^'ifeviaed stat- And the standard weight of the gold dollar shall be twenty- ntes, 3511. five and eight-tenths grains; ofthequarter-eagle,ortwo-and-^j.j^j^j.^^^. ^. a-half dollar piece, sixty-four and a-half grains; ofthethree-* *° ^"^ ^^'^ dollar piece, seventy-seven and four-tenths grains; of the half-eagle or five-dollar piece, one hundred and twenty-nine grains ; of the eagle or ten-dollar piece, two hundred and 1849?' ^'^' ^' fifty-eight grains ; of the double-eagle, or twenty-dollar piece, five hundred and sixteen grains ; which coins shall be a legal ^^^^ '^g^ *«"- tender in all payments at their nominal value when notbelow ^(iud.) the standard weight and limit of tolerance provided in this ^^^""^^^^ ^'''*' act for the single piece, and when reduced in weight, below said standard and tolerance, shall be a legal tender at val- uation in proportion to their actual weight; and any gold coin of the United States, if reduced in weight by natural weigh" by^natu^ abrasion not more than one-half of one per centum below ^^*^^i^'^"^^g^j the standard weight prescribed by law, after a circulation utes, 3505. of twenty years, as shown by its date of coinage, and at a ratable proportion for any period less than twenty years, shall be received at their nominal value by the United where to be i-e- States Treasury an d its offices, under such regulations as the reived. Secretary of the Treasury may prescribe for the protection of the Government against fraudulent abrasion or other practices; and any gold coins in the Treasury of the United Eeviaed stat- States reduced in weight below this Umit of abrasion shall "*"'' ^^^^' be recoined. Sec. 15. Describes the silver coins of the United States, siiyer coins. prescribes their weight, legal tender quality, etc., and is reproduced in Eevised Statutes, sections 3513 and 3586. Sec. 36. Describes the minor coins of the United States Minor coins, and their alloy, fixes their weight and legal tender quality, and is reproduced in Revised Statutes, sections 3516 and 3587. Sec. 17. Prohibits the issue of any other coins than those ^j^^J °^^^ * * ^ set forth and is reproduced in Eevised Statutes, section 3516. Sec. 18. That upon the coins of the United States there ^l™*^""^'*- shall be the following devices and legends: Upon one side ^™evSd '"sut- there shall be an impression emblematic of liberty, with an "***• ^^''- 38 Inscriptions. mscriptioTi of fhe word " Liberty " and the year of the coin age, and upon the reverse shall be the figure or representa- tion of an eagle, with the inscriptions " United States of America" and " B Pluribus Unum," and a designation of the value of the coin; but on the gold dollar and three-dol- lar piece, the dime, five, three, and one cent piece the figure of the eagle shall be omitted; and on the reverse of the silver trade-dollar the weight and the fineness of the coin shall be inscribed ; and the Director of the Mint, with the approval of the Secretary of the Treasury, may cause the motto " In God we trust" to be inscribed upon such coins as shall admit of such motto ; and any one of the foregoing inscriptions may be on the rim of the gold and silver coins. Sec. 19. Authorizes the casting and stamping of gold or silver bars and is reproduced in Revised Statutes, section 3518. Bullion gold. Sec. 20. Provides for deposits of gold bullion for coinage and is reproduced in Eevised Statutes, section 3519. trntvaledonlTs ^^^' ^"' * P^ovides for deposits of silver bullion, casting "^^^ into bars or coining into trade dollars, and is reproduced in Eevised Statutes, section 3520. WeigMng.etc. gj;c. 22. Providcs for the weighing of bullion and deter- mining its fitness and mode of melting, and is reproduced in Eevised Statutes, section 3521. Assay. Sec. 23. Provides for the assay of bullion and is repro- duced in Eevised Statutes, section 3522. Eeport of as- Sec. 24. Providcs for a report by the assayer and is re- «ayer. produced in Eevised Statutes, section 3523. '' Charges for Sbc. 25. Providcs for charges for converting bulUon into conver rng. ^^^^ ^^^ ^^^ preparation of bars, and is reproduced in Ee- vised Statutes, section 3524. Verifications. Seg. 26. Providcs for Verification of Calculations of Super- intendent by the assayer and his countersigning certificate, and is reproduced in Eevised Statutes, section 3525. Pl'^rciiase of Sec. 27. Provides for the purchase of bullion for silver "seigniorage. Coinage and for the disposition of seigniorage, and is repro- duced in Eevised Statutes, section 3526. how'^rid""'"^' Sec. 28. Provides how silver coins shall be paid out, ow pai . -^^here and for what, and is reproduced in Eevised Stat- utes, section 3527. mSSi''fo^r mfnor ^^^- 29- Providcs for the purchase of metal for the minor coins. coinage and is reproduced in Eevised Statutes, section 3528. Legal tender Sec. 30. Providcs for methods of exchanging miuor coius limitminorcoins.aiid limits the legal tender thereof, and is reproduced in Eevised Statutes, section 3529. Meitingandre- Sec. 31. Provides for melting and refining of bullion and ^""s. coinage into ingots, and is reproduced in Eevised Statutes, section 3530. Assaying. sec. 32. Provides for the assaying and giving of certifi- cates in regard to ingots, and is reproduced in Eevised Stat- utes, section 3531. dCTition &om^' ^^^' ^^' I'l'O'^ides for the coinage of ingots and prescribes deviation for legal standard, reproduced in Eevised Statues, section 3533. 39 Sec. 34. Provides for bars for payment oi deposits, for ^^po^g™* ^^ ascertaining fineness, etc.,^ and is reproduced in Eevised Statutes, section 3534. Sec. 35. Eelates to ingots for coinage and their delivery Delivery of in- to tlie coiner, and is reproduced in Eevised Statutes, sec- ^° tion 3532. Sec. 36. Provides for deviations of weight of gold coins o^jf^oi^g"™ °^ and the limitation, and is reproduced in Eevised Statutes, ^° section 3535. Sec. 37. Provides for the deviations of weight in silver DeTiations of coins, and is reproduced in Eevised Statutes, Section 3536. "'^'^'"^ '"'™^' Sec. 38. Provides for the adjustment of weight of the weights of minor coinage, and is reproduced in Eevised Statutes, -sec- ™™" """'°' tion 3537. Sec. 39. Provides for the delivery by the coiner to the ^^"^y- superintendent of coins for assay, and is reproduced in Eevised Statutes, section 3538. Sec. 40. Prescribes the mode of delivery of such coins by Assay. the coiner to the Superintendent, and is reproduced in Eevised Statutes, section 3539. Sec. 41. Provides for the disposition of clippings of bul- cuppings. lion, etc., and is reproduced in Eevised Statutes, section 3540. Sec. 42. Provides with what the coiner shall be charged Accounts of and credited as to the character of accounts to be ren- dered, and is reproduced in Eevised Statutes, section 3541. Sec. 43. Provides for the examination of the accounts, betxaminod " *° by the superintendent, of the coiner and melter and refiner, '' '°™° ' and what amount will be allowed for wastage, and is repro- wastage. duced in Eevised Statutes, section 3542. Sec. 44. Provides for a balance sheet reported to the Balance sheet Director of the Mint and also an expense account, and is reproduced in Eevised Statutes, section 3543. Sec. 45. Provides for the payment of coins or bars to,^'''y™8"* *" depositors, and is reproduced in Eevised Statutes, section "^"^^ °™' 3544. Sec. 46. Provides for the exchange of imparted bullion unparted bni- and a charge for parting, and is reproduced in Eevised ™' Statutes, section 3546. Sec. 47. Provides for speedy returns by the Secretary Speedy retm-n of the Treasury to depositors of bullion and is reproduced *° "^^po^'*™"- in Eevised Statutes, section 3545. Sec. 48. Provides for the annual test of weight of coins Annual tests by an assay commission, specifies where it shall take place, o*'™""- etc., and is reproduced in Eevised Statutes, section 3547. Sec. 49. Provides for a standard troy pound of the Mint ^Igift^ a ar d of the United States, and is reproduced in Eevised .Stat- utes, section 3548. Sec, 50. Provides a standard weight of each mint and Testing there- assay office and regulates the testing thereof annually, and °^' is reproduced in Eevised Statutes, section 3549. Sec. 51. Provides for the destruction of obverse working Destruction of dies, and is reproduced in Eevised Statutes, section 3550. '*^' Sec. 52. Provides that dies of a national character aud^^jjl" a"*! medals may be made at the Mint at Philadelphia, and is™" *'' reproduced in Eevised Statutes, section 3551. Sec. 53. Provides that all receiiits for charges and deduc- DispositioT- of tions, etc., shall be covered into the Treasury of the United ''^'"^'p*^- 40 States and that no expenditures shall be made for salaries other than by appropriations, and is reproduc(^d in Eevised Statutes, section 3552. TSew York as Seo. 54. Provides for the officers of the assay ofBce at say office. -^^^ Tork and their appointment, defines the business of the assay office, and is reproduced in Eevised Statutes, section 3553. * 8u?"rinwe'nt! ^EC. 55. That the duties of the superintendent, assayer, &c., of each as- and melter and refiner of said office shall correspond to ^''ieViseci stafr those of Superintendents, assayers, and melters and refio- utes, 3555. ers of mints ; and all parts of this act relating to mints and their officers, the duties and responsibilities of such oflScers, and others -employed therein, the oath to be taken, and the bonds and sureties to be given by them, (as far as the same may be applicable,) shall extend to the assay-office at New York, and to its officers, assistants, clerks, workmen, and others employed therein. Salaries. Sec. 56. Defines the salaries of superintendent, etc., and is reproduced in Revised Statutes, section 3556 and 3657. s f "offl^oes"^ *at ^^^' ^'^ ' ^liat the business at the branch mint at Denver, Denver, "boIs^s while conductcd as an assay-office, and of the assay-office Shire, to be 5^^- ^^ Boise City, Idaho, and all other assay-offices hereafter to ted to' what. be established, shall be confined to the receipt of gold and nt^sTssM, 3659^ silvcr bulUon, for melting and assaying, to be returned to 3560.' ' depositors of the same, in bars, with the weight and fine- ness stamped thereon ; and the officers of assay-offices, when their services are necessary, shall consist of an assayer, who shall have charge thereof, and a melter, to be appointed by the President, by and with the advice and consent of the Senate; and the assayer may employ as many clerks, work- men, and laborers, under the direction of the Director of assay°offices°^d the Mint, as may be provided for by law. The salaries of their salaries! gaid officers shall not exceed the sum of two thousand five hundred dollars to the assayer and melter, one thousand eight hundred dollars each to the clerks, and the workmen and laborers shall receive such wages as are customary according to their respective stations and occupations. bond '"*'^ ''"'^ ^E*^- ^^- ^^^* ^^^^ officer and clerk to be appointed at 1862, ch. 128. such assay-officcs, before entering upon the execution of his office, shaU take an oath or affirmation before some judge of the United States, or of the Supreme Court, as prescribed by the act of July second, eighteen hundred and sixty-two and each become bound to the United States of America, with one or more sureties, to the satisfaction of the Director of the Mint or of one of the judges of the supreme court of the State or Territory in which the same may be located, Assayers to be and of the Secretary of the Treasury, conditiined for the ^^^^^''^"'^^'"sfaithful performance of the duties of their offices; and the said assayers shaU discharge theduties of disbursing agents for the payment of the expenses of their respective assay- offices. Miittotovethe ^^^- ^^" ^^^* *^® general direction of the business of Eonerai direotaon assay-officcs of the United states shall be under the control 2es!subjlotf&?i ^"^^ regulation of the Director of the Mint, subject to the regulations', re- approbation of the Secretary of the Treasury; and for tnat changes! ' " " ** purpose it shall be the duty of the said Director to prescribe such regulations and to require such returns periodically and 41 occasionally, and to establish such charges for melting, part- ing, assaying, and stamping bullion as shall appear to him to be necessary for the purpose of carrying into effect the intention of this act. Sec. 60. That all the provisions of this act for the regu- lawnr'tr't"; lation of the mints of the United States, and for the gov- mints to apply to ernment of the officers and persons employed therein, and ^^S^'S^litat- for the punishment of all offenses connected with the mints "*«»• °*5^- or coinage of the United States, shall be, and they are hereby declared to be, in full force in relation to the assay- offices, as far as the same may be applicable thereto. Sec. 61. That if any person or persons shall falsely make, count?rfei*/i/gI forge, or counterfeit, or cause or procure to be falsely mad«, ^"-^ ™y '">}'^.°p forged, or counterfeited, or willingly aid or assist in falsely tudl', &?.,■ """ '' making, forging, or counterfeiting, any coin or bars in re- ^^^^l^^ ^'**" semblance or similitude of the gold or silver coins or bars, which have been, or hereafter may be, coined or stamped at the mints and assay-offices of the United States, or in resemblance or similitude of any foreign gold or silver coin ■ which by law is, or hereafter may be made, current in the United States, or are in actual use and circulation as money within the United States, or shall pass, utter, publish, or Zt^Sii^lmlll sell, or attempt to pass, utter, publish, or sell, or bring ^™ or nttering, into the United States from any foreign place, or havete'r'f6Tt°eti,°&o!i in his possession, any such false, forged, or counterfeited ""'"^ " '"^*i coin or bars, knowing the same to be false, forged, or counterfeited, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be 'pun- ished by fine not exceeding five thousand dollars, and by imprisonment and confinement at hard labor not exceed- ing ten years, according to the aggravation of the offense, fo^ counterfeit- Sec. 62. That if any person or persons shall falsely make, m" "&"" minor forge, or counterfeit, or cause or procure to be falsely made, in™tuch'f aUe forged, or counterfeited, or willingly aid or assist in falsely cofDs; making, forging, or counterfeiting, any coin in the resem- nt^.^Ssl.'^ ^'^^^ blance or similitude of any of the minor coinage which has been, or hereafter may be, coined at the mints of the United States; or shall pass, utter, publish, or sell, or bring into the United States from any foreign place, or have in his possession, anysuchfalse,forged,orcounterfeited coin, with intent to defraud any body politic or corporation, or any person or persons whatsoever, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not exceeding one thousand dollars and by imprisonment and confinement at hard labor not exceeding three years. Sbo. 63. That if any person shall fraudulently, by any fSpSr^g Ici^ art, way, or means whatsoever, deface, mutilate, impair, goi^^^?i'^™o"""- diminish, falsify, scale, or lighten the gold or silver coins ^^EOTtoa stat- which have been, or which shall hereafter be, coined at the ^^*®°' ^^''*- mints of the United States, or any foreign gold or silver coins which are by law made current, or are in. actual use and circulation as money within the United States, every person so offending shall be deemed guilty of a high misde- meanor, and shall be imprisoned not exceeding two years, and fined not exceeding two thousand dollars. 42 for frandnientiT gjjc. 64. That If aiiy of the gold or silver coins which o^sffvOTcoiDfof shall be struck or coined at any of the mints of the United stltei^ " * * ^ '^ States shaU be debased, or made worse as to the proportion ' of fine gold or fine silver therein contained; or shall be of less weight or value than the same ought to be, pursuant o r d e f a c i n g to the scvcral acts relative thereto ; or if any of the weights weig s, 0. ^gg^ ^j. g^^y. ^^ ^^^ mints or assay-ofiices of the TJnited States shaU be defaced, increased, or diminished through the fault or connivance of any of the oflcers or persons who shall be employed at the said mints or assay-offlces, with a Penalty for em- fraudulent intent; and if any of the said officers or persons orooiSf, i^altst shall embezzle any of the metals which shall at anytime be ■*">• committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mints, or any medals, coins, or other moneys of said mints or assay-ofttces at any time committed to their charge, or of Which they may have assumed the charge, every such officer or person who shall commit any or either of the said offenses shall be deemed guilty of felony, and shall be im- prisoned at hard labor for a term not less than one year nor more than ten years, and shall be fined in a sum not exceeding ten thousand dollars. tak^'lfltect!'" *° Sec. 65. That this act shall take effect on the first day of April, eighteen hundred and seventy- three, when the offices Office of treas- of the treasurer of the mints in Philadelphia, San Francisco, '"■ei' a'> *<=•■ ^^- and Jfew Orleans shall be vacated, and the assistant treas- urer at Few York shall cease to perform the duties of treas- • Qt^g^ officers, ^^^^ ^^ ^^® assay-office. The other officers and employees &c., to oontinne! of the miuts and assay-offices now appointed shall continue ^ Revised^' Stat to hold their respective offices, they having first given the utes, 3497. necessary bonds, until further appointments may be re- quired, the Director of the Mint at Philadelphia being Snperintend, styled and acting as superintendent thereof. The duties t^e^urers"^"* *^ of the treasurers shall devolve as herein provided upon the Treasurers to superintendents, and said treasurers shall act only as assist- ant trel^ra^s? ant treasurers of the TJnited States : Provided, That the Salaries not di- Salaries heretofore paid to the treasurers of the mints at miuiahed. Philadelphia, San Francisco, and New Orleans, acting as assistant treasurers, shall hereafter be paid to them as "as- sistant treasurers of the United States,"^ and that the salary of the assistant treasurer at IsTew York shall not be dimin- ished by the vacation of his office as treasurer of the assay- office. diff ™nt mukl ^^^- 6^- '^^^^ the different mints and assay-offices author- and assay-offices, ized by tbis act Shall be known as "the mint of the United nt^/S ®***' States at Philadelphia," "the mint of the United States at Sau Francisco," "the mint of the United States at Carson," "the mint of the United States at Denver," "the United States assay-office at ISew York," and "the United States assay-office at Boise City, Idaho," "the United States assay- T^ne^rrndedap- office at Charlotte, jSTorth Carolina;" and all unexpended propriauons. appropriations heretofore authorized by law for the use of the mint of the United States at Philadelphia, the branch- mint of the United States in California, the branch-mint of the United States at Denver, the United States assay-office in New York, the United States assay-office at Charlotte, 43 Korth Carolina, and tlie United States assay-ofiBce at Boise City, Idaho, are hereby authorized to be transferred for the account and use of the institutions established and located respectively at the places designated by this act. Sec. 67. That this act shall be known as the " Coinage ^j^^'^^^o^J;^^*' act of eighteen hundred and seventy- three; " and all other act, &o. acts and parts of acts pertaining to the mints, assay-offices, and coinage of the United States inconsistent with the pro- visions of this act are hereby repealed : Provided, That this other acta, &o., act shall not be construed to affect any act done, right ac-,J^P^}^jj'jj ^^ cruedjOr penalty incurred, under former acts, but every such fectT&o. right is hereby saved; and all suits and prosecutions for acts already done in violation of any former act or acts of Congress relating to the subjects embraced in this act may be begun or proceeded with in like manner as if this act had not been passed; and all penal clauses and provisions in existing laws relating to the subjects embraced in this act shall be deemed apphcable thereto: And provided further, That so much of the first section of "An act making appro- Eepoai of part priations for sundry civil expenses of the Government for the °l/^''^Jl\ '■'°^' year ending June thirty, eighteen hundred and seventy-one, ^™' '" ' ' and for other purposes," approved July fifteen, eighteen hundred and seventy, as provides that until after the com- pletion and occupation of the branch-mint building iu San Francisco, it shall be lawful to exchange, at any mint or branch-mint of the United States, unrefined or unparted bullion, whenever, in the opinion of the Secretary of the Treasury, it can be done with advantage to the Government, is hereby repealed. ACT OF JANUARY 29, 1874. A.uthoiizing coinage to be executed at the Mint of the TTnited States for foreign conntriea. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That it Execution ot shall be lawful for coinage to be executed at the mints of at'nnited''stati« the United States, for any foreign countries applying for ™™t8- the same, according to the legally prescribed standards and devices of such country, under such regulations as the Sec- retary of the Treasury may prescribe; and the charge for the same shall be equal to the expense thereof, including labor, materials, and use of machinery, to be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury : Provided, That the manufacture of such coin Proviso, shall not interfere with the required coinage of the United States. 44 REVISED STATUTES OF THE UNITED STATES. ACT OP JUNE 22, 1874. Sections relating to coinage. Sec. 3495. The different mints and assay-offices shall be of mints and as- knOWn aS^ ^Iz'^^ehl. 1873, Thirst. The mint of the United States at Philadelphia, oh. 131, sec. 66'. Second. The mint of the United States at San Francisco. Third. The mint of the United States at New Orleans. Fourth. The mint of the United States at Carson. Assay-office at Fifth. The mint of the United States at Denver. hsheSbyactjaay ^ixth. The United States assay-office at New York. 12,1874, vol.18. Seventh. The United States assay-office at Boise City, Idaho. Eighth. The United States assay-office at Charlotte, North Carolina. , . ^ Sec. 3496. The officers of each mint shall be a superin- Ofiioersofniints, ,-,. tj. j ^ j- 12 Feb., 1873, tendent, an assay er, a melter and refiner, and a coiner sec. 3. g^jj^^ fQj. ^jje mint at Philadelphia, an engraver ; all to be appointed by the President, by and with the advice and consent of the Senate. Superintend- Sbc. 3497. The Superintendents of the mints at Philadcl- ents oi certain piiia, Sau Fraucisco, and New Orleans shall be, and perform d^tie8*'*ortre™ the dutics of, treasurers of said mints respectively. " J6« sec 65 ^^^- ^^^^- The officers of the several mints shall be enti- saiaries of offi- ti^d to the foUowiug Salaries, to be paid monthly: cers of mints. First. The Superintendents of the mints at Philadelphia t ., sec. . ^^^ g^^ Francisco, to four thousand five hundred dollars a year each. Second. The assayers, melters and refiners, and the coin- ers to those mints, to three thousand dollars a year each. Third. The engraver of the mint at Philadelphia, to three thousand dollars a year. Fourth. The superintendent of the mint at Carson City to three thousand dollars a year. Fifth. The assayer, the melter and refiner, and the coiner of the mint at Carson City, to two thousand five hundred dollars a year each. Salaries of as ^^^' ^*^^- There Shall be allowed to the assistants and sisranS^^cterksi clcrks of the Several mints such annual salaries as the ^oyld'SinS; Director of the Mint may, with the approbation of the Sec- ji^^^ ' retary of the Treasury, determine, and to the workmen employed therein such wages as may be customary and reasonable according to their respective stations and occu- pations, to be determined by the superintendent, and approved by the Director of the Mint.' The salaries pro- vided for in this and the preceding section, and the wages of workmen permanently engaged, shall be payable in monthly installments. Oath of office ^^'^' ^^^^' ^^^^^ Officer, assistant, and clerk appointed of officers, assist- for any mint shall, before he enters upon the execution of "■"iii ^seoTo'"' ^*® °^^®' *^^® ^^ ^^*^ before some judge of the United ■' ■ ■ States, or judge of some court of record of the State in which such mint is located, faithfully and diligently to per- form the duties thereof; in addition to other official oaths prescribed by law, such oath, duly certified, shall be trans- 45 mitted to tlie Secretary of the Treasury. The superintend- ent of each mint may require such oath from any of the employes of the mint. Sec. 3501. The superintendent, the assayer, the melter Bonds of offl- and refiner, and the coiner of each mint, before entering "^^j^jgr^^^*""*'' upon the execution of their respective offices, shall become Kni-, seo.u. bound to the United States, with one or more sureties, ap- proved by the Secretary of the Treasury, in the sum of not less than ten nor more than fifty thousand dollars, with con- dition for the faithful and diligent performance of the duties of his offtce. Similar bonds may be required of the assist- ants and clerks, in such sums as the superintendent shall determine, with the approbation of the Director of the Mint; , but the same shall nol^ be construed to relieve the super- intendent or other officers from liability to the United States for acts, omissions, or negligence of their subordinates or employes; and the Secretary of the Treasury may, at his discretion, increase the bonds of the superintendents. Sec. 3502. Whenever any officer of a mint or assay-office who to act in shall be temporarily absent, on account of sickness or aJiy r^tor'"'saperin- other cause. It shall be lawful for the superintendent, withtendent, or other the consent of such officer, to appoint some person attached "'i^S!, sec. ». to the mint to act in the place of such officer during his absence;, but all such appointments shall be forthwith re- ported to the Director of the Mint for his approval; and in all cases whatsoever the principal shall be responsible for the acts of his representative. In case of the temporary absence of the superintendent, the chief clerk shall act in his place ; in case of the temporary absence of the Director of the Mint the Secretary of the Treasury may designate some one to act in his place. Sec. 3503. The superintendent of each mint shall have. General dntiea the control thereof, the superintendence of the officers and "nta rf^mhSs™''' persons employed therein, and the supervision of the busi-°'iwa.,'s6o.4. ness thereof, subject to the approval of the Director of the Mint. He shall make reports to the Director of the Mint at such times and according to such forms as the Director may prescribe; which shall exhibit in detail, and under ap- propriate heads, the deposits of bullion, the amount of gold, silver, and minor coinage, and the amount of unparted, stand- ard, and refined bars issued, and such other statistics and information as may be required. Sec. 3504. He shall keep and render, quarter-yearly, to the md. Director of the Mint, for the purpose of adjustment accord- ing to such forms as may be prescribed by the Secretary of the Treasury, regular and faithful accounts of his transac- tions with the other officers of the Mint and the depositors; and shall also render to him a monthly statement of the or- dinary expenses of the mint or assay-office under his charge. He shall also appoint all assistants, clerks, one of whom shall be designated "chief clerk," and workmen employed iinder his superintendence; but no person shall be ap- pointed to employment in the pffice of the assayer, melter and refiner, coiner, or engraver, except on the recommenda- tion and nomination in writing of those officers, respectively. He shall forthwith report to the Director of Mint the names of aU persons appointed by him, the duties to be performed. 46 the rate of compensation, the appropriation from which com- pensation is to be made, and the grounds of the appoint- ment; and if the Director of the Mint shall disapprove the same, the appointment shall be va(;ated. in'^wlfilftTy Sec. 3505. Any gold coins of the United States, if re- abiasionf duccd in weight by natural abrasion not more than one- ibid., sec. 14. ^g^f^f Qj^g pgj. gentum below the standard weight prescribed by law, after a circulation of twenty years, as shown by the date of coinage, and at a ratable proportion for any period less than twenty years, shall be received at their nominal value by the CTnited States Treasury and its ofllces, under such regulations as the Secretary of the Treasury may pre- scribe for the protection of the Government against fraud- f Ti ^®°^ abrasion or other practices. perinten(ienta''iii Sec. 3506. The Superintendent of each mint shall receive S'buUion ""'" ^^^ safely keep, until legally withdrawn, all moneys or iiid.,»eo.'4. bullion which shall be for the use or the expenses of the mint. He shall receive all bulUon brought to the mint for assay or coinage; shall be the keeper of all bullion or coin in the mint, except while the same is legally in the hands of other officers ; and shall deliver all coins struck at the mint to the persons to whom they shall be legally payable. From the report of the assayer and the weight of the bul- lion, he shall compute the valve of each deposit, and also the amount of the charges or deductions, if any, of all which he shall give a detailed memorandum to the depositor; and he shall also give at the same time, under his hand, a certificate of the net amount of the deposit, to be paid in coins or bars of the same species of buUion as that deposited, the correctness of which certificate shall be verified by the assayer, who shall countersign the same, and in all cases of transfer of coin or bullion, shall give and receive vouchers, Duties of aa Stating the amount and character of such coin or bullion. savers. Sec. 3507. The assaycr Shall assay all mctals and bullion, bid., sec. 5. ^iienever such assays are required in the operations of the mint; and shall make assays of coin or samples of bullion Duties of melt- Whenever required by the superintendent. era and refiners. Sec. 3508. The mclter and refiner shall execute all the ibid.,aee.e. operations which are ncccssary in order, to form ingots of standard silver or gold, and alloys for minor coinage, suit- able for the coiner, from the metals legally delivered to him for that purpose; and shall also execute all the operations which are necessary in order to form bars conformable in all respects to the law, from the gold and silver bullion delivered to him for that purpose. He shall keep a careful record of all transactions with the superintendent, noting the weight and character of the bullion, and shall be re- sponsible for all bulUon delivered to him until the same is returned to the superintendent and the proper vouchers Duties of coin- obtained. *lkd sec 7 ^^^' ^^^^' "^^^ coiner shall execute all the operations ' ' ° ■ '■ which are necessary in order to form coins, conformable in all respects to the law, from the standard gold and silver ingots, and alloys for minor coinage, legally delivered to him for that purpose; and shall be responsible for all bul- lion delivered to him, until the same is returned to the superintendent and the proper vouchers obtained. 47 Sec. 3510. The engraver shall prepare from the original I'uties of en. dies already authorized all the working-dies required for ^iMd^'seo. 8. use in the coinage of the several mints, and, when new- coins or devices are autliorized, shall, if required by the Director of the Mint; prepare the devices, models, molds, and matrices, or original dies, for the same; but the Di- rector of the Mint shall nevertheless have power, with the approval of the Secretary of the Treasury, to engage tem- porarily for this purpose the services of one or more artists, distinguished in their respective departments of art, who shall be paid for such service from the contingent appro- priation for the mint at Philadelphia. Sec. 3511. The gold coins of the United States shallbea Gold coins ot one-dollar piece, which, at the standard weight of twenty- and their iveight! five and eight-tenths grains, shall be the unit of value; a ■ZW'i-.seo.u. quarter-eagle, or two and a half dollar piece; a three-dollar piece; a half-eagle, or five-dollar piece; an eagle, or ten-dol- lar piece; and a double-eagle, or twenty-dollar piece. And the standard weight of the gold dollar shall be twenty-five and eight- tenths grains ; of the quarter-eagle, or two and a half dollar piece, sixty -four and a half graius; of the three- dollar piece, seventy-seven and four-tenths grains ; of the half-eagle, or five-dollar piece, one hundred and twenty-nine grains; of the eagle, or ten-dollar piece, two hundred and fifty-eight grains; of the double-eagle, or twenty-dollar piece, five hundred and sixteen grains. Sec. 3512. Any gold coins in the Treasury of the United Eecoinago of States, when reduced in weight by natural abrasion more ^"jw™"'^' than one-half of one per centum below the standard weight prescribed by law, shall be recoined. Sec. 3513. The silver coins of the United States shall be silver coirfs and a trade dollar, a half-dollar, or fifty-cent piece, a quarter- ^''Iwd^sTO^is. dollar, or twenty-five cent piece, a dime, or ten-cent piece; seeactaSMar., and the weight of the trade-dollar shall be four hundred and is's, for 20cent twenty grains troy; the weight of the half-dollar shall be^'Ees. ^no*' it, twelve grams and one-half of a gram; the quarter-dollar Jn^y 22, isye.ex- and the dime shall be, respectively, one-half and one-fifth tender notes. of the weight of said half doUar. isfof'rel^ptio'n Act February 28, 1878. Eestoring standard silver dollar of fractional our- to full legal tender and authorizing its coinage. ''®°°^' Act July 14, 1890. Discontinuing coinage of silver dollar. Act August 5, 1892, and March 3, 1893. Columbian coins. Sec. 3514. The standard for both gold and silver coins of standard f r the United States shall be such that of one thousand parts foina™ * ^^' by weight nine hundred shall be of pure metal and one JMij.,aoo.i3, hundred of alloy. The alloy of the silver coins shall be of copper. The alloy of the gold coins shall be of copper, or of copper and silver; but the silver shall in no case exceed ,„ J. XI ,. ,, 1 1 11 Minor coin«, one- tenth 01 the whole alloy. their weight and Sec. 3515. The minor coins of the United States shall be »"j°^;j ^^^^ a five-cent piece, a three-cent piece, and a one-cent piece, ' The alloy for the five and three cent pieces shall be of cop- per and nickel, to be composed of three-fourths copper and one-fouL'th nickel. The alloy of the one-cent piece shall be ninety -five per centum of copper and five per centum of tin and zinc, in such proportions as shall be determined by the 48 Director of the Mint. The weight of the piece of five cents shall be seventy-seven and sixteen-hundredths grains troy; of the three-cent piece, thirty grains; and of the one-cent piece, forty-eight grains. ooSr*'ro'hiwted' ^-^^^ 3516. S.o coins, either of gold, silver, or minor coin- "°j6i/™eo. 17.^ ■ age, shall hereafter be issued from the Mint other than those fo^^oreiln""^* of the denominations, standards, and weights set forth in count, see act thiS Title. ^"nscTipt'ions Sec. 3517. Upon the coins there shall be the foUoMng "^iMd."s6o. 18. devices and legends : Upon one side there shall be an im- pression emblematic of liberty, with an inscription of the word " Liberty" and the year of the coinage, and upon the See act Sept reversc shall be the figure or representation of an eagle, 26, 1800, for new with the inscriptions "United States of America" and "E devices. Pluribus Unum," and the designation of the value of the coin ; but on the gold dollar and three-dollar piece, the dime, five, three, and one cent piece, the figure of the eagle shall be omitted; and on the reverse of the silver trade-dollar the weight and the fineness of the coin shall be inscribed, ^j^oidandsiiver S'EG. 3518. At the optiouof the owncr gold or silver may iMd., 860.19. be cast into bars of fine metal, or of standard fineness, or ^jeeactMay26, ^jjpg^j^gjj^ ^s he may prefer, with a stamp upon the same designating the weight and fineness, and with such devices impressed thereon as may be deemed expedient to prevent fraudulent imitation, and no such bars shall be issued of a less weight than five ounces, bumonr^blnd^ ^^^- 3519- Auy owner of gold bullion may deposit the posits may be re- same at any mint, to be formed into coin or bars for his ^"iMiJ., sec. 20. benefit. It shall be lawful, however, to refuse any deposit of less value than one hundred dollars, or any bullion so base as to be unsuitable for the operations of the Mint. In case where gold and silver are combined, if either metal be in such small praportion that it cannot be separated advantageously, no allowance shall be made to the deposi- tor for its value. SU'^^ rSJed ^^'^' 3^^^' ^^^ o'^ncr of Silver bullion may deposit the te'formf^^Sto Same at any mint, to be formed into bars, or into dollars of baMortrade-doi- ^j^g weight of four hundred and twenty grains troy, desig- iiid.,aee.2i. natcd in this Title as trade-dollars, and no deposit of silver for other coinage shall be received. Silver bullion contained in gold deposits, and separated therefrom, may, however, be paid for in silver coin, at such valuations as may be, from time to time, established by the Director of the Mint. ■ ^n^Mwrt^n- ^^^' ^^^^- When bullion is deposited in any of the mints, togitsTOhie.^^it shall be weighed by the superintendent, and when prac- _ ?MiJ., se«. !. ticable, in the presence of the depositor, to whom a receipt shall be given, which shall state the description and weight of the bullion. When, however, the bullion is in such a state as to require melting, or the removal of base metals, before its value can be ascertained, the weight, after such operation, shall be considered as the true weight of the bullion deposited. The fitness of the bullion to be received shall be determined by the assayer, and the mode of melt- ing by the melter and refiner. Assay of bull- Sec. 3522. From every parcel of bullion deposited for " jiiei., sec. 23. coiuagc or bars, the superintendent shall deliver to the 49 assayer a sufficient portion for tlie purpose of being assayed. The bullion remaining from the operations of the assay - shall be returned to the siiperintendent by the assayer. Sec. 3523. The assayer shall report to the superintendent of^''^^^" *°,,f* the quality or fineness of the bullion assayed by him, andtendent ^'^1^1'^ such information as will enable him to compute the amount "^yed""'™ ^' of the charges hereinafter provided for, to be made to the ii>id., sec. 24. depositor. Sec. 3524. The charge for converting standard gold bul- charges for T 'J. • 1111 nn,-, n I run convertiiiff bul- lion into coin shall be one-nfth of one per centum. Theiion, &o!^ into charges for converting standard silver into trade-doUars for ""j^j^ ^g^ 35. melting and refining when bullion is below standard, for Eepeaiedi in toughening when metals are contained in it which render i4'i'87^sto!a!^™" it unfit for coinage, for copper used for alloy when the bullion is above standard, for separating tlie gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the Director, with the concurrence of the Secretary ot the Treasury, so as to equal but not exceed, in their judgment, the actual average cost to each mint and assay-office of the material, labor, wastage, and use of machinery employed in each of the cases aforementioned. Sec. 3525. The assayer shall verify all calculations made n^'f^^li^tJ^^ by the superintendent of the value of deposits, and, if sat-ofthevaiaeof de- isfied of the correctness thereof, sliall countersign the cer- KiJi™''ceHifl' tificate required to be given by the superintendent to the«ates. j„„„ -j.^ • J i Ibid., aeo. 26. depositor. Sec. 3526. In order to procure bullion for the silver coin- huujon for^nver age authorized by this title, the superintendents, with the coinage; the sii- approval of the Director of the Mint, as to price, terms, and ''^md°^a^2t quantity, shall purchase such bullion with the bullion-fund. The gain arising from the coinage of such silver bullion into coin of a nominal value exceeding the cost thereof shall be credited to a special fund denominated the silver -profit fund. This fund shall be charged with the wastage incurred in the silver coinage, and with the expense of distributing such silver coins as hereinafter provided. The balance to the credit of this fund shall be from time to time, and at least twice a year, paid into the Treasury of the United States. p^ .^ ontsil- Sec 3527. Silver coins other than the trade-dollar shall vercSSffo?goi« be paid out at the several mints, and at the assay-offlce in ""j'^i^aeol^glt'^ New York City, in exchange for gold coins at par, in sums not less than one hundred dollars. It shall be lawful, also, to transmit parcels of the same, from time time, to t^e assistant treasurers, depositaries, and other officers of the United States, under general regulations proposed by the ^^^ ^^^^, ^^_ Director of the Mint, and approved by the Secretary of thegust' 4, is 8 el Treasury. Nothing herein contained shall, however, pre- ^"•^"^ ^' i^^*- vent the payment of silver coins, at their nominal value, for silver parted frotfl gold, as provided in this Title, or for change less than one dollar in settlement for gold deposits. But for two years after the twelfth day of February, eight- een hundred and seventy -three, silver coins shall be paid at the mint in Pliiladelphia, and the assay-office in New York City, for silver bullion purchased for coinage, under S. Eep. 235 4 50 sucli regulations as may be prescribed by the Director of the Mint and approved by the Secretary of the Treasury. p,ai chase of Sec. 3528. For the purchase of metal for the minor coin- ™Sg6° tt" m^ age authorized by this Title, a sum not exceeding fifty thou- nor-coin'ageprof- gand dollar s iu lawful money of the United States shall be 'itiii.', sec. 29. transferred by the Secretary of the Treasury to the credit of the superintendent of the mint at Philadelphia, at which establishment only, until otherwise provided by law, such coinage shall be carried on. The superintendent, with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage by public advertisement, and the lowest and best bid shall be accepted, the fineness of the metals to be determined on the mint assay. ' The gain arising from the coinage of sucli metals into coin of a nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage ijrofit fund; and this fund shall be charged with the wastage incurred in such coinage, and with the cost of distributing said coins as hereinafter provided. The balance remaining to the credit of this fund, and any bal- ance of profits accrued from minor coinage under former acts, shall be, from time to time, and at least twice a year, covered into the Treasury. Delivery of mi- Sec. 3529. The miuor coins authorized by this Title may, HOT c o 1 Ti s * rG" ■' / demotion. ' at the discretion of the Director of the Mint, be delivered in Ibid., sec. 30. j^^y ^f the principal cities and towns of the United States, at the cost of the Mint, for transportation, and shall be ex- changeable at par at the mint in Philadelphia, at the discre- tion of the superintendent, for any other coin of copper, bronze, or copper-nickel heretofore authorized by law. It shall be lawful for the Treasurer aad the several assistant treasurers and depositaries of the United States to redeem, in lawful money, under such rules as may be prescribed by the Secretary of the Treasury, all .copper, bronze, and copper-nickel coins authorized by law when presented in sums of not less than twenty dollars. Whenever, under this authority, these coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Secretary of the Treasury is authorized and required to direct that such coinage shall cease until other- wise ordered by him. Transferof bull- Sec. 3530. Parccls of bulliou shall be, from time to time, iStohi^g^o™"'"" transferred by the superintendent to themelter and refiner, Jbid., sec. 31. A careful record of these transfers, noting the weight and cliaracter of the biilhon, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the melter and refiner. The bullion thus placed in the hands of the melter and refiner shall be subjected to the several proc- esses Avhich may be necessary to form it into ingots of the legal standard, and of a quality suitable for coinage. savef *'and'^T6: ^^^' ^^^^- '^^® ^^^sots SO prepared shall be assayed. If oeipteri for. ' thcy prove to be within the limits allowed for deviation liid.,mo.B2. fj,Q^ j-jjp standard, the assayer shall certify the fact to the superintendent, who shall thereupon receipt for the same, &nd transfer them to the coiner. 51 Sec. 3532. The superiatendent shall, from time to time, Delivery of in- j T ,,■,■■ J. ^ ., ' jj • A gots to coiner for deliver to the coiner mgots for the purpose of coinage. A coinage. careful record of these transfers, noting the weight and -''""•■aeo.ss. character of the bullion shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the coiner. The ingots thus placed ;n the hands of the coiner shall be subjected to the several processes necessary to make from them coins in all respects conformable to law. Sec. 3533. ISo ingots shall be used for coinage which dif- . standards of fer ti'om the legal standard more than the following propor- comago"'" tions, namely: In gold iugots, one thousandth; in silver iMd.,sec.33. ingots, three thousandths; in minor-coinage alloys, twenty- iive thousandths, in the proportion of niokel. Sec. 3534. The melter and refiner shall prepare all bars preparation and required for the payment of deposits; but the fineness |^*™p^°k°^1'*™ thereof shall be ascertained and stamped thereon by the deposits. assay er. The melter and refiner shall deliver such bars to iiid.,aaa.si. the superintendent, who shall receipt for the same. Sec. 3535. In adjusting the weights of the gold coins, the Delations ai- following deviations shall not be exceeded in any single lowed in adjust- piece: In the double-eagle and the eagle, one-half of a g°f,i g^f,;f^*^ "' grain; in the half-eagle, the three-dollar pjece, the quarter- itid., aec.3^. eagle, and the one-doUar piece, one-fourth of a grain. And - in weighing a number of pieces together, when delivered by the coiner to the superintendent, and by the superintendent to the depositor, the deAriation from the standard weight shall not exceed one hundredth of an ounce in five thousand dollars in double-eagles, eagles, half-eagles, or quarter- eagles, in one thousand three-dojlar pieces, and in one thou- sand one-dollar pieces. Sec. 3536. In adjusting the weight of the silver coins the of silver coins, following deviations shall not be exceeded in any single [r^heword'^a" piece: In the dollar, the half and quarter dollar, and in the inserted in fourth dime, one and one-half grains. And in weighing [a] large "\^eighing5'* by number of pieces together, when delivered by the coiner to ag^^ "^^^"J^ 27, the superintendent, and by the superintendent to the depos- 249.]' ™ ' ' ^' itor, the deviations from the standard weight shall not ex- ceed two-hundredths of an ounce in one thousand dollars, half-dollars, or quarter-dollars, and one-hundredth of an ounce in one thousand dimes. Sec. 3537. In adjusting the weight of the minor coins of minorooins. provided by this Title, there shall be no greater deviation ^'"■'^■' ^^<'-^^- allowed than three grains for the five-cent piece and two grains for the three and one cent pieces. Sec. 3538. The coiner shall, from time to time, as coins Delivery of are prepared, deliver them to the superintendent, who shall and' t/iaT"of receipt for the same, and who shall keep a careful record of pi|.™»- ^^^ ^^ their kind, number, and actual weight. In receiving coins ' •> ^^ • it shall be the duty of the superintendent to ascertain, by the trial of a number of single pieces separately, whether the coins of that delivery are within the legal limits of the standard weight; and if his trials for this purpose shall not prove satisfactory, he shall cause all the coins of such delivery to be weighed separately, and such as are not of legal weight shall be defaced and delivered to the melter and refiner as standard bullion, to be again formed into 52 ingots and recoined ; or the whole delivery may, if more coO' veiiient, be remelted. Trial pieces to Seo. 3539. At cvery delivery of coins made by the coiner t ? Tnl m i t tea ^^ ^ Superintendent, it shall be the duty of such superintend- quarterly to the ent, in the presence of the assayer, to take indiscriminately phfa.*' "^^^'a certain number of pieces of each variety for the annual jud., sec. 40. trial of coins, the number for gold coins being not less than one piece for each one thousand pieces or any fractional part of one thousand pieces dehvered; and for silver coins one piece for each two thousand pieces or any fractional part of two thousand pieces delivered. The pieces so taken shall be carefully sealed up in an envelope, properly labeled, stating the date of the delivery, the number and denomination of the pieces inclosed, and the amount of the delivery from which they were taken. These sealed parcels contaiaing the re- served pieces shall be deposited in a pyx, designated for the purpose at each mint, which shall be keptunder thejointcare of the superintendent and assayer, and be so secured that neither can have access to its contents without the presence of the other, and the reserved pieces in their sealed envel- opes from the coinage of each mint shall be transmitted quarterly to the mint at Philadelphia. A record shall also be kept at the same time of the number and denomination of the pieces so taken for the annual trial of coins, and of the numoer and denominations of the pieces represented by them and so delivered, a copy of which record shaU be transmitted quarterly to the Director of the Mint. Other pieces may, at any time, be taken for such tests as the Director of the Mint shall prescribe. Disposaiof clip- Seo. 3540. The coiner shall, fi'om time to time, deliver to ^'ift'd.^BTO.a. the superintendent the clippings and other portions of bul- lion remaining after the process of coining; and the super- intendent shallreceipt for the same and keep a careful record of their weight and character. Yearly settto- Sec. 3541. The Superintendent shall debit the coiucr with "f^TOtae?°anTof t^® amount in weight of standard metal of all the bullion meiter and refln- placed iu his hands, and credit him with the amount in er. 'ibid., seo. 42. weight of all the coins, clippings, and other bullion returned by him to the superintendent. Once at least in every year, and at such time as the Director of the Mint shall appoint, there shall be an accurate and fall settlement of the accounts of the coiner, and the meiter and refiner, at which time those officers shall deliver up to the superintendent all the coins, clippings, and other bullion in their possession, respectively, accompanied by statements of all the bullion delivered to them since the last annual settlement, and all the bullion returned by them during the same period, including the amount returned for the purpose of settlement. Allowance for Seo. 3542. When all the coins, clippings, and other bul- ^fbid^aec. 43. ^iou havc bccu delivered to the superintendent, ifj»shall be his duty to examine the accounts and statements rendered by the coiner and the meiter and refiner. The difference between the amount charged and credited to each officer shall be allowed as necessary wastage, if the superintendent shall be satisfied that there has been a bona-flde waste of the precious metals, and if the amount shall not exceed, in 53 the case of tlie melter and refiner, one thousandth of the whole amount of gold, and one and one-half thousandths of the whole amount of silver delivered to him since the last annual settlement, and in the case of the coiner, one-thou- sandth of the whole amount of silver, and one-half thou- santh of the whole amount of gold that has been delivered to him by the superintendent. All copper used in the alloy of gold and silver bullion shall be separately charged to the melter and refiner, and accounted for by him. Sec. 3543. It shall also be the duty of the superintendent statement of to forward a correct statement of his balance-sheet, at the ^f |°™^/ed b° close ot such settlement, to the Director of the Mint; who sup'erfnieiiden^ shall compare the total amount of gold and silver bullion ^^ jj^^'^l'*"'' "^ and coin on hand with the total liabilities of the mint. At in^; sec. 44. the same time a statement of the ordinary expense account, and the moneys therein, shall also be made by the superin- tendent. Sec. 3544. When the coins or bars which are the equiv- poiiTery of aleut to any deposit of bullion are ready for delivery, theyaeSiaUor.*™ *° shall be paid to the depositor, or his order, by the superin- -"'»'^- sec. 45. tendent; and the payments shall be made, if demanded, in the order in which the bullion shall have been brought to the mint. In cases, however, where there is delay in ma- nipulating a refractory deposit, or for any other unavoid- able cause, the payment of subsequent deposits, the value of which is known, shall not be delayed thereby. In the denominations of coin delivered, the superintendent shall comply with the wishes of the depositor, except when im- practicable or inconvenient to do so. Sec. 3545. For the purpose of enabling the mints and^^^^y™*^* 'j* the assay-office in New York to make returns to depositors itora when value with as little delay as possible, it shall be the duty of the '''iWd^"eo.'47. Secretary of the Treasury to keep in such mints and assay- of&cCj when the state of the Treasury will admit thereof, such an amount of public money, or bullion procured for the purpose, as he shall judge convenient and necessary, out of which those who bring bullion to the said mints and assay-office may be paid the value thereof, in coin or bars, as soon as practicable after the value has been ascertained. On payment thereof being made, the bullion so deposited shall become the property of the United States. The Secretary of the Treasury may, however, at any time with- draw the fund, or any portion thereof. Sec. 3546. IJnparted buUion may be exchanged at any „n^"t ^^ l^m" ' of the mints for fine bars, on such terms and conditions as for'fine^barB. maybe prescribed by the Director of the Mint, with the -^*»<^-. secia. approA'al of the Secretary of the Treasury. The fineness, weight, and value of the bullion received and given in ex- change shall in all cases be determined by the Mint assay. The charge to the depositor for refining or parting shall not exceed that allowed and deducted for the same opera- tion in the exchange of unrefined for refined bullion. Sec. 3547. To secure a due conformity in the gold and and "eew^*"* silver coins to their respective standards of fineness andasaay-oommis- weight, the judge of the district court for the eastern dis- "zfiS^ecig. trict of Pennsylvania, the Comptroller of the Currency, the 54 assayer of the assay-office at xfew York, and sucli other per- sons as the President shall, from time to time, designate, shall meet as assay-commissioners, at the mint in Philadel- phia, to examine and test, in the presence of the Director of the Mint, the fineness and weight of the coins reserved by the several mints for this purpose, on the second Wed- nesday in February, annually, and may continue their meet- ing by adjournment, if necessary. If a majority of the com- missioners fail to attend at any time appointed for their meeting, the Director of the Mint shall call a meeting of the commissioners at such other time as he may deem conven- ient. If it appears by such examination and test that these coins do not differ from the standard fineness and weight by a greater quantity than is allowed by law, the trial shaU be considered and reported as satisfactory. If, however, any greater deviation from the legal standard or weight appears, this fact shall be certified to the President; and if, on a view of the circumstances of the case, he shall so decide, the officers implicated in the error shall be thenceforward disqualified from holding their respective offices. standard troy Seo. 3548. For the purpose of securing a due conformity ?e™uiatio*n ofi° wcight of the coins of the United States to the provi- coinage. sious of thls Title, the brass troy-pound weight procured by ibid.,aee.49. ^^le minister of the United States at London, in the year eighteen hundred and twenty-seven, for the use of the Mint, and now in the custody of the mint in Philadelphia, shall be the standard troy pound of the Mint of the United States, conformably to which the coinage thereof shall be regulated, standard Sec. 3549. It Shall be the duty of the Director of the Mint mints^iJid M^ay^to procure for cach mint and assay-office, to be kept safely "^Md sec 50 t^i^i'^a't) a scrics of standard weights corresponding to the ■' ^^' ' standard troy pound of the Mint of the United States, con- sisting of a one-pound weight and the requisite subdivisions and multiples thereof, from the hundreth part of a grain to twenty-five pounds. The troy weight ordinarily em- ployed in the transaction of such mints and assay-offices shall be regulated according to the above standards at least once in every year, under the inspection of the superintend- ent and assayer; and the accuracy of those used at the mint , at Philadelphia shall be tested annually, in the presence of the assay-commissioners, at the time of the annual examina- tion and test of coins. Yearly destine Sec. 3550. The obvcrsc working dies at each mint shall, *'orkjn'*c5e^''™*^* *^® ^^^ of cach Calendar year, be defaced and destroyed ^n>id!%e^ii. by the coiner in the presence of the superintendent and assayer. National and Sec. 3551. Dies of a national character maybe executed bl'Xucka^S^y *^®. engraver, and national and other medals struck by at Philadelphia, the coiucr of the mint at Philadelphia, under such regu- im., 860. 52. lations as the superintendent, with the approval of the Director of the Mint, may prescribe. Such work shall not, however, interfere with the regular coinage operations, and no private medal dies shall be prepared at any mint, or the machinery or apparatus thereof be used for that pur- pose. 55 Seo. 3552. The moneys arising from all charges and ^6-^^^"°^^^.*™=^°! ductions on and from gold and silver bullion andthemanu- ded™otionrto™e facture of medals, and from all other sources, except as pro- TrTOSMy!"*" *"'^ vided by this Title, shall, from time to time, be covered into ikd.,aea.53,. the Treasury, and no part of such deductions or metal charges, or profit on silver or minor coinage, shall be ex- pended in salaries or wages. All expenditures of the mints and assay-offices, not herein otherwise provided for, shall be paid from appropriations made bylaw on estimates far- nished by the Secretary of the Treasury. Sec. 3553. The business of the United States assay-ofiice Business of as- at l^Tew York shall be in all respects simil^-r to that of the^^J;^"^^*'^'^ mints, except that bars only, and not coin, shall be manu- md-, sec. si. factured therein ; and no metals shall be purchased for minor coinage. All bullion intended by the depositor to be con- verted into coins, of the United States, and silver bullion pm'chased for coinage, when assayed, parted, and refined, and its net value certified, shall be transferred to the mint at Philadelphia, under such directions as shall be made by the Secretary of the Treasury, at the expense of the contin- gent fund of the Mint, and shall be there coined, and the proceeds returned to the assay-offlce. And the Secretary of the Treasury is hereby authorized to make the necessary arrangements for the adjustment of the accounts upon such transfers between the respective offices. Seo. 3554. The officers of the. assay-office at ISTew York „-^^f°^'^^''§l^ shall be a superintendent, an assayer, and a melter and re- xork. finer; each of whom shall be appointed by the President, •'^''"'• by and with the advice and consent of the Senate. Sec. 3555. The duties of the superintendent, the assayer, „a^^\t*"N^v and the melter and refiner of the assay-office at N"ew York York. shall correspond to those of superintendents, assayers, and ^'^'^■' ^''°' °*' melters and refiners of mints ; and all the provisions of this Title relating to mints and their officers, the duties and re- sponsibilities of such officers, and others employed therein, the oaths to be taken, and the bonds and sureties to be given by them, shall extend, as far as the same may be ap- plicable, to the assay-office at New York, and to its officers, clerks, and employes. Sec. 3556. The officers of the assay-office at New York^ SaMesof^offl- shall be entitled to the following salaries: York. First. The superintendent, to four thousand five hundred ^''"'•' ^™' ^"^ dollars a year. Second. The assayer, to three thousand dollars a year. Third. The melter and refiner, to three thousand dollars. 2,01^^°^*™*^' Sec. 3557. The appointment and compensation of assist- sistants and em- ants, clerks, and workmen in the assay-office at New York^'^j!^ zwif*'' shall be regulated in the same manner as is prescribed in regard to mints. Sec. 3558. The business of the mint of the United States Business of at Denver, while conducted as an assay-office, that of the ™™'as* a^oSces United States assay-office at Boise City, and that of any a*^^»™j.Cityar'i'aced by section thirty-five hundred and fifty-eight, shall ibid., sees. 67, have general charge ot the office; and may employ, under ^*' the direction of the Director of the Mint, such clerks, work- men, and laborers as inay be authorized therefor by law; Compensation ^^^ Shall discharge the duties of disbursing agent for the of employes. expenses of the offlcc uuder Ms charge. The salaries paid to clerks shall not exceed one thousand eight hundred dol- lars a year each. Workmen and laborers shall receive such wages as are customary according to their respective sta- tions and' occupations. Bond and oatii Sec. 3561. Each officcr and clerk appointed at either of cierk'*^"^'^ ""^ *^® assay-offices embraced by section thirty- five hundred jud., sec. 58. and fifty-eight shall, before entering upon the duties of his [Amended by office, take an oath pursuant to the provisions of Title xix, ^dEeb 18^875 i " Provisions APPLYING [applicable] to several CLASSES OF OPFICEES ,"and shall give a bond to the United States, with one or more sureties, satisfactory to the Direc- tor of the Mint or to one of the judges of the supreme court of the State or Territory in which the office to which he is appointed is located, conditioned for the faithful perform- ance of his duties. [See §§ 1756, 1757.] Laws relating gEC. 3562. All provisious of law for the regulation of to assay-^c^oesf miuts, the government of officers and persons employed Ibid., BBC. m. therein, and for the punishment of all offenses connected [See Eevised with miuts or Coinage, shall extend to all assay-offices as 546o']**^' ^ * " ' ^^^' ^^ applicable. Decimal system Sec. 3563. The money of account of the United States *^2'Apr!'n92, ob. shall be expressed in dollars or units, dimes or tenths, cents, 16, sec. 20. ' or hundredths, and mills or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar, a mill the thousandth part of a dollar; and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation. Value of foreign Sbc. 3564. The value of foreign coin as expressed in the teined'""^ '^°'''^" money of account of the United States shall be that of the 3Mar 1873, oh. pure metal of such coin of standard value; and the values '^^''' ■ of the standard coins in circulation of the various nations of the world shall be estimated annually by the Director of the Mint, and be proclaimed on the first day of January by the Secretary of the Treasury, vaine of the Sec. 3565. In aU payments by or to the Treasury, whether poirnd'sleShig" made here or in foreign countries, where it becomes neces- ibid., Heo.2. sary to compute the value of the sovereign or pound ster- ling, it shall be deemed equal to four dollars eighty-six cents and six and one-half mills, and the same rule shall be applied in appraising merchandise imported where the value is, by the invoice, in sovereigns or jJouuds sterling, and in the construction of contracts payable in sovereigns or pounds sterling; and this valuation shall be the par of 57 exchange between Great Britain and the United States; and all contracts made after the first day of January, eight- een hundred and seventy-four, based on an assumed par of exchange with Grreat Britain of fifty-four pence to the dollar, or four dollars forty-four and four-ninths cents to the sover- . eign or pound sterling, shall be null and void. • e • Sec. 3566. AU foreign gold and silver coins received in foreS'comB. " payment for moneys due to the United States shall, before ^ ^^^^Jv^'^'"''- being issued in circulation, be coined anew. ' 21 Feb., 1857, Sbo. 3567. The pieces commonly known as the quarter, "^sp\n®f;| and eighth, and sixteenth of the Spanish pillar dollar, and of the Mexican coins. Mexican dollar, shall be receivable at the Treasury of the ,^' ^''^•' i^"^- United States, and its several offices, and at the several post- " '^ '^"^'^ offices and land-ofiices, at the rates of valuation following: the fourth of a dollar, or piece of two reals, at twenty cents; the eighth of a dollar, or piece of onererl, at ten cents; and the sixteenth of a dollar, or half-real, at five cents. Seo. 3568. The Director of the Mint, with the approval of J^«|^J™™'J'?^: the Secretary of the Treasury, may prescribe such regula- age. tions as are necessary and proper, to secure the transmission ^^^g^g^-'j ^^^''' of the coins mentioned in the preceding section to the mint" ^^^*°, for recolnage, and the* [rejtui'n or distribution of the pro- act "eb" 27^877^ ceeds thereof, when deemed expedient, and may prescribe ™^-^^'P- 2*9- such forms of account as are appropriate and applicable to the circumstances. The expenses incident to such trans- mission or distribution, and of recoinage, shall be charged against the account of silver profit and loss, and the net profits, if any, shall be paid, from time to time, into the Treasury. COUNTEEFEITING COIN. Sec. 5457. Every person who falsely makes, forges, or Connterfeittng counterfeits, or causes, or procures to be falsely made, foJn. ™ silver forged, or counterfeited, or willing^ aids, or assists i^ ■^ll^^\l^'^\'^^- falsely making, forging, or counterfeiting any coin or bars p. 434?' '^°' ' in resemblance or similitude of the gold or silver coins or acfj^^ie^m^ bars which have been, or hereafter may be, coined or • • • stamped at the mints and assay-offices of the [Jnited States, or in resemblance or similitude of any foreign gold or sil- ver coin which by law is, or hereafter may be made, cur- rent in the United States, or are in actual use and circulation see act rebm- as money within the United States, or who passes, utters, "^ ^"^ ^^^^" publishes, or sells, or attempts to pass, utter, publish, or sell, or bring into the United States from any foreign place, or has in his possession, any such false, forged, or counter- feited coin or bars, knowing the same to be false, forged, or counterfeited shall be punished by a fine of not more than five thousand dollars and by imprisonment at hard labor not more than ten years. Sec. 5458. Every person who falsely makes, forges, or Counterfeiting iT.j?ii3 minor coins. counterfeits, or causes, or procures to be falsely made, 12 Feb., 1873, forged, or counterfeited, or willingly aids, or assists ia^^^-^^. falsely making, forging, or counterfeiting, any coin in the resemblance or similitude of any of the minor coinage * See act of February 21, 1857, cii, 56, sec. 2. 58 ■whicli has been, or hereafter may oe, coined at the mints of the United States; or who passes, utters, publishes, or sells, or brings into the United States from any foreign place, or has in his possession, any such false, forged, or counterfeited coin, with intent to defraud any person what- soever, shaU. be punished by a fine of not more than one thausand dollars and by imprisonment at hard labor not Mutilating i""i^6 than three years, coinage.. Sec. 5459. Every person who fraudulently, by any art, jbi ., sec. 63. ^a^y^ Qj. means, defaces, mutilates, impairs, diminishes, falsi- fies, scales, or lightens the gold and silver coins which have been, or which may hereafter be, coined at the mints of the United States, or any foreign gold or silver coins which are by law made current or are in actual use and cir- culation as money within the United States, shall be im- prisoned not more than two years and fined not more than Debasement of two thonsand dollars. offi'o^frs '^f'thl ^^<^- ^^^^- If ^^7 of the gold or silver coins struck or mint. coined at any of the mints of the United States shall be Ibid., sec. 64. ,jebased, or made worse as to the proportion of fine gold or fine silver therein contained ; or shall be of less weight or value than the same ought to be, pTirsuant to law; or if any of the weights used at any of the mints or assay-offices of the United States shall be defaced, increased, or diminished through the-fault or connivance of any of the of&cers or per- sons who are employed at the said mints or assay-ofllces, with a fraudulent intent; and if any of the said officers or persons shall embezzle any of the metals at any time com- mitted to their charge for the purpose of being coined, or any of the coins struck or coined at the said mints, or any medals, coins, or other moneys of said mints or assay-offices at any time committed to their charge, or of which they may have assumed the charge, every such officer or person who commits any or either of the said offenses shall be im- prisoned at hard labor for a term not less than one year nor more than ten years, and shall be fined in a sum not Mating or nt- I'tiore than ten thousand dollars, terine coin in Sbo. 5461. Every person who, except as authorized by mon^.™™ ° law, makes, or causes to be made, or utters or passes, or oL ii^voLH^*' ^^^^''^P*^ ^'^ utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for the use and purpose of current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be punished by fine of not more than three thousand dollars, or by imprisonment not more than Mating or is- ^ve ycars, or both. suing devices of Sec. 5462. Bvcry person not lawfully authorized, who minor coins. i- u*. o -, . ^ i 16 May, 1866, makcs, issues, or passes, or causes to be made, issued, or vol. Up. 47."' *' P^'Ssed, any coin, card, token or device in metal or its com- 22 Apr., 1864, pounds, which may bc intended to be used as money for s^ofis, p.°55. "' a^y one-cent, two-cent, three-cent, or five-cent piece, now or hereafter authorized by law, or for coins of equal value, shall be punished by a fine of not more than one thousand doUars and by imprisonment not more than five years. 59 PAYMENTS BY OR TO THE UNITED STATES. " Sec. 3473. All duties on imports shall be paid in gold and Dntiesananth. silver coin only, [or coin certificates], or in demand Treas- gnued stet'ea!in Tiry notes, issued under the authority of the acts of July^^'i''*o"rrenoyto seventeen, eighteen hundred and sixty-one, chapter five; Y™ Words in and February twelve, eighteen hundred and sixty- two, chap- by^aw of rlb^ 2^7* ter twenty; and all taxes and all other debts and demands 1877. than duties on imports, accruing or becoming due to thegofg'^^'i'si'Ttilo!'' United States, shall be paid in gold and silver coin, Treas- 23 Deo., i857, ury notes. United States notes, or notes of national banks; u.' ' ^^' ' ™ " and upon every such payment credit shall be given for the ^j^^'^ "^^^/'i ^l^Ji amount of principal and interest due on any Treasury note 12,' p! 259.' ' [or notes] woireoeived in payment on the day when the samepj,*4e^^s-'gi86i, are received. • 12. p- 313. 2 Feb.. 1862, ch. 20, vol. 12, p. 338; 25 Feb., 1862, oh. 33, sees. 1, 5, vol. 12, pp. 345, 346; 11 -" '" - -- ^ - " '— - ■ " 3, 6, vol. 12, pp. 710, 30 June, 1864, oh. 172, act Feb. 27, 1877. Seo. 3474. No gold or silver other than coin of standard ^e^^bil ™'° ™' fineness of the United States, shall be receivable in pay- si Aug., 1852, ment of dues to the United States, except as provided in ^^■^''^■^^''^.■^"i- section twenty-three hundred and sixty-six. Title " Public ,^1 ^«''' is''^- Lands," and in section thirty-five hundred and sixty-seven, voLiipTitis.^' ^' Title " Coinage, Weights, and Measures." LEGAX, TENDER. Sec. 3584. No foreign gold or silver coins shall be a legal Foreign coins, tender in payment of debts. oh.se.^stci's.^voi'. Sec. 3585. The gold coins of the United States shall be a 11, p. les. legal tender in all payments at their nominal value when t h^e^'^u^Tt e°d not below the standard weight and limit of tolerance pro- ^'f*^^^, vided by law for the single piece, ^nd, when reduced in oh. m, sec, u, weight below such standard and tolerance, shall be a legal ™^- "> p- ^^s- tender at valuation in proportion to their actual weight. Sec. 3586. The silver coins of the United States shall be ^''™^ ^o™' "' a legal tender at their nominal value for any amount not states. " ' * * exceeding five dollars in any one payment. ^^j^^ ^^_ j5_ Note. — For succeeding legislation see : Act of April 17, 1875. To redeem fractional paper cur- rency with subsidiary silver coins. Act of July 22, 1876. To issue silver coins in exchange for legal-tender notes; repealing legal tender of the trade dollar and restricting its coinage; limiting subsidiary silver coinage to $60,000,000. Act of February 28, 1878. Restoring legal-tender qual- ity of silver dollar and directing its coinage and the issuance of certificates therefor. Act of July 14, 1890. Discontinuing coinage of standard silver dollar; authorizing purchase of silver and issuance of certificates as legal tender. Sec. 3687. The minor coins of the United States shall be Minor coins. A legal tender at their nominal value for any amount not i>>id., see. la. •ixceeding twenty-five cents in any one payment. 60 PURCHASE OF COIW. com Purchase of s^c. 3700. The Secretary of the Treasury may purchase i?' Mar., 1802, coin with any of the bonds or notes of the United States, )i. if 'p.^370. ^' authorized by law, at such rates and upon such terms as he may deem most advantageous to the public interest. PROVISIONS OF THE REVISED STATUTES RELATING TO LOANS AND THE CURRENCY. Provisions relative to the general duties of the Secretary of the Treasury respecting loans and the curreny. THE SECRETARY OF THE TREASURY, General duties ^EC. 248. The Secretary of the Treasury shall, from time of the Secretary, to time, digest and prepare plans for the improvement and management of the revenue, and for the support of the pub- lic credit; shall superintend the collection of the revenue; shall, from time to time, prescribe the forms of keeping and rendering all public accounts and making returns; shall grant, under the limitations herein established, or to be hereafter provided, all warrants for moneys to be issued from the Treasury in pursuance of appropriations by law; shall make report, and give information to either branch of the legislature in person or in writing, as may be required, respecting all matters referred to him by the Senate or House of Representatives, or which shall appertain to his offlce ; and generally shall perform all such services relative to the finances as he shall be directed to perform. « * # # * * Euies, reguia-- Sec. 251. The Secretary of the Treasury shall make and '''"o^'iFeb^ '°S' ^^^'^^ ^^om time to time such instructions and regulations to ohiii.seoa.u.is^the Several collectors, receivers, depositaries, oflcers, and ™6Ang.,i846,cii. othcrs who may rcceivc Treasury notes. United States notes, 84, sec. 5, vol' 9. or othcr securities of the- United States, or who may be in 30 June, 1864, any way engaged or employed in the preparation and issue i3,p'l'2ita»tZp-Of the same, as he shall deem best calculated to promote ^^14 Jul 1870 *^® public convenience and security, and to protect the ch. 255" sec. 3*; United States, as well as individuals, from fraud and loss; ^"iViiay, 1856,1^® Shall prescribe forms of entries, oaths, bonds, and other Ees. 9, vol'. 11. ' papers, and rules and regulations, not inconsistent with law, to be used under and in the execution and enforcement of the various provisions of the internal-revenue laws, or in carrying out the provisionsof law relating to raising revenue from imports, or to duties on imports, or to warehousing; he shall give such directions to collectors and prescribe such rules and forms to be observed by them as may be necessary for the proper execution of the law; he shall also prescribe the forms of the annual statements to be sub- mitted to Congress by him showing the actual state ofcom- , merce and navigation between the United States and foreign countries, or coastwise between the collection districts of the United States in each year. * * » » # # Deposits of gold. Sec. 254. The Secretary of the Treasury is authorized to receive deposits of gold coin and buUionwith the Treasurer' 61 j or any assistant treasurer of the United States, in sums not ^^ '^^^■'^^^{"^■^ i less than twenty dollars, and to issue certificates therefor, p.7iii(in'««,p.'i49! in denominations of not less than twenty dollars, each, cor- responding with the. denominations of the United States notes. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the Treasury for the payment of the same on demand. And certificates representing coin in the Treasury may be issued in payment of interest on the public debt, which certificates, together with those issued for coiu and bullion deposited, shall not at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury; and the certificates for coin and bullion in the Treasury shall be received at par in payment for duties on imports. ****** Sec. 257. The Secretary of the Treasury shall make the following annual reports to Congress : First. A report on the subject of finance, containing esti- mates of the public revenue and public exenditures for the fiscal year then current, and plans for improving and in- creasing the revenues from time to time, for the purpose of giving information to Congress in adopting modes of rais- ing the money requisite to meet the public expenditures. LAWS PASSED SINCE JUNE 22, 1874. ACT OP JANUARY 14, 1875. An act to provide for the resumption of specie payments. Be it enacted hy the Senate and Rouse of Representatives of the United States of America in Congress assembled, That the j^^^^ ^j ^ji^^. Secretary of the Treasury is hereby authorized and required, coins for the re- as rapidly as practicable, to cause to be coined, at the mints MonaiTunen^ of the United States, silver coins of the denominations of authorized, ten, twenty-five, and fifty cents, of standard value, and to issue them in redemption of an equal number and amount of fractional currency of similar denominations, or, at his discretion, he may issue such silver coins through the mints, the sub-treasuries, public depositaries and post-offices of the United States ; and, upon such issue, he is hereby au- thorized and required to r€deem an equal amount of such fractional currency, until the whole amount of such frac- tional currency outstanding shall be redeemed. ^ Sec. 2. That so much of section three thousand five hun- Repeal of an- di;ed and twenty-four of the Eevised Statutes of the United *''°ej.*/enta ''e'^^? States as provides for acharge of one-fifth of one per centum oon^veTsion of for converting standard gold bullion into coin is hereby re- '"see™K°*vi'sed pealed; and hereafter no charge shall be made for that statutes, 3524. service. Sec. 3. That section five thousand one hundred and sev- Repeal of umi- enty-seven of the Eevised Statutes, limiting the aggregate **^^\°*„^s^^ amount of circulating notes of national banking associations circulating be, and is hereby, repealed; and each existing banking asso- ""sll' Eevi sea elation may increase its circulatin g notes in accordance with statutes, 5177. existing law without respect to said aggregate limit; and 62 new banking associations may be organized in accoi'dance witli existing law without respect to said aggregate limit; Repeal of pro- ^^^ *^® provisions of law for the withdrawal and redistribu- visions for with- tion of national bank currency among the several States and teS^tion.'^'^'"^" Territories are hereby repealed. And whenever, and so stltute"3 sisi"^* often, as circulating notes shall be issued to any suchbank- ^ "^ ^^' ■ iug association, so increasing its capital or circulating notes, United States ^^ ®o newly Organized as aforesaid, it shall be the duty of notes in excess of Secretary of the Treasury to redeem the legal-tender United redeemed in a COT* Statcs notcs in cxccss Only of three hundred million of dol- tain ratio to in- lars, to the amount of eighty per centum of the sum of nation- crease ot nation- -i -i' -, j. • ij_ it_i' -j. ai-bamk oirouia- al-bauk notcs SO issued to any such banking association as tion.j aforesaid and to continue such redemption as such circulat- ing notes are issued until there shall be outstanding the sum of three hundred million dollars of such legal-tender United ij?itlT^'t™e°' States notes, andno more. And on and after the first day of notes" in coin January, anno Domini, eighteen hundred and seventy-nii\e, J^*®' •'^^"'"■y 1' the Secretary of the Treasury shall redeem, in coin, the United States legal-tender notes then outstanding, on their presentation for redemption at the office of the assistant treasurer of the United States in the city of New York, in Appropriation, sums of uot Icss than fifty doUars. And to enable the Sec- retary of the Treasury to prepare and provide for the re- demption in this act authorized or required, he is authorized to use any surplus revenues, from time to time, in the Treas- Saie of bonds ury uot Otherwise appropriated, and to issue, sell and dis- to redeemijuited Vo^^ of, at uot Icss than, par, in coin, either of the descriptions statesnotes. of bouds of the United States described in the act of Con- voi."r6^p!272^'''' gress approved July fourteenth, eighteen hundred and sev- enty, entitled "An act to authorize ttk retunding of the national debt," with like quaUtieh, privileges, and exemp- tions, to the extent necessary to carry this act into full effect, and to use the proceeds thereof for the purposes aforesaid. And all provisions of law inconsistent with the provisions of this act are hereby repealed. ACT OF MARCH 3, 1875. An act authorizing the coinage of a twenty-cent piece of silver at the Hint of the United States, Be it ena^cted by the Senate and Souse of Representatives of Twenty -c en tt/je United States of America in Congress assembled, That "ms; chjsi.voi. there shaU be, from time to time, coined at the mints of the 17, p. 424. ' United States, conformably in all respects to the coinage Kevised Stat- act of eighteen hundred and seventy-three, a silver coin of utes,36i3. ^jje denomination of twenty cents, and of the weight of five Eepealed. gramS. Sec. 2. That the twenty-cent piece shall be a legal tender Leffai tender at its nominal value for any amount not exceeding five dol- for what aums. t • , ^ lars m any one payment. Sec. 3. That in adjusting the weight of the twenty-cent BUnSd weight piece, the deviation from the standard weight shall not ex- ceed one and one-half grains ; and in weighing a large num- ber of pieces together, when delivered by the coiner to the Buperintendent and by the superintendent to the depositor 63 the deviation from the standard weight shall not exceed two-hundrodths of an ounce in one thousand pieces. Sec. 4. That all laws now in force in relation to the coins Existing laws of the United States, and the coinage of the same, shall, asappiicabie t« far as practicable, have full force and effect in relation to ^''■°™' '"'™' the coin hereby authorized whether the said laws are penal or otherwise, and whether they are for preventing counter- feiting or abasement, for protecting the currency, for regu- lating the process of coining and the preparation therefor, or for the security of the coin, or for any other purpose. ACT OP APRIL 17, 1876. Frovisions in regard to coinage contained in the act to provide for deficiencies in the Printing and Engraving Bureau of the Treasury Department, etc. ****** Sec. 2. That the Secretary of the Treasury is hereby directed to issue silver coins of the United States, of the rraotionaiour- denomination often, twenty, twenty-five, and fifty cents of ^^^y-j^^^ g^^^_ standard value, in redemption of an equal amount of frac-utea,35i3. tional currency, whether the same be now in the Treasury awaiting redemption, or whenever it may be presented for redemption ; and the Secretary of the Treasury may, under regulations of the Treasury Department, provide for such redemption and issue by substitution at the regular sub- treasuries and public depositories of the United States until the whole amount of fractional currency outstanding shall be redeemed. And the fractional currency redeemed under EedMmed cnr- this act shall be held to be a part of the sinking fund pro- orsiakmg fSnd. vided for by existing law, the interest to be com j)uted there- ^^f^^'"^-' ^^^^' on, as in the case of bonds redeemed under the act relating to the sinking-fund. ACT OP JULY 22, 1876. Joint resolution for the issue of silver coins. Resolved by the Senate and House of Representatives of (he United States of America in Congress assembled, That the suvor coin to Secretary of the Treasury, under such limits and regulations ohanl" for ug*ai- as will best secure a just and fair distribution of the same to"*""^ notes. through the country, may issue the silver coin at any time in the Treasury to an amount not exceeding ten million dol- lars, in exchange for an equal amount of legal- tender notes; and the notes so received in exchange shall be kept as ^](^e^?*°'a*°e !"»! special fund separate and apart from all other money in the tund.'^ * ^J'^"'" Treasury, and be reissued only upon the retirement and T^seof. destruction of a like sum of fractional currency received at the Treasury in payment of dues to the United States; and said fractional currency, when so substituted, shall be de- stroyed and held as part of the sinking-fund, as provided ^^^''^< '^°^- "■ »• in the act approved April seventeen, eighteen hundred and seventy-six-. Sec. 2. That the trade dollar shall not hereafter be ^^J'^*^'*""" legal tender, and the Secretary of the Treasury ia hereby wm. * ^** 64 comageof, may authorized to limit frotQ time to time tlio coinage thereof °j{™Ji Stat- to such an amount as he may deem sufficient to meet the utes, 3513, 3586. expopt demand for the same. Amount of 3ub- Seo. 3. That in addition to the amount of subsidiary sil- ooii aatLrfze™"^ ver coin authorized by law to be issued in redemption of the fractional currency it shall be lawful to manufacture at the several mints, and issue through the Treasury and its several offices, such coin, to an amount, that, including the amount of subsidiary silver coin and of fractional cur- rency outstanding, shall, in the aggregate, not exceed, at any time fifty million dollars. ruTchase of Sbc. 4. That the silver bullion required for the purposcs buiuon. of this resolution shall be purchased, from time to time, at market rate, by the Secretary of the Treasury, with any Price limited, money iu the Treasury not otherwise appropriated; but no purchase of bullion shall be made under this resolution when the market-rate for the same shall be such as wiU not admit of the coinage and issue, as herein provided, without Seigniorage to loss to the Treasury; and any gain or seigniorage arising beacuounteafor.fpom this coiuagc Shall be accounted for and paid into the Treasury, as provided under existing laws relative to the Proviso. subsidiary coinage : Provided, That the amount of money at any one time invested in such silver bullion, exclusive of such resulting coin shall not exceed two hundred thou- sand dollars. ACT OP JANUARY 16, 1877. Counterfeiting. Further provisions in regard to counterfeiting. ACT OF FEBRUARY 28, 1878. To authorize the coinage of the standard silver dollar and to restore its legal tender character. Coinage of ail- Be it enacted by the Senate and House of Bepresentatives of ver doUars. ^^g United States of America in Congress assembled, That there shall be coined, at the several mints of the IJnited finonefa. " ° Statcs, silvcr dollars of the weight of four hundred and twelve and a half grains troy of standard silver, as pro- vided in the act of January eighteenth, eighteen hundred thirty-seven, on which shall be the devices and superscrip- tions provided by said act; which coins together with all Legal tender, silver dollars heretofore coined by the United-States, of like weight and fineness, shall be a legal tender at their nomi- utMrsss^s? ^'^* ^^^ value, for all debts and dues public and private, except where otherwise expressly stipulated in the contract. And PurohaBeofsii- the Secretary of the Treasury is authorized and directed to Ter u ion. purchase, from time to time, silver bullion, at the market price thereof, not less than two million dollars worth per month, nor more than four million dollars worth per month, and cause the same to be coined monthly, as fast as so pur- chased, into such dollars; and a sum sufficient to carry out the foregoing provision of this act is hereby appropriated Se^iorago to out of any money in the Treasury not otherwise appropri- Treasi^y?*" ' ^ atcd. And any gain or seigniorage arising from this coin- 65 age shall be accounted for and paid into the Treasury, as provided under existing laws relative to the subsidiary coinage : Provided, That the amount of money at any one Proviso, time invested in such silver bullion, exclusive of such result- ing coin, shall not exceed five million dollars : And provided further, That nothing in this act shall be construed to au- thorize the payment in silver of certificates of deposit issued under the provisions of section two hundred and fifty-four of the Eevised Statutes. Sec. 2. That immediatf»ly after the passage of this act, The President the President shall invite the Governments of the countries stated to ^nlue composing the Latin Union, so-called, and of such other the countries European nations as he may deem advisable, to join the iS'uSfon*and United States in a conference to adopt a common ratio be- ^„*triS^"to°*" tween gold and silver, for the purpose of establishing, in- conference with ternationally, the use of bi-metallic money, and securinglJ'g^t^Yo^dopu fixity of relative value between those metals; such confer- common ratio be- ence to be held at such place, in Europe or in the United su^?, 1°!* ™'^ States, at such time within six months, as may be mutually agreed upon by the Executives of the Governments joining in the same, whenever the Governments so invited, or any three of them, shall have signified their willingness to unite in the same. The President shall, by and with the advice and consent jj^^°^™'^Y,itel" of the Senate, appoint three commissioners, who shall attend see aie" act such conference on behalf of the United States, and shall •^-''S' *■ ^*''^- report the doings thereof to the President, who shall trans- mit the same to Congress. Said commissioners shall each receive the sum of two Compensation, thousand five hundred dollars and their reasonable ex- penses, to be approved by the Secretary of State; and the amount necessary to pay such compensation and expenses is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 3. That any bolder of the coin authorized l^y tli is ^silver dollars act may deposit the same with the Treasurer or any as- wtL "iieMum sistant treasurer of the United States, in sums not less than t'°pa8uTe^r"H''in ten dollars, and receive therefor certificates of not less than what sums. ten dollars each, corresponding with the denominations of ojJ^g'JJ'jfppo^t^' the United States notes. The coin deposited for or repre- coin to oe heia senting thecertificates shall be retained in the Treasury for o^ri'i'fl^to^'.'"'"' the payment of the sameon demand. Said certificates shall be receivable for customs, taxes, and all public dues, and, when so received, may be reissued. Sec. 4. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed. Sam. J. Randall, Speaker of the House of Representatives, W. A. Whbelee, Vice-President of the United States and President of the Senate. In the Hotjse of Representatives U. S. February 28, 1878. The President of the United States having returned to ' the House of Bepreseutatives, in wbicU it originated, tliO a Man '>SS K 66 bill, entitled "An act to authorize the coinage of the stand- ard silver doUar, and to restore its legal-tender character," ■with his objections thereto ; the House of Eepresentatives proceeded in pursuance of the Constitution to reconsider the same; and Resolved, That the said bill pass, two-thirds of the House of Eepresentatives agreeing to pass the same. Attest: Geo. M. Adams, CUrTc. By G-E.EEN Adams, Chief Glerk. In the Senate of the United States FebrvMry 28, 1878. The Senate having proceeded, in pursuance of the Con- stitution, to reconsider the bill entitled "An act to author- ize the coinage of the standard silver dollar, and to restore its legal-tender character," returned to the House of Repre- sentatives by the President of the United States, with his objections, and sent by the House of Representatives to the Senate with the message of the President returning the bill; Resolved, That the bill do pass, two-thirds of the Senate agreeing to pass the same. Attest: Geo. C. Goeham, Secretary of the Senate. ACT OF MAY 2, 1878. Fioliibiting the coinage of the twenty-cent piece of silver, authorized by tlie act of Maich 3, 1875. Silver rzo-oent Be it enacted hy the Senate and Mouse of Representatives of V^'^Toiabi^^^ the United States of America in Congress assembled, That from, and after the passage of this act, the coinage of the twenty cent piece of silver, by the Government of the . United States be, and the same is hereby prohibited. And all laws in conflict with this act are hereby repealed. ACT OP JUNE 8, 1878. Constitnting superintendents of mints or assayeis in assay offices Assistant Treasurers of the United States. 6nts?f^SteSfa ^^ *^ emacted by the Senate and Mouse of Representatives of Msayers may be the United States of America, in Congress assembled, That siTa^t^toaslil-;*^® Secretary of the Treasury be and he is hereby author- ers. ized to constitute any superintendent of a mint or assayer of any assay-of&ce, an assistant treasurer of the United Tor what pur- States without additional compensation, to receive gold coin ^''°®' and bullion on deposit for the purposes provided for in sec- tion two hundred and fifty-four of the Revised Statutes. 67 ACT OP JUNE 19, 1878. Kaking appiopriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and seventy-nine, and for other purposes. Be it enacted by the Senate and Mouse of Representatives of the United States of Americain Congress assembled, ** * And for the purpose of enabling the several mints and Paymentu to assay-offtces of the United States to make returns to depos- ^ints, lo" " ^* itors with as little delay as possible, the provisions of section thirty-five hundred and forty-five of the Revised Statutes e, s., 3545. of the United States shall hereafter apply to the several mints and assay-of&ces of the United States; and the Sec- retary of the Treasury is hereby authorized to use, as far ^se of coin as he may deem it proper and expedient, for payment to certificates. depositors of bullion at the several mints and assay -offlces, coin certificates, representing coin in the Treasury, and issued under the provisions of section two hundred and fifty-four of the Eevised Statutes of the United States; all ^- s- ^^^ of said acts and duties to be performed under such rules and regulations as shall be prescribed by the Secretary of the Treasury. And it shall be lawful to apply the moneys iTaeof charges arising from charges collected from depositors at the sev- '" p"? expenses. eral mints and assay-offices pursuant to law, to defraying the expenses thereof, including labor, material, wastage, and use of machinery; and only so much of the appropria- tionsherein madefor the mints and assay-oflices respectively, shall be used for said mints and assay-offices as shall be necessary for the operations of the same, after the moneys arising from the charges aforesaid shall have been ex- hausted as herein provided. But in no event shall the ex- penditures of said mints and assay-offices exceed the amount of the specific appropriations herein made for same. ACT OF MARCH 3, 1879. Ualdng appropriations for sundry civil expenses of the Government for the fiscal year ending June thirtieth, eighteen hundred and eighty, and for other purposes. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled, That the following sums be, and the same are hereby, appropriated for the objects hereinafter expressed, for the fiscal year ending June thirtieth, eighteen hundred and eighty, namely : Transportation of United States securities: For trans- Transportation portation of notes, bonds, and other securities of the United of securities. States, sixty thousand dollars ; and so much of the act ^1879, ch. isa, p. "making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year end- ing June thirtieth, eighteen hundred and seventy-nine, and for other purposes," approved June nineteenth, eighteen ^^,j^ ch.329 p. hundred and seventy-eight, as authorizes the Secretary of wi. 68 Coin certifi-the Treasury to issue coin certificates in exchange for bul- '^*®'" lion deposited for coinage at mints and assay-offices other than those mentioned in section thirty-five hundred and forty- five of the Eevised Statutes, be, and the same is hereby, R. s., 3M5. repealed ; said repeal to take effect at the end of the present fiscal year. ACT OP JUNE 9, 1879. To provide for the exchange of suhsidiary coins for lawful money of the TJnited States under certain circumstances, and to make such coins a legal tender in all sums not exceeding ten dollars, and for other purposes. Be it enacted by the Senate and Home of Representatives Snisidiary of the United States of America in Congress assembled, That "™*" the holder of any ot the silver coins of the United States of smaller denomination than one dollar, may, on presen- tation of the same in sums of twenty dollars, or any multiple thereof, at the office of the Treasurer or any assistant treasurer of the United States, receive therefor lawful money of the United States. Eedemption. gEC. 2. The Treasurer or any assistant treasurer of the United States who may receive any coins under the provi- sion of this act shall exchange the same in sums of twenty dollars, or any multiple thereof, for lawful money of the United States, on demand of any holder thereof. Legal tender. sj;c. 3. That the present silver coins of the United States of smaller denominations than one dollar shall hereafter be a legal tender in aU sums not exceeding ten dollars in full payment of all dues public and private. Eepeaii. gjjc. 4. That all laws or parts of laws in conflict with this act be, and the same are hereby, repealed. ACT OF MAY 26, 1882. To authorize the receipt of United States gold coin in exchange for gold bars. Receipts of Be it enacted by the Senate and House of Representatives ehang^'toi^M of the United States of America in Congress assembled, That *""• the superintendents of the coinage mints, and of the tlnited E. s.,«eo.35i8. Statcs assay office at New York, are hereby authorized to receive United States gold coin from any holder thereof in sums not less than five thousand dollars, and to pay and deliver in exchange therefor gold bars in value equaling such coin so received. ACT OF AUGUST 7, 1882. Sundry Civil Appropriation Law. • •••«• Transportation For the transportation of silver coins: That the Secre- of ^rooin&ee^y ^ ^^ T^fepwy bfi, w.^ kQ w Uwoby, autliomea mi 69 directed to transport, free of charge, silyer coins when re- quested to do so : Provided, That an equal amount in coin k. s., aeo. 3527. or currency shall have been deposited in the Treasury by the applicant or applicants ; and that there is hereby ap- propriated ten thousand dollars, or so much thereof as may be necessary, for that purpose, and that the same be avail- able from and after the passage of this act. ACT or AtJG-UST 4, 1886. Ualdng appropriations foi sundry civil expenses of the Government for the fls> cal year en^ng June thirtieth, eighteen hundred and eighty-seven, and for other purposes. k Be it enacted by the Senate and House of B^resentatives of Siirer certifl- the United States of America in Congress assembled, * * * andflvedoUarato And the Secretary of the Treasury is hereby authorized and ^ voi"m p 26. required to issue silver-certificates in denominations of one, ■ • ■ • two, and five dollars, and the silver-certificates herein au- thorized shall be receivable, redeemable, and payable in like manner and for like purposes as is provided for silver- certificates by the act of February twenty-eighth, eighteen hundred and seventy-eight, entitled "An act, to authorize the coinage of the standard silver dollar, and to restore its legal-tender character," and denominations of one, two, and five dollars may be issued in lieu of silver-certificates of larger denominations in the Treasury or in exchange there- for upon presentation by the holders and to that extent said certificates of larger denominations shall be cancelled and destroyed. Transportation of silver coin : For transportation o(^''f^'P°'^**|™ of silver coin, including fractional silver coin, by registered free rf^charge'."' mail or otherwise, forty thousand dollars; and in expend- ing this sum the Secretary of the Treasury is authorized and directed to transport from the Treasury or subtreas- uries, free of charge, silver coin when requested to do so; K.s.,«eo.3527. Provided, That an equal amount in coin or currency shall have been deposited in the Treasury or such subtreasuries liy the applicant or applicants. And the Secretary of the Treasury shall report to Congress the cost arising under this appropriation. ****** Similar provisions are contained in succeeding Sundry Civil Approi)riation laws. ACT OP rEBRUARY 19, 1887. An act for the retirement and recoinage of the trade-dollar. Be it enacted by the Senate and House of Representatives ^^^^^'^^s^ °t of the United States of America in Congress assembled. That sUver coins? for a period of six months after the passage of this act, United States trade-dollars, If not defaced, mutilated, or 70 stamped, shall be received at tlie office of the Treasurer, or any assistant treasurer of the United States in exchange for a like amount, dollar for dollar, of standard silver dol- lars, or of subsidiary coins of the United States. Sec. 2. That the trade-dollars received by, paid to, or deposited with the Treasurer or any assistant treasurer or Eotirement and national depositary of the United States shall not be paid doitos.^*"^*''^**^ out or in any other manner issued, but, at the expense of the United States, shall be transmitted to the coinage mints and recoined into standard silver dollars or subsidiary coin, at the discretion of the Secretary of the Treasury : Provided, That the trade-dollars recoined under this act shall not be counted as part of the silver bullion required to be pur- chased and coined into standard dollars as required by the act of February twenty-eighth, eighteen hundred and seventy-eight. Authority to Sec. 3. That all laws and parts of laws authorizing the rep°Sed.'"^°"™*<'<'ii'''*'S® ^^^ issuance of United States trade-dollars are hereby repealed. Eeceived by the President, February 19, 1887. [Note by the Department of State. — The foregoing act having been presented to the President of the United States for his approval, and not having been returned by him to the house of Congress in which it originated within the time prescribed by the Constitution of the United States, has become a law without his approval.] ACT OP MARCH 2, 1889. Sundry Civil Appropriation Law. ****** "That hereafter it shall not be lawful to use any portion ProhititingOf the so-callcd " silver proflt fuud " or of the appropria- 'roflt^'^fSnd" for *^o^ ^^^ " storagc silver transportation" for the purpose of transportation of paying the expeuscs of the transportation of standard sil- ^'b.^s.** 860^3527. ^"'^ dollars from the mints or the sub- treasuries to the Treasury at Washington, District of Columbia." ACT OF JULY 14, 1890. Sirecting the purchase of silver bullion and the issue of Treasniy notes thereon, and for other purposes. Secretary of ^6 it enacted by the Senate and Home of Bepresentatives of Treasury to pnr- fhe United Sttttes of AmeHoa in Congress assembled, That CuSces of' silver the Secretary of the Treasury is hereby directed to pur- per month. chasc, from time to time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or So much therof as may be offered in each month, at the mar- ket price thereof, not exceeding one dollar for three hun- dred and seventy-one and twenty-live hundredths grains of pure silver, and to issue in payment of such purchases of silver bullion Treasury notes of the United States to be 71 prepared by the Secretary of the Treasury, in such form and of such denominations, not less than one dollar nor more than one thousand dollars, as he may prescribe, and a sum sufficient to carry into effect the provisions of this act is hereby appropriated out of any money in the Treas- ury not otherwise appropriated. Sec. 2. That the Treasury notes issued in accordance. Treastiry notes with the provisions of this act shall be redeemable on de- slme to ^bi m- mand, in coin, at the Treasury of the United States, or at^^^^'^^^j^®™™™; the office of anyassistanttreasurerpf the United States, and e"; \o bf count- when so redeemed may be reissued; but no greater or less ntt'ib^^'.^* "* amount of such notes shall be outstanding at any time than the cost of the silver and the bullion standard silver dollars coined therefrom, then held in the Treasury purchased by such notes; and such Treasury notes shall be a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, )ind shall be receivable for customs, taxes, and all public dues, and when so received may be reissued; and such notes, when held by any national banking association, may be counted as a part of its lawful reserve. That upon demand of the holder of any of the Treasury notes herein provided for the Secretary of the Treasury shall, under such regulations as h^ may pre- scribe, redeem such notes in gold or silver coin, at his dis- cretion, it being the established policy of the United States to maintain the two metals on a parity with each other ^^^T'l^^"' *T"> ,, i 1 1 i- , /• i_ metalstobemain- upon the present legal ratio, or such ratio as may be pro- tained. vided by law. Sec. 3. That the Secretary of the Treasury shall each Comage of sii- month coin two million ounces of the silver bullion purchased Continued" fte'r under the provisions of this act into standard silver dollars J""? i> '^i- until the first day of July eighteen hundred and ninety-one, and after that lime he shall coin of the silver bullion pur- chased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seigniorage aris- ing from such coinage shall be accounted for and paid into the Treasury. Sec. 4. That the silver bullion purchased under the pro- ed'^to'be'rabjMt visions of this act shall be subject to the requirements of to requirements existing law and the regulations of the mint service govern- i^l'Sa^g^.^d ing the methods of determining the amount of pure silver deductions. ' contained, and the amount of charges or deductions, if any, to be made. Sec. 5. ThatsomuchoftheactofFebruarytwenty-eighth, .7^ fof^uSaee eighteen hundred and seventy-eight, entitled ".A.n act toof '8iiTer"J!^d'ita authorize the coinage of the standard silver dollar and to la^ rfpeS^.''"^' restore its legal- tender character," as requires the monthly " ■ purchase and coinage of the same into silver dollars of not less than two million dollars, nor more than four million dol- lars' worth of silver bulUion, is hereby repealed. Sec. 6. That upon the passage of this act the balances fu?! for"cm)u°" standing with the Treasurer of the United States to thetion of nat'i respective credits of national banks for deposits made to er"d''Vnt''o tiTe redeem the circulating notes of such banks, and all deposits Treasury. thereafter received for like purpose, shall be covered into 72 the Treasury as a miscellaneous receipt, and the Treasury EedemptioMof of the United States shall redeem from the general cash notes to b« m^e in the Treasury the circulating notes of said banks which may fuTd ^in"Yhe^°°^® ^'^^^ ^^^® P^^^®^^^'*'^ subjcct to redemption ; and upon TroMury. the Certificate of the Comptroller of the Currency that such notes have been received by him and that they have been destroyed and that no new notes will be issued in their place, reimbursement of their amount shall be made to the Treasurer, under such regulations as the Secretary of the Treasury may prescribe, from an appropriation hereby, cre- ated, to be known as National bank notes: Redemption account, but the provisions of this act shall not apply to the deposits received under section three of the act of June twentieth, eighteen hundred and seventy-four, requiring every National bank to keep in lawful money with the redlmpt^on to^be ^'^®'^'^'^''®^ °^ *^® United States a sura equal to five per- continued. ccntum of its circulation, to be held and used for the redemp- tion of its circulating notes; and the balance remaining of the deposits so covered shall, at the close of each month, be reported on the monthly public debt statement as debt of the United States bearing no interest. " Sec. 7. That this act shall take effect thirty days from and after its passage." ACT OF SEPTEMBER 26, 1890. To amend section thirty-five hundred and ten of the Revised Statutes of the TTnited States, and to provide for new designs of authorized devices of United States coins. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section thirty-five hundred and ten of the Eevised Statutes of the TJuited States be, and the same is hereby, amended so as to read as follows : "Sec. 3510. The engraver shall prepare from the original dies already authorized all the working-dies required for use in the coinage of the several mints, and, when new coins, emblems, devices, legends, or designs are authorized, B.s..sec.s5i7. shall, if required by the Director of the Mint, prepare the devices, models, hubs, or original dies for the same. The Director of the Mint shall have power, with the approval fof coins tuth^r^ ®^ *^® Secretary of the Treasury, to cause new designs or ized every 25 modcls of authorized emblems or devices to be prepared years. ^jj^ adopted in the same manner as when new coins ot de- vices are authorized. But no change in the design or die of any coin shall be made oftener than once in twenty-five years from and including the year of the first adoption of the design, model, die, or hub for the same coin': Provided, That no change be made in the diameter of any coin: And provided further, That nothing in this section shall prevent the adoption of new designs or models for devices or em- blems already authorized for the standard silver dollar and the five-cent nickel piece as soon as practicable after the 73 passage of this act. But the Director of the Mint shall ^^^J^l^ •^: uevertheless have power, with the approval of the Secre- pioy'artiata. " tary of the Treasury, to engage temijorarily for this pur- pose the services of one or more artists, distinguished in their respective departments of art, who shall be paid for such service from the contingent appropriation for the mint at Philadelphia." ACT OF SEPTEMBER 26, 1890. An act to discontinue the coinage of the thiee-dollai and oue-dollar gold piecet and three-cent nickel piece. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, That from and after the passage of this act the coinage of the thiee-dollar gold piece, the one dollar gold piece, and the three-cent nickel piece be, and the same is hereby, prohib- ited, and the pieces named shall not be struck or issued by the Mint of the United States. Sec. 2. That as fast as the said coins shall be paid into the Treasury of the United States they shall be withdrawn from circulation and be recoined into other denominations of coins. Sec. 3. That all laws and parts of laws in conflict with this act are hereby repealed. ACT OF FEBRUARY 10, 1891. To prevent connteTfeiting oi manufacture of dies, tools, or other implements used in counterfeiting, and providing penalties therefor, and providing for the issue of search warrants in certain cases. Be it enacted by the Senate and Mouse of Representatives ^'■^'^^s^i'^^*, of the United States of America in Congress assembled, That i" Mmiutude*oi' every person who, within the United States or any Terri- ^- s- dies, tory thereof, makes any die, hub, or mold, either of steel or plaster, or any other substance whatsoever in likeness or similitude, as to the deisign or the inscription thereon, of any «• s., sees. 5«7 die, hub, or mold designated for the coinage or making of *° ^* ^' any of the genuine gold, silver, nickel, bronze, copper or other coins of the United States that have been or here- after may be coined at the mints of the United States, or who willingly aids or assists in the making of any such die, hub, or mold, or any part thereof, or who causes or procures to be made any such die, hub or mold, or any part there- of, without authority from the Secretary of the Treasury of the United States or other proper offlcer, or who shaU. have in his possession any such die, hub, or mold with in- tent to fraudulently or unlawfully use the same, or who shall permit the same to be used for or in aid of the coun- terfeiting of any of these coins of the United States herein- before mentioned shall, upon conviction thereof, be pun- Penalty. 74 ished by a fine of not more than five thousand dollars and by imprisonment at hard labor not more than ten years, or both, at the discretion of the court. Procnring the Sec. 2. That every persou who, within the United States °^**°''^ '"***• or any Territory thereof, without lawful authority, makes, or wilUngly aids or assists in making, or causes or pro- cures to be made, any die, hub, or mold, either of steel or plaster, or of any other substance whatsoever, in the like- ness or similitude, as to the design or the inscription thereon, of any die, hub, or mold designed for the coining of the genuine coin of any foreign Government, or who conceals or shall have in possession any such die, hub, or mold hereinbefore mentioned, with intent to fraudulently, or unlawfully use the same for counterfeiting any foreign coin, or who knowingly suffers the same to be fraudulently used for the counterfeiting of any foreign coin shall, upon conviction, thereof, be punished by a fine of not more than Penalty. two thousand dollars or imprisonment at hard labor not more than five years, or both, at the discretion of the court. Making or pro- Seo. 3. That cvcry pcrsou who makes, or who causes or "n^i?maitude'"of P^*'^'"'^^ ^^ ^® made, or who brings into the United States V. s. coins. from any foreign country, or who shall have in possession with intent to sell, give away, or in any other 'manner use the same, any business or professional card, notice, pla- card, token, device, print, or impression, or any other thing whatsoever, whether of metal or its compound or of any other substance whatsoever, in likeness or similitude, as to design, color, or the inscription thereon, of any of the coins of the United States or of any foreign Govern- ment, that have been or hereafter may be issued as money, either under the authority of the United States or under the authority of any foreign Government shall, upon con- Penaitv viction thereof, be punished by a fine not to exceed one hundred dollars. Counterfeits of Sec. 4. That all Counterfeits of any of the obligations or 0.S. obligations. ^^^leT Securities of the United States or of any foreign Gov- ernment, or counterfeits of any of the coins of the United States or of any foreign Government, and all material or apparatus fitted or intended to be used, or that shall have been used, in the making of any such counterfeit obliga- tions or other securities or coins hereinbefore mentioned, that shall be found in the possession of any person with- out authority from the Secretary of the Treasury or other proper offlcer to have the same, shall be taken possession of by any authorized agent of the Treasury Department and forfeited to the United States, and disposed of in any manner the Secretary of the Treasury may direct. , Sec. 5. That the several judges of courts established waraantfirsuch ^ii*!®^ *^® laws of the United States and the commissioners cases. of such courts may, upon proper oath or ^fiBrmation, within their respective jurisdictions, issue a search warrant au- thorizing any marshal of the United States, or any other person specially mentioned in such warrant, to enter any house, store, building, boat, or other place named in such warrant, in the daytime only, in which there shall appear, probable cause for believing that the manufacture of coun. i 75 terfeit money, or the concealment of counterfeit money, or the manufacture or concealment of counterfeit obligations or coins of the United States, or of any foreign govern- ment, or the manufacture or concealment of dies, hubs, molds, plates, or other things fitted or intended to be used for the manufacture of counterfeit money, coins, 6r obliga- tions of the United States or of any foreign government, or of any bank doing business under the authority of the United States or of any State or Territory thereof, or of any bank doing business under the authority of any foreign government or of any political division of any foreign gov- ernment, is being carried on or practiced, and there search for any counterfeit money, coins, dies, hubs, molds, plates, and other things, and for any such obligations, and if any such be found to seize and secure the same, and to make seizmos. return thereof to the proper authority; and all such coun- terfeit money, coins, dies, hubs, molds, plates, and other things and all such counterfeit obligations so seized shall be forfeited to the United States. ACT OF MARCH 3, 1891. An act makmg appiopiiaticna for the legislatiTe, execntive, and judicial ex- penses of the Government for the fiscal year encUng June thirtietifi, eighteen hundred and ninety-two, and for other purposes. « * * * * * # Sec. 3. That an act to authorize the receipt of United ^^^*|*»- *^pj'"'s®' States gold coin in exchange for gold bars, approved May ^° ' '^' twenty-sixth, eighteen hundred and eighty-two, be amended to read as follows : " That the superintendents of the coinage mints and of ^^^'\*^»^^*^y"^| the United States assay office at New Tork may, with the gold "ars^in* ex- approval of the Secretary of the Treasury, but not other- «J?J's« *■" so^^ wise, receive United States gold coin from any holder thereof in sums of not less than five thousand dollars, and pay and deliver in exchange therefor gold bars in value equaling such coin so received: Provided, That the Secre- tary of the Treasury may impose for such exchange a charge which, in his judgment, shall equal the cost of man- ufacturing the bars." ACT OF AUGUST S, 1892. making appropriations toi sundry civil expenses of the Government for the US' cal year ending June thirtieth, eighteen hundred and ninety-three, and toi other purposes. ***** 4» International Monetary Conference: The Presi- dent of the United States is hereby authorized to appoint five commissioners to an international conference, to be held 76 Monetery con- at a place to be hereafter designated, with a view to secure, •ranee. interuationally, a flxity of relative value between gold and silver, as money, by means of a common ratio between those metals, with free mintage at such ratio, and for com- pensation of said commissioners, and for all reasonable ex- see also a«t penses Connected therewith, to be approved by the Secre- " ^^ ' ■ tary of State, including the proportion to be paid by the United States of the joint expenses of such conference, eighty thousand dollars, or so much thereof as may be nec- essary. B. S., sec. 3513. ACT OF AUGUST 5, 1892. An act to aid in carrying out the act of Congress approved April twenty-fifth, eighteen hundred and ninety, entitled "An act to provide for celebrating the four hundredth anniversary of the discovery of Jjnerica by Christopher Columbus, by holding an international exposition of arts, industries, manu- factures, and products of the soil, mine, and sea, in the city of Chicago, in the State of Illinois," and appropriating money therefor. Authorizing Be it enacted by the Senate and House of Representatives wd^aomeaiibakof the United States of America in Congress assembled, That worid'8 *coW ^^^ ^^^ purpose of aiding in defraying the cost of complet- bian Exposition, iug iu a Suitable manner the work of preparation for in- augurating the World's Columbian Exposition, authorized by the act of Congress approved April twenty-fifth, anno Domini eighteen hundred and ninety, to be held at the city of Chicago, in the State of Illinois, there shall be coined at the mints of the United States, silver half dollars of the legal weight and fineness, not to exceed five million pieces, to be known as the Columbian half dollar, struck in com- memoration of the World's Columbian Exposition, the devices and designs upon which shall be prescribed by the Director of the Mint, with the approval of the Secretary of the Treasury; and said silver coins shall be manufactured from uncurrent subsidiary silver coins now in the Treasury, and all provisions of law relative to the coinage, legal- tender quality, and redemption of the present subsidiary silver coins shall be applicable to the coins issued under this act, and when so recoined there is hereby appropriated from the Treasury the said five millions of souvenir half dollars, and the Secretary of the Treasury is authorized to pay the same to the World's Columbian Exposition. MARCH 3, 1893. Sundry civil appropriation law. • * • , • * * oQ^a*^°Gf'«oof World's Columbian Commission: * * * and ten Bouvemr q u'ar- thousaud doUars of the appropriation for the Board of Lady the Borrd^of^^'O^g^'^s Shall be paid in souvenir coins of the denomina- Lady Managers tiou of twcnty-flve ceuts, and for that purpose there shall wanESpo8itiS'.be coiued at the mints of the United States silver quarter 77 dollars of the legal weight and fineness, not to exceed forty thousand pieces, the devices and designs upon which shall be prescribed by the Director of th^ Mint, with the approval e. s-, sec. 3513. of the Secretary of the Treasury ; and said silver coins shall be manufactured from uncurrent subsidiary silver coins now in the Treasury; and all provisions of law relative to the coinage, legal-tender quality, and redemption of the present subsidiary silver coins shall be applicable to the coins herein authorized to be issued. NOVEMBER 1, 1893. An Act to repeal a part of an act approved July fourteenth, eighteen hundred and ninety, entitled " An Act directing the pnrchaea of silver bullion and the issue of Treasury notes thereon, and for other purposes." Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of the act approved July fourteenth, eighteen hundred nisconti noes and ninety, entitled " An act directing the purchase of sil- ver b'uUion'!^ "' ver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month at the mar- ket price thereof, not exceeding one dollar for three hun- dred and seventy-oneandtwenty-flve one hundredths grains of pure silver, and to issue in payment for such purchases Treasury notes of the United States, be, and the same is hereby repealed. Audit is hereby declared to be the policy Declares policy of the United States to continue the use of both gold and jJY?'1orgo*fd silver as standafrd money, and to coin both gold and silver and silver, into money of equal intrinsic and exchangeable value, such the *t4o' metau equality to be secured through international agreement, or tobeftaintained. by such safeguards of legislation as will insure the main- tenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the mar- kets and in the payment of debts. And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe sys- tem of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts. STATISTICS. 79 EXTRACTS FROM MINT, CURRENCY, AND OTHER TREASURY REPORTS. CUBRENCY AND COINAGE LEGISLATION OF THE UNITED STATES. Previous to the adoption of the Constitution the circulating medium of the coun- try consisted chiefly of foreign coins. The money of commerce and the practical monetary unit was the Spanish milled dollar. In keeping accounts, next in order to the dollar came the English pound and shill- ing, the latter, although forming a considerable part of the circulating medium, varied in value. Besides these there were also English, French, Spanish, and Portuguese coins which were, in 1776, given the following values : [Value in dollars.] English guinea ; 4f French guinea 4|- Johannes 16 Half Johannes 8 Spanish pistole 3J French pistole SJ Moidore 6 English crown 1^ French crown l| English shilling f By the act of April 2, 1792, the mint was established " for the purpose of a national coinage." The act provided that the money of account should be expressed in dollars or units, dimes or tenths, cents or hundredths, and mills or thousandths, and that all accounts in public offices and proceedings in courts should be kept and had in con- formity with this regulation. The silver dollar was made the unit of value. Foreign gold and silver coins, however, continued to pass current in the United States at certain rates established by acts of Congress until 1857, when, by the act of February 21 of that year they ceased to be legal tender or to pass current in the United States. The various acts regulating the legal-tender value of foreign gold and silver coins are as follows : The act of February 9, 1793, provided : "Sec. 1. That from and after the first day of July next, foreign gold and silver coins shall pass current as money within the United States, and be a legal tender for the payment of all debts and demands, at the several and respective rates following, and not otherwise, viz : The gold coins of Great Britain and Portugal, of their pres- ent standard, at the rate of one hundred cents for every twenty-seven grains of the actual weight thereof ; the gold coins of France, Spain and the dominions of Spain, of their present standard, at the rate of one hundred cents for every twenty-seven grains and two fifths of a grain, of the actual weight thereof. Spanish milled dol- lars, at the rate of one hundred cents for each dollar, the actual weight whereof shall not be less than seventeen pennyweights and seven grains; and in proportion for the parts of a dollar. Crowns of France, at the rate of one hundred and ten cents for each crown, the actual weight whereof shall not be less than eighteen pen- nyweight and seventeen grains, and in proportion for the parts of a crown. But no foreign coin that may have been, or shall be issued subsequent to the first day of January, one thousand seven hundred and ninety-two, shall be a tender, as aforesaid nntil samples thereof shall have been found, by assay, at the Mint of the United S. Eep. 235 6 81 82 states, to be conformable to the respective standards required, and proclamation thereof shall have been made by the President of the United States. " Sec. 2. Provided always, and be it further enacted, That at the expiration of three years next ensuing the time when the coinage of gold and silver, agreeably to the act, entitled ' An act establishing a mint, and regulating the coins of the United States,' shall commence at the Mint of the United States (which time shall be announced by the proclamation of the President of the United States) all loreign gold coins and all foreign silver coins, except Spanish milled dollars and parts of such dollars, shall cease to be a legal tender, as aforesaid. "Sec. 3. And he it further enacted. That all foreign gold and silver coins (except Spanish milled dollars, and parts of such dollars), which shall be received in pay- ment for moneys due to the United States, after the said time, when the coining of gold and silver coins shall begin at the Mint of the United States, shall, previously to their bein^ issued in circulation, be coined anew, in conformity to the act, enti- tled 'An act establishing a mint and regulating the coins of the United States.'" The second section of the act of February 9, 1793, was suspended by the act of Feb- ruary 1, 1798, "for and during the space ef three years from and after the 1st day of January, 1798, and until the end of the next session of Congress thereafter," during which time it provided that the foreign gold and silver coins enumerated in the first section of act of February 9, 1793, should be legal tender. The act of April 10, 1806, continued the legal-tender quality of foreign coin for three years, at the rates provided by the act of February 9, 1793. The act of April 29, 1816, provided— " That from the passage of this act and for three years thereafter, and no longer, the following gold and silver coins shall pass current as money within the United States, and be a legal tender for the payment of all debts and demands, at the sev- eral and respective rates following, and not otherwise, videlicet : the gold coins of Great Britain and Portugal, of their present standard, at the rate of one hundred cents for every seventy-seven grains, or eighty-eight cents and eight-ninths per pennyweight ; the gold coins of France, of their present standard, at the rate of one hundred cents for every twenty-seven and a half grains, or eighty-seven and a quarter cents per pennyweight ; the gold coins of Spain, at the rate of one hundred cents for every twenty-eight and a half grains, or eighty-four cents per penny-weight; the crowns of France, at the rate of one hundred and seventeen cents and six-tenths per ounce, or one hundred and ten cents for each crown weighing eighteen penny weiglits and seventeen grains ; the five-franc pieces at the rate of one hundred and sixteen cents per ounce, or ninety-three cents and three mills for each five-franc piece, weighing sixteen pennyweights and two grains." The act of March 3, 1819, provided — "That the gold coins of Great Britain and Portugal, of their present standard, shall be a legal tender in the payment of all debts, at the rate of one hundred cents for every twenty-seven grains, or eighty-eight cents and eight-ninths per pennyweight; the gold coins of France, of their present standard, at the rate of one hundred cents for every twenty-seven and a half grains, or eighty-seven and a quarter cents per pennyweight; the gold coins of Spain at the rate of one hundred cents for every twenty-eight and a half grains, or eighty-four cents per pennyweight, until the first day of November next; and that from and after that day foreign gold coins shall cease to be a tender within the United States for the payment of debts or demands." Sbotion 2 continues in force two years from April 29, 1819, the provisions of the act of April 29, 1816, relating to silver coins. The act of March 3, 1821, continued in force for two years from April 29, 1821, the provisions of the act of April 29, 1816, relating to crowns and 5-franc pieces of France. The provisions of the act of March 3, 1821, relative to the crowns and .^-francs pieces of France, were extended by act of March 3, 1823, for a further period of two years from March 4, 1823. The gold coins of Great Britain, Portugal, France, and Spain were received in payment on account of lands, under the provisions of act of March 3, 1823, which were as follows : "That, from and after the passage of this act, the following gold coins shall be received in all payments on account of public lands, at the several and respective rates following, and not otherwise, viz : the gold coins of Great Britain and Portu- gal, of their present standard, at the rate of one hundred cents for every twenty- seven grains, or eighty-eight cents and eight-ninths per pennyweight ; the gold coins of France, of their present standard, at the rate of one hundred cents for every twenty-seven and a hal*grain8, or eig:hty-seven and a quarter cents per penny- weight; and the gold coins of Spain of their present standard, at the rate of one hundred cents for every twenty-eight and a half grains, or eighty-four cents per pennyweight." 83 The act of June 25, 1834, prorided:- " That from and after the passage of this act, the following silver coins shall he of the legal value, and shall pass current as money -within the United States, by tale, for the payment of all debts and demands, at the rate of one hundred cents the dol- lar, that is to say, the dollars of Mexico, Peru, Chile, and Central America, of not less weight than four hundred and fifteen grains each, and those re-stamped in Brazil of the like weight, of not less fineness than ten ounces fifteen pennyweights of pure silver, in the troy pound of twelve ounces of standard silver: and the five franc pieces of France, when of not less fineness than ten ounces and sixteen pennyweights in twelve ounces troy weight of standard silver, and weighing not less than three hundred and eighty-four grains each at the rate of ninety-three cents each." The act of June, 28, 1834, regulated the legal-tender value of certain foreign coins, as follows : " That, from and after the thirty-first day of July next, the following gold coins shall pass as current as money within the United States, and be receivable in all payments, by weight, for the payment of all debts and demands, at the rates follow- ing, that is to say : the gold coins of Great Britain, Portugal, and Brazil, of not less than twenty-two carats fine, at the rate of ninety -four cents and eight-tenths of a cent per pennyweight; the gold coins of France nine-tenths fine, at the rate of ninety-three cents and one-tenth of a cent per pennyweight, and the gold coins of Spain, Mexico, and Colombia, of the fineness of twenty carats three grains and seven- sixteenths of a grain, at the rate of eighty-nine cents and nine-tenths of a cent per pennyweight." Under the provisions of the act of March 3, 1843, certain gold coins of Great Brit- ain and France, and silver coins of Spain, Mexico, Peru, Bolivia, and France, passei current in the United States at rates fixed as follows : " That from and after the passage of this act, the following foreign gold coins shall pass current as money within the United States, and be receivable, by weight, for the payment of all debts and demands, at the rates following — that is to say : the gold coins of Great Britain, of not less than nine hundred and fifteen and a half thou- sandths in fineness, at ninety-four cents and six-tenths of a cent per pennyweight ; and the gold coins of France, of not less than eight hundred and ninety-nine thou- sandths in fineness, at ninety-two cents and nine-tenths of a cent per pennyweight. " Sec. 2. And be it further enacted, That from and after the passage of this act, the following foreign silver coins shall pass current as money within the United States, and be receivable by tale, for the payment of all debts and demands, at the rates following — that is to say : the Spanish pillar dollars, and the dollars of Mexico, Peru, and Bolivia, of not less than eight hundred and ninety-seven thousandths in fine- ness, and four hundred and fifteen grains in weight, at one hundred cents each ; and the five-franc pieces of France, of not less than nine hundred thousandths in fine- ness, and three hundred and eighty-four grains in weight, at ninety-three cents each." The act of February 21, 1857, provided — "That the pieces commonly known as the quarter, eighth, and sixteenth of the Spanish pillar dollar, and of the Mexican dollar, shall be receivable at the Treasury of the United States, and its several offices, aud at the several post-offices and land- ofiices, at the rates of valuation following — that is to say, the fourth of a dollar, or piece of two reals, .at twenty cents; the eighth of a dollar, or piece of one real, at ten cents ; and the sixteenth of a dollar, or half real, at five cents." "Sec. 2. And be it further enacted, That the said coins, when so received, shall not again be paid out, or put in circulation, but shall be recoined at the mint. "Sec. S. And J>e it further enacted. That all former acts authorizing the currency of foreign gold or silver coins, and declaring the same a legal tender in payment for debts, are hereby repealed." The provisions of the first section of the act of February 21, 1857, are still in force, as will be seen by section 3567 U. S. Eevised Statutes. It is obvious that this section should be repealed, GOLD coins. Provision was made under the act of April 2, 1792, for the coinage of gold, silver, and copper coins of full weight to have full debt-paying power. Individuals were given the right to have gold or silver coined at the mint without charge, provided, however, that a deduction be made of one-half per cent from the weight of the pure gold or silver contained in said bullion in case of immediate payment in coin. The gold coins were to contain 24-75 grains of pure gold, and the sUver coins 371 '25 grains of pure silver, to the dollar. The relative value of the two metals in coinage was fixed at 15 to 1 — that is to say, 15 pounds weight of pure silver was to be of equal value in all payments with 1 pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals. 84 The denominations of gold coins authorized to be struck by this act were: Fineneas. The eagle, or 10-dollar piece The half eagle, or 5-dollar piece The quarter eagle, or 2i-dollar piece 916* 916| 9ie} The weight and fineness remained unchanged until 1834. As the bullion value of the gold coins authorized under the act of April 2, 1792, was greater than their face value, they were exported. Therefore, in order to main- tain gold coins in circulation in the United States, it became necessary to change the weight and fineness thereof, which was done by the act of June 28, 1834, by which the weight and fineness was fixed as follows : FinenesB. Eagle • Half eagle . . - Quarter eagle .899-225 . 899 -225 .899-225 The relative value of the two metals in coinage under the act of June 28, 1834, which reduced the pure gold to the dollar from 24-75 to 23-20 grains, was 1 to 16.002. The fineness of the gold coins was raised by the act of January 18, 1837, from •899,225 to '900, at which fineness they have since continued. The change of fine- ness increased the pure gold to the dollar from 23-20 to 23-22 grains. The coinage of the double eagle or 20-dollaT piece, and the 1-dollar gold piece of the weight of 516 grains and 25-8 grains, respectively, was authorized by the act of March 3, 1849. The 3-dollar gold piece of the weight of 77-4 grains was authorized by the act of February 21, 1853. This act withdrew the right from individuals to have silver pieces" of less value than $1 coined at the mint. The coinage of the silver dollar, however, remained free to individuals, but a coinage charge of one-half per cent was imposed for gold and silver dollars. The act of February 12, 1873, authorized a coinage charge for standard gold bul- lion of one-fifth of one per ceut, which charge was abolished by the act of January 14, 1875. , The l-doUar gold piece was made the unit of value by the act of February 12, 1873. The coinage of the 3-dollar and l-doUar gold piece was discontinued by the act of September 26, 1890. SILVER COINS. The coinage of silver coins authorized by the act of April 2, 1792, was as follows: Dollar, or unit, weight 416 grains ; fineness 892 -4 Half dollar, weight 208 grains ; fineness 892 -4 Quarter dollar, weight 104 grains; fineness 892-4 Dime, weight 41-6 grains ; fineness 892 -4 Half dime, weight 20-8 grains; fineness 892-4 No issue of silver dollars was made from the mint from 1805 to 1836, the coinage having been suspended by the direction of President Jefferson, owing to the fact that their bullion value being greater than their face value, they were purchased for export. The order of suspension is contained in the following letter, under date of May 1, 1806, addressed to the Director of the Mint at Philadelphia by James Madi- son, Secretary of State: "Department of State, May 1, 1806. "Sir: In consequence of a representation from the director of the Bank of the United States that considerable purchases have been made of dollars coined at the mint for the purpose of exporting them, and as it is probable further purchases and 85 exportations will be made, the President directs that all the silver to be coined at the mint shall be of small denominations, so that the value of the largest piece shall not exceed half a dollar. "I am, etc., "James Madison. "Robert Pattekson, Esq., "Director of tlie Mint." Coins of these weights and fineness were struck by the mints until the passage of the act of January 18, 1837, fixing the weights and fineness as follows: Dollar, weight 412^ grains; fineness '900 Half dollar, weight 206| grains; fineness "900 Quarter dollar, weight 103| grains; fineness -900 Dime, weight 4l{ grains ; fineness '900 Half dime, weight 20|^ grains; fineness "900 All the silver coins of the United States were full legal tender from 1792 until the passage of the act of February 21, 1853, by which the fractional parts of the dollar were made subsidiary and the weights of the coins reduced as follows : Grains. Half dollar, weight 192 Quarter dollar, weight 96 Dime, weight 38 '4 Half dime, weight 19 '2 The legal-tender quality of these coins was limited to $5 by this act. The coinage of the 3-cent silver piece of the weight of 12f grains fineness 0'750, was authorized by the act of March 3, 1851, and was made a legal tender for all sums of 30 cents and under. The weight of the silver S-cent piece was reduced from 12f grains to 11'53 grains and its fineness increased to -900 by the act of March 3, 1853, in order to make it conform to that of the weight and fineness of the other silver coins of the United States. The act of February 12, 1873, discontinued the coinage of the silver dollar, half dime, and 3-cent piece and authorized the coinage of a '' trade dollar " of the weight of 420 grains, fineness -900, which was made a limited legal tender to the amount of $5. Under the act of February 12, 1873, individuals had the right to deposit silver bullion at the mints for coinage into " trade dollars," a charge, fixed from time to time by the Director of the Mint, with the concurrence of the Secretary of the Treasury, being imposed therefor. The weight of the subsidiary coins was slightly increased by this act, that of the half dollar being raised to 192-9 grains, that of the quarter dollar to 96'45 grains, and that of the dime to 38'58 gfains. These coins were made limited legal tender to the amount of $5. The act of March 3, 1875, authorized the coinage of the 20-cent silver piece, of the weight of 77"16 grains, fineness '900, and made it limited legal tender to the amount of $5. The cohiage of this piece was prohibited by act of May 2, 1878. The joint resolution of Congress adopted July 22, 1876, discontinued the legal- tender quality of the trade dollar and empowered the Secretary of the Treasury to limit from time to time the coinage thereof to such an amount as he might deem siifficient to meet the export demand for the same. The coinage of the trade dollar was discontinued, and their redemption within the next ensuing six months provided for by the act of March 3, 1887. The number of trade dollars redeemed was 7,689,036. The act of February 28, 1878, provided for the coinage of the standard silver dol- lar and restored its full legal-tender quality. Under the provisions of this act the Secretary of the Treasury was authorized and directed to purchase from time to time silver bullion, at the market price thereof, not less than $2,000,000 worth per month nor more than $4,000,000 worth per month, and cause the same to be coined monthly, as fast as so purchasfed, into such dollars. The act of June 9, 1879, provided that the subsidiary silver coins of the United States should be legal tender in all sums not exceeding $10. The act of July 14, 1890, authorized the Secretary of the Treasury to purchase 4,500,000 ounces of silver monthly, or so much thereof as might be offered, at the market price, not exceeding $1 for 371^ grains of pure silver, and to issue in pay- ment for such purchases of silver bullion, Treasury notes of the United States redeemable on demand in coin, and to coin 2,000,000 ounces of the silver bullion pur- chased under the provisions of that act into standard silver dollars until the 1st day 86 of July, 1891, and after that time to coin as much as might be necessary to provide for the redemption of the Treasury notes issued in payment of silver purchased. In accordance with the provision of this act, authorizing the Secretary of the Treasury, after July 1, 1891, to coin as much as might he necessary to provide for the redemption of Treasury notes, a limited amount of silver dollars was coined each year up to June 1, 1893, when, with the exception of 245 proof coins, the coinage was suspended. The act approved November 1, 1893, repealed the purchasing clause of the act of July 14, 1890. The silver half dollar, known as the "Columbian half dollar," was struck in com- memoration of the World's Columbian Exposition, under the provisions of the act of August 5, 1892, which authorized the coinage of 5,000,000 pieces. These coins were manufactured from uncurrent subsidiary silver coins then in thfe Treasury, and constituted the specific appropriation made by Congress in aid of the World's Columbian Exposition. The silver quarter dollar, known as the "Columbian quarter dollar," was struck for the Board of Lady Managers of the World's Columbian Exposition, in commemo- ration of woman's woik, under the provisions of the act of March 3, 1893, which authorized 'the coinage of 40,000 pieces, ■which amount constituted part of the specific appropriation made by Congress for the Board of Lady Managers. All provisions of law relative to the coinage, legal-tender quality, and redemption of the subsidiary silver coins of the United States were made applicable to the Columbian half and quarter dollar. MINOR COINS. By the act of April 2, 1792, the copper 1-cent piece and half-cent piece, of the weight of 264 grains and 132 grains, respectively, were authorized to be coined. The weight of these pieces was changed by act of January 14, 1793, to 208 grains for the 1-cent piece and 104 grains for the half-cent piece, and these weights were again reduced by proclamation of the President, under the authority of the act ap- proved March 3, 1795, to 168 grains and 84 grains, respectively. The coinage of copper coins was discontinued by act of February 21, 1857, and in lieu thereof the coinage of a 1-cent piece of the weight of 72 grains, consisting of 88 per cent copper and 12 per cent nickel, authorized. The coinage of this piece was discontinued by act of April 22, 1864, which author- ized the coinage of a 1-cent piece of the weight of 48 grains and a 2-ceut piece of the weight of 96 grains, composed of 95 per cent copper and 5 per cent tin and zinc. These coins were made legal tender to the amount of 10 and 20 cents, respectively. This legal-tender quality was repealed by the act of March 3, 1865, which pro- vided that they should not be legal tender in any payment exceeding 4 cents in amount. The coinage of the 2-cent piece was discontinued by act of February 12, 1873. The coinage of a 3-cent piece of the weight of 30 grains, composed of 75 per cent of copper and 25 per cent of nickel, was authorized by the act of March 3, 1865, and was made a legal tender to the amount of 60 cents, which legal-tender quality was reduced to 25 cents by the act of February 12, 1873. The coinage of the 3-cent nickel piece was discontinued under the provisions of the act of September 26, 1890. The coinage of the 5-cent nickel piece, of the weight of 77'16 grains, composed of 75 per cent copper and 25 per cent nickel, was authorized by the act of March 16, 1866, and was made a legal tender for $1. Its legal-tender power was reduced to 2S cents by the act of February 12, 1873. COINS OF THE UNITED STATES, AUTHORITY FOU COINING, AND CHANGES IN WEIGHT AND FINENESS, TOTAL AMOUNT COINED, LEGAL TEIJDER QUALITY. Gold Coins, double kaglb. Anthorized to be coined, act of March 3, 1849. Weight, 516 grains; fineness, -900. Total amount coined to December 31, 1893, $1,162,352,900. Full legal tender. Authorized to be coined, act of April 2, 1792. Weight, 270 grains; fineness, .916f. Weight changed, act of June 28, 1834, to 258 grains. Fineness changed, act of June 28, 1834, to -899,225. Fineness changed, act of January 18, 1837, to -900. Total amount coined to December 31, 1893, $233,094,450. Full legal tender. HALF EAGLE. Authorized to be coined, act of April 2, 1792. Weight, 135 grains; fineness, •916f. Weight changed, act of June 28, 1834, to 129 grains. Fineness changed, act of June 28, 1834, to ■899,225. Fineness changed, act of January 18, 1837, to -900. Total amount coined to December 31, 1893, $207,769,400, Full legal tender. QUAKTKE EAGLE. Authorized to be coined, act April 2, 1792. Weight, 67-5 grains ; fineness, -9161. Weight changed, act of June 28, 1834, to 64'5 grains. Fineness changed, act of June 28, 1834, to -899,225. Fineness changed, act of January 18, 1837, to -900. Total amount coined to December 31, 1893, $28,670,700. Full legal tender. THREE-DOLLAR PIECE. Authorized to be coined, act of February 21, 1853. Weight, 77-4 grains ; fineness, '900. Coinage discontinued, act of September 26, 1890. Total amount coined, $1,619,376. Full legal tender. ONE DOLLAE. Authorized to be coined, act March 3, 1849. Weight, 25-8 grains; fineness, -900. Coin'age discontinued, act September 26, 1890. Total amount coined, $19,499,337. Full legal tender. 87 88 Silver Coins. Authorized to be coinefl, act of April 2, 1792. Weight, 416 grains; fineness, •892'4. Weight changed, act of January 18, 1837, to 412^ grains. Fineness changed, act of January 18, 1837, to 'SOO. Coinage discontinued, act of February 12, 1873. Total amount coined to February 12, 1873, $8,031,238. Coinage reauthorized, act of February 28, 1878. Coinage discontinued after July 1, 1891, except for certain purposes, act July 14, 1890. Amount coined to December 31, 1893, $427,364,015. Full legal tender. TRADE DOLLAR. Authorized to be coined, act of February 12, 1873. Weight, 420 grains ; fineness, 4. 900. Legal tender limited to $5, act June 22, 1874 (JJev. Stats.). Coinage limited to export demand and legal-tender q[uality repealed, joint resolu- tion July 22, 1876. Coinage discontinued, act February 19, 1887. Total amount coined, $35,965,924. HALF DOLLAR. Authorized to be coined, act of April 2, 1792. Weight, 208 grains; fineness, •892'4. Weight changed, act of January 18, 1837, to 2063r grains. Fineness changed, act of January 18, 1837, to •900. Weight changed, act of February 21, 1853, to 192 grains. , Weight changed, act of February 12, 1873, to 12| grams, or 192-9 grains. Total amount coined to December 31, 1893, $128,591,220. Legal tender, $10. COLUMBIAN HALF DOLLAR. Authorized to be coined, act of August 5, 1892. Weight, 192-9 grains ; fineness, -900. Total amount coined, $2,501,052.50. Legal tender, $10. QUARTER DOLLAR. Authorized to be coined, act of April 2, 1792. Weight, 104 grains ; fineness, ■892'4. Weight changed, act of January 18, 1837, to 103^ grains. Fineness changed, act of January 18, 1837, to '900. Weight changed, act of February 21, 1853, to 96 grains. Weight changed, act of February 12, 1873, to 6^ grams, or 96'45 grains. Total amount coined to December 31, 1893, $45,949,731. Legal tender, $10. COLUMBIAN QUARTER DOLLAR. Authorized to be coined, act of March 3, 1893. Weight 96"45 grains ; fineness, '900. The total amount coined, $10,005.75. Legal tender, $10. TWENTY-CENT riECK. Authorized to be coined, act of March 3, 1875. Weight, 5 grams, or 77'16 grains; fineness, -900. Coinage prohibited, act of May 2, 1878. Total amount coined, $271,000. DIME. Authorized to be coined, act of April 2, 1792. Weight, 41-6 grains; fineness, ■892'4. Weight changed, act of January 18, 1837, to 41^ grains. Fineness changed, act of January 18, 1837, to -900. Weight changed, act of February 21, 1853, to 38'4 grains. Weight changed, act of February 12, 1873, to 2^ grams, or 38-58 grains. Total amount coined to December 31, 1893, $28,405,071.70. Legal tender, $10. 89 HALF DIME. Antliorized to be coined, act of April 2, 1792. Weight, 20'8 grains; fineness, ■892'4. Weight changed, act of January 18,1837, to 20f grains. Fineness changed, act of January 18, 1837, to '900. Weight changed, act of February 21, 1853, to 19-2 grains. Coinage discontinued, act of February 12, 1873. Total amount coined, $4,880,219.40. THRBE-CKNT PIECE, Authorized to be coined, act of March 3; 1851. Weight, 12f grains; fineness, '750. Weight changed, act of March 3, 1853, to 11 '52 grains. Fineness changed, act of March 3, 1853, to -900. Coinage discontinued, act of February 12, 1873. Total amount coined, $1,282,087.20. MiijpE Coins. FIVE CENT (nickel). Authorized to be coined, act of May 16, 1866. Weight, -77 '16 grains, comjiosed of 75 per cent copper and 25 per cent nictel. Total amount coined tp December 31, 1893, $13,283,073.40. Legal tender for $1, but reduced to 25 cents by act of February 12, 1873. THREE cent (NICKEL). Authorized to be coined, act of March 3, 1865. Weight, 30 grains, composed of 75 per cent copper and 25 per cent nickel. Total amount coined, $941,349.48. Legal tender for 60 ceuts, but reduced to 25 cents by act February 12, 1873. Coinage discontinued, act of September 26, 1890. two cent (bkonze). Authorized to be coined, act of April 22, 1864. Weight, 96 grains, composed of 95 per cent copper and 5 per cent tin and zino. Coinage discontinued, act of February 12, 1873. Total amount coined, $912,020. cent (coppek). Authorized to be coined, act of April 2, 1792. W-iight, 264 grains. Weight changed, act of January 14, 1793, to 208 grains. Weight changed by proclamation of the IPresideut, January 26, 1796, in conform- ity with act of Marcii 3, 1795, to 168 grains. Coinage discontinued, act of February 21, 1857. Total amount coined, $1,562,887.44. CENT (nickel). Authorized to be coined, act of February 21, 1857. Weight, 72 grains, composed of 88 per cent copper and 12 per cent nickel. Coinage discontinued, act of April 22, 1864. Total amount coined, $2,007,720. CENT (bkonze). Coinage authorized, act of April 22, 1864. Weight, 48 grains, composed of 95 per cent copper and 5 per cent tin and zino. Total amount coined to December 31, 1893, $7,296,376.94. Legal tender, 25 cents. HALF CENT (COPPER). Authorized to he coined, act of April 2, 1792. Weight, 132 grains. Weight changed, act of January 14, 1793, to 104 grains. Weight changed by proclamation of the President, January 26, 1796, in conform- ity with act of March 3, 1795, to 84 grains. Coinage discontinued, act of February 21, 1857. Total amount coined, $39,926.11. 90 COINAGE of the MINTS of the United States Gold coinage. Calendar year. Double eagles. Eagles. Half eagles. Three dollars. Quarter eagles. BoUara. $27, 950 60, 800 91, 770 79,740 174, 830 259, 650 292, 640 150,900 89, 790 97, 960 $43, 535 16, 995 32, 030 124, 335 37,265 58, 110 130,030 265,880 167, 530 152,375 165, 915 320, 465 420, 465 m 277,890 169,375 601,435 497,905 200,435 477,140 77,270 3,175 1796 $185. 00 4,390.00 1, 636. 00 1,200.00 1798 1801 1802 . 6, 530. 00 1,057.50 , 8, 317. 50 4,452.50 4, 040. 00 17,030.00 6, 775. 00- 1803 1804 1807 1809 1811 1812 1813 1814 1815 1817 242, 940 258, 615 1, 319. 030 173; 205 88, 980 72,425 86, 700 145,300 90, 345 124, 565 140, 145 287.210 631, 755 702, 970 787. 435 968,150 3, 660, 845 1, 857, 670 2, 765, 735 1, 035, 605 1, 600, 420 802, 745 1, 048, 530 380, 945 655, 330 4,276,425 4,087,715 2,743,640 2, 736, 155 5,382,686 1, 863, 560 1, 184, 645 860. 160 2,661,965 3,689,635 2, 306, 095 1, 513, 235 1, 267, 090 1,806,666 1, 232, 970 439,770 361, 235 362, 366 3, 332, 130 69,825 97,360 40, 540 144, 535 253, 200 179, 600 288,625 1819 1821 16, 120. 00 1823 6, 500. 00 11,085.00 1,900.00 7, 000. 00 1825 1827 1829 8, ,507. 60 11, 360. 00 11, .300. 00 11, 000. 00 10, 400. 00 293, 426. 00 328, 505. 00 1, 369, 965. 00 112,700.00 137, 345. 00 191,022.50 153,572.60 54, 602. 50 86, 007. 50 1,327,132.50 89, 345. 00 276,277.50 279, 272. 50 482,060.00 98, 612. 50 111,147.50 895, 547. 50 3,867,337.50 3, 283, 827. 50 3,519,615.00 1, 896. 397. 50 600, 700. 00 1,213,117.50 796, 235. 00 144, 082. 60 142, 220. 00 164, 360. 00 3,241,296.00 300, 882. 50 27,075.00 7,185.00 62, 302. 50 105, 176. 00 78, 125. 00 94, 062. 50 84, 612. 50 51,387.50 1831 1833 1835 1837 72, 000 382, 480 ■ 473, 380 . 656,310 1,089,070 2, 506, 240 1, 250, 610 736, 630 1, 018, 760 14, 337, 580 1, 813, 340 6,775,180 3, 489, 510 4,393,280 2, 811, 060 2, 522, 630 2,305,760 1, 487, 010 1,429,900 .481,060 343, 210 253, 930 278, 830 1, 287, 330 234, 950 112, 480 60, 800 207, 050 237, 800 121, 400 241, 550 82, 850 1839 1841 1843 1845 1847 1848 1849 $936,789 511,301 3,658,820 2,201,145 4,384,149 1, 657. 016 824, 883 1, 788, 996 801, 602 131,472 193, 431 51,234 627,499 1,326.865 6,2.50 6,950 3,725 ■ 7, 180 5,250 10, 525 6,925 9,336 $26, 226, 220 48, 043, 100 44, 860, 520 26,646,620 18, 052, 340 25,046,820 30, 437, 660 28, 797, 600 21, 873, 480 13, 782, 840 22,584,400 74, 989, 060 18, 926, 120 22,187,200 19, 958, 900 27,874,000 30, 820, 600 23, 436, 300 18,722,000 17, 238, 100 22,819,480 1851 1852 1863 $491, 214 171,465 181,530 104, 673 6.399 46,914 42, 465 18,216 17, 365 15, 117 8,040 8,496 12,090 7,950 14,625 7,675 10, 605 1855 1857 1859 1801 1863 1865 1866 . 1867 1869 1870 164,430 ' 143,650 91 from their organization, iy calendar years. Silver coinage. Trade dollars. Dollars. Half dollars. Quarter (lollars. Twenty cents. Dimes. Half dimes. Three cents. $203, 791 72, 920 7,776 327,536 423, 515 220,920 54,454 41,650 66, 064 19, 670 321 $161, 572. 00 $4,320.80 611. 50 2, 226. 35 $1, 473. 50 63.00 $2,213.50 2, 620. 10 2, 755. 00 1,959.00 2, 176. 00 3, 464. 00 1,097.50 3, 304. 00 826. 50 12, 078. 00 1, 200. 00 1,696.60 6.50. 50 1,892.60 15, 144. 50 14,945.00 15, 857. 30 78, 259. 60 105, 861. 00 419,788.00 525, 788. 00 684,300.00 702, 905. 00 638, 138. 00 601, 822. 00 814, 029. 50 620,951.50 619, 537. 60 i, 084. 50 30, 348. 50 51, 531. 00 55,100.76 780. 00 16, 500. 00 4,471.00 635. 50 6, 518. 00 42, 150. 00 17, 308. 00 5, 000. 75 23, 575. 00 607, 783. 50 980,161.00 1,104,000.04 375, 561. 00 652, 898. 50 779, 786. 60 847,100.00 1,752,477.00 1,471,583.00 2,002,090.00 2, 746, 700. 00 1, 537, 600. 00 1, 856, 078. 00 2, 382, 400. 00 2,936,830.00 2, 398, 500. 00 2, 603, 000. 00 3, 206, 002. 00 2, 676, 003. 00 3, 273, 100. 00 1,814,910.00 1, 773, 000. 00 1,748,768.00 1, 145, 054. 00 365,500.00 1,484,882.00 3.056,000.00 1, 885, 500. 00 1,341,1500.00 2, 257, 000. 00 1,870,000.00 1, 880, 000. 00 1, 781, OOO. 00 1, 34), 500. 00 301, 376. 00 110,565.00 2, 430, 364. OO 4,111,000.00 2, 288, 725. 00 1,903,500.00 1,482,000.00 5, 998, 000. 00 2,074,000.00 1, 032, 850. 00 2,078,950.00 802, 175. 00 709, 830. 00 618,785.00 593, 450. 00 899, 812. 50 810, 162., 50 769,100.00 725, 950. 00 829,758.50 90, 293. 50 36, 000. 00 31,861.00 54, 212. 75 16.020.00 4, 450. 00 . . 94, 258. 70 118,651.20 10, 000. 00 44, 000. 00 42,000.00 51,000.00 1, 000. 00 26, 500. 00 121, 500. 00 12, 500. 00 77, 000. 00 51, 000. 00 77,135.00 52, 250. 00 48,500.00 63, 500. 00 141,000.00 119, 000. 00 104, 200. 00 239,493.40 229, 638. 70 253, 358. 00 363, 000. 60 390,750.00 152. 000. 00 7,250.00 198, 500. 00 3,130.00 24, 500. 00 45, 160. 00 113, 900. 00 244, 150. 00 142, 650. 00 196,550.00 1,327,301.00 624, 000, 00 207, 600. 00 703, 000. 00 712, 000. 00 189, 000. 00 97, 000. 00 78, 700. 00 209,050.00 102, 830. 00 17, 196. 00 26, 907. 00 18, 550. 00 14, 372. 50 14, 662. 50 72, 625. 00 70, 660. 00 61, 500. 00 62, 000. 00 62,135.00 48, 250. 00 68,500.00 74, 000. 00 138, 000. 00 95, 000. 00 113,800.00 112, 750. 00 108,285.00 113,954.25 98, 250, 00 58, 250. 00 68, 250. 00 32, 500. 00 78, 200. 00 1, 360. 00 63, 700. 00 63,400.00 72, 460. 00 82,260.00 82, 05U. 00 63, 025. 00 786,251.00 365, 000. 00 117,500.00 299, 000. 00 433,000.00 268, 000. 00 46, 000. 00 92, 950. 00 164, 060. 00 74, 627. 60 5,923.00 4, 523. 50 6, 675. 00 5, 536. 25 6, 431. 25 18,295.00 21. 930. 00 99,500.00 80, 000. 00 39, 000. 00 71, 600. 00 488, 000. 00 118, 000. 00 63, 100. 00 208, 000. 00 122, 786. 50 153, 331. 75 143, 000. 00 214,250.00 403, 400. 00 290, 300. 00 230, 500. 00 127, 590. 00 275, 500. 00 36, 500. 00 85, 000. 00 150,700.00 62. 000. 00 68,266.00 4, 146, 655. 00 3,466,000.00 857,350.00 2,129,500.00 2,726,500.00 2, 002, 250. 00 421, 000. 00 312, 350. 00 1,237,650.00 249,887.60 48, 015. 00 28,517.50 25, 075. 00 11, 381. 25 17, 156. 25 31, 600. 00 23, 160. 00 23,935.00 1,000 300 61, 005 173, 000 184, 618 165, 100 20, 000 24, 50O 169, 600 140, 750 15, 000 62, 600 47, 600 1,300 1,100 46,110 33, 140 26, 000 63, 500 94,000 $185, 022. 00 559 905 00 342,000.00 20 130 00 4, 170. 00 43, 740. 00 31,260 00 48, 120. 00 636,500 733, 930 78, 500 12, 090 27, 660 31, 170 47, 000 49,625 60, 325 182,700 424, 300 445,462 10, 960. 00 8, 8i0. 00 14, 940. 00 10, 906. 50 643. 80 14.10 255. 00 681. 75 138. 75 123. 00 153. 00 52,150.00 ' 26,830.00 120.00 92 COINAGE of the MINTS of the United States from Gold coinage. 1 Calendar year. Double eagles. Eagles. Half eagles. Three dollars. Quarter eagles. Dollars. 1871 $20, 466, 740 21,230,600 66,456,700 33,917,700 32, 737, 820 46, 386, 920 43, 504, 700 45,916,500 28,889,260 17,749,120 14,585,200 23,29.5,400 24,980,040 19,944,200 13, 875, 560 22, 120 5,662,420 21, 717. 320 16, 995, 120 19,399,080 25, 891, 340 19, 238, 760 27,198,320 $254, 650 244, 500 173, 680 799,270 78, 360 104,280 211,490 1,031,440 6,120,320 21,715,160 48,796,260 24,740,640 2,595,400 2,110,800 4,815,270 10,621.600 8, 706, 800 8,030,310 4, 298, 850 765,430 1,956,000 9, 817, 400 20,132,430 $246,000 276,350 754, 605 203, 630 106, 240 61, 820 182, 660 1,427,470 3,727,155 22,831,765 33, 468, 430 17,831,885 1, 647, 990 1,922,250 9, 066, 030 18, 282, 160 9, 560, 435 1,560,980 37, 825 290, 640 1, 347. 065 6,724,700 9,610,985 $3, 990 6,090 76 125,460 60 135 4,464 246,972 9,090 3,108 1,650 4,620 2,820 3,318 2,730 3,426 18, 480 15,873 7,287 $68,375.00 52, 575. 00 512, 562. 60 9, 850. 00 30, 050. 00 23, 052. 50 92,630.00 1, 160, 650. 00 331,226.00 7,490.00 1,700.00 10, 100. 00 4,900.00 4, 982. 50 2,217.50 10, 220. 00 16,705.00 40, 245. 00 44,120.00 22,032.50 27,600.00 6,362.60 75, 265. 00 $3,930 3,630 125,125 198,820 420 3,245 3,920 3,020 3,030 1,636 7,660 6,040 10,840 6,206 12,206 6,016 8,543 16, 080 30,729 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1891 1893 Total 1,162,352,900 233,094,450 207,769,400 1,619,376 28,670,700.00 19,499,377 93 their organization, iy calendar years — Continued. Silver coinage. Trade dollars. Dollars. HalfdoUars. Quarter dollars. Twenty cents. Dimes. Half dimes. Three cents. $1, 117, 136 1, 118, 600 296, 600 $1,741,655.00 866,775.00 1, 693, 780. 00 1,406,650.00 5,117,750.00 7,451,576.00 7, 640, 256. 00 726,200.00 2,950.00 4,877.50 5,487.50 2, 760. 00 4, 619. 60 2,637.60 3, 066. 00 2,943.00 2, 865. 00 . 6,416.60 6, 355. 50 6,295.00 100, 300. 00 •1,652,136.50 t4, 003, 948. 50 $63,255.60 68,762.50 414,190.50 215, 976. 00 1,278,375.00 7,839,287.50 6, 024, 927. 50 849,200.00 3, 675. 00 3,738.76 3, 243. 76 4,076.00 3,869.75 2,2Ui76 3, 632. 60 1,471.60 2, 677. 50 306,708.26 3, 177. 76 20, 147. 50 1,551,150.00 2, 960, 331. 00 12,583,837.00 $109,371.00 261, 046. 00 443,329.10 319, 151. 70 2, 406, 570. 00 3, 016, 115. 00 $82,493.00 189, 247. 50 51, 830, 00 $127. 80 68.60 $1, 225. 000 4,910,000 6, 279, 600 6, 192, 150 13,092,710 4,259,900 1,541 1,987 960 1,097 979 18.00 $266, 698 5,180 102 120 1,735,051.00 187,880.00 1, 510. 00 3,735.50 2, 497. 50 391, 110. 00 767,571.20 393,134.90 257,711.70 658,409.40 1,673,838.90 721,648.70 826, 338. 90 1,133,461.70 2,304,671.60 1, 696, 366. 50 769,219.30 22,495,650 27, 660, 100 27, 397, 366 27, 927, 975 27,574,100 28,470,039 28,136,875 28,697,767 31,423,886 33,611,710 31,990,833 34,651,811 38,043,004 23. 562, 735 6, 333, 245 1, 465, 793 35,965,924 427, 364, 015 128,391,220.00 45,949,731.00 271,000 28,405,071.70 4,880,219.40 1, 282, 087. 20 * Includes $475,000 in Colnmblftn coins. t $2,026,052.50 of this represents the Colnmbian half-dollar coinage. j$10,005.75 of this represents the Columbian quarter- dollar coinage. 94 COINAGE of the MINTS of the United States from Calendar year. Minor coinage. [Pive cents. Three cents. Two cents. i793-'95 1797 . 1798 1801 1803 1804 1806 1807 "" 1808 1810 . 1811 1813 ^ - 1819 1821 1823 1825 1827 1829 1831 1833 1835 . . . 1837 1839 1841 1843 - 1845 1847 1849 1851 1853 1855 1857 1859 1861.., 1863 $306, 050. 00 272, 800. 00 63,540.00 58, 775. 00 56,075.00 30, 930. 00 17,225.00 14, 425. 00 1,300.00- 1865 $341, 460. 00 144, 030. 00 117, 450. 00 97, 560. 00 48,120.00 40, 050. 00 18, 120. 00 25, 860. 00 35, 190. 00 23,700.00 $737,125.00 1,545,475.00 1, 440, 850. 00 819,750.00 240. 300. 00 28, 050. 00 301, 800. 00 227, 500. 00 176,900.00 1869 1871 ^ 1873 Iffli , ,..., 95 their organization, hy calendar years — Continued. MJBor coinage. Total coinage. Centa. Half cents. Gold. Silver. Minor. Total. $10,660.33 $712. 67 $71,485.00 $370,683.80 $11,373.00 $463, 541. 80 9,747.00 577. 40 77, 960. 00 77,118.60 10, 324. 40 166,403.90 8, 975. 10 535. 24 128,190.00 14,660.46 9,510.34 162,250.79 9.797.00 206, 610. 00 330,291.00 9, 797. 00 546,698.00 9, 045. 85 60.83 213,285.00 423,515.00 9, 106. 68 646,906.68 28,221.75 1,057.65 317,760.00 ■224,296.00 29,279.40 571, 335. 40 13, 628. 37 422, 670. 00 74, 758. 00 13, 628. 37 510, 956. 37 34, 351. 00 7i.'83' 423,310.00 68, 343. 00 34,422.83 516, 075. 83 24,713.53 489.50, 258, 377. 50 87.118.00 25, 203. 03 370,698.53 7, 568. 38 6,276.66 258,642.60 100,340.50 12,844.94 371,827.94 9,411.16 4,072.32 170, 367. 50 149,388.60 13, 483. 48 333,239.48 3, 480. 00 1, 780. 00 324,606.00 471,319.00 6,260.00 801,084.00 7,272.21 2,383.00 437,495.00 597,448.75 9, 662, 21 1,044,696.96 11,090.00 2,000.00 484,666.00 684, 300. 00 13,090.00 982,055.00 2,228.67 5,772.86 169, 376. 00 707, 376. 00 8,001.63 884, 762. 53 14,685.00 1,076.00 501,435.00 638, 773. 50 15,660.00 1, 155, 868. 50 2,180.25 315.70 497,905.00 608, 340. 00 2,495.95 1,108,740.95 10, 755. 00 4, 180. 00 3,578.30 290, 435. 00 814, 029. 50 10, 755. 00 1,115,219.60 477,140.00 620, 961. ,50 4, 180. 00 1, 102, 271. 50 77, 270. 00 561, 687. 50 17, 308. 00 3, 678. 30 642, 635. 80 3, 175. 00 20, 483. 00 28209" 82 28, 576. 75 28,'269.'82" 56, 785. 67 39,484.00 31, 670. 00 607, 783. 50 39, 484. 00 647, 267. 60 242,940.00 1, 070, 454. 60 31, 670. 00 1, 346, 064. 60 26,710.00 44,075.50 3,890.00 20,723.39 268,615.00 1, 140, 000. 00 26, 710. 00 1, 425, 325. 00 1, 319, 030. 00 601, 680. 70 44, 075. 50 1, 864, 786. 20 189, 325. 00 825, 762. 45 3, 890. 00 I, 018, 977. 45 88, 980. 00 805, 806. 50 20, 723. 39 915,509.89 72,4^5.00 93, 200. 00 895, 550. 00 1, 762, 477. 00 967, 975. 00 i2,'626.'66' 14,611.00 12,620.66 1, 858, 297. 00 sis. 66 156, 385. 00 1. 664, 583. 00 14,926.00 1, 736, 894. 00 16,174.25 1,170.00 92, 245. 00 2,002,090.00 16,344.25 2,110,679.26 23 577 32 131,565 00 2,869 200 00 23, 577. 32 3, 024, 342. 32 Art/) via* ow 22, 006. 24 3," 636.' 66' 140,145.00 1,575,600.00 26, 636. 24 1,741,381.24 14,145.00 2, 435. 00 296,717.50 1, 994, 578. 00 16,680.00 2, 306, 875. 60 17,115.00 33, 592. 60 643, 105. 00 2, 495, 400. 00 17,115.00 3, 155, 620.J)0 ii. 66 714, 270. 00 3, 175, 600. 00 33, 603. 60 3, 923, 473. 60 23 620 00 798, 436. 00 2, 579, 000. 00 23, 620. 00 3, 401, 055. 00 "27, 390. 00 moo' 978, 560. 00 2, 759, 000. 00 28,160.00 3, 765, 710. 00 18,651.00 600.00 3,954,270.00 3,415,002.00 19, 161. 00 7,388,423.00 38. 784. 00 705. 00 2, 186, 175. 00 3, 443, 003. 00 39, 489. 00 5, 668, 667. 00 21, 110. 00 1, 990 00 4,135,700.00 3, 606, 100. 00 23, 100. 00 7,764,900.00 55, 683. 00 63 702 00 1, 148, 305. 00 2, 096, 010. 00 55, .583. 00 3, 299, 898. 00 1, 809, 765. 00 2, 333, 243. 40 63, 702. 00 4, 206, 710. 40 31 286 61 1, 376, 847. 50 2, 209, 778. 20- 31,286.61 3, 617, 912. 31 24, 627. 00 15,973.67 23, 833. 90 24,28.3.20 23, 987. 52 38,948.04 41, 208. 00 1, 675, 482. 50 1, 726. 703. 00 24, 627. 00 3, 426, 812. 50 1, 091, 857. 50 1, 132, 750. 00 15, 973. 67 2, 240, 681. 17 ] , 829, 407. 60 2, 332, 760. 60 23, 833. 90 4, 185, 991. 40 8, 108, 797. 60 3, 834, 750. 00 24, 283. 20 11, 967. 830. 70 5, 427, 670. 00 2, 235, 650. 00 23, 987. 52 7, 687, 207. 52 3, 756, 447. 50 1, 873, 200. 00 38, 948. 04 5, 668, 693. 54 4,034,177.50 2, 558, 580. 00 41, 208. 00 6, 633, 966. 50 61,836. 69 64,157.99 41,785.00 20, 202, 325. 00 2, 374, 450. OU 61, 836. 69 22,«38, 611. 69 3, 775, 512. 60 2, 040, 050. 00 64, 157. 99 5. 879, 720. 49 im.'s2 9, 007, 761. 50 2, 114, 950. 00 41, 984. 32 11,164,695.82 44,268.44 399.06 31, 981, 738. 50 1, 866, 100. 00 44,467.50 33, 892, 306. 00 98, 897. 07 738. 36 62,614,492.50 774,397.00 99, 636. 43 63,488,524,93 50,630.94 66,411.31 66, 846, 187. 60 999, 410. 00 60, 630. 94 67, 896, 238. 44 648."47' • 39, 377, 909. 00 9,077,671.00 67,059.78 48,632,539.78 42,361.56 276.79 26,915,962.50 8, 619, 270. 00 42,638.36 34,677,870.85 15,748.29 282. 60 29, 387, 968. 00 3,601,245.00 16,030.79 32, 905, 243. 76 26,904.63 202.16 36,867,768.60 6,142,240.00 27, 106. 78 42, 027, 115. 28 177,834.56 175.90 32,214,040.00 5, 478, 760. 00 178,010.46 37,870,810.46 246, 000. 00 364 000 00 22, 938, 413. 50 8, 496, 370. 00 246, 000. 00 31, 679, 783. 50 14, 780, 570. 00 3, 284, 450. 00 364, 000. 00 18, 429, 020. 00 205, 660. 00 101, 000. 00 280,750.00 498, 400. 00 529, 737. 14 23, 473, 654. 00 2, 259, 300. 00 206. 660. 00 25,936,704.00 83, 395, 530. 00 3, 783, 740. 00 101, 000. 00 87, 280, 270. 00 20,875,997.60 1, 252, 516. 50 280, 760. 00 22, 409, 264. 00 22, 445, 482. 00 809, 267. 80 498, 400. 00 23, 763, 140. 80 20, 081, 415. 00 609, 917. 10 926, 687. 14 21,618,019.24 354, 292. 80 98, 265. 00 98,210.00 102, 665. 00 28, 295, 197. 60 691, 006. 00 968, 652. 86 29, 954. 666. 36 31,436.945.00 982, 409. 25 1, 042, 960. 00 33,461,314.25 23, 828. 626. 00 19,371,387.50 908. 876. 25 1, 074, 343. 00 1,819,910.00 1,697.150.00 26,557,411.25 22, 142, 880. 50 64, 200. 00 17,582,987.60 1,266,143.00 963, 000. 00 19, 812, 130. 50 52,750.00 23,198,787.60 1,378,256.60 360, 325. 00 24. 927, 368. 00 39,296.00 40, 420. 00 21,032,685.00 21,812,645.00 3, 104, 038. 30 2,504,488.50 99, 890. 00 369,380.00 24,236,613.30 24, 686. 513. 60 116,766.00 141,875.00 57, 022, 747. 50 35,254,630.00 4, 024, 747. 60 6,851,776.70 379, 455. 00 342,475.00 61,426,950.10 42,448,881.70 96 cow AGE of the MINTS of the United States from Calendar year. Minor coinage. 1 Five cents. Three cents. Two cents. $104, 850. 00 126,500.00 $6, 840. 00 4,860.00 1876 1878 117.50 1,45.5.00 907. 75 3,618.75 573, 830. 00 1,148,471.05 563, 697. 10 73,824.50 166, 514. 50 763,182.60 536, 024. 15 794,068.05 812, 963. 60 841,717.50 584, 982. 10 668, 509. 75 70.60 1, 236. 00 748. 65 82, 417. 25 769. 00 318. 27 169. 26 143. 70 128. 70 238. 83 1, 232. 49 646.83 1879 1880 1881 1882 1883 . 1884 1885 .. . 1886 1887, 1888 1889 . 1890 1891 . . 1892 13,283,073.90 941,349.48 ■$912,020.00 97 their organisation, hy calendar i/eajs— Coutinuod. Minot coinage. Total coinage. Cents. Half cents. Goia. SilTer. Minor. Total. ■ $135,280.00 79,440.00 8, ,525. 00 57,998.60 162, 312. 00 389,649.55 392,115.76 385, 811. 00 455,081.00 232, 617. 42 117,653.84 176, 542. 90 452,264.83 374, 944. 14 488, 693. 01 571,828.54 470, 723. 60 376, 438. 32 466,421.95 $32,961,940.00 46, 679, 452. 60 43, 909, 864. 00 - 49, 786, 052. 00 39, 080. 080. 00 62,308,279.00 96, 850, 890. 00 65,887,685.00 29, 241, 990. 00 23, 991, 756. 56 27,773,012.50 28,946,542.00 23,972,383.00 31,380,808.00 21,413,931.00 20, 467, 182. 50 29, 222, 005. 00 34, 787, 222. 50 56, 997, 020. 00 $15, 347, 893. 00 24,503,307.50 28,393,045.50 28, 618, 850. 00 27,669,776.00 27,411,693.75 27,940,163.75 27, 973, 132. 00 29, 246, 968. 45 28, 534, 866. 15 28,962,176.20 32, 080, 709. 90 35, 191, 081. 40 33, 025, 606. 45 85,496,683.15 39, 202. 908. 20 27, 518, 856. 60 12, 641, 078. 00 8, 802, 797. 30 $246, 970. 00 210, 800. 00 8, 525. 00 58, 186. 50 166, 003. 00 391,39.5.95 428, 161. 75 960, 400. 00 1,604,770.41 796, 483. 78 191,622.04 343, 186. 10 1,215,080.26 912. 200. 78 1, 283, 408, 49 1,384,792.14 1,312,441.00 961,480.42 1,134,931.70 $48, 546, 803, 00 71, 293, 560. 00 72, 401, 434. 50 78, 368, 088. 50- 66, 814, 869. 00 125, 319, 205. 5f) 60, 09.3, 728. 85 53, 323, 106. 43 66, 926, 810. 74 61, 375, 438. 00 60,379,150.60 65, 318, 615. 23 58,194,022.64 61, 054, 882. 84 58, 053, 302. Oil 48, 389, 780. 92 66,934,749.00 10, 866, 984. 38 $39, 926. 11 1, 053, 006, 263. 00 674, 709, 268. 30 26, 013, 353. 87 2,361,758,785.17 S. Eep. 235- 98 COINAGE of the MINTS of the Vnitcd, Stales from their Orf/anizalion, 1192, to the Fis- cal Tear ended June SO, 1S9S. Denominations. Pieces. Value. Double-eagles . Eagles Half-ei „ Tliree-dollar pieces (coinage discontinued uiidfr act of September 26,1890 -- Quarter-eajjles Dollars (coinage discontinued luider act of ricptcmber 26, 1890) Total gold . Dollars (coinage discontinued, act of February 12, 1873, and re.sumed uader act of February 28, 1878) Trade dollars Half-dollars Quarter-dollars Twenty-cent pieces (coinage discontinued, act May 2, 1878) Dimes . Half-dimes (coinage discontinued, act February 12. 1873) Three-cent pieces (coinage discontinued, act February 12, 1873).. Total silver MINOR. Five-cent pieces, nickel Three-cent pieces, nickel (coinage discontinued, act September 26, 180U). Two-cent pieces, bronze (coinage discontinued, act February 12, 1873) One-cent pieces, copper (coinage discontinued, act February 21, 1857). One-cent pieces, nickel (coinage discontinued, act April 22, 1664) . . One-cent pieces, bronze Half-cent pieces, copper (coinage discontinued, act February 21, 1857) Total minor... Total coinage. 57, 273, 167 21, 769, 412 39, 906, 727 539, 793 11, 438, 454 19, 499, 337 $1, 145, 463, 340. 00 217,694,120.00 199,533,635.00 1, 619, 376. 00 28,695,567.50 19,499,337.00 150,426,890 1,612,405,375.60 427, 35, 254, 179, 1, 281, 97, 42, 363, 965, 298, 605, 355, 158, 604, 736, *427,363,688.00 35,965,924.00 1127,149,056.50 ;44,901,449.00 271, 000. 00 28,116,898.90 4,880,219.40 1, 282, 087. 20 1, 320, 088, 138 669,929,323.00 259, 422, 548 31, 378, 316 46, 602. 000 166, 288, 744 200, 772, 000 709, 616, 764 7, 985, 222 12,971,127.40 941, 349. 18 912,020.00 1,562,887.44 2, 007, 720. 00 7, 096, 167. 64 1. 411, 064, 594 25,631,198.07 ,2, 881, 879, 622 2,307,805,896.57 ♦Coined prior to 1873 $8,031,238 Coined under act of February 28. 1878 .$378, 166, 703 1 Actof July 14, 1890 36, 087, 185 > 419,332,450 Act of March 31, 1891 5,078,472) Total tincludes $2,501,052.50 Columbian souvenir halr-diiUnrs. i Includes $10,005.75 Columbian souvenir quarter-dollars. 427,363,688 99 COINAGES OF NATIONS. Countries. 1890. 1891. 1892. Gold. SUver. Gold. Silver. Gold. Silver. United States Me'Xi''" , $20,467,182 284, 859 27,375,479 25, 702, 600 $39, 202, 908 24, 081, 192 8, 332, 232 $29, 222, 908 280, 565 32, 720, 633 26,389,044 117,411 3, 362, 450 14, 086, 800 2, 110, 081 2,885,561 126, 708 $27, 518, 857 24,493,071 5,141,594 $34,787,223 275, 203 67, 682. 503 30,784,262 $12, 641, 078 26, 782, 721 Great Britain 3, 790, 673 Aiint.rfl.1nAi^. India* 57, 931, 323 32, 670, 498 52,258,747 3,976,340 23,835,512 21, 726, 239 2, 818, 750 263, 329 9, 049, 569 1,194,050 407, 160 871, 225 8,863,874 555, 909 §9,482,927 130,105 9,381,062 1, 319, 525 1, 139, 262 2, 690, 902 3, S56, 394 1,237,864 2,920,484 5777, 410 22, 997 1, 614, 422 3,857,118 1,091 1,479,152 7, 296, 645 540, 000 199, 000 120, 600 253, 867 Italy 12,242,000 8, 523, 904 7, 277, 040 367, 000 134, 000 22, 000 121, 750 144, 760 432, 400 322, 468 1, 500, 000 2,854,la7 8, 917, 860 12, 307, 062 1, 083, 725 169,560 3, 075, 840 245 1,567,800 120, 600 78, 996 • -833,432 547, 9:;i 482, 500 44, 840 342, 207 183, 350 279, 850 386, 000 3, 342, 000 386, 000 ,140, 672 883, 464 649, 555 1,175,000 1, 100, 000 China . - 3, 600, 000 6,416 57, 900 Tunis 149,100 2, 663, 400 675, 500 200, 000 3,231,905 471, 131 155, 000 38, OOO 141,898 821,996 888, 000 2, 687, 119 298, 000 138, 091 86, 093 120, 279 499, 941 1, 684, 500 3, 169, 799 Peru 2, 614, 948 2, 378, 272 42, 000 300, 000 60, 000 Haiti Britisli West Indies . . 23, 000 23. 901 73. 136 81,125 364, 814 49, 519 Sonth Afi'ica Republic 75, 000 24,097 170, 000 336,000 386, 000 240. 000 183, 350 858, 803 1,978 6,43G 567, 814 18^,135 2, 509, 198 236, 850 60, 000 Total r 149, 244, 965 132,293,144 119, 534, 122 138, 294, 367 167,017,337 143,096,239 * Rupee calculated at coining rate, $0,4737. t Silver ruble calculated at coining rate, $6.7718. X Silver florin calculated at coiningrat-e, $0,482. § Hungary only. 100 [Circular.] VALUES OP FOREIGN COINS. Treasury Department," Bureau of the Mint, Washingtonj D. C, January lj%lS94. Hon. John G. Carlisle, Secretary of the Treasury: ' r Sir: Iu pursuance of the provisioue of the ajt of October 1, 1890, I present in tlic following table an estimate of the values of tbe standard coins of the nations of thi-. world : VALUES OF FOBEiaN COINS. Country. Standard. Monetary unit. Value in terms of U. S. gold dol- lar. Coins. Argentine Kepublk- Austria-Hungary . • Belgium . Bolivia .. Brazil ... Gold and silver Gold. British Possessions I*r. A. (except Newfoundlantl). Central American States : Costa Rica.. . "1 Guatemala... Honduras .-.) ^Nicaragua . . . t Salvador I Chile China Colombia . Cuba Denmark . Ecuador . . Egypt. Finland. France .. German Empire - Great Britain Greece. Haiti . India . •Italy Japan Gold and silver Silver Gold ...do Silver., Gold and silver, Silver ...do Gold and silver. Gold... Silver. Gold. ...do Gold and silver Gold.. ...do. Gold and silver ...do.. Silver. Gold and silver I'eso. Crown . - . Franc ... Boliviano Milreis .. DoUar ... Peao- -do. Tacl - Peso. Crown -^ Sucre.. Pound (100 piasters). Mark. Pound sterling Gourde liupce Yen.. Gold Silver $0. 96, 5 .19,3 .51,6 .54,6 1.00 .51,6 .91,2 Gold : Argentine ($4.82,4) and i ar":eiitiue. Silver: Peso and divisions. Gold ; former system — 4 flor- ins(.$l. 92,9), Sllorins ($3.85,8) ducat ($2.28,7), and 4 ducats ($9.15,8). Silver: 1 and 2 llorins. Gold : Present system — 20 crowns ($4.05,2) and 10 crowns ($2.02,6). Gold: 10 and 20 francs. Silver, 5 francs. -Silver; Jioliviano and divis- ions. Gold: 5, 10, and 20 milreis. Silver : i, 1, and 2 milreis. SilTser: Peso and divisions. Gold: Escudo ($1.82,4), donb- loon ($4.56,1), afid condor (9.12,3). Silver: Peso and divisions. and : Peso Sil- and ....do." ' Gold the nominal standard. Silver practically .76,2 .84,9 .51,6 Gold: Condor (.$9.64,7) double-condor. Silver: .92,6 Gold: Doubloon (5.01,7). Ter; Peso. . 26, 8 Gold : 10 and 20 crowns. .51,6 Gold: Condor ($9.64,7) double-condor. Silver: Sucre and divisions. 4.94,3 (Jold: Pound (100 piasters), 5, 10, 20, audSOpiasters. Silver; 1, 2, 5, 10, and 20 .piasters. .19,3 Gold: 20 marks ($3.85,9), 10 marks ($1.93). .19,3 Gold: 5,10,20,50,andl00francs. Silver: 5 francs. . 23, 8 Gold : 6, 1 0, «nd 20 marks. 6 J Gold: Sovereign (pound ster- ling) and 4 sovereign. .19,3 Gold: 5, 10, 20, 50, and 100 drachmas. Silver: 5 drachmas. .90,5 Silver: Gourde. . 24, 5 Gold : Mohnr ($7.10,5). Silver: Kupee and divisions. . 19, 3 Gold : 5, 10, 20, 50, and 100 lire. Silver : 5 lire. Gold : 1, 2, 5, 10, and 20 yen. Silver: Yon. the standard. .99, .55: 101 VALUES OF FOREIGN CO/ira— Continued. Conntry. Standard. Monetary unit. Value in terms of U.S. gold dol- lar. Coins. Gold $1.00 .56 .40,2 1. 01, 4 .26,8 .51,6 1.08 .77,2 .41,3 .19,3 . 2«, 8 .19,3 .U4,4 .40,5 .19,3 do. Gold: Dollar ($0.98,3), 2J,5, 10, and 20 dollars. Silver: Dol- lar (or peso) and divisioiis. Gold: 10 florins. Silver: J, 1, and 2^ florins. Gold: 2 dollars ($2.02,7). Gold and silver. Gold . ..do Pern Sol Cold Gold : 1, 2, 5, and 10 milreis. Gold: Imperial ($7.71,8), and i imperial t (.$3.86). Silver : i, 4, and 1 ruble. Gold: 25 pesetas. SUver: 5 pesetas. (Gold Ruble. \ l Silver Gold and ailver. Odld Gohl and silver. Silver . - l^'ranc Gold: 5,10,20,60, andlOOfranca. Silver; 5 franca. Tripoli Mahbnb of 20 piasters Gold : 25, 50, 100, 250, and 500 Gold and silver. piasters. Gold : 5, 10, 20, 50, and 100 boli- vars. Silver: 5 bolivars. * Silver tbe nominal standard, the gold standard. 'tCotned since January 1, 1886, Respectfully, yours. Paper tbe actual currency, tbe depreciation of wbich is measured by Old half-imperial = $3.98,6. R. E. Preston, Director of the Mint. Treasury Dbpaktmbnt, Office of the Secrbtary, Washington, D. C, January 1, 1894. The foregoing estimate, hy the Director of the Mint, of the values of foreign coins I hereby proclaim to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign merchan- dise exported to thp United States on or after January 1, 1894, expressed in any of such metallic currencies. J. G. Carlisle, Secretary of the Treasury. The following summary is here presented: WORLD'S COINAGE. Calendar years. Gold. Silver. 1889 . $168, 901, 519 149, 244, 965 ll!),5J4, 122 107, 917, 337 $139, 242, 595 1890 152, 293, 144 1891 138, 294, 367 1892 143, 096, 239 A summary of the world's production of gold and silver for the years 1890-'92 will be found in the following table : WORLD'S PRODUCTION of the PRECIOUS METALS. Calendar years. Gold. Silver. 1890 $118,848,700 126, 183, 500 138, 861, 000 $172, 234, 500 1891 186, 446, 800 1892 196, 458, 8U0 102 wori-d's reooinages. The followipg taljle, compiled from official sonroes, exhibits, approximately, the recoinages of gold and silver of the principal countries of the world from 1873 to 1892, inclusive. UECOINAGE of the PRINCIPAL COVNTEIES of the WORLD from 187S to 1892. Countries. TjDlted States Mexico Great Britain Australasia India France Italy Switzerland Spain Portugal Netherlands Germauy Austria-Hungary . $229,240,287 Gold. 180, 659, 471 3, 603, 927 8,246 18,091,092 , 240, 966 10. 984 103,775,402 592, 461 70, 822, 097 12, 300, 684 Silver. 27, Countries. Norway , Sweden Denmark Kussia Turkey Japan Central and South Amer- ira Belgium All other countries Total., Gold. $1, 206 04, 645 1.381 3, 548, 908 2, 713, 989 16, 054, 213 4, 818, 092 646,454,101 Silver. 1,920,498 4,955,607 7,373,077 2,271,126 2, 189, 429 1, 653, 872 2, 437, 168 13,088,492 326,001,566 PRODUCT of GOLD and SILVER in the UNITED STATES from 1792-1844, and annually since. Year. Gold. Silver. Total. April 2, 1792— .Tulv 31, 1834 July 31, 1834— December 31, 1844 1845 1846 1847 1848 1849 I860 1851 1852 1853 1854 1856 1856 1857 , 1858 1859 1860 1861 1862 1863 1864 1806 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 , 1888 1889 1890 1891 1892 Tbtal 000, 000 500, 000 008. 327 139,357 889, 085 OOOfOOO 000, 000 000, 000 000, 000 000, 000 000, (100 000, 000 000, 000 000, 000 000, 000 000, 000 000, 000 000, 000 000, 000 200, 000 000, 000 100, 000 225, 000 500, 000 725, 000 000, 000 500, 000 000, 000 600, 000 000, 000 000, 000 500, 000 400, 000 900,000 900, 000 200, 000 900, 000 000, 000 700, 000 500, 000 000, 000 800, 000 800, 000 000, 000 000, 000 175, 000 800,000 846,000 175, 000 000, 000 Insigniiicaiit. $250, 000 50, 000 50, 000 50, 000 50, 000 50, 000 50, 000 60, OUO 50, 000 50, 000 50, 000 50, 000 60, 000 50, 000 500, 000 100, 000 160, 000 2, 000, 000 4, 600, OOO 8, 600, 000 11, 000, 000 11, 250, 000 10, 000, 000 13, 600, 000 12, 000, 000 12, 000, 000 16, 000, 000 23, OOO, 000 28, 760, 000 35, 750, 000 37, 300, 000 31, 700, 000 38, 800, 000 39, 800, 000 46, 200, 000 40, 800, 000 39, 200, 000 43, 000, OOO 46, 800, 000 46, 200, OUO 48, 800, 000 51, 600, 000 51, OOO, 000 53, 350, 000 59, 195, 000 64, 646, 000 70.464,000 75, 417, 000 73, 697, 000 $14, 000, 000 7, 750, 000 1, 058, 327 1, 189, 357 939, 086 10, 060, 000 40, 060, OOU 60, 0.50, OUO 55, 050, 000 ' 60, 050, OUO 65, 060, OOU 60, 060, 000 55, 050, 000 65, 05U, 000 55, 050, OUO 50, 60U, 000 50, lOU, 000 46,150,000 45, OOU, 000 43, 700, 000 48,500,000 57, lOU.OUO 64, 475, OUO 63, 500, OOU 65, 225, 000 60, 000, 000 61,500,000 66, 000. 000 66, 500, 000 64. 750, OUO 71,7.50, OOU 70, 800, 000 65, 100, OOO 78, 70U. 030 86, 700, 000 ' 96, 400. 000 79, 700, 000 76, 200, OUO 77, 700. 000 79, 300, 000 76, 200, 000 79, 600, 000 83, 400, 000 86, 000, OUO 86, 350, 000 92, 370, 000 97, 446, 000 103, 309, 000 108, 592, 000 106,697,000 1, 937, 881, 760 1, 146, 869, 000 3, 084, 750, 769 103 PRODUCTION of GOLD and SILVER in the WORLD, 1792-189Z. CalciKliu- years. Gold. Silver (coining Talvie) . Total. 1792-1800 $106,407,000 118,152,000 76,063,000 94, 479, 000 134,841,000 291, 144, 000 37, 000, 000 44, 450, 000 67, 600, 000 132,750,000 155, 450, 000 127,450,000 135, 075, 000 147, 600, 000 133, 275, 000 124, 650, 000 124, 850, 000 119,250,000 113,800,000 107.750,000 106, 950, OOO 113, 000, 000 120, 200, 000 121, 100, 000 104,025.000 109, 025, 000 106, 225, 000 106, 850, 000 107,000,000 99, 600, 000 9U, 200, 000 90, 750, 000 97,500,000 103,700,000 114,000,000 119, 000, 000 109, 000, 000 106,600,000 103, 000, 000 102,000,000 95, 400, 000 101,700,000 108, 400, 000 106, 000, 000 105,775,000 110,197,000 123, 489, 000 118, 849, 000 126, 184, 000 138,861,000 $328, 860, 000 371, 677, 000 224, 786, 000 191, 444, 000 247,930,000 259, 520, 000 39, 000, 000 39, 000, 000 40, 000, 000 40, 600, 000 40, 600, 000 40, 600, 000 40, 000, OOO 40, 050, 000 40, 650, 000 40, 650, 040 40, 750, 000 40, 800, 000 44, 700, 000 45, 200, 000 49, 200, 000 51, 700, 000 51, 950, 000 50, 750, 000 54, 225, 000 50, 225, 000 47, 5O0, 000 51,575,000 61. 050, 000 65 250, 000 81,800,000 71,500,000 80, 500, 000 87,600,000 81, 000, 000 95,000,000 96, 000, 000 96, 700, 000 102, 000, 000 111, 800, 000 115, 300, 000 105, 500, 000 118, 500, 000 120, 600, 000 124,281,000 140. 706, 000 162, 159, 000 172,235,000 186, 447, 000 196, 459, 000 $436, 267, 000 489, 829, 000 1801 ISIO 1811 1820 300, 849, 000 1821-180 1831-18.! : 285, 923, 000 382, 771, 000 1841 1848 . 550, 664, 000 1849 1850 1851 1852 76, 000, 000 83,450,000 107, 600, 000 173, 350, 000 1853 :..; 1854 1855..; 1856 1857 1868 1859 1860 196, 050, 000 168,050,000 175, 675, 000 188, 260, 000 173, 935, 000 165, 300, 000 165, 600, 000 160, 050, 000 1861 1862 » 1863 158, 500, 000 162, 950, 000 156, 150, 000 1864 164, 700. 000 1865 172,150,000 1866 171, 850, 000 1867 158, 250, OOO 1868 159, 950, OOU 1809 ..... 153, 725, 000 1870 158, 425, 000 1871 168, 050, 000 1872 .. . 164,850,000 1873 . 178, 000, 000 1874 . 162, 250, 000 1875 178, 000, 000 1876 ; 191,300,000 1877 . . 195, 000. 000 1878 214, 000, 000 1879 205, 000, 000 1880 203, 200, 000 1881 205, 000, 000 214, 800, 000 1883 210, 700, 000 1884 207, 200, 000 1885 226, 9110, 000 226, 600, 000 1887 . 230, 056, 000 1888 250, 903, 000 1889 . 285, 648, 000 291, 084, OOO 1891 312,031,000 1892 335, 320, 000 5, 003, 216, 000 5, 077, 529, 000 10, 740, 745, 000 The silver product is given at its comtnerci.al value, reckoned at the average mar- ket price of silver each year, as well as its coining value in United States dollars. 104 HIGHICST, LOWEST, and AVERAGE I'BICE of BAB SILVER in LONI>Oy,per oance British standard {.9S5), since 18SS, and the equivalent in United Stales gold coin of an ounce l,00dfine, taken at the average price. Calendar year. 1833 1834 1835 1836 1837 1838 ]839 18 tU 1841, 1842 1843 1844 1845 1846 1847 184S 1849 1850, 1851 1852 1853 1854 1855 1856 1857 1858 1859, 186(1, 1861. 1862 1863 I Lowe8t Highest quota- tiun. quota- tion. Pence. m, 59i mi 59.J 59 59i 60 COJ 59i 5i)i 59 69i 58J 59 58| 68J 59i 59i 60 60 OOJ 61 60i 61i 6U e«k ei 61 Fence. 59J Wi "60 60J m 60i 60g 60i 60f 60 59] 59i 50| m eof 60 60 61i! 61J m 61JI 618 C2i' 62* 61- 62; 61J Aver- age quota- tion. Pence. 59ii, 69ii 60 59;, m ao| 60i^ 5V, 59f", 59^ 59i esxb mi 59i 59| 61 60i 61i 61i 61A 61A 61i 61A 62^ 61H 60t§ eiiV Value of a fine ounce at average . quotation. $1. 297 1.313 1.308 1.315 1.305 1.304 1.323 1.323 1.316 1.303 1.927 1.304 1.298 1.30 1.308 1.304 1.303 1.316 1.337 1.326 1. 348 1.348 1. 344 1.344 1.353 1.344 1.36 1.352 1. 333 1.346 1.345 Calendar year. 1864 1865 1866 1867 1868 ]809 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 188U 1837 1888 1889 1800 1891 1893 1893 Lowest Highest Aver- quota- tion. quota- tion. quota- tion. Pence. Pence. Pence. 60g 624 611 eoi 618 «1A 60§ 62i 614 '60* 61i 60ft 6U^ 814 604 60 61 «Ol't 60i 601 60A eufV 61 604 61J BOA 57J 59}5 594 57i 594 58t"b 55^ 57i 56J 46i 584 52 53i 58J 54H • 49* 56J 5-'A 48J 53i 514 51S 52^ 52; 505 525 51 i 50 524 51tI 30— 5irt 50« 494 51J 50 464 50 48A 42 47 45. 43i m 448 41J 44ft 42J 42 44 41 i 43S 54 47 434 48 45A 37J 43: 39; 30* 38^ 35i% Value of a fine ounce at average quotation. $1,345 1.338 1.339 1.328 1.326 1.325 1.328 1.326 1.322 1.298 1.278 1.246 1.156 1.201 1.152 1.123 1.145 1.138 1.136 1.110 1.113 1. 0645 .9946 .97823 .93897 . 93512 1.04633 . 98782 .87106 .78031 APPROXIMATE DISTRIBUTION h)/ producing States and Territories of theproducl of GOLD AXD SILVER in the United States for the calendar year 1S92, as estimated bi/ the Director of the Mint. State or Territory. Alaska Ari/.iina California CoIor;nlo Georgia Idaho Michigan Moiit.tiia Nevada Kcw Mt'xicii ... North CaroliTia. Oregon South Carolina - Soutli Dakota . . Texas trtah Washington Alabama Maryland Tennessee Virginia VeiTuont Wyoming Total. Gold. Fine ounces. 48, 51, 58U, 250, 4, 83, 3, 139, 7'i, 45, 3, 67, 1, 597, 098 Value. $1,000,000 1, 070, 000 12, 000, 000 5, 300, 000 94, 734 1, 721. 364 70, 000 2,891,386 1, 571, 500 950, 000 78, 560 1, 400, 000 123, 365 3, 700, 000 660, 175 373, 561 10, 330 33, 014, 981 Silver. Fine ounces. 8,000 1,062,220 360, OOU 24, 000, 000 400 3, 164, 269 00, 0011 17, nn 1, uuo 2, :;i4,uoo 1, 075, 000 9,000 50, 000 400 00, 000 310, 000 8, 100, 000 150, 000 1,000 58, 004, 289 Coining value. $10, 343 1,373,375 465, 455 31, 030, 303 517 4, 091, 176 77, 576 23, 432, 323 2.901,333 1, 389, 899 11, 636 64,646 517 77, 676 400, 808 10, 472, 727 193, 939 74, 995, 442 Total value. $1, 010, 343 2, 443, 375 12,465,455 36, 330, 303 95.251 5, 812, 540 147, 576 25, 323, 709 4, 472, 833 2, 339, 899 90, 196 1, 464, 646 123, 882 3, 777, 576 400, 808 11,132,902 567, 500 11, 629 108, 010, 423 105 HIGHEST, LOWEST, and AVEBAGE PRICE of SILVER BULLION, avd value of a fine ounce, bullion value of a United Stales silnr dollar, and commercial ratio of silver to gold, from July 1, 1870, to October 31, 1SU.J. Fiscal years. Bullion High- est. Low- est. Average London price per ounce standard 9.925. Equivalent value of fine ounce with ex- change at par, $4.8665. Equivalent value of a fine ounce based on average price of exchange. value of a United States sil- ver dollar at average price of silver, ex- change at par. Commer- cial ratio of silver to gold. P&nce. Pence. Pence, 52J 51i 51.685 $1. 13167 $1. 13412 $0. 87697 18-26 5H3 52J 51.601 1. 13030 1. 12534 .87421 18 -28 5li 5l| 51.3125 1. 13030 1.12439 .87421 18-28 53J 51A 52. 271 1. 14674 1. 13980 . 88093 18 -02 5'i^ 53 53.386 1. 17003 1. 16319 . 90494 17-66 53 52% 52. 5975 1. 15222 1.14761 .89117 17-94 52i 52A 52. 480 1. 15085 1. 14700 . 89011 17-96 62,!, 52 52.326 1. 14B74 1.14594 . 8SU03 18-02 524 51J 51. 995 1. 14126 1. 14511 . 8i209 18-11 52J 51i 51.975 1. 13989 1. 14953 .88163 18-13 52J 62 A 52. 131 1. 14126 1. 14726 . 88269 18-11 52i o2A 52.454 1. 15085 1. 15712 .89011 17-96 *53| *5]4 62.218 1. 14436 1. 14397 . 88509 18-06 521 ;■ 52i 52. 687 1. 15496 1.15348 . 89328 17-90 ri2 ' ^ 52i 52. 636 1. 14400 1. 14873 .884 81 18-00 r>2 ,'; 52i 52. 437 1.14674 1. 14246 . 8891 )J 18-02 52 A 51J 53. 143 1. 14400 1. 13798 . 88481 18-06 511: 51* 51.76 1. 13441 1. 12698 . 87739 18-21 52 51J 51.82 1.13578 1. 12669 . 87845 18-20 51 J 51 61.28 1. 12345 ■ 1. 11821 . 86891 18-40 52} 61 i 51.41 1.13578 1. 13407 .87815 18-20 525 52 52.19 1. 1440.1 1.13616 .88481 18-06 52 52.07 1.14126 1.13697 .^8269 18-11 62 5ii 51.66 1. 13304 1. 13396 . 87033 18-24 51S 51 51.33 1. 12482 1. 12532 . 869^7 18-37 ♦52} *51 51.937 1. 13852 1. 13508 . 880.-,7 18-15 52J 50J 51.355 1. 12019 1. 12464 .87103 18-35 5l| 51i 51. 559 1.12893 1. 12543 .«7315 18-31 51*3 5U 51. 706 1. 13441 1.12833 . S7739 18-22 52J 51J 51.895 1.13715 1.13199 . 87951 18-17 52 515 51.487 1. 12893 1. 13396 .87315 18-31 52 515 51. 889 1. 13715 1. 13282 . 87951 18-17 52i 51J 51.980 1. 13989 1. 14121 . 881G3 18-13 52| 52 52. 028 1. 13989 1. 14937 .88163 18-13 53A 51fJ 51. 963 1. 13852 1. 13700 . 88057 18-15 62i 52A 52. 122 1. 14126 1. 15081 . 88269 18 -U 52» 62i 52. 223 1. 14263 1. 15386 . 88375 18-09 64 51i 52. 016 1. 13989 1. 13879 . 88163 18-13 *52A *50| 51. 812 1. 13023 1; 13817 . 87880 18-13 52 518 51. 8177 1.13578 1. 14079 . 87845 18-20 62Ar 5l| 51.974 1. 13989 1. 14659 .88163 18 -13 52^ 61} 51.913 1. 13715 1. 14291 . 87951 18-17 6US 51i 51.75 1.13441 1.13360 . 87739 IK -22 5X1 61 51.39 1. 12619 1.12358 .87103 18 -35 51 60 50.48 1.'10701 1. 10306 . 85620 18-67 50J 504 60.264 1. 10153 1. 10058 . 85196 IS -76 51 50» 60.6025 1. 10813 1. 10912 . 85700 18-65 51A 50| 51.022 1. 11797 1. 11302 . 80447 18-49 50» 50.572 1. 10811 1. 10704 . 85706 18-65 50 A 50A 50. 206 1. 10140 1.10198 . 85186 18 70 50A 60A 50. 187 1. 10160 1. 10835 . 85201 18-76 *52^ *60 51. 023 1. 11826 1. 11912 . 86490 18-48 July August September . October November.. December . . January, i? ubruary . March April M ay June 1880. Avei'a^fi Jnly August --- Septeuiber October . . . November, December . January. . February. March April May June Aventso . Jtily August --- September ,. October .... November. . December . January . . , February . March April , May June Avcra";c . July August — September , October November December . January. . . February March — April May , June Average . * Denotes highest and lo'weat for each year . 106 HIGHEST, LOWEST, and AVEBAOE PBICE of SILVER BULLION, ete.— Cont'd. Fiscal years. July August September . October November.. December . . 1 Jannary . . . February . . March April M.ayl June 1883. Avera^je . July August September . October November. . December . . January.., February . March April May June Average . July .... August September . October Novemfrer. . December . . January... February . March April May June Avera-re . July August September . October — November. . December . . January... February . March April May June Average . July August Septeml)er . October November. - December . . High- est. Pence. 60* 5U?» 50H 51 61 51 611 614 51 50}S SOJI Low- est. Pence. SO,', 50i 50J 50J 50i 50r1 50J 51 5015 5U^ 50i 50J *6la 50i 505 50H 5UJ 60t', 49J 50 *9ft m 50 49J *50J *50| ■IB A i^ 47i *7i 4,7 46| 405 40tJ 40 45J -49^, 44| m m 455 47 47 46,', 44| 43J 44| *47J 45 44^ 454 •50il 60| 50| 50A 49t5 49^ 491 48| 49 485 48| 49* Average London price per ounce standard 9.925. Pence. 60. 375 50. 624 50. 731 50. 914 50. 702 50.843 50. 865 51.135 50.937 50. 757 50. 839 50. 800 50. 791 50. 788 50. 779 50. 738 60. 724 50. 007 49. 641 49. 618 49. 125 49. 094 49. 375 49. 437 49. 125 495 4B,'b 47i 47i 405 46,'a 46i «{S 46 44J 44} 5 ■■445 42 42 42f 444 455 45i 40i 4eft 44,V 43i 43,',, 43J *42 44,^ 43{g 43 1,^ 43}-g 49. 843 49. 156 48 812 47. 812 47. 406 47. 406 47. 187 46. 733 46. 685 46. 706 46. 386 45. 425 44. 835 47. 038 43. 873 42. 310 43. 841 45. 089 46. 486 46. 068 46. 833 46. 660 46.440 43. 964 43. 580 43. 968 44. 848 44. 118 44. 570 44.642 44. 150 43. 8J0 44.368 Equivalent value of fine ounce with ex- change at par, $4.8665. - $1.10610 1. 10754 1. 11205 1. 11649 1. 11172 1. 114411 1. 11501 1. 12093 1. 11669 1. 11265 1. 11459 1. 11359 1. 11339 1. 11333 1.11313 1. 11224 1. 11193 1. 09623 1. 08818 1. 08836 1. 07791 1. 07661 1. 07773 1.07929 1. 07761 1. 09262 1.02444 1. 02339 1. 02517 1.01683 . 99577 . 98283 1. 03112 . 96175 . 92748 .96105 . 98840 1. 01903 1. 00986 1. 02663 1. 02284 .99610 . 96374 . 96532 . 96383 . 98301 . 96777 . 97702 . 07860 . 96802 . 96102 . 97260 Equivalent value of a fine ounce based on average price of exchange. $1. 10862 1. 10831 1. 11047 1. 11305 1. 10887 1. 11117 1. 11667 1. 12832 1. 12613 1. 12118 1. 11866 1. 11318 1. 11529 1. 10991 1. 10953 1. 10966 1. 10744 1. 09241 1. 08590 1. 09089 1. 07005 1. 07610 1. 08299 1. 08915 1. 07818 1. 09226 1. 07708 1. 07075 1. 04166 1. 03887 1. 03587 1. 03338 1. 02951 1. 02852 1. 02999 1. 02032 1. 00046 . 98768 1. 03295 . 96395 . 92333 . 95691 . 98333 1. 014^4 1.00384 1. 02500 1.0i609 . 99706 . 96490 . 95668 . 96130 . 98148 . 96035 . 97154 . 97287 .96442 . 95788 . 96792 Bullion value of a United States sil- ver dollar at average price of silver, ex- change at par. $0.85472 . 85661 . 86010 . 86954 . 85191 . 80361 . 86056 . 86206 . 86129 . 86115 . 86109 .86024 . 86000 . 84994 . 84163 . 84177 . 83390 . 83191 . 83476 . 83338 .84607 . 83406 . 82792 . 80534 . 80411 .80398 . 79819 . 79234 . 79152 . 79290 . 78046 . 77016 . 76015 . 79760 . 74385 . 51734 . 74331 .76446 . 78815 . 78106 . 79403 . 79110 . 77042 . 74539 . 73887 . 74546 . 76029 .74860 . 75666 . 76088 .74870 . 74328 .75224 Commer- cial ratio of silver to gold. * Denotes highest and lowest for each year. 107 HIGSEST, LOWEST, and AVERAGE FBI GE of SILVER BULLION, e(o.— Cont'd. Fiscal year. Average BquiTalent value of fine ounce ■with ex- change at par, $4.8665. Equivalent value of a Bullion value of a United Commer- High- est. Low- est. price per ounce standard 9.925. based on average price of exchange. ver dollar at average price of silver, ex- change at cial ratio of silver to gold. par. Pence. Peiice. Fence. «A 44(', 44. 380 $0. 97286 $0. 97219 $0. 75244 21-24 ii\ 43 tS 44.033 .96525 .96421 . 74656 21-41 43 42 in 43 «1 43. 293 42.669 42. 048 .94903 . 93535 . 92174 . 95083 .93709 . 92677 . 73491 . 72343 .71249 21-78 22-10 22 -42 42i 42 42. 092 .93271 . 92683 .71366 22 -43 42 'a 48i *4]i " 43 " 4ni 43. 675 . 95741 . 95617 . 74008 21-59 42.111 42. 007 .92312 .92085 . 92034 .92251 . 71418 . 71221 22 39 22-44 44i IS.*. 43. 160 . 94612 . 94971 . 73176 •21-84 43| 43 42} 43. 097 43. 029 .94474 . 94325 . 94697 . 94595 . 73069 . 73163 21-88 21-85 42J 42A 42. 516 . 93200 .93681 .72084 22-18 435J 42J 42.544 .93261 .93616 .73131 22-16 42i 424 42. 694 .93371 . 93752 . 72216 22-13 424 42i 42, 521 .93211 .93652 . 72092 22-17 42,% 42i 42A 42* 41lS 42 42. 185 42. 162 42.034 .92474 . 92424 . 92143 . 92918 . 92893 . 92547 71522 . 71484 . 71266 22-35 22-36 22-43 *44i 4155 42. 499 .93163 , , . 93510 . 72065 22-18 42i'« 42 42. 159 . 92417 .92638 .71462 22 -36 42ft 42i 42. 349 . 92834 . 92959 .71801 22-26 42H m 42. 622 . 93213 . 93477 72944 22-17 43i 423 42. 944 .94382 . 94036 .72908 21-90 44 in 43. 923 . 90284 . 95959 .74469 21-46 44i 43a 43. 967 .96381 .95894 . 74544 21-44 44J 44} 44.502 .97554 .97447 . 75451 21 -W 44s 4^ 44.011 96545 . 96563 , 74671 21-41 44| 43i 43. 908 . 90251 .96024 . 74444 21-47 48' 43} 45.451 . 06634 . 99751 . 74699 21-39 47i 46 46. 971 1.02966 1. 02820 . 79637 20-07 49 46i 47.727 1. 04623 1. 04778 . 80919 19-75 •49 *42 47,"b 44.196 . 96883 . 96839 . 74932 21-33 49. 201 1. 07854 1. 08367 . 83418 19-16 S4i 6UJ 52. 707 1. 15540 1. 15643 . 89362 17-89 648 60 53. 123 1. 16452 1. 15946 . 90068 17-74 51J 48} 49. 708 1. 08966 1.08821 . 84278 18-97 -49i 46 47. 305 1. 03698 1. 03404 . 80183 19-93 49i 47i 48. 135 1. 05518 1. 04939 .81611 19-59 48i 46J 47.9399 1.05085 1. 05034 .81276 19-67 46i 44 45. 5470 . 99844 1.00202 . 77223 20-70 45i''8 44 44.928 .98487 . 98854 . 76173 20-98 45 43} 44. 528 . 97610 . 99463 . 75495 21 17 45} 44 44.481 . 97507 . 97805 . 75415 21 -20 46 441 44. 973 .98686 .98924 .76250 20-97 *54J •4.3J 47. 714 1.04195 1. 04780 . 80588 19-83 46| 45f 46.002 .00841 .00825 .77994 20-49 46 1*5 44?, 45.112 . 98890 .99390 . 76485 20-90 45/s 44} 45.016 . 98680 .97767 . 76323 20-95 45 44,"s 44.565 . 97869 . 97046 . 75640 21-16 44(is 43} 43. 690 . 96773 . 96257 .74044 21-68 44i 43} 43.775 . 96959 . 95517 . 74195 21-54 43i 41} 42.830 .93888 . 93516 .72616 22-01 41 i « 41.460 . 90B85 .91106 . 70293 22-74 41S 39 40.087 .87875 . 89699 . 67966 23-52 40} 39^ 39. 703 . 86683 .87229 . 66966 23-87 40J ■ mi 40. 060 . 87816 . 88029 .67920 23 -as 41} 40tC 40. 564 . 88921 . 89298 . 68772 23-24 •■4CJ *39 42. 737 .93648 . 93723 .72430 22-07 1888. January Eehrnary March April May - June Average . July August September October November December 1889. January February March April May June Average . July August September October IN^ovember December 1890. January E'ebruary March April May June Average . July,-. August September October November December 1891. January February March ; - . April May June Average.. 1891. July August September October November December 18D3. January February March April Mfcy 3 one Average . * Denotes highest and lowest for each year. 108 HIGEESr, LOWEST, and AVERAGE FRICE of SILVER BULLION, e«c.— Cont'd. Fiscal years. High- est. Low- est. Average London price per ounce standard 9.925. Equivalent value of fine ounce with ex- change at ' par, $4.8665. Equivalent value of a fine ounce based on average price of exchange. Bullion value of a United States sil- ver dollar at average price of silver, ex- change at par. Commer- cial ratio of silver to gold. 1892. Pence, tit lip 39i 3g| 38^5 38^ 88 38A 38^ 38i Pence. t m S8J 37K 38J 3Si m ■30i Pence. 39. 632 38. 295 38. 158 38. 937 38. 971 38. 346 38.331 38. 356 38. 108 38.028 38.069 37. 279 $0. 86877 . 83947 . 83646 . 85354 . 85428 .84058 .84026 . 84080 . 83537 .83361 .83461 .81719 $0.87181 . 84203 . 83801 .85287 . 85512 . 84274 .84217 . 8431G . 83255 . 83010 . 83856 . 81654 $0.67193 . 65136 .64694 . 66013 .66073 . 65013 .64988 .65030 .64i6]0 .64495 .64544 .63204 23-79 24-66 24 -71 24-21 24-19 24-59 1893. 24-60 24-46 24-74 April 24-79 May 24-77 26-29 HOA *30J 38.375 . 84123 . 84263 .65063 24-67 in 32i m 33J 3l| 33.060 33.944 34. 120 33. COS .72471 . 74419 . 74799 . 73672 . 71981 . 74337 . 74709 .73339 . 56052 .57550 . 57854 .60723 28-52 27-78 27-63 28-05 * Denotes highest and lowest for each year. COMMERCIAL RATIO of SILVER to GOLD each year since 1687. [Note.— From 1687 to 1832 the ratios are talen from Dr. A. Soetbeer; from 1833 to 1878 from Pixley and Abell's tables, and from 1879 to 1890 from daily cablegrams from London to the Bureau of the Mint.] Tear. Eatio. Year. Katio. Tear. Eatio. Tear. Eatio. Tear. Eatio. Tear. Eatio. 1687.... 14-94 1722... 15-17 1757... 14-87 1792... 15-17 1827... 15-74 1862... 15-35 1688.... 14-94 1723... 15-20 1758... 14-85 1793... 15-00 1828... 16-78 1863... 15-37 1089.... 15-03 1724... 16-11 1759... 14-15 1794... 16-37 18'29... 15-78 1864... 15-37 1690.... 15-02 17-25... 15-11 1760... 14-14 1795... 15-55 1830... 16-82 1865... 16-44 1691.... 14-98 1726... 15-15 1761... 14-54 1796... 15-65 1831... 16-72 1866... 15-43 1692.... 14-93 1727... 15-24 1762... 15-27 1797... 15-41 1832... 15-73 1867... 15-57 1893.... 14-83 1728... 18-11 1763... 14-99 1798... 16-59 1833... 16-93 1868... 15-69 1694. . . . 14-87 1729... 14-92 1764... 14-70 1799... 15-74 1834... 16-73 1869... 15-60 1695.... 15-02 1730... 14-81 1765... 14-83 1800... 15-68 1835... 15-80 1870... 15-57 1696.... 15-00 1731... 14-94 1766... 14-80 1801... 15-46 1836... 16-72 1871... 15-57 1697. . . . 15-20 1732... 16-09 1767... 14-85 1802... 15-26 1837... 15-83 1872... 15-63 1698.... 15-07 1733... 15-18 1768... 14-80 1803... 15-41 1838... 15-86 1873... 15-92 1699.... 14-94 1734... 15-39 1769... 14 -72 1804... 16-41 1839... 15-62 1874... 16-17 1700.... 14-81 1735... 15-41 1770... 14-62 1805... 15-79 1840... 15-62 1875... 16-69 1701.... 16-07 1736... 16-18 1771... 14-66 1S06... 15-52 1841... 15-70 1876... 17-88 1702.... 15-52 1737... 15-02 1772... 14-52 1807... 15.43 1842... 15-87 1877... 17-22 1703.... 15-17 1738... 14-91 1773... 14-62 1808... 16-08 1843... 15-93 1878... 17-94 1704.... 15-22 1739... 14-91 1774... 14-62 1809... 15-96 1844... 15-85 1879... 18-40 1705.... 15-11 1740... 14-94 1775... 14-72 1810... 16-77 1845... 15-92 18f0... 18.05 1706.... 15-27 1741... 14-92 1776... 14-55 1811... 15-63 1846... 15-90 1881... 18.16 1707.... 15-44 1742... 14-85 1777... 14-54 1812... 16 -U 1847... 15-80 1882... 18-19 1708.... 15-41 1743... 14-86 1778... 14-68 1813... 16-25 1848... 15-85 1883... 18-64 1709.... 15-31 1744... 14-87 1779... 14-80 1814... 15-04 1849... 15-78 1884... 18-57 1710.... 15-22 1745... 14-98 1780... 14-72 1815... 15-20 1850... 15-70 1885... 19-41 1711.... 15-29 174S... 15-13 1781... 14-78 1816... 15-28 1851... 15-46 1886... 20-78 1712.... 15-31 1747... 15-26 1782... 14-42 1817... 15-11 1852... 16-59 1887... 21-13 1713.... 15-24 1718... 16-11 1783... 14-48 1818... 15-35 1853... 15-33 1888... 21-99 1714.... 15-13 1749... 14-80 1784... 14-70 1819... 15-33 1854... 15-33 1889... 22-10 1716.... 15-11 1750... 14-55 1785... 14-92 1820... 15-62 1855... 16-38 1890... 19-76 1716.... 15-09 1751... 14-39 1786... 14-96 1821... 15-95 1856... 15-38 1891... 20-93 1717.... 15-13 1752... 14-54 1787... 14-92 1822... 15-80 1857... 15-27 1892... 23-72 1718 ... 15-11 1753... 14-54 1788... 14-66 1823... 15-84 1858... 15-38 1893... 26-49 1719.... 15-09 1754... 14-48 1789... 14-75 1824... 15-82 1859... ■15-19 1720.... 15-04 1755... 14-68 1790... 15-04 1825... 15-70 1860... 15-29 1721.... 15-05 1756... 14-94 1791... 16-05 1826... 15-76 1861... 15-50 109 BIGHEST, LOWEST, and AVERAGE PRICE of SILVER BULLION, and value ■ of a fine ounce, each month during the calendar years 189^ and X89S. Montli. High- est. Low- est. Average price per ounce, British standard, .925. Equivalent value of a fine ounce with ex- change at par, $4.8GG5. Average monthly price at New York of exchange on London Equivalent value of afine oy.nce, based on average monthly price and average rate of ex- change. Average monthly New York price of fine bar silver. 1802.V tTanuary ... iFebruary .. March April May June July August September . October Hovombor.. December . . Average . 1893. January — February . . March April May June July August September . October — iNovemher.. December . . Average . nee. 43J 41f m m 44 40^ 39^ 38^ 398 'm Pence. in 39 39i 39!; 40A 39?. 37J 38i 385 mi 34i 34| 34i 3^ 32* Fence, 42. 830 41. 460 40. 087 39. 703 40. 060 40. 564 39. 632 38. 295 38. 158 38. 937 38. 971 37t»b 37J 3DJ m 33i 314 31i 31i 38. 331 38. 356 38. 108 38. 028 38. 069 37. 279 33.060 33. 944 34. 120 33. 608 32.240 32. 075 35. 596 i. 93838 . 90885 . 87875 . 86583 .87816 . 88921 .86877 . 83947 . 83646 . 86354 . 85428 . 84058 $4. 8525 4. 8754 4. 8775 4. 8417 4. 8788 4. 88n9 4. 8833 4. 8812 4. 8751 4. 8623 4. 8703 4. 8793 . 87106 4. 8717 84026 4.8776 84080 4.8806 83537 4. 8726 83301 4. 8830 83451 4. 8881 81719 4. 8010 72471 4. 8373 74409 4.8602 74799 4.8602 73672 4.8444 70673 4. 8433 70180 4. 8668 . 78031 4. 8645 $0. 93515 .91106 . 87229 . 88029 .87181 . 84203 .83801 .85287 . 85512 . 84274 . 87427 77986 1.93494 . 91198 . 89907 .87379 . 88120 . 89430 . 87270 .84463 . 84010 .85740 . 85614 . 84000 . 87552 84217 .84115 84316 .84380 83255 .83713 83610 . 83736 83856 .84081 81654 . 81302 71981 . 72333 74337 .74851 74709 . 94709 73339 .73611 70390 . 70947 70177 . 70260 . 78219 The following table exhibits the value of the pure silver in a silver dollar, reck- oned at the commercial price of silver bullion from $0.50 to $1.2929 (parity), per ounce fine : Price of silver per fine ounce. Value of pure silver in a silver dollar. Price of silver per fine ounce. Value of pure silver in a silver dollar. Price of silver per fine ounce. Value of pure silver In a silver dollar. Price of silver per fine ounce. Value of pure silver in a silver dollar. $0.50 $0,387 $0.71 $0,649 $0.92 $0,712 $1.13 $0. 874 .51 .394 .72 .657 .93 .719 1.14 .882 .62 .402 .73 .565 .94 .727 1.15 .889 .53 .410 .74 .572 .95 .735 1.16 .897 .54 .418 .75 .580 .96 .742 1.17 .905 .55 .425 .76 .588 .97 750 1.18 .913 .66 .433 .77 .596 .98 .758 1.19 920 .57 .441 .78 .603 .99 .766 1.20 .928 .58 .449 .79 .611 1.00 .773 1.21 .936 .59 .456 .80 .619 1.01 .781 1.22 .944 .60 .464 .81 .626 1.02 .789 1.23 .961 .61 .472 .82 .634 1.03 .797 1.24 .959 .62 .480 .83 .642 1.04 .804 1.26 .967 .63 .487 .84 .650 1.06 .812 1.26 .076 .64 .495 .85 .657 1.06 .820 1.27 .982 .65 .503 .86 .665 1.07 .828 1.28 .990 .66 .610 .87 .673 1.08 .836 1.29 .998 .67 .618 .88 .681 1.09 .843 *1. 2929 1.00 .68 .626 .89 .688 1.10 .851 .69 .534 .90 .696 1.11 .859 .70 .641 .91 .704 1.12 .866 _ •Parity. 110 The commercial value of the pure silver contained in a silvijr dollar has been annually, since 1873, at the average price of each calendar year, as follows : HIGHEST, LOWEST, and. AVERAGE VALUE of a United States SILVER DOLLAR, measured bji the market price of silver, and the quanititi/ of silver purehasaile with a dollar at the average London price of silver each year since 1873. Calendar Eullion value of a silver dollar. Grains of pure silver at average l>rice purohai-able "With a United States silver dollar.* Calendar years. Uullion value of a silver dollar. (Jrains of pure silver at average price purchasable with a United States silver dollar.* High- est. Low- est. Aver- age. High- est. Low- est. Aver- age. 1873 $1. 016 1.008 .977 .991 .987 .936 .911 .896 .896 .887 .868 $0. 981 .970 .941 .792 .902 .839 .828 .875 .862 .847 .347 %\ 004. 369 -77 375 -76 385 '11 415-27 399 -62 416 -66 427-70 419-49 421-87 422 -83 432-69 1884 $0. 871 .847 .797 .799 .755 .752 .926 .827 .742 .654 $0. 839 .794 .712 .733 .706 .746 .740 -738 .642 .517 $0. 861 .823 .769 .758 .727 .724 .810 .764 .674 .615 431 -18 1874. .i •988 964 894 929 891 868 886 881 878 R'iR 1875 1886 482-77 1876 1887 489 -78 1877 1888 510-66 1878 1889 512-93 1879 1890 458 -83 1880 1891 48.% -76 1881 1892 554 '79 1882 1893 (ten montlis) 1883 603 -66 *371.25 grains of pure silver are contained in a silver dollar. HIGHEST, LOWEST, and AVERAGE PRICE of SILVER BULLION, and value, of a fine ounce, bullion value of a United States silver dollar, and commercial ratio of silver to gold by fiscal years, ISTi to 1893, and six months fiscal year 1894. Fiscal year. 1873-'74 ]874:-'75 1875-76 1876-'77 1877-'78 1878-'79 1879-'80 1880-'8i 1881-'82 1882-'83 1883-'84 1884-'85 1885-'86 1886-'87 1887-'88 1888-'89 1889-'90 1890-'9] 1891-'92 1892-'93 July,1893 August, 1893 September, 1893 : October, 1803 ifovember, 1893.. December, 1893 . . Pence. 59J 58i .57i 5Si 5,5J 52}2 531 525 S2i1, 52,"s 51i SOU 44i 49 541 46J 40A 34| 34J 341 344 32J 32/i, Lowest. Fence 57J 651 50 60i 521 48J 511 51 60J 50* 50A 48i 42 42 41J 41iS 42 43J 39 301 321 32f 331 3l| 311 31 i Average Lon^ don price per ounce stan- dard, .925. Pence. 58. 812 56. 875 52. 750 54. 812 52. 562 60. 812 52. 218 51. 937 51. 812 51. 023 50. 791 49. 843 47. 038 44. 843 43. 675 42. 499 44.196 47. 714 42. 737 38. 375 33. 060 33.944 34. 120 33. 608 32. 240 32. 015 Equivalent value of a fine ounce with ex- change at par, Equivalent P»""™™3"» valSeof a fine .SL^y"^ *!£ ounce based f^*^l ^''™3 dollar, at av- $1. 27826 1. 25127 1. 15184 1.20154 1. 15222 ' 1. 11386 1. 14436 1. 13852 1. 13623 1. 11826 1.113;i9 1. 09262 1.03112 . 98301 . 95741 . 93163 . 96883 1. 04195 . 93648 . 84123 .72471 .74409 . 74799 . 73672 . 70673 . 70180 on average price of ex- change. $1. 28247 1. 25022 1. 15954 1.20191 1. 15257 1. 11616 1. 14397 1. 13508 1. 13817 1. 11912 1. 11529 1. 09226 1. 03295 . 98148 . 95617 . 93510 1. 04780 .93723 . 84263 . 71981 . 74337 . 74709 . 73.339 . 70390 . 70177 era^e price of silver, ex- change at par. Com- mercial ratio of silver to gold. 1. 98865 . 96777 .89087 .89116 . 86152 . 88609 .88057 . 87880 . 86490 . 86115 .84507 . 79750 . 76029 . 74008 .72055 . 74932 .72430 . 65063 . 56052 . 57550 . 57852 . 54661 . 54279 16.17 16.52 17.91 17.20 17.94 18.55 18.08 18.15 18.19 18.48 18.56 18.92 20.04 21.02 21.59 22.18 21.33 19.83 22.07 24.57 28.52 27.77 27.63 28. Q6 29. 25 29.45 Ill BULLION value of the SILVER DOLLAR at the average joriee of silver, 1873-1893. Calendar year. Value. Calendar year. Value, 1873 $1. 004 •988 •964 •894 •929 •891 •868 •880 •881 •878 •858 1884 $0^861 •823 1874 1886 1875 1886 ... ■769 1876 . 1887 ■758 1877 1888 •727 1873 1889 •724 1879 1890 .' •809 1S80 1891 ■764 ISSl...'-. 1892 ■674 1882 1893 ■603 1883 BULLION value of Ike SILVER in a SILVER DOLLAR, at the average monthly price of silver, for the calendar year 1893. Mentha. Value. Months. Valne. January . February March , . . April May June ) -64988 •66030 ■64610 •64474 '64544 •63204 July Aufjust — September October. . . November December $0 -56052 ■57550 •57852 •56980 •54666 •64279 Bureau of the Mint, October 16, 1893. AMOUNT, COST, AVERAGE PRICE, and BULLION VALUE of the SILVER DOLLAR of silver piirchased under act of July 14, 1890. Acta. Fine ounces. Cost. Average price per fine ounce. Bnllion value of a silver dollar. 291 272, 0-18. .56 168, 674, 682. 53 $308,279,260.71 156,931,602.25 $1.0583 .9244 $0. 8185 .7150 Total 459, 946, 701. 09 464, 210, 262. 96 1. 0093 .7806 The balance of silver pnrcliased under the act of July 14, 1890, on hand at each mint is exhibited iu the following table : Fine ounces. Cost. Philadelphia . £>au Francisco New Orleans.. Carson Total... 118, 992, 627. 04 11, 986, 924. 81 8, 984, 898. 95 736, 401. 87 140, 699, 862. 67 $107,703,176.22 10, 751, 277. 59 .7, 715, 082. 89 588, 743. 30 120, 758, 280. CO At the date of the passage of the silver law of July 14, 1890, the price of silver in London was 49J pence, equivalent to $1.07i per fine ounce. The highest point reached since the passage of the act was in New York, August 19, 1890 — $1.21 per line ounce, and in London, September 3, 1890 — 51} pence, eqaiva- lent tp $1.18| per fin© ovmce. 112 COUESK OF SILVER. The opening quotations for silver July 1, 1892, both in the Loudon and New York markets, were the highest during the fiscal year. The London quotation for silver (0.925 fine) -vras 40i^j pence, equal to $0.8809 per ounce fine. The New York price at the same date was $0.88J per ounce fine. From July 1,1892, to June 26, 1893, the decline in the price was $0.05|, against a decline of about $0.24 per onnce during the previous fiscal year. The lowest price reached between July 1, 1892, and June 26, 1893, was 37^'^ pence, equal to $0,823 per ounce fine. From the 23d to the 30th of June, 1893, the decline was rapid. On the 24th of June, 1893, rumors became current in London andNew York that India contemplated closing her mints to silver. At this date the quotation in London was 37^ pence and in New York $0.82. On the 26th of June it was definitely announced that the legislative oonncil of India had passed a bill closing her mints to the deposit of silver by individuals for coinage. The quotation on that day in London was 36 pence, equal to $0,784 per ounce fine and in New York $0,780. A rapid decline took place daily, until, on the 30th of June, the price in London reached 30^ pence, equal to $0,664 per ounce fine, and in New York the price was quoted at from 67 to 65 cents.* The average price of silver during the fiscal year in London was 38f pence, equal to $0,841 per ounce fine. At the highest price of silver the bullion value of the silver dollar was $0,653, at the lowest price, $0,515, and at the average price, $0,650. On July 1, 1893, the price advanced very suddenly to 33J pence, reaching on July 5, 34f pence, from which point it declined, closing, on July 31, at 32^ pence. Notwithstanding the fact that India had closed her mints to silver, there was a large demand for shipment to that country, as well as to China, in August. The price advanced from 32^ pence to 34J pence, closing at 34rJ pence. In September the demand for shipment to India and China continued, and the price, with slight fluctuations, ranged from 34 to 34| pence, closing at 34^ pence. In October, the demand for both India and China having fallen off, and the repeal of the Act of July 14, 1890, by Congress, being anticipated, the rate declined from 34^ to 31i pence, on the 31st. In November, the price ranged from 31^ to 32f pence, and at the present date, November 29, is 32 pence. The average London price for the four months ending October 31, 1893, was 33|i pence, equal to $0.7383. The average New York price for the same time was $0.7350. The exports of silver from London to India., China, and the Straits, during the first nine months of the present calendar year, from January 1, 1893, to October 5, 1893, were £7,820,455, against £8,325,098 in the corresponding period of 1892, show- ing a decrease of £504,643. The exports of silver from London to India, China, and the Straits, since 1881, have been as follows : Exports of silver to the East. Tear. India. Cbina. Straits. Total. 1881. 1882. 1883. 1884. 1885. 1887 1888 1889 1890 1891 1892 1893 (first nine mouths) . $12, 375, 612 18, 604, 945 18,010,140 26, 073, 909 30, 9]8, 667 -21.159,691 19, 798, 328 21, 162, 116 28, 393, 786 35, 673, 177 21, 717, 992 35, ISO, 897 27, 201, 068 Total 316,294,228 $3, 898, 860 1, 584, 318 4, 212, 574 5, 018, 714 3, 160, 315 1,769,425 1, 427, 179 1, 163, 002 2, 731, 861 1, 284, 498 1, 177, 620 719,668 5, 010, 125 577, 729 354, 255 189, 631 136, 097 108, 146 892, 064 766, 946 219, 321 181, 141 441, 197 754, 800 622, 825 847, 051 33, 148, 159 90, 091, 203 $19, 852, 201 27,543,518 33, 442, 345 39, 228, 720 37, 182, 128 25, 821, 080 23, 992, 463 25, 534, 439 39, 305, 788 41,398,872 33, 650, 412 54, 523, 390 3S, 058, 244 439, 533, 590 ' &. further decline took place in Februai'y, 1894, to 29} pence. 113 The net imports of silver into Britiali India and the amount of cnnncil hills sold during the last nineteen English official years (ended March 31 of each year) have been as follows : Tears. Net imports of silver. Amount of council bills sold. Years. Wot imports of silver. Amount of council bills sold. $22, 580, 660 7, 543, 075 35, 038, 800 71, 440, 220 19,320,005 38. 299, 356 18, 930, 685 26, 181, 770 38,401,420 31, 194, 265 35, 282, 126 56, 500, 065- $52, 760, 715 60, 294, 062 61,784,106 49,319,325 37, 880, 692 74, 271, 1)98 74, 103. 888 89, fiOtrOSO 73,684,015 85,-649, 451 66, 946, 731 51,212,637 1880 '87 $34, 844, 140 45,307,115 4-5, 000, 525 43, 798, 500 61,926,717 42, 738, 086 41,713,479 $64, 296, 577 1875 '76 1887 '88 73,220,790 187(>_'77 1888 '89 69, 218, 337 1877 '78 18;^9 '90 76, 890, 700 1890 '91 77, 713, 304 1fi7fl-'80 1891 '92 79, 818, 085 1892 '93 '. 78, 360, 349 Total 704,040,907 1, 316, 989, 438 Annual average 1884 '^6 37, 064, 784 69, 315, 233 1885-'80 BEIEF REVIEW OF THE COURSE OP SILVER ¥ROM 1848 TO 1893, INCLUSIVE, AND OP THE CAUSES OF ITS DEPRECIATION SINCE 1872. During the calendar year 1848 the average price of silver in the London naarket -vas 59f(i. per ounce for silver -625 fine (British standard), equivalent in United vitates money to $1.3098 per ounce 1,000 &ne. The price from this time gradually advanced until 1859, when it reached an average for the year of 62,^6^. The advance in the price between 1850 and 1859 was due to the very large increase m the production of gold in California and Australia, which added to the world's sup- ply of that metal withoutanymaterial increase in thesnpply of silver. The advance in the price was also greatly stimulated by the largo loans made in silver to India for public improvements and for expenses incidental to the suppression of the Sepoy mutiny of 1857. Between 1860 and 1866 a decline took place, the yearly average price ranging ftoni Glf^d. to 6H(2. Tho latter figure was maintained until after the close of the civil war ia the United States, by reason of the limited supply of, and the increased demand for, silver. Cotton was at this time cultivated very extensively in India, because of the small quantity of it obtainable from the United States, and large amounts of silver were required for shipment to that country to pay for it. The variation in the average yearly price, from 1867 to 1872, was only -fed. The average price of silver in 1873 was 59id., equal to $1.29883. Since that time the yearly average decline has been steady, with only four exceptions. The average price' for the month of October, 1893, was 33'608(J., equal to $0,73672, a decline in a period of a little over twenty years, of $0.56211 per ounce. The causes of this great decline, stated briefly, are as follovrs : First. Germany, in 1871 and 1873, enacted laws demonetizing silver, making gold the sole standard of value, a,nd calling in all silver coins previously issued and cir- culated in the several States of the German Empire. To procure the gold necessary for the purposes of coinage, Germany sold, between 1873 and 1879, large amounts of silver from her store of melted silver coins, includ- ing the amount received from France in payment of the indemnity imposed upon her at the close of the Franco-Prussian war. The effect of this legislation was to create a demand for gold in Germany and to increase the supply of silver bullion, or melted coins, in other countries, and to cause a depreciation in the price of the white metal. Second. In 1872, Norway, Sweden, and Denmark entered into a monetary treaty demonetizing silver, which was formally ratified by Sweden and Denmark in 1873 and by Norway in 1875. By this treaty they adopted the single gold standard and made silver a subsidiary metal, to be coined on Government account only, for change purposes. Third. Holland, which had been on a silver basis since 1847, practically followed the example of Germany in 1875, for, although in that year it nominally adopted the double standard at the ratio of 1 to 15]^, it, as a matter of fact, prohibited the coin- age of silver, thus becoming, like Germany, gold monometallic. Fourth. The price having fallen to a point at which it becomes profitable for brokers to purchase silver in Germany and ship it to the States comprising the Latin Union for conversion into 5-franc pieces, the parties to that monetary treaty decided, in 1874, to limit the amount of 5-frano pieces to be coined by each. S. Eet). 235 8 114 This, however, did not have the effect to steady the price, and in 1878 the mints ol' the Latin Union were closed to the coinage of fnll legal-tender silver coins, and have remained so ever since. Fifth. In September, 1876, Russia suspended the coinage of silver except as to such an amount as might be required for trade purposes with China. Notwiihstauding the fact that the silver standard legally prevailed in Austria- Hungary until 1892, the free coinage of silver has been suspended in that country since 1879. In 1892 it formally adopted the single gold standard. By thc3 act of 1873 the coinage of full legal-tender silver was tacitly prohibited in the United States and gold made the sole standard of value, but as we were then on a paper basis, the price of silver can not be said to have been appreciably affected by that act, especially as it provided for the receipt of silver from individuals for coinage into trade dollars, and the further fact that large purchases of silver were made for the subsidary silver coinage under the acts of 1873 and 1875, to replace the fractional paper currency which had been used for change purposes since 1862. The act of February 28, 1878, authorized the coinage of silver dollars of the weight of 412J grains, as provided for by the act of January 18, 1837, and which were a full legal tender. Under the act of 1837 the coinage was free to individuals, but the act of 1878 provided for the coinage of full legal-tender silver dollars on Grovernrnent account only. It also provided for the purchase for this coinage of not less than $2,000,000, nor more than $4,000,000 worth of bullion each month, at the market price. But notwithstanding the magnitude of the purchase of silver required to be made under the act of 1878 the decline in price continued. Further legislation by the United States, still more favorable to silver, was enacted by the act of July 14, 1890, which provided for the purchase of 54,000,000 ounces annually, the estimated production of our domestic mines. The effect of this act was to cause a temporary advance in the price of silver, but the high price could not be maintained owing to the largely increased output by the silver-producing countries of the world, and the price commenced to decline iu September, 1890, and continued to do so. Sixth. On the 26th of June, 1893, the Legislative Council of India passed a bill closing her mints to silver coinage for individuals, and her action has been followed iu the United States by the repeal of the purchasing clause of the act of July 14, 1890. The present price of silver in the Londonmarket is .32Jd. for silver -925 fine, equiv- alent in United States money to $0.70^ for silver 1,000 fine. Seventh. The great increase in the production of the metal. In 1878 the world's production of silver was estimated to be $81,800,000, and in 1892 at $196,605,000— an increase in the annual supply, in twenty years, of over 140 per cent. Considering the enormously increased production of silver and the decreasing demand for it for coinage purposes, it would be a matter of surprise if the price had not very greatly declined. The increase of the production has had more to do with the depreciation of silver than has its demonetization by some countries and the suspension of its coinage by others. As Prof. Lexis says: Undoubtedly the suspension of the coinage of silver in several of the most impor- tant civilized States, together with the German and Scandinavian sales, contributed materially to the depression of the price of that metal. It would not, however, have lost much of its former value if its annual production had continued at the same fig- ure as at the beginning of the fifth decade of this century. It still found in India and China so great an outlet as a money metal that an overloading of the European market with it could not, on the supposition just made, have taken place. During no former period had so much silver been employed, even approximately, every year, in coinage or used iu some other way (especially as a deposit against paper money) for monetary purposes, as there has been in the present. Leaving Mexico and the South American States entirely out of consideration, there were coined in Europe, the United States, and India, in the ye>ars 1851 to 1860, an annual average (at the old ratio) of $38,794,000. During the decade 1861-1870, when the production of silver in the west of the United States began to be developed, and when the cotton famine enormously increased the payments due to India on account of international trade, this annual average 'coinage amounted to $80,020,000. But even this figure, which up to that period had never been reached, is exceeded by the average amount of coinage (Mexico and South America not included) in the years 1887 to 1891, when the price of silver had fallen as low as 43|d. in London. The average coinage of those years amounted to no less than $113,000,000 (at the old ratio of value), and this sum does not include the storage of silver bullion by the United States. The known aggregate coinages of silver during the sixteen years, 1876-1891— that is, during the period of the greatest depreciation of the metal— amounted to $2,110,- 115 500,000. From tliis we must deduct $71,000,000, which were recoined from old coins into German and Scandinavian divisional coins, but this amount is offset by the monetary silver bullion stock in the United States created under the law of July U, 1890. Moreover, this sum embraces about $950,000,000 of Mexican piasters, one-half of whichmay have served as coinage material. Tiie remainder went to China, or may be considered the equivalent of the bar silver exported to China, and which serves mone- tary purposes. The net silver coinages, therefore, of this metal would have to be put at at least $1,560,000,000. On the other hand, the production of silver during the same period, according to Soetbeer, amounted to $2,109,394,000. Thus the net coin- age was fully 74 per cent of the production, while the gross amount of coinage shows that a quantity of silver as large or even larger than that of the silver iiewly pro- duced passed through the mints. The coinage of silver, it is true, has been suspended in France. It can no longer be turned, for the convenience of holders, into 5-franc pieces, but in lieu thereof it has found a place in the currency of the XJnited States to the amount annually of $70,000,000 — a suna six tirSes as great as the average annual coinage of France during the time of silver's supremacy.* The heavy sales of silver by Germany ceased fourteen years ago. The past coin- ages of the states that stamped 5-franc silver pieces have been more than counterbal- anced by the coinages and storage of silver by the United States. And still another cause of the depreciation which the English silver commission of 1876 called atten- tion to, viz, the decrease of the silver exports to India, has not been operative of late years. These facts make it evident that the great cause of depreciation of sil- ver of late years has been its increased production. BISTRIUUTION OF SILVER DOLLARS. The iiumber of silver dollars distributed from the mints during the fiscal year ended June 30, 1893, was 6,811,629, against a distribution of 9,407,920 for the preced- ing fiscal year, showing a decrease in the distribution of these pieces of 2,596,291. The following table exhibits the number of silver dollars on hand, the coinage, and the distribution from each mint at the dates named: Dates. Philadelphia. San Fran- cisco. New Orleans. Carson. Total. In mints Julv 1 1892 50, 083, 000 1, 350, 715 36, 301, 366 700, 000 9, 701, 300 1, 920, 000 4, 126, 630 1, 367, 000 100, 212, 302 5,343,715 Total 51, 439, 715 50, 447, 000 37, 001, S66 35, 813, 683 11,621,300 7, 085, 250 5, 493, 630 6, 398, 465 105, 556, 017 In mints Julv 1 1893 ■98, 744, 383 Distributed from mints 992,715 1,187,683 4,636,050 95, 181 6,811,029 CIliCULATIOH OF SILVER DOLLSlRS. The following table exhibits the total number of silver dollars coined, the number hfeld by the Treasury for the redemption of certificates, the number held in excess of outstanding certificates, and the number in circulation ou November 1 of each of last eight years : COINAGE, OWNERSHIP, of CIECULATION and SILVER DOLLARS. Date. Total coinage. In the Treasury. Held for pay- ment of certifi- cates out- standing. Held in excess of certificates outstanding. In circulation. Nov. 1, 1886. 1887. 1888 1889. 1890, 1891, 1892, 244, 433, 386 277,110,157 309, 750, 890 343, 638. 001 380, 988, 476 409, 475, 368 416, 412, 835 419, 3^2, 550 100, 306, 800 160, 713, 957 229, 783, 152 277, 319, 944 308, 206, 177 321, 142, 642 324, 552, 532 325, 717, 232 82, 024, 431 53, 461, 675 20, 196, 288 6, 210, 577 7, 672, 725 26, 197, 265 30, 187, 848 34, 889, 500 61, 502, 155 62, 934, 625 69, 771, 450 60, 098, 480 65, 709, 664 62, 135, 461 61, 672, 455 68, 725, 818 * Prof. Lexis's estimate of the net coinage of silver during the ycais lS7(i-lS91 i.s probably too large. He does not make sulficient allowance for rctDiuancs during ^v.„^^^ ^^yi^^ This, linvvnvp.r. does not materiallv impairthe validity of hisarguDient. 116 SUBSIDIARY SILVER COINAGH. During the fiscal year ended June 30, 1893, the coinage of sulisidiary silver aggre- gated 28,947,461 pieces, of the nominal value of $7,217,220.90, consisting of $3,266,- 630 in half dollars, $2,848,618 in quarter dollars, and $1,101,972.90 in dimes. Of this coinage $607.75 were manufactured from purchased bullion and $7,216,613.15 from worn and uncurrent silver coin transferred from the Treasury ior recoinage. Worn and uncurrent silver coin of the nominal valije of $7,618,198.25 was trans- ferred from the Treasury to the mints for recoinage. These coins, upon melting, were found to contain 5,940,544'90 ounces of standard silver, the coining thereof in subsidiary silver coins being $7,381,289.58, showing a loss of $236,908.67, which sum was reimbursed the Treasury from the appropriation for loss on recoinage of worn and uncurrent silver coin. The amount and cost of silver on hand July 1, 1892, available for the subsidiary silver coinage, the amount obtained, and the amount used during the year, and the balance on hand at the close thereof, are shown in the following table: SILVEB for SUBSIDIARY COINAGE, 1893. Stock. Mint at Philadelphia. Mint at San Francisco. Fine ounces. Cost. Fine ounces. Cost. Silver bullion on hand July 1, 1892 134,852-48 3, 675, 905 -30 310-24 $186, 236. 94 6, 081, 694. 01 428. 87 69, 241 -45 707,225-85 $95, 720. 00 Uncurrent coins transferred from Treasury . . 977, 675. 25 3,811,006-02 3.809,774-52 5, 268, 269. 82 5,266,600.95 776, 467 -30 422,490-7? 1,073,395.25 584,054 90 Balance on hand June 30, 1893 1, 293 -50 1, 668. 87 363,970-57 489,340.36 Stock. Mint at New Orleans. Total. ITino ounces. Cost. Fine ounces. Cost. Silver bullion on baud July 1 1892 82,645-02 956, 309 -22 $45, 128. 77 1, 322, 010. 32 236, 738 -95 5, 339, 440 -37 310 -24 $327,085.71 7,381,289.58 428 87 TTncurreut coins transferred from Treasury- . Total stock . 988,954-24 988, 491 -93 1, 367, 139. 09 1, 306, 600. 00 5, 576, 489 -56 5,220,757-18 7,708,804.16 7,217,156.85 462 -31 639. 09 355,732-38 491,648.31 The amount, cost, and nominal value of the subsidiary silver coinage executed during the fiscal year, ,iud the sources from which the bullion was obtained, are exhibited in the following table : NOMINAL VALUE of MATERIALS used in the SUBSIDIARY SILVER COIN- AGE, 1893. Sources from ivbich bullion was obtained. Fine otiuces. Cost. Coinage. Mint at Philadelphia: 3, 675, OO.'i -30 310 -24 707, 225 -85 950, 309 -22 $5,081,604.01 428. 87 977, 675. 25 1,322,010.32 $6,266,068.25 607. 75 Mint at San Francisco : 584,054.90 1,366,500.00 Mint at New Orleans : "Worn and uncurrent coin Total 6, 339, 750 -61 7,381,718.45 7,217,220.90 SUMMAET. "Worn and uncurrent coin 5,339,440-37 310-24 7, 381,-289. 58 428. 87 7,216,613.15 607.75 5, 339, -m -61 7,381,718.45 7,217,220.90 117 SEIGNIORAGE ON SILVER COINAGE. The balance of profits on the coinage of silver on hand at the mints at tho com- mencement of the fiscal year, July 1, 1892, was $70,964.25. The seigniorage on the coinage of silver dollars during the year amounted to $1,559,297.36, and on subsidiary coinage $65.05, a total of $1,559,362.41. From the seigniorage there were paid during the year for expenses of distributing silver coin $24,382.12, and for reimbursements of silver wasted by the operative officers and for bullion sold in sweeps, $8,075.05, leaving the net profits on the coinage of silver for the year, $1,526,905.24. Of this sum $1,396,109.87 was deposited in the Treasury during the year. The balance of profits on the coinage of silver on hand at the mints June 30, 1893, was $201,759.62. Including the balance on hand at the mints July 1, 1878, the net profits on account of the coinage of silver from that date to November 1, 1893, paid into the Treasury of the United States aggregates $74,262,970.99. The total seigniorage on the coinage of silver under the act of July 14, 1890, from August 13, 1890, to November 1, 1893, was $6,977,098.39. Of this amount $78,447.12 was paid for expenses of distributing silver coins, and $60,849.92 to reimburse the bullion fund for wastage of the operative officers of the mints and for bullion sold in sweepings, and the balance paid into the Treasury. MOVEMENT OF GOLD FEOM THE UNITED STATES. In the following tables, which have been carefully prepared by the superintendent of the United States assay office at New York, the experts of gold from that port to Europe during tlie fiscal year ended June 30, 1893, are presented in detail; also the exports during the four mouths from July 1 to October 31, 1892, as well as the return movement : Statement of United States GOLD COIN EXFOBTED from NEW YOUKto EUROPE during the fiscal year ended June SO, 1893. Date. 1892. Jldy 1 Jnly 6 July 8 July 13 July 29 .lulV 29 Aug. 5 Aug. 10 Aug. 12 Aug. 15 Aug. 18 Aug. 24 Sept. 2 Sept. 3 Sept. 12 Sept. 21 Nov. 25 Dec. 2 Dec. 12 Dec. 14 Dec. 14 Dec. 19 Dec. 21 Dec. 27 Dec 30 1893. Jan. 6 Jan. 20 Jan. 23 Jan. 27 Jan. 27 Jan. 80 Jan. 31 Des- tination. Value. France . . . $3, 200, 000 Germany . 600, WO France ... 800,000 Germany . 750, 000 lYanco . . . 1, 200, 000 Germany . 2, 750, 000 France . . . 1, 000, 000 England . . 1,000 1, 000, 000 Germany . 1, 000, 000 .--.do 960, 000 .--.do 1.500.000 France 1, 100, 000 Germany - 1, 500, 000 --.do 600, 000 England - - 800 France 600,000 .-.do 1, 600, 000 Germany - 2, 750, 000 France 1, 000, 000 Germany - 600, 000 ...do 3, 900, 000 France 500, 000 England . . 8.900 France 500, 000 ...do 2,000,000 ...do 4, 300, 600 Germany - 775, 000 France 2, 860, 000 Holland. - . 600, 000 Germany - 1, 000, 000 --.do 500, 000 Kate of exchange. 4.88i 4. 88J-4. Ka| 4.88i 4. 88J^. 88J 4. 88J-4. SSJ 4.88i 4. 88J-4. 88i 4.88J 4.8Hi 4.88i 4.83 4.88 4.88i^.a84 4.88 4. 88-4. 88i 4.86i 4. 87i-4. 88 4.88 4.88 4.88i 4.88i 4874- September 2S Local purelmsos. Total for Septc;;;bi- Octobers Octobers October 7 October 10 October 12 October 14 October 17 October 19 October 24 October 20 Local purchases. Total lor Oelobi:r. November 1 Koveniber 4 November 7 November 9 November 11 November 14 November 10 November 18 November 21. — November 23 Local purchases . Total for f^ i^■^'mbl Deceiober 2 . . December 5 . . Deeeni Ijer 7 . . December .. December 12 . Offers. Fine ounces. 574, liOO 774. 000 017,000 1, ll0:i, 000 5U7, 000 766, 000 894, 000 49:i, 000 580. 000 830, 000 7, 034, 600 831, 000 GS3, 000 994, 000 918, 000 650, 1100 625, 000 635, 000 861,000 489, UOO 851, 000 Amount pur- cliaaeil. ' lima ounces. 359, 600 550, 000 410,000 671, 000 220, 000 481.000' 012, 000 343, 000 380, 000 170, 000 312,645-09 4, 509, 245 -09 460, 000 280, 000 507, 000 581, 000 500, 000 350, 000 285, 000 571, 000 200, 000 415, 000 297, 478 -23 4,496,478-23 , 073, 000 753, 000 634, 000 795, 000 671,000 862, 500 400, 000 780, 000 413, 000 512, 500 875, 000 530, 000 8, 311, 000 315, 000 653, 000 325, 000 100, 000 200, 000 627, 500 356. 000 480, 000 338, 000 337, 500 600, 000 105, 000 204, 019 -02 4,507,019-02 946, 724, 764, 778, 214, 629, 841, 564. 220, 364, 8, 044, 500 301. 000 781,000 523, 000 675, 000 671,000 927, 000 323, 000 655, 000 514, 000 399, 000 7, 672, 000 1,000,000 711,000 803, 000 500, 000 842, 000 660, 000 374, 000 173. 000 703, 000 No purchases. 199, 000 702, 000 380, 000 313,000 8-iO, 000 222, 407 -54 4, 465, 467 -54 707, OOO 381,000 875, 000 200, 000 381,000 400, 000 323, 000 305, 000 360, 000 274, 000 228, 5B2 -I 4, 517 ^2 ■; 390, 000 30'l, 000 77 1,000 400, 000 447, 000 Cost. $317, 287. 00 480, 786. 00 368,985.00 588, 348. 50 191,715.00 420, 079. 00 633,614.00 296, 913. 00 329, 915. 00 147, 050. 00 272, 850. 66 . 3,937,653.16 385, 820. 00 240, 014. 00 484, 444. 80 490, 828. 80 421, 625. 00 290, 365. 00 238, 270. 00 477,467.00 165,985.00 347, 027. 00 219,426.92 3, 791, 173. 52 263, -rW. 50 462,197.40 271, 770. 00 83, 5)0. 00 167, 610. 00 441,414.00 297, 564. 10 402, 387. 50 282,593.46 282, 805. 00 508, 023. 60 138, lot. 5S 170,443.66 3, 771, 962. 56 i43, 035. 00 313, 901. 00 146, 725. 00 596, 470. 60 170, 941. 00 609,244.50 335, 470. 60 270, 649. 50 720, 880, 00 190, 073. 23 3, 897, 390. 23 682,172.00 328, 169. 20 747, 162. 50 169, 200. 00 323, 709. 60 339, 277. 60 273, 865. 60 258, 614. 60 296, 700. 00 234, 265. 00 194, 904. 44 3,848,040.14 333, 636. 00 254, 930. 00 646, 946. 60 330, 225. 00 274, 426. 60 121 SILVER OFFERED, PUBCBASED, and COST of same, e?c.— Continued. Date. Offers. AmouBt pur- cbasea. Cost. December 14 December 16 December 19 December 21 December 23 Local ptircbases. 1892. Total for December - January 4 January 6 January 9 January 11 January 13 January 16 January 18 .Tauuary 23 Januai-y 25 January 27 Locfll purchases. 1893. Total for J:;nu.iry . February 1 February 3 February 6 February 8 Febnaary 10 February 13 February 15 — February 17 February 20 February 24 . ^ - - February 27 — Local purcbaSt'^ Total for Filiiuary. Marcb 1 March 3 March 6 March 8 March 10 March 13 March 15 March 17 March 20 March 22 March 24 March 27 March 29 Local purchases . Total for Mari-h. April 3 April 5 . April 7 AprillO April 12 April 14 Aprill7 April 19 April 21 April 24 April 26 Local purchases. Total for Aiuil . May 1 . May 3 . May 5. May 8. May 10 . May 12. May 15 - Mav 17 . May 19 . Fine ounces. 455, 000 72-1, 000 1,195.000 96U, 000 400,000 Fine ounces. 320, 000 277, 000 475, 000 461, 000 80, 000 576,644-52 7, 686, 000 4, 500, 644 -52 008, 000 500, 000 669, 000 355, 000 498, 000 283, 000 585, 000 244,000 309, 000 602, 000 868, 000 250, 000 537, 000 265, OOO 473, 000 37, 000 210, 000 650, 000 773, 000 17, 000 433, 907 -18 7, 053, 000 4, 513, 907 -18 328, 500 739, 000 628, 000 797, 000 065, 000 325, 000 006, 000 918, 500 220, 000 707, 000 506, 000 612, 000 S39, 000 378, 000 267, 000 580, 000 300, 000 271, 000 650, 000 290, 000 350, 000 25, 000 345, 181 -86 4, 507, 181 -86 ., 019, 000 725, 000 874, 000 531,000 602, 000 , 247, 000 726, 000 665, 000 815, 000 614, 000 604, 700 677, 000 632, 000 719, 000 100, 000 405, 000 295, 000 60, 000 380, 000 300, 000 320, 000 425, 000 279, 000 274, 700 290, 000 287, 000 377, 259 -66 4, 511, 9.59 -I 900, 000 176, 700 486, 000 008, 000 271, 000 801, 000 175, OOO 890, 000 550, 000 173, 000 667, 000 340, 000 350, 000 411, 000 130, 000 505, 000 426, 000 500, 000 425, 000 170, 000 525, 000 557, 000 168, 185 -90 10, 157, 700 4, 507, 185 -90 453, 000 1, 014, 000 318, 000 629, 000 871,000 573, 000 572, 000 475, 000 774, 000 370, 000 450, 000 169, 000 454, 000 560, 000 366,000 97, 000 300, 000 360, 000 $267, 040. 00 231,894.80 396, 600. 00 381, 127. 50 66, 160. 00 488, 569. 98 1,776,445.28 722, 267. 50 208, 700. 00 447, 848. 00 222, 222. 60 396, 645. 40 31, 090. 50 177, 144. 50 549, 250. 00 651, 216. 00 14, 322. 60 362, 702. 89 , 783, 399. 79 420, 056. 00 451,093.00 316, 653. 00 224,460.00 487, 190. 00 252, 100.00 228, 646. 60 549, 900. 00 244, 660. 00 293, 782. 50 20, 997. 50 289, 871. 49 1,788,410.49 603, 960. 00 83, 915. 00 339, 162. 50 245, 650. 50 50, 178, 00 317, 865. 00 249, 830, 00 266, 884. 50 351, 737. 50 230, 296. 20 227, 743. 30 241, 031. 00 239, 721. 00 316, 129. 67 , 763, 104. 17 284, 217. 50 291, 350. 00 341, 610. 50 108, 445. 00 420, 410. 00 354. 299. 00 417, 375. 00 354, 876. 00 141, 970. 00 437, 994. 00 464, 715. 50 140, 503. 87 i, 757, 765. 37 311, 587. 60 379, 990. 00 141, 484. 00 382, 972. 00 470, 922. 50 306, 784. 60 81, 323. 00 248, 960. 00 300, 176. 00 122 SILVEB, OFFERED, PUEC3ASEI>, and COST of savie, eic— Continued. Date. Offers. Amount pur- chased. Cost. 1893. Fine ounces. 828,000 909, 000 741, 600 689, 000 Fine ounces. 260, 000 181, 000 416, 500 100, 000 319,226-98 $299, 969. 00 May 24 ' - * 160, 157. 60 345, 476. 75 Mav 29 82, 880. 00 267, 542. 62 8,800,600 4, 601, 726 -98 3, 770, 215. 37 June 2 - . 840, 000 1, 292, 000 900, 000 1, 149, 800 848,000 270, 000 653, 000 876, 000 609, 000 620, 000 550, 000 360, 000 697, 800 668, 000 150,000 653, 000 480, 000 100, 000 246, 368 -38 614, 710. 00 456, 925. 00 300, 917. 50 497,160.00 Jane 12 . . - 567, 082. 00 126, 700. 00 462, 308. 00 402, 240. 00 June 21 82, 330. 00 208, 809. 73 7,303,800 4, 325, 168 -38 3, 608, 182. 23 EECAI'ITULATION BT MONTHLY TOTALS. 1892, July August September October November December 3803. January February March April May June Total 7, 034, 600 7, 427, 000 8, 311, 000 8, 044, 500 7. 672, 000 7, 686, 000 7, 033, 000 9, 2.i0, 000 9. 731, 700 10,157,700 8, 81)6, 500 7, 303, 800 98, 467, 800 4, 609, 4, 496, 4, 607, 4, 666, 4, 617, 4, 500, 4, 513, 4, 507, 4, 611, 4, 507, 4, 501, 4, 325, 245-09 478 -23 019-02 467 -54 502 -39 644-52 907 -18 181 -86 969 -66 185 -90 726 -98 168 -38 63, 963, 546 -75 $3, 937, 3,791, 3, 771, 3, 897, 3, 848, 3, 776, 8, 783, 3, 788, 3, 763, 3, 757, 3, 770, 3. 608, 553. 10 173. 52 962. 56 390. 23 040. 14 445.28 399. 79 410. 49 104. 17 765. ■■'.- 215. 37 183. 23 45, 493, 642. 31 SILVEB OFFERED, FOBCHASED, and COST of same, during the months of July, August, September, October, and November, 1S9S, act of July li, 1S90. July 6 July 7 Jiil'vlO July 12 July 14 July 17... July 19 July 21 July 24 July 20 July 28 Juliy31 Local purchases . Total for July. , August 2. August 4 - August 7. August 9. Augu-st 11 . August 14. August 16. August 18. Aiigust 21. August 23. Offers. Amount purchased Cost Fine ounces. Fine ounces. 520, 000 1, 178, 000 588, 000 $423, 360. 00 499, 000 06, 000 47,190.00 375, 000 30, 000 21, 450. 00 490, 000 100, 000 72,500.00 738, 000 165, 000 113, 822. 60 479, 000 329, 000 235,235.00 670, 000 346, 000 241,600.00 326, 000 107, 500 74, 820. 00 175, 000 26,000 17,650.00 300, 000 150, 000 106, 450. 00 318, 000 216,000 11,840.00 124, -342 -74 90, 330. 70 6,068,000 2,225,842-74 1, 596, 056. 20 149, 000 124, 000 87,016.00 312, 000 160, 000 115,200.00 605, 000 410, 000 297, 000. 00 392, 000 367, 000 268, 285. 50 662, 000 652. 000 489, 978. 00 305, 000 280, 000 205, 100. 00 300, 000 164, 000 119, 064. 00 147, 000 40, 000 29, 300. 00 265, 000 166, 000 122,512.50 630, 000 416,000 313, 040. 00 123 SILVER OFFERED, RURCBJSED, and COST of same, e/c— Continued. Date. Offers. Amount purchased. Cost. Auguat 25 August 28 August 30 Local purcliases. Total for August. September 1 September 4 September 6 September 8 September 11 September 13 September 15 September 20 September 22 September 25 September 27 September 29 Local purcbafles- Total for September. October 2 October 4 October 6 October 9 October 11 October 13 October 16 October 18 October 20 October 23 October 25 October 27 October 30 Local purchases. Total for October . November 1 Local purchases. Total for November. Fine ounces. 395, 000 465, 000 260, 000 JHne ounces. 191, 000 390, 000 226, 000 360, 455 -37 4, 783, 000 :i, 935, 455 -37 488, 000 225, 000 172, 000 145, 000 376, 000 435, 000 190, 000 470, 000 280, 000 396, 000 407, 000 507, 000 303, 000 225. 000 35, 000 40, 000 201. 000 410, 000 40, 000 285, 000 210, 000 190, 000 282, 000 432, 000 111, 308 •( 3, 991, OOU 2, 770, 308 -66 420, 000 289, 000 285, 000 ;il6, 000 2:11,000 2S0, 000 282, 000 257, 000 ] 50, 000 235, 000 S.'S, 000 686, 000 737, 000 200. 000 49, 000 80, 000 115. 000 141,000 30 000 142. 000 232. 000 100.000 No purchases. 460, 000 510,000 695, 000 209, 384 -08 4, 652, 000 3, 029, 384 -68 81, 000 No purchases. 38,124-68 38, 124 -68 $140, 863. 50 287, 625. 00 168, 935. 1 262, 597. 89 8, 076. 39 ■222, 706. 00 165. 375. 00 25, 725. 00 29, 800. 00 151,554.00 305, 450. 00 29, 700, 00 212, 325. 00 155, 400. 00 145. 530. 00 210, 090. 00 321, 840. 00 81, 899. 19 2, 057, 393. 19 193, 050. 00 36, 064. 00 58, 960. 00 84, 640. 00 103, 846. 50 21. 960. 00 104, 228. 00 170, 404. 00 73, 400. 00 335, 800. 00 371, 520. 00 486, 500. 00 152,644.27 2, 193, 016. 77 RECAPITULATION. July August — September . October — November, . Total 6. 068, 000 4. 781, 000 3,991,000 4, 653, 000 84, 000 19, 578, 000 2, 235. 842 -74 3, 935, 465 -37 2, 770, 308 -60 3, 029, 384 -68 38, 124 -68 12,009,116-13 .$1, 595, 056. 20 2, 90S, 076. 39 2, 057, 393. 19 2,193,016.77 27, 768. 02 8, 781, 310. 57 From 1873 niitil the rejioal of the purchasing claii.se of the .net.of ,Tnly 14, 1890, the Government of the United States h.ad been a, large purchaser of silver bullion. The amount purchased, the cost thereof, the average prire paid, and tlie acts of Congress under which the purchases wore made are shown in the following state- ment: Act authorizing. Fine ounces. Cost. Average cost per ounce. Febrnarv 12, 1873 January' 14, 3875. February 28, 1878 July 14, 1890 Total 5, 434, 282 31,603,906 291,272,019 168, 674, 682 $7, 152, 564 37, 571, 148 308, 279, 261 155,931,002 496, 984, 889 608, 933, 975 $1. 314 1.189 1. 058 .924 1.024 124 The following tables exhibit the amount and cost of silver bullion purchased each year under the acts of February 28, 1878, and July 14, 1890, the average price paid, and the bullion value of the standard silver dollar : AMOUNT, COST, AVERAGE PRICE, and BULLION VALUE of the SILVER DOLLAR of silver jaurchaaed under act of February 28, 1878. Fiscal year. Fine ounces. Cost. Average price per fine ounce. Bullion value of a silver dollar. 1878 10, 809, 350 19,248,086 22, 057, 862 19,709,227 21, 190, 200 22, 889, 241 21. 922, 951 21, 791, 171 22, 690, 652 26, 490, 008 25, 386, 125 26,468,861 27, 820, 900 2, 797, 379 58 09 64 11 87 24 52 61 94 04 32 03 05 $13, 023, 268. 96 ' 21,593,042.99 25, 235, 081. 53 22,327,874.75 24, 05i 4S0. i" 25, 577, 327. 58 24, 378, 383. 91 23,747,460.25 23, 448, 960. 01 25,983,620.46 24, 237, 553. 20 24,717,853.81 26, 809, 326. 33 3,049,426.46 $1.2048 1.1218 1. 1440 1. 1328 1.1351 1. 1174 1. 1120 1.0897 1.0334 .9810 .9547 .9338 .9668 1.0901 $0.9318 8676 1879 . 1880 1881 8761 1882 1883 8642 1884 1885 8428 1886 .7992 1887 7587 1888 .. . 7384 1889 1890 . - 7477 1891 Total 291, 272, 018 -56 308,279,260.71 1.0583 1 -Sia.'i AMOUNT, COST, AVERAGE PRICE, and BULLION VALUE of the SILVER DOLLAR of silver purchased under act of July 14, 1890. Fiscal year. Fine ounces. Cost. Average price per fine ounce. Bullion value of a silver dollar. 1891 48, 393, 113 -05 54, 355, 748 -10 54,008,162-60 11, 917, 658 -78 ^50,577,498.44 51,106,607.96 45,531,374.53 8, 715, 521. 32 $1. 0451 .9402 .8430 .7313 $0.8083 7271 1892 , ... 1893 1894 5656 Total 168, 674, 682 -53 155, 931, 002. 25 .9244 7150 STOCK OF MONEY IN THB UNITED STATES. The following table exhibits the stock of coin in the United States January 1 and July 1, 1893 : Official table of STOCK of COIN in the UNITED STATES January 1, 189S. Items. Gold. Silver. Total. Estimated stock of coin Jan 1 1892 $005, 089, 568 34,787,223 $488, 239, 921 12,641,078 497, 707 $1, 093, 329, 489 ■17, 428, 300 497, 707 Coinage, calendar year 1892 Net imports of United States coin, calendar year 1892 Total 639, 876, 790 501, 378, 706 1, 141, 255, 496 Loss: Net exports of United States coin, calendar year 1892.. 67, 857, 066 558, 334 3, 500, 000 67, 857, 060 8, 833, 774 3, 700, 000 United States coin melted for recoina^e, calendar year 1892 8,275,440 200, 000 United States coin estimated to have been used in the Total 71,915,400 8, 475, 440 80, 390, 840 Bstimated stock of United States coin Jan. 1, 1893 567, 961, 390 492, 903, 266 1, 060, 864, 656 125 Official table of STOCK of COIN in the UNITED STATES July 1, 1S93. Items. Gold. Silver. Total. Estimated stock of coiD JuIa' 1, 1892 $589,179,550 30, 038, 140 $491, 610, 213 12, 560, 036 504, 681 $1,080,689,763 42, 599, 076 501,681 Total 619, 217, 690 504, 676, 830 1, 123, 793, 520 Loss; Net exports of United States coin for fiscal year 1893. 95,769,188 792, 400 3, 500, 000 95,769,188 8, 420, 657 3,700,000 United States coin melted for reeoinage, fiscal year 1893 7, 028, 257 200, 000 United States coin used in the arts, fiscal year 1893 . . Total 100,061,688 7, 828, 257 107,889,845 519, 156, 102 416,747,573 1,015,903,675 As has beeu stated in previous reports of the Director of the Mint, in determining the stock of gold coin in the United States the actual amount of gold coin in the Treasury and in national banks on June 30, 1872, and $20,000,000 estimated at that date as the minimum amount in circulation in the States of the Pacific coast — a total of $135,000,000 — was taken as a basis. Since that time the official estimates liave been compiled by adding to the initial stock the coinage of the mints (not including recoinage) and the gain (or loss) by import or export as registered at the custom-houses. An average annual allowance, however, of $3,500,000 has been estimated as the amount of our gold coins iised in the industrial arts. The coinage of silver dollars since March 1, 1878, and the subsidiary silver coinage since 1873, at which date the estimated amount was $5,000,000, together with the annual gain or loss by coinage or import — after an annual deduction of $200,000 for use in the industrial arts — is taken as the estimated stock of silver coin in the United States. The above table gives the total estimated stock of gold and silver coin in the United States on July 1, 1893, at $1,015,903.675— gold $519,156,102 and silver $496,747,573. Of the silver coins, $419,332,450 were in silver dollars and $77,415,123 in subsidiary pieces. The value of the gold and silver bullion belonging to the Government and stored in the mints and assay offices on Januaj'y 1, 1893, and July 1, 1893, was $197,509,909, valued as follows : GOLD and SILVER BULLION in MINTS and ASSAY OFFICES January 1, 2893. Metals. Cost valae. Gold $81 826 6.30 Silver - - 99, 821 1 220 Total . 181, 650, 850 BULLION in MINTS and ASSAY OFFICES July 1, 1S93. Metals. Value. Gold $78, 541, 583 197, 509, 909 The stock of silver bullion on deposit with the Mercantile Safe jDeposit Company in New York City, as reported on .June 30, 1893, was 217,292 fine ounces, the com- mercinl value of wliii-h was $145,.585. In auswer to au intpiiry from this Bureau, the superintendent of the United States assay office at New York reported the estimated stock of silver bullion outside of 126 the Mercantile Safe Deposit Company and held by private parties to be 200,000 ounces. This is not considered in compiling the tables here given. The stock of coin in the United States, the gold and silver bullion belonpng to the Government, together with the silver held by the Mercantile Safe Deposit Com- pany, constituted the total metaUic stock of the United States on January 1, 1892, January Ij 1893, and July 1, 1893. METALLIC STUCK January 1, 1S9S and 1S9S. Coin and bullion. Amount Jan. 1, 1892. Amount Jan. 1. 1893. Gold $688, 665, 211 547, 131, 670 $649, 788, 020 593,365 365 Total 1, 235, 796, 881 1, 243, 153, 385 METALLIC STOCK OF THE UNITED STATES July 1, 1893. Coin and bullion. VaJuB. Gold .. . $597,697,685 615, 861, 48i Total 1, 213, 559, 169 The estimated metallic stock ou July 1, 1892, was $664,275,335 gold and $570,313,544 silver, a total of $1,234,588,879. By comparing tliese amounts with those in the above tsible, it will be seen that the estimated stock of gold in the United States decreased $66,577,650, while the estimated stock of silver increased $45,547,940, showing a net loss of $21,029,710 durius the fiscal year ended June 30, 1893. The following table gives the ownership of the stock of coin and gold and silver bullion in the Dnited States on July 1, 1893: OWNERSHIP of GOLD and SIL FEB in the UNITED STATES July 1, 1S93. G-old coin and bullion. Silver coin and bullion. Total gold and silver coin and bullion. Ownership. Silverdollars. Subsidiary silver coin. Silver bullion. Total silver. tJnitod States Treasury Kational Banks (July 12, 1893).... Private banks and individuals * $98, 519, 833 J150,6a4,962 350,542,890 t$35,578,929 §30,006,637 363,746,884 $11, 945, 257 6, 119, 576 69, 350, 291 $118,968,326 $166, 492, 612 36, 126, 212 413, 242, 760 $263, 012, 345 186,761,174 145, 585 763, 785, 650 Total 607, 697, 685 419. 332, 450 77, 415, 123 119,113,911 615,861,484 1,213,569,169 * G-old coin and bullion in Treasury exclusive of $92,642,189 gold certiticatefi outstanding, t Silver dollars in Treasury exclusive of $326,823,848 silver certificates outstanding, tincludes $54,835,100 Treasury and clearing-house gold certificates. ^Includes $22,020,180 silvnr certificates held by national banks. The amount o"f standard silver dollars owned by the Treasury was $35,578,929 against $30,308,448 at the same date last year, showing an increase of $5,270,481, while the amount owned by national and private banks and individuals exceeded by only $73,234 the amount they owned the previous year. 127 The stock of metallic and paper money in the United States, and its lopation, i« given in the following table : LOCATION of ike MONEYS of the UNITED STATES January 1, 1893. Moneys. METALLIC. Gold bullion Silver bullion G-old coin Silver dollars Subsidiary silver coin Total PAPEIt. Legal-tender notes, old issue Legal-tender notes .(act July 14, ISUO) Gold certificates Silver L-ertificatee National bank notes - Currency certificates Total In Treasury. Outside of Treasury. $81, 826, 630 99, 8!i4, 220 156, 662, 452 355, 054, 049 10.671,481 $637, 879 412.970,960 6-i, 822, 936 67, 327, 267 703, 938, 832 | 543, 759, 042 15, 747, 476 2, 705. 967 24, 254, 750 3,748,493 6, 013, 059 490, 000 330, 933, 540 122, 039, 656 117, 093, 139 322, 035, OH 168,361,365 7, 100, 000 52. 9S9, 745 1, 007, 562, 711 Total. $81, 826, 630 100, 462, 099 569, 633, 412 417, 876, 985 77, 898, 748 1, 247, 697, 874 346, 681, 018 124, 745, 623 141, 347, 889 325, 783,-504 174, 404, 424 7, 590, 000 1, 120, 562, 466 LOCATION of the MONEYS of the UNITED STATES July 1, 189S. Moneys. METALLIC. Gold bullion Silver bullion Gold coin Silver dollars , Subsidiary silver coin Total PAPER. Legal tender notes (old issne) Legal-tender notes (act July 14, 1890) Gold certificates Silver certificates National-bank notes Currency certificates • Total In Treasury. $78, 541, 683 lis, 568, 326 110,020,439 :;62, 402, 777 11,945,257 082, 478, 382 27, 621, 690 «, 334, 013 1, 399, 000 4, 133, 666 4, 043, 906 690, 000 44, 222, 766 In national banks July 12, 1893. In otlTer banks aud general circulation. » $100, 084, 862 7, 380, 457 6, 119, 575 113, 684, 894 95, 833, 677 50, 550, 100 22, 626, 180 1 22, 816, 964 11,716,000 203, 541, 921 $145, 686 308, 450, 801 43, 649, 216 69, 350, 291 417, 495, 893 223, 225, 749 140, 855, 614 42. 092, 089 304, 197, 668 151, 853, 003 862, 224, 122 Total. $78,541,683 IIU, 113, 911 619, 156. 102 4~19, 332, 450 77, 415, 123 1,213,569,16 346, 681, 016 147, 190. 227 94,041,189 330, 957, 504 178, 713, 872 12,405,000 1, 109, 988, 1 •Includes $4,285,000 gold clearing-house certificates. tincludes $2,681,910 of their owu notes hold by differentnational banks. The amount of silver dollars outside the vaults of the Treasury — that is, in actual circulation— at the end of the fiscal year -was $56,929,673, against $56,817,462 for the previous fiscal year, showing an increase in the actual ciiculatiou of only $112,211. The total metallic and paper money in actual circulation, exoludiug the amounts held by the Treasury and the silver bullion in the Mercantile Safe Deposit Com- pany, was $1,596,701,245, against $1,601,347,187 at the end of the previous fiscal year showing a decrease of $4,645,942 duriug the jeai. 128 The approximate stock of United Stated gold and silver coins on Noveml>er 1, 1893, is exhibited in the follow ing table : STOCK of GOLD and SILVER COIN in the UNITED STATES November 1, 1893. Gold coin. Silver coin. Total gold and silver coin. Date. Silver dol- lars. Subsidiary. Total silver coin. Stock July 1,1893 Gain or loss since tbat date. . $519, 156, 102 45,582,476 $419, 332, 450 100 $77, 415, 123 -438,121 $496,747,573 — 4BS, 021 $1,015,903,675 4.% 144, 455 Stock November 1 , 1893 564, 7aR, 578 419, 332, 550 76, 977, 002 496, 309. 552 1, 061, 048, 130 The vnlue of the gold and silver bullion in the mints and assay offices was as follows : GOLD and SILVER BULLION in MINTS and ASSAY OFFICES Nor.ertiber 1, 1893. Metals. Cost valne. Gold - ■ $90, 006, 855 Silver --- - -- 127, 711, 696 Total 223, 778, 551 The Mercantile Safe Deposit Company held in their vaults 1.55,313 ounces of fine silver bars, of the market value of $108,331, at the close of business October 31, 1893. This amount, added to the gold and silver bullion in the mints and the stock of coin in the United States, gives, approximately, the total metallic stock, as follows : METALLIC STOCK November 1, 1893. Coin and bullion. Amount. Gold Silver (bullion in mints and Mercantile Safe Deposit Company) Total $660, 805, 433 624, 129, 579 1, 284, 935, 012 The amount of metallic and paper money iu the United States and the location of the same as exhibited in the following table: LOCATION of tlie MONEYS of the UNITED STATES November 1, 1893. Moneys. In Treasury. Outside of Treasury. Total. METALLIC. Gold bullion Silver bullion Gold coin Silver dollars Subsidiary silver coin Total PAPEK. Legal-tender notes (old issue) Legal-tender notes (act of July 14, 18U0) Gold certificates Silver certiUcates National-banli notes Currency certificates Total $96, 066, 855 127,711,096 66, 616, 899 360, 606, 732 12, 667, 195 063, S09, 377 788, 988 916,606 115, 860 727, 272 566, 766 100, 000 $108, 331 498,121,679 58, 725, 818 64, 309, 807 621, 265, 635 321, 892, 028 150, 818, 582 72, 889, 309 325, 717, 232 ]97,74.'i,227 22, 325, 000 40, 21. '"■,■! 92 1. 097, 387, 378 $96, 066, 855 127, 820, 027 564, 738, 578 419, 332, 550 76, 977, 002 1, 284, 935, 012 346, 681, 016 152, 735, 188 79, 005, 169 233, 444, 504 209, 311, 993 22, 425, 000 1, 143, 602, 870 129 For the purpose of comparison the fojlowiijg table is given, exhibiting the amount of paper and metedlio money in the United States and vhe location of the same on November 1, 1892 : LOCATION of the MONEYS of the UNITED STATES November 1, 1892, Moneys. In Treasury. Outside of Treasury. Toial. METAULIC. Gold bullion Silver bullion Gold coin Silver dollars .,. Subsidiary silver coin Total PAPEB. Legal-tender notes (old issue) Legal-tender notes (act July 14, 1890) Gold certificates Silver certificates National-bank notes Currejicy certificates Total $78, 654, 419 91, 829, 247 166, 135, 247 354, 7^, 380 11, 499, 579 702, 858, 872 14, 600, 782 2, 043, 810 23, 181, 090 2, 297, 772 7, 208, 009 660, 000 $1, 887, 882 411, 252, 197 61, 672, 455 65, 985, 408 540, 797, 942 332, 080, 234 114, 567, 423 120, 255, 349 324, 552. 532 165, 224, 137 10,550.000 49, 892, 363 1, 067, 229, 675 $78, 654, 419 93,717,129 577,387,444 416, 412, 335 77, 484, 987 1, 243, 666, 814 346, 681, 016 116, 6U. 233 143, 437, 339 326, 850, 304 172, 432, 146 11, 110, 000 1, 117. 122, 038 The comparison shows, between November 1, 1892, and November 1, 1893, an increase of $112,404,947 in the amount of money outside the Treasury; an increase of the gold coin outside the Treasury of nearly $87,000,000; a decrease of the gold coin and an increase of the gold bullion in the Treasury of $100,000,000 and $17,500,000, respectively : a reduction in the total amount of gold coin in the United States of about $13,000,000 (although our gold coinage during the same period was $40,699,588) ; the redemption of gold certificates to the amount of $65,000,000, $42,000,000 of which were withdrawn from circulation ; an increase of silver bullion in the Treasury of $36,000,000, and a corresponding increase in the circulation of Treasury notes ; an increase in the total amount of national-bank notes of $37,000,000 and of silver certificates of $6,500,000. MONETARY SYSTEMS AND APPROXIMATE STOCKS OF MONEY IN THE PRINCIPAL COUN- TRIES OF THE WORLD. The following table of the monetary systems and the approximate stock of gold, silver, and uncovered paper money in the principal countries of the world has been compiled from the latest information obtainable, and, while necessarily but an esti- mate, is believed to show as nearly as can be ascertained the actual stock of money in the world : S. Eep. 235 9 130 Oh «0- go" h o I i IS- r is o -S •soils ^111 ^ ? '? "3 -2 *3 I teeOCariODiA-^COO-^N ^,00 COC4iHOOC4COO»lOC>3 o 4ffi o eoou hUC<1P3'« 00 OCOODOaOC rH M r-l r-H M "* N ffi -^i o o) 00 09 US eaoo 3 O O o o oo oo oo ooooooo O O O O O O C3 ooooooo oooo o o o o oooo s o o 300 3 O O oooo OOOO oooo OOOOOOO OOOOOOO ■^ oo o in o o oooo oooo cow WiH H CO in c- ... m oi 1(5 ^ t- 1- eq o ■«(( CQ ^ 00 CO oo oo 8a 31 S ooc o oc ooc ^oooooooo 300000^00 300000000 oo o o o o 3 O oo oooo 30000000 ?ooooooo ooooooo ooooooo ooooooo oo oo oo oo oo oo oooooooo oooooooo Ot00000r-40» oo oo oo oo oo ooooooo ooooooo " o o o o o o ooooooo ooooooo coo oookno i-iTumr-f^it-inooo = 53 THOin oiai-m i ooo o o o ooo o oo o oo (>NOOto" oooo oooo oooo o'o'oo*" oooo -H ,- in O ^ r-i f-< « OOOO oooo oooo •* rH in CO oo oo ^ C3 2<=> o o oooo • o o o o <::> o I ^o .oooo • oo cTooo • o o' oo -=-0 "O o oooo •U5i-i o o oo oo oooooo o o o o o o oooooo oo O C3 oo 30000000 soooo^ocs oooooooo oo ? o o 5 O O » oo o o o o o o c O O C3 o o o c — mo o pj oc o CO ^^cD in i"^ o o"* eo"-* oT ooc ooc C4CQ C oooooo oooooo lOO O O OlO ooo ooo ooo oooooooooooooo ooo^oooooooooo o o o c ? o o*o ooooooo ooooooooo OOOOOOOOC9 O ^^O OOOOOO OOOOOOO ooooooo ooooooo 4 m t* in N CQ cs o o OC3 o oca ooooooo -^ V4 t> CO 00 «0 O ■^■^'tfCO-*"*^'*-*'^ ssssssssss • lo in in in in CO • 09 13 '.'O ss ■« ■« -^i us in ■« tn ISSSSSS rWSte lOin o o S5 5 'O'C'dlS'Orr OOOOO ■ • • 'O© *oo CJc^iiCidj ! ! ; iocs iticij o ; ; f^ o o ;^ BBS ^1. ■Bo's va 6(1 .S s oS "sl ■sf-g MONETARY STATISTICS OF FOREIGN COUNTRIES. The statistics of the coinage and production of the precious metals in foreign countries, puolished annually in the reports of this Bureau, are obtained directly ftom the Governments of such countries by our representatives abroad. The points on which information is sought are embodied in a set of questions in a circular sent through the Department of State to our diplomatic representatives and the answers are received in the form of reports direct to this Bureau. This year, as uaual, we have supplemented the information received through our ministers and consuls abroad, by data from printed documents, some official and others not. A brief statement of the more important facts contained in these papers and pub- lications relative to the production, use, and movements of gold and silver is here appended : GUIKA-T BRITA-IN ,A.NI> COLO^STIKS. Items reported for 1892. PouDds stoiliug. Value in United States money. Grold coinage Light gold coinage withdrawn from circulation Silver coinage ■ Worn silver coin withdrawn from circulation... Total Imports of gold coin and bullion Exports of gold coin and bullion Gain in gold by imports Exports of silver coin and bullion Imports of silver coin and bnllion Loss in silver by exports Gold produced Silver produced (commercial value) Note circulation 13, 907, 840 17, 368, 125 778, 932 227, 216 32, 282, 113 21, S88, 942 14, 832, 122 6, 766, 820 14, 078, 968 13, 778. 651 300, 017 10, 511 44,998 £94,968,133 $67, 682, iiOS 84, 521, 080 3, 790, 67:i 1, 105, 747 157, 100, 903 105, 062, 586 72, 180, 521 68,513,351 67, 053, 319 1, 460, 032 51, 152 218, 983 265, 555, 819 The gold coinage consisted of £7,080,100 in sovereigns and £6,827,740 in half sov- ereigns; total, £13,907,840 ($67,682,503). The amount of light gold coin withdrawn during the year aggregated £17,588,125, and the amount of worn silver coin withdrawn was £227,216. Colonial coinages executed were as follows : Pieces. Value in United States money. Silver coinages : For Canada For Ceylon For Hongkong For "West Indies (foarpences) .rupees. 600, 000 £900 $298, 000. 00 236, 850. 00 1, 100, 000. 00 4, 379. 89 "isi 132 The following coinages of silver were executed by the mint at Birmingham (Messrs. Ealph Beaton & Sons, Limited) during the year: For Colombia: Half dollars For Ecuador: Sucres or dollars. . For Costa Kiea: Twenty -five cents Ten cents Five cents Pieces. 1,756,544 60,000.00 MO, 443 139, 936 279, 731 Value. $2, 378, 272. UO W, 000. 00 110, 110. 75 13, 093. 60 13, 986. 55 No information is available as to the stock of gold bullion in the United King- dom. As explained in reply to a similar inquiry received from the United States Government last year, great variation exists between the estimates of gold coin in circulation made by different authorities. During the year 1892, £16,200,000 in, light coin was withdrawn from circhlation under the provisions of the coinage act of the preceding year and £1,368,125 under the old law, while the new gold coin issued from the royal mint in London was of the value of £13,907,840. As will be seen from the reply to question 3 above, the net iipport of British gold coin in 1892 was £1,661,292. No estimates of the stock of silver bullion in the United Kingdom are available. A sum of about £590,000, on balance, has been added to the silver currency during the year, so that, accepting the estimate given last year, the present circulation amounts to about £23,000,000. Bank notes outstarlding at the close of the year 1892: Issued against coin and bullion. Uncovered. Bank of England English joint stock banks . English private banks Scotch banks Itish banks £23, 052, 150 4, 038, 049 1,381, 931 £16,450,000 1, 163, 878 900,842 2, 676, 350 4,904,833 *£39,502,160 1, 163, 878 900,942 6, 714, 399 6, 286, 764 28, 472, 130 26, 096, 003 54, 568, 133 "Of this total issuie £25,898,420 was in circulation and £13,603,730 in the banking department of the Bank of England. AXreTlEtA.TL.A.SXA.. The coinages executed by the mints at Melbourne and Sydney during the calendar year 1892 were as follows : Mints. Value in TTnited States. money. Melbourne- Sydney — Total Sovirtignt. 3,488,750 2,837,000 $16, 978, 002 13,806,260 6,325,750 30,784,262 A statement of the approximate production of gold and silver in Australasia, by colonies, as courteously furnished by Mr. George Anderson, deputy master of the mint at Melbourne, will be found in the appendix. The gross product of gold was 1,796,130 ounces and of silver 789,696 onncea. 133 BRITISH INDIA.. The coinages executed by the mints of India during the calendar year 1892, exclu- sively of silver, including reooinages, -was 112,408,338 rupees, the coining value of same in United States money being $53,247,830. The production of gold by the mines of India during the calendar year 1892 was 4,992.957 kilograms, Of the value of $3,318,320. An act of the Governor-General of India, in council, on the 26th of June, 1893, amended the Indian coinage act of 1870 and the Indian paper-currency act of 1872. Its object was to carry out the plan recommended by Lord Herschell's Indian cur- rency committee. It provides for the closing of the Indian mints to the free coinage of silver from and after the date of its passage. The full text of the act itself, of the sections of the Indian coinage act of 1870 which it repeals,'aiid of the Indian currency act, will be found in the appendix. Table showing the coinage of India at the mints of Calcutta and Bombay for the fiscal years {ending March SI) 1888-'89 to 189!2-'9S. GOLD. Tears. Calcutta. Bombay. Total gold. 1888-'89 Rupees. 2ie, 095 230, 5U5 Rupees. Rupees. 226, 095 1889 '90 ... . 230, 505 1890-'91 1891 *92 ... . .' 247,860 *151 248, Oil 1892-'93 Total 704,460 n8i 704, 611 > struck as samples and kept in stock. SILVER. Tears. Calcutta. Bombay. Total silver. 1888-'89 Rupees. 10,474,551 10,958,612 38, 546, 268 14,790,202 29,980,183 Rupees. 62,347,990 74,552,975 93, 088, 473 40,749,536 96, 935, U81 Rupees. 72, 822, 541 1889-'90 •- 85, 511, 587 1890-'91 .. r- 131, 634, 741 1891-'92 55, 539, 738 1892-'93 . . • 126, 915, 264 Total 104,749,816 367,674,055 472,423,871 BEPORT OP THl: INDIAN CURRENCY COMMITTEE. In a dispatch dated June 21, 1892, the viceroy of India submitted to the English Government a plan of monetary reform involving the substitution of the gold for the silver standard, and a committee was appointed, the chairman of which was Lord Herschell, by whose name the committee is generally known, to examine the plan. The members of the committee were Lord Herschell, Mr. Leonard Courtney, Sir Thomas Farrar, Sir Reginald E. Welby, Mr. Arthur Godley, Sir Richard Strachey, and Mr. Bertram Currie. The committee began its labors in the autumn of 1892, suspended them during the session of the Brussels moneta,ry conference, in Novem- ber and December of that year, resuming them afterwards, and finally presented its report to the English Government about the middle of June, 1893. The material parts of the report, however, became known only at the end of June, when the leg- islative counciTof India passed a bill closing the mints of India to silver. In the dispatch above mentioned the viceroy expressed the intention, if the Brussels conference was not successful and if no direct convention between India and the United States were concluded, of closing the mints of India to the freecoin- age of silver and to aim at the introduction of the gold standard. The text of the 134 main points of the plan formulated by the viceroy, Lord Lansdowne, and Sir David Barbour, his minister of finance, are as follows : "(1) The first measure would be the stoppage of the free coinage of silver. Gov- ernment would retain the right of purchasing silver and coining it into rupees. "(2) The next measure would be to open the mints to the free coinage of gold. Any man bringing gold to the mints would be entitled to have it coined iuto gold coins, which would be legal tender to any amount. It would be desirable to stop the free coinage of silver some time before opening the mints to the free coinage of gold. It would be a valuable guide to us in subseq^uent proceedings to know exactly what efl'ect the stoppage of the free coinage of silver had on the gold value of the rupee. "The new gold coins might be a lO-rupce piece and a 20-rupee piece. "(7) The weight and fineness of the gold coins to be issued from the mint woiiid be such that the par of exchange between them and the sovereign would be the exchange which it was desired to establish between India and England. " For example, if we wish the rupee to be worth Is. id., the 10-rupee coin would contain as much gold as was worth (Is. id.) X 10 ::= 160 pence. The quantity of fine gold in the 10-rupee piece would be J^gths, or two-thirds of the quantity contained in the sovereign. " (8) The question of the ratio at which we shouldexchange from the silver to the gold standard would require careful consideration. " We ought not to think of going back to the old ratio of 1 to 15^. Neither ought we to adopt the very lowest price to which silver may have fallen at any time, or to consider ourselves bound to accept the market ratio the very moment when the change wa« made. A ratio based on the average price of silver during a limited period before the introduction of the gold standard would probably be both the safest and the most equitable." In a subsequent report, the Indian government were inclined to put the rupee at Is. &d. (13J rupees per pound sterling). The report of the committee thoroughly discussed these propositions, and in pass- ing judgment on them looked for assistance to the study of similar systems put in force in certain countries, especially in France and the Dutch Indies, as set forth in the following extract : " It is impossible thus to review foreign systems of currency without feeling that, however admirable maybe the precautions of our own currency system, othernations have adopted different systems which appear to have worked without difficulty, and have enabled them to maintain for their respective currencies a gold standard and a substantial parity of exchange with the gold-uBing countries of the world, which has, unfortunately, not been the case with India. This has been effected under all the following conditions, viz : "(a) With little or no gold coin, as in Scandinavia, Holland, and Canada. "(ft) Without a mint or gold coinage, as in Canada and the Dutch East Indies. "(c) With a circulation consisting partly of gold, partly of overvalued and incon- vertible silver, which is legal tender to an unlimited amount, as in France and other countries of the Latin Union, in the United States, and also in Germany, though there the proportion of overvalued silver is more limited, the mints in all these countries being freely open to gold but not to silver, and in some of them the silver coinage having ceased. "(d) With a system under which the banks part with gold freely for export, as in Holland, or refuse it for export, as in France. "(e) With mints closed against private coinage of both silver and gold, and with a curren(!y of inconvertible paper, as has been temporarily the casein Austria. "(/) With a circulation based on gold, but consisting of token silver, which, how- ever, is legal tender to an unlimited extent, as in the West Indies. "The case of Holland and Java is very remarkable, since in that case the gold standard has been maintained without difficulty in both countries, although there is no mint in the Dutch East Indies, no stock of gold there, and a moderate stock of gold in Holland; whilst the currency consists of silver and paper legally and practi- cally inconvertible into gold, except for purposes of export. The case of Canada, which maintains a gold standard without a gold coinage, is also very remarkable." To one of the most serious objections that can be raised against the plan of reform, the report of the committee replies as follows : " It has been objected that the natives of India are accustomed to silver ; that the transactions are small in amount, so that silver is better suited to their use than gold ; and that they will not willingly give up the rupee. The answer to this is, that it is not proposed to substitute the gold sovereign for the rupee as currency in ordinary use ; and that the case would, in this respect, resemble that of many of the countries above referred to, where the standard is gold, but the ordinary currency is silver or paper. " Moreover, gold has never been entirely out of use in India. It is true that in 135 India silver has for the last thirty or forty years been more exclusively used than in many of the countries referred to. But, though gold coins have not been in use as legal tender, and no fixed ratio has been established between gold and .silver coins, there is no part of India in which gold coin.s are not well known and procurable, and recognized as a form of money, the value of the chief gold coins being regularly entered in the 'prices current.' Until 1835 or thereabouts gold coins constituted a recognized part of the Indian currency, and they were received by the Government in payment of its demands till December, 1852 ; and as late as 185l-'o5 gold coin, to the value of £412,000, was sent by the government from India to London. The value of the gold imported into India in the eight years from 1862-'63 to 1869-70 was no less than £50,000,000." In justification of the amendments the IJerschell committee thought it advisable to introduce, they submitted the following statement : "It appears to be desirable that any such scheme should afford security against any sudden- and considerable rise of exchange. If the closing of the mints were thought likely to lead to such a rise, the opposition to the measure would, no doubt, be greatljr augmented. In all probability the cessation of free coinage of silver would be immediately followed by a fall in the price of that metal. If at the same time exchange rose considerably, the divergence between the rupee and its intrinsic value would become at once very marked. The difficulty of maintaining the rupee at its higher exchange value might be increased, and the apprehensions of disaster which are entertained, even if they be exaggerated or unreal, would be intensified. " Moreover, the rise in exchange would be calculated to iead to a fall in the price of Indian produce. And, if this were seen to follow, and believed to be caused by the action of the government, public opinion might be disturbed and, the situation might become critical The view has been expressed that, even though the native producers might not be likely to be actively hostile to a scheme which left prices unaffected, they would be far from indifi'erent, and the state of things might become dangerous if prices began to fall very sensibly. " What, then, would be the effect of the scheme suggested by the government of India? Closing the mints, even if the government of India were to issue the pro- posed notification that gold coins would be made legal tender at a rate of 13 J rupees to the sovereign, might bring about a rise in exchange to the level thus indicated, viz.. Is. 6d. per rupee. It is true that those who think that exchange would not, for a considerable time, rise at all, and that even the existing ratio might not be main- tained, may be right in their anticipations. But it must be admitted that on such a point no one can predict with certainty. Exchange might rise suddenly and consid- erably, unless the government were to interfere actively to prevent it, and the pub- lic would not feel any certainty as to the course they would take. " The scheme might, however, be so modified that the exchange could not immedi- ately rise much above its present level. It might be provided that the mints should be closed to the public for the coinage of silver, but should be used by the govern- ment for the coinage of rupees if required by the public in exchange for gold, at a ratio to be fixed in the first instance not much above that now prevailing, say Is. id. the rupee. Any fear of a considerable rise would thus be allayed^ and any evil effects of such a rise would be prevented. Moreover, even if silver fell, the diver- gence between the nominal and the intrinsic value of the rupee would not be so great as if Exchange at the same time rose. There would be these additional advan- tages: First, the currency would not cease to be automatic. Next, it would be a less violent step than closing the mints altogether. They would practically remain open, subject to certain conditions. It would be the smallest departure from the stains quo which could accomplish the object the government of India have in view. Besides these advantages, there would be the further gain, that it woftld still leave the volume of the rupee coinage dependent on the wants of the people of India, and the fact that rupees might continue to be coined would tend to prevent silver falling as much as would be the case if it were supposed that the coinage of rupees was to cease altogether. "The government of India have expressed the opinion that there would be no practical difficulty in carrying such a modified scheme as this into effect. It would not, of course, be essential to the plan that the ratio should never be fixed above 1«. id. ; circumstances might arise rendering it proper, and even necessa,ry, to raise the ratio, and the Indian government might be empowered to alter it with the sanction of the secretary of state. Such a scheme would, indeed, in the first instance, be tentative, and would not impede further action if circumstances should render it desirable. " It would be consistent with this scheme, and would serve as a means of familiar- izing the public with the use of a gold currency, if the government were to accept gold coins at the same ratio in payment of all dues." 136 The recommendatioiis of the committee are as folio wb: " KKCOMMENDATIONS OF THE COMMITTEE. "It remains for us to state the conclusions at which we have arrived. While «ou- scious of the gravity of the suggestions, we can not, in view of the serious evils with which the government of India may at any time he confronted, if matters are left as they are, advise your lordship to overrule the proposals for the closing of the mints and the adoption of a f[old standard which that government, with their responsibility and deep interest in the success of the measures suggested, have sub- mitted to you. " But we consider that the following modifications of these proposals are advisa- ble. The closing of the mints against the free coinage of silver should be accom- panied by an announcement that, though closed to the public, they will be used bv government for the coinage of rupees in exchange for gold at a ratio to be tlieu fixed, say Is. id. per rupee, and that at the government treasuries gold wiU be received in satisfaction of public dues at the same ratio. "We do not feel ourselves able to indicate any special time or contingency when action should be taken. It has been seen that the difficulties to be dealt with have become continually greater ; that a deficit has been already created, and an increase of that deficit is threatened ; that there are, at the present moment, peculiar grounds for apprehension ; and that the apprehended dangers may become real with little notice. It may also happen that, if action is delayed until these are realized, and if no step is taken by the Indian government to anticipate them, the difficulty of acting with effect will be made greater by the delay. It is obvious that nothing should be done prematurely or without full deliberation; but, having in view these considerations, we think that it should be in the discretion of the government of India, with the approval of the secretary of state in council, to take the requisite steps, if and when it appears to them and to him necessary to do so. "LkONAKD COnRTNEY. "T. H. Fajrrer. "Eeginald E. Wklby. "Arthur Godlet. "E. Strachet. "B. W. CURRIB. " Henry Waterfibld, Secretary." On June 15, 1893, the viceroy telegraphed the acceptance hy the government of liidia of the recommendations of the committee, and asked the ministers of the Queen for authority to act without delay. On June 20 the secretary of state for India telegraphed that authorization. The legislative council of India was immediately convened at Simla, and on June 26 a bUl was laid before it amending, in the way indicated above, the Indian coinage act of 1870 and the paper-currency act of 1882. It was passed without delay. The result was communicated on the same day to the English Government, and Mr. Gladstone announced it to the House of Commons in the following words: "It maybe for the convenience of the House to learn the exact terms of a telegram received from the viceroy of India to-day, communicating the steps taken with respect to the report of Lord Herschell's committee on the Indian currency. The telegram is this : " 'Council has passed an act, which takes effect at once, to carry out the plan recommended by Lord Herschell's committee. Act provides for close of Indian mints to free coinage of silver from and after date of passing. Arrangements will be made to issue rupees from the mint in exchange for gold and sovereigns at the rate of 16(J. per rupee (until further notice), and receive sovereigns and half sovereigns at public treasuries in payment of government dues at the same rate. It is intended to intro- duce a gold'standard into India, but gold wUl not be made legal tender at present.' " Act of June 26, 1893. The following is the text of the act of June 26, above referred to, as published in the Gazette of India (extraordinary) of that date : Legislative Depabtment, Simla, June 26, 189S. The following act of the governor-general of India in council received the assent of his excellency, the governor-general, on the 26th of June, 1893, and is hereby promulgated for general information : 137 (AotKo. Vlllof 1893.] AIT ACT to juuend the Indian ooinage act, 1870, and the Indian paper-currency act, 1882. Whereas it is expedient to amend the Indian ooinage act, 1870, and the Indian paper-currency act, 1882, it is hereby enacted as follows : [Title and commencement— XXHI, 1870; XX of 1882.) 1. (1) This act may be called the Indian coinage and paper-currency act, 1893; and (2) It shall come into force at once. REPEAL OF EXISTING ENACTMENTS. 2. The enactments specified in the schedule hereto shall be repealed or modified to the extent and in the manner mentioned in the third column thereof, but no such rejjeal or modificiatiou shall affect anything already done or any right or obligation heretofore acquired or undergone under the said enaotmeuts or any of them.' Xumber,year,and short title. Sections. Extent of repeal or modifications. Act XXIII of 1870 (the In- dian coinage act, 1870). Act XX. of 1882 (the Indian paper-currency act, 1862). 19 to 26, both inclusive. 11 12 13 U and 15 21 The whole to be repealed. Clause (b), clause (d), and the proviso to be repealed. The word and letter " clause (b)" to be omitted. The words " to an extent to be specified in the order not exceeding one-fourth of the total amount of issues represented b^ coin and bullion as provided by this act." to be omitted. The whole sections to be repealed. Tor the proviso to subsection (1) the following shall be substituted: "Provided, That any coin or bullion so received and appropriated may be sold or exchanged for gold or silver coin of the government of India of the Iili;e value, which shall be so appropriated and set apart instead of the coin or bumon sold or ex- changed." Subsection (2) to be repealed. Subsection (1), clause (f) to be omitted. Subsection (3) to be repealed. S. Harvey James, , Secretary of the Government of India. No. 3. FINANCE AND COMMERCE DEPARTMENT — NOTIFICATIONS — ACCOUNTS AND FINANCE- MINT. No. 2662.] Simla, June S6, 189S. The governor-general in council hereby announces that, until further orders, gold coins and gold bullion will be received by the mint masters of the Calcutta and Bombay mints, respectively, in exchange for government rupees, at the rate of 7..53344 grains troy of fine gold for Irupee, on the following conditions: (1) Such coin or bullion must be fit for coinage. (2) The quantity tendered at one time must not be less than 50 tolas. (3) A charge of onp-fourth per mille will be made on ail gold coin or bullion which is melted or cut so as to render the same fit for receipt into the mint. (4) The mint master, on receipt of gold coin or bullion into the mint, shall grant to the proprietor a receipt which shall entitle him to a certificate from the mint and assay masters for the amount of rupees to be given in exchange lor such coin or bul- lion payable at the general (reserve) treasury, Calcutta or Bombay. Such certifi- cates shall be payable at the general treasury after such lapse of time from the issue thereof as the comptroller-general may fix from time to tiihe. No. 2663.] In supersession of the notification by the government of India, in the financial department. No. 3287, dated the 28th October, 1868, which is hereby canceled, the governor-general in council is pleased to direct that from and after the date of this 138 notification sovereigns and halfi-sovereigns of current weight coined at any author- ized royal mint in England or Australia shall be received in all the treasuries of British India and its depondeniies in payment of sums due to the government, as the equivaleut of 15 rupees and of 7 rupees and 8 annas, respectively. ACCOUNTS AND IflNANCE— PAPER CURRENCY. No. 2664.] June 26, 1893. In exercise of the powers oonferi^ed by the Indian paper-currency act, 1882, as amended by the Indian coinage and paper-currency act, 1893, and of all otlier powers enabling him in this behalf, the goveruor-general in council is pleased to direct that currency notes shall be issued by the head commissioner of paper currency, Calcutta, and by the commissioner of paper currency, Bombay, on the requisition of the comp- troller -genernl, in exchange for gold coin or bullion at the rate of one government rupee for 7.53344 grains troy of fine gold. Sovereigns and half-sovereigns of current weight, coined at any authorized royal mint in England or Australia, shall be taken as the equivalent of 15 rupees and of 7 rupees and 8 annas, respectively. J. F. FlNLAY, Seoretwry to the Government of India. Sections 19 to 26, inclusive, of the Indian coinage act of 1870, repealed by the act of June 26, 1893, are as follows: COINAGE OF BULLION. (19) Subject to the mint rules for the time being in force, the mint master shall receive all gold and silver bullion and coin brought to the mint : Provided, Tliat such bullion and coin be fit for coinage : Provided also, That the quantity so brought . at one time by one person is not less, in the case of gold, than 50 tolas, and in the case of silver, than 1,000 tolas. (20) A duty shall be levied at the rate of 1 rupee per cent at the mint on the prod- uce of all gold bullion, and on all gold coin . brought for coinage to the mint in accordance with the said mint rules. (21) All silver bullion or coin brought for coinage to the mint, in accordance with the said mint rules, shall be subject to a duty at the rate of 2 per cent on the produce of such bullion or coin, and the amount of such duty shall be deducted from the return to be made to the proprietor. (22) A charge of one-fourth per mille on gold bullion and coin, and of 1 per mille on silver bullion and coin, shall also be levied for melting or cutting such bullion and coin so as to render the same fit for receipt into the mint. (23) All gold and silver bullion and coin brought to the mint for coinage, and which is inferior to the standard fineness prescribed by this act, or which, ftom brit- tleness or other cause, is unfit for coinage, shall, in case it is refined, be subject, in addition to the duty and charge aforesaid, to such charge on account of the loss and expense of refining as the governor-general in council prescribes in this behalf. (24) The mint master, on the delivery of gold or silver bullion or coin into the mint for coinage, shall grant to the proprietor a receipt which shall entitle hira to a certificate from the assay master for the net produce of such bullion or coin, payable at the general treasury. (25) The proprietor of any bullion or coin so delivered for coinage who is dissat- isfied ^ with the assay master's report of its value, may, within twenty-four hours after receiving such report, and subject to the payment of the fee prescribed in tliis behalf by the governor-general in council, withdraw such bullion or coin without being subject to the duties on coinage imposed by this act. (26) For all gold bullion and coin, in respect of which the assay master has granted a certificate, payment shall be made as nearly as may be in gold coins coined under this act or act No. XVII of 1835, and the bahince (if any) due to the proprietor shall be paid in silver, or in silver and copper coins current in British India. The full text of the Indian paper-currency act of 1882, certain clauses and sections of which the act of June 26, 1893, provided should be repealed, and which the last- mentioned act otherwise modified, is as follows : [Act No. XX of .1882.] Passed by the governor-general of India in council. Received the assent of the govenor-general on the 26th October, 1882. AN ACT to amend the law relating to the government paper cnrrenoy. Whereas it is expedient to amend the law relating to the government paper cur- rency, it is hereby enacted as follows : 139 I. — Preliminary. 1. This act may be called the Indian paper-currency act, 1882; it extends to the whole of British India; and it shall come into force on the passing thereof. 2. (1) Act No. Ill, of 1871 (to consolidate and amend the law relating to tho government paper currency)-, is hereby repealed. (2) All appointments made, rules prescribed, notifications published, authorities conferred, securities purchased, and notes issued under the said act, or any act thereby repealed, shall, if in force, undisposed of, or in circulation when this act comes into force, be deemed to be respectively made, prescribed, published, con- ferred, purchased, and issued under this act. And all references made to any por- tion of the Indian paper-currency act, 1871, or any act thereby repealed, in acts or regulations passed before this act comes into force, shall be deemed to be made to the corresponding portion of this act. II. — The Department of paper currency. 3. (1) There shall continue to be a department of the public service whose func- tions shall be tho issue of prbmissory notes of the government of India, payable.to bearer on demand, for such sums, not being less than five rupees, as the governor- general in council from time to time directs. (2) Such notes shall be called currency notes. (3) The department shall be called the department of paper cixrrenoy. 4. At the head of the department there shall be an officer called the head com- missioner of paper currency, and there shall be three other officers called, respec- tively, the commissioner of paper currency for Madras, the commissioner of paper currency for Bombay, and the commissioner of paper currency for Rangoon. 5. The governor-general in council may, from tune to time, by order notified in the Grazette of India — (a) Establish districts, to be called circles of issue, four of which circles shall include the towns of Calcutta, Madras, Bombay, and Eaugoon, respectively. (ft) Appoint in each circle some one town to be the place of issue of currency notes, as hereinafter provided. (o) Establisli in each such town an office or offices of issue. (d) Establish in any town situate in any circle an office, to be called a currency agency, and («) Declare that, for the purposes of this act, any town (other than Calcutta, Madras, Bombay, or any town situate in British Bnrmah) in which an office of issue is established shall be deemed to be situate within such presidency as is specified in the order. 6. For each circle of issue other than those which include tlio towns of Calcutta, Madras, Bombay, and Eaugoon there shall be an officer called the deputy commis- sioner of papei currency, and for each currency agency an officer called the currency agent. 7. For the purposes of this act — (a) The commissioners of paper currency for Madras, Bombay, and Hangoon, and the deputy commissioners of paper currency in the presidency of Fort William, in Bengal, shall be subordinate to the head commissioner of paper currency, and (ft) The deputy commissioners of paper currency in the presidencies of Fort St. George and Bombay, and in the province of British Burmah, shall be subordinate to the commissioners of paper currency for Madras, Bombay, and Rangoon, respec- tively. (c) The currency agent at any town shall be subordinate to the head commissioner, commissioner, or deputy commissioner, as the case may be, of paper currency for the circle of issue in which that town is situated. 8. All officers under this act shall bo appointed and may be suspended or removed by the governor-general in council. III. — Supply and issue of currency notes, 9. (1) The head commissioner shall provide currency notes of the denominations pre- scribed under this act, and shall supply the commissioners and the currency agents subordinate to him, and the deputy commissioners, with such notes as they need for the purposes of this act. (2) The commissioners and deputy commissioners shall snpply the currency agents subordinate to them, respectively, with such notes as those agents need for the pur- poses of this act. (3) Every such note shall bear upon it the name of the town from which it is issued. 10. (1) The name of the head commissioner, of one of the commissioners, of a dep- 140 uty commissioner, or of some other person authorized by the head commissioner or by one of the commissioners to sign currency notes, shall be subscribed to every such note, and may be impressed thereon by machinery. (2) Names so impressed shall betaken to be valid signatures. 11. The head commissioner, the commissioners, and the deputy commissioners shall, in their respective circles of issue, on the demand of any person, issue frcim the office or offices of issue established in their respective circles, currency notes of the denomi- nations prescribed under this act in exchange for the amount thereof — (a) In current silver coin of the government of India. (6) In current silver coin made under the Portuguese convention act, 1881. (c) In current silver coin made under the native ooiuage lact, 1876, as to which coin a declaration has been made under section 3 of that act; or ( In value, 200 yen. Mixed gold and silver bullion . .. ) Art. 12. When it is necessary to refine and separate the bullion imported, the fol- lowing refining and separating charges, according to classification, shall be made: (Note. — When the gold or silver bullion does not contain more than 750 parts in 1,000 the same shall not be accepted.) Bullion to be refined, refining fee. Gold or silver, nine hundred and fifty one-thousandths or over, per 100 momme pure gold, 76 sen; per 100 momme pure silver, 20 sen. Gold or silver, nine hundred one-thousandths or over, per 100 momme pure gold, 83 sen ; per 100 momme pure silver, 23 sen. * One momme is 3'7 grains. 1S4 Gold or silver, eight hundred and fifty one-thousandths or over, per 100 momme pare gold, 91 sen : per 100 momme pure silver, 27 sen. Gold or silver, eight hundred one-thousandths or over, per 100 momme pure gold, 100 sen ; per 100 momme pure silver, 32 sen. Gold or silver, seven hundred and fifty one-thousandths or over, per 100 momme pure gold, 110 sen; per 100 momme pure silver, 38 sen. Art. 14. When imported 'hullion is returned without being coined the following fees shall be collected : Fees for assaying and meltmg gold iulUon. Mixed gold and silver bullion (of less than 100 in 1,000 parts of gold) under 4,000 momme, 1 yen ; ditto over 4,000 and under 8,000 momme, 2 yen ; over 8,0(X) momme in the same proportion. Silver hulUon. Mixed gold and silver bullion (of less than 100 parts of gold in 1,000) under 8,0GO momme, 1 yen; over 8,000 and under 16,000 momme, 2 yen; above 16,000 in the same proportion. For assaying and separating gold bullion. Gold and silver mixed bullion, per ingot, 2 yen ; silver bullion, 1 yen. Fee for eertification and examination, in conformity with fee for exanrnuition and separa- tion. Art. 15. When coin unfit for circulation is condemned at either the mint or sub- mint, if of or exceeding the following weight, the following fee shall be collected and the coin received and coin paid therefor on the following day : Gold coin, 40 mommo, three and one-half one-thousandths ; silver coins, 1 yen denomination, 400 momme, five one-thoueandths. P. S. — This ordinance came into effect January 1, 1893. Imperial Ordinance No. lOS. — Rales relating to the committee of mi/rrency investigation. Akticlb I. The committee of currency investigation shall be under the superin- tendence of the minister of state for finance, and shall investigate the following matters : (1) The origin and general results of recent fluctuations in the relative value of gold and silver. (2) The effect produced upon the economy of Japan by recent fluctuations in the relative value of gold and silver. (3) Whether in consequence of recent fluctuations in the relative value of gold and silver any change should be made in the present currency system of Japan, and if such change be considered necessary, what currency unit should be adopted and what methods should be followed for the purpose. Art. II. The committee of currency investigation shall be composed as follows : President, 1 ; vice-president, 1 ; members, 20. Art. III. The president, vice-president, and members shall be chosen from among high-class administrative officials, professors of the Imperial University, members of the • Imperial Diet, and other persons of learning and experience in matters of currency, and shall be nominated by the cabinet on the recommendation of the minister of state for finance. Art. IV. Regulations for the proceedings and deliberations of the committee of currency investigation shall be determined by the minister of state for finance. Art. V. The president shall control the proceedings and report the decisions of the committee to the minister of state for finance. In the event of the president's absence his functions shall devolve upon the vice- president. Art. VI. Managers shall be attached to the committee; they shall be chosen from among the superior ofBcials of the department of finance and shall manage the busi- ness of the committee under the direction of the president. Art. VII. Secretaries shall be attached to the committee to manage all secretarial matters under the direction of the president and the managers. Art. VIII. The president, the vice-president, the members, the managers, and the secretaries shall receive annual allowances of not more than 300 yen. 155 [The Japan Daily Mail, Tokohama, ■Wednesday, Octolier 25, 1893.] THE MONETARY SYSTEM INVESTIGATION COMMISSION. The following appointments to the commission for the investigation of the mone- tary system have been announced in the Official Gazette : To be president : Viscount Tani, member of the House of Peers. To he vice-president: Mr. Tajiri Juijiro, vice-minister of finance. To be kanji: Mr. Hayakawa Senkichiro, private secertary to the minister of finance. To be members : Mr. "Wakamiya Seion, director of the bureau of commerce and iaidustry in the department of agriculture and commerce ; Mr. Hara Kei, director of the bureau of commerce in the department of foreign affairs ; Mr. Wadagaki Kenzo, professor in the Imperial University; Mr. Sakatani Yoshiro, accountant in the department of finance; Mr. Soyeda Juichi, acting director of the bureau of inspec- tion in the department of finance; Mr. Kanai Nobu professor in the Imperial Uni- versity; Mr. KawataKoichiro, president of the Nippon fiinko; Viscount HottaSeiyo, member of the House of Peers; Mr. Obata Tokujiro, member of the House of Peers (imperial nominee); Mr. Watanabe Jinkichi, member of the House of Peers (repre- sentative of the highest taxpayers) ; Mr. Sonoda Kokichi, president of the Yokohama specie bank ; Mr. Snibusawa Eiichi, president of the First National Bank ; Mr. Masuda Takashi, manager of the Mitsui Bussan Kaisha; Mr. Shoda Heigoro, manager of the Mitsubushi firm; Mr.Taguohi Ukichi, editor of the Keizai Zasshi; Mr. Watanabe Hiromoto, member of the house of representatives (Independent) ; Kawashima Jun, member of the house of representatives (Domei club); Mr. Maki Bokushin, member of the house of representatives (National Unionist) ; Mr. Kurihara Ryoichi, mem- ber of the house of representatives (Radical), and Mr. Takata Sanaye, member of the liouse of representatives (Progression istl. It is stated that some of the members of the commission have under contemplation the dispatch of a special committee to India and the United States to study the question in loco. The above twenty-three members being classified, there are six ()ffii:ia]s, five each from the two houses of the Diet and also from the business circle, and two professors. The vernacular press adds that the Government at first intended to ask either Count Okuma or Count Matsukata to accept the post of president, but as neither was judged likely to consent, the choice at last fell to Viscount Tani, CHINA.. During the year 1892, $3,500,000 worth of silver was coined. sc-a-ndinavia-n" xtnion— savedkn, nokw-a.y, tjkn"- m:akk. Items reported for 1892. ■Weight. ■Vatae. Coining value, United States money. Silver coinage: Kilot. Crowns. 294, 762 450,000 903, 759 $78, 996 120, 600 242, 208 Total 1, 648, 521 132, 000 441, 804 Silver recoinage : 35, 376- Imports of gold: By Sweden— 3,955 1,060 116 77,094 By Norway : 526,100 8, 50O, 000 750, 000 140 995 By Denmark : 938, 000 201, 000 Xotal --- 116 4,780,055 1, 358, 149 Exports of gold : 478,900 128, 345 478, 900 128, 345 S : — r~ 156 Items reported for 1892. "Weight. Value. Coining value, United States money. Imports of ailver: By Sweden- Kilos. Orowni. 580,365 $155, SIS 3,815 Total ; 3,815 580,365 314, U8U Exports of silver: By Sweden— 216, 100 57,915 203, 5U1 Other bullion 4,898 Total 4,898 216, 100 2G1 470 Product of mines : Sweden — Gold 87.62 52.10 4,495.6 217, 311 '5,454 68,232 2,165 Silver Silver 186, S)7 6,364,954 1,181,961 26,377 768, 483 4,078,057 28,596 7,241,815 1, 619, 349 127, 283 Metallic stock- Sweden : In banks December 31, 1892 : 25,018,485 4, 410, 304 98, 421 2, 867, 475 15,216,632 106, 701 27, 021, 700 6, 042, 350 474, 940 53,000,000 20, 000, 000 101,978,271 16,133,609 45, 115, 200 5,752,700 81, 000, 000 23,000,000 Silver— Norway : Gold (in Bank of Norway) Silver in treasury Gold (coin and bullion) 14, 204, 000 Silver 5, 360, 000 Goverument and bank notes in circulation Becember 31, 1892— 27, 330, 176 Sweden uncovered notes t 4, 323, 780 12, 090, 874 1 Norway uncovered notes 1, 541, 723 21, 708, 000 Denmark uncoveiBd notes 6, 164, 000 * At 104.70 crowns per kilogram (mean price for year 1892 in London), t All notes issued by private banks are covered to full value. tTbe Government does not iusue notes. IkIIGXICO. Items reported for 1892: ' Value. Gold coinage $275,203 Silver coinage 26,782,721 The exports were : Gold 1,011,512 Silver 48,239,251 Tlie production was : Gold - 1,117,807 Silver 50,284,3U A decree of Deoemljer 12, 1892, provides for the demonetization of the old copper coins of the Republic and of the Bilver25-eentavo pieces, and the substitution for the former of ceutavo and for the latter of 20-centaTo pieces by the 30th of June, 1893. The decree of June 1, 1893, requires the stoppage of the coinage of the 25-centavo pieces, aud their retirement from ciiculation before June 30, 1896, thus modifying the decree of December 12, 1892. 1891. Value of coinage $3,169,797 Exports of gold 89,558 Exports of silver 11,262 1892. Value of coinage 2,614,948 157- THE NBW AUSTRIAN CUHRKNOT. [From the London Economist for September, 1893,] • * * * # * • As soon as the coining of silver has heeu finished in Austria and no more is required for the new currency the question will have to be decided what is to become of Aus- trian silver production. It is probable that the product of 1893, 1894, and 1895 will be wanted for the l-crown pieces of the new currency, but from 1896 the silver pro- duction of Austria and Hungary will have to serve industrial purposes only. At present the Government pays 90 florins for a kilogram of silver, but in subsequent years the price will be gradually reduced, so that by 1896 it may have reached the international price of 34^^. per standard ounce, this being only 62 florins for 1 kilo- gram. It has been calculated that so long as the price of 63 florins per kilogram' is maintained the silver mines of Plzibram, in Bohemia, which belong to the state, might be worked ■without loss, and the thousands of miners who are absolutely unadapted to any other kind of mining work might be still employed. But with the present price of silver this would already be impossible. The state would have to contribute if it wished to maintain these fine silver mines in activity. The coining of the new currency in the Austrian mints is progressing very fast, now that the machinery has been improved and extended. On September 9 the fol- lowing amount of new money had been coined : Denomination of pieces. Nnmber of pieces. Value in crowns. Coining value in United States money. 20-crown pieces in gold. . l-crown pieces in sliver. 20-bellor pieces in nickel 30'heller pieces in nickel 2-he1Lcr pieces in bronze. 1-helIer piece in bronze . Total 6, 323, 071 24, 984, 500 28, 518, 750 27, 872, 100 32, 865, 004 19, 947, 213 126,461,420 24, 984, 500 5, 703, 750 2, 787, 210 657, 300 199, 474 140, 510, 638 160, 793, 654 $25, 621, 084 5,061,860 1, 155, 680 564, 689 133, 169 40, 413 32,576,795 The token money has almost all been put in circulation. The mint of Vienna has also undertaken to coin 3,000,000 worth of Levantine, or Maria Theresa, thalers before the end of the year. BEriG-ITTM:. The notes of the national bank of Belgium may be considered as fully covered. To illustrate the fact an abstract of the report of the bank upon the operations of the year 1892 may be cited. The debit of the bank, available on the 31st of December, 1892, comprises : Items. Value. The circulating notes of the bank The creditor's balance on current accounts Total Francs. 427, 694, 580. 00 69, 340, 318. 00 496, 934, 898. 27 The disposable amount of the credit comprises : Items. Value. The bonds of the public debt pertaining to the bank and its reserve fund. Metallic cash on hand Drafts fallen due and in current accounts The portfolio -..-■ The loans upon bonds of the public debt , The assets upon specie and bars ■ Total FrOTicB. 73, 647, 151. 48 114, 654, 737. 14 39, 245, 869. 66 309, 391, 706. 26 8, 599, 400. 00 8, 476, 913. 99 653, 915, 777. 53 158 [Copy of report from the Imperial Bank of Peisia, responsive to flnancial questions, receiTed from another source but applicable in this case.] PERSIAN CURRENCY AND COINAGE. (Answers io interrogatories, 1892.) (1) Is silver, gold, or paper the currency money ? If all are current, which prevails f Gold coin exists, but is used only for presents and hoarding. It is a commodity, and at present commands a premium of 30 to 35 per cent. Silver is the real currency. The coins are very small (1 kran and 2 krans almost exclusively) and for trade' purposes are highly inconvenient. The counting and examinations are very long and laborious, the coins being often spurious or debased and of such irregular weights that weighing is impossible. The old coinage (i. e., before 1877, when provincial mints existed) is extremely irregular in weight and iine- ness, but on the whole is heavier and more valuable than the new coinage. The new coinage is struct with no technical skill or appliances. Although more regular than the old, it is still extremely defective. There are no guarantees of exactitude and no control; therefore the mint master is supposed to make large illicit profits at the expense of the public. The sarrafs, or money changers, circulate bags sealed by them and said to contain 250 tomans in silver. The bank does not accept them, however. Copper circulates at a discount of 6 per cent and upwards, which would be greater but for the poverty of the people and the consequent amount of coin absorbed. (2) If paper money is in use is it issued by the Government or the banks, and how is it secured f Bank notes now exist and are issued by the' Imperial Bank of Persia. The bank is jn its infancy (business commenced 1890) and its circulation is, therefore, only about $250,000 or $300,000. The above bank has a monopoly of issue. The security is a cash reserve of 33 per cent under the Government control; the capital of the bank is £1,000,000, with a reserve liability of a second million, upon which the notes are a first charge. Any default would entail forfeiture of right of issue and the obligation to repay all out- standing notes. The notes are issued from Teheran and the bank's branches, viz, Tabriz, Meshed, Ispahan, Shiraz, Bushire, Yezd, and Beshd, and are legally payable only at the place of issue. This was determined on account of the extreme difficulty of transferring funds from place to place. The denominations of the notes are 1, 2, 3, 5, 10, 20, 25, 50, 100, 500, and 1,000 tomans. The two last are virtually cash orders, which do not circulate. Persian Coinage. [1 toman =: 10 krans. 1 kran = 20 shahis.] Gold: 10 tomans (rare), 2 tomans, 1 toman, one-half toman, or 5 krans, one-fourth toman, or 2^ trans. Silver : 5 trans (rare and not used), 2 krans, 1 kran, one-half kran, or 10 shahis, one-fourth kran, or 5 shahis. (Also a maundy coin of 3 shahiSj for distribution at the Persian new year.) Copper : 2 shahis, 1 shahi, and one-half shahi. ^Translation.] From the Amin-ul-Mulk to Mr. McDonald. ■Tour Excellency : Some days ago you asked certain questions regarding the coinage of gold and silver, also the extent of such coinages and the circulation of notes in this country. So much of your question as relates to the coinage is answered below. Mi. Babino (the manager of the bank) has been asked to supply the infor- mation concerning the notes, so that you may have knowledge of the matter. You will, therefore, ask the bank to give you the details as to the circulation of notes. In the year 1892, from old tomans, broken articles of gold, and gold imported, 12,500 miscals, or 25,000 tomans, were coined. In the beginning of the year the price of gold was cheaper than at the close. In the early part of the year the price of the English pound sterling was 32 krans, and at the end 34 krans. The amount of silver imported and coined during the year above mentioned was 1,436,000 tomans of the currency of Persia. Permit me to renew the assurance of my friendship and esteem for your excel- lency. Eabi-ul-Avval, 1311. Dated 28th. 159 E.TJr:?SIA. Coinage of gold in 1S93. Total value francs.. 2,880,360 Number of pieces imperials.. 8, 006 Total weight kilograms.. 929,185 Weight of fine gold. _. do 836,267 There was no remelting of Russian or foreign gold coins in 1892. '^ Coinage of silver— 1892. Silver coins 0'900iine: Nominal value — the silver ruble (17'996 grams fine) calculated at 4 francs francs.. 8,532,042 Number of 1-ruble pieces 2,131,006 Number of 50-copeck pieces 2, 006 Number of 25-copeok pieces 4, 006 Total weight kilograms . . 42, 650, 796 Fine weight do 38,385,836 Silver billon : Nominal value (ruble, 4 francs) francs. . 6, 600, 001 Number of 20-copeok pieces do 5,000,000 Number of 10-copeck pieces do 2,500,000 Number of 5-copeck pieces do 8,000,006 Total weight kilograms.. 29,692,438 Weight of fine silver do.... 14,846,380 The nominal value of the silver pieces mutilated, deteriorated, and worn which were remelted in 1892 was 11,841,812 francs. The remelting yielded 6,843,340 francs' worth of fine silver, the silver ruble containing 17 '996 grams of fine silver being cal- culated at the rate of 4 francs. lu 1892 kokans — silver coins of Bokhara — of the nominal value of 5,183,800 francs were remelted. This operation produced 3,732,400 francs' worth of fine silver and 2,892 francs' worth of fine gold, the silver ruble containing 17'996 grams of fine metal being calculated at 4 francs, and the gold ruble containing l^ grams of pure gold valued at the same rate. Exportation of gold in 189S. Kilograms. Russian gold coin 114-663 Foreign gold coin 147 '424 Gold bars 32-761 Total 294-848 Importation of gold in 1892. ^ ^Kilograms. Russian gold coin \ 3,832-936 Foreign gold coin 125,555-730 Gold bars ; 5,274-370 Total 134,663-036 Exportation of silver vn 1892. Kilograms. Russian silver coin 32-761 Foreign silver coin .' 5,995-110 Silver bars 94,006-838 Total 100,034-709 Importation of silver in 1892. Kilograms. Russian silver coin 278-468 Foreign silver coin 31,613-414 Silver bars 185,131-761 There are no data on the quantities of gold or silver ore imported or exported durinc the yeax 1892. 160 FroduoHon of gold in 189S. Weight kilofframs.. 37,318-771 Value feancs.. 128,529,440 Production of silver in 1S9S. Weight kilograms.. 9,492-522 Nominal value .^ francs.. 2,109,956.20 There arc do data on the output of gold or silver by the refineries of Eussia. The stock of gold in the Imperial treasury and the Bank of the State is 1,982,215,550 francs. This includes the ordinary exchange fund, amounting to 841,517,400 francs, and the extraordinary exchange fund, amounting to 600,000,000 francs, a total of 1,441,517,400 francs. The stock of silver in the Imperial treasury and the Bank of the State is : Silver coin, -900 fine, 6,892,559 francs; billon coin, 18,239,410 francs. The silver coin includes the exchange fund of 4,502,728 francs. There are no data on the amount of money in the hands of individuals in Eussia. The amount of bills of credit issued for ordinary purposes was, at the end of 1892, 3,120,073,952 francs. The temporary issues authorized by the ukase of January 1, 1881, were at the same date, 1,065,052,584 francs, and the issues entirely secured by gold, 600,000,000 francs, a total of 4,785,126,536 francs. On December 31, 1892, the bank held bills of credit to the amount of 488,854,092 francs, so that the amount of bills actually outstanding ■was 4,296,271,844 francs. The Bank of the State is the only bank of issue in Russia. The amount of uncovered notes at the end of 1892 was 3,339,106,408 francs, or deducting the amount of bills in the bank, viz, 488,854,692, 2,850,251,716 francs.* Francs. Exchange fund, in gold 1,441,517,400 Exchange fund, in silver 4,502,728 Total 1,446,020,128 Amount uncovered , 2, 850, 251, 716 The mint of Eussia publishes no report of its operations. For the chief of accounts. [Copy and translation of executive decree.] A. KONUCHINE. Joaquin Crespo, chief of the national executive power, considering that small money has become scarce in proportion to the necessities of the public, and that it is indispensable to remedy this evil, facilitating transactions but not permitting economic interests to suffer perturbation, do decree : Articlb 1. There shall be coined 6,000,000 bolivars into silver money of the type, weight, standard, and other conditions fixed by the coinage law of July 9, 1891. Art. 2. The coinage shall be in the followingproportion: 2,500,000 boUvars in coins of 5 bolivars; 1,000,000 bolivars in coins of 2 bolivars; 1,000,000 bolivars in coins of 1 bolivar; 1,000,000 bolivars in coins of 50 centimes; 500,000 bolivars in coins of 25 centimes. Art. 3. There shall also be coined 500,000 bolivars in nickel money of 5 centimes. Art. 4. This money wiU be imported in monthly lots. Art. 5. The minister of finance is encharged with the execuiion of this decree. Signed and sealed with the great national seal in the federal palace, Caracas, April 4, 1893. The importation of coined gold was 3,174,726-57 bolivars; the exportation of coined gold, 181,392 bolivars. The importation of coined silver was 41,713-38 bolivars; the exportation of coined silver, 10,050 bolivars. Gross weight, 1,566 kilograms; value, 4,176,877-60 bolivars. Coined gold in circulation, 90,766,802-40 bolivars. Coined silver in circulation, 14,000,000 bolivars. Consolidated 5 per cent debt, 38,232,710 bolivars; 1 per cent "titulos"* (certifi- cates), 2,766,787 bolivars ; diplomatic debt, 4,978,000 bolivars; exterior debt, 67,147,- 325 bolivars; total, 113, 124,912. * The 1 per cent "titulos" are at 1 per cent monthly. They and the other debts mentioned under this head constitute the funded debt. There are no Government notes proper in circulation. — P. C. Partridge. 161 Bank of Venezuela issued 4,341,800 bolivars; in circulation, 3,319,150 bolivars. Bank of Caracas issued — part in circulation — 3,160,000 bolivars, -svbich were retired from circulation and burned in April, 1892. PROHIBITION OF THE IMPORTATION OF SILVER COIN. The Venezuelan Government issued the following decree on the 14th of August 1893 : (1) From and after this date the importation of Venezuelan silver coin through the customs stations of the Republic is prohibited, except when the same is imported by the Government. Theimport of all foreign silver coin ia also prohibited by law. (2) The collectors of customs in seaport towns shall consider all silver coins, inclu- sive of Venezuelan silver coins, which it is sought to import into the country, as articles whose importation is prohibited, and persons found guilty of such attempted importation shall be punished by the conliscation of the coin and a fine equal to 50 per cent of its value. The reasons for the issuance of this decree are explained by Mr. E. H. Plumaoher, our consul at Maracaibo, in the following words : "At this moment, when the silver question is attracting universal attention, it may interest the Department to know that for some time past there have been imported into this country large quantities of Venezuelan silver coins which have been discovered to be of unauthorized coinage. " Since 1886 the importation of foreign silver of all nationalities has been pro- hibited, but all classes of gold coins and Venezuelan silver have until now been allowed free entry and are constantly being introduced through the custom-houses. It now appears that parties abroad, taking advantage of the low price of silver bull- ion, have coined hundreds of thousands of Venezuelan silver dollars, exact fac- similes of the emission aiithorized by the Government, and containing an equal, or, as it is said, even a greater amount of pure silver. . " The Government has acted promptly in the matter and issued a decree prohibit- ing the importation from abroad, except by the Government, of Venezuelan silver coins, and declaring them contraband should efforts be made to introduce them. This will put a stop' to the business through the custom-houses, but large amounts will no doubt continue to be successfully smuggled. " It is a striking commentary on the situation that such a speculation is possible, producing, it is said, nearly 40 per cent profit, although it is freely admitted that the surreptitious coins are in all respects equal to those authorized by law. "Advices from Curacoa, which is and always has been a dumping ground for money of all nationalities, show that Venezuelan silver, since the late developments, is received at only one-half its face value; moreover, it is intimated that it will soon be rejected entirely." (Consular Eeports, November, 1892, p. 321.) KCTJA.DOR. Exports. — Old gold and silver, gold dust and coin, 511,411 sucre^, value in United States gold, $337,580, of which $7,650 went to the United States, and nearly all the remainder to England. imports.— Coined silver, 500,000 sucres, value in American gold, $313,000. It had been coined principally in Birmingham, England; some in Peru and Chile. S, Kep. 235 11 162 SITUATION of the PRINCIPAL BANKS of ISSUE of Various Countries on Decem- ler 31, 189B. Names of banks. Metallic reserve. ANALYSIS OF THE EESEEVB. Gold. Silver. Bills payable to bearer in circulation. Imperial Bank of Gernifiny Bank of Austria-Hungary Bank of Belgium National Bank of Bulgaria {a) — National Bank of Denmark Bank of Spain Bank of Prance United Kingdom : Bank of England Banks of Scotland (&) B.anks of Ireland (&) National Bank of Greece (c) Italv: National Bank (d) Other institutions of issue (d) Baij^ of Norway (c) Bank of the Netlierlands Bank of Portugal (e) Bank of Koumania Kussia: Imperial Bank (/ ) Bank of Knland (/) Bank of Servia Sweden : Rojal Bank (c) Private banks (c) Swiss banks of issue Associated banks of New York. . . $202, 110, 22, 15, 61, 574, 117, 20, 15, 44, 41. 6, 49, 8. 10, 322, 4, 2, 6, 4, 17, 73, 109, 600 318, 800 156, 400 424, 600 729, 500 972, 300 985, 600 807, 200 634, 000 497, 900 463, 200 718, 100 842, 400 558, 400 989, 100 311, 100 634, 300 367, 900 805, 700 506, 900 384, 700 303, 900 350, 700 340, 000 $41, 823, 100 15, 729, 500 36, 727, 900 329, 779, 100 117, 807, 200 23, 160, 000 13, 510, 000 38, 522, 800 35, 705, 000 15, 401, 400 10, 576, 400 319, 415, 000 4, 188, 100 1, 775, 600 4, 574, 100 1, 988, 600 12, 969, 600 $68, 495, 700 25, 244, 400 245, 206, 500 3, 474, 000 1. 987, 900 6, 195, 300 6, 137, 400 20, 036. 800 57,966 2, 952, 900 617, 60O 791, 300 800, 600 2, 335, 300 4, 381, 100 $275, 179, 400 193,733,400 79,940,600 96, 500 21,828,300 170, 631, 100 636, 552, 600 122, 979, 600 34, 267, 500 • 31,846,000 23, 198, 600 106, 864, 100 98, 179, 100 12, 178, 300 80,056,400 53,611,900 22,793,300 782,422,000 8, 878, 000 S, 577, 700 11, 367, 700 15, 883. 900 22, 002, 000 5, 500, 500 a Situation on Dec. 14. b Situation on Dec. 3. c Situation on Nov. 30. d Situation on Dec. 20. e Situation on Dec 21. / Tlie pa_per reserve is estimated at 2 francs 35 SITUATION of the PRINCIPAL BANKS of ISSUE of Various Countries on March 31, 1893. Names of banks. Metallic reserve. ANALYSIS OF THE EESEBVE. Gold. Silver. Bills payable to bearer in circulation. Imperial Bank of Germany Bank of Austria-Hungary Bank of Belgium National Bank of Bulgaria {a) . National Bank of Denmark Bank of Spain Bank of Finland Bank of France National Bank of Greece (a^ ... Italy: National Bank Other institutions of issue. Bank of Norway (a) Bank of the Netherlands Bank of Portugal Bank of Koumania United Kingdom : Bank of England Banks of Scotland (6) Banks of Ireland (&) Imperial Bank of Kussia Bank of Servia Sweden : Eoyal Bank (a) Private banks {a) Swiss banks of issue (c) Associated banks of New York $209, 636, 600 113, 117, 300 21, 403, 700 1, 100, 100 14.339,900 65, 446, 300 4, 882, 900 566, 358, 500 424, 600 44,737,400 41, 610, 800 6, 214, eoo 50,411,600 7j 990, 200 10, 151, 800 126,569,400 23, 642, 500 13, 992, 500 287, 550, 700 2, 586, 200 5, 461, 900 4, 979, 400 18, 045, 500 69, 094, 000 $42, 267, 000 $70, 850, 300 14, 339, 900 37, 210, 400 4, 265, 300 320, 399, 300 28, 235, 900 617. 600 245, 959i 200 39, 815, 900 36, 013, 800 6, 214, 600 15, 864, 600 1, 968, 600 9, 900, 900 126, 569, 400 19, 782, 500 12, 062, 500 284, 462, 700 1, 794, 900 4, 535, 500 2, 007, 200 13, 510, 000 4, 921, 500 5, 697, 000 34, 933, 000 6, 021, 600 260, 900 3, 860, 000 1, 930, 000 3, 088, 000 791, 300 926, 40B 2, 972, 200 4, 535, 500 .$258,234,000 188, 618, 900 80,674,000 38,600 19,454,400 171,133,100 8,800,800 671, 369, 800 22, 040, GOO 117, 903, 700 107,423,800 11,261,900 78, 628, 200 53,190,800 22, 040, 600 123,346,300 29, 915, 000 29,432,500 754, 108, 900 5,191,700 11,483,500 15,016,400 31,034,400 5,404,000 a Situation Feb. 28. 6 Situation Jan. 28. c Situation Feb. 25. 163 SITUATION of the PRINCIPAL BANKS of ISSUE of Various Countries or 30, 1893. lune Names of banks. Metallic reserve. ANALYSIS OK THE RESERVE. Gold. Silver. Bills payable to bearer in circulation. Imperial Bank of G-ermany Banic of Austria-Hungary Bank of Belgium Kational Bank of Bulgaria (a) . . National Bank of Denmark Bank of Spain '. Bank of Finland (6) . ., Bauk of France National Bank of Greece (6) Italy : National Bank (c) Otlier institutions of issue . Bank of Norway (&) Bank of the Netherlands Bank of Portugal Bank of Boumania United Kino;dom : Bank ol England Banks of Scotland (d) Banks of Ireland (rf) Imperial Bank of Kussia (e) Bank of Servia (/) Sweden : EoyalBank{6) , Private banks (&) Swiss hanks of issue (a) Associated banks of New York $196, 107, 300 112, 383, 900 19, 782, 600 1, 582, 600 15, 961, 100 70, 078, 300 4, 844, 800 578, 459, 600 405, 300 47, 709, 600 41, 475, 700 6, 562, 000 48, 192, 100 8, 646, 400 12, 757, 300 145, 309, 700 21,461,600 15, 034, 700 23J, 939, 000 2, 470, 400 5, 519, 800 4, 400, 400 17, 177, 000 60, 795, 000 $11,938,900 $75, 445, 000 38, 194, 700 4, 188, 100 331, 323. 100 31, 883, 606 656, 200 247, 136, 500 40, 742, 300 36, 284, 000 6, 562, 000 13, 760, 900 2, 412, 500 12, 487, 100 145, 309, 700 G, 967, 300 5, 191, 790 34, 489, 100 6, 233, 900 270, 200 290, 677, 300 1, 659, 800 4, 496, 900 2, 065, 100 13, 374, 900 3,261,700 810, 600 1, 022, 900 2, 335, 300 3, 802, 100 $265, 375, 009 190,162,900 79, 207, 200 308, 800 21, 905, 500 174, 182, 600 8, 337, 600 665, 985, 100 21, 944, 100 122, 883, 100 114, 429, 700 12, 313, 400 79, 516, 000 54,155,800 26, 691, 900 128, 171, 300 28, 625, 400 28, 930, 709 749, 361, 100 5, 095, 200 5, 625, 500 15, 362, 800 31,479,600 4, 825, 000 a Situation on May 22. h Situation on May 31. c Situation on June 20. d Situation on Apr. 22. e Situation on June 16. /Situation on June 22. g Situation on May 27. SITUATION of the PRINCIPAL BANKS of ISSUK of VARIOUS COUNTRIES on September 30, 1893. Names of hanks. Metallic re- serve. ANALYSIS OF THE KESEEVE. Gold. Silver. l^ills payable to bearer in circulation. Imperial Bank of Germany Bank of Austria-Hungary Bank of Belgium .-. National Bank of Bulgaria {a) . National Bank of Denmark Bank of S^ain Bank of Fmland Bank of France National Bank of Greece Italy; National Bank Other institutions of issue . Bank of Norway Bank of the Netherlands Bank of Portugal Bank of Koumania United Eongdom : Bank of England Banks of Scotland (6) Banks of Ireland (6) Imperial Bank of Bussia Bank of Servia Sweden : Boyal Bank (c) Private banks (c) Swiss banks of issue Associated banks of New York $178, 177, 600 107, 192, 200 19, 087, 700 1, 698, 400 14, .S78, 500 68, 804, 500 4, 940, 800 572, 495, 900 424, 600 50, 180, 000 36, 573, 500 6, 793, 600 45, 181, 300 8, 781, 500 11, 811, 600 133, 015, 600 23, 449, 500 13, 953, 900 301, 060, 700 2, 470, 400 5,404,000 4, 574, 100 16, 520, 800 75, 945, 500 $11, 533, 600 $65, 658, 600 38, 194, 700 4, 188, 100 327, 289, 400 30, 609, 800 752, 700 245, 206, 500 45, 490, 100 32, 057, 300 4, 689, 900 4, 516, 200 11, 464. 200 2, 412, 500 11, 782, 300 133, 015, 600 22, 967, 000 11,830,900 297, 799, 000 1, 679, 100 4, 477, 600 2, 007, 200 13, 664, 400 33,717,100 6, 369, 000 19, 300 19, 782, 500 2, 123, 000 3,261,700 791, 300 926, 400 2, 566, 900 2, 856, 400 $265, 645, 200 200, 874, 400 - 77, 045, 600 193, OOU 20, 535, 200 177, 521, 400 8, 607, 800 669, 285, 400 22, 330, 100 110, 589, 000 86, 406, 100 13, 046, 800 76, 312, 200 55, 641, 900 27, 425, 300 124, 832, 400 14, Oil, 800 29, 374, 600 783, 773, 000 5, 577, 700 11, 676, 500 15, 111, 900 32, 771, 400 13, 124, OOD aSitoatioiion Sept. 7. Ji Situation on July 15, e Situation on Aug. 31, 164 ANNUAL AVEEAGES of the BATE of DISCOUNT in EUROPE, 1885- [From the " Bnlletin de Statistique," January, 1893, page 60.] Principal cities. TEAKS. 1885. 1886. 1887. 1888. 1889. 1890. 1891. 1892. Per et. 2-71 4-14 3-23 2-91 3 00 Per ct. 2-50 3-29 2-75 3-04 3-00 Per et. 2-60 3-40 3-06 3-38 3-00 5-50 5-05 4 12 Per ct. 2-70 3-33 3-27 3-30 3-10 5-50 5-34 4-16 Per ct. 2-60 3-68 3-54 3-50 3-10 5-22 5-75 4-19 Per ct. 2-80 4-38 3-20 4-55 3 09 6-00 5-85 4-52 Per ct. 3-12 3-80 3-00 3-35 3-00 5-78 4-88 4-40 Per ct. 2-70 3-20 2-70 2-54 2-66 5-20 4 '88 4-01 4-66 4-02 Tables showing the VALUE of the GOLD and SILVER COIN and BULLION imported into and exported from the principal foreign countries of the world, also the excess of imports over exports or exports over imports, for series of years. GrKBA.T BEITA-IN -A-NX) IRELA.N"X). Value of GOLD COIN and BULLION imported into and exported from Great Britain and Ireland from 1S58 to 1892. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1858 1859: 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Total $110, 922, 748 108,511,747 61, 243, 365 69,195,799 96, 861, 375 93,157,779 82, 248, 478 70, 494, 026 114, 409, 668 76,891,474 83, 393, 205 67, 015, 657 91, 522, 942 105, 208, 494 89, 881, 639 100, 304, 234 87, 991, 279 112,614,868 114,245,832 75, 148, 420 101, 570, 717 65, 058, 657 46, 012, 081 48, 484, 969 69, 963, 524 37, 743, 601 52, 287, 662 65, 097, 034 85,173,415 48, 447, 594 76, 830, 297 87, 178, 671 114, 693, 910 147, 472, 002 103, 413, 126 $61, 157, 87, 991, 76, 119, 59, 071, 77, 922, 74, 473, 64, 625, 41, 332, 62, 009, 38, 393, Ul, 845, 41,237, 48, 730, 100, 728, 96, 108, 92, 810, 51, 787, 90, 751, 80, 373, 99, 088, 72,844, 65, 547, 57, 564, 75, 425, 58, 513, 34, 510, 58, 460, 58,061, 67, 078, 46, 373, 72, 725, 70, 346, 69, 623, 117, 634, 75, 187, $49,765, 20, 519, 124, 18, 939, 18,684, 17, 622, 29, 161, 52,400, 38, 497, 21, 647, 25, 778, 42, 792, 4, 480, 9, 494, 36, 203, 21, 862, 33,871, ,944 28, 726,' 478 11, 449, 3, 233, 7, 036, 709 3, 074, 4, 104, 16,831, 45, 070, 29, 837, 28, 225, $14, 876, 374 6, 226, 661 23, 940, 265 20,488,661 11,552,981 26,940,121 6, 172, 819 "i," 904,' 990 2, 930, 690, 188 2, 425, 467, 645 165 Value ofSILVEB COIN and BULLION' imported into and exported from Great Britain and Ireland from 1858 to 189S. Tears. Imports. Exports. B^cess of imports over exports. Excess of exports over imports. 1858 .. , $32, 605, 861 71, 890, 166 50, 680, 026 32, 036, 695 57, 194, 865 52, 987, 080 62,691,177 33, 951, 823 52,448,694 39, 033, 651 37,551,948 32, 752, 416 51,823,066 80, 403, 841 54, 206, 861 63, 206, 423 59,849,039 40, 268, 227 66, 078, 646 105, 656, 676 56, 215, 694 52, 494, 269 33,087,441 33, 585, 673 44, 980, 695 46, 076, 032 46,881,403 45, 908, 639 36, 360, 731 37, 853, 295 30, 240, 139 44,700,749 50, 541, 810 63, 663, 246 60, 222, 938 $34,366,425 85, 687, 697 48, 145, 209 46,588,848 64, 793, 691 64,702,726 47,947,488 32, 114, 968 43,296,070 31,318,297 36,565,717 38, 463, 984 43,341,871 63,668,150 61, 621, 368 47, 828, 278 59,429,489 43, 699, 934 63, 013, 067 94, 588, 861 57,026,837 53, 561, 166 34, 360, 804 34, 084, 878 43, 630, 382 46, 369, 630 48, 698, 733 47,946,165 35, 154. 131 37, 994, 732 37, 060, 480 51,907,607 52. 866, 658 64,993,889 68, 495, 938 $1,760,564 1859 13, 797, 631 1860 $2, 434, 817 1861 . . .. 14, 661, 653 1862 7, 698, 826 1863 1,715,645 1864 4, 743, 689 1, 836, 855 9, 163, 624 7, 715, 364 996, 231 1865 1866 1867 1868 1869 6,711,568 1870 8,481,195 16,835,691 2,684,483 16,378,146 419, 550 5,668,296 3, 066, 579 11, 066, 815 1871 1872 1873 1874 .. 1875 1877 810, 243 1879 1, 006, 887 1, 273, 363 499, 206 1881 1,360.313 706, 402 1883 1884 ... 1,717,330 1885 2, 037, 516 1, 206, 600 1887 141, 437 1888 6, 820, 341 1889 7, 206, 858 2, 324, 848 1891 1, 330, 643 1892 . 8,273,060 1, 759, 027, 825 1, 744, 021, 697 IffdTK. — The imports and exports ot gold and silver were not registered at the custom-house before ■ 1858. 166 Value of GOLD COIN and BULLION imported into and exported from Australasia from 1851 to 1892. Years. Imports. Exports. Excess of Imports over exports. Excess of exports OTer imports. 1851 $4, 365, 251 46, 105, 221 60, 640, 799 49,925,424 53, 857, 556 61,050,243 55, 137, 445 55, 675, 430 66, 650, 027 49, 575, 036 63, 127, 581 60,884,124 65, 813, 889 43,925,029 46,397,211 46,805,997 42, 815, 467 45,506,642 50, 528, 870 40, 090, 227 37, 009, 733 36,970,801 45, 024, 858 36, 615, 646 33,423,122 27,247,534 36, 527, 949 28,642,023 13, 193, 081 22,059,845 33, 014, 336 26,931,211 24, 766, 619 5,732,737 25, 612, 390 16,429,504 9, 251, 217 16,346,674 25, 821, 649 27,364,330 31, 004, 472 20, 148, 254 $4,366,251 46,105,221 60,640,799 49,925,424 53, 857, 556 '■.1,060,243 55,137,445 55,575,430 56, 650, 927 49,675,086 53,127,581 50,884,124 55, 813, 889 43,925,029 46,397,211 46,805,997 42,815,467 45,506,642 50,628,870 40,090,227 37,009,733 36, 970, 801 45,024,858 36, 615, 646 33,423,122 27, 247, 534 36,527,949 28,542,023 13,193,081 22,059,845 33, 014, 336 26, 931, 211 1852 . . - 1863 1864 .. . - 1855 1856 . . 1867 1858 1859 1860 . - ... 1861 1862 1863 1864 . . . 1865 1866. . 1867 1868 1869 1870 . 1872 1874 1875 ■. 1876 1877.. 1878 1880 1882 24,765,619 5,732,737 25 612,390 1884 1885 1886 16,429,304 9,251,217 16,346,574 25, 821, 649 27, 364, 330 1888 1889 1890 31, 004, 472 20,148,254 1892 .. Total 1,537,814,954 107 Value of GOLD COIN and BVLLION imported into and, exported 'from India from 1835 to 189^. Fiscal years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. ]836-'36 . . 18H6-'37 . . 1837-'38 . . 1838-'39 . . 1839-'40 . . 1840-'41 . . 1841-'42 . . 1842-'43 . . 1843-'44 . . 1844-'46 . 184o-'46 . 1846-'47 . 1847-'48 - . 1848-'49 - 1849-'50 . 1750-'51 . 1851-'52 . 1852-'53 . 1853-'54 . 1854^'55 . 1855-'56 . 1856-'57 . 1857-'58 . 1858-'59 - 1859-'68 . 1860-'61 . 1881-'62 . 1862-'63 . 1863-'64 - 1864-'65 . 1865-'66 . 1866-'67 . 1667-'68 - 186S-'69 . 1869-'70 . 1870-'71 . l871-'72 . 1872-'73 . 1873,'74 . 1874-75 . 1875-76 . 1876-77 - 1877-78 . 1878-79 . 1879-'80 . 1880-'81 . 1881-'82 . 1882-'83 . 1883-'84 . 1884-'85. 1885-86 . 1886-'87 . 1887-'88 . 1888-'89 . 1889-'90 . 1890-'91 . 18»l-'92 . 1892-'93 . Total. $1, 622, 486 2, 052, 174 2, 251, 184 1, 297, 073 1, 125, 247 671, 012 809, 591 1, 033, 841 1, 980, 850 3, 501, 218 2, 686, 142 4, 150, 341 5, 103, 878 6, 821, 607 5, 642, 940 5, 622, 316 6,515,163 6,526,532 5, 249, 532 4, 295, 762 12, 206, 900 10, 589, 514 13, 772, 604 21, 694, 310 20, 867, 732 20, 645, 839 25, 257, 767 33, 489, 045 43, 434, 417 48, 055, 743 31, 013, 698 22, 295, 723 23, 242, 144 25, 193, 763 27, 692, 321 13,541,486 17, 391, 790 12, 761, 768 8, 023, 918 10, 167, 256 8, 936, 648 7,025,824 7,683,847 7, 119, 933 9, 978, 237 17, 870, 070 23, 633, 531 24, 795, 464 26, 617, 111 23, 252, 973 15, 044, 974 13, 789, 410 15, 748, 251 15, 179, 040 24, 678, 152 30, 794, 441 1,9, 511, 366 8, 440, 334 810, 296, 236 $16, 940 9,587 154, 355 37, 015 22,288 2,783 8,587 6,229 2,506 45,516 36, 450 28,664 47, 020 257, 097 207, 094 9,811 346,324 821,529 84, 020 736, 939 10, 259 412, 621 228, 779 52, 977 18, 508 48,042 29, 233 162, 590 131, 912 170, 659 3, 155, 525 3, 597, 143 810, 062 85,768 578, 283 2, 435, 454 41, 043 384, 496 1, 295, 311 1, 049, 709 1,417,358 6, 016, 755 5, 405, 698 11, 481, 159 1, 459, 898 82, oa 60, 383 799, 390 33, 831 .516, 997 1, 599, 152 3, 194, 823 1, 185, 343 1,485.031 2, 217, 780 4, 095, 894 8, 077, 234 21, 764, 013 88,466,411 $1, 605, 2, 042, 2, 090, 1, 260, 1, 102, 668, 806, 1, 027, 1, 978, 3,455, 3,649, 4, 121, 5, 056, 6,564, 5, 435, 5, 612, 6, 168, 5, 705, 5, 165, 3, 558, 12, 196, 10, 176, 13, 543, 21, 541, 20, 849, 20,597, 25, 228, 33, 326, 43, 302, 47, 885, 27, 858, 18, 698, 22, 432, 25, 107, 27, 114, 11, 106, 17, 350, 12, 377, 6, 728, 9, 117, 7, 519, 1, 009, 2.278, 546 587 829 058 959 229 004 615 344 702 692 677 858 510 846 505 839 003 612 823 641 893 825 333 224 797 534 455 505 084 173 580 0S2 995 038 032 747 272 607 547 290 069 149 8, 518, 17, 788, 23, 573, 23, 996, 26, 583, 22, 735, 13, 445, 10, 594, 14, 662, 13, 694, 22, 460, 26, 698, 11, 434, 13, 323, 679 168 Value of SILVER COIN and BULLION imported into and exported from India from 18S5 to 189S. Fiscal years. Imports. Bxporte. Excess of imports over exports. Excess of exports over imports. 1835-'36.... 1836-'37.-.. 1837-'38 . . . . 1838-'39 . . . . 1839-'40 . . . . 1840-'41.... 1841-'42.... 1842-M3.... 1843-'44.... 1844-'45 . . . , 1845-'46.... 18je-'47 . . . . ]847-'48.... 1848-'49 . . . . 1849-'50.... 1850-'51.... 1851^2.... 1852-^63.... 1853-'54.... 1854-'55 . . . . 1856-'o6.... 1850-'67.... l«57-'.58 . . . . 1858-'69 . . . . 1859-'60.... 1800-61 1861-'62 1862-'63.... 1863-'64.... 1864-'65 . . . . 1865-'66.... 1866-'67.... 1867-'68 . . . . 18e8-'69 . . . . 1869-'70..-. 1870-'71.... 1871-72 1872-73 . . . . 1878-74.-.. 1874-75 . . . . 1875-76.... 1876-77 . . . . 1877-78 . . . . 1878-79.... 1879-'80.... 1880-'81.... 1881-'82.... 1882-'83.... 1883-'84 . . . . 1884-'85.... 1885-'86.... 1886-'87.... 1887-'88.... 1888-'89.... 1889-'90 . . . . 1890-'91.... 1891-'92.... 1892-'93.... Total 10, 13, 9, 8. 8, 15, 23, 15, 9, 10, 4, 13, 10, 12, IB, 26, 18, 5, 42, 59, 63, 40, 58, 31, 47, 66, 68, 55, 98, 42, 34, 48, 40, 12, 923, 570 014, 347 779, 395 871, 374 426, 517 309. 466 166, 405 743, 181 085, 410 456,^38 252, 954 156, 785 487, 818 619, 523 880, 481 927, 847 070, 677 718, 190 349, 834 572, 809 790, 127 554, 743 193, 118 779, 771 733, 428 313, 981 504, 340 317, 742 312, 034 907, 812 227, 383 121, 504 062, 580 562, 804 218, 703 965, 596 932, ODD 310, 588 165, 316 451, 085 859, 016 628, 015 776, 337 221, 736 742, 742 871, 073 468, 682 674, 314 053, 494 288, 435 277, 734 001. 467 535, 276 197, 456 288, 509 109, 219 229, 883 135, 135 $1, 079, 278 1, 498, 677 1, 207, 261 998,849 1, 394, 600 1, 488, 239 1, 921, 576 1, 375, 107 5, 101, 642 5, 778, 905 5, 006, 981 3,449,536 6, 892, 794 12, 091, 909 4, 682, 473 2, 624, 372 4, 126, 417 4, 287, 840 7, 128, 931 6, 428, 761 2, 912, 201 5, 666, 786 3, 729, 608 3, 169, 795 4, 483, 813 5, 385, 269 3, 285, 374- 5, 242, 194 6,036,407 6, 869, 332 7, 376, 154 8, 236, 064 6, 839, 866 6, 706, 037 4, 594, 463 8, 371, 840 7, 142, 562 6, 932, 750 8, 019, 505 6, 859, 818 929, 015 13, 594, 668 5, 354, 123 7, 898, 329 8, 444, 351 6, 927, 463 5, 291, 345 4, 271, 789 4, 882, 559 9, 072, 016 3, 794, 079 5, 177, 966 6, 623, 306 7, 198, 493 7, 059, 335 5, 961, 600 7, 491, 797 11,200,409 $7,844, 6, 515, 9, 572, 12, 872, 8, 032, 6, 821, 6,244, 14, 368, 17, 983, 9, 677, 4,245, 6, 707, 1, 527, 6, 198, 10, 303, 13, 944, 22, 430, 11, 220, 144, 39, 877, 53, 887, 59, 463, 37, 609. 54, 249, 26, 928, 44, 218, 61, 075, 62, 275, 49, 048, 90, 851, 33, 885, 27, 222, 41,856, 35, 624, 4, 583, 31, 789, 3, 377, 12, 145, 22, 591, 15, 930, 35, 033. 71, 422, 19, 323, B8. 298. 18, 943, 26, 177, 36, 402, 31, 170, 36, 215, 56, 483, 34, 823, 44, 911, 44, 998, 53, 229, 67, 147, 42, 738, 60, 934, $2, 404, 981 2, 014, 586, 994 316, 586, 919 169 IT'IlA.Ifl'CE;. Value of GOLD COIN and BULLION imported into and exported from France from 1815 to 1892. Years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1815-'21». 1822-'36*. 1837-'52«. 1853 1854 1855 1858 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1870.. 1871.. 1872. . 1873.. 1874.. 1875.. 1876., 1877.. 1878.. 1879.. 1880.. 1881.. 1882., Iti83., 1884., 1885., 1886., 1887. 1888. 1889. 1890. 1891. 1892. Total . $424, 214, COO 1, 146, 420, 000 1, 587, 232, 000 61, 525, 891 92, 774, 135 73,516,630 89, 745, 193 109, 757, 556 106,837,852 140, 274, 330 90, 802, 254 47, 099, 141 77, 652, 611 71, 358, 469 89, 551, 228 80,944,200 156, 967, 479 114,670,976 96, 234, 885 87, 737, 028 69, 896, 006 27, 765, 366 27,379,173 33, 889, 642 99, 789, 686 117, 346, 702 116, 473, 261 103, 196, 521 70, 324, 668 37, 443, 737 37, 605, 278 45, 059, 710 64, 703, 341 12,462,010 24, 598, 043 47, 018, 553 50. 364, 659 17, 982, 216 19, 514, 968 65,161,124 22, 638, 197 69, 4U2, 638 74, 379, 010 6,977,449,256 $522, 837, 000 1, 186, 960, 000 1, 198, 144, 000 6, 737, 504 12, 462, 589 31, 394, 731 17, 321, 364 23, 713, 910 12, 826, 587 36, 181, 131 30, 644, 347 61, 679, 803 45, 700, 277 69, 047, 101 65, 398, 822 51, 835, 168 67, 173, 843 35, 698, 894 54, 152, 326 34,790,566 36, 781, 168 69, 031, 468 37, 587, 522 64, 856, 969 16, 668, 436 26, 574, 749 18, 268, 416 19, 099, 473 24, 698, 596 69, 774, 711 78, 737, 824 43, 054, 440 37, 068, 546 26, 028, 752 16, 806, 983 38, 816, 482 38, 233, 403 49, 809, 821 37, 136, 702 24, 974, 161 48, 163, 116 45, 430, 130 20, 837, 983 $389, 088, OOO 55, 788, 387 80, 311, 546 42, 120, 899 72, 423, 829 86, 043, 64G 94, Oil, 265 104,093,199 60, 157, 907 31, 863, 334 2, 311, 368 24,162,400 29, 109, 032 89, 793, 636 78, 874, 082 41, 082, 559 52, 946, 462 23, 114, 838 83, 231, 250 90, 771, 953 97, 204, 836 84, 097, 048 45, 625, 972 2, 006. 370 17, 634, 798 8, 791, 150 8, 203, 071 12, 121, 256 40, 186, 973 24, 032, 518 63, 641, 028 4, 431, 006, 789 $98, 623, 000 40, 530, 000 4, 580, 662 41, 266, 102 10, 208, 349 20, 967, 327 32, 330, 974 41, 133, 546 31, 837, 606 17,630,734 25, 624, 918 • For tlie periods. 170 Value of SILVER COIN and BULLION imported into aiid exported from France from 1815 to 189Z. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. $60,602,000 79,323,000 186,824,000 200,527,000 615,696,000 21,725,817 19, 270, 664 23, 331, 963 21, 209, 928 18, 965, 917 31,002,655 40, 633, 641 25,206,765 33, 230, 740 ,25,368,885 31, 073, 000 61, 672, 276 45,574,441 48, 260, 036 49,095,533 37, 260, 001 37, 213, 102 20,466,720 30, 337, 863 46, 488, 682 75, 083, 562 83,842,095 51,488,926 39, 601, 863 28, 594, 108 34.655,492 26, 602, 927 19, 487, 017 25, 112, 195 24,713,071 15, 717, 920 19,500,720 46, 506, 290 35,618,423 34, 354, 592 31,669,988 21, 350, 913 26,614,436 34, 030, 365 24,020,020 $74,691,000 9, 264, 000 84, 534, 000 71,410,000 202,071,000 44, 284. 622 50, 863; 606 61, 383, 843 75, 949, 167 88, 411, 177 33,885,975 73, 737, 580 55,564,664 45, 160, 649 41, 999, 888 44, 262, 813 69,869,758 31, 565, 343 39,581,791 12, 493, 276 16,169.926 15, 708, 077 13,620,589 27,343,082 26,754,432 40,054,448 14,181,833 15,717,920 12,501,575 8, 143, 828 11,620,530 11, 999, 968 12,000,933 15, 251; 246 30, 348, 092 18,517,192 8,938,602 26, 581, 143 25, 923, 836 26, 738, 827 21,021,915 19, 818, 847 20, 822, 832 28, 065, 497 20,739,803 $14,089,000 1822-'24* $70,059,000 102, 290, 000 129,117,000 313,625,000 1825-'29* - .. 1837 '52* .. 22,558,805 31,692,942 38,051,880 64,739,239 69,445 260 1854 1855 1856 1857 . 1858 2,883,420 33, 103, 939 30, 347, 899 I860 1861 11,929 909 1862 16, 631, 003 1863 .. . . 13,189,813 8,197,482 1864 1865 14, 009, 098 8, 678, 245 36,602,257 21, 090, 075 21,505,025 6, 845, 131 2,994,781 19, 734, 260 35, 029, 114 69, 660, 262 34,771,006 27, 100, 288 20,450,280 22, 934, 962 14,602,959 7, 486, 084 9,860,949 1866 1868 1870 1872 1874 1876 1878 1880 1882 . . " 5,636,021 2,799,272 1884 10, 562, 118 18,924,147 9, 694, 587 7, 615, 765 10, 648, 073 1,532,066 5, 791, 604 6,974,868 3, 280, 157 1886 1888 1890 . 1892 Total 2, 397, 723, 452 1,689,549,185 * For the periods. 171 Value of GOLD COIN and BULLION imported into and exported from Belgium from X85S to 189^. Tears. Imports. Exports. Excess of Imports OTer exports. Excess of exports over imports. 1852-'65* f $32, 295, 892 161,901,100 1 36, 100, 886 1 72, 521, 380 1 192, 250, 550 8,022,250 250, 740 3,169,602 476,808 1, 302, 424 2,950,657 2, 095, 316 764,846 1, 157, 699 13,550,148 9, 202, 507 366,479 5, 962, 214 t $44, 691, 920 1 182, 089, 520 1 129, 583, 765 1 23. 035, 185 1 17, 445, 266 896,296 11,966 3, 689, 539 3,227,608 4, 037, 622 779, 767 622, 993 34,741 66, 477 466, 673 196, 444 2,617 90,870 $12,396,028 120,188,420 93,482,880 1856-'60*.. 1861-'65* 1866-'70* $49,486,195 174,805,285 7, 125, 065 238, 774 1871-'75* 1876-'80' 1881 1882 519, 937 2,750,800 2 735 198 1883 1884 1885 2,170,790 1,572,323 730, 104 1, 091, 222 13,083,475 9,007,063 353, 962 6, 871, 344. 1886 1887 1888 1889 1890 1891 1892 Total 444,331,396 410,868,167 * For tlie periods. t Gold and silver. Value of SILVER COIN and BULLION imported into and exported from Belgium from 185B to 189$, Tears. Imports. Exports. Excess of imports over exports. Excess of ex_port8 over imports. 1852-'65 1856-'60 1861-'65 1866-'70 1871-'75 1 876-'80 * $30,651,950 4,426,007 6,897,347 16,850,216 7,116,001 • 679,886 2, 596, 119 267,046 1, 757, 497 10, 391, 231 10,595,251 297,911 2,866,762 $3, 763, 675 3,386,085 434, 119 3,516,753 1, 890, 570 62,731 168,891 175, 612 760, 231 1, 610, 060 1,179,518 13,823 7,215,389 $26, 888, 275 1, 040, 922 5, 463, 228 13, ,'533, 463 6,226,031 617, 155 2,426,228 91, 534 997,266 8, 881, 171 9,416,733 284, 088 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 $4,349,627 TotaJ 94,291,824 24,076,357 •For the period. 172 Value of GOLD COIN and BULLION' imported into and exported from Switzerland from 1878 to 189S. Years. Importa. Exports. Excess of imports over exports. Excess of exports over imports. 1878 $1,861,375 2,991,496 2, 858, 541 2,127,286 2,792,063 4,986,827 2, 526, 162 6,553,786 2,523,493 2,949,616 2, 877, 819 6, 594, 679 6, 118, 651 2,563,654 4, 548, 749 $1,794,898 864,210 1,528.987 664,778 531,822 1,263,076 133,955 6, 199, 670 1, 931, 777 2,234,979 1,879,324 1,067,906 1,226,808 1, 124, 854 1, -185, 931 $66,477 2,127,286 1, 329, 654 1,462,508 2,260,242 3,722,751 2, 393, 197 1879 1880 1881 1882 .... 1883 1884 1886 * $645,884 1886 .... 597, 716 714, 635 998, 495 5,526,673 4,891,748 1,428,700 3,062,818 1887 1888 1889 1890 1891 1892 . ' Total 53,862,886 23,931,975 * Gold and silver. Value of SILVER COIN and BULLION imported into and exported from Switzerland from 1878 to 1892. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1878 .-. $2,985,037 3,040,792 5, 240, 970 4,880,707 4, 696, 286 3,898,661 2, 993, 615 $1,136,544 192,998 471,773 450, 329 1,518,251 1,037,901 802, 014 $1,848,493 2, 847, 794 4,769,197 4, 4i 0,378 3,178,035 2,860,660 2,191,601 1879 188a » 1881 1882 1883 1884 1885 1886 5, 342, 358 6, 187, 818 6, 500, 132 8, 877, 856 8, 522, 390 10, 570, 093 ^ 7,340,632 3, 427, 045 3,589,979 3,528,862 2,844,575 3,843,796 6, 030, 421 5,398,789 1,915,313 2,597,839 2, 971, 270 6,033,280 4, 678, 594 4,539,672 1, 941, 843 1887 1888 1889 1890 1891 1892 ... Total 81, 077, 246 34, 273, 277 173 ITA.XiY. Value of GOLD COIN and BULLION imported into 186S to 1S92. and exported from Italy, from Years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1862* $29,857 40,432 29,803 6,652 263, 283 286,002 281,329 291,951 260, 668 432, 786 791, 629 4,918,051 1, 804, 050 1, 619, 190 3, 887, 505 2,841,419 1,517,775 1,824,846 2, 979, 063 14,351,731 12,344,261 8,120,475 3, 942, 758 2,257,849 2,063,595 1,500,479 1, 432, 639 3,086,186 1, 913, 325 2,316,000 4, 173, 100 $202, 065 77, 666 36, 624 143,484 905, 363 1,496,472 284,426 30, 309 188, 088 2,097,918 953, 115 340, 794 1,403,000 2,198,594 1, 612, 785 3,709,074 3, 945, 680 6,411,120 3, 063, 200 3,957,098 222, 934 1, 616, 124 2, 271, 243 19,558,195 1, 798, 760 4,705,456 4, 372, 936 3,515,090 3,817,212 3,184,500 6, 710, 037 $172, 208 1863* 37,214 6,819 138,832 642 078 ] 864 * 1865* 1866 * 1867* 1,210,470 3,097 1868* 1869* $261, 642 72, 580 1870* 1871* 1,605,132 161, 480 1872* 1873* 4,577,257 400, 954 1874* 1875* , 579,404 1876* 2, 274, 720 1877* 868,255 2, 427, 905 4,586,274 84,137 1878 1879 1880 1881 10,394,633 12,121,327 6,504,351 1,671,515 1882 17, 300, 346 1888 264, 835 1887 ... . 3,204,977 2,940,297 428, 904 1,903,887 868,500 2, 536, 928 1888 1890 1891 1S92 81,608,722 84, 830, 058 * Gold and silver. Value of SILVER COIN and BULLION imported into and exported from Italy from 186>1 * to 1892. Xcars. Imports. " Exports. Excess of imports over exports. Excess of exports over imports. $737,937 997, 378 4,638,937 3. 654, 990 10,703,056 10, 037, 549 1,091,724 20,414,016 8,809,527 15, 676, 915 11,504,228 6,489,085 9,212,739 8, 163, 900 10,653,251 $5,067,962 375, 020 2, 498, 174 1,442,156 985, 155 1,919,564 3,713,730 16, 822, 841 8,845,808 16, 622, 411 10,194,453 7, 111, 124 9,047,222 8, 916, 600 12, 233, 135 $4,330,025 $622,3,58 2, 140, 763 2,212,834 9,717,901 8,117,985 1880 1882 . 1884 2, 622, 006 1885 3,591,175 1886 36 281 1887 945, 496 1888 1,309,775 1889 622, 039 1890 166,517 1891 752, 700 1, 579, 884 1892 Total 122,785,232 105,795,355 * Prom 1862 to 1878 silver was included with gold in tlie reports. 174 Value of GOLD and SILVER COIN and BULLION imported inU and exported from Spain from 1871 to 189S. Tears. Importa. Exports. Excess of imports over exports. > Excess of exports over imports. 1871 $20,765,642 20,538,288 20, 342, 972 12, 228, 866 17, 800, 197 2,318,123 9,505,250 7, 504, 226 6,577,247 17,241,848 2,021,289 7,896,981 9,602,356 8,718,196 5, 243, 810 12,131,787 3, 861, 158 546, 383 2,611,869 8, 359, 988 22,661,095 8,948,997 $1, 648, 799 482, 886 1,229,796 1,245,236 832, 988 820,836 402,019 441,198 590, 773 2,458,048 1,252,670 1,370,879 1,399,057 458,375 1,888,119 509,327 886, 642 820, 250 2,555,706 1,027,918 4,028,875 8, 380, 253 $19, 116, 843 20,065,402 19, 113, 176 10,983,630 16, 967, 209 1,497,487 9, 103, 231 7,063,038 5, 986, 474 14,783,800 768, 719 6, 626, 102 8, 103, 298 8, 259, 821 3, 365, 691 11,622,460 2,974,616 1872 , 1873 1874 1875 1876 1877 1878 1879 1680 1881 1882 1883 1884 1885 1886 1887 1888 $273,867 1889 56, 163 7, 332, 070 18,632,220 568,744 1890 , 1891 227, 326, 567 34, 730, 350 FORTUG-A.X.. Value of GOLD COIN and BULLION imported into and exported from Portugal from 1869 to 1891. Years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1869 1870 1871 1S72 1873 1874 1875 1876 1877 1878 1879* 1880 1881* 1882 1883 1884 1885* 1886 1887 1888 1889 1890 1891 Total $326, 712 1, 282, 768 3, 878, 716 1,938,875 4, 221, 064 1,666,302 2, 693, 037 4, 671, 243 779, 127 3, 613, 650 1, 343, 520 2, 779, 705 3, 248, 640 2, 966, 220 21, 044, 080 2, 932, 122 4, 177, 000 9,448,364 4, 782, 970 4,866,877 10, 844 15, 878, 704 4, 018, 788 102, 287, 328 $136, 358 74,264 48, 197 2,829 35, 527 42, 063 71, 771 1, 780, 325 1, 620, 681 1, 823. 424 2, 838, 240 30, 489 135, 000 2, 795, 667 2, 425, 351 295, 764 847, 000 3,737 3,123 572, 297 2,037 11, 284, 488 462, 988 $189, 354 1, 158, 504 3, 830, 519 1, 936, 046 4, 185, 537 1, 622, 339 2, 621, 268 2, 884, 918 1, 690, 226 2, 749, 216 3, U3, 640 160, 553 18, 618, 729 2, 636, 358 3, 330, 000 9, 444, 627 4, 759, 847 4, 294, 530 8,807 4, 594, 216 3,555,800 27, 238, 520 741, 654 1,494,720 * Gold and silver. • 175 Value of SILVER COIN and BULLION imported into and exported from Portugal from 1869 to 1891. Tears. Imports. Exports, Excess of imports over exports. Excess of exports over imports. 1869 $7,747 2,984 33, 026 346 24,632 62, 387 47, 637 173, 774 63, 818 362, 572 $371, 232 244, 858 129, 078 41,891 39, 701 76, 842 54,607 30,467 111,718 216,391 $363, 485 1870 241, 874 1871 96, 052 1872 41, 545 1873 15, 069 1874 14, 455 1875 7,070 $143,307 1877 47, 900 1878 146, 181 1879 47,181 33,035 14, 146 1881 1882 66, O06 500, 7X3 79, 609 16,417 107, 888 23,869 49,589 392, 825 55, 800 1884 1885 1386 637, 189 338, 959 99, 936 487 495, 720 4,911,840 3,886 2,118 102,948 109 204,984 5,338,440 633, 303 336, 841 1888 8,012 378 290, 736 1890 1891 . . 426, 600 7,956,523 7,150,479 Value of GOLD COIN and BULLION imported into and expm-ted from AustriaSun- gary from 1859 to 1892. Years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1859.. I860.. 1861.. 1862.. 1863.. 1864.. 1865.. 1866. . 1867.. 1868. . 1869.. 1870.. 1871.. 1872.. 1873.. 1874. . 1875.. 1876.. 1877.. 1878. . 1879.. 1880. . 1881.. 1882.. 1883.. 1884.. 1885.. 1886. . 1887.. 1888.. 1889. 1890.. 1891. 1892. $13,358,460 6, 933, 771 6, 646, 000 7, 500, Oil 10, 198, 022 5, 677, 013 4, 252, 111 6,284,458 8, 491, 594 7, 672, 142 13, 313, 267 16, 115, 885 26, 986, 083 15, 656, 646 12, 380, 169 4, 690, 387 1, 998, 452 10, 285, 350 8, 671, 036 6, 760, 976 10, 464, 823 10, 662, 488 9, 412, 065 8, 411, 178 6, 420, 701 4,745,244 3, 833, 413 3, 156, 850 3, 329, 646 10, 569, 829 9, 958, 366 18, 973, 001 13, 840, 960 $9, 768, 955 8, 345, 382 6, 124, 289 8, 090, 176 8, 199, 170 5, 940, 195 4, 644, 889 6, 027, 699 4, 383, 702 2, 662, 388 3,946,395 7, 217, 556 9, 710, 471 5, 930, 225 2, 108, 111 296, 412 1, 609, 661 2, 845, 817 2, 768, 755 1, 860, 880 1, 462, 816 1, 516, 617 998, 229 1, 995, 129 968, 322 1, 384, 362 1, 935, 980 451, 263 1, 497, 344 4, 533, 237 3, 468, 547 1, 733, 941 709, 793 $3, 589, 62i," "2,' 298,' 1,256, 4, 107, 5,009, 9, 366, 8, 898, 17, 375, 9, 726, 10, 2''2, 4, 402, 388, 7,439, 5, 912, 4, 900, 9, 002, 9, 045, 8, 413, 6,416, 5, 452, 3, 360, 1, 897, 2, 705, 1, 832, 17, 239, 13, 131, ,411,611 590, 165 263, 182 392, 778 Xotal. 307,839,397 124, 116, 708 176 Value of SILVER COIN and BULLION imported into and exported from Austria-Hun- gary from 1859 to 189^. Years, Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1859 $17,324,743 9, 300, 606 7,386,002 4,576,629 5,128,338 3, 229, 170 6,416,116 7, 067, 029 4, 544, 544 8, 599, 096 6,814,801 4, 621, 614 4, 225, 114 3, 148, 004 8, 224, 807 5,130,042 4, 950, 710 6,922,317 5, 619, 826 18,478,632 20, 774, 473 3, 615, 928 7, 905, 793 1,502,781 3, 186, 613 882, 859 1, Oil, 073 1, 354, 690 1, 348, 456 1,624,255 2, Oitl, 721 1, 329, 688 4,369,494 $22,440,114 16,127,316 7, 573, 146 6,358,763 3, 697, 136 6,193,978 3,637,996 18,568,343 5,856,469 5, 659, 683 2,782,691 6, 210, 934 11,361,133 20,579,681 10, 153, 939 7,379,934 5, 693, 304 12,946,813 4,780,771 5,524,363 2, 687, 560 8,231,457 651, 495 23,157,024 96,627 2, 737, 890 1, 870, 907 12,842 467,924 404, 379 55, 940 44,511 6, 702, 132 $5,115,371 6,826,811 187,144 1,782,134 1860 1861 1862 ]863 $1, 431, 202 1864 2, 964, 808 1865 2, 778, 120 1866 11,601,314 1, 311, 925 1867 1868 2,939,414 4,032,110 1869 1870 1,589,420 7, 136, 019 17,431,677 1,929,132 2,249,892 742,594 6,024,496 1871 . . 1872 1873 .... 1874 1875 _ 1876 839, 065 12,954,169 18,086,913 1878 : 1879 . . - 1880 4, 615, 529 7, 254, 298 1882 21,694,243 3,089,986 1884 1,835,031 259,834 1886 1, 341, 848 880, 532 1,119,876 1, 984, 781 1, 285, 077 1887 1888 1890 1891 2, 332, 038 1892 Total 193, 214, 663 230, 647, 194 KoTB — The above is at United States coining rate. Value of GOLD COIN and BULLION imported into and exported from Germany from 1872 to 189$. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1873 $8, 396, 640 84, 262, 000 4, 176, 900 3, 665, 200 20, 991, 600 17, 374, 000 40. 126, 800 20, 658, 400 4, 962, 300 3, 350, 664 6, 816, 658 4, 963, 252 4, 384, 912 10,127,138 11, 162, 204 13,193,054 31.943,646 17, 375, 404 26, 471, 145 56, 647, 846 45, 612, 162 $24, 247, 440 12, 598, 530 8, 353, 800 6,664,000 5, 331, 200 11, 067, 000 333, 200 1,332,800 7, 064, 554 10,863,510 9, 336, 788 10,027,416 7, 873, 754 5,837,664 5,522,790 3,993,878 23, 868, 544 13, 678, 146 10,816,886 31,689,457 38,897,709 $15,860,800 1873 $71,653,470 1874 4,176,900 2, 998, 800 1875 1876 15,660,400 6, 307, 000 39,793,600 19, 325, 600 1877 1878 1879 1880 2,102,25i 7,512,946 2,519,230 5,064,164 3,488,842 1881 1883 1883 1884 '4,'289,'474' 5,629,414 9, 199, 176 8, 075, 102 3, 697, 258 - 15,654,259 24, 958, 389 6, 714, 463 1885 1886 1887 1888 1889 1890 , 1891 , 1892 Total 436, 641, 725 249, 398, 066 177 Value of SILVER COIN and BULLION imported into and exported from Ger from 1872 to 1S9S. years. Imports. Exports. Excess of im- ports over exports. Excess of exjjorts over imports. 1872 $40,698,000 35,057,400 12,052,320 7, 216, 160 5, 483, 520 7,106,680 9, 520, 000 7,794,600 4, 366, ^48 3,142,790 1, 651, 284 1,602,018 1, 366, 838 710, 906 2, 310, 980 2, 060, 842 2,603,958 2, 254, 669 3,141,743 4, 056, 672 3, 904, 687 $17,167,420 31, 915, 800 17, 080, 308 9,253,440 8, 409, 492 4, 678, 128 6, 645, 912 9,567,600 5, 017, 992 4,166,714 3,418,166 4,917,556 7, 468, 202 4,618,866 10, 141, 894 9, 063, 278 11,056,290 13, 934, 329 13,442,240 13, 166, 707 3,029,226 $23,540,580 3, 141, 6U0 1873 - 1874 $6,027,988 2, 037, 280 2, 925, 972 1875 1876 1877 2,428,552 2, 874, 088 1878 1879 1,773,100 651,644 1, 022, 924 1880 1881 '. 1882 1883 3,415,538 6, 111, 364 3,907,960 7, 830, 914 7,002,436 8, 462, 332 11,679,660 10, 300, 497 9,110,035 1884 1885 1886 1887 1888 J... 1889 ]8!)1 .'. 875,462 157,892,315 208, 148, 649 Value of GOLD COIN and B XJLLION imported into and exported from the Netherlands from 1861 to 189^. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1851-'56* f$22,655,250 t34,469,490 t26, 803, 665 t42,527,210 t60,747,505 22, 639, 255 2, 668, 641 4, 014, 018 11,393,703 5, 658, 021 6,695,534 11,212,074 1,248,992 3,766,457 988,866 2, 623, 952 3,707,284 852, 155 t$20,375,265 26,990,020 136,969,725 126,139,410 118, 602, 135 4,638,920 3, 183, 004 1,862,411 308. 645 805,809 421,963 770, 212 603 5,563,436 822, 894 228, 158 891, 636 97,464 $2, 279, 986 7,479,470 1861 '66* $10,166,070 16,387,800 ?3, 145, 870 18, 000, 335 1871 '75* 1881 514, 363 1882 ... 2, 161, 607 11,086,058 4, 862, 212 6, 173, 571 10, 441, 862 1, 248, 389 1883 1884 1885 1886 1887 1888 1, 786, 978 1889 165, 961 2,395,794 2,816.648 754, 691 1890 1891 1892 |. Total 264,472,061 148,551,709 * Tor the periods. S. Eep. 235 12 t Gold a>nd silver. 178 Value of SILVER COIN and BULLION imported into and exported from the Nether- lands from 1S51 to 1892. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over Importe. 1851 1855 1856-1800 1861 1865 1866-1870 1871-1875 1876-1880* $13,273,625 976, 861 1,061,238 926, 065 706, 709 950,119 572,811 309,492 387, 338 264, 797 551,823 4, 802, 292 5,255,793 $3,520,980 19,507 26,745 111, 250 425, 125 286,444 11, 619 47,430 1,631,316 6, 668, 657 3, 083, 943 625, 512 2,241,753 $4,752,645 957,344 1, 034, 493 814,809 281,584 663, 675 661, 192 262,062 1881 1882 1883 1884 " 1885 1886 1887 1888 $1,243,978 6,403,860 2,632,120 1889 1890 1891 4,176,780 3, 014, 040 1892 . .... Total 30,038,953 23,700,287 * For tlie period. &CA.-NT>X1<1 ASVXAJN TJITION". Value of GOLD and SILVER COIN and BULLION imported into and exported from Norioay, Sweden, and Denmark from 1871 to 1892. Years. Imports. Exports. Excess of imports over exports. Excess of ixports over imports. 1871 * 1872 * 1873" , 1874*. 1875... 1876... 1877... 1878... 1879... 1880... 1881... 1882... 1883... 1884... 1885... 1886.. 1887t- 1888t. 1889.. 1890.. 1891... 1892. . Total. $2, 896, 008 3, 461, 220 7, 014, 364 3,424,772 5, 966, 481 10, 659,>432 6, 223, 496 6, 982, 472 9, 207, 944 7, 203, 572 4, 036, 884 3, 152, 484 4, 043, 852 2, 927, 096 2, 379, 481 2,519,987 4, 959. 684 1, 656, 650 2, 911, 368 1, 374, 770 1, 966, 988 1, 672, 238 96, 641, 246 $558, 780 30,284 4, 843, 832 2, 234, 584 3,348,928 10, 956, 644 4, 402, 007 3, 091, 916 6, 361, 876 2, 399, 940 3, 252, 448 2, 179, 108 1, 836, 068 1, 079, 236 1, 813, 154 322, 813 2, 387, 880 705, 486 1, 353, 802 746, 136 933, 893 389, 821 $2, 337, 228 3,430,936 2, 170, 632 1, 190, 188 2, 617, 556 1, 821, 489 3, 890, 556 3, 846, 068 4, 803, 632 784, 436 973, 376 2,207,784 1, 847, 860 566, 327 2, 197, 174 2, 571, 804 951, 164 1, 557, 566 628, 634 1,033,095 1, 282, 417 $297, 212 * Exclnsive of imports and exports of Denmark, f Exotusive of imports and exports of Norway. 179 RUSSIA. Falue of GOLD COIN and BULLIOJSt imported into and exported from Bussia from 1871 to 189Z. , Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1871 ' $4, 897, 071 6, 260, 070 1,929,500 6,056,834 1, 328, 268 1,148,438 7,267,235 7,910,178 6,702,058 5,438,103 4,145,338 3,464,610 2, 326, 205 1,861,582 1,921,010 1,863,092 1,691,014 16,213,203 2,074,59& 12,195,212 55, 818, 120 89,497,054 $13,013,320 4,992,774 11, 043, 686 13, 162, 277 21, 283, 157 78,603,971 10, 490, 306 5,252,871 4,493,4,20 19,971,097 51, 652, 715 52,957,057 14, 827, 822 3,884,469 4,118,S2S 11,031,337 14,679,302 27,013,772 13, 468, 682 13,054,997 475, 429 195,956 $8,116,249 1872 $1, 267, 296 1873 9,114,186 8,105,443 19,964,889 77,456,633 3,233,071 1874 1875 1876 1877 1878 2, 667, 307 1,208,638 1879 14, 632, 994 47,607,377 40, 492, 447 12 501 617 1881 1882 — 1883 2, 022, 887 2, 197, 315 1885 1886 9, 178, 245 12, 888, 288 1888 ." ' 10, 800 569 11,39^084 859 785 1890 56, 342, 691 89, 301, 098 1832 . . Total 239,988,793 389,566,742 Value of SILVER COIN and BULLION imported into and exported from Buaaia from 1871 to 1892. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1871 1872 1873 1874 1875...^ 1876 1877 1878 1879 1880 1881 1882 1883 Ji884 1886 1886 1887 1888 1889 1890 1891 1892 Xotal $830,457 3,803,430 13, 932, 634 7, 778, 200 3, 642, 896 3, 038, 577 1, 193, 975 4, 842, 273 5, 697, 428 4, 124, 499 3. 530, 985 4, 078, 963 2, 732, 944 2, 664, 220 3, 323, 371 3, 669, 137 3, 143, 641 1, 471, 061 6,541,777 5, 693, 569 8, 145, 577 9, 010, 603 102, 888, 907 $628, 245 969, 381 273, 989 341, 136 354, 266 1, 087, 466 4,367,016 5, 672, 730 3, 369, 679 2, 240, 635 1,692,223 9, 110, 327 2, 115, 504 1, 779, 771 2,479,793 1, 880, 877 2. 236, 133 3, 127, 334 2,333,151 3, 101, 864 4, 131, 446 4, 157, 443 $202, 212 2, 834, 049 13, 658, 645 7, 437, 064 3, 288, 640 1, 951, 111 2, 327, 749 1, 883, 964 1, 938, 762 617, 440 874, 449 843, 678 1, 788, 260 908,408 4, 208, 626 2, 591, 705 4, 014, 132 4, 862, 060 57, 349, 898 $3, 173, 641 830, 457 5,031,364 1, 656, 283 180 JA.-PA.N. ^ Value of GOLD COIN and BULLION imported into and exported from Japan from 187if to 1892. Tears. Imports. Exports. Excess of im- ports over exports. Excess of exports over imports. 1872.. 1873., 1874. 1875.. 1876.. 1877., 1878.. 1879. 1880.. 1881. 1882.. 1883. 1884. 1885.. 1886. 1887. 1888. 1889. 1890. 1891- 1892. $2,013,907 2,700 26, 615 621, 464 162, 230 242 701, 666 20, 618 150 160 558 400, 542 724, 989 1, 151, 897 62, 717 646, 326 327, 436 250, 000 329, 214 Total. 7, 443, 381 $2, 684, 786 2, 614, 055 8, 126, 290 10, 603, 345 5, 872, 356 6, 221, 776 4, 601, 082 4, 749, 684 5, 888, 174 2, 246, 889 2, 291, 773 1, 009, 570 1,426,543 484, 918 314, 191 86,236 441, 237 264, 385 1, 682, 608 193, OOO 6, 479, 022 68, 281, 870 $340, 07] 837, 706 381, 941 57, 000 $2,684,786 600,148 8, 123, 590 10,576,830 5,250,892 6,050,490 4, 600, 840 4, 047, 968 5,867,596 2,246,739 2, 291, 613 1,009,012 1,026,001 23,519 441,237 1, 355, 172 '6,'i49,'868 Value of SILVEB COIN and BULLION imported into and exported from Japan from ISn to 189g. Years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Total $3, 691, 509 1, 066, 635 1, 069, 041 271,806 7, 545, 776 2, Oil, 217 2, 188, 858 2, 403, 137 3, 617, 611 1, 855, 996 1, 823, 118 4,442,683 3, 052, 205 6, 405, 936 8, 753, 345 7, 467, 861 5, 868, 928 14, 209, 632 78], 324 12, 000, 000 18, 818, 262 109, 344, 880 $1, 796, 2, 508, 5, 688, 4, 060, 4, 803, 3, 219, 2, 727, 8, 029, 7,334, 5,243, 5,243, 1,908, 594, 3, 753, 9, 357, 10, 948, 7, 113, 4, 171, 12, 091, 1,200, 1, 179, $1, 895, 400 2,742,432 2, 533, 803 2, 457, 208 2, 652, 321 10,038,000 10, 800, 000 17, 638,'748 102, 976, 094 $1,442,227 4,619,870 3,788,820 1,208,277 638,711 5, 626, 092 3, 717; 208 3,387,662 3,420,361 604,440 3,480,984 1,244,592 11, 309, 882 181 Value of GOLD COIN and BULLION impot-ted into and exported from China from 1881 to 1885. Tears. Imports. Exports, ■ • i KxcesB of imports over exports. Excess of exports over imports. 1881 $32,812,230 32, 197, 337 34, 653, 579 7,349,653 63,599,002 $19,935,880 21, 424, 176 29,756,403 21,132,426 115,539,656 $12,876,850 10, 773, 161 4,897,176 1882 1883 ... 1884 $13, 782, 773 1885 . . . 51,940,654 Total . . 170, 611, 801 207, 7*, 541 Value of SILVER COIN and BULLION imported into and exported from China from 1881 to 1885. Tears. Imports. Exports, Eycess of imports over exports. Excess of exports over imports. 1881.. 1882.. 1883.. 1884.. 1885.. $33, 119, 846 51,809.679 30, 473, 767 34,514.153 27, 700; 467 $24, 726, 684 37, 342, 013 23, 241, 947 24, 133, 372 34, 278, 347 $8, 394, 162 14, 467, 666 7, 231, 820 10, 380, 781 $6, 677, 880 Total. 177, 617, 912 143, 721, 363 ITOTB. — The ahoye is United States coining Talne. MIKXICO. Value of GOLD and SILVER COIN and BULLION imported into and exported from from Mexico 1879 to 189S. Tears. Imports. • Exports. Excess of imports over exports. Excess of exports over imports. 1879.-, $21, 835, 872 22, 388, 576 19,667,144 17,337,024 30,103,064 34, 008. 568 34,314,384 30, 384, 496 34,097,976 31,602,096 39, 405, 560 41,847,008 20, 912, 328 49,250.763 $21, 835, 872 1880 22, 388, 576 19.567 144 1881 1882 17, 337, 024 1883 30, 103, 064 34,008,568 34, 314, 384 1884 1885 , 1886 . 30,384,496 34,097,976 31, 502, 096 39,405,560 41,847,008 20, 912, 328 49,250,763 1887 1888 1889 1890 1891 1892. Total 426,954,859 N^OTZ :-The above is United States coining Value. 182 Value of GOLD and SILVER COIN and BULLION imported into and exported froth the Argentine Republic from 1881 to 189B. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. ]881 $4, 180, 324 2,700,908 2,369,986 4, 778, 903 6, 136, 657 20, 084, 046 9,489,675 43, 613, 673 11,436,275 7, 088, 401 9,007,891 $3, 007, 497 2, 238, 590 4,774,037 4, 389, 583 8,219,519 8, 136, 788 9,611,338 8, 501, 776 27,670,919 775,629 1,659,476 $1,172,827 462, 318 1882 1883 $2,404 051 1884 389,320 1886 - , 2 082 862 1886. 11,947,258 1887 121, 663 1888 36,111,797 1889 16,234,644 6, 312, 872 7,348,415 1891 1892 Total '. 120, 886, 639 78,985,052 Value of GOLD and SILVER COIN and BULLION imported into and exported from Chile from 1873 to 1891. Tears. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1873 . ..... $1,547,547 126, 529 345, 522 330. 922 321, 189 180, 060 63, 531 43, 799 116,796 29, 199 345,521 58, 398 165, 728 311,456 87,597 199, 527 452, 585 199, 527 116, 796 $5, 007, 629 4,326,319 6, 635, 710 5,061,160 1, 771, 406 1,854,137 2,601,381 4, 676, 707 2,949,099 3, 900, 530 6,647,639 6,214,521 7,620,939 7, 609, 010 9, 105, 222 8,896,962 6,117,190 5, 646, 140 5, 363, 160 $3,460,082 4, 199, 790 1875 6, 190, 188 4, 7.')0, 238 1877 1, 450, 217 1, 674, 077 1879 2, 447, 860 4, 632, 908 1881 2,832,303 1882 .. . 3,961,331 1883 6, 302, 118 1884 6, 156, 123 1885 7, 465, 211 1886 7,197,654 1587 9,017,625 1888 8,696,435 1889 . . . 5,664,606 1890 5,445,613 1891 6,236,354 Total 5,022,229 101,782,851 183 CAPE COLONY. Value of GOLD COIN and BULLION imported into and exported from Cape Colony' from 1825 to 1890. Yeara. Imports. Exports. Excess of imports over exports. Excess of exports over uapoTts. 1825-1865 $16, 606, 980 48, 665 170,327 488, 363 121, 662 968,433 3,220,338 8,848,416 1,511,389 810, 608 95,758 1,303,682 1, 376, 129 2,123,575 2, 825, 811 1,798,171 $5,196,147 67, 872 93, 252 57, 989 195,443 140, 505 252, 143 303, 830 485, 087 1, 211, 680 880, 705 659, 747 127, 721 372, 029 1, 274, 774 716,436 $11,410,833 1866 $9, 207 1867 77, 075 430, 374 1868 1869 73, 786 1870 827,928 2, 968, 190 8, 544, 586 1,026,302 1871 1872 1873 1874 401,072 784,947 1875 1876 643, 935 1,248,408 1, 751, 546 1,651,037 1,081,735 1877 1878 .-. 1879 1880 1881 1882... 1,290,737 249, 233 1,041,504 1883 1884 * 1885 979, 914 842, 391 3,339,378 1,893,818 873,970 228,580 2,516,569 12, 685, 544 913, 904 29, 579 1887 3,110,798 2,516,569 12, 685, 544 1889 Toill 48, 770, 722 30,471,079 Value of SILVER COIN and BULLION imported into and exported from Cape Colony from 1825 to 1890. Years. Imports. Exports. Excess of imports over exports. Excess of exports over imports. 1825-1865 $1,367,389 $587,240 9,387 9,991 8,331 6,395 23,554 12, 531 49,940 18, 186 30, 182 23, 130 7,504 10, 375 501 638 3,100 $780, 149 1866 $9,387 9,991 7,844 6,395 23, 554 1867 1868 487 1869 1870 1871 52, 072 837, 524 164, 716 39, 541 787,584 146,530 1872 1873 1874 30, 182 1875 56,680 26,016 74, 477 2,998 15, 621 278, 899 33,550 18,512 64,102 2,497 14,983 275, 799 1876 1877 1878 1879 1880 1881 1882 109,594 17,734 91, 860 1883 1884 .... 1885 89,329 2,433 239,485 202, 285 127,176 82,794 112,956 124,743 1886 1887 156,691 1888 , 1889. .. 1890 1 Total 3,317,720 1, 230, 974 184 Summary of population and an approximate statement of revenue, expenditures, deht, to the latest available Countries. Population. Kevenue. Revenue per cap- ita. Expendi- tures. Expendi- tures per capita. Debt Australasia Austria-Hungary Brazil T Denmark Egypt rinland German Empire Great Britain Canada Newfoundland and Labrador Norway , Portugal Sweden Turkey Total 4, 285, 000 41, 359, OOO 14, 003, 000 2, 185, 000 6, 817. 000 2, 338; 000 49, 428, 000 38, 109, 000 4, 833, 000 198, 000 2, 001, 000 4, 70S, 000 4, 803, 000 39, 212, 000 $144, 439, 000 222, 255, 000 113, 564, 000 15, 656, 000 49, 931, 000 10, 731, 000 286, 067, 000 442, 826, 000 38, 538, 000 1, 073, 000 13, 756, 000 50, 462, 000 26, 002, 000 81,400,000 $33. 71 5.37 8.09 7.16 7.32 4:59 5.79 n. 62 7.97 9.96 6.67 10.69 5.41 2.07 $153, 327, 000 222, 072, 000 113. 447, 000 17, 646, 000 47, 636, 000 10, 731, 000 289, 690, 000 437, 634, 000 86, 342, 000 1, 831, 000 13, 756, 000 51, 868, 000 26, 002. 000 94, 180, 000 $35. 78 5.36 8.00 8.07 6.98 4.59 5.86 11.48 7.62 9.24 e.87 11.01 5.41 2.40 $944,053,000 1,248,437,000 576, 600, 000 50, 018, 000 517, 560, 000 15,850,000 270, 096, 000 3,273,305,000 289,890,000 5, 296, 000 31,10.1,000 462,447,000 «9, 163, 000 868, 175, 000 214, 278, 000 1, 497, 590, 000 1, 515, 142, 000 8, 621, 994, 000 Summary of population and an approximate statement of revenue, expenditures, deht, according to the latest avail Countries. Population. Kevenue. Revenue per cap- ita. Expendi- tures. Expendi- tures per capito. ]febt. United States § Belgium Greece Italy Switzerland France Algiers Tunis Spain Cuba Netherlands Japan Haiti Argentine Republic Chile Total 66, 946, 000 6, 136, 000 2, 187, 000 30, 397, 000 2, 918, 000 33, 343, 000 4, 124, 000 1, 500, 000 17. 650, 000 1, 632, 000 4, 622, 000 40, 463, 000 960, 000 4, 086, 000 2, 818, 000 $385, 820, 000 66, 506, 000 19, 985, 000 313, 902, 000 13, 325, 000 635, 333, 000 8, 932, 000 4, 139, 000 144,356,000 20, 322, 000 5],426,00a 83, 514, 000 7, 880, 000 87, 912, 000 59, 298, 000 $5.76 10.84 9.14 10.33 4.66 16.57 2.17 2.76 8.23 12.47 11.13 2.06 8.21 21.51 21.04 $383, 478, 000 65, 757, 000 19, 277, 000 326, 995, 000 14, Ofll, 000 621, 040, 000 8, 671, 000 4, 137, 000 143, 276, 000 19, 901, 000 54, 769, 000 77, 064, 000 7, 686, 000 72, 472, 000 45, 875, 000 $5.72 10.72 8.81 10.75 4.83 16.19 2.10 2.76 8.17 12.25 11.85 1.91 8.00 17.83 16.24 $1,545,986,000 446, 777, 000 144,814,000 2, 212, 085, 000 61, 847, 000 5, 908, 055, 000 33, 661, 000 1, 235, 921. 000 229, 092, 000 451, 130, 000 306, 600, 000 16, 176, 000 525, 000, 000 100, 168, 000 224, 672, 000 1, 902, 650, 000 1, 864, 573, 000 13,206,612,000 §To June30, 1893. 185 I imports, exports, stock, and production of silver in GOLD standard, countries aoeoi'ding retwns or estimates. Debt per capita. Imports. Imports per cap- ita. Exports. Exports per cap- ita. Approximate stock of silver. ApiJTOxi- mate stock of silver per capita. ProdactioTi of silver. $220.32 30.18 41.17 22.89 75.92 6.77 5.46 85.89 59.97 26.74 15.54 98.22 14.40 22.14 $351,561,000 102,0li4,000 142, 015, 000 89, 677, 000 45, 897, 000 27,136,000 1,048,610,000 2, 311, 746, 000 119, 964, 000 6, 869, 000 59,777,000 54, 026, 000 101,086,000 100,823,000 $82. 04 2.46 10.14 41.08 6.73 11.60 21.20 60.66 :!4.82 34.69 29.87 11.47 21.04 2.57 $355,531,000 110, 677,^000 173, 631, 000 66,741,000 94, 173, 000 17,837,000 794, 862, 000 1,384,344,006 98,414,000 7, 437, 000 34,943,000 34, 422, 000 81, 631, 000 56,480,000 $82.97 2.67 12.39 30.54 13.81 7.62 16.08 36.32 20.36 37.66 17.46 7.31 17.00 1.44 $7,000,000 85,000,000 (*) 5,400,000 15, 000, 000 (t) 215,000,000 112,000,000 6, 000, 000 1,*700, 000 10, 000, 000 4, 900, 000 44, 000, 000 $1.62 2.05 $17, 370, 000 2, 162, OOO 2.47 2.20 4.34 2.94 1.03 7, 921, 000 256. 000 408, 000 .8'! 2.12 1.02 1.12 235,000 152, 000 55, 000 4,660,651,000 3, 311, 023, 000 605, 000, 000 28, 565, 000 * Included in South America. t Included in Kussia. X Included iu Canada. imporfSj exports, stock, and production of silver in GOLD and SIL VEE standard countrieSj able retwns or estimates. Debt per capita. ^ Imports. Imports per cap- ita. Exports. Exports per cap- ita. Approximate stock of silvor. Approx- imate stock of silver per capita. Production of silver. $23. 09 72.81 66.22 72.77 21.19 154.08 $922,764,000 602, 087, 000 27,089,000 217, 830, 000 278,877,000 1, 145, 754, 000 53,600,000 7, 356, 000 191,728,000 12, 279, 000 545, 136, 000 62, 881, 000 9,706,000 64,805,000- 61 m.'i.nrm $13.78 98.12 12.39 7.17 95.66 29.88 13.00 4.90 10.92 7.62 117. 94 1.55 10.11 15.86 21.97 $998, 680, 000 649, 491, 000 20, 748, 000 169, 222, 000 229, 020, 000 912,890,000 46, 600, 000 8,582,000 182, 769, 000 28, 500, 000 458, 470, 000 78,738,000 13, 668, 000 93,318,000 62, 373, 000 $14.91 89.55 . 9.49 5.57 78.49 23.81 11.06 6.72 14.14 17.47 99.19 1.95 14.24 22.84 22.13 $615,862,000 54, 900, 000 3,000,000 16, 600, 000 16, 000, 000 500, 000. 000 (ID (II) 166, 000, 000 1, 500. 000 56, 000, 000 81, 300, 000 2,900,000 (U) (IT) $9.19 8.95 1.37 .54 6.14 13.04 $74,990,000 1, 146, 000 2,966,000 22.24 60.85 140.37 97.60 7.78 15.81 128. 60 36.65 8.83 .92 12.12 2.00 3.02 2, 140, 000 1,799,000 620, 000 2, 942, 000 4,203,806,000 3,851,957,000 1, 501, 962, 000 86, 593, 000 \ II Included in France. H Included in South America. 186 Summary of population and an approximate statement of revenue, expenditures, debt, according to the latest a/oaU Countries. Population. Eevenne. Eevenne per capita. Expendi- tures. Expendi- tures per capita. Debt. 124,000,000 287,225,000 3,791,000 402, 680, 000 243,000 1,460, ooa 432,000 313, 000 778, 000 3,879,000 1, 272, 000 2, 324, 000 2, 622, 000 329, 000 677, 000 2,300,000 11, 396, 000 $688,311,000 305, 853, 000 11,362,000 89, 880, 000 3,485,000 6, 679, OOQ 1,160,000 3, 084, 000 5,218,000 12,414,000 2, 430, 000 8, 691, 000 4, 262, 000 1,042,000 7, 740, 000 3, 442, 000 40, 870, 000 $5. 50- 1.08 2.99 .22 14.35 4.57 2.68 9.50 6.70 3.18 1.91 3.74 1.62 3.16 11.43 1.50 3.58 $674,800,000 291, 166, 000 11, 904, 000 73, 000, 000 3,268,000 6, 679, 000 1,122,000 3, 307, 000 6, 213, 000 12, 586, 000 2, 557, 000 7, 614. 000 4, 263, 000 1, 945, 000 8, 700, 000 3, 562, 000 40,367,000 $5.44 1.01 3.01 .18 13.45 4.50 2.60 10.56 6.70 3.24 2.01 3.27 1.62 5.91 12.85 1.54 3.54 $2,268,159,000 775,083,000 13,311,000 25,000,000 13, 050, 000 13,430,000 41, 117. 000 2, 501, OOO 7,060,000 30, 878, 000 6, 700, OOO 21, 869, 000 269, 489, 000 15, 809, 000 108,131,000 5, 072, 000 131,250,000 India England in Asia China . Central American States Son th American States : Peru ,.... Bolivia M'^tIco ,.,.., Total 845,721,000 1, 195, 923, 000 1,151,953,000 3,747,909,000 EECAPIT Gold standard conn- tries 214,278,000 224, 672, 000 845, 721, 000 $1,497,590,000 1,902,650,000 1,195,923,000 $1,515,142,000 1,864,573,000 l,151,-953,000 $8, 621, 994, 000 13, 206, 612, 000 3,747,909,000 Gold and silver stand- Silver standard coun- Grand total 1, 284, 671, 000 4, 596, 163, 000 4,531,668,000 26,576,515,000 187 imparU, ea^orts, stooh, and production of silver in SILVMB standard countries, ahle returns or estimates. Debt per capita. Imports. Imports per capita. Exports. Exports per capita. Approximate stock of silver. Approx- imate stock; of silver per capita. Production of silver. $18.21 2.70 3.51 .06 63.70 9.20 95.27 8.00 9.07 7.96 5.26 9.41 102. 77 48.05 159. 70 2.20 11.51 $292,240,000 298, 623, 000 156,090,000 138,028,000 5,011,000 5, 730, 000 $2.36 1.04 41.17 .34 20.62 3.92 $556,563,000 395, 516, 000 136, 634, 000 138, 664, 000 5,090,000 10, 701, 000 2,161,000 1, 664, 000 4, 951, 000 12,479,000 4, 417, 000 19, 477, 000 7,722,000 1.900,000 13,800,000 8, 760, 000 75,468,000 $4,48 1.38 36.03 .34 20.94 7.33 8.00 5.31 6.36 3.21 3.47 8.38 2.94 5.77 20.38 3.80 6.62 $41,000,000 950, 000, 000 110,000,000 725, 000, 000 8,000,000 30, 000, 000 50, 000, 000 $0.33 3.30 29.01 1.80 .24 .87 4.38 $55p, 000 2, 000, 000 1, 917, 000 2,240,000 8,141,000 4,485,000 16, 138, 000 8,858,000 1, 081, 000 10, 987, 000 5,840,000 40, 225, COO 6.12 2.88 2.09 3.52 6.94 3.38 3.28 16.22 2.54 3.53 19,898,000 59, 000, 000 995, 634, 000 1,395,967,000 1,914,000,000 81,448,000 ■aLATION. $4,560,651,000 4,203,806,000 995,634,000 $3,311,023,000 3,851,967.000 1,395,967,000 $505,000,000 1,601,962,000 1,914,000,000 $28, 566, 000 86, 693, 000 81, 448, 000 9,760,091,000 8,668,947,000 3,920,962,000 196,606,000 188 BECOINAGES of GOLD and SILVER by ihe coining [To "be read in counection with Countriea. 1873. 1874. Gold. Silver. Gold. Silver. a $27, 636, 490 4, 623, 539 a $327, 271 h 916, 181 « 146, 155 $15,589,249 $270, 267 760,901 214, 802 4, 169, 692 fJ-rAat liritaiTi India f Italy ; r5, 191, 644 923, 677 47,579 r 16, 454, 093 930, 942 24,081 1, 403, 121 1,297,279 Kassiai ........ Turkey Central and South America 38,374,350 2,840,307 32,974,284 6, 737, 022 1878. 1879. Gold. Silver. Gold. Silver. $1, 617, 482 $349, 698 1, 954, 556 $1, 696, 902 13,732,719 114, 722 $709,240 2,409,180 , 49, 506 328. 882 413,326 2, 463, 347 529, 576 1, 656, 791 1 31 p 126, 981 p 460, 252 592, 934 1,807,287 686,767 1,541,301 65, 631 Total 2,789,498 6, 162, 876 16,358,091 7,996,546 189 countries of the ivortd, from 1873 to 1S9S* the '* Remarks " and " Notes."] 1875. 1876. 1877. Gold. Silver. Gold. Silver. Gold. Silver. $2,826,103 10,365,065 $174, 892 749.441 157, 786 1, 589, 432 $2,529,030 3, 107, 625 608 $146, 097 1,343,154 $2, 540, 600 7, 579, 573 49, 083 $1, 273, 977 1, 008, 728 105,768 435, 469 41, 010 5, 028, 600 3, 540, 905 2, 538, 223 ■ 32, 139 22,252 23, 659 544, 562 1,069,489 1,403,551 1,743,227 1,053,902 1, 762. 732 593, 912 375, 884 863, 744 283, 532 dd 3, 243, 017 d(J12,81l,196 13, 735, 730 4, 367, 091 10, 324, 841 12, 141, Oil 29, 663, 014 7, 326, 320 1880. 1881. ^ 1882. Gold. Silver. Gold. Silver. Gold. Silver. $43,079,887 1,894,893 720 $678, 141 2, 364, 218 $33,083,370 $693, 910 1,860,905 $5,131,438 $1,745,046 447, 357 146,929 668, 004 783, 428 3, 594, 752 1,523,407 4,040,518 418,857 819,318 1, 567, 356 1 1 * 91, 709, 191 2,077,099 608, 307 7U2, 382 a; 339, 237 . 935,369 1,797,379 45, 677, 882 99,518,670 33,649,156 8,08,343 6,608,760 8,638,607 190 BECOINAGES of GOLD and SILVER by the coining [To be read in connection with 1883. 1884. Gold. Silver. Gold. Silver. $12,018,278 16,769,803 369, 274 $1,858,834 1,865,884 $6,594,093 4, 737, 231 367, 026 $1,662,036 1,011,905 o Rni rim 1,228,285 Italy - - » 3, 474, 000 ' Portugal - 81,105 184,518 500,317 1,952,448 29,157,355 8,359,^33 11,698,360 8,061,061 Countries. 1888. 1889. Gold. Silver. Gold. SUver. $5,400,578 $513,439 337,558 1,146,941 $4, '666, 442 $1,173,826 535,097 1,129,473 11,056,688 483, 433 2,848 2,937,083 658,982 1,148 3,428,913 2,949,848 2,212,897 4, 731, 944 -1,222,456 60,208 217,125 26,624,868 16, 984 1, 036, 800 16, 321, 492 132,660 177,078 275,248 23,718 127,388 27,238 762,480 989, 127 244,934 76, 614 8,040 74,448 7, 946, 071 ^■vrf^fitm ' 1,381 66, 000 463, 216 65,156 1,478,253 Total 33, 348, 023 11, 532, 015 19, 640, 020 37,285,655 EEOAPITU Years. Gold. Silver. 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 $38, 374, 350 32, 974, 284 13,735,730 10, 324, 841 29,663,014 2, 789, 498 16, 358, 091 45, 677, 882 33, 649, 156 6, 608, 760 29, 157, 355 $2, 840, 307 6, 737, 022 4, 367, 091 12,141,011 7,326,320 6, 162, 876 7,996,546 99, 518, 670 8, 608, 343 8, 638, 6U7 8,359,833 191 countries of the worlds from 1873 to i5J?^— Continued, the "Eemarks" and "Notes."] 1885. 1886. 1887. Gold. Silver. Gold. Silver. Gold. Silver. $7, 919, 278 6, 082, 725 31,403 $3,030,971 1, 588, 641 $9, 518, 475 1 $1,323,909 900,862 $16,112,469' 11,192,950 , 2, 550 4,230 $8, 559, 674 1,721,918 196,772 2, 250, 469 e 3, 932, 236 1,795,364 3, 345, 629 1,719,742 h 5, 170 i229, 728 42,030,167 ! 270, 200 n 2, 390, 151 58,320 TC 2, 811, 717 291. 990 «1, 907,238 224, 663 1)672,742 oa54,551 „ 76, 380 « 268, 734. 34, 643 21, 111, 828 938, 881 192, 815 y 64, 645 19, 296 880, 000 (ee) , 875, 500 921, 768 2, 250, 854 1, 515, 400 1,845,714 1,083,629 14, 371, 955 12,135,056 12,428,089 15,692,230 49, 382, 928 19,662,768 1890. 1891. 1892. Gold. Silver. Sold. Silver. Gold. Silver. $9,415,834 15,808,518 375, 601 $3, 867, 236 1,851,253 $14, 787, 563 2, 807, 897 92, 010 $4,864,557 1, 315, 522 $7,077,726 67,863,162 7,304 87,726,297 1,325,342 2,942,450 1, 613, 404 989, 082 , 3, 871, 895 3, 063, 965 6,058 888, 958 1,091 279, 850 1,479,152 540,000 84,420 22,096 9H 1Q9 qRn 144,750 2, 423, 115 0101,385,311 407, 160 302,476 80, 40U 1,513,466 1, 237, 864 «725, 232 35, 376 2,191,760 922,417 w 1,206 296,488 795, 333 1, 006, 354 « 2, 185, 276 928,653 20,368 108,569 687, 287 28,944 ^,069 1,052 2, 690, 902 432, 410 433, 752 3, 285, 943 884, 268 cc2, 189, 429 663,342,108 140, 800 i;, 4 $0. 36, 3 .73,6 .73,5 1.08,5 1.20,9 .73,6 .92,6 .73,6 .34.9 .79,2 .80,0 .73,6 ,68,8 .66,3 6.14,7 $0. 36, 3 .73,6 .73,6 1.08,7 1.21,0 .73,6 .92,6 .73,3 .35,0 .79,3 .80,0 .73,6 .58,8 .66,4 5. 14, 7 $0.35,7 .72,3 .72,3 1.06,8 1.18,9 .72,3 .92,6 ;72,3 .34,3 .77,9 .78,5 .72,3 .57,8 .66,2 $0.34,1 .69,1 .69,1 1.02,1 1. 13, 7 .69,1 .92,6 .69,1 .32,8 .74,5 .75,0 .69,1 .55,3 .62,3 6.13,8 $0. 32, 8 .66,5 .66,5 .98,2 1.09,3 .66,5 .^2,6 .66,5 .31,6 .71,6 .72,2 .66,6 .53,1 .60,0 6.13,3 Silver boliviano SUtes. China Silver tael, Shanghai. Silver tael, Haikwan. Do Cuba India Japan Mexico Silver dollar Peru Silver aol Tripoli Silver mahbub Country. Monetary unit. VALUE 1892. VALUK 1893. July 1. Oct. 1. Jan. 1. Apr. 1, July 1. Oct. 1. Austria-Hungary. . Bolivia $0.32,0 .64,9 .64,9 .95,8 1.06,7 .64,9 .92,6 .64,9 .30,8 .69,9 .70,4 .64,9 .51,9 .68,5 J. 13,0 C$0. 20, 3 .61,6 .61,6 .91,0 1.01,3 .61,6 .92,6 .61,6 .29,3 .66,4 .66,9 .61,6 .49,2 .56,5 b. 12, 3 C$0.20,3 .61,3 .61,3 .90.6 1.01,0 .61,3 .92,6 .61,3 .29,2 .66,1 .66,6 .61,3 .49,1 .56,3 .19,3 C$0.20,3 .61,0 .61,0 .90,1 1.00,4 .61,0 .92,6 .61,0 .29,0 .65,8 .66,2 .61,0 .48,8 .56,0 .19,3 C$0. 20, 3 .60,4 .60,4 .89,2 .99,4 .60,4 .92,0 .60,4 .23,7 .66,1 .65,6 .60,4 .48,3 .54,6 .19,3 o$0. 20, 3 .53,1 .53,1 .78,4 .87,4 .53,1 .92,6 .53,1 .25,2 .57,3 .57,7 .53,1 .42,5 47 9 Silver boliviano States. Silver tael, Shanghai. Silver tael, Haikwan. Do ". Cuba Groldpeso India •Silver sol Russia - Silver mble .• ^poli ^Iver mahbub .19,3 [ Since 1887 called " Sucre." 6 Yalae of the silver bolivar. < Talne of the gold crown. 194 WORLD'S PRODUCTION of GOLD and [Kilogram of goU, $664.60. EilDgTam of gilver, $41.56. CouDtries. Gold. Silver. United States Australasia Mexico , European countries : KusBia . Germany. Anstria^ungary . Sweden . Norway Italy .,.. Spain Turkey France Great Britain Dominion of Canada. . South American countries : Argentine Kepublic Colombia Eolivia Chile Brazil Venezuela Guiana (British) Gniana (Dutch) Guiana (French) Peru TJrnguay Central American States Japan China A*ftica India (British) Korea Total. KHot. 19, 421 44,851 1,154 35, 296 ""2,164 211 dlO 185 4 2,506 123 5,416 101 /2,1«2 670 2,512 1,693 668 /825- 104 140 226 764 28,020 15, 432 3,009 1,128 178, 823 Dollars. 32, 845, 000 29, 808, 000 -767, 000 23,458,000 1, 398, 500 58, 500 140, 300 7,000 123,000 3,000 1, 666, 000 82, 000 3, 600, 000 h 67, 000 1, 436, 600 £445,300 1, 670, 000 1, 125, COO 444, 200 548,000 C9, 000 93,500 g 150, 000 507,700 5, 330, 000 10, 256, 100 2,000,000 750, 000 Kibit. 1, 695, 500 i258, 212 1,211,646 15,021 182, 086 SO, 613 4,180 5,539 10, llO c51, 502 d 1,323 71, 117 9,075 12,464 14,680 19, 971 301, 112 73,700 48, 123 42,468 118, 848, 700 Dotlari. 70, 466, 000 10, 731, 300 SO, 356, 000 624,300 7,567,500 2, 103, 500 173, 700 230,200 420,200 2, 140, 400 55,000 2, 955, 600 377, 200 518, 000 610, 100 830,000 12, 514, 200 3, 063, 000 92,000,000 1,765,000 172, 234, 500 a Estimate of the Bureau of the Mint. b Product of Hungarian mines in 1892, Austrian mines in 1891. c Estimated the same as ofdcially communicated for 1888. d Estimated the same as officially communicated for 1886. e Estimated the same as officially communicated for 1890. /Estimated the same as officially communicated for 1889. 195 SILVER, ealmdar Veor« 1890, 1891, and 189g. Coining rate in TXnited States silver dollais.] 1891. 1892. Gold. Silver. Gold. Silver. KUot. 49,917 47,245 1,505 36,356 DoWan. 33,175,000 31,399,000 1,000,000 24,162,500 Kilos. 1,814,642 311, 100 1,275.265 13, 864 a 186, 636 52,019 3,658 5,665 27,584 c 51, 502 111,323 « 71, 117 6,150 9,797 14,918 31, 232 372,666 70, 794 DoUam. 75,416,500 12,929,300 53,000,000 576,200 7,756,600 2, 161, 900 152,000 235,400 1, 146,400 2,140,400 55,000 2, 955, 600 255,600 407,100 620,000 1,298,000 15,488.000 2,942,000 JSTtlot. 49,654 50,964 1,699 37,325 I>ottar$. 33,000,000 33,870,800 1,147,500 24,806,200 Kilo: 1,804,377 418, 087 1,419,634 9,798 a 184, 818 4,495 39,853 40,556 .11,333 103,000 5,270 4 9,797 1 14, 918 4 31,232 4 372,666 4 70,794 Dol\an. 74,989,000 17,375,700 59,000,000 407,200 7,681,000 h 767, 200 2,200 186,800 1,656,300 l,685,jap 4,280',7^0O 620,000 1,298,000 15,488,000 2,942,000 2,106 110 1, 399, 600 ■ 73, 100 2,262 88 "•'?I;ISS 142 94,300 137 91,400 dlO «200 101 1,392 el23 .5,224 101 1,505 2,708 816 1,502 113 140 246 ft 765 7,908 21,924 3,754 1,128 7,000 133,000 67,000 925,000 82.000 3, 472, 000 A 67, 000 1,436,600 438,000 1,000,000 1,800,000 542, 000 998,200 75,000 e 93, 500 163, 500 508,400 5,255,900 14,570,900 2,495.000 « 750, 000 dlO 210 77 4 1,392 <123 4 5, 224 101 /2,162 659 1,213 i2,708 1:816 i 1,502 4113 HO lb 246 ^770 7,523 35,670 4,993 1,128 7,000 139,600 SI, 200 925.000 82,000 3,472,000 ft 67, 000 1,436,600. 438,000 806,100 1,800,000 542,000 998,200 75,000 e 93, 500 163,500 511,700 a 5, 000, 000 2.3,706,600 3,318,300 « 750, 000 74,879 3, 112, 000 4 74,879 3,112,000 48, 12^ t 43, 282 g 2, 000, 000 1,798,800 48, 123 ; 54, 086 »2, 000, 000 2,265,200 189,862 126,183,500 4,486,216 186, 446, 800 208,90? 138, 861, 000 4,727,119 196,458,800 g Estimated tlie same as officially communicated for 1887. nKongli estimates based on exports for 1890, i Prodactof Imperial mines, 1891. Private mines, 1889. j Product of Imperial mines, 1892. Private mines, 1890. 4E8timated tlie same as oiScially communicated for 1891. I Imports of gold bollion from China into London and India. 196 A table compiled from information furnislied by foreign governments through onr diplomatic representatives and revised from the latest data, exhibiting the weight and value of the gold and silver product of the principal countries of the world for the calendar years 1890, 1891, and 1892, will be found in the Appendix. For the sake of uniformity the value of silver has, as heretofore, been calculated at its coining rate, viz, $1. 2929+ per fine ounce. The following table exhibits the estimated product of the precious matals in the world for each calendar year since 1873: PBOPUCTIONof GOLD and SILVER in the WOULD for the calendar years 187S- 1892. Calendar years. Gold. Silver. Fine ounces Commercial (troy) value. Coining value. 1873 1874 1876...: 1876 1877 -- 1878 1879 1880 ,..-.... 1881 : • , 1883 1883 1884 :. 1885 1886 :. 1887....... ;.. ;.. 1888 1889... , 1890 1891 1892. $96, 200, 000 90, 750, 000 97, 500, 000 lOl), 700, 000 114, 000, 000 119, 000, 000 109, 000, 000 l06, 500, 000 103, 000, 000 102, 000, 000 95, 400', 000 •101, 700, 000 108, 400, 000 106, 000, 000 105, 775, 000 110,197,000 123,489,000 118,848,700 126, 183, 500 138, 861, 000 63, 267, 000 5.5, ,100, 000 62, 262, 000 67, 753, 000 62, 6.18, 000 73, 476, 000 74, 250, 000 74, 791, 000 78, 890, 000 86,470,000 89, 177, 000 81, 597, 000 91, 662, 000 93,276,000 96, 124, 000 108, 827, 000 125, 420, 000 133, 212, 600 144, 204, 900 151, 948, 600 $82, 120, 000 70, 673, 000 77, 578, 000 78,322,000 76, 240, 000 84, 644, 000 83,388,000 86, 636, 000 89, 777, 000 98, 230, 000 98, 986. 000 90, 817, 000 97, 564, 000 ' 92,772,000 94, 031, OOO 102, 283, 000 117, 268, 000 139, 873, 200 142,618,700 132,955,000 $81, 800, 000 71, 50,0, 000 80, 500, 000 87, 600, 000 81, 000, 000 95, 000, 000 96,000,000 96, 700, 000 102,000,000 111,800,000 115,300,000 105,600,000 118,500,000 120,600,0011 124,281,000 140, 706, 000 162, 159, 000 172, 234, 500 186, 446, 800 196,458,800 197 statement showing the FINENESS of the GOLD md SILVER COINAGE of the prmHpal countries of the world. [Submitted by Senator Cockrell.] Country. Standard. Gold, fineness. Silver, full legal tender, fineness. Silyer, limited tender fineness. Argentine Republic Austria-Hungary Bolivia Brazil Bui garia , Central American States : Costa Bica Guatemala Honduras Ifioaragua Salvador Chile Colombia Cuba Ecuador Egypt Finland German Empire Great Britain Haiti India Japan Latin Union : Belgium Prance Greece Italy Switzerland Mexico Netberlands Persia Peru ' Portugal , Boumania HusBia Scandinavian Union ; Denmark . Norway... Sweden . Servia Tunis Turkey Venezuela . Double . Gold.... Silver .. Gold.... Double . Silver . ...do .. ...do.. ...do.. ...do .. Gold... Silver . Gold... Silver . Gold... .do. ...do... ...do... ...do... Silver . . Double . ...do... ...do... ...do... ...do... ....do... Silver .. Double . Gold.... Silver .. Gold.... Double . Silver . . Geld.. ...do. ...do... Double . ...do ... ....do ... ....do... ....do... 900 900 900 916} 900 900 900 900 900 BOO 916J 900 875 900 875 900 900 916f 900 91«} 900 900 900 9U0 9U0 900 875 900 9U0 900 916J 9U0 900 900 '900 900 900 900 900 91CJ 900 ■900 '•966' •966' ■900 ■900 ■900 ■900 ■900 ■900 ■966' ■916t ■900 ■900 ■900 ■900 ■900 ■900 •902. 7 ■9i5 •900 ■900 ■900 ■900 ■000 '900 •830 ■835 ■916} •835l •835 '835 •835 -835 ■835 ■835 ■833} ■868 ■750 ■900 ■925 ■900 '835 ■835 ■835 '835 •835 •916} '835 '600 • '800 '600 •800 •600 •835 '835 •835 ■900 ■835 198 TdhU tRtttofny the ftTLL and LIMITEJ) TENDER BATIOS~ tetween SILVER emi GOLD of the principal eountrie» of the world, and the value of the silver in a tilver dollar at each ratio, from 13 to 1, to 16\ to t, compared with the United Statet silver dollar. [Submitted by Senator Cockrell.] Conntrios. Aintria-HuDgflry ■ Germanv -i Portugal ..' ITnitea Kingdom . . Australia. .' France Belgium Itafy Switzerland Greece ' Spain Denmark Norway Swedeu Full legal- tender silver. 13 tol IS^tol 15itol 15* to 1 IS^tol 15i to 1 15^ to ] 15^tal Canada United States , 1J-988+ to 1 Netberlaiuls. Bussia Turkey. ..;".. India . Central Anierica . South Amei-ic) . . . Cuba, Haiti, etc . . Japan .' Mexioo IS^tol 15|tol IS to] ISi tol ISi to 1 15itol 16 -18 to 1 16}tol Limited tender silver. Value of silver dollars ex- pressed in cents. Full Limited tender, tender. 13 cn tol 13 -951 to 1 14 08 tol 14-28 tol 14-28 t«l 14-38 tol • 14 -38 to 1 14-38 tol 14 -38 to 1 14-38 tol 14-38 tol 14-88 tol 14-88 tol 14-88 tol 14-95 tol 14-95 tol 15 tol 15 tol 15 -1 to 1 15-68 tol .813 .844 .909 .909 .909 1.000 .909 .909 L012 1.032 .850 .873 .893 .893 .935 .935 .938 .938 .944 .98 BUDEAU OF THE STlNT, October 16, ISSH. £. E. Fbeston, Acting Dir-eetor. In onr silver dollar of 412^ grains, each grain is equal to ^JJJJ "f * cent, ftnd 1 cent is equal to i^iih grains. Tofind.the ratios between silver and gold, divide the number of grains of silver in the coin by the nnniber of grains of gold in the coin unit — fine bullion by line bul- I'ioii and standard bullion b^ standard bullion. To find the number of grains required in a silver coin, coined at any given ratio to gold, tnnltiply the number of grains in the gold coin by the number of the ratio, and the result is the number of grains of silver in the coin ; of tine silver, if the grains of fine gold were multiplied by the proposed ratio ; and of standard silv«r, if the grains of standard gold were multiplied. To ascertain in gold, the value of silver bullion in London, quoted in pence, mul- tiply the rate of exchange in New York on London, the legal or normal rate beiug $4.8665, by the price of sterling silver given in pence and divide the result by 222, and you have the London price of silver. Sterling silver is 925 fine and 222 pence fine silver equal to 240 pence sterling silver. MONETARY CONFEEENCE. The first international monetary conference was that of 1867. It met on the invi- ation of the French Government "to consider the question of uniformity of coin- age, and to seek for the basis of ulterior negotiations." It came together in the city ot Paris on June 17. Eighteen of the principal countries of Europe, and the United States were represented at it, the latter by Hon. Samuel B. Euggles, of New York. The conference voted unanimously against the adoption by the countries repre- sented of the silver standard exclusively, and unanimously, with the exception of the Netherlands, in favor of the single gold standard. It also voted that am inter- national coinage should consist of " types with a common denominator for weight, in gold coins of identical fineness," and that that fineness should be -900. By a vote of 13 to 2 it favored the 5-franc gold piece as the common denominator, and voted that gold coins having this common denominator should have legal circulation in the countries agreeing to the action of the conference, and that it would be expedient to coin gold pieces of 25 francs for international circulation. At the final session of the conference it was voted to refer these and other decis- ions reached to the several States for diplomatic action, and that information of the action of the States should be transmitted to the French Government, which should have power to reassemble the conference. The conference adjourned July 6, and was not reassembled. The second international monetary conference was that of 1878. It was called by the United States. The act of February 28, 1878, directed the President to invite the governments of Europe to join in a conference to adopt a common ratio between gold and silver for the purpose of establishing internationally the use of bimetallic money and securing fixity of relative value between these metals. The conference met at Paris on the 16th of August. Twelve countries were represented, the United States by Eeuben E. Fenton, of New York; W. S. Groesbeok; of Ohio, and Francis A. Walker, of Connecticut. S. Dana Horton, the secretary of the American delega- tion, was admitted to the conference as a member. It is worthy of note that G6t- many declined to send delegates to this conference. At the second session Mr. Groesheck, on behalf of the United States, laid two propositions before the conference: (1) That it was not to be desired that silver be excluded from free coinage in Europe and the United States. (2) That the use of both gold and silver as unlimited legal tender may be safely adopted by equalizing them at a ratio fixed by international agreement. These propositions were discussed' in their every phase by the delegates of the various states during the seven sessions of the conference. The collective answers to them of all the European delegates, save those of Italy, were presented by the president, Mr. Leon Say, and were : (1) That it was necessary to preserve in the world the monetary function of silver as well as of gold, but that the choice of one or the other, or of both simultaneously, shouldbegovemedby the special situation of each state orgroup of states. (2) That the question of the restriction of the coinage of silver also should be left to the dis- cretion of each state or group of states. (3) That the differences of opinion that had appeared excluded the adoption of a common ratio between the two metals. The conference adjourned on the 29th of August. The third international monetary conference, that of 1881, was called in January of that year by the governments of France and the United States "to examine and adopt for the purpose of submitting the same to the governments represented, a plan and a system for the establishment of the use of gold ai>d silver as bimetallic money according to a settled relative value between those metals," Nineteen countries were represented. The representatives of the United States were Hon. William M. Evarts, of New York; Allen G. Thurman, of Ohio; Timothy O. Howe, of Wisconsin, and S. Dana Horton. Like the debates of the previous conferences, those of the present one were marked by the highest ability and by a thorough mastery on the part of the several del- egates of monetary science. They covered twelve sessions. At the thirteenth, Mr. Evarts, on behalf of the delegates of France and the United States, and in the name of their respective governments, read a declaration in which they stated. 199 200 (1) That the depression and great fluctuations of the value of silver relatively to gold are injurious to commerce and to the general prosperity, and the establish- ment of a fixed ratio of value between them would produce the most important bene- fits to the commerce of the world. (2) That a bimetallic convention entered into between an important group of states for the free coinage of both silver and gold at a fixed ratio and with full legal- tender faculty would cause and maintain a stability in the relative value of the two metals suitable to the interests and requirements of commerce. (3) That any ratio now or lately in use by any commercial nation, if so adopted, could be maintained, but that the adoption of the ratio 15i to 1 would abcoiuplisli the object with less disturbance to existing monetary systems than any other ratio. (4) That a convention which should include England, France, Germany, and the United States, with the concurrence of other states, which this combination would assure, would be adequate to produce and maintain throughout the commercial world the relation between the two metals that such convention should adopt. After this duclaration had been read, certain members, through the president, expressed a desire for adjournment, but this met with opposition from Mr: Forsell, delegate ftom Sweden, who thought that an adjournment would give a character of permanence to the conference, whereas it was better to acknowledge at once that bimetallism had collapsed and that the resolutions of the European delegates at the conference of 1878 should be reafiBrmed. After a short recess the president read a resolution reciting that, in view of the speeches and observations of the delegates and the declarations of the several governments, there was ground for believing that an understanding might be established between the states which had taken part in the conference, but that it was expedient to suspend its meetings ; that the monetary situation might in some states call for governmental action, and that there was reason for giving opportunity for diplomatic negotiations. The conference was adjourned to April 12, 1882. It was never reconvened. The fourth international monetary conference was called by the Government of the United States "for the purpose of conferring as to what measure, if any, can be taken to increase the use of silver as money in the currency systems of nations." The conference met at Brussels on the 22d of November, 1892. Twenty countries were represented. The delegates of the United States were Hon. William B. Allison, Hon. John P. Jones, Hon. James B. McCreary, Mr. Henry W. Cannon, Mr. E. Ben- jamin Andrews, and Hon. Edwin H. Terrell. BRUSSELS INTERNATIONAL MONETARY CONFERENCE. Message from, the President of the United States, transmitting a communication from the Secretary of State, accompanying the official report of the American delegates to the International Monetary Conference. PEBRUABy 21, 1883. — Kead, referred to the Committeeon Foreign Kelatlons, and ordered to be printed To the Senate and Souse of Bepfesentatives: I transmit herewith a communication of the Secretary of State, transmitting the ofScial report of the American delegates to the International Monetary Conference, convened at Brussels on November 22, 1892, with its accompaniments. Behij. Habrison. Executive Mansion, Washington, February SI, 189S. To the President: I have the honor to inclose herewith, for transmission to the Congress of the United States, the official report of the American delegates to the International Monetary Conference, convened at Brussels on November 22, 1892, togetlier with the, accompanying translation o'f the official record of the proceedings, and an appendix containing a series of papers presented from time to time by the members of the conference. Respectfully submitted. John W. Foster. Department of State, Washington, February Zl, 1S9S, . 201 Report of thb Commissioners ob* the United States. "Washington, D. C, February M, 189S. Sir: The commissioueiB, William B. Allisou, John P. Jones, James B. McCreaiy, Henry W. Cannon, E. Benjamin Andrews, and Edwin H. Terrell, appointed hy the President of the United States as delegates to represent tie United States at the International Monetary Conference, held at Brussels, beginning on the 22d day of November, 1892, have the honor to submit herewith an English translation of the official record of said conference during its first series of meetings, ending on the 17th day of December, 1892. It contains the minutes of the sessions, together with the text of the various proposals, reports, and other papers directly relating to the proceedings. Accompanying this record, in the form of an appendix, will be found a series of documents relating to the monetary laws and the monetary situation of the various countries, these documents having been presented from time to time by members of the conference for its consideration and nse. The several delegates were furnished by the Department of State with the follow- ing letter of instructions for their general guidance as respects the policy to be pur- sued by them at the conference : "Department of State, " Washington, November- 10, 189Z. "Hon. William B. Allison, Hon. John P. Jones, Hon. Jambs B. MoCreary, Henry W. Cannon, Esq., President E. Benjamin Andrews, Edwin H. Terrell, Esq., Commissioners on the part of the Government of the United States to the Interna- tional Monetai-y Conference to be convened at Brussels, Belgium: "Gentlemen: Reposing full confidence in your ability to properly represent the interests of the United States at the monetary conference, called at the instance (if tliis Government, to meet at Brussels on November 22, 1892, to consider the present condition of silver and what measures, if any, can be taken to increase the use of that metal in the currency systems of the world, the President does not deem it nec- essary or desirable to cumber you with detailed instructions as to your duties. "Therefore only general instructions will be given, leaving much to your own judgment and the developments of the conference itself. ' ' The main purpose which this Government seeks to accomplish by this conference is to bring about a stable relation between gold and silver. " It is the opinion of the President, and, as we believe, of the people of the United States, with singular unanimity, that a full use of silver as a coined metal at a ratio to gold to be fixed by an agreement between the great commercial nations of the world, would very highly promote the prosperity of all the people of all the countries of all the world. For this reason your first and most important duty will be to secure, if possible, an agreement among the chief commercial countries of the world looking to iiiteruational bimetallism, that is, the unlimited coinage of gold and sil- ver into money of full debt-paying power at a fixed ratio in coinage common to all the agreeing powers. " You should not lose sight of the fact that no arrangement will be acceptable to the people or satisfactory to the Goveriiment of the United States which would by any possibility place this country on a silver basis while Eurojiean countries main- tain the single gold standard. "Failing to secure international bimetallism, the next important duty will be to secure, if possible, some action upon the part of European countries looking to a larger nse of silver as currency, in order to put an end to the further depreciation of that metal. _ "To your wisdom, your wide experience, and your knowledge of this important subject, as well as your intimate ac^quaintance with the feelings and sentiments of our own people, the President comnaits the interests of this country, feeling assured that you will not fail to guard them well. "You wiU be expected to report from time to time the progress of the conference at Brussels, and you will be authorized to use the cable in case of urgency. "I am, gentlemen, your obedient servant, "John W. Foster." The first meeting of the delegates of the United States was held at Brussels on the morning of the 22d of November, the conference assembling at 2 o'clock that day. At this meeting there were present: Messrs. William B. Allison, chairman; John P. Jones, James B. MoCreary, Henry W. Cannon, E. Benjamin Andrews, and Edwin H. Terrell, the entire delegation of the United States, and Prof. Roland P. Falkuer, the secretary of the delegation. 202 Meetings of the delegates of tbe United States were held daily from that time till the recess of the conference. These meetings were in the nature of consultations as to the matters intrusted to them. They were informal. As a rule there were no differences among ihe delegates ^sto the policy to be pursued in the conference, and therefore no detailed minutes of these various consultations were kept. Prior to our arrival at Brussels our minister to Belgium, as has been the custom in like conferences, arranged with the Government of Belgium for the preliminary organization of tbe conference, which arrangements were quite complete and most satisfactory. The authorities of Belgium provided a convenient place of meeting in the Palace of the Academies, and arranged for the opening of tbe conference by the prime minister of Belgium, and for the selection of Mr. Montefiore Levi, a distin- gnished Belgian senator, as tbe president of tbe conference. AVithout exception the nations invited by the president were represented at the first session. During the sessions this fact was frequently alluded to as an evidence of the interest felt in the object for which tbe conference was convoked. The prime minister of Belgium in his opening address called attention to the importance of tbe subject to be considered in the following terms: " The conference in which you are called upon to take part has for its object the consideration of one of the most serious, complex, and arduous problems which is presented to modern society. » » * " It [money] touches all economic and social interests; it affects the commerce of tbe world, and is the real reason of more than one unexplained crisis. • * * " Currents of capital are always in a certain measure metallic currents. The decreased cost of transportation and the more highly developed spirit of association which permits tbe formation of companies for enterprise in remote countries only increase these currents. And thus while it has changed the international function of money has greatly increased. " At tiie same time the evil results of every monetary crisis are more and. more acute, and it is, it seems, to an international agreement that we must look for tbe means of preventing them or moderating them. Similar sentiments were expressed by the president of tbe conference, who, in his address on taking tbe chair, strongly emphasized the gravity of the situation and the interest which it had for all the nations of the earth. Among other things, he said : "The depreciation of silver, so far as it serves as a monetary standard, finds an echo throughout tb^ social organism. " But the principal evil of the present situation lies in the Instability that results from it. How would it be possible for the merchant or manufacturer to make with safety contracts extending over a long period, as important bxisiness transactions generally do, if the shrewdest judgments and the best-founded calculations miglit at any moment be upset by a sudden movement of the money market ? There is no need, we believe, to look elsewhere for the cause of the noticeable falling oil' which has taken pl^ce in international transactions. The hesitation which checks aU great enterprises and which paralyzes many markets is the direct consequence ot the instability in the price of silver as compared with gold. " Conscious of these difficulties, the Government of the United States has taken the initiative in inviting the principal powers to send delegates to a new interna- tional conference for the purpose of investigating together whether there be any means of mitigating, by a more general use of silver in the monetary circulation, tbe serious inconveniences from which all civilized nations suffer in various degrees. " Impressed by the gravity of the situation, all of the governments hastened to accept the invitation which was sent to them, and we are now met together, gentle- men, to commence the investigation of this arduous problem. " 'Whatever may be tbe result of your deliberations it may surely be affirmed that, convinced of tbe considerable influence which the solution of a question so compU-x as that submitted to you may have upon the progress of universal civilization, you will have it at heart to investigate the possibility of remedying a condition of affairs of which none mistake the gravity. You will endeavor to lay aside any con- sideration of narrow or egotistical rnterest to place yourselves upon the standpoint of tbe higher interests of the great human faipily and, should the possibility of a rem- edy be recognized, you will desire to unite your efforts to give substance to the solu- tions resulting from your debates by the adoption of a scheme stated in practical form." The first session was devoted mainly to the organization of the conference. After the election of Mr. Montefiore Levi as president, Mr. Edwin H. Terrell, a delegate of tbe United States, was elected vice-president, and Mr. Georges de Laveleye, gen- eral secretary. At this session of tbe conference it seemed to be generally expected, as will be seen by reference to the minutes, that the United States, having invited the nations to the conference, would present, through its delegates, a plan for the consideration 203 of thecosference looking to the enlarged use of silver as money 1>y the nations tep- lesented. The instrnctions to the delegates of the United States outlined the general policy which they .should pursue, but did not include a specific plan for the mouetaiy use of silver to. he presented as an official programme of the United States. In accordance with the wish expressed by the conference, the delegates of th^ United States, after full consultation, prepared a declaration and piogranuue which is published at large in the record. This programme was presented at the second session by Senator Allison, the chairman of the delegation, who outlined the consid- erations which led the President of the United States to invite the nations to a con- ference and briefly indicated the policy of the United States with respect to silver and its monetary use. The programme embodied the following resolution: " That in the opinion of this conference it is desirable that some measure should be found for increasing the use of silver in the currency systems of the nations." This resolnti^ was presented to the conference at the second session. On that occasion Sir Elvers Wilson, speaking in the name of the entire delegation of Great Britain, said: "We accept the resolution of the delegates of the United States as it ^ands, add- ing only this reservation and this explanation, that we consider it as being in fact a recapitulation of the substance of the invitation which has been addressed to the different governments and which has been accepted by them." Similar declarations were made by France, Spain, the Netherlands, and other nations. The programme of the United States was discussed in all its phases by the con- ference substantially in the order presented. Comforraably to the suggestions of the x)rogrammu, several projects, having in view the enlarged use of silver without contemplating its complete rehabilitation, were presented to the conference. These plans, together with the subordinate pr(\ject8 mentioned in the programme, were referred at the third session of the conference to a committee of twelve. This com- mittee made two reports, which are published in full in the record and to which attention is called. The committee reported affirmatively upon one proposition, namely, that it was wise to withdraw from monetary circulation all the gold coins, and all paper money redeemable in gold of a less denomination than £1, 20 francs, or 20 marks, and substitute silver money for them. As to the other plans, though some of them were favored in principle, they were not reported upon affirmatively, because they were not broad enough nor presented in sufficient detail to justify a favorable report upon them. In the discussiou of these various proposals and plans in the full meetings of the conference the attitudes of all, or nearly all, the governments were disclosed. The utterances of the delegates indicated, however, what measures the governments were unwilling to adopt rather th.an how far they were willing to go to secure the enlarged use of Silver as proposed by the President in his invitation. Our instructions favoring the unrestricted use of silver as well as gold, on a ratio to be ii^fed, justified us in presenting, as a part of our programme for discussiou, this main question of the unrestricted coinage of both silver and gold internation- ally by means of a common ratio. Althongh it appeared in the course of the debates that the governments of Europe were not ready to adopt this plan as a solution of the question, there was a general desire on the part of the conference that there should be a discussion of this question before a recess should be taken. Therefore, as will be seen by a reference to the minutes, this subject was discussed at con- siderable length in the conference. The attitudes of the various governments relative to the proposals presented were somewhat reserved, as will appear from citations which follow. On the other hand, it is important to observe that with comparatively few excep- tions the recognition was general in the conference^ of a moueliary evil requiring a remedy. This feeling pervaded the proceedings of the conference and was forcibly expressed by more than one of the leading delegates. Conspicuous in this regard was the statement of Mr. de Rothschild, one of the delegates of Great Britain, who, in submitting his proposal, said : "The stock of silver in the world is estimated at some thousands of millions, and if this conference were to break up without arriving at any definite result there would be a depreciatiou in the value of that commodity which it would be frightful to contemplate, and out of which a monetary panic would ensue, the far-spreading effects of which it would be impossible to foretell." Sir Elvers Wilson, another delegate of Great Britain, said: "There can be no question, in our opinion, that all the governments *ho have sent representatives to this conference, even those who have instructed their delegates to act with the greatest reserve, recognized the presence of danger, otherwise there would be no justification for our presence here. * * ' xhe instructions which 204 we have received from our Government require us, before concluding that matters must be left as they are, to examine ■with the greatest care any plan which may be snbmitted for the purpose Of extending the moneta,ry use of silver." Mr. Tirard, speaking for France, the leading nation of the Latin Union, said: "It is certain that a great stability in the ratio would result in facilitating com- mercial relations, in binding the nations closer together, and permitting "them to exchange their products as it suited them, to the satisfaction of all governments and to the greater profit of all individuals. " It is for this task that we are met together. I do not know yet what will come out of the conference and to what practical result it may lead, but this much is cer- tain, our labors will not in any case be fruitless." Gen. Strachey, one of the delegate? of British India, said: "The government of India during this period (the last two decades) has made many ineffectual attempts to protect itself against the effects on its currency of this continued fall in the value of silver in relation to gold, and, notwithstanding the heavy burdens thereby entailed upon the country, has maintained ^e silver stand- ard in the hope that circumstances might at length bring it some relief from the ever-increasing difficulties of its position. But no such relief has come, and, on the contrary, the difficulties have become constantly greater until they are becoming, if they have not already become, real dangers." Sir Guilford L. Molesworth, the other delegate of the Indian government, said : " Our predecessors in the Paris monetary conferences of 1878 and 1881 were almost unanimous in the opinion that silver must be rehabilitated. They only disagreed on the method of rehabilitation. Some were of the opinion that matters would right themselves, whilst others considered that the remedy could only come by reestab- lishing the link that had existed between gold and silver prior to 1873. ' ' The opinion of the latter was undoubtedly correct. Matters have gone from bad to worse." The proposal of the United States for the unrestricted coinage of silver ooneur- reutly withgpld by an international agreement was advocated by a number of del- egates. ' Sir William Houldsworth, a delegate of Great Britain, said : "A further fall (in the level of prices) would be a disaster. I frankly admit that, in my opinion, there will never be a permanent solution of this difficulty until we have an international bimetallic agreement." Mr. Van den Berg, a delegate of the Netherlands, said: "Our ideal is an international bimetallic agreement. Such an agreement we firmly believe to be possible and desirable both from the theoretical and also from the practical point of view." In this view the speaker just named was supported by his colleague, Mr. Boisse- vain, who said : "I believe that international bimetallism is the only monetary system which is thoroughly good from the theoretical point of view, and the only system which iu practice can satisfy all needs. I believe also that it is perfectly admissible for England." Mr. Alph. Allard, a delegate of Belgium, says: "The crisis which oppresses us is no birth of yesterday.' It dates from 1873, the moment when free coinage of silver was suspended in Europe. The true remedy, which would be at the same time efficacious and thorough, would be the reestabli«h- ment of free coinage, but it appears to me that for the moment this solution has no chance of being adopted." The quotations which follow indicate the attitude of the leading nations toward the practical application of the proposal of the United States for the concurrent mintage of silver and gold by an international agreement. Sir Rivers Wilson, immediately after his words which have been quoted. in the foregoing, said: "Her Majesty's Government did not find it possible to accept an invitation con- veyed in terms which might give rise to a misunderstanding by implying that the Government had some doubt as to the maintenance of the monetary system which had been in force in Great Britain since 1816." Speaking for Sir Charles Fremantle and himself, he said : "Our faith is that of the school of monometallism pure and simple. We do not admit that any other than the single gold standard would be applicable to our coun- try." Eeplying to the supposition that France might resume the free coinage of silver, Mr. Tirard said : " But why should France permit the free coinage of silver when she is already amply provided with it? I believe that she alone possesses as much as all the States of Europe put together. • * * "In spite of that she would consent perhaps to do what is asked of her, if there 205 was any reciprocity, if those powers also whioli are wedded to monometallism should decide to adopt the free coinage of silver. * * * if other European powers, such as England, the German Empire, the Austro-Hungarian Empire, the Scandinavian States and others would consent to open their mints to the free coinage of silver, then the aspect of the question would be changed." While the delegates from France frequently disclaimed the right to speak in the name of the Latin Unio^, it is worthy of note tTiat, on many occasions, the represent- atives of the different countries of the union declared that these States followed a ■ common policy. Early in the session the leading delegate of Germany declared: " Germany being satisfied with its monetary system has no intention of modifying its basis. * * * In view of the satisfactory monetary situation of the Empire, the Imperial Government has prescribed the most strict reserve for its delegates, who, in consequence, can not take part either in the discussion or in the vote upon the resolution presented by the delegates of the United States." Austria-Hungary, although represented at the conference, instructed their delegate to take no part in any discussion or vote. A leading part in the discussion was taken ,by the delegates of the Netherlands, iind in a speech of the senior delegate the followins; important declaration was made as to tue point in question : "The declaration * * * that Holland would not entet into a bimetallic union without the full and complete participation of England is a part of the formal- instructions furnished us by our Government." From this it will be seen that England is not prepared to open her mints to the free coinage of silver, and that Germany expresses satisfaction with her present monetary system, while France and other nations expressed a willingness to unite' with England and Germany in forming a monetary union. While England is not prepared to adopt free coinage of silver at a fixed ratio, in common with gold, it appears not unwilling to accept a policy in conjunction with other nations, which would secure a stable value to silver and sustain its price, by some practical method short of free mintage looking to its enlarged monetary use. Various plans were presented to the conference looking to the enlarged use of sil- ver, but falling short of the opening of European mints to its free coinage on an agreed ratio. The plans presented are printed in full in the record; The sugges- tions and proposals made by delegates from important nations looking to an enlarged use of silver as money by purchase or deposit of silver bullion to he held asareserve against the issue of paper money or certificates indicate a strong disposition to increase the monetary nse of silver. Each of the plans had its advocates in the conference, but it was found impossi-, ble within the short time allotted to the conference before a recess was inevitable to discuss the plans at large, or to suggest modifications or changes so as to secure for them general approval. The sessions were limited to the time between the 22d of November and the 20th of December, when all agreed that the conference must adjourn for the holidays. Accordingly, after the plans were presented and examined, there seemed to be a gen- eral sentiment in favor of a long recess, to enable the delegates to the conference to submit the record and plans to their respective Governments for further instruc- tions and suggestions. This sentiment was particularly emphasized in the last two sessions of the conference. At the ninth session of the conference the discussion on bimetallism was closed. The general feeling at this juncture was admirably voiced in the remarks of Mr. De Osma, who, summing up the results of the conference, stated, in substance, thatthere was practically a unanimous desire to reach a tangible result for the remedy of the evils which were felt by all. He said: " There has always been in our discussions a certain dominant and unmistakable' character which is supported by the evidence of attitude more eloquently than by words, viz, the presence of a general good will inspired by the existence of a crisis generally felt, but with different degrees of intensity. Whatever personal sympa- thies we may feel, we must admit that very few of us have been able to agree with the stoic opinion which denies the existence of a crisis, and concludes very logically that there is no need of looking for a remedy. That opinion is too strongly con- trasted with the attitude of some of our colleagues who are, moreover, themselves thoroughly convinced and perfectly impenitent monometallists. It disappears before the reiterated and recent declarations of statesmen, who have described the evils which are ruining the agriculture and destroying the industries of their coun- tries, with a precision whose significance it is impossible to mistake." At the tenth session a motion was presented for a recess until the 30th of May, 1893. The president reviewed the work of the conference, and commented upon the resolution and the necessity of a recess at this stage of the proceedings in order to insure the best results from th« conference. He said : 206 "The various governments which we have the honor to represent will he able on their part to examine and judge the ideas put forward, and the general situation, whose conditions seem to be faithfully reflected in our discussions. At the moment when we suspend our labors we carry with us, I regret to say, the very general impression of au uneasiness which calls for a remedy, but we cherish at the same time the hope that palliatives, or, possibly, a combination of palliatives, may per- haps be found to conjure the evil by the aid of an international agreement or under- standing. We have finally, I venture to assert, a lively and sincere desire to come together again, with the conviction that we shall be better equipped to reach a fortunate result than we were in beginning our labors." The motion was presented by his excellency Baron de Renzis, the minister of Italy, who, in urging it upon the conferepce, spoke of the work which had been accom- plished, and the prospects of future action, as follows : " The public, perhaps even some of us in commenting upon our work, and seeing how short a road we nave traveled, might think that this conference could result only in failure like all the monetary conferences which have preceded it. " Permit me to say frankly that such is not my opinion. Our sessions have been numerous, the investigations made have been long and serious, and if no solution has crowned our work that is no reason why we should doubt the final result. There is in the assembly a sincere desire to reach a tangible result. * » » " Well, gentleman, why have we arrived at no res.ilt thus far? Because, frankly, no proposition was ripe; they were improvised, so to speak, for the needs of our dis- cussions. What could we have done without preparation, without precise instruc- tions from our governments? "In these conditions an adjournment is desirable. Letusleave, in the first instance, the governments time to gain a knowledge of our discussions and of the speeches of the eminent delegates &om all countries of the world. In six months it is possible that in returning here we shall find ourselves face to face with more mature and more practical proposals. " We have planted a fertile germ ; give it time to develop and grow." The text of the resolution in regard to the recess is reproduced here : " The International Monetary Conference, recognizing the great value of the argu- ments which have been developed in the reports presented and In the discussions of the sessions; and " Reserving its final judgment upon the subjects proposed for its examination, "Expresses its gratitude to the Government of the United States for having fur- nished an opportunity for a new study of the present condition of the white metal. "The conference suspends its labors and decides, should the governments approve, to meet again on the 30th of May, 1893. " It expresses the hope that during the interval the careful study of the documents submitted to the conference will have permitted the discovery of an equitable basis for an agreement which shall not infringe in any way the fundamental principles of the monetary policy of the different countries." Some qaestion having arisen as to the steps necessary to reconvene the conference, it was agreed, npon the motion of the president, that the o£Bcer8 should continue to perform their functions during the recess. His proposal to the conference was in the following terms : "The bureau of the conference will exist, but it may exist in fact or in form only. You will, without doubt, be of the opinion that it is useful to have it exist in faet; that is, to be, if necessary, a means of communication between the dele- gates. " I will take an example. Suppose a delegate formulates a proposal which he deems might be accepted by the conference, and he sends it to the president. It will be communicated to the bureau, translated if necessary, printed, and distrib- uted to the delegates. In this way the bureau will fulfill a useful function." (Agreed.) From these proceedings it will be seen that the conference is to reconvene at -ftrnssels on the 30th of May, 1893. In the meantime it is expected that the proposi- tions and plans already submitted and such others as may be submitted to the presi- dent of the conference and by him transmitted to the several governments, through their delegates, will be considered. It is anticipated that the delegates, upon the reassembling of the conference, will be able to state definitely the views of their respective governments as to what plans are practicable to secure the greater use of silver as a part of the metallic money of the world. The delegates of the United States express the hope that the conference at the next session will be able to adopt some practical method to secure this end. They are encouraged in this hope by the fact that in the later sessions of the conference the general oonsensos of opinion was distinctly more favorable to the objects which the eoQ&reace had in view than in the early sessions. 207 This Count Alvuusleben, a delegate of Germany, said in the tenth session : " The Imperial Government takes a most lively interest in the labors of the con- ference. We have made it our duty to follow them with the most serious attention in order to report them conscientiously, and I do not hesitate to express the convic- tion that the Imperial Government will submit the propositions which have been made in the course of our deliberations to a most careful examination." Count KhevenhUUer Metsch, delegate of Austria-Hungary, said in the eighth session : " I am authorized to state, in the name of the two governments which I have the honor to represent here, tha.t they take a very active interest in the debates of the Conference. They are animated by a sincere desire that the labors of the conference may reach a tangible result. "The governments of Austria-Hungary wiU be ready to examine, with scrnpnlons attention, propositions which may issue by conmon consent as the final result of the Monetary Conferenie at Brussels." The attitude revealed in the last two citations was borne out by the remarks of other delegates at the tenth session. The delegates of the United States, in con- cluding their report, are glad to bear testimony to the earnest wish of the conference that apian for the enlarged use of silver as money, acceptable to the nations and adequate to the monetary situation, may result from its deliberaticMs. The delegates of the United States can not close this brief statement of the result of the first sessions of the conference without expressing the indebtedness of the United States to the Government of Belgium for the cordiality of its reception to the conference, for its uniform courtesy to all the members of the conference, and for its liberal provision for their comfort and convenience. We have the honor to be, sir, your obedient servants, W. B. Allison, Chairman. Jno. p. Jones, James B. McCkbary, Henry W. Cannon, E. Benj. Andrews, Comniiaaionere,' Hon. John W. Foster, Secretary of State, Washington, D. C. VOLUME OF MONEY. Statement showing the amownts of gold and silver coins and certificates, United States notes, and national-bank notes in circulation August 1, 1893. General stock, coined or issued. In Treasury. Amount in cir- culation ■ Aug. 1,1893. Amount. in cir- culation Aug. 1,1892. $520,273,567 419,332,450 76, SU3, 878 87,704,739 333, 031, 504 148,286,348 346,681,016 8,340,000 183,765,147 $103,363,626 363,108,461 12,556,749 93,710 2, 843, 114 4,512,210 22,286,612 485,000 8,620,150 $416,909,941 56,223,989 64,007,129 87,611,029 330, 188, 390 ' 143,774,138 324,304,404 7,855,000 180, 134, 997 $410, 447, 360 67,031,862 63, 346, 937 136,861,829 327, 336, 823 Treasury notes, act July 14, 1890. TTnited States notes 101,756,301 311,852,278 26, 720, 000 Currency certificates, act June 8, 1872 Kational-bank notes ..- 166, 596, 935 Total 2,123,968,649 512,869,632 1,611,090,017 1,601,949,325 Population of the United States August 1, 1893, estimated at 67,066,000; circula- tion per capita, $24.02. *The name of Mr. Edwin H. Terrell is not attached to the report, as he was unable to be in Wash- ington when it was prepared. 208 Comparative statement showing the CHANGES in CIBCTJLATION during July, 189S. In clrcnlation July 1,1893. In cirGulation Aug. 1,1893. Decrease, Increase. $403, 633, 700 57, 029, 743 65,400,268 92, 970, 018 326,489,165 140, 161, 694 320,875,683 11,935,000 174, 731, 139 $416,909,941 56, 223, 989 64, 007, 129 87,611,029 310,188,390 143, 774, 138 324,394,404 7,855,000 180, 134, 997 $13,276,241 Sta>ndaTd silver dollars $805, 754 1, 393, 139 5,358,990 G-old certmcates Silver certificates 3,699,225 3,112,444 3,518,721 Treasury notes, act July 14, 1890. Currency certificates, actiTune 8, 1872 , 4,080,000 5, 402, 858 Total 1, 593, 728, 411 1, 611, 099, 017 11,637,883 29,010,489 17,372,606 Comparative statem,ent of CHANGES in MONEY and BULLION in Treasury during July, 189S. In Treasury July 1, 1893. In Treasury Aug. 1, 1893. Decrease. Increase. $110,109,923 302, 302, 707 11, 855, 944 6, .528, 533 25, 805, 333 3,982,733 $103,363,626 363, 108, 461 12,556,749 4, 512, 210 22,286,612 3, 620, 150 $6,746,297 $805, 754 700, 805 Treasury notes, act July 14, 1890. 2, 016, 323 3,518,721 362, 583 520, 585, 173 78, 345, 510 118,173,820 509,447,808 83,450,336 119,277,735 12, 643, 924 1,506,559 5,104,826 1, 103, 915 717,104,503 712, 175, 879 12,643,924 4, 928, 624 7,715,300 Gold certificates held in cash $93,710 | Decrease since July 1, 1893 $977,460 Silver certificates held in cash 2,843,114 Decrease since July 1, 1893 1,625,225 Currency certificates held in cash 485,000 I Increase since July 1, 1893 55,000 Tkeasubt Depaktment, " Secretary's OJUe, Division of Loans and Currency. Statement showing the amounts of gold and silver coins and certificates, United States notes, and national-bank notes in circulation October 1, 1893. General stoclr, coined or issued. In Treasury. Amount in cir- culation Oct. 1,1893. Amount in cir- culation Oct. 1, 1892. Gold coin . Standard silver dollars Subsidiary silver Gold certificates Silver certificates Treasury notes, act July 14, 1890 - United States notes Currency certificates, act June 8, 1872 National-bank notes ..... Total $556, 419, 77, 79, 330, 151, 346, 479, 232. 00 332, 550. 00 596,fi21.00 756, 819. 00 864, 504. 00 319, 040. 00 681, 016. 00 1, 285, 000. 00 1, 690, 679. 00 $72, 183, 123. 00 360, 499, 882. 00 13.496,416.00 129, 220. 00 6, 909, 370. 00 2,494,841.00 14, 452, 110. 00 85, 000. 00 7, 815, 481. 00 $484, 296, 109. 00 56, 832, 668. 00 64, 100, 205. 00 79, 627, 599. 00 324, 955, 134. 00 148, 824, 199. 00 332, 228, 906. 00 8,200,000.00 200, 875, 098. 00 $411,524,329.00 59,569,103.00 64,916,209.00 121,210,399.00 326,849,827.00 107,001,850.00 322, 603, 158. 00 77,290,000.00 165,085,108.00 2, 179, 005, 361. 00 447,065,443.00 1,701,939,918.00 1,265,049,983.00 Population of the United States October 1, 1893, estimated at 67,306,000; ciroida- tion pel capita, $25.29. 209 Comparative statement ahowing the CHANGES im CIBCULATION during September, 1893. In circulation Sept. 1, 1893. In circulation Oct. 1,1893. Decrease. Increase. $469,466,368.00 81,654,630.00 64,335,238.00 80,414,049.00 326,206,336.00 145,420,209.00 331,638,060.00 5,605,000.00 195, 822, 781. 00 ♦484,296,109.00 58,832,668.00 64,100,205.00 79,627,599.00 324,955,134.00 148,824,199.00 3,')2,228,906.00 8,200,000.00 200, 875, 098. 00 $14, 829, 741. 00 $2,821,962.00 2.86,033.00 786,450.00 1,261,202.00 Treasury notes, act July 14, 1890 . . 3,403,990.00 590, 846. 00 Cnrrency certificates, act June 8, 1872 2, 595, 000. 00 5, 052, 317. 00 Total 1, 680, 562, 671. 00 1,701,939,918.00 5, 094, 647. 00 26,471,894.00 21, 377, 247. 00 Comparative statement of CHANGES in MONEY and B ULLION in Treasury during September, X893. In Treasury Sept. 1, 1803. In Treasury Oct. 1,1893. Decrease. Increase. Gold coin Standard silver dollars Subsidiary silver Treasury notes, act July 14, 1890. B'nited States notes National-bank notes Gold bullion.. Silver bullion. Total Net increase. $78,049,667.00 357, 877, 820. 00 12, 700, 829. 00 4, 461, 749. 00 15, 042, 956. 00 3, 157, 587. 00 $72, 183, 123. 00 360,409,882.00 13, 496, 416. 00 2, 494, 841. 00 34,452,110.00 7,815,481.00 $5,866,544.00 1, 966, 908. 00 590, 846. 00 471, 090, 608. 00 98, 373, 505. 00 122, 200, 760. 00 470, 941, 853. 00 101, 026, 648. 00 124, 242, 787. 00 8, 424, 298. 00 691, 664, 873. 00 696, 211, 288. 00 8, 424, 208. 00 $2, 822, 062. 00 795, 587. 00 4, 657, 894. 00 8, 275, 543. 00 2, 653, 143. 00 2,042,027.00 12, 970, 713. 00 4,546,415.00 Gold certificates held in cash $129, 220. 00 Silver certificates held in cash 5, 909, 370. 00 Currency certificates held in cash. . . 85, 000. 00 Decrease since Sept. 1, 1893 $436, 150. 00 Increase since Sept. 1, 1893 3,027,202.00 Increase since ^pt. 1, 1893 25, 000. 00 Tbeasuby Dbpaetmest, Secretary^ e Ojjice, IHvision ofiLoant and Cwrrency. Statement showing the amounts of gold and silver coins and certificates, United States notes, and national-bank notes in circulation January 1, 1894. General stock coined or issued In Treasury. Amount In cir- culation Jan. 1, 1894. Amount in cir- culation Jan. 1; 1893. Gold coin Standard silver dollars Subsidiary silver Gold certificates Silver certificates '. Treasury notes, act July 14, 1890 . United States notes Currency certificates, act June 8, 1872 National-bank notes '■-. Total $582, 227, 095. 00 419, 332, 777. 00 77, 494, 207. 00 77, 487, 769. 00 334,584,504.00 153, 160, 151. 00 346, 681, 016. 00 39, 085, 000. 00 208, 538, 844. 00 $73, 624, 284. 00 361, 463, 188. 00 , 11, 639, 467. 00 75, 590. 00 6, 038, 864. 00 1, 194, 884. 00 44, 139, 202. 00 40, 000. 00 12, 357, 628. 00 $508,602,811.00 S7, 869, 589. 00 65, 854, 740. 00 77, 412, 179. 00 329, 545, 650. 00 151, 965, 267. 00 302, 541, 814. 00 39, 045, 000. 00 196, 181, 216. 00 $412, 970, 960. Oo 62, 822, 936. 00 67, 327, 267. 00 117, 093, 139. 00 322, 035, Oil. 00 122, 039, 666. 00 330, 933, 540. 00 7, 100, 000. 00 168, 361, 365. 00 2, 238, S91, 363. 00 509, 573, 097. 00 1, 729, 018, 266. 00 1,610,683,674.00 Population of the United States January 1, 1894, estimated at 67,668,000; ciicula- tion per capita, $25.55. S. Eep. 235 14 210 Comparative etatement showing the CHANGES in CIBCULATION during December, 189S. In circulation Beo. 1, 1893. In circnlation Jan. 1, 1894. Decrease. Increase. Gold coin Standard silver dollars Subsidiary silver Gold certificates -Silver certificates Treasury notes, act July 14, 1890. - United States notes Currency certificates, act June 8, 1872 National-bank notes Total !Net increase. .$505, 058, Oil. 00 58, 425, 922. 00 65, 541, 645. 00 78, 163, 079. 00 328, 421, 997. 00 150, 770, 406. 00 311, 268, 672. 00 33, 205, 000. 00 196, 139, 558. 00 $508, 602. 811. 00 57, 869, 589. 00 65, 854, 740. 00 77, 412, 179. 00 329, 545, 650. 00 151, 965, 287. 00 302, 541, 814. 00 39, 045, 000. 0» 196, 181, 210. 00 , $556, 333. 00 760, 900. 00 8,' 726,' 858.' 66' 1, 726, 094, 290. 00 1,729,018,266.00 10, 034, 091. 00 $3,544,800.00 313,095.66 1,123,653.00 1.194,861.00 5, 840, 000. 00 41, 658. 00 12,068,067.00 2, 023, 976. 00 Comparative statement of CHANGES in MONEY and BULLION in Treasury during Decemler, 1S93. In Treasury Deo. 1, 1893. In Treasury .Jan. 1, 1894. Decrease. Increase. : Gold coin .' Standard silver dollars Subsidiary silver Treasury notes, act J uly 14, 1890 — United States notes National bank notes $70,211,506.00 360, 906, 628. 00 11, 418, 708. 00 2, 683, 223. 00 35, 412. 344. 00 12, 808, 547. 00 $73, 624, 284. 00 361, 463, 188. 00 11, 639, 467. 00 1,194,884,00 44,139,202.00 12, 357, 628. 00 $1, 488, 339. 00 450, 919. 00 Gold bullion . .. Silver bullion. 493, 440, 956. 00 90,910,622.00 127, 262, 267. 00 504, 418, 663. 00 84, 679, 495. 00 127, 207, 874. 00 1, 939, 268. 00 6, 231, 127. 00 64, 393. 00 Total Net increase - 711, 613, 846. 00 716, 306, 022. 00 8, 224, 778. 00 $3,412,778.00 556, 560. 00 220,759.00 8, 726, 858. 00 12, 916, 955. 00 12, 916, 955. 00 4, 692, 177. 00 Gold certificates held in cash $75, 590. 00 Silver certificates held in cash 5, 0.38, 854. 00 Currency certificates held in ca^ . . 40, 000. 00 Teeasuey DbpAbtment, Secretary's Oj/Use, Division of Looms and Currency since Dec. 1, 1833 Decrease since Dec. 1, 1 8i»3 Decrease since Dec. 1, 1893 $73, 500. Oo 677, 653. 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SrHCO-^lOlom iHS4'0-4,0O 9 'eftmm?osQCo«3eQmeQCQeQcoci9c3eoe4e4 0i«H r^ ..,.-< OO « O M t^ O ww.~_-^~^-^'-v. — — ... _.H»OP30CO«CO -W o CO o-^ loioD-omas^NL-^dooooNt-cooa o oomi>Mmtoooi-ii"»nirs(OS^(D( ■illOC^tOV^C^OQCgOiH-VtDOi (Cr-* O 03 N «9 rH O HlOlOCilO'^ -H i-l 4 i>-^'4c- -^co'ttxa CO CO CI 00^ ACOO C 3O«0iHiH■« ooo e4C4m«rP3COcoeQ'eoeoeQCQe4co?»cocaeNCOC4-0 0i~c^coC40 OS t> -1^ tn mcooo ot n ooioi^-rfiOTHt^oroTtOQecrt^ t^eTio-^Wicroo Iff to" of rllOM OT-((Ot~ (O XOO fflOar- >H O ^mcOlOlACO O CO ^oocoeQi>cocot-t*c4coe4e4ff4ooo omoiHco t> 4 iH to oooOfH ^^;d"lONoo^"»ffoo odof-tf N't^'dT'^ lo u» 4» 000000-«NCOCOWOCOCOCO<0<0«0(OOOr-CO^Vt- OOOOOOOOOm»HTHi-(lHlHiH^i-t-cooococoaoaooooooocoaoQooocoooc>ioOiHaoa> oo)aoet-c^t-coco(9coiocecoco!OOc4wc> CO ci" t^io ■^ (C M 00 oT 00 oTin (OCOCO^CCQOOACO^miOinin e30rHO>-«t-000(OC4CO'«OrH'^WlOODC3-9t-CQCOU-jeJOa3 ■^co «d"o"cif i-T ct-t>momi?*'"-- — -^ CO C4 O^ O CO ooeoeot^codoocotx-Hcotato t-^.-(OQOino)OiOi- mcoeoint-inoooocMC ,.._ , O0»C0OinO00CDOC0C'(M<0"*i-(Or-(t-e0rH00(»Xr &• (N>-(«co^ome4-^eoo'^(ooinr-iaocoi-coin oft- co b- (o i-ii-ieo©cot-tr-t-i>mcoeoco'*'^'*«iO'*MM~"eo^o«^ o^e>4eo-«iacDc~ooo»o^c4 t-t-c-^-t-r-t-^-l>^-ooQOco cooocoaoaoooooooaoooaooOQDooQO ■vHtncOt-OOAO r-i OD 00 Oft 01 OOCDOO CO g fH -B ID M" ri'd o ■ago g*b IB eg 0) ||§ ^11 agA S3 214 Jmounts of MONET in the United States, and in GIBCXILATION, on July 1 of each year from i860 to 189S, inclusive. July 1- Amonnt of ' mooev in United States. Amount In clr. culatlon. Population June 1. Mdney per capita. Circula- tion per capita. 1860. 1861. 1862. 1863. 18S4. 1865. 1866. 1867. 1868. 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1886 1886 1887 1888 J.. 1889 1890 1891 1892 1893 1894 (January 1) $442,102,477 452,005,767 358, 452, 079 674. 867. 283 705,588.067 770, 129, 755 754, 327, 254 728, 200, 612 716, 553, 578 715, 351, 180 722, 868, 461 741, 812, 174 762, 721, 565 774, 446, 610 S06, 024, 781 798, 273, 509 790. 683. 284 763, 053, 847 791, 253, 576 1, 051, 521, 541 1, 205, 929, 197 1, 406, 541, 823 1,480,531,719 1,643,^89,816 1,705,454,189 1, 817, 658, 336 1, 808, 559, G94 1,900,442,672 2, 062, 956, 949 2, 075, 350, 711 2, 144, 226, 159 2,195,224,075 2, 372, 599, 501 2,323,402,392 1435,407,252 448,405,767 334, 697, 744 S95, 394, 038 669,641,478 714,702,995 673,488,244 661,992,069 680, 103, 661 664, 452, 891 676, 212, 794 715, 889, 005 738, 309, 549 751,881,809 776, 083, 031 754,101,947 727, 609, 388 722, 314, 883 729, 132, 634 818, 631, 793 973, 382, 228 1, 114, 238, 119 1, 174, 290, 419 1,230,306,696 .1, 243, 925, 969 1, 292, 568, 615 1, 252, 700, 525 1, 317, 539, 143 1,372,170,870 1,380,361,649 1,429,251,270 1, 497, 440, 707 1, 601, 347, 187 1, 596, 701, 245 1, 729, 018, 266 31,443,321 32, 064, 000 32, 704, 000 33, 366, 000 34, 046, 000 34, 748, 000 36, 469, 000 36, 211, 000 36, 973, 000 37, 756, 000 38, 558, 371 39, 555, 000 40, 596, 000 41, 677, 000 42,796,000 43, 951, QOO 45, 137, 000 46, 353, OOO 47, 598, 000 48, 866, UOO 50, 155, 783 51, 316, 000 62,495,000 53, 693, 000 54, 911, 000 56, 148, 000 57, 404, 000 58, 680, 000 59, 974, 000 61, 289, 000 62. 622, 250 63, 975, 000 65, 620, 000 66, 946, 000 67,668,000 $14. 06 14.09 10.96 20.23 20.72 22.16 21.27 20.11 19.38 18.95 18.73 18.75 18.70 18.58 18.83 18.16 17.62 16.46 16.62 21.52 24.04 27.41 28.20 30.60 31.06 32.37 31.50 32.39 34.39 33.86 34.24 34.31 36.21 34.70 $13. 85 13.98 10.23 17.84 1U.67 20.57 18.99 18.28 - 18.39 17.60 17.60 18.10 18.10 18.04 18.13 17.10 16.12 16.68 15.32 16.76 19.41 21.71 22.37 22.91 22:66 23.02 21.82 22.45 22.88 22.52 22.82 23.41 24.44 23.85 26.55 Note The di£ference between the amount of money in the country- and the amount in circulation represents the money in the Treasury. Ourrenoy certificates, act of June 8, 1872, are included in the . amount oi United States notes in cir- culation in the tables for the years 1873 to 1891. inclusive; in 1892 they are reported separately. The foregoing tables present the revised figures for each of the years given. 215 NATIONAL BANK STATISTICS. LOANS, CAPITAL, S UMPL US, NUT DEPOSITS, etc., of national hanka of the United States, ISn to 1893. [From reports of tlie Comptroller of the Currency.] Dates. Num- ber of banks. Loans. Capital. Surplus, Met Specie. Legral- tender notes and United States certifi- cates. Hatios of— Loans to capital, surplus, and net deposits. Cash to net de- posits. Oct. 3. 1872.. Sept. 12, 1873 Oct. 2, 1874-., Oct. 1,1875-. Qol.2,1876.., Oct. 1,1877... Oct. 1,1878.., Oct. 2, 1879.., Oct. 1,1880.., Oct. 1,1881.., Oct. 3, 1882.., Oct. 2, 1883.., Sept. 30,1884 Sept. 30, 1885 Oct. 7, 1880... Oct. 5, 1887... Oct. 4, 1888.., Sept. 30, 1889 Oct. 2, 1890... Sept. 25, 1891, Sept. 30, 1892, May 4, 1893.. Jilly 12, 1893. Oct. 3, 1893... Sec. 19, 1893 . 1,119 1,976 2,004 2,087 2,089 2,080 2,053 2,048 2,090 2,132 2,269 2,501 2,664 2,714 2,852 3,049 3,140 3,290 3,640 3,677 3,773 3,830 3,807 3,781 3.787 Millions 877-2 944-2 954-4 984-7 931-3 891-9 834-0 878-5 1, 041 -0 1,173-8 1, 243 -2 1, 303 -5 2, 245 -3 1, 301 -2 1, 443 -7 1,580 1, 674 -9 1, 805 -7 1, 970 -0 1, 989 -2 2, 171 -0 2, 141 -4 2, 020 -5 1, 843 -6 1, 871 -6 MilHons. 479 ■( 491 •; 493-1 504-1 499-1 479-1 466- 454-: ■467 -I 463-1 486-: 609 -' 824 -i 527-1 548-: 678-1 692 -I 612-1 650-1 677-' 686-1 688-' 686 -i 678-! 681-1 Millions ■3 ■3 ■0 ■i ■6 110- •1 120- •8 129- -8 134- -8 132- -5 122- •1 116- -1 114- -fi 120- -8 128- -1 132- -7 142- •3 147- -5 146- -2 157-' -6 173 -i -6 185- -6 197 -< -5 213- •4 227 • ■6 238- •7 246- •3 249- -5 246-; ■8 246-' Millions. 019-8 673-4 717-3 731-9 705-7 667-7 677 -3 767-7 967-2 1,111-6 1,118-6 1, 168 -2 1, 098 -7 1, 248 -2 1,301-8 1, 388 -4 1, 543 -6 1, 656 -4 1, 758 -7 1, 758 -6 2, 022 -5 1, 910 -4 1, 674 -7 1, 573 -7 1, 778 -4 Millions Millions. ■0 1 ■8 10-2 119- 19-9 113- 21-2 122- 8-1 125- 21-4 113- 22-7 100- 30-7 97- 42-2 96- 109-3 64- 112-6 69- 102-9 72- 107-8 80- 128-6 91- 174-9 88- 150-4 68- 165 1 79- 178-1 90- 164.3 99- 195-9' 86- 183-5 113- 200-1 118- 207-2 115- 186-8 102- 224-7 121- 251-3 162- Per cent. Tib 73-5 71-2 71-8 69-6 70-2 66-2 65-7 69-3 68-9 69-3 71-6 70-3 67-7 71-9 73-9 72-1 73-2 75-1 74-7 74-1 75-3 77-4 73-8 69-1 Vercent: 30-8 19-8 20 18-2 19-1 18-4 18-9 18 17-9 15-5 15-6 13 20 21-2 17-3 17-6 17-4 15-9 16 18 -9 16-3 10-9 17-3 22 23-3 216 Amount of each kind of COIN and COIN CERTIFICATES held ly the national hanhi of the United States and of New York City, respectively, at the dates indicated, for the years 1888 to 1893, inclusive. [From the reports of the Comptroller of the Currency.] Oct. 4, 1888. Sept. 30, 1889. Oct. 2, 1890. Sept. 25, 1891. Sept. 30, 1892. Kew York City: Gold com Treasijry certificates Clearlng-housecertificates. ■Silver coin — Dollars - ITractional Silver Treasury certificates . $7, 138, 669. 50 64, 305, 120. 00 $7, 096, 549. SO 48, 925, 260. 00 $8, 631, 003. 00 65,551,690.00 $9,845,117.00 37,523,360.00 $12,146,883.00 44,618,480.00 362, 213. 30 219,845.64 1, 771, 348. 00 220,699.00 255, 586. 02 2, 589, 798. 90 267, 232. 00 328, 370. 03 3, 681, 745. 00 155, 216. 00 401,567.49 5,871,631.00 151,290.00 467, 497. 07 5,183,921.00 Total. 73,797,196.44 69,087,892.52 78, 469, 940. 03 53,796,891.49 62,668,071.07 TTnited States exclusive of New York City : Goldcoin^ Treasury certificates , Clearing-house certificates Silver coin — Dollars. Fractional Silver Treasury certificates . Total , United States : Gold coin Treas ury certificates Clearing-house certificates Silver coin — Dollars Fractional Silver Treasury certificates . 63, 084, 236. 45 16, 783, 670. 00 9,070,000.00 6,689,717.70 3,036,046.05 6, 526, 950. 00 64, 504, 980. 44 17, 085, 690. 00 7,375,000.00 5, 322, 307. 00 3, 473, 314. 88 7, 477, 264. 00 66, 033, 830. 34 27, 784, 010. 00 3, 469, 000. 00 6, 222, 302. 00 3,992,237.47 9, 947, 530. 00 74,619,230.24 22,650,310.00 7, 300, 000. 00 6, 193, 357. 00 3,417,183.18 14,538,104.00 82,875,069.77 26,431,700.00 7,860,000.00 6,633,794.00 4, 938, 213. 85 17,809,530.00 104, 190, 620. 20 105, 238, 556. 32 117,448,918.81 129,718,184.42 146,648,307.62 70, 222, 905. 95 81, 088, 790. 00 9, 070, 000. 00 7, 051, 931. 00 3, 255, 891. 09 7,298,298.00 71, 601, 529. 94 66, 010, 950. 00 7, 375, 000. 00 6, 543, 006. 00 3, 728, 900. 90 10, 067, 062. 00 74, 664, 833. 34 93, 335, 601. 00 3, 469, 000. 00 6, 489, 634. 00 6, 320, 607. 50 13, 629, 284. 00 84, 464, 347. 24 60, 173, 670. 00 7, 300, 000. 00 6, 348, 573. 00 4, 818, 750. 67 20, 409, 735. 00 i, 021, 952. 77 ,050,180.00 ',860,000.00 i, 785, 084. 00 1,405,710.92 1,993,451.00 Total. 177, 987, 816. 64 164,326,448.84 195, 908, 858. 84 183, 515, 075. 91 209,116,378.69 [Prepared hy the Comptroller of the Currency. ] Dec. 9, 1892. Mar. 6, 1893. May 4, 1893. July 12, 1893. New York City : Gold coin Treasury certificates clearing-house certificates. Silver coin — Dollars Fractional..^ Silver Treasury certificates — Total. United States, exclusive of New York City: Gold coin Treasury certificates Clearing-house certificates . . - Silver coin- Dollars Fractional Silver Treasury certificates Total . United States : Gold coin Treasury certificates Clearing-house certificates .. Silver coin- Dollars Fractional Silver Treasury certificates Total. $12,480,409.60 48, 311, 090. 00 $12, 438, 653. 00 44, 738, 320. 00 $13,948,415.50 43,604,640.00 $16,574,704.00 34,208,040.00 175, 333. 00 463, 566. 48 4, 344, 622. 00 219, 908. 00 345, 485. 58 3, 834, 774. 00 125, 979. 00 386, 804. 09 5, 504, 655. 00 143,018.00 447,883.31 3,634,631.00 65, 775, 020. 98 61, 577, 139. 58 63,570,493.59 55,008,276.31 82, 273, 918. 55 24, 807, 390. 00 6, 237, 000. 00 7, 417, 751. 00 5, 172, 113. 23 18, 212, 067. 00 87, 418, 683. 09 24, 460, 470. 00 4, 939, 000. 00 6, 992. 892. 00 5, 093, 391. 76 17, 860, 340. 00 87, 058, 116. 08 19, 178, 770. 00 5,073,000.00 7, 489, 595. 00 6,753,311.14 19, 098, 856. 00 79,226,157.68 16,342,060.00 4,286,000.00 7,237,439.00 5,671,691.32 18,991,549.00 144, 120, 239. 78 146, 764, 676. 84 143, 651, 648. 22 131,762,897.00 94, 764, 328. 06 73,118,480.00 6, 237, 000. 00 7, 593, 084. 00 5, 635, 679. 71 22, 656, 689. 00 99, 857, 236. 09 09, 198, 790. 00 4, 939, 000. 00 7,212,800.00 5, 438, S77. 33 21, 695, 114. 00 101, 62, S, 7, 6, 24, 006, 531. 58 783,410.00 073, 000. 00 615, 574. 00 140,116.23 603, 511. 00 799,861.68 550,100.00 285,000.00 380,457.00 119,574.63 626,180.00 209, 896, 260. 76 208, 341, 816. 42 207, 222, 141. 81 186, 761, 173. 31 217 Amovnt of each Mnd of COIN md COIN CERTIFICATES held hy the national lanU of New York City, at the dates indicated. [Prepared by the Comptroller of the Currency]. Oct. 3, 1893. Sec. 19, 1893. New Tork City: Gold coin Treasury certificates Clearing-house certiUcates- Silver coin — Dollars Eractional Silver Treasury certificates Total. $36, 739, 700. 00 32, 403, 940. 00 $45, 544, 117. no 37, 739, 820. 00 248, 996, 00 431, 664. 00 5, 878, 763, 00 202, 437. 00 420, 319. 72 10, 230, 344. 00 75, 703, 003. 90 94,137,038.22 218 Amount of SPECIE lield ly the national banks at the dates of their reports, from 18811 to 189S, inclusive, the COIN, COIN CERTIFICATES, and GOLD CLEARING- HOUSE CERTIFICATES held by the New York City national banks being stated separately, [From the reports of the <3omptrolleF-of tho Currency.] Sates. 1882, Har. May Jnly Oct. Deo. 1883) Mar. May June Oct. Deo. 1884, Har. Apr. June Sept. Dec. 1885, Mar. May July Oct. Deo. 1886, Mar. June Aug. Oct. > Dec. 1887, Mar. May Aug. Oct. Dec. 1888, Feb. Apr. June Oct. Dec. 1889, Feb. May July Sept. Deo. ' 1890, Feb. May July Oct. Deo. 1891, Feb. May July S0t. Deo. 1892, Mar. May July Sept. Deo. 1893, Mar. May July Oct. • Dec. Held by national banks in BTew York City. Coin. 093,447.39 541, 956. 93 278, 290. 77 391, 783. 74 811, 726. 69 060, 551. OS 891, 636. 15 219,744.22 388, 073. 82 793, 481. 17 948, 092. 34 929, 064. 27 446, 696. 82 296, 178. 39 314, 080. 57 802, 276. 48 479, 763. 87 417, 68P. 25 290, 427. 74 826, 637. 74 559, 142. 08 643, 019. 92 819, 590. 77 942, 492. 07 853, 614. 67 356, 485. 65 537, 861. 17 304, 877. 59 731, 137. 94 952, 291. 83 002, 398. 36 992,809.75 462, 977. 94 720,728.14 722, 201. 62 013,460.99 610, 047. 54 926, 591. 29 572,834.52 112, 663. 83 630, 979. 37 455, 468. 73 934, 154. 82 226, 605. 03 020,421.39 280, 766. 50 609, 982. 02 535, 236. 56 401, 900. 49 632, 606. 16 506, 544. 06 213, 888. 12 292, 614. 14 765, 070. 07 119, 308. 98 004, 045. 58 461, 198. 59 165, 605. 31 420, 360. 90 166, 874. 22 TTnited States coin certificates. Gold clear- ing-bouse certificates. $4, 075, 800 4, 034, 300 4, 005, 100 3, 098, 100 17, 720, 100 10, 813, 320 16, 094, 210 26, 477, 700 20,541,100 20, 525, 270 21,582,000 20, 093, 380 20, 397, 590 40, 765, 140 41, 193, 870 61. 114, 080 67, 646, 060 65, 400, 390 62, 249, 740 46, 588, 780 48, 322, 120 28, 069, 380 29, 325, 930 36, 369, 130 42, 976, 209 46, 326, 549 40,161,633 39, 652, 579 38, 705, 792 31, 735, 515 43, 177, 280 43, 176, 794 56, 958, 437 64, 871, 468 62, 611, 074 68,456,270 62, 835, 493 54,191,234 51,515,058 57, 573, 221 60, 019, 185 55, 773, 326 55, 228, 660 69, 233, 335 60, 143, 862 61,461,243 49,984,312 45, 017, 973 43, 394, 991 65, 524, 570 75, 805, 161 70, 984, 193 61, 555, 965 49, 802, 401 62, 655, 712 48, 593, 094 49, 109, 295 37, 842, 671 38, 282, 703 47, 970, 164 $29, 907, 000 31, 783, 000 32, 854, 000 26, 224, 000 22, 020, 000 21, 818, 000 21, 334, 000 22, 139, 000 20, 345, 000 21, 693, 000 25, 912, 000 20, 527, OOO 15, 690, 000 15,052,000 17, 331, 000 17, 579, 000 17, 374, 200 16, 709, 000 17,914,000 17, 164, 000 15, 340, 000 17, 174, 000 17, 086, 000 15, 795, 000 17, 651, 000 18, 195, 000 14, 939, 000 17, 039, 000 16, 186, 000 17, 890, 000 19, 123, 000 17, 245, 000 7,999,000 1, 315, 000 Total. $51,076,247.39 51,359,256.93 51, 137, 390. 77 43, 713, 883. 74 50, 561, 826. 69 42, 691, 871. 05 47. 319. 846. 15 56, 836, 504. 22 50, 274, 173. 82 53,011,751.17 60, 442, 152. 34 49, 549, 444. 27 43, 534, 286. 82 63, 113, 318. 39 72,838,950.57 90, 495, 356. 48 96, 500, 023. 87 96, 527, 065. 25 91, 454, 167. 74 77, 579, 417. 74 77, 221, 262. 08 57, 886, 999. 92 58, 231, 520. 77 64, 106, 622. 07 73, 475, 913. 67 74, 878, 034. 65 63,638,494.17 64, 996, 456. 59 63, 622, 928. 94 58, 577, 806. 83 71, 302, 678. 36 69,414,60.3.75 73,420,414.94 73, 907, 196. 14 70, 333, 275. 62 76, 469, 730. 99 71, 495, 540. 54 61, 817, 825. 29 59j 087, 892. 52 6^ 685, 884. 83 69,650,104.37 65, 228, 794. 73 64,162,804.82 78, 459, 940. 03 68,163,783.39 69,742,009.50 58, 594, 294. 02 66, 653, 209. 56 53, 796, 891. 49 76. 157. 176. 16 88, 311, 705. 06 86, 198, 081. 12 75, 818, 579. 14 62, 568, 071. 07 65, 775, 020. 98 61, 577, 139. 58 63, 570, 493. 59 '55, 008, 276. 31 75, 703, 063. 90 94, 137, 038. 22 Held by other national banks. $58, 907, 863. 65 61, 056, 549. 80 60, 556, 871. 77 58, 333, 894. 53 55, 876, 332. 71 55,270,495.29 56, 287, 420. 17 58, 517, 890. 40 57,543,809.71 61, 274, 406. 87 62, 637, 974. 99 65, 195, 26i 82 66. 127, 395. 29 65, 496, 153. 34 66, 908, 128. 96 76, 620, 617. 19 80, 933, 096. 43 81, 085, 426. 77 83, 418, 409. 80 87, 774, 934. 63 94, 394, 657. 31 90, 572, 870. 57 90,768,971.33 92, 281, 073. 93 93, 507, 642. 34 96, 800, 871. 50 103, 677, 171. 45 100, 107, 753. 69 101, 462, 525. 44 100, 662, 836. 65 102. 527. 936. 26 102, 659, 407. 44 107, 871, 861. 82 104, 190, 620. 50 102, 401, 002. 88 106, 815, 072. 01 113, 680, 910. 32 114. 086. 043. 69 105, 238, 556. 32 104. 403. 573. 27 111,895,973.43 112. 937. 699. 70 114,441,258.74 117, 448, 918. 81 121, 899, 222. 81 131, 498, 353. 32 136, 345, 117. 29 136, 216, 327. 90 129, 718, 184. 42 131, 740, 858. 59 141, 836, 263. 22 153, 846, 027. 03 153,471,901.27 146, 548, 307. 62 144, 120, 239. 78 140, 764, 676. 84 143,651,648.22 131, 752, 897. 00 149,000,796.17 Total. .$109,984,111.04 112, 415, 806. 73 111, 694, 262. 54 102, 047, 778. 27 106,427,159.40 97, 962, 366. 34 103, 607, 266. 32 115,354,394.62 107, 817, 983. 63 114, 276, 168. 04 123, 080, 127. 33 114, 744, 707. 09 109,661,682.11 128,609,474.73 139. 747. 079. 53 167, 115, 873. 67 177,433,119.30 177,612,492.02 174. 872. 577. 54 165, 354, 352. iJ7 171, 615, 919. 39 157,459,870.49 149, 000, 492. 10 156, 387, 69(1. UO 166, 983, 556. 01 171,678,900.15 167, 315, 665. 02 165, 104, 210. 28 166, 085, 454. 38 159, 240, 643. 48 173, 830, 014. 02 172,074,011.19 181,292,270.76 178,097,810.64 172, 734, 278. 50 182, 281, 803. 00 185,176,450.86 175,903,868.98 164,326,448.84 171,089,458.10 181,546,137.80 178,165,494.43 178,604,063.66 195,908,858.84 190,063,006.20 201,240,302.82 194,939,411.31 190,769,537.46 183,515,075.91 207,898,034.75 230,147,968.28 239, 044, 108. 15 229, 320, 480. 41 209,116,378.69 209, 895, 260. 76 208,341,816.42 207, 222, 141. 81 186,761,173.31 224.703,860.07 219 ■s si 05 it <= «i OS 00 ,<§"S? l3 I >§ S ? ^ 23 * £ ft Era -g 03 3' CO O O O Ot- i> o o o inxs (O (MOO-* 00 CONOirH r OS o i> M lO er- O I— IfS M O rl O Ot-OOOOOOOOt-OT-j O3c:oot>ooot>«0O t^ C O iH g 52 r oot> t- tro t^t- CiOoeot- ooiHo'Nso" O t- a> CO n SS' 25 Si li. ss - Ill'§ g'gincat/is |S5g|i^5g2ft 220 I o « IS "5?* I O t- t- ua CO 00 e4ini> OlftT-H ca CO i-s inMeaooi-d-Ht-tDoa-* eM'4CSI->#C4C^-«CO(NCO "*rHeomoTHOomt-o OOW^t-COrtt--*-^ COM Ot-H-* o oowi-nm t-o-^ooco .„ :fll1al|ill,g='aa g w tH lO c5tH ■a- p la ^ " ° O B bag •9'S 09 "S o^.jH ft-.5, bo 2 be CO 00 O-O Ot-tDiONOo-it- 0'«0 ac o«5 ufb-Taam'fio o'fffcfiTt-"© 53' eg"M C; io"in cqp im^coior-ajiamiHiomA.coocoe^.io CO iH lA CM o;Deoo>t-c- tH-oa in tff CO in!m oi" cTi-Tt-^ m" o' ■*■-<'«" t>o OrHF^iH ■^ »ft r-1 N t- 1-f T-1 i-f O N 04 t-* O* Hf ■^ t- t- i-te 0(0 1-icoo o oa (O meeo r-' t> 00 CO ceo » a fl V S CO 'nap S o o -rj I qp V V '" "w (U Qj oa kn QD OO ffsl rH L^ m e2 653 n a j=M s-s >.s s >o^ II 1^ S-a II :■§ ;i «^ §1 gl SI §1 T3'§ ^,i' 53 5^ i^ ■fi s ,^l i 'OtM is 13 ^ te a 1:- US Is-o ■39 & &-S § ^l- § II R a f • b Sag sis B •fig fi 222 t§ 'A ■< pq o t-H <3 U '-'rS « is ■* sS ~ e "Si's ■S S -I 6« i^ a, S iO uSin i th P4 f3 « „-3 1-° el '.a g p.' la 2 ^02 9* " -=3 "S o 00 o izi 03 fi hP °5 on as S3 So .MP MOlOt- W t- t-003(N 00 £4 ilr ^ ^ E4 o o S « V S 9 o € ■ so m S S € 55« 3 '^ .u -M -htf •«-' m-e « «> 03 <- ^ n R ^ l-!OPPf3 ■&.S » S E - o o J S 3 I » S e9 •'*" OB S 3 "S s s ° £.5^3 2 S ,%%!'&%- IPWOOPhO, 0(M o in kAo> Tite4oo«oooo t- in o a. TO o oTt-^in t^oo®' ■■S'«S .11 o rt S - n ft ■ h 3 5 ^^ ^ fc! ^^ H S ^ 'S *^ ® ft ..■=; 03 (D g "S'S.S w5 o t- ea o*'-' aTo o Of^ m3 S p, fel ' 3 'prt .sis O tt 0} Pi* K S ^ £; 5 2 S S 3 • 2 & « ■a St. a ■318 -Sb-i ® 3 af'S.S; a E3'3 ■S.S Si Si wa w .3^ It 1 Is OS' S " 5i-s •SB ..00 OO _ ar« oo p Is ^1 0(0 1 = ga ^1 a to l| -a 3^ a"" 35 3 U.3 3^ ■Sv 3 3 00 P «§ MA PS i o o § !• =1 ^ II ^ s" . b » 2 S * -3 g » o o. 223 statement showing QXIABTEBLT INCREASE or DECREASE of national-banJc cir- culation, from January id, 1875, to October 31, 1893. If ational bank. Issued. Ke tired. Increase. Decrease. From Jan, 14 to Jan. 31, 18T5 I'or quarter ended — Apr. 30,1875 July 31,1875 Oct. 31,1675 Jan. 31,1876 Apr. 30,1876 July 31.1876... Oct. 31,1876 Jan. 31,1877 Apr. 30,1877 July 31,1877 Oct. 31,1877 Jan. 31,1878 Apr. 30,1878 Ju'.y 31,1878 Oct. 31,1878 Jan. 31,1879 Apr. 30,1879 July 31,1879 Oct. 31,1879 Jan. 31,1880 Apr. 30,1880 July 31,1880 Oct. 31,1880 Jan. 31,1881 Apr. 30,1881 July 31,1881 Oct. 31,1881 Jan. 31,1882 Apr. 30,1882 July 31,1882 Oct. 31,1882 Jan. 31,1883 Apr. 30,1883 July 31,1883 Oct. 31,1883 Jan. 31,1884 Apr. 30,1884 •- July 31, 1881 Oct. 31,1884... Jan. 31,1885 Apr. 30, 1885 July 31,1885 Oct. 31,1885 Jan. 31,1886 Apr. 30,1886 July 31,1886 i Oct. 31,1886 Jan. 31,1887 Apr. 30,1887 July 31,1887 Oct. 31,1887 Jan. 31,1888 Apr. 30,1888 July 31,1888 Oct. 31,1888 Jan. 31,1889 Apr. 30,1889 July 31,1889 Oct. 31,1889 Jan. 31,1890 Apr. 30,1890 :.. July 31,1890 Oct. 31,1890 Jan. 31,1891 , Apr. 30,1891 July 31,1891 Oct. 31,1891 Jan. 31,1892 Apr. 30,1892 July 31,1892 Oct. 31,1892 Jan. 31,1893 Apr. 30,1893 , July 31,189.') , Oct. 31,1893 Total Surrendered to tliis office and retired from Jan. 14, 1875, to Oct. 31,1893 Gratad total l $537, 580 4, 409, 220 4, 124, 165 1, 915, 710 2, 504, 600 8:7,580 1, 107, 110 2, 604, 390 3, 188, 630 4, 363, 010 3, 000, 230 5, 764, 160 6, 725, 585 3, 036, 760 4, 252, 980 2, 276, 360 3, 097, 060 7, 039, 300 3,674,830 9, 122, 300 7, 289, 805 3, 163, 820 1, 748, 660 1, 199, 930 2, 234, 780 12. 690, 890 9, 569, 410 6, 484, 550 5, 625, 200 2, 991, 400 4, 054, 740 9, 792, 910 4, 588, 850 3, 638, 650 3, 327, 100 2, 755, 600 2, 748, 270 2, 052, 294 2, 77S, 960 2, 792, 170 1, 265, 520 2, 125, 260 2, 160, 110 5, 591, 760 7, 751, 794 4, 700, 384 1,469,325 1, 566, 700 1, 243, 550 2, 961, 775 2, 936, 670 4, 021, 350 6,144,629 7, 755, 416 6, 188, 531 1, 049, 765 930, 445 1, 179, 165 1, 376, 200 1,783,920 1, 428, 805 3, 469, 345 2, 481, 990 1, 817, 525 1, 765, 540 1, 397, 135 4, 065, 776 8, 230, 000 6, 241, 445 3, 217, 945 2, 992, 805 2, 271, 889 4, 384, 625 4, 736, 660 8, 523, 700 _26^721, 395 312,287,267 $255, 600 3, 338, 804 5, 423, 930 5, 1)53, 971 3, 852, 731 5. 425, 539 9,683,984 8, 564, 727 4, 759, 015 5, 005, 596 4, 984, 390 3, 616, 321 2, 701, 885 1, 906, 720 3, 453, 080 2, 924, 430 747, 327 1, 822, 988 2, 715, 524 1, 754, 658 674, 129 1, 665, 766 2, 427, 398 1, 635, 780 1, 381, 534 4. 426, 596 4, 734, 578 3, 182, 551 3, 354, 153 4,414,866 5, 741, 456 5, 811, 497 4, 927, 020 6, 510, 245 8, 868, 246 6, 369, 273 5, 172, 714 8, 430, 804 7, 883, 997 8, 833, 874 7, 812, 055 8,135,112 5, 731, 673 8, 758, 164 5, 581, 261 8, 307, 163 8, 426, 486 6, 468, 227 9, 580, 973 11, 014, 057 11,307,718 8, 421, 629 12, 190, 159 15, 006, 579 15, 115, 185 11, 277, 768 11, 031, 498 11,789,161 11,791,639 7, 894, 453 8, 865, 001 8,496,305 7, 645, 116 6, 444, 175 6, 806, 594 6, 578, 679 6, 973, 621 4, 462, 860 4, 220, 607 3, 934, 429 2, 824, 744 2, 439, 286 2,426,418 2, 267, 340 1, 612, 297 1, 183, 029 $281, 980 1,072,416 4, 023, 700 1, 130, 039 797, 900 2, 349, 733 5, 216, 312 959, 300 7, 367, 742 6, 615, 876 1, 808, 054 873, 246 8, 264, 294 4. 834, 8.12 3, 301, 900 2, 271, 047 4, 181, 413 3, 767, 150 1, 020, 938 188, 061 1, 958, 207 2, 468, 314 6,911.403 25, 538, 366 439, 314, 632 16, 489, 240 $1, 299, 781 3, 838, 281 1, 348, 131 4, 547, 959 8, 658, 874 5, 980, 333 1, 570, 386 642, 688 1, 984, 169 84«, 070 878, 738 335, 830 1, 423, 405 1, 886, 710 338, 170 2, 871, 595 3,341,145 3,613,673 2, 424, 444 8, 378, 510 5, 105, 037 4, 041, 704 6, 576, 535 6, 009, 862 3, 571, 583 1, 166, 394 3, 896, 779 8, 966, 181 4, 901, 527 8, 337, 423 8, 062, 283 8, 371, 048 4, 400, 179 8, 045, 530 7, 250, 183 8, 928, 854 10, 228, 003 10, 101, 053 10, 609, 998 10, 416, 438 6, 110, 533 7, 436, 108 5,026,960 5, 063, 128 4, 626, 850 4, 131, 054 5, 181, 444 1, 907, 740 716, 484 187,' si? 228, 419, 865 16,489, 240 312, 287, 267 465, 803, 872 224 Gomparative gtatement of the BESOUBCES and LIABILITIES Of the national banht from 1864 to 189S, inelusive. Oct. 3, 1864. Oct.,2, 1865. Oct.l, 1866. Oct. 7, 1867. Oct. 5, 1868. Oct. 9, 1869. Oct. 8, 1870. Oct. 2, 1871. 608 banks. 1,513 banks. 1,644 banks. 1,642 banks. 1,643 banks. 1,617 banks. 1,648 banks. 1,767 banks. BESOUBCES. MiUions. $93.2 1 108.1 34.0 2.2 \ 44.8 4.7 Millioni. $487.2 427.7 107. 3 14.7 f 18.1 I 190.0 16.2 72.3 mttione. $603. 3 ( 331.8 I 95.0 i 16.9 122.9 17.1 9.2 202.8 17.4 103.7 Millions. $609.7 338.6 80.3 21.5 103.6 20.6 12.8 157.4 11.8 134.6 Miaions. $657.7 340.5 74.1 20.7 110.1 22.7 13.1 166.1 11.8 143.2 MiUions. $682.9 339.5 44.6 22.2 100.8 25; 2 23.0 129.6 10.8 108.8 Minimis. $715.9 340.9 37.7 23.6 109.4 27.5 18.5 122.7 12.5 79.1 Mmimt. $831. 6 364.5 45.8 24 5 Bonds for circulation Other United States bonds . . 143.2 30.1 13.2 107.0 Kational-bank notes 14.,3 115.2 10.1 26.3 7.9 8.6 9.6 9.8 22.9 41.2 Total 297.1 1,359.8 1,627.0 1,499.5 1,669.6 1,497.2 1,610.7 1, 730. 6 LIABILITIES. Capital stock........ 86.8 2.0 6.0 45.2 122.2 34.9 393.2 38.7 32.4 171.3 549.1 174.2 .9 416.5 63.3 32.6 290.0 698.0 137.5 .1 420.1 66.7 33.8 297.9 668.2 112.8 420.6 78.0 36.1 298.7 603.1 123.1 426.4 86.2 40.7 296.0 523.0 118.9 6.0 430.4 94.1 38.6 293.9 512.8 130.0 10.9 458.3 101.1 42.0 Circulation outstanding . . . 317.4 631.4 171.9 Other liabilities 8.5 Total 297.1 1,359.8 1,527.0 1,499.5 1,559.6 1,497.2 1,510.7 1,730.6 Oct. 3, 1872. Sept. 12, 1873. Oct. 2, 1874. Oct. 1, 1875. Oct. 2, 1876. Oct. 1, 1877. Oct. 1, 1878. Oct. 2, 1879. 1,919 banks. 1,976 banks. 2,004 •banks. 2,087 banks. 2,089 banks. 2,080 banks. 2,063 banks. 2,048 banks. EEBOUECES. MiUiom. $877.2 382.0 27.6 23.5 128.2 32.3 10.2 102.1 15.8 125.0 6.7 MiUions. $944. 2 288.3 23.6 23.7 149.6 34.7 19.9 92.4 16.1 100.3 20.6 Miaioni. . $954.4 383.3 28.0 27.8 134.8 38.1 21.2 80.0 18.5 109.7 42.8 20.3 18.3 Miaions. $984.7 370.3 28.1 33.5 144.7 42.4 8.1 76.5 18.5 87.9 48.8 19.6 19.1 MiUions. $931.3 337.2 47.8 34.4 146.9 43.1 21.4 84.2 15.9 100.0 29.2 16.7 19.1 MiUions. $891. 9 336.8 45.0 34.5 129.9 45.2 22.7 66.9 15.6 74.6 33.4 16.0 28.7 MiUions. $634.0 347.6 94.7 36.9 138.9 46.7 30.7 64.4 16.0 82.4 32.7 i«.5 24.9 MiMiont. $878.5 Bonds for circulation "Other United States bonds. 357.3 71.2 39.7 167.3 47.8 42.2 69.2 2iFational-bank notes ^Olearing-house exchanges . ■tj.S. certificates of deposit. 16.7 113.0 26.8 17.0 25.2 17.3 22.1 Total 1,756.8 1,830.6 1,877.2 1,882.2 1, 827. 2 1,741.1 1,767.3 1,868.8 LIABILITIES. nuiDital'Stock 479.6 110.3 46.6 335.1 628.9 143.8 11.5 491.0 120.3 54. S 340.3 640.0 173.0 11.5 493.8 120.0 51.5 334.2 683.8 175.8 9.1 504.8 134.4 53.0 319.1 679.4 179. 7 11.8 499.8 132.2 46.4 292.2 666.2 179.8 10.6 479.5 122.8 44.6 291.9 630.4 161.6 10.4 466.2 116.9 40.9 301.9 668.4 165.1 7.9 464.1 114.8 40.3 Circulation outstanding . . . 313.8 736.9 2U1.2 6.7 Total 1, 755. 8 1, 830. 6 1,877.2 1,882.2 1,827.2 1,741.1 1,767.3 1,868.8 225 Comparative statement of the RESOVliCES and LIABILITIES of the national banka from 1864 to 1893, inclusive — Continued. BESOURCES. Loans Bonds for circulation Other United States bonds Stocks, bonds, etc Dne from banks Real estate Specie 'Legal-tender notes National-bank notes Clearing-lioiiae exchanges United States certificates of deposit Due from United States Treasurer Other resources Total LIABILITIES. Capital stock Snrplns fund Undivided profits Circulation outstanding Due to depositors Due to banks Other liabilities , Total Millions. $1, 041. 357.8 43.6 48.9 213.5 48.0 100.3 56.6 18.2 121.1 7.7 17.1 23.0 Oct. 1, 1880. 2,090 banks. 2, 105. 8 457.6 120.5 46.1 317.3 887.9 267.9 8.5 2, 105. 8 Got. 1, 1881. 2,132 banks. Minimis. ., 173. 8 363.3 56.5 61.9 230.8 47.3 114.3 53.2 17.7 189.2 6.7 17.5 26.2 Millions. $1,243.2 357.6 37.4 66.2 198.9 46.5 102.9 63.2 20.7 208.4 8.7 17.2 2,368.4 463.8 128.1 66.4 320.2 1, 083. 1 294.9 11.9 2,358.4 Oct. 3, 2,269 banks. 2, 399. 8 483.1 132.0 61.2 315.0 1, 134. 9 259.9 13.7 2, 399. 8 Oct. 2, 1883. 2,501 banks. Millions. $1, 309. 2 351.4 30.7 71.1 208.9 48.3 107.8 70.7 22.7 96.4 10.0 16.6 28.9 2; 372. 7 509.7 142.0 61.6 310.5 1, 063. 6 270.4 14.9 2,372.7 Sept. 30, 1884. 2,664 banks. MiUiong, $1, 245. 3 327.4 30.4 71.4 194.2 49.9 128.6 77.0 14.2 17.7 33.8 524.3 147. 63.2 289.8 993.0 246.4 15.8 2, 279. S Oct. 1, 1885. 2,714 banks. Milli^>ns. $1, 306. 1 307.7 31.8 77.5 235.3 51.3 174.9 69.7 23.1 84.9 18.8 14.9 36.9 2, 432. 9 627.5 146.6 59.3 269.0 1, 116. 7 299.7 14.1 2,432.9 Oct. 7, 1886. 2,852 banks. Millions. $1,451.0 258.5 32.4 81.8 241.4 54.1 156.4 62.8 22.7 95.5 5.9 14.0 37.4 2, 513. 9 648.5 167.3 66.5 228.8 1, 189. 5 308.6 14.9 2, 513. 9 Oct. 5, 1887. 3,049 banks. BEBOUBCES. Loans Bonds for circulation Other United States bonds Stocks, bonds, etc Sue from banks !Beal estate Specie Legal-tender notes National-bank notes -. . . Claaring-honse exchanges United States certificates of deposit Dne from United States Treasurer. . Other resources Total LIABILITIES. Capital stock 'Surplus fund Undivided profits Circulation Due to depositors Due to banks Other liabilities Total Millions $1, 587. 5 189.1 34.7 88.8 256.3 58.0 165.1 73.7 21.9 88.8 6.2 9.3 40.8 578.5 173.9 71.5 167.3 1, 274. 7 329.6 24.7 2, 620. 2 Oct. 4, 1888. Sept. 30, 1889. Oct. 2, 1890. Sept. 25. 1891. Sept. 30, 1802. 3,120 banks. 3,290 banks. 3,640 banks. 3,677 banks. 3,773 banks. Millions. $1, 628. 1 177.6 S3. 6 96.3 283.5 61.1 181.3 82.0 21.3 74.2 12.3 9.0 42.1 Millions. $1,817.3 146.5 48.5 109.3 335.4 69.4 164.3 86.8 20.9 136.8 12.9 7.4 42.8 Millions $1, 986. 1 140.0 30.7 115.5 336.2 76.8 195.9 80.6 18.5 106.8 6.2 6.9 41.3 Millions. $2, 006. 5 160.0 24.9 125.2 338.7 83.3 183.5 97.6 20.0 122.0 15.7 8.0 38,7 Millions. 1,171.0 163.3 20.2 164.5 409.5 87.9 209.1 104.3 19.6 105.5 14.0 8.2 43.0 2, 731. 4 2, 998. 3 3, 213. 1 3, 510. 1 588.4 183.1 70.3 165.4 1, 350. 7 358.1 25.4 612.6 197.4 84.9 128.5 , 622. 425.3 27.6 650. 213. 97. 123. 1, 694. 426. 36. 677.4 227.6 103.3 131.3 ., 608. e 430,6 34.3 238.! 101.1 143.. 1, 779. i 530.' 2,731.4 2, 998. 3 3,141.5 3,213.1 3,510:i Oct. 3, 1893. 3,781 banks. Millions. $1, 843. 6 206.4 17.6 148.6 277.5 89.2 224.7 114.7 22.4 106.2 7.9 10.2 41.4 3, 109. 6 678.5 246.8 103.5 183.0 1, 465. 4 349.3 83.0 3, 109. 5 S. Kep. 235 15 226 statement exhiiiting the CHANGES in DEPOSITS and BESEBVE since June SO, 1874; also, on or about October 1, of each year m each central reserve dty, in all tlie reserve cities, and in States and Territories, with a general summary embracing all active national banlcs. NE"W TOEK GIST. * All la-wful money. CHICAGO. No. of banks. Net de- posits. Eeserve required (25 per cent).* EeserTe held. Classification of reserve. Date. Amount Eatio to deposits. Specie. Other law- ful money. Due i^om agents. Kedemp- tionfund. Oct. 2, 1874 Oct. 1, 1875 Oct. 2, 1876 Oct. 1, 1877 Oct. 1, 1878 Oct. 2 1879 48 48 47 47 47 47, 47 48 50 48 44 44 45 47 46 45 47 49 48 49 47 Mittioiu. $204.6 202.3 197.9 174.9 189.8 210.2 268.1 268.8 254.0 266.9 255.0 312.9 282.8 284.3 342.2 338.2 332.6 327.8 391.9 309.9 275.7 MiUiont. Jf51.2 50.7 49.5 43.7 47.4 52 6 67.0 67.2 63.5 66.7 63.7 78.2 70.7 71.1 85.6 84.5 83.2 81.9 97.9 77.5 67.6 Millimt. $68.3 60.5 60.7 48.1 50.9 53.1 70.6 62.5 64.4 70.8 90.8 115.7 77.0 80.1 96.4 84.9 92.5 86.1 103.4 109.0 77.2 Per cent. 33-4 29-9 30-7 27-5 26-8 25-3 26-4 23-3 25-4 26-5 35-6 37-0 27-2 28-2 ' 2«-2 25-1 27-8 26-3 26-4 35-1 28-6 Miaions. $14.4 5.0 14.6 13.0 13.3 19.4 58.7 50.6 44.5 50.3 63.1 91.5 64.1 63.6 73.9 59.1 78.4 53.8 62.6 75.7 48.4 MUMom. $.52.4 54:4 45.3 34.3 36.5 32.6 11.0 10.9 18.9 19.7 27.0 23.7 12.5 16.1 22.1 25.6 13.9 32.0 40.5 32. S 28.1 Maiions. Millions. $1.5 8 8 1 1 Oct. 1,1880 Oct. 1, 1881 Oct. 3, 1882 1 Oct. 2, 1883 Sept. 30, 1884 Oct. 1, 1885 Oct. 7, 1886 Oct. 5 1887 9 7 5 4 Oct. 4, 1888 Sept. 30, 1889 Oct. 2, 1890 Sept. 25, 1891 Sept. 30, 1892 Oct. 3, 1893 0.3 2 0.2 0.3 0.3 0.8 Average for 20 years .. 0.7 Oct. 5, 1887 Oct. 5, 1888 Sept. 30,1889 Oct. 2, 1890 Sept. 25,1891 Sept. 30,1892 Oct. 3, 1893 18 $64.6 $16.2 $19.7 30-5 $12.9 19 69.3 17.3 21.0 30-2 13.1 20 78.7 19.7 25.0 31-7 15.3 19 82.9 20.7 24.8 30 17.0 21 92.9 23.2 31.2 33-6 20.1 23 106.5 26.6 30.5 28-6 22.4 21 85.8 21.4 39.0 45-4 22.8 $6.7 7.8 9.6 7.8 11.0 8.1 16.2 $0.05 0.05 0.05 0.09 0.05 0.05 0.05 ST. LOUIS. Oct. 5, 1887 Oct. 4, 1888 Sept. 30,1889 Oct. 2, 1890 Sept. 25,1891 Sept. 30,1892 Oct. 3, 1893 5 $10.3 $2.6 $2.7 26-4 $1.3 4 7.9 2.0 2.1 27-0 1.0 5 12.0 3.0 3.2 26-7 1.6 8 26.2 6.5 5.6 21-3 3.1 9 24.2 6.1 5.8 23-8 3.8 9 29.2 7.3 6.1 21-1 4.6 9 17.9 4.5 6.7 31-9 3.7 $1.3 1.1 1.6 2.5 2.0 1.5 2.0 $0.03 0.02 0.01 0.02 0.02 0.02 0.02 227 statement exhiUting the CHANGES in DEPOSITS and BESEBVE since June SO, i874, eto. — Continued. EESEETE CITIES.* [Seseived 25 per cent, one-balf in lawful money.] No. of banks. Net de- posits. Eeserve required (15 per Eeserve beld. Classification of reserve. Date. Amount Eatio to Specie. Other law- Due from Eedemp- cent).* deposits. ful money. agents. tion fund. mUiont. MilKcms. Millions. Per cent. miliont. Maiiont. Millions. MUlions. Oct. 2, 1874 182 $221. 4 $55.3 $76.0 34-3 $4.5 $36.7 $31.1 $3.7 Oct. 1,1875 188 223.9 56.0 74.5 33-3 1.5 37.1 32.3 3.6 Oct. 2, 187S 189 217.0 54.2 76.1 36-1 4.0 37.1 32.0 3.0 Oct. 1, 1877 188 204.1 51.0 67.3 33 6.6 34.3 24.4 3.0 Oct. 1, 1878 184 199.9 50.0 71.1 35-6 9.4 29.4 29.1 3.2 Oct 2, 1879 181 288.8 57.2 83.5 36-5 11.3 33.0 35.7 3.5 Oct. 1, 1880 184 280.4 72.4 105.2 36-2 28.3 25.0 48.2 3.7 Oct. 1,1881 189 335.4 83.9 100.8 30 34.6 21.9 40.6 3.7 Oct. 3, 1882 193 318.8 79.7 89.1 28-0 28.3 24.1 33.2 3.5 Oct. 2,1883 200 323.9 81.0 100.6 31-1 26.3 30.1 40.8 8.4 Sept. 30,1884 203 307.9 77.0 99.0 32-2 30.3 33.3 32.3 3.1 Oct. 1, 1885 203 364.5 91.1 122.2 33-5 42.0 34.9 42.4 2.9 Oct. 7, 1886 217 381.5 95.4 114.0 29-9 44.5 26.0 41.3 2.2 Oct. 5, 1887 223 338.5 84.6 100.7 29 -T 36.3 23.2 40. p 1.2 Oct. 4, 1888 221 384.9 96.2 116.9 30-4 40.0 24.5 51.5 0.9 Sept. 30,1880 228 419.0 104.8 121.9 29-1 37.8 26.7 66.7 0.6 Oct. 2,1890 259 457.8 114.4 129.8 28-3 43.1 24.9 61.0 0.7 Sept. 25, 1891 265 451.9 113.0 138.8 30-7 45.5 31.5 61.0 0.8 Sept. 30,1892 263 519.3 129.8 156.1 30-1 53.1 29.0 73.0 1.0 Oct. 3,1893 268 392.6 98.1 129.6 35-1 46.6 29.8 51.6 1.6 * Includes Chicago and St. Louis up to October 5, 1887. STATES AJSB TERRITORIES. Oct. 2, 1874 1,774 $293.4 $44.0 $100.6 34-3 $2.4 $33.7 $52.7 $11.9 Oct. 1, 1875 1,851 307.9 46.3 100.1 32-5 1.6 33.7 53.3 11.6 Oct. 2, 1876 1,853 291.7 43.8 99.9 34-3 2.7 31.0 65.4 ■ 10.8 Oct. 1,1877 1,845 290.1 43.6 95.4 32-9 4.2 31.6 48.9 10.1 Oct. 1,1878 1,822 289.1 43.4 106.1 36-7 8.0 31.1 56.0 11.0 Oct. 2, 1879 1,820 329.9 49.5 124.3 37-7 11.5 30.3 71.3 11.2 Oct. 1, 1880 1,859 410.5 61.6 147.2 35-8 21.2 28.3 86.4 11. a Oct. 1,1881 1,895 507.2 76.1 158.3 31-2 27.5 27.1 92.4 11.4 Oct. 3,1882 2,026 545.8 81.9 160.4 27-5 30.0 30.0 80.1 11.3 Oct. 2,1883 2,263 977.9 86.7 157.6 27-2 31.2 30.8 84.1 U.3 Sept. Oct. 30, 1884 2,417 635.8 80.4 156.3 29-2 35.2 30.9 79.7 10.6 1,1885 2,467 670.8 86.6 177.5 31-1 41.5 29.9 95.9 10.2 Oct. 7,1886 2,690 637.6 95.6 186.2 29-2 47.8 30.1 99.5 8.'i Oct. 5,1887 2,756 690.6 103.6 190.9 27-6 60.8 32.6 100.9 6.« Oct. 4, 1888 2,847 739.2 110.9 209.8 28-4 60.2 34.5 119.0 6.2 Sept. 30, 1889 2,992 807.6 121.1 224.6 27-8 60.5 36.2 132.4 6.6 Oct. 2, 1890 3,207 859.2 128.9 225.5 26-2 64.3 37.7 128.6 5.2 Sept. 25, 1891 3,333 861.8 129.3 235.6 27-3 60.3 36.8 133.0 5.4 Sept. 30, 1892 3,430 975.5 146.3 274.8 28-2 66.6 38.9 163.5 5.S Oct 3,1893 3,434 767.5 115.1 230.6 30-0 76.9 41.2 106.9 6.6 * Eeserve 15 per cent, two-fifths in lawful money. STJMMAET. Oct. Oet. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Sept. Oct. Oct. Oct. Oct. Sept. Oct. Sepfc Sept. Oct. 2, 1874 2,004 $719.5 1, 1875 2,087 734.1 2,1876 2,089 706.6 1, 1877 2,080 669.1 1,1878 2,053 678. 8 2,1879 2,048 768.9 1,1880 2,090 968.0 1, 1881 2,132 1,111.6 3, 1882 2,269 1,118.6 2,1883 2,601 1, 168. 7 30,1884 2,664 1,098.7 1,1885 2,714 1,248.2 7, 1886 2,862 1,301.8 5, 1887 3,049 1,388.4 4,1888 3,140 1,643.6 30,1889 3,290 1,655.6 2.1890 3,540 1,758.7 25,1891 3,677 1, 758. 6 30,1892 3,773 2,022.6 3,1893 3,781 1,673.7 $150. 1 $244.9 152.2 235.1 147.6 236.7 138.3 210.8 140.8 228.1 169.3 260.9 201.0 323.0 227.2 321.6 225.1 303.9 234.4 328.9 221.1 346.1 264.9 415.4 281.7 377.2 278.0 394.2 311.9 446.2 333.1 459.6 363.7 478.2 353.5 497.4 408.1 570.9 316.6 513.9 34 '0 $21.3 32 8.1 33-5 21.3 31-5 22.8 33-6 30.7 33-9 42.2 33-4 108.2 28 9 112.7 27-2 102,8 28-1 107.8 31-6 128.6 33-3 175.0 29-0 156.4 28-4 165.1 28-9 178.1 27-8 164.3 27 -2 195.9 28-3 183.5 28-2 209.1 32 '6 224.7 $122. 8 125.2 113.4 100.2 97.0 95.9 64.3 59.9 72.0 80.6 91.2 88.5 68.7 79.9 90.1 99.7 86.8 113.3 118.3 121.7 $83.8 85.6 87.4 73.3 85.1 107.0 134.6 133.0 113.3 124.9 112.0 138.3 140.8 140.9 170.5 189.1 189.6 194.0 236.4 158.6 228 Average WEEKLY DEPOSITS, CIMCULATION, and BESERVE of the naUonal haiiks of New Torlc City, as reported to the New TorJc clearing house, for the months given, in the years 1887, 1888, 1889, 1890, 1891, 189^, and 189S. Week ended — Circulation. Ket deposits. Total. Sept. 3,1887 Sept. 10, 1887 Sept. 17, 1887 Sept. 24, 1887 Oct. 1, 1887 Oct. 8, 1887 16, 1887 22, 1887 29, 1887 5, 1887 12 1887 Oct. Oct. Oct. Nov. Nov. Sept. 1,1888 Sept. 8,1888 Sept. 15, 1888 Si>pt. 22,1888 Sept. 29, 1888 Oct. 6, 1888 Oct. 13,1888 Oct. 20,1888 Oct. 27,1888 Nov. 3, 1888 Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Nov. Nov. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Nov. Nov. Sept. Sept. , Sept. Sept. Oct. Oct. Oct. Oct. Oct. Nov. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Oct. Nov. 7, 1889 U, 1889 21, 1889 28, 1889 5, 1889 12, 1889 19, 1889 26. 1889 2, 1889 9. 1889 6. 1890 13. 1890 20, 1890 27, 1890 4, 1890 11, 1890 18, 1890 25. 1890 1, 1890 8. 1890 5. 1891 12. 1891 19, 1891 26, 1891 3, 1891 10, 1891 17, 1891 24, 1891 31. 1891 7. 1891 3. 1892 10. 1892 17, 1892 24, 1892 1, 1892 8, 1892 15, 1892 22, 1892 29, 1892 5, 1892 LiabiUtieB. Sept, 2,1893 Sept. 9,1893 Sept. 16, 1893 Sept. 23, 1893 Sept. 30, 1893 Oct. 7, 1893 Oct. 14,1893 Got. 21,1893 Oct. 28,1893 Nov. 4,1893 $8,112,000 8, 115, 600 8, 126, GOO 8, 235, 300 8, 202, 500 8, 186, 800 8, 199, 100 8, 216, 200 8, 115, 100 8, 046, 100 8, 033, 700 7, 770, 400 7, 850, 400 7, 892, 900 7, 927, 700 6, 836, 400 6, 515,,300 6, 516, 700 6, 488, 700 6, 484, 500 6, 363, 200 3, 961, 900 3, 978, 100 3, 931, 300 3, 945, 500 3, 957, 100 3, 943, 900 3, 893, 200 4, 037, 400 4, 053, 600 3, 991, 200 3, 690, 700 3, 700, 100 3, 585, 700 3, 479, 300 3, 505, 000 3, 521, 300 3, 518, 800 3, 497, 200 3, 500, 800 3, 493, 500 5, 459, 400 5, 527, 000 5, 501, 200 6, 567, 700 5, 619, 000 5, 629, 100 5, 576, 600 6, 673, 400 6, 592, 600 5, 587, 400 5, 424, 200 5, 530, 800 5, 601, 000 5, 642, 600 5, 672, 000 5, 573, 900 5, 669, 100 5, 608, 800 5, 633, 700 5, 660, 800 9, 911, 600 11, 209, 400 12, 723, 600 13, 610, 300 14, 395, 600 14, 940, 000 14, 956, 800 14, 690, 500 14, 610, 800 14, 409, 900 $281, 345, 100 279, 916, 600 279, 288, 500 278, 673, 000 281, 647, 300 286, 703, 700 289,861,500 289, 542, 800 289, 601, 900 289, 954, 700 288,289,700 341, 477, 200 336, 495, 600 312, 995, 600 333, 969, 700 336, 016, 200 349, 606, 800 337, 765, 000 343, 963, 000 343, 813, 200 343,587,""" 345, 344, 200 346, 601, 000 342, 298, 800 340, 642, 700 334, 991, 500 329, 923, 400 328, 225, 600 325, 328, 100 325, 635, 600 320, 166, 700 309, 128, 200 304, 626, 200 309, 181, 200 324, 335, 300 331, 436, 600 325,794,800 320, 667, 900 317,-895, 500 314, 709, 700 309, 975, 100 332, 378, 600 332, 578, 000 335, 317, 300 333, 004, 000 331, 492, 100 332, 294, 100 339, 667, 000 341, 023, 000 343, 572, 700 345, 411, 300 419,587,400 414, 929, 600 408,312,700 399, 038, 400 395, 234, 300 390, 012, 300 384, 724, 200 378, 739, 600 374, 072, 300 371, 530, 600 301, 665, 200 299, 816, 400 304, 808, 300 310, 368, 900 317, 329, 300 325, 891, 300 335, 954, 400 344, 672, 800 364, 660, 600 366, 638, 100 $289, 467, 100 288, 031, 200 287, 414, 600 286, 808, 300 289, 849, 800 293, 890, 500 298, 060, 600 297, 759, 000 297, 717, 000 298, 000, 800 296, 323, 400 349, 247, 600 344, 346, 000 320, 888, 600 341, 887, 406 342, 852, 600 366, 022, 100 344, 271, 700 350, 441, 700 350, 297, 700 349, 950, 500 349, 30B, 100 350, 574, 100 346, 230, 100 344,488,200 338, 948, 600 333, 867, 300 332, 118, 800 329, 365, 500 329, 689, 200 324, 157, 900 312, 818, 900 308, 326, 300 312, 766, 900 327, 814, 600 834, 941, 600 329, 316, 100 824, 186, 700 320, 892, 700 318, 210, 500 313,468,600 337, 838, 000 338, 105, 000 340, 818, 500 338, 571, 700 337, 111, 100 337, 923, 200 345, 243, 600 346, 696, 400 349, 165, 300 360, 998, 700 425, Oil, 600 420, 460, 300 413, 913, 700 404, 681, 000 400, 906, 300 895, 686, 200 390, 293, 300 384, 348, 400 379, 706, 000 377, 181, 300 311,676,800 311, 025, 800 317, 631, 900 328, 979, 200 331, 724, 900 340, 831, 300 360, 911, 200 359,363,300 369,271,400 380, 048, 000 Reserve. Specie. $59, 175, 700 58, 861, 300 69, 052, 900 60, 635, 900 64, 619, 200 64, 317, 500 64, 663, 100 64, 918, 700 66, 005, 800 64, 639, 800 68, 791, 600 73, 344, 200 69, 844, 500 69, 723, 700 70, 054, 900 74, 146, 500 74,411,300 73, 901, 600 81, 457, 700 81, 212, 600 80, 140, 200 65, 635, 100 63, 824, 300 60, 894, 900 60, 375, 900 58, 407, 200 59, 565, 900 62, 537, 900 62, 403, 200 62, 450, 000 61, 240, 500 68, 678, 800 66, 963, 600 68, 588, 600 79, 205, 600 80, 839, 400 73, 148, 900 66,652,400 65, 680, 500 , 66,088,800 62, 360, 900 49, 293, 200 51, 750, 700 53, 066, 900 52, 824, 200 54, 783, 400 59,731,800 65, 532, 000 69, 827, 700 71, 771, 500 71,728,600 67, 699, 700 66,210,100 65, 742, 400 63, 667, 200 62, 208, 200 62, 137, 500 62, 030, 80O 61,205,200 62, 313, 900 62, 274, 800 57, 684, 800 69, 174, 600 63, 650, 000 67, 942, 900 69, 703, 000 72, 369, 000 75, 663, 400 79, 604, 100 80, 472, 200 81, 118, 200 Legal ten- ders. $18, 17, 16, 16, IS, 16, 16. 16. 17, 17, 18; 786, Total. 269, 767, 269, 885. 735, 542, 810! 070, 30, 867, 300 28, 797, 600 28, 288, 900 26, 320, 600 24, 994, 100 23, 204, 300 22,017,800 21, 386, 800 21, 329, 800 21, 700, 800 31, 687, 500 30, 527, 100 29,468,400 28, 933, 700 27, 257, 900 24, 873, 400 23, 570, 300 22,715,200 22,748,700 20, 416, 800 19, 062, 800 19, 146, 500 17,403,400 16, 692, 300 16, 853, 900 14, 436, 700 14,642,600 15, 611, 800 16, 384, 300 15, 517, 400 44, 509, 41,488, 39, 640, 35, 676, 32, 879, 30, 905, 29, 610, 27, 347, 26, 779, 23, 665, $77, 76, 75, 76, 80, 80, 81, 81, 83, 82, 81, 45, 381, 700 44. 185, 600 43, 884, 100 43, 760, 700 43, 225, 300 39, 862, 800 37, 053, 900 38,629,900 36, 626, 000 34,685,500 18,727,900 20, 346, 900 23, 946, 100 27, 048, 100 32, 358, 300 35, 435, 000 37,728,600 42,967,900 49, 418, 600 64,757,600 961, 800 620,300 442, 500 895, 500 386, 700 587,200 548, 500 664, 50O 648, 200 450, 600 862, 400 104, 031, 600 98, 642, 100 97, 962, 600 96, 376, 500 89, 140, 000 97, 615, 600 95, 919, 300 102, 844, 500 102,542,400 101, 841, 000 97, 322, 600 94,361,400 90, 363, 300 89, 309, 600 85, 665, 100 84,439,300 86, 108, 200 85,118,400 86, 198, 700 81, 667, 300 87, 741, 600 T6, 110, 100 80, 992, 000 95, 897, 800 96, 193, 300 87, 585, 600 81,194,900 81, 292, 300 82, 428, 100 77, 878, 300 93, 803, 000 93, 239, 200 92, 611, 800 88,600,500 87, 663, 300 90,637,600 95, 142, 600 96, 676, 000 98, 560, 900 95,394,400 113,081,400 110, 395, 700 109,626,500 107,427,900 105, 433, 500 102, 000, 300 99, 084, 700 99, 735, 100 98. 839, 900 96,960,100 76, 312, 700 79, 520, 500 87, 696, 100 94, 991, 000 102, 061, 300 107,804,000 113, 292, 000 122, 462, 000 129, 890, 800 135, 875, 800 Batio to liabilities. Per cent. 26-93 229 , TaUe showing the MOVEMENT of the BESEBVE of the national hankt in New York City during Ooioier for the last sixteen years. ■Week ended— Specie. Legal ten- ders. Total. Batio of reser veto- Circula- tion and deposits. Deposits. October 5, 1878 October 12, 1878..- October 19, 1878 October 26, 1878 October 4, 1879 October 11, 1879 October 18, 1879 October 25, 1879 -. October 2, 1880 October 9, 1880 October 16, 1880 October 23, 1880 October 30, 1880 October 1,1881 Octobers, 1881 October 15, 1881 October 22, 1881 October 29, 1881 October 7, 1882 : October 14, 1882 October 21, 1882 October 28, 1882 October 6, 1883 , October 13, 1883 October 20, 1883 October 27, 1883 October 4, 1884 October 11, 1884 October 18, 1884 ,... October 25, 1884 October 3, 1885 October ID, 1885 October 17, 1885 October 24, 1885 October 30, 1885 October 2, 1886 October 9, 1886 October 16, 1886 October 23, 1886 October 30, 1886 October 1,1887 October 8, 1887 October 15, 1887 October 22, 1887 October 29, 1887 October 6, 1888 October 13, 1888. October 20, 1888.' October 27, 1888 October 5, 1889 October 12, 1889 October 19, 1889 October 26, 1889 October 4, 1890 October 11, 1890 October 18, 1890 October 25, 1890 October 3; 1891 October 10, 1891 October 17, 1891 October 24. 1891 October 31, 1891 October 1,1892 October 8, 1892 October 15, 1892 October 22, 1892 October 29, 1892 October 7, 1893 October 14, 1893 October 21, 1893 October 28, 1893 $14, 995, 800 12,184,600 13, 531, 400 17, 384, 200 18, 979, 600 20, 901, 800 24, 686, 500 26, 636, 000 59, 823, 700 62,521,300 62, 760, 600 60, 888, 200 61. 471, 600 54, 954, 600 53, 287, 900 51,008,300 54, 016, 200 55, 961, 200 47, 016, 000 48, 281, 000 49, 518, 200 48, 374, 200 51, 586, 700 50, 894, 000 47, 262, 900 46, 372, 800 67, 470, 600 68, 922, 500 67, 579, 400 67, 038, 000 92, 351, 600 93, 642, 500 91, 946, 300 87, 309, 100 84, 954, 600 64, 111, 700 65, 723, 800 65, 228, 600 65,668,400 66, 195, 100 64, 619, 20U 64, 317, 600 64, 663, 100 64, 918, 700 66, 005, 800 74, 411, 300 73, 901, 500 81, 457, 700 81, 212, 600 68, 407, 200 59, 566, 900 62, 537, 900 62, 403, 200 80, 839, 400 73, 148,.900 66, 552, 400 65, 680, 500 54, 783, 400 59, 731, 800 65, 532, 000 69, 327, 700 71, 771, 600 62, 208, 200 62, 137, 600 62, 030, 800 61, 205, 200 62, 313, 900 72, 369, 000 75, 663, 400 79, 504, 100 80. 472, 200 $38, 304, 900 37, 686, 100 36, 576, 000 36, 690, 600 34, 368, 000 32, 820, 300 29, 306, 200 26, 713, 900 11, 129. 100 10, 785, 000 10, 939, 200 10, 988, 200 10, 925, 000 12, 150, 400 12, 163, 800 12, 462, 700 12, 496, 500 12, 947, 900 18, 384, 500 18, 002, 700 17, 023, 900 17, 204, 700 20, 122, 500 21, 146, 800 20, 719, 700 20, 617, 600 26, 817, 300 27, 654, 100 27, 876, 500 27, 354, 200 24, 516, 600 23, 002, 000 22, 221, 100 21, 059, 800 21, 874, 900 14, 607, 700 13, 209, 100 13, 133, 100 12, 803, 800 13, 177, 200 15, 767, 500 16, 229, 700 16, 885, 400 16, 735, 500 17, 542, 600 23, 204, 300 22, 017, 800 21, 386, 800 21, 329, 800 27, 247, 900 24, 873, 400 23, 570, 300 22, 715, 200 15, 353, 900 14, 436, 700 14, 642, 500 16, 611, 800 32, 879, 900 30, 905, 700 29, 610, 600 27, 347, 300 26, 779, 400 43, 225, 300 39, 862, 800 37, 053, 900 38, 529, 900 36, 526, 000 35, 435, 000 37, 728, 600 42, 957, 900 49, 413, 600 $53, 300, 700 49, 869, 700 50, 107, 400 53, 074, 700 53, 347, 600 53, 722, 100 53,991,700 62, 349, 900 70, 962, 800 73, 306, 300 73, 699, 800 71, 876, 400 72, 396, 600 67, 106, 000 65, 441, 700 63, 461, 000 66, 512, 700 68, 909, 100 65,400,500 66, 283, 700 66, 642, 100 65, 678, 900 71, 709, 200 72, 039, 800 67, 982, 600 66, 990, 400 93. 287, 900 96, 576, 600 96, 454, 900 94, 992, 200 116, 868, 200 116, 644, 500 114, 166, 400 108, 368, 900 106, 829, 600 78, 719, 400 78, 932, 900 78, 361, 700 78, 472, 200 79, 372, 300 80, 386, 700 80. 587, 200 81, 548, 600 81, 654, 600 82, 848, 400 97, 615, 600 95, 919, 300 102,844,500 102, 542, 400 85, 655, 100 84, 439, 300 86, 198, 200 85, 118, 400 96, 193, 300 87, 585, 600 81,194,900 81, 292, 300 87, 663, 300 90, 637, 500 95, 142, 600 96, 675, 000 98, 550, 900 105, 433, 600 102, 000, 300 99, 084, 700 99, 735, 100 98, 839, 900 107, 804, 000 113, 292, 000 122, 462, 000 129, 890, 800 Per cent, 25-7 24-4 24-7 25-8 23-3 23-4 23-5 23 25-4 25-4 25-6 24-8 26 23-1 23 1 23-2 24 va 25-6 24 . 24-7 25 24-8 25-5 25-4 24-5 24-5 34-6 36-2 34-8 34-6 36 35-8 34-9 33-5 33 27 1 27 26-7 26-9 27-1 27-7 27-4 27-3 27-4 27-8 27-4 27-8 29-3 29-3 25-3 25-3 25-9 25-8 28-7 26-6 25 25-3 26 26 '8 27-6 27-9 28-2 26-3 26-8 25-4 25-9 26 31-6 32-3 34 1 35-2 Per cent. 28-4 27 27-3 28 '5 25-8 25-9 26 1 25-5 26-4 27-2 27-1 26-6 26 '7 24-6 24-8 25-9 26-6 27 26-4 26-3 26-8 26-5 27 26-8 25-9 25-9 36-3 36-9 30-5 36-3 37-1 37 230 EARNINGS and DIVIDENDS of the national banks, arranged hy geograpMoal divi- sions, for semiannual periods from September, 1884, to September, 189S. No. of banks Capital. Sui-pluB. Dividends. Net earn- ings. Eatios. Geographical diTisioua. II ^1 III '1. Sept., 1884, to Mar., 1885: New England States... Middle States. 567 732 278 1,073 $167,400,370 173,212,145 42, 648, 400 139,638,800 $41, 413, 826 64,741,009 11, 527, 942 31,088,344 $5, 661, 537 7,156,680 1, 790, 726 5,828,707 $4,388,812 7,474,752 2,426,858 7,310,780 Pr.et: 3-4 4-1 4-2 4-2 Pr.ct. 2-7 3 3-3 3-4 Pr.ct. 2-1 3-1 Southern States Western States 4-S 4-3 Total 2, 650 522,899,715 148, 771, 121 20,437,650 21,601,202 3-9 3 1 3 '2 Mar., 1885, to Sept., 1885: 'Sew Englancl States. . . 562 731 287 1,085 165, 668, 370 172, 907, 352 43,500,300 142, 523, 580 40,786,007 64, 247.888 11,505,477 30, 364, 123 5,391,401 6, 953, 332 1, 655, 261 6, 218, 477 4,725,395 7, 297, 159 2,282,782 7; 718, 959 3 '3 4 3-8 4-5 2-6 2-9 3 3-6 2-3 3-1 Southern States ■Western States 4-2 4-5 2,666 524,699,602 146,903,495 20, 218, 471 22, 024, 295 3-9 3 Sept., 1885, to Mar., 1886: New England States- . . Middle States 569 738 294 1,117 165, 203, 920 172,435,295 44, 437, 400 148, 879, 580 41, 128, 387 67, 683, 309 12, 053, 524 32, 767, 699 5, 375, 226 7, 044, 535 1, 969, 190 6, 946, 485 5,925,381 9,484,324 2, 705, 274 9,412,687 3-2 4 4-4 4-6 2-6 2-9 3-4 3-8 2-8 3-9 Southern States Western States 4-7 5-2 Total 2,708 530, 966, 195 153,532,919 21,335,436 ,27,627,666 4 3-1 Mar.,1886, to Sept., 1886: New England States. . . Middle States 563 744 303 1,174 165, 352, 320 173, 628, 875 45, 444, 000 163,138,463 41, 581, 845 70,044,187 11,967,321 33, 470, 425 6, 338, 635 7, 328, 798 1,994,537 6,485,172 ,6,736,479 9, 789, 135 2, 553, 055 8, 834, 050 3-2 4-2 4-3 4-2 2-5 3 3-4 3-5 3-2 4 Southern States Western States 4 4-7 Total 2,784 537,563,648 |157,064,778 21, 147, 142 27, 912, 719 3-9 3 Sept.,1886, toMar., 1887: New England States- . . 663 754 313 1,225 166, 252, 370 176, 873, 736 46,213,240 161,016,425 41, 897, 072 73,445,033 12. 463, 050 35, 926, 745 5, 318, 480 7, 574, 627 2, 143, 870 7,111,610 6, 176, 707 12,072,419 2, 646, 393 10, 803, 275 3-2 4-3 4-6 4-4 2-6 3 3-6 3-6 3 4-8 Southern States Western States 4'8 5-5 Total . -. 2,855 548, 355, 770 jl63, 731, 900 22, 148, 587 31,698,794 4 3 1 4-5 Mar., 1887, to Sept., 1887: New England States . . . 586 764 343 1,269 164, 837, 370 176,636,666 51,515,315 165,556,200 43,118,790 76, 574, 179 13,247,285 38,314,299 5,355,787 7, 357, 400 2,137,328 7, 153, 305 7,224,781 11, 360, 893 3, 268, 973 10,953,427 3-2 4-2 4 1 4-3 2-6 2-9 3-3 3-5 3-5 4-5 Southern States Western States 6 5-4 Total 2,942 558,544,541 171,254,553 22,003,820 32,808,074 3-9 3 4-5 Sept., 1887, to Mnr., 1888: New England States. . . Middle States 567 780 358- 1,339 164, 405, 920 183, 382, 395 53, 124, 400 176,224,033 43,459,769 80,679,627 14,258,403 40, 999, 447 5, 426, 178 7,346,515 2, 298, 039 8, 017, 876 6, 187, 595 11,201,708 3, 257, 642 11,954,449 3-3 , 4 4-3 4-5 2-6 2-8 3-4 3-7 3 4-2 Southern States Western States 4 '8 6 -3 Total 3,044 577, 136, 748 179, 397, 147 23, 088, 607 32, 601, 294 4 3 4 '3 Mar., 1888, to Sept., 1888: New England States. . . Middle States 568 793 360 1,363 164,649,820 184, 220, 675 54, 803, 800 179,865,950 44, 197, 418 82,998,759 14, 844, 534 42,376,280 6, 349, 582 7, 564, 822 2,189,937 8, 338, 710 6,739,240 11, 544, 268 3,105,262 11,370,432 3-2 4 1 4 4-6 2-6 2-8 3 1 3-8 3-2 4-3 Southern States Western States 4-4 5 1 Total 3,093 583, 529, 145 184,416,991 23,443,051 32,759,192 4 3 4 '3 Sept., 1888, to Mar., 1889: New England States . . . Middle States 568 793 382 1,404 164,606,720 184, 628, 445 56, 974, 485 187, 144, 200 44, 904, 040 86,496,367 15, 716, 136 45, 391, 957 5, 508, 163 7, 379, 692 2, 357, 718 8, 046, 400 6, 932, 212 12,241,399 3,497,410 12,438,868 3-3 4 4-1 4-3 2-6 2-7 3-2 3-5 3-3 4-5 Southern States Western States 4-8 5-3 3,147 593, 253, 850 192, 607, 500 23,290,973 36, 109, 889 3-9 3 4-6 231 EARNINGS and DIVIDENDS of the national ianha, e o 00 H S !/J t»l' t3 H g Q >^ 5 6-1 -< "S- ^ J(^ H - <) •£> 03 OB Q ^ t ■S. oowcoo N i-tiOOC I CO ® M e«i ■« "tH I w wco CO ■* o oocoonooaioaoot- i c^c^cDiXta iHceoo *lC-.ai CQ (DO oon !D rt m as a> (o fo oi (D to ui te3 a ei ACOODCD iHOS r COt-T(lt-iHxOCSM-*«>0 o t~ tti^s in o o to n m th cococncooDoraeQcOi-lt> e4c4t>iacDcoa)-«#Qom-^CDOi-<0>C0OOt* t-t-Htocotoc-eocortooiN ■*" rHeo"ortoi-ri-ro"i-r»ft" ilCC t So coco ? ooin 00 a» o HoTcfeo cccQOo eoco-*>Ho«o-*oot:-c4'* ci3 og CO M -W rHOinir-iAnc^rH C4COOknOO -^rH-^ 00 » CO (M t-T io"«or O0Q«:}4Oa0C0(DO ooniHoi'^aoe^FH in tH e- CO r-i CO 5P ^ lOO»iH'*'HeO-*0 oac^ifflAtoeoaoo lOOOeOlftt-THt-t* l>003i-(tOTHOO laco-^eomcDixo eo«tD"i-r-iri-rc^t>" r-loS^NC-mtOt- coMcot-Tj(t--*m rMCfl'^fHrHOlfflCO I>-*t-(MCO(MeDrHQOCO0O cqoOfOCDOiOOseo iHcocoesioo>o-c4co-4<<-H r-«COOSCOC«t-COC" tO^'Ot^-^OOCOOi r-CDinCDOCOt-OO lO^ooinojiooot- »t-»ftco4n"*iMt> OCOCOlMCOCOTfltO -»J(001QOOOCO coosiH-^T-nnosoo COcO00CQi^CDCOt-I »n00C-D-Cr3QQI>t> C40DlMlAac4OCOC^OS"*CO 03COrHl-(t--*000 Oi-lt-O OOlOt- MN b-ino i-H CO CO O O ffiCO in -«JI O N M Oi OA COCO lO CO M CO t> ■* 1- O W^COCOO-T cotH fficocomc S-i^ff4 00 04 -41 moo rH CO CO 0» CO in t- oot>t-aOC4 13 !3 •a If o P la at OS ■Si 1l II f.3 CO O p « 5S is ■ ll ft 235 l> C- 03 M nn U5 M KS 00 ■<* M OS «D lO 00 OS ca W CO C^ CO 0> i-l C4 o^) 00 rH CO oaMeoadMop'.Hooiooo t> cfl (o cbaesaorHSoo)t"0>ota-« e>4 IN o oS -n ■* -^J( CO Mt-eo-^M o eifoTirTio CIS en oo t> T)4 nMIt>aoe>eo-i#AiocDome4 C-COOOOOOt-CO lAeoiMeoiar-iaioo |3 PI O 8 I "fe. "dJOWMt-lOMOOOrHtDnS t-0>iH-*OeO»nOOirHiHrHlO ■4foco-«OknAc4c>ieca>cpco e4tO'«OrHr-(kO-«kOU3t*CSaO rHrnMOomcoea "<*ICO-ll>COCOO U5iH"c>it-o-^a>oococeco *o tsTt^ CO co't^ufefcTo oTo cQQ OiHOinOOACOM - Q t^eoiH ■*(0"i-I O^COC^lOOtOiH-'d) -^ojoDt^oom 1 Qb-'^NNCqoOOOC DCqNCQOClCDC-O Hoot-t-oo"*cocsie' sod" i-T i-Toa" o cToT DG<] t>kn QOe-i o scoooacocot- »HU5 QOCi] o iniH-TjuftoD"*©-* rHo'o"C3"cfl"'*t>00 g<74CppH CO 00 too iH O 00 t« O iH -3i rHt-C£ ■dift ei CO t-O'^ l> 00 eco in com O IM CO C<1 r-( i>ooco cToo oob- -*"t-ico t-C-Wt- t- 0O-4l00QCbe4O4'4! CDeoco«m-4i-diQ0 0D-4<'«CO'«QDA 00 oT co^t-T-tTti-^eoo a»r-icouaooiOiH SOC0 1-HUS COCDiH o>co OC COlD o: $■ OSrHMCOM OSOOO-dJt- C4 CD C ■i IXDiMO CDC- t- COOOOOAt-OO OtCOOCOACOOOOO m-^iot-coc-Moo i-Tco CO iffcTcf ot-^ i-tOrHOJCOOO^m COrHODO-dlOOOOn OOtX ooco n ffl lO M iH CO IM -^ rH oo-^eoiHoooos^ 'rf'NCO'rHOWt-''^ oosiacococococo "*Mt-coNo>ino CMT-iia{>a9aB'^t- ocTooffl ■* CO i>"o"or incbcoc-osokOQ 04 CDta-«COO>C4 I I ^« o >n t-t- Os"(N't>" "*COOT OIM« 0»OSr-(eOD-THlfl»0 i-lOOr-lt-COi-HCDt-H oco>«oocM^Lnco of co'ce'rH iftoTffl i> 10COlAI>INr-tl>QO -^OOOCOOtNCOt" ^■*o^ •tfkOAOOCO ot>eooocomiAC4 oqt-0Di-it-CO04r-l ^(OiHCOCOOSt-CO OWOSOOI-iHtH eomi>c--*coooeo CO OM CO odoo OS M OOOOJ-^iHrHOaO Ofr-lOa>OSrH-<*coc4iOoeo'^ ooat^cococ^osu St-N l>Oa Ift rH CO _QOceoo^_o)inin ■* i-i t- c5 ■* OS CO CO of iffi-T •rfo'co" p H ■ rM.1 ■a n|a . :r3 -S 2 ■ o H ■So6mORPfio 236 Aggregate BESOUBCES and LIABILITIES of LOAN and TBUST COMPANIES from l888-'89 to 189$-'9S. Besoiirces and liabilities. Resources. Loans on real estate Loans on pers'landcollat'lsecurity. Other loans and discounts Overdrafts -'- ■ United States bonds State, county, and municipal bonds. llailroad bonds and stocks Bank stocks Otherstocks, bonds, and mortgages. Due &om other banks and bankers. Eeal estate, furniture, and fixtures . . Current expenses and taxes paid- . . Cash and cash items Other resources Total. lAabiliiies, Capital stock Surplus fund Other undivided profits .' Debenture bonds Dividends unpaid Individual deposits Due to other banks and bankers. Other liabilities Total. 120 banks. $93, 349, 045 193, 610, 054 44,491,268 83, 957 27, 193, 201 3, 765, 747 19, 352, 398 737, 312 25, 676, 359 25, 084, 040 14,455,406 438, 018 25, 236, 526 7,795,152 441, 268, 483 59, 445, 937 25, 583, 905 13, 199, 209 16, 902, 812 271, 981 299, 612, 899 3, 013, 572 23, 238, 168 441,268,483 1889-'90. 149 banks. $56, 669, 834 209, 617, 297 61. 595. 409 91, 362 24, 921, 203 2, 993, 369 26. 102. 410 1, 230, 642 40,459.876 33, 307, 028 16, 845, 480 568, 924 19, 861, 137 9, 537, 369 171 banks. $65, 072, 641 225, 012, 238 66, 791, 541 105, 608 16,057,019 3, 828, 397 29, 771, 129 1, 159, 778 43, 157, 008 39, 948, 373 17, 357, 290 743, 684 16, 482, 207 11, 141, 299 503, 801, 336 70, 676, 247 34, 594, 751 12, 233, 252 19, 965, 215 203,460 336,496,492 2, 863, 248 27, 208, 671 503, 801, 336 536, 628, 202 79, 292, 889 38, 412, 197 17, 091, 648 18, 907, 550 83, 396 359, 330, 080 2, 210, 772 25, 299, 670 536, 628, 202 1891-'92. 168 banks. 228 banks. $95, 098, 822 256, 413, 894 73, 760, 832 155, 999 18, 059, 578 6, 404, 311 27, 617, 700 1, 808, 344 52. 616, 845 54, 975, 325 22, 617, 764 648, 269 22, 600, 045 7, 767, 180 600, 244, 908 80, 645, 972 45,824,747 15,943,401 11, 365, 280 108, 479 411, 659, 996 3, 771, 469 30, 925, 568 $81, 288, 973 307,170,399 74, 270, 229 93, 917 18,486,636 5,842,753 11,639,330 668,470 92,187,712 63, 392, 071 26, 249, 618 984, 177 22, 216, 539 32, 217, 786 726, 664, 906 94, 867, 268 50, 403, 421 20,368,056 18,489,542 67, 385 486, 244, 079 2, 690, 476 53, 534, 279 600, 244, 908 726,664,506 Aggregate BESOUBCES and LIABILITIES of SAVINGS BANKS from 1888~'S9to ""-'93. Hesources and liabilities. Besources. Loans on real estate Loans on personal, etc., security. . . Other loans and discounts Overdrafts United States bonds State, county, and municipal bonds Kailroad bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Eeal estate, furniture, and fixtures Current expenses and taxes paid. . Cash and cash items Other resources Total LiabUities. Capital stock Surplus fond Other undivided profits . , Dividends unpaid .'..,. Individual deposits (savings) Individual deposits (not savings) . . Due to other banks and bankers Other liabilities Total 849 banks. $667, 373, 144 160, 816, 153 74, 551, 588 813, 211 198, 923, 630 280, 139, 464 101, 443, 381 42, 263, 694 101, 819, 419 61, 534, 576 29, 662, 572 1889-'90. 921 banks. 593, 924 29, 928, 632 12, 758, 967 1,022,612,215 23, 127, 19, 1,425, 19, 311, 848 225, 633 845,228 44,696 230,349 160, 976 992, 323 801, 262 1,622,612,215 $034, 229, 417 70, 227, 806 182, 091, 574 303, 316 148, 532, 828 303, 919, 560 110,405,678 43, 735, 762 111, 575, 177 65, 126, 477 30, 211, 272 753, 963 30, 147, 978 11,356,193 1,742,617,001 26, 401, 035 133, 762, 883 22, 774, 766 123, 298 1,524,844,506 25, 179, 450 1, 996, 161 7, 534, 902 1,742,617,001 1,011 banks $687, 983, 977 93, 679, 163 198, 134, 045 286, 264 139,267,045 320, 278, 708 115, 991, 821 45, 038, 830 107, 963, 932 70, 660, 882 30, 438, 232 971, 266 29, 720, 473 14, 502, 451 1, 854, 517, C 1, 623, 31, 106, 127 042, 098 815, 395 19, 364 079, 749 746, 393 766, 225 941, 718 1, 854, 517, 069 1891-'92. i;099 banks. $714, 832, 676 79, 173, 174 229, 711, 726 328, 763 133, 344, 199 393, 190, 240 131, 219, 829 43, 688, 739 71, 096, 81, 576, 253 33, 097, 998 832, 069 33, 208, 271 18, 748, 297 1, 964, 044, 861 37, 407, 475 132, 880, 724 27, 448, 960 41, 412 1,712,769,026 a, 560, 992 3, 693, 717 4, 342, 965 1, 964, 044, 861 1,030 banks. $763, 579, 985 74,179,877 209,014,836 495,781 129,610,783 398,606,298, 121,519,071 44,466,725 105,169,999 83,007,108 34, 615, 399 748,432 36, 956, 824 11, 804, 470 2,013,775,147 33, 429, 137,466, 26,017, 160, ,785,160, 23,649, 2,350, 5, 561, 126 047 297 957 305 368 85!' 2,013,775,147 237 Table showing, hy States, the aggregate SAVINGS DEPOSITS of SAVINGS B ANSIS, with the numher of the depositors and the average amount due to each, in 1891-'9^ and 189S-'93. t891-'92. 1892-'93. States. Nnmher of depositors. .Amount of deposits. AvM^age to each depositor. Unmber of depositors. Amoiint of deposits. Average to each depositor. 146, 668 169,949 80, 740 1, 131, 203 136, 648 317,925 $50,278,452 72,439,660 24,674,742 369,526,386 66,276,157 122, 582, 160 $842. 80 426.21 306. 60 326. 67 485. 01 385.67 155,333 174, 654 89, 115 1,189,936 142,492 331, 061 $53, 397, 950 74,377,279 27, 262, 930 393,019,862 69, 906, 993 130,686,729 $343. 76 425.85 New Hampsbire Massachusetts Khode Island Connecticut 330, 29 490.60 394.75 Total Eastern vStates 1, 983, 133 706,777,557 356.89 2,082,591 748,651,743 359.48 1,516,289 131, 739 248,471 ,17,318 142, 135 1,303 ■ 688,425,421 33, 807, 634 66,233,993 3, 626, 319 41,977,868 60, 178 388. 07 256.62 262. 54 209. 39 205.34 46.18 1, 693, 804 140,772 262,980 18,613 147,462 1,400 629,358,274 36,488,240 66,417,794 3,739,484 44,496,128 74,729 New Jersey Pennsylvania 259. 20 262. 54 200 90 District of Columljia 53.38 Total Middle States 2,057,255 733,131,413 356. 36 2,155,031 780,573,655 362.21 West Y irginia Worth Carolina South Carolina 8,428 6,247 21,397 4,669 170 1,698 5,557 1,950 258 •16,392 473,848 282,425 4,225,459 672, 523 31,912 220, 046 1,695,732 279,783 51, 854 1,292,913 66.22 46.21 197.48 125. 30 187. 73 129. 59 305.15 143.48 200.10 78.87 * 5, 149 6,112 24,422 *8,494 * 1,321 1,848 6,607 2,683 844 •14,126 237,707 301,234 5,913,139 1,004,765 219,448 73, 032 2,003,854 356, 563 123,451 1,778,174 46.16 49.28 242.12 118 29 Florida, 39.62 307 95 138. 04 146 27 125. 88 Total South- ern States . - * 66,666 9, 126, 495 136. 89 71,406 12,011,367 168.21 OJiio 84,779 15,418 •73,872 180, 391 948 * 71, 687 35,123 33, 895, 078 3,764,62a 21, 106, 369 ,36, 969, 573 138, 926 26, 115, 384 8, 786, 879 399. 80 243.52 286. 72 204.88 146. 59 364.29 260. 17 86, 614 16,127 •84,861 34,606,213 4,073,131 23,498,504 404. 21 252. 56 Illinois 276. 90 1,164 •73,108 42,212 184, 698 26,426,031 10, 658, 564 168. 67 361. 46 252. 60 Total West- ern States... 462,218 130,756,831 282. 89 303,086 99,447,141 328. 11 Oregon - 2, 461 •11,639 22, 816 1,736 886 683,620 2,217,547 2,935,849 423, 248 186,923 277. 78 » 21, 215 * 13, 596 2,893,276 2,427,960 136.38 178. 58 190. 52 Utah 128. 68 243.80 Now Mexico •.. "Washington CalifomTa 900 *8,955 • 167, 667 149,449 1, 193, 967 127,312,088 166.05 133, 33 759.32 211.21 • 178, 949 138, 019, 874 771. 28 Total Pacific States and Territories.. 212, 333 133,976,730 630.97 218,485 144,467,061 661. 22 Total United States 4,781,605 1,712,769,026 358.20 4,830,699 1,785,150,967 369. 55 * Partially estimated. 238 Table showing the number of savings banlcs in the United States, number of depositors, amount of sav&igs d^osits, average amount due each d^ositor in the years 18IS0, 18S5, 1S30, 1835, 1840, and 1845 to 189S, and average per capita in the IMited States in the years given. Tear. Number ofbanks. Number of depositors. Deposits. Average due each depositor. per capita in the United States. 1820 1825 1S30 1835 1840 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1S70 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 10 15 36 52 61 70 74 76 83 90 103 128 141 159 190 215 222 231 245 259 278 285 289 293 305 317 336 371 406 476 517 677 647 771 781 675 663 639 629 629 629 630 636 646 638 684 801 849 921 1,011 1,059 1,030 8,639 16, 931 38, 085 60, 058 78, 701 145, 206 158, 709 187, 739 199, 764 217, 318 251, 354 277, 148 308, 863 365, 538 396, 173 431, 602 487, 986 490,428 638, 840 622, 556 693, 870 694, 487 787, 943 887, 096 976,025 980, 844 1, 067, 061 1,188,202 1, 310, 144 1, 466, 684 1, 630, 846 1, 902, 047 1, 992, 925 2, 186, 832 2,293,401 2,369,864 2, 368, 630 2, 395, 314 2, 400, 786 2, 268, 707 2, 336, 582 2, 628, 749 2, 710, 364 2, 876, 438 3, 015^ 151 3, 071, 495 3, 158, 950 3,418,013 3, 838, 291 4, 021, 523 4,258,893 4, 533, 217 4, 781, 605 4, 830, 699 43, 50, 59, 72, 77, 84, 95, 98, 108, 128, 149, 146, 169, 206, 236, 242, 282, 337, 392, 457, 549, 650, 735, 802, 864, 924, 941, 866, 879, 802, 819, 891, 966, 1,024, 1,073, 1,096, 1, 141, 1,235, 1,364, 1,425, 1,621, 1,623, 1,712, 1,786, 138, 576 537, 082 973, 304 613, 726 051, 520 506, 677 374, 325 627, 479 087, 488 073,924 431, 130 457, 913 467, 463 313, 696 823,906 290, 076 598, 230 512, 968 438, 287 657, 901 277, 504 729, 882 434,540 235, 202 280,401 619, 332 455,794 009, 462 781, 813 675, 050 874.358 745:442 046, 805 363, 609 556, 902 037, 304 360, 265 218, 306 897, 425 490, 298 106, 973 961, 142 797, 081 866, 787 294, 956 172, 147 530, 678 247, .371 196, 550 230,349 844,506 079, 749 769, 026 150, 957 $131. 86 149.84 183. 09 176. 72 178. 54 163.77 172.43 168.46 165. 63 165. 99 172. 78 182.06 192. 64 197. 82 196.44 196. 29 196.90 200,87 201.24 206. 66 215. 13 211.27 215. 03 232.48 242.08 247.35 264. 70 283.63 289.80 312. 04 337. 17 342. 13 368. 32 367. 07 376. 93 391. 66 397.42 361. 63 366. 60 353.72 350. 71 352. 73 356. 70 366. 29 355. 96 356. 56 361. 36 361. 39 355.41 354. 40 368.04 358.04 358. 20 369. 55 $0.12 "".'54 1.87 4.76 14. 2G 16.33 24.35 25. 3B 26.11 26.63 239 PRIVATE BANKS. AGGREGATE RESOURCES and LIABILITIES of PRIVATE BANKS in 1889, 1890, 1891, 1892, and 189S. KeBOurces and liabilitieB. 1889. 1,324 banks. 1890. 1,344 banks. 1891. 1,235 banks. 1892. 1,161 banks. 848 banks. BESOnBCES. Loans on real estate — Loans on personal, etc., security. Other loans and discounts Overdrafts ITuited States bonds State bonds Kailroad bonds and stocks Bank stocks Other stocks, bonds, etc Bue from banks and bankers Keal estate, furniture, etc Current expenses, etc Cash and cash items Other resources Total., LIABILITIEB. Capital Surplus fund Other undivided profits Dividends unpaid Individual deposits State, county, etc., deposits — Deposits of State, etc., officers . Dueto banks and bankers Other liabilities Total., $8, 386, 735 17, 121, 720 65, 480, 534 1, 733, 213 1, 421, 537 814, 683 470, 627 514, 770 3, 216, 823 19, 753, 173 9, 474, 378 815, 829 U, 911, 866 1, 845, 449 $10, 678, 574 21, 363, 819 72, 922, 80& 2, 437, 105 1, 643, 560 936,491 536,068 866,787 3, 951, 600 21,726,466 9, 812, 101 960, 400 14,479,550 1, 70S, 499 $15, 997, 251 16, 738, 321 68, 180, 783 2, 475, 025 1, 509, 155 908, 983 737, 239 634, 140 1, 883, 192 19, 380, 059 9, 217, 951 797, 326 11, 977, 512 1, 209, 081 $13,782,612 10, 259, 256 69, 051, 435 2, 067, 627 1, 709, 495 1, 316, 540 404, 178 703, 932 3, 268, 242 20, 097, 669 9, 317, 287 846, 197 12, 235, 490 1, 601, 813 142, 961, 337 164, 020, 822 151, 646, 018 146, 661, 673 38,038,690 8, 266, 516 3, 555, 590 67, 326 '83,183,718 693, 969 563, 025 3,432,360 5, 160, 143 41, 042, 018 9,741,183 4,677,667 36, 785, 458 8,993,987 3, 152, 635 34, 590, 227 7,730,587 3, 528, 577 99, 621, 667 902, 481 686, 210 3,812,799 3, 736, 797 94,959,727 93, 091, 148 2, 240,371 5, 513, 840 1,745,695 5, 975, 439 142, 961, 337 164,020,822 151, 646, 018 146, 661, 673 $9,772,644 8, 885, 376 64, 879, 855 1, 509, 436 1,472,148 792, 652 269, 605 517, 866 1, 798, 426 10, 551, 291 6, 449, 149 527,765 9, 445, 188 972, 042 107,843,343 26, 943, 075 5,488,683 3, 335, 118 68, 552, 696 1,670,358 1, 853, 413 107,843,343 240 AGGREGATE RESOURCES and LIABILITIES of all State banks, loan and trnit Companies, savings and private hanks, 1893-^93. State banks. 3,979 banks. liCian and trust com- 228 com- panies. Savings banks. 1,030 banks. Private banks. 848 banks. Total. 5, 685 banks. BESOUBCUa. Loans on real estate Loans on collateral security other tlian real estate Other loans and discounts Overdrafts tTnited States bonds State, county, and municipal bonds. Bailroad bonds and stocks Bank stocks Other stocks and bonds .v... Due ^om other banks and bankers . . Keal estate, furniture, and fixtures . Current expenses and taxes paid . . . Cash and cash items Other resources U3, 233, 876 39,092,97e 675,236,292 5, 488, 630 412, 654 2, 468, 258 301, 325 98, 953 73, 275, 186 103, 790, 249 38, 600, 425 4,242,164 137,026,652 7, 457, 897 $81, 288, 973 307, 170, 395 74, 270, 229 93, 917 18,486,636 5, 842, 753 11, 639, 330 668, 470 92, 187, 712. 53, 352, 071 26, 245, 518 984,177 22,216,539 32, 217, 786 $763, 579, 985 74, 179, 877 209, 014, 835 495,781 129, 610, 783 898, 606, 298 121,519,071 44,466,725 105, 169, .599 83, 007, 108 34, 615, 359 748, 432 36, 956, 824 11, 804, 470 $9, 772, 644 8, 885, 376 54,879,855 1,909,436 1. 472. 148 792, 652 269, 505 517,866 1,798,426 10,551,291 6. 449. 149 527, 765 9, 445, 188 972, 042 $897,879,478 429, 1,013, 7, 149, 407, 133, 45, 272, 250, 105, 6, 205, 52, 328,624 401,211 587, 764 982,221 709, 961 729, 231 752, 014 430,923 700, 719 910,461 502, 538 645, 203 492, 195 Total-, 1, 130, 725, 537 726, 664, 506 2, 013, 776, 147 107, 843, 343 3, 979, 008, 533 LIABILITIES. CapitAl stock Surplus fund Other undivided profits State bank notes outstanding Debenture bonds Dividends unpaid Individual deposits Savings deposits Due to other banks and bankers . Other liabilities 250,767,709 74, 237, 606 38. 900, 230 9,534 94, 867, 268 50, 403, 421 20, 368, 056 33, 137, 26, 429,188 456, 126 017, 047 26,948,075 5, 488, 683 3,335,118 925, 502 706, 865, 648 18, 489, 542 67, 385 486, 244, 079 48, 269, 262 21,160,051 2, 690, 476 53, 934, 279 1,785, 2, 5, 160, 297 649, 309 190, 997 350, 368 561,859 1,670,358 1,858,413 406, 007, 240 267, 585, 836 78,620,451 9,534 18, 489, 542 753, 184 1, 289, 311, 723 1, 789,150, 957 54, 970, 464 82, 109, 602 Total. 1, 130, 725, 537 726, 664, 506 2, 013, 775, 147 107,843,343 3,979,008,533 241 statement thowing the AMOUNT of GOLD, etc., held hy Tiational hanles on July IS, 189S, and by other tanking inatitutiona on or aiout the same date. GlAssifioation. ITational banks (3,807), All otber banks (5,685; Total aU banks (9492). Groldcoin Sold Treasury oertiflcates (rold (clearing-bouse) certificates Silver, dollars Silver, fractional '. Silver, Treasury certificates Kational-bank note^ Legal- tender notes United States certificates for legal tenders. Fractional currency Specie, not classified Casb not classified Total . 798, 862 550. 100 285, 000 380, 457 119, 575 626, 180 135, 054 833, 677 660,000 952,632 $7, 618, 014 I ^. 815, 624 '64, 512, 344 15, 093, 221 116, 606, 000 310, 342, 537 $103,417,876 50,550,100 4,285,000 15,315,656, 22, 626, 180 20,135,054 160, 346, 021 6,660,000 952,632 15,093,221 116,606,000 205,645,203 515,987,740 'Includes coin certificates and national-bank notes. S. Eep. 235 16 242 Table shotoing, by States and Territoriet, the capital of the national banks on July IB, 189S, and of the State, stock savings, and private banks and loan and trust companies at date of latest reports to this Bureau. States and TerritoriPB. National hanks. State banks. Stock sav- ings banks. Private banks. Loan and trust com- panies. Total. Aver- age per capita of popu- lation. $11,214,196 6,380,000 7, 010, 000 99,217,500 20,277,060 22,999,370 $1,069,800 1,456,000 $12,283,996 7,836,000 7,797,500 108,192,600 23, 751, 626 26,500,970 $18. 50 New Hamp- $787, 500 23 41 8,976,000 2, 557, 900 1,161,600 $916, 676 2, 340, 000 64 72 33.60 Total East- ern States. 167,098,116 3,256,675 787, 600 15,219,300 186,361,591 37.25 87,235,366 14, 603, 350 73,143,213 2,133,986 16,935,289 2,827,000 33, 359, 200 1, 780, 460 8, 819, 697 680, 000 1, 128, 460 $769,400 25,950,000 1, 695, 000 36,003,744 500, 000 1, 000, 000 3,260,000 147,303,966 18,078,810 119,344,083 3,313,986 19,453,296 6,127,675 23.34 New Jersey... Pennsylvania. . 11 61 1,377,429 21.31 18 94 Maryland District of 223, 040 50, 676 166,517 18.20 22.78 Total Mid- dle States. 196,878,203 45, 767, 807 273,715 2,303,346 68, 398, 744 313,621,815 20.93 Virginia "West Virginia. 4,796,300 2, 961, 000 2, 476, 000 1, 748, 000 4, 091, 000 1,450,800 3, 844, 000 1,115,000 3,935,000 25,640,600 1,100,000 15, 009, 400 9,648,620 6,388,588 2, 421, 676 1,913,530 1, 123, 024 9, 363, 036 335,000 900, 910 3,260,925 2, 755, 447 450, 000 1,675.925 15,865,430 3, 346, 435 32,600 11,217,388 5,484,166 4,716,973 4,124,150 14,819,390 2,044,226 6,479,910 4,375,925 6,790,447 28,926,786 2, 899, 082 30,864,830 13, 550, 056 6.61 111, 490 6.85 40, 000 1,253,126 1, 027, 364 210, 000 306,000 287,443 2.83 3.40 Georgia Florida 338, 000 49,226 430, 000 7.73 4.«8 3.46 Mississippi 3.28 100, 000 139, 486 123, 157 5.86 2,796,800 12.12 2.37 Kentucky 16.20 555,000 7.44 Total South- ern States . 77,704,820 49,789,920 3,753,123 3,933,969 1U,490 136,293,328 7.08 23,865,000 45, 694, 300 14,171,000 38, 218, 850 14,684,000 9, 235, 000 14, 615, 000 16, 245, 230 11,902,100 12, 698, 100 19,837,105 7, 618, 326 4,604,600 7, 065, 500 12,102,955 6, 806, 900 8,074,420 9, 189, 000 * 6, 969, 916 * 11, 418, 995 1,173,860 3,021,549 2,448,148 3,769,308 996, 579 1,177,742 4, 3J8, 619 870,495 1, 050, 000 45, 925, 966 58,194,174 21, 123, 648 60,486,658 27,783,534 17, 219, 642 35,604,342 30,930,856 17,872,016 24,117,095 16.14 1, 860, 000 15.29 9.39 Illinois Michigan 7, 972, 000 3,460,000 14. 68- 12.42 9.4:j 6,409,700 225,000 2, 176, 603 4,451,131 17.96 Minnesota Kansas 20.68 11.79 18.48 Total 'West- ern States. 201,328,580 92,587,615 16,466,700 17,786,300 11,137,734 339,306,929 14.61 Nevada 282, 000 3, 796, 000 8,510,000 2, 660, 000 825, 000 4,725,000 1,210,000 760,000 2,216,000 2,560,000 6,830,000 400,000 7,475,000 300, OOO 360, 000 70, 000 98,395 467,248 25,000 111, 506 190,000 235, 400 50, 000 352, 000 5,247,645 11, 167, 248 5,056,100 1,094,000 5,480,000 1,639,900 993, 800 3,307,340 4,537,053 11,204,958 640,200 66,771,052 459,000 360, 000 7.65 Oregon 553, 800 1, 740, 000 750, 000 157,500 365, 000 94, 600 113,800 ♦ 1, 092, 340 •1,987,053 4,263,655 240, 200 47,848,938 169,000 800, 460 450,000 1,731,100 14.07 22.59 Utah 21.98 Idaho 10.13 Montana 200, 000 30.61 Wyoming Hew Mexico . . 19.99 80,000 6.02 Iforth Dakota. 13.07 South Dakota. 10.55 ■Washington. . . Arizona 111,403 23.10 10.00 California 8, 886, 600 1,560,614 49.94 Oklahoma Ter- ritory Indian Terri- tory 3.63 1.85 Total Paci- fic States and Terri- 42,777,000 59,366,686 12, 148, 160 2,919,460 117,210.296 25.77 Total United States 685,786,719 260,767,709 33,429,188 26, 943, 075 94,867,268 1,091,793,959 16.29 * Capital of banks other than nationaL 243 Table shmoing, hy States and TerritorieB, ihe population of each on June 1, 189S, and the aggregate capital, surplus, undivided profits, and individual deposits of national and State banks, loan and trust companies, savings and private banks in the United States on or about June SO, 189S; the average of these per capita of population, and the per capita averages of such resources in each class of banks and in all banks. States and Territories. Population June 1, 1893. * An banks. I^ational banks. Capital, etc. Aver- age ^er capita; Aver- age per capita. State banks . Aver- age per captia. Loan and trust compa- nies. Savings banks. Aver- age per capita. Aver- age per capita. age per capita. Private banks. Maine New Hampshire Vermont Massachusetts Bhode Island Connecticut New York New Jersey : Pennsylvania Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia - Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Missouri Ohio Indiana Dlinois Michigan.--. "Wisconsin Iowa Minnesota Kansas Nebraska Nevada.--.'- Oregon Colorado Utah Idaho Montana "Wyoming New Mexico North Dakota South Dakota "Washington ...., Arizona .California Oklahoma Territory. Indian Territory Total United States 664,000 385, 000 333, 000 2, 462, 000 367, 000 791, 000 6, 311, 000 1, 557, 000 5,600,000 175,000 1,069,000 269, 000 1, 696, 000 800, 000 1, 668, 000 1,184,000 1, 917, 000 437, 000 1, 582, 000 1, 332, 000 1, 160, 000 2, 386, 000 1,222,000 1, 905, 000 1, 820, 000 2, 845, 000 3, 804, 000 2, 250, 000 4, 119, 000 2. 237, 000 1,826,000 1, 982, 000 1, 498, 000 1, 516, 000 1, 305, 000 46,000 373, 000 495, 000 230, 000 108, 000 179, 000 77,000 165, 000 253, 000 430, COO 485, 000 64,000 1, 317, 000 130, OOU 195, 000 $89, 707, 745 102, 646, 545 47, 883, 258 803,901,450 142, 298, 067 218, 071, 0O8 1, 839, 989, 879 136, 829, 792 635, 096, 309 15, 630, 358 110, 397, 805 22, 364, 276 44, 329, 571 22, 621, 943 13,167,178 19, 010, 617 38,014,463 8, 624, 006 14, 144, 814 12, 162, 893 38, 032, 893 73, 245, 261 8, 357, 230 78, 873, 841 37, 523, 635 176. 600, 771 246, 657, 236 78, 954, 829 285, 184, 145 130, 848, 877. 97, 715, 823 123, 873, 045 110, 295, 433 52, 4S7, 761 81, 135, 798 1, 074, 641 17,962,442 39,446,851 14, 040, 602 3,348,828 23, 577, 740 4, 598, 619 3,386,024 10, 885, 193 13, 499, 311 30, 715, 357 1, 814, 601 289, 584, 676 1,523,792 891, 822 $135. 10 266. 60 143.79 326. 52 387. 73 275.69 291. 55 87:88 113. 40 89.31 103. 27 83.14 26.13 28.28 7.89 16.06 19.83 19.74 8.94 9.13 32.78 30.70 6.83 41.40 20.62 62.07 64.81 85.09 69.23 58.50 53.51 62.49 73.62 34.63 62.17 23.36 48.15 79.69 61.04 31.01 131.72 69.72 20.52 43.02 31.39 63.33 28.35 219. 88 11.72 4.57 $43.14 43:32 55.08 122.40 121. 29 82.57 83.82 48.05 61.96 44.17 53.18 51.66 12.76 12.30 4.25 6.99 5.45 15.11 6.66 2.36 20.09 27.27 2.73 18.79 13.91 22.29 40.35 23.25 41.82 24.90 23.24 23.64 36.92 22.31 30.68 19.89 37.93 61.72 28.93 26.04 119.37 44.71 16.67 30.27 17.43 38.12 16.69 16.73 7.67 4.67 $5.48 9.91 41.15 6.56 10.57 12.53 3.34 13.32 16.40 2.84 1.79 12.41 2.89 1.04 6.77 10.73 .51 3.76 22.61 5.17 36.06 10.60 5.95 6.89 f31.95 26.00 12.88 23.65 J 12. 32 t 31. 59 2.77 10.32 5.82 2.70 6.26 3.38 2.63 tl2.75 1 13. 96 24.43 11.76 86.49 4.05 $6.48 14. 2S 35.31 59.85 8.04 52.13 7.80 25.65 8.31 2.09 30.95 .28 3.90 1.77 4.62 $85.48 209. 02 88.71 168. 81 201. 11 175. 17 113. 79 25.47 13.36 24.30 44.22 .63 .30 .22 7.28 1.66 1.44 .62 10.23 2.00 12.83 .10 17.26 7.67 6.81 6.84 26.08 4.87 Tto' 67, 021, 000 6,412,939,954 95.68 38.64 16.83 9.73 29.93 $0.66 "i.'se .44 ."65 .58 .32 .30 .62 2.55 2.54 3.73 3.89 3.79 1.65 4.17 7.04 1.96 3.47 .64 1.81 .21 2.27 2.23 11.63 .78 '2.' 29 1.56 * Estimated by Mr. Joseph S. McCoy, Government actuary, tlncludes savings banks and loan-trust companies. (Includes private banks. 244 Tahle shotoinff, iy States and geographical divisions, the number, assets, a/nd liaiilities of States which were compelled to suspend business during the [From reports to the States, etc. State tanks. Savings banks. Trost companies. No. Assets. Lia1>aitie8. No. Assets. Liabilities No. Assets. Liabilities. 3 $795,000 $1,150,000 3 $6,225,000 $7,413,000 I $260,000 $225,000 Total Eastern States . 1 260,000 225,000 3 1 796,000 1,150,000 3 6, 225, 000 7, 413, 000 NewTork 6 1 2 6,225,544 180,000 137,000 5,639,234 220, 000 275,000 124, 350 122, 996 Total Middle States . . 9 6,542,544 6,134,234 1 124,350 122,996 Virginia 5 1 2 1 3 • 2 1 1 775,800 1, 250, 000 525,000 136, 940 506,000 227, 225 140,000 150, 000 697,000 950,000 696,000 133,539 322,000 157,847 125,000 70, OOO 1 40, 000 60,000 "West Virginia - - . 1 3,000 30, 000 1 35, 000 15,000 Florida 1 6,000 15, 000 1 600, 000 760, 000 2 2 5 5,000 850, 575 249,000 35, 000 554,000 222, 000 4 664,750 645, 000 Total Southern States 25 4,816,640 3,861,386 7 712,750 750,000 2 535, 000 775,000 8 3 12 724,654 307,644 1, 286, 000 584, 613 212,400 850, 000 6 5 1,990,000 2, 623, 000 2,528,000 1, 725, 000 2 225,000 311,000 Ohio Illinois 1 13 4 15 25 10 30,000 12,094,851 793, 041 3, 204, 250 1,387,500 749, 961 40, 000 12,123,343 577, 198 2,604,941 1,624,100 528,230 2 3 3 1 1 3 1,262,000 252, 000 313,878 9,000 25,000 647, 000 1, 214, 000 231, 120 9,000 35,000 713,000 2 2 2,200,000 3,650,000 6,350,000 6, 415, 000 1 1,200,000 800, 000 Total "Western States 91 20,577,801 19, 144, 875 24 7,011,878 6,745,763 7 7, 275, 000 13,876,000 4 9 1 3 3 1 1,029,047 824,000 60, 000 227, 729 140, 000 45,000 747,669 562, 000 188,000 214, 179 78, 000 20,000 3 4 3,241,905 2,514,000 2,600,000 2,514,000 Utah Idaho 1 220,000 189,246 TTortb Dakota* 1 15, 000 16, 000 Sonth Dakotat Wafihing;toii 4 1 19 1,699,897 88,000 4,967,290 641, 300 46,000 5,036,723 2 386, 000 219, 000 1 302, 500 290, 000 2 2,668,065 2,539,804 *" .... Total Pacific States and Territories. 46 172 9,096,963 7,537,771 12 9,029,960 8,062,050 1 302,500 290, OOo! Total United States.. 41,281,848 36, 903, 266 47 17,673,938 16,830,809 13 U, 337, 600 22,354,000 1 'Incomplete. tKo information. 245 state and aavingt hanks, trust and mortgage companies and private banks in the TJnited first eight months of the current calendar year, Biadstieet Agency.] Mortgage and mvestment companies. Private banks. Total ail banks. States. So. Assets. LiabiUties. Ifo. Assets. Liabilities. No. Assets. Liabilities. 6 3 1 $7,020,000 342,875 250, 000 $8,563,000 760,000 225,000 N.H. 2 $200, 000 $760,000 1 $142,875 Vt. B.I 2 200, 000 750, 000 1 142,875 10 7, 612, 875 9, 538, 000 8 531,595 $699,271 15 1 8 1 6,881,489 180, 000 1,209,795 204,000 6,461,501 220, 000 1,678,478 . 360,000 If T K J. 6 1 t2 1,072,795 204,000 1,403,478 360,000 Pa Del. B C 15 1,808,390 2,462,749 25 8,475 284 8,719,979 2 1 180,000 150,000 250,000 150,000 8 2 2 2 6 6 4 1 12 3 4 10 995,800 1,400,000 525,000 139, 940 816,000 409.823 3,057,000 160, 000 983,000 10,000 1,840,675 928,750 907,000 1,300,000 695,000 163,539 432,000 284,494 1,866,000 70, 000 1,496,000 50,000 1,004,000 877,000 Va. "W V». N.C. ' S.C. 2 3 3 275, 000 177, 598 2,917,000 95,000 111, 647 1,741,000 6a. ria. Ala. La. 11 1 2 1 483,000 5,000 990,000 15,000 736,000 15, 000 460, 000 10,000 Tex. Ark. Ky. Teun. 27 5,192,598 3,558,647 61 11,265,888| 8,945,033 5 19 11 23 8 14 12 8 6 2 360,000 1,446,687 863,000 4, 041, 027 174,295 1, 051, 000 781,700 713,000 416,000 22,000 282,000 1, 430, 375 665,000 5,066,813 234,547 1,360,992 997,500 438,800 638,000 37,000 21 27 23 24 11 30 22 26 32 16 3,299,654 4,277,131 2,149,000 4,091,027 1,456,295 13,397,851 4,238,619 7,576,250 2,168,303 2,618,961 3,706,613 3, 367, 775 1,415,000 5,126,813 1,488,647 13,774,978 8,355,818 9,467,741 2,997,100 2,078,280 Mo. OMo. Ind. 1 • 50, 000 70,000 ni. Mich. Wis. 1 150, 000 200, 000 Iowa. Minn. 1 340,803 700,000 Eans. Nebr. , 3 540,803 970, 000 107 9, 867, 609 11,041,027 232 4.1,273,091 51,777,666 6 7 478, 533 194,000 552,348 236,000 13 20 1 4 8 3 1 3 4,749,486 3,632,000 60,000 231,729 1,515,000 360,000 220,000 135,000 3,899,917 3,302,000 188,000 215,079 621, 000 270, 000 189,246 161,000 Oreg. Colo. Utah. 1 1 4,000 1, 375, 000 305, 000 900 543,000 250,000 Idaho. Wyo. N.Mex. 1 20,000 70,000 1 100, 000 76,000 N.Dak. S.Dak. 4 594, 254 495,784 11 2i 1 2,982,65i 88,000 7,635,346 176,000 1,646,084 45,000 7,575,627 100, 000 Wash. Ariz. Cal. 1 175,000 100, 000 Okla. 1 20,000 70,000 27 3,225,787 2,253,032 87 21, 674, 210 18,212,863 6 760,803 1,790,000 177 20,237,259 19,315,455 415 94,291,348 97,193,530 (Ifot included in returns to Eradstreet. 246 rg 8 «; e =Q PQ H *; S5 S H 1 H V rt < ^ H s^ OQ § H Q N pq 1 B W fi H o r/3 rf? » o K ►— I si R h-l H P CO S Ph ^ i O i t? a o a O 5Pto C o c o ■ai O G d r^eo lO c •fX 0^1 iH C t- ■S'1 5-g e- ■IS 1 Oo u oT Hi O oo « m •91 — o — c o o c o c d c ^ "§" O cc to 03 a 1;; s g e « "^ M & o §^ M •ce- lo o — o — e o o o c o g g i d "3 IT rH c t- ^ s ■^ " S" f ^ m o- g « o CO ir »■ iri" c- in 03 «■ m lA s s g ■g, fl g g o O ' Pi M s" Jg fl CQ 3 ^ ^ 1 s t- e o o O) <= O o -»a "d s d o S c IT o s so 'Si CT ^ i ID W s CO 00 s ■6F t- ■-* u- 1 C o c c c o c o "2 c d c i i c3 s & * Q- ^ . 00 C d c d s ■* -"I CO o . t- o 1 "a 1 rH ^ p 6 -s rl 1 -c ■a g 1 DO 09 A 1 CC hi 'i J 1- ; 4 ^ A ^ vi- _l • £ 0! 1 '3 P "S > M 1^ /^^« -tJ-r ■s I P ^ t fl^ -tf "s ® d c '1 1. 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(0 : ; -< if -s ;:?& c ^ ^►l 1 ■3 ^"3 -s f >? i?h> S r 4 . . g s : i i : .9 11 : : o : : : * n ; ; ; : bo . ■ • ■ "C ••J: 1 :;■§>. ^ \ ||ag| 1 1 i fell 1 •^ 1 ill " 1 261 I p 5 o a: -<( w o » Pi a CO B O |zi H O H Ft « o o o o n o 05 H O |Zi ca o I 2 s* t-»00 rH ooooooe P e O H H Pi O CO 00 to GO oo oo tn eocooo oo>m ooco eom o CI3CQ lOC- CDCO 252 o s? a 13 t§ r § 2 1^ g « 55 w CO 0010 OD 00 en CO !>"■*■ oTm t> coco U3 «-eo i-i o>aoc-t> ooNaoo s n S§"S "sal S'3„ M -Is- »4 on- rH o n *H eor-.ot-eoiO t- rt"m5Morr3 a i ■eg o «l ^--r " s rt t- a» ■-< to -« o> CD ^a.l eQOCDC4<»^ (O E^'Slg'S^S O SSm (OrHC^OQiaevi N 1^1 iSiiiX i ■ 3 n O0 0fr-r«MOf t>" 5 ^ S ^ at to sll ggsssg CO rig»g»-g in 3i« o c- oo- i s Sg i-T ll gggggg o e OODJO OO N P^ iH 1— lOia Sua m in || g"g«g"og5 1 o g„-^-^-^-H. 3 t^ • d s '.fii :«3 I ^ :'j :-3 : 3 •b • ea ; < CE 1 1 i i' ii ^o3 1 a o p S" V S3 s 1 eS O H H 254 • i-ie- ■ CdtD M - P OS Ot-3(NC0«HNOO n il • O) O OOOOO • ■« OrH OUSOO • n c« CO o> 03 -41 es • o OaffiCOt-CO OS Sa I'M CSOAOOOOOO otnU3t-01t>i-4rHIOO -1 CO C- O M CO t-l O •* CO ■>* -* lO o coo t> t-CO OCQ H •^OltOrHiOOiOOOOO ODcoeciNCMioaitnooo t~ CO »o '^ t* ^ . ...—.. t-O»rH-^O300MCO"* Hoo C3 mm o OS o coo o o ^^ a^! ca I o t-oa^ Some sg ^OrHC-iHOO cora n mcoM 00 o t> C4 o> m oro~eifo'"o''iop t^eainusQt' 31 no oo oo COiHOr^COOOOO ■^OOOIOO-^OAO cooeM-«eooo>-4 oo'*-^0"*m-#»o«S 01fs".H~t»rH'«jreir ■^lOOOOO o i-Hinooooo ■Wt-lO OlOOO M m't^t^co'io o" -t( in cj i» CD t- o? *o t- in Q cot- o incou llAOOOOOOO lotxninoooo io>cot-oiaooo 'eo in ?4"o6"eif otTin o" t-QOOO^O'tHr-lrH 1 03 in t- o CO t<- CDO oo tHO coo CDO CO llllttllllli ft ■ a 255 VALUE of GOLD COIN and BULLION imported into, and ea?ported from, the United States from 18ii to 189S, vaolusive; also annual excess of imports or of exports. Tear ending June 30— Exports. Domestio. a Foreign. Total. Imports. Excess of exports over imports. Excess of imports OTer exports. 1844.. 1845.. 1846.. 1847.. 1848.. 1849.. 1850. . 1851.. 1852.. 1853. . 1854.. 1855.. 1856.. 1857.. 1858.. 1859. I860.. 1861. 1862.. 1863. 1864. 1865- 1866. 1867. 1868. 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 July to NoTem- ber, 1893, inclu- sive . $97, 134, 624 56,558,706 70,127,466 36,229,676 68, 231, 158 28,442,776 28, 580, 609 64,581,678 48,377,502 44,472,038 32, 645, 486 61, 543, 545 29, 431, 757 22,359,101 6, 632, 570 4, 145, 085 1, 776, 039 1,826,307 31, 403, 625 8, 920, 909 35, 294, 204 2,741,559 32, 766, 066 5,705,304 12, 560, 084 54,930,332 13,403,632 84, 939, 551 43, 321, 351 102,068,153 1, 866, 631 $1, 183, 116 2, 210, 979 1, 629, 348 975, 301 8, 370, 785 1, 015, 359 2, 513, 948 4, 767, 333 2, 636, 142 1, 894, 323 2, 491, 894 1, 151, 797 852, 698 S, 154, 301 7, 596, 558 3, 605, 748 1, 499, 188 3,624,103 4, 395, 252 6,169,276 3,527.010 . 1,822,327 1, 069, 843 2, 796, 951 4, 165, 186 7,560,722 5, 055, 353 2, 104, 530 1, 171, 258 384, 677 1, 396, 934 5, 437, 432 1, 745, 293 4, 231, 273 2, 571, 885 442,529 1, 863, 986 738,825 1, 184, 255 2, 679, 979 5, 787, 753 5, 736, 333 10, 186, 125 3, 995, 833 5, 816, 150 5, 031, 953 3, 870, 859 1, 423, 103 6, 873, 976 6, 612, 691 1,528,240 $100, 661, 634 58, 381, 033 71, 197, 309 39, 026, 627 73,396,344 36, 003, 498 33, 635, 962 66, 686, 208 49, 548, 760 . 44,856,715 34, 042, 420 66, 980, 977 31, 177, 050 26, 590, 374 9, 204, 455 4, 587, 614 3,639,025 2, 565, 132 3?., 587, 880 11, 600, 888 41, 081, 957 8,477,892 42, 952, 191 9, 701, 187 18, 376, 234 59, 952, 285 17,274,491 86, 362, 654 50,195,327 108, 680, 844 $1, 613, 304 818, 850 910, 413 21, 574, 931 3,408,755 4,068,647 1,776,706 3, 569, 090 3, 658, 059 2, 427, 356 3, 031, 964 1,092,802 42, 13, 5, 11, 6, 8, 17, 8, 14, 12, 6, 8, 8, 19, 13, 7, 26, 13, 5, 80, 100, 34, 17, 22, 26, 20, 42, 43, 10, ■12, 18, 49, 21, 1,654, , 566. 1, 125, I, .508, 291, 907, 630, 176, 498, 196, 024, 737, 132, 056, 883, 717, 682, 603, 246, 330, 624, 758, 031, 377, 734, 831, 691, 743, 910, 934, 284, 943, 174, 60, 257, 101 $89, 484, 865 51, 882, 805 63, 001, 048 22, 001, 761 63, 658, 901 21, 870, 930 21, 579, 012 59, 802, 647 40, 831, 302 36, 174, 268 14, 539, 283 63, 284, 184 23, 184, 341 344, 140 18, 250, 640 22, 208, 842 49, 607, 427 4,331,149 68,130,087 495, 873 87,506,463 $4, 125, 760 1, 037, 334 77, 119, 371 97,466,127 1,789,174 6, 133, 261 18, 213, 804 33, 209, 414 25, 558, 083 56, 862, 230 a Gold and silver prior to 1864 can not be separately state d, but it is probable that the greater por- tion of the exports was gold. 256 VAL TIE of SIL VEB COIN ?> 1 tn 1*1 n O d 14( 03 H h ^ y ^ s 1>2 03 d fc-l p «H ^ o — ' PH p * .S X ilO«CO KNCOt- • up CO ■ tRco to CO pq gj rHO O 00 t- oowsoo O) t-o 00 CO 00 00 cot- co CO m rHCOCS ooooocneor-iraooeoor "OOSCOOQUSOl-^r-ti-IQOi :5ao(DcqeoiH"*oxiii>r 3 O » ^"in' » IfT-^irco' c» ■*"!> 00 l> OTCO TfTrH 00.H ^tC^I^OOOOi-tr-lrHCSlOi-H^tDffiCMinCOrHtO 3 CO O U3 «D t-CO >((l r^ C<) a> "(K O Ol --CJOM Dffacoocooicooo ntM^aomrHeot-tc 4 b~ ca OiA o ]i CO CO 0(M ■*fooffioeo«5 5D in O i-i oi i-i O o) ooc- in 3 -^ t> OOoTo COM«D 00 d 00 •-< 00 «9- 00 coin • OcO CO ■ 00 5O iH . -rJKO t- ■ t^CD'l> |»n W CO Tjl ■*o rHrHCOinmcOOC-CWT-tCOrH Ot-hOKSi— lOCHiOi-t-tH'iKeo inOrHOONCOWintOWOSt- •*t-tDintooi-icoooooo> iOMtOeol~r-fM0Di-'m->*H00 O rH W O C<1 1-( M r-l M ■* to iHCO t*-*M® t-OO i-'<4<0 toooL-oi-Ht-omn^caoa of m 00 iH ■* oT •* -dro oTodo CO C- iH ■* i-H t- C- rt ■* to OS eo .-( ^ M o rH rH rH t- oi oa wi J3£. ^0 frS "O 0> D- 00 CO H! 00 "* t- rH o »n 00 cq to ■* in CM o rHOOOO ooco'w O O) rH to-co M 09 ooin en-* in to in i> lOinca* m CO to O OQtO ooco rl Oi CO TjlOOOO to in to iH O CO oc'ioin into mi-ou o O CO mcj CM toa» 00 IM O) CO C" CO OS to 00 t* OS rH 00 •* rH rH r-t COC40tO O rHtO t- !H 00 in L- 05 t- tocaoo m moo O OJ Cl (NOD CM c- ooco CO m t- oi inoi 5! into CO o in cfcdoo O to 00 OJOrH oc- L- CI ffa at a> m in m t-rH mtN ta rH CO CO „'a goo §■ i i|.9 iiiii^iriifiiii .S a B'S a 0-a 258 O O I I H ^ H K| g tS q » H Tri ^ h^ r/J o A 1 B 'fe' 3 8 H ft4 o !i! ?H H H Kl M w ^ s ^ Cn o o B5 O &< ^ 5 ^ C3 . 00 Ob .b-«ftiAt- , eo ■ OJO ^r-( I ta OS I iCOrHCDO ■ 1 m • (O o ■ to T-HOCO < Cv • IQ 00 i-( CO t --I 1 !-• 1 o ■«*00t- i J. 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O a o g d 3 1 1 c i § gT Sa 1 1 'c c: c Ik ^1 .3 iS o 5 8 3 li (D I p ■ Is iS ^ h' !■ ■* s 259 ocofhS (NiMiflffO CO t>03 in 03 0> 00 03 CO O) lO «D r-H QO 00 t- 00 o CO 00 ra D- oTcfloTirreocf (MlO-^inoOBB O '<*CSI OOO ■^"*" CO ^ in CO 00O(M eo o CO i-HtHO in!M00"*COOl WOCD t- iH O) O -^ "H i-fO"5ft Mini-icoMCQ mi-(o ^Nt- COM CO-* CO ■^.Ht-in NCO D-(N r-iOOt- •* IftOseOiHOTH t- in knc4 orHin OONt-rH iH 0> t-M O O t- CO ^Oin ^ inco o CO oco i-H"cre4'co'"co oT OOOiH W i-IOS CD W^ iMrH ooi-teooo CO TtiiHCfl rH ■*OJ o --f CO in 00 ^ t- 00 CD coco oT CO ff-jrj( in M Tii rH i-i CO CO t- (M CD -rd t>Ct"* coincoo i-t^H ■*eOiHOi t-inos-H f ooco o MiHO. cooeo CO in I— I c- ■«* O tHOO O l> OICO N !D CJ) O Cl CO CM L— O CO o S ^S' moo ^ in lOrH CO CD 00 CJ CO c- co ooin "*oor-co • cooooqrH eoiniAM 00 t- in M o N SCOCO h-OD 003tOC4 I cifod (N i> o oT ■ -Ol CD O 0> CO 00 • 03 in '« t- CO CO 05 .-< « O lO M CO' o o n o in iH in 00 CO CO 00 00 in CO cd" i-T CD so o CO eo" M (N Ttl -* OS in t- ■* in CO 00 iH O iH O" M ^ CO t>" T-H CO" o a c- -^ r> o t- i-i cot-int>coo t- 00 O CO "* -* Cfl cd"oo oT N oTco cJ L- 00 CO N 0> 03 -* OJ t- to W i-H r-I CD t-ocoeo WCOCO O O O O) 1-1 1-( t- t- a> 174 CO O) c4 in in in 00 !>"■* oTci" ffi CO Tfl CO 030010 C4 CO O) rH 'X' CD t- 1— ' OCOt^inCD<£>CO , O O) CO -4* in ff4 CO 00 in OJ >H CD 00 CO 01 0> O IN » r-1 CD CO ca in CO CO C4 CO OS f-< rH -* t- C^ -* O t-00 TfCO o -^ SCO off4 rnnco t-iMoo>ooin a.-"- CO iH in CO CO o CO wo OS CO tH KiCO O iH in iH CO t- c- eooo o -41 in in o i-iocoMcaeo t- rH C4 CO CO O iH Oeo (MC4 O COI> cTcO oT iHOO 00 CO oino eet-coM i-i 00 1-1 iH •* CO in 261 statement shmoing AMOUNT of GOLD COIN and BULLION in the Treaiwry, and of GOLD CERTIFICATES OUTSTANDING, from latest returns received at the end of eaoh month. Date. Total gold in Treasury, coin and builion. Gold oertifl- catea in Treasury oasli. Gold certifi- cates in oixculatiou. Net gold in Treasury, coin and bullion. 1889. January February Marcb April Hay June July August September October November December 1890. January February March April May- June July August September October November December 1891. January February March April May June July August September October November December 1892. January February -. March April.' May June July August September October November December 1893. January February March April : May June July August September October , November December $325, fill, 856. 13 326,456,697.81 326, 700, 938. 96 328, 203, 900. 80 321, 297, 376. 96 303, 504, 319. 58 300, 759, 572. 98 304,048,189.30 305, 871, 772. 02 3U8, 509, 615. 21 310, B79, 791. 06 313,818,941.47 316, 043, 454. 19 318, 593, 752. 14 320, 235, 794. 87 320, 878, 411. 60 321, 333, 263. 10 321,612,423.49 316, 536, 823. 28 310, 220, 120. 43 306.086,471.18 294, 489, 603. 03 293, 765, 879. 85 293, 020, 214. 20 297, 567, 296, 831, 292, 435, 280, 633, 255, 331, 238, 518, 236, 828, 240, 745, 244, 974. 263, 774, 271, 843, 278, 846, 546. 04 953. 14 218. 50 039. 99 502. 93 121. 59 413.24 487. 66 790. 94 741. 81 193. 35 749.90 282. 753, 282; 123, 280, 144, 273, 623, 271, 527, 255, 577, 247, 306, '242, 543, 240, 605, 244, 261, 247, 598, 238, 359, 863.24 391. S3 269. 34 455.45 091. 86 705. 23 220.66 695. 63 908. 58 468. 91 465. 89 801. 29 228, 827, 532. 63 217, 672, 947. 91 218, 378, 232. 99 202, 283, 359. 08 196,518,609.76 188,455,432,59 186, 813, 962. 98 176,423,172.44 173, 209, 771. 16 163, 274, 171. 26 161, 122, 128. 09 158, 303, 779. 13 25, 043, 518 24, 802, 813 26, 586, 125 20, 783, 433 27, 350, 140 37, 235, 793 34, 669, 943 39, 557, 233 42, 073, 803 34, 925, 823 30, 668, 090 31, 316, 100 20,452,870 28, 222, 835 24, 614, 210 24, 142, 200 27, 473, 120 26, 162, 960 27, 677, 120 33, 006, 730 16, 058, 780 36, 482, 600 43, 755, 570 31, 384, 690 19, 892, 060 25, 155, 770 24, 050, 460 27, 309, 200 36, 777, 810 31, 606, 030 34, 004, 820 37,V21, 280 28, 332, 490 20, 790, 420 19, 202, 170 17, 472, 720 17, 486, 810 18, 160, 140 23, 673, 770 21, 931, 180 14, 470, 520 15, 363, 590 17, 738, 500 23. 847, 210 26, 345, 590 23, 181, 990 19,632.830 24, 264, 750 15, 729, 770 7, 782, 260 5, 135, 430 8, 888, 310 3, 324, 670 1, 071, 170 93, 710 665, 370 129, 220 116, 860 149, 090 76,590 130, 986, 592 130, 210, 717 128, 826, 517 136, 614, 789 129, 044, 662 116, 792, 759 118, 541, 409 123, 393, 519 116, 675, 349 120, 937, 229 123,483,119 122, 985, 889 138, 657, 169 130, 604, 804 134,938,079 134, 642, 839 130, 788, 399 131, 380, 019 132, 444, 749 124, 382, 539 158, 104, 739 138, 173, 979 131, 316, 499 144, 047, 279 155,839,449 147, 119, 129 144, 317, 069 138, 890, 799 122, 124. 339 120, 850, 399 115,715,389 108,273,079 112,451,669 136, 100, 319 142,649,969 148, 106, 119 163, 178, 969 160, 001, 279 164, 329, 229 163, 713, 669 157, 295, 209 141, 235, 339 136, 861, 829 128, 387, 379 121,210,399 120, 255, 349 123, 188, 809 117,093,139 120, 645, 819 114, 388, 729 111. 486, 009 106, 272, 029 101, 469, 969 92, 970, 019 87, 611, 029 80, 414, 049 79, 627, 599 78, 889, 309 78, 163, 079 77, 412, 179 194,655, 196,245, 197, 874, 191, 589, 192, 252, 186,711, 182, 218, 180,654, 189, 196, 187, 572, 187, 496, 190,833, 264.12 980. 81 421. 96 111. 80 714. 96 560. 58 163. 98 670. 30 423.02 386. 21 672. 06 052. 47 177, 386, 286. 19 187, 988, 948. 14 185, 287, 715. 87 186, 235, 672. 60 190, 544, 854. 10 190, 232, 404. 49 184, 092, 074. 28 186, 837, 581. 43 147, 981, 732. 18 156, 316, 624. 03 162, 439, 380. 85 148, 972, 935. 20 141, 728, 149, 712, 148, 118, 141, 742, 133, 207, 117, 667, 121, 113, 132, 471, 132, 623, 127, 674, 129, 193, 130, 740, 119, 674, 122, 122, 126, 816, 119, 909, 114, 231, 114, 342, 110, 444, 114, 156, 119, 395, 124, 006, 124, 409, 121, 266, 097. 04 824.14 149. 50 240. 99 163. 93 722. 59 024.24 408. 66 221. 94 422, 81 224.35 630.90 904.24 112, 53 040. 34 756.45 882. 86 366. 23 391. 66 316. 63 509. 68 119. 91- 656. 89 662. 29 108,181, 103, 284, 106, 892, 97, Oil, 95, 048, 95,485, 99, 202, 713. 53 218. 91 330. 08 640. 76 413.59 933. 98 123.44 172. 16 862. 20 049. 09 80, 891, 600. 13 93, 582, : 84, 384, i 262 statement showing AMOTINT of GOLD COIN and BULLION in the Treaswry, and of GOLD CEBTIFICAIES OUTSTANDING, eic— Continued. FOE TEN-DAY PEEIODS SINCE JANUAEY 1, 1892. Date. Total gold in Treasury, cO*n and bullion. Gold certifi- cates in Treasury cash. Gold certifi- cates in circulation. Net gold in Treasury, coin and bullion. Januarys January 20 ... January 30 . . . February 10 . . February 20 . . February 29 . - Maroblb Marcb 19 March 31 April9 April 20 April 30 May 10 May 20 May 31 June 10 June 20 June 30 Jnly9 July 20 July 30 August 10 August 20 August 31 September 10 - September 20 . September 30 . October 10 October 20 October 31 November 10 . NoTember 19 . November 30 . December 10,. December 20.. December 31.. January 10 January 19 ... January 31 . . . February 10 - . February 20 . . February 28 - . March 10 March 20 March 31 AprUlO April 20 April 29 May 10 May 20 May 31 Juno 10 June 20 June 30 July 10 July 20 July 31 August 10 August 19 August 31 SeptemberO... September 20 . September 30 . October 10 October 20.... October 31 November 10 . November 20 . November 29 . December 9 . - . December 20.. December 30-. 1893. 281, 282, 283, 283, •282, 279, 280, 280, 279, 279, 273, 271, 271, 271, 269, 2G1, 255, 250, 250, 247, 246, 244, 242, 240, 240, 240, 241, 242, 244, 246, 248, 247. 246, 238, 238, 237, 237, 228, 226, 220, 217, 216, 219, 218, 216, 210, 202, 203, 202, 196, 190, 191, 188, 188, 188, 186, 186, 179, 176, 178, 174, 173, 166, 160, 163, 163, 162, 161, 161, 160, 168, 248, 147. 86 787, 085. 45 753, 863. 24 606, 618. 26 918, 152. 86 123, 391. 53 736, 275. 63 281,702.79 144, 269. 34 283, 980. 76 834, 868. 39 623, 455. 45 161, 507. 13 021. 429. 94 527, 091. 86 462, 769. «7 579, 139. 52 577, 705. 23 748. 196. 43 732, 089. 96 306, 220. 66 184, 794. 71 287. 050. 95 543, 695. 63 228, 370. 01 167, 338. 17 605, 908. 58 816, 593. 37 870, 082. 69 261, 468. 91 937, 513. 82 329, 726. 00 598, 465. 89 724, 380. 52 841, 163. 00 359, 801. 29 448, 372. 04 891. 568. 88 827, 532. 53 356, 868. 95 803, 047. 14 672, 947. 91 875, 237. 40 808, 303. 90 378, 232. 99 433, 583. 33 874, 230. 44 283,359.08 022, 684. 76 257, 408. 59 518, 609. 76 481, 877. 18 367, 769. 75 455, 432. 59 779, 016. 14 756, 609. 60 813, 962. 98 282, 914. 35 498, 045. 27 423. 172. 44 246, 159. 68 775, 321. 73 209, 771. 16 443, 707. 34 904, 248. 35 274, 171. 26 978, 989. 05 936, 543. 71 122, 128. 09 532, 948. 65 395, 543. 82 303, 779. 13 1894. January 10 151,509,238.76 $15, 688, 420 18, 201, 290 17, 486, 810 15, Oil, 290 16,179,280 18, 150, 140 24, 177, 450 25, 154, 050 23, 673, 770 23, 775, 020 19, 139, 780 21,031,180 23, 849, 390 19, 775, 470 14, 470, 520 17, 040, 610 25, 205, 190 IS, 363, 590 16, 583, 040 17, 956, 910 17, 738, 500 20, 6T4, 760 22, 396, 260 23, 847, 210 26, 688, 690 28, 143, 660 25, 345, 590 27, 503, 085 27, 146, 670 23,181,990 21, 578, 790 19, 232, 670 19, 632, 830 21, 147, 430 23, 347, 220 24, 254, 750 19, 800, 810 16, 010, 870 15,720,770 22, 000, 150 10,760,410 7, 782, 260 5, 247, 070 6, 175, 870 5, 135, 430 6, 301, 810 5, 202, 260 8, 888, 310 5, 495, 020 6, 322, 680 3, 324, 670 827, 820 752, 780 1, 071, 170 156, 650 226, 610 93, 710 3, 573, 760 4, 084, 290 565, 370 168, 279 190, 050 129, 220 212, 120 463, 220 115, 860 313,120 186, 140 149, 090 280, 349 281, 160 75, 590 147, 930 $164, 435, 61> 162, 037, 799 163, 178, 959 163, 960, 889 163, 187, 139 160, 001, 278 154, 969, 819 165, 656, 119 154, 329, 229 154, 631, 229 157, 939, 719 153, 713, 699 151, 395, 089 155, 914, 259 187, 295, 209 154, 562, 119 146, 454, 639 141,235,339 139, 676, 939 138. 187, 269 136,861,829 134, 025, 529 132, 608, 429 128, 387, 379 126, 009, 399 123, 606, 679 121, 210, 399 119, 413, 754 U9, 441, 169 120, 255, 349 122, 303, 699 124, 728, 269 123. 188, 809 121,319,209 119, 656, 969 117, 093, 139 117, 750, 679 121, 702, 969 120, 645, 819 114,429,189 113, 664, 579 114, 388, 729 114,472,419 113, 232, 719 111,486,009 110, 243, 929 109, 870, 929 105, 272, 029 103, "97, 019 102,282,309 101, 469, 969 99, 768, 919 97, 317, 459 92, 970, 019 91, 492, 339 90, 767, 629 87, 611, 029 82. 419, 624 81, 187, 799 80, 414, 049 80, 195, 690 79, 936, 619 79, 627, 598 79, 644, 699 79, 203, 599 78, 889, 309 78, 568, 849 78. 420, 029 78, 163, 079 77, 961, 829 77, 608, 209 77,412,179 77, 339, 839 $125,812,628.86 119, 749, 286. 46 119,574,904.24 119, 64S, 729. 26 120,731,013.86 122,122,112.53 124, 766, 456. 63 124, 625, 583. 79 125, 816, 040. 34 124,653,761.76 121, 896, 169. 39 119,909,756.45 119,766.418.13 115,107,170.94 114,231,882.36 114,910,650.67 115,124,600.62 114, 342, 366. 23 111, 071, 267. 43 112, 544, 820. 96 110,444,391.66 112,159,265.71 111, 678, 621. 95 114, 156, 316. 63 114,218,971.01 116, 560, 669. 17 119,395,509.58 122,402,839.37 128,128,913.69 124,006,119.91 124,633,814.82 123,601,457.00 124,409,656.89 125,405,171.52 119,284,19400 121,266,662.29 U9, 697, 683. 04 116, 188, 598. 88 108,181,713.63 111,927,679.95 107,228,468.14 103,284,218.91 102,302,818.40 106, 575, 584. 90 106,892,223.99 106,189,654.33 191,003,301.44 97,911,330.08 99,226,565.76 99.975,099.69 95,048,640.76 90,722,958.18 94, 060, 310. 75 96,485,413.59 97,286,677.14 97,989,080.60 99,202,933.98 103, 863, 290. 36 98, 310, 246. 27 96,009,123.44 98,050,468.58 94,839,702.73 93,682,172.16 86,899,008.34 81,700,649.35 84, 384, 862. 29 85,410,140.06 84,516,514.71 82,059,049.09 83, 571, 119. 65 82,787,334.82 80,891,600.13 74,169,399.76 263 ?t 1^ rH^«o«oeneomeooein (5i-l«W(MO3C0P0«iHrHrH-4 CflrHI>eOMt-OTHO)OaSM cocoTdincqetsoooceocQOJ ram 35 ■^mOi-tOliMCOSOOOlOr toa> CO t- CMMlfSiH!DCM"H OS ■Si 2? 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By the President of the United States of America, A PEOCLAMATION. Executive Mansion, Washington, D. C, June SO, 189S. Whereas the distrust and apprehension concerning the financial situation, which pervade all business circles, have already caused great loss and damage to our peo- ple, and threaten to cripple our merchants, stop the wheels of manufacture, and bring distress and privation to our farmers, and witlihold from our workingmen the wage of labor; And whereas the present perilous condition is largely the result of a financial policy which the executive branch of the Government finds embodied in unwise laws which must be executed until repealed by Congress : Now, therefore, I, Grover Cleveland, President of the United States, in perform- ance of a constitutional duty, do by this proclamation declare that an extraordinary occasion requires the convening of both Houses of the Congress of the United States at the Capitol in the city of Washington on the 7th day of August next, at 12 o'clock noon, to the end that the people may be relieved, through legislation, from present and impending danger and distress. All those entitled to act as members of the Fifty-third Congress are required to take notice of this proclamation and attend at the time and place above stated. Given under my hand and the seal of the United States at the city of Washington on the 13th day of June, in tbe year of our Lord 1893, and of the Independence of the United States the 117th. [seal.] Gkovek Cleveland. By the President : Alvey a. Adeb, Acting Secretary of State. [House Ex. Doc. No. 1, Fifty-third Congress, first session.] presidential message. To the Congress of the United States: The existence of an alarming and extraordinary business situation, involving the welfare and prosperity of all our people, has constrained me to call together in extra session the people's representatives in Congress, to the end that through a wise and patriotic exercise of the legislative duty with which they solely are charged, present evils may be mitigated and dangers threatening the future may be averted. Our unfortunate financial plight is not the result of untoward events, nor of con- ditions related to our natural resources ; nor is it traceable to any of the afBictions which frequently check national growth and prosperity. With plenteous crops, with abundant promise of remunerative production and manufacture, with unusual invi- tation to safe investment, and with satisfactory assurance to iDusiness enterprise, suddenly financial distrust and fear have sprung up on every side. Numerous moneyed institutions have suspended because abundant assets were not immediately available to meet the demands of frightened depositors. Surviving corporations and individuals are content to keep in hand the money they are usually anxious to loan, and those engaged in legitimate business are surprised to find that the securi- ties they ofi'er for loans, though heretofore satisfactory, are no longer accepted. Values supposed to be fixed are fast beeouiLag conjectural, and loss and failure have invaded every branch of business. I believe these things are principally chargeable to Congressional legislation touching the purchase and coiaage of silver by the General Government. 267 268 This legislation is embodied in a statute passed on the 14tli day of July, 1890, which was the culmination of much agitation on the subject involTed, and which may be considered a truce, after a long struggle, between the advocates of free- silver coinage and those intending to be more conservative. Undoubtedly the monthly purchases by the Government of four million and five hundred thousand ounces of silver, enforced under that statute, were regarded by those interested in silver production as a certain guaranty of its increase in price. The result, however, has been entirely different, for immediately following a spas- modic and slight rise the price of silver began to fall after the passage of the act, and has since reached the lowest point ever known. This disappointing result has led to renewed and persistent effort in the direction of free-silver coinage. Meanwhile, not only are the evil effects of the operation of the present law con- stantly accumulating, but the result to which its execution must inevitably lead is becoming palpable to all who give the least heed to financial subjects. This law provides that in payment for the four million and five hundred thousand ounces of silver bullion which the Secretary of the Treasury is commanded to pur- chase monthly there shall be issued Treasury notes redeemable on demand in gold or silver coin, at the discretion of the Secretary of the Treasury, and that said notes may be reissued. It is, however, declared in the act to be " the established policy of the United States to maintain the two metals on a parity with each other upon the present legal r.atio, or such ratio as may be provided by law." This declaration so controls the action of the Secretary of, the Treasury as to prevent his exercising the discretion nominally vested in him, if by such action the parity between gold and silver may be disturbed. Manifestly a refusal by the Secretary to pay these Treasury notes in gold, if demanded, would necessarily result in their discredit and depreciation as obligations payable only in silver, and would destroy the parity between the two metals by establishing a discrimination in favor of gold. Up to the fifteenth day of July, 1893, these notes had been issued in payment of silver bullion purchases to the amount of more than one hundred and forty-seven millions of dollars. While all but a very small quantity of this bullion remains uncoined and without usefulness in the Treasury, many of the notes given in its purchase have been paid in gold. This is illustrated by the statement that between the first day of May, 1892, and the fifteenth day of July, 1893, the notes of this kind issued in payment for silver bullion amounted to a little more than fifty-four millions of dollars, and that during the same period about forty-nine millions of dollars were paid by the Treasury in gold for the redemption of such notes. The policy necessarily adopted of paying these notes in gold has not spared the gold reserve of one hundred millions of dollars long ago set aside by the Government for the redemption of other notes, for this fund has already been subjected to the payment of new obligations amounting to about one hundred and fifty millions of dollars on account of silver purchases, and has as a consequence, for the first time since its creation, been encroached upon. We have thus made the depletion of our gold easy, and have tempted other and more appreciative nations to add it to their stock. That the opportunity we have offered has not been neglected is shown by the large amounts of gold which have been recently drawn from our Treasury and exported to increase the financial strength of foreign nations. The excess of exports of gold over its imports for the year end- ing June 30, 1893, amounted to more than eighty-seven and a half millions of dollars. Between the first day of July, 1890, and the fifteenth day of July, 1893, the gold coin and bullion in our Treasury decreased more than one hundred and thirty-two millions of dollars, while during the same period the silver coin and bullion in the Treasury increased more than one hundred and forty-seven millions of dollars. Unless Government bonds are to be constantly issued and sold to replenish our exhausted gold, only to be again exhausted, it is apparent that the operation of the silver-purchase law now in force leads in the direction of the entire substitution of silver for the gold in the Government Treasury, and that this must be followed by the payment of all Government obligations in depreciated silver. At this stage gold and silver must part company and the Government must fail in its established policy to maintain the two metals on a parity with each other. Given over to the exclusive use of a currency greatly depreciated according to the standard of the commercial world, we could no longer claim a place among nations of the first class, nor could our Government claim a performance of its obligation, so far as such an obligation has been imposed upon it, to provide for the use of the peo- ple the best and safest money. If, as many of its friends claim, silver ought to occupy a larger place in our cur- rency and the currency of the world through general international cooperation and agreement, it is obvious that the United States will not be in a position to gain a hearing in favor of such an arrangement so long as we are willing, to continue our attempt to accomplish the result single handed. The knowledge in business circles among our own people that our Govemmentcan not make its fiat equivalent to intrinsic value, nor keep inferior money on a parity 269 with superior money by its own independent efforts, has resulted in such a lack of confidence at home, in the stability of currency values that capital refuses its aid to new enterprises while millions are actually withdrawn from the channels of trade and commerce to become idle and unproductive in the hands of timid owners. For- eign investors equally alert not only decline to purchase American securities but make haste to sacrifice those which they already have. It does not meet the situation to say that apprehension in regard to the future of our finances is groundless and that there is no reason for lack of confidence in the purposes or power of the Government in the premises. The very existence of this apprehension and lack of confidence, however caused, is a menace which ought not for a moment to be disregarded. Possibly if the undertaking we have in hand were the maintenance of a specific known quantity of silver at a parity with gold, our ability to do so might be estimated and gauged, and perhaps in view of our unparal- leled growth and resources might bd favorably passed upon. But when our avowed endeavor is to maintain such parity in regard to an amount of silver increasing at the rate of fifty millions of dollars yearly, with no fixed termination to such increase,' it can hardly be said that a problem is presented whose solution is free from doTibt. The people of the United States are entitled to a sound and stable currency and to money recognized as such on every exchange and in every market of the world. Their Government has no right to injure them by financial experiments opposed to the policy and practice of other civilized states, nor is it justified in permitting an exaggerated and unreasonable reliance on our national strength and ability to jeopardize the soundness of the people's money. This matter rises above the plane of party politics. It vitally concerns every busi- ness and calling and enters every household in the land. There is one important aspect of the subject which especially should never be overlooked. At times like the present, when the evils of unsound finance threaten us, the speculator may antici- pate a harvest gathered from the misfortune of others, the capitalistmay protect him- self by hoarding or may even find profit in the fluctuation of values ; but the wage earner — the first to be injured by a depreciated currency and the last to receive the benefit of its correction — is practicallj- defenseless. He relies for work upon the ventures of confident and contented capital. This failing him, his condition is with- out alleviation, for he can neither prey on the misfortunes of others nor hoard his labor. One of the greatest statesmen our country has known, speaking more than fifty years ago when a derangement of the currency had caused commercial distress, said: "The very man of all ethers who has the deepest interest in a sound currency and who suffers most by mischievous legislation in money matters, is the man who earns his daily bread by his daily toil." These words are as pertinent now as on the day they were uttered, and ought to impressively remind us. that a failure in the discharge of our duty at this time must especially injure those of our countrymen who labor and who, because of their num- ber and condition, are entitled to the most watchful care of their Government. It is of the utmost importance that such relief as Congress can afford in the exist- ing situation be afforded at once. The maxim " he gives twice who gives quickly" is directly applicable. It may be true that the embarrassments from which the business of the country is suffering arise as much from evils apprehended as from those actually existing. We may hope, too, that calm counsels will prevail aud that neither the capitalists nor the wage-earners will give way to unreasoning panic and sacrifice their property or their interests under the influence of exagger- ated fears. Nevertheless, every day's delay in removing one of the plain and prin- cipal causes of the present state of things enlarges the mischief already done and increases the responsibility of the Government for its existence. Whatever else the people have a right to expect from Congress they may certainly demand that legis- lation condemned by the ordeal of three years' disastrous experience shall be removed from the statute books as soon as their representatives can legitimately deal with it. It was my purpose to summon Congress in special session early in the coming Sep- tember that we might enter promptly upon the work of tariff reform, which the true interests of the country clearly demand, which so large a majority of the people as shown by their suffrages, desire and expect, and to the accomplishment of which every effort of the present Administration is pledged. But while tariff reform has lost nothing of its immediate and permanent importance, and must in the near future engage the attention of Congress, it has seemed to me that the financial condition of the country should at once, and before all other subjects, be considered by your honorable body. I earnestly recommend the prompt repeal of the provisions of the act passed July 14, 1890, authorizing the purchase of silver bullion, and that other legislative action may put beyond all doubt or mistake the intention and the ability of the Government to fulfill its pecuniary obligations in money universally recognized by all civilized countries. Grovek Cleveland. 270 [Senate Ex. Doc. No. 2, Kfty-third Congress, first session.] Letter from the Secretary of the Treasury, in response to Senate resolution of August 16, 1893, relative to tlie redemption of Treasury notes issued under the act of July 14, 1890, and also relative to the exchange of gold coin for silver dollars. Tbbasurt Dbpabtmbkt, Office of the Secretary, Washington, D. C, August 17, 189S. The President of the Senate : I have the honor to acknowledge the receipt of the following resolution, adopted by the Senate on the 16th instant, viz : "Resolved, That the Secretary of the Treasury be, and he is hereby, directed to report to the Senate what amount, if any, of the Treasury notes issued under the act of July 14, 1890, commonly called the Shermaii act, have been during the present month redeemed by the Government at the request of the holders thereof in silver doJlars, and whether the holders of such notes were advised at the time of such redemption that they could have gold instead of silver if they so desired. The Sec- retary of the Treasury is also directed to inform the Senate whether gold coin has been presented recently to the Treasury Department, or any subtreaaury, and sUver dollars asked in exchange therefor ; and, if so, if such exchanges have been made, and whether the Department would or could exchange silver dollars for gold coin if requested to do so by holders of gold." In response thereto I have the honor to say that during the present month Treasury notes issued under the act of July 14, 1890, amounting to $714,636, have been redeemed by the Government in silver dollars. While I do not pretend to have knowledge of the degree of information possessed by the holders of the notes so redeemed, I am of the opinion that they were fully advised at the time of such redemption that they could have gold instead of silver, if they so desired. I base this opinion upon the general publicity which has been given to the terms of the act, no less than upon the instructions of this Department to the Treasurer and assistant treasurers of the United States, which have been to the effect that such notes were redeemable in silver dollars at the option of the holders. I am also supported in my belief by the fact that in the circular of this Department issued to the public for their guidance in their dealings with the Treasury, and containing the regulations which govern the issue, redemption, and exchange of the paper currency and the gold, silver, and minor coins of the United States, there is a paragraph which reads as follows : ■ "4. Gold coin is issued in redemption of United States notes, in sums not less than $50, by the assistant treasurers in New York and San Francisco, and in redemption of Treasury notes of 1890, in like sums, by the Treasurer and all the assistant treas- urers." In further response to the resolution I have to say that recently gold coin has been presented at an office of this Department and silver dollars asked in exchange there- for, and that the exchange was not made for the reason that all the silver dollars in the Treasury at the time were required under the provisions of the laws relating to the currency to be held in the Treasury to cover outstanding silver certificates and Treasury notes issued under the act of July 14, 1890. At present the Department would not and could not exchange silver dollars for gold coin if requested ^o do so by holders of gold for the same reason; but if the condition of the funds of the Treasury were such as to afford a margin of silver dollars in excess of silver certifi- cates and Treasury notes outstanding, such exchanges would be made. Respectfully, yours, J. G. Carlisle, [Senate, Ex-Doo. No. 3, Fifty-third Congress, first session.] Letter from the Secretary of the Treasurg showing necessity for immediate ap^opriation of $300,000 for continuing recoinage of fractional silver coins. Treasury Department, August 18, 1893. Sir: I have the honor to inclose herewith copy of a letter from the Treasurer of the United States, setting forth the necessity for an immediate appropriation of $300,000 for continuing the recoinage of fractional silver coins. I coucur in the recommeudation of the Treasurer, and respectfully request that an appropriation be made in the following terms: For recoinage of the unourrentfrae- 271 tional silver coins in the Treasury, to 6e expended under the direction of the Searetary of the Treasury, ^800,000 the same to be immdiately availahle. The amount of fractional silver coins now in the Treasury available for'recoinage is $10,000,000. EespectfuUy, yonrs, J. G. CABLISLI!, The Pbesident op the Senate. Treasury Department, Office of the Tbbasukbr, Washington, D. C, August 9, 189S. Sir : I have the honor to advise you that the current appropriation for the ' TRecoin- age of silver coins" is nearly exhausted, and in order to enable -this office to meet the usual autumn demand for fractional silver coin it is respectfully suggested that Congress be asked to make an appropriation of at least $300,000 for that purpose at the earliest momeut, and that it be made immediately available. EespectfuUy, yours, D. N. Morgan, Treasurer United States. Hon. J. G-. Carlisle, Secretary of the Treasury. [Senate Ex. Doc. Ko. 4, Eifty-tliird Congress, first sessioii.1> Letter from the Secretary of the Treasury relative to the cost of recoining silver currency under the proposed ratio of one to twenty. Treasury Department, Office op the Secretary, Washington, D. C, August 19, 1893. Silt: Referring to our conversation relative to the probable cost incident to tie change from the present coining ratio between gold and silver (1 to 16 for the stand- ard silver dollars and 1 to 14-95 for subsidiary silver) to a ratio of 1 to 20, you are respectfally informed that the number of silver dollars coined since 1878 aggregates 419,332^450. Without any allowance for abrasion and loss incident to melting the same, the coining value of these dollars at a ratio of 1 to 20, would be $333,222,162, or $84,110,228 less than their present face value. To recoin these dollars at a ratio of 1 to 20 would require the addition of 81,376,700 ounces of new bullion, which, at the average price paid for silver under the act of July 14, 1890 ($0.93|:), would cost $75,883,700. In addition to this I estimate that there would be a loss from abrasion and in the melting of these dollars of at least $3,000,000, which amount, together with the dif- ference in the face value of the coins ($84,110,288), would have to be reimbursed to the Treasury by an appropriation for that purpose. From the fact that the silver dollars are distributed throughout the country it would be necessary, as they are redeemed at the several sxibtreasuries, to transport them to the mints, and the expense of transportation for $300,000,000, the amount outside of the stock on hand at the subtreasuries and mints at Philadelphia, San Francisco, and Sew Orleans, would average at least 1^ per cent, or $4,50O,O00. I therefore estimate the cost of recoining the silver dollars already coined as fol- lows: New bullion to he added $75,883,700 Loss by abrasion and melting , 3,000,000 Cost of coinage (labor, materials, etc.) 6, 290, 000 Copper for alloy 68,200 Transportation of dollars to mints 4,500,000 Total 89,741,900 The stock of subsidiary silver coin in the country is estimated at $f7,000,000, which at full weight would contain 55,699,975 ounces of fine silver. This amount, at a ratio of 1 to 20, would coin $55,843,802, or $21,156,197 less than the present face value. 272 To recoin $77,000,1/00 of subsidiary silver into an equal amount of fractional coin at a ratio of 1 to 20 would require the addition of 18,797,625 fine ounces, which, at $0.93i per fine ounce, the average price paid for silver iinder ihe act of July 14, 1890, would cost $17,528,785. There would be a loss of about 2J per cent by abrasion from the face value, or about $1,925,000. I would, therefore, estimate the cost of recolning the subsidiary silver in the country, at a ratio of 1 to 20, as follows : New bullion $17,528,785 Loss by abrasion ; 1,925,000 Cost of coinage (labor, materials, etc.) 2, 500, 000 Copper for alloy 15,636 Cost of transportation 1,155,000 Total 23,124,421 RECAPITULATION. Estimated cost of recoining silver dollars $89, 741, 900 Estimated cost of recoining subsidiary silver 23, 124, 421 Total 112,866,321 Very respectfully, J. G. Carlisle, iSeoretary. Hon. Daniel W. Voorhees, United States Senate. [Mis. Doc. No. 11, Fifty-third Cougress, first session.] Mr. Stewart presented the following editorial, printed in the New York Eecorder, of August 13, 1893 : GIVE US FREE SILVER. The Recorder believes that the time has come when the will of the people must be enforced alike upon Congress and the President, and the mints of the United States be thrown open to the free coinage of silver. The financial and business situation is admittedly bad. There is no need to exag- gerate it. It might be worse. It will become worse, much worse, unless Congress and President Cleveland can get together and relieve the existing commercial con- gestion by prompt and adequate legislation. The President admits in his recent message that the repeal of the silver purchase law of 1890 will not fully meet the exigencies of our situation. It is confessed on all hands that to simply repeal the Sherman Act and stop there will not leave our cur- rency upon a satisfactory basis, or provide for a safe and sufficient circulating medium. The business of this country can not be done upon a purely gold basis. There is too much business to be done, and too little gold to do it with, to justify the experi- ment of a currency based wholly on one metal, and that one the scarcer and dearer of the two. The total disfrancliisement of silver as a money metal, which seems to be the aim of the gold extremists at Washington, means a violent and ruinous con- traction of values. The mere threat of it has already given the first sharp twist to the screws of contraction. To persist in the total elimination of silver from our currency is madness. The lead of the gold monometallists has been followed far enough. It is time to call a halt and demand that silver shall be put back into the place it held for eighty years, from the formation of the Government down to 1873, and be made again one of the two main pillars of the American system of currency and coinage. It is evident that his party in Congress is not fully with the President, and will not act upon his initiative unless he will assent to a provision by which silver shall be retained as a partner with gold on a just and fair ratio in the metallic basis of a nation's money. Congress is not ready and willing to repeal the act of 1890 until the President on his side is prepared to give his assent to a new law based on bime- tallic principles, restoring silver as a money metal and reestablishing the double atandaid. 273 This is the perilous feature of the situation at "Washington. If the President and Congress can not harmonize their views and act together without long dehate and delay, the crisis through which the trade arid industry of the country are passing must and will grow more acute. Is there any way of bringing them together? Only, as The Recorder thinks, by putting such a pressure of public opinion upon them both as will compel them to meet on middle ground and take decisive action. The President is not justified in asking for the unconditional repeal of the present silver law. To postpone the definite readjustment of our currency laws, leaving silver demonetized and its use as a standard money metal wholly prohibited, would, in The Recorder's opinion, precipitate a financial and business catastrophe compared with which all past panics would seem to have been mere bugaboos. Absolute gold monometallism spells ruin, universal and unsparing ruin, for the people of this country. Congress is right in demanding securities for the silver already coined and repre- sented in our paper circulation, and a guarantee for the permanent retention of both metals and the historic double standard, at a ratio to be fixed with a due regard to the existing conditions of the currencies and coinages of the world. Congress stands for the American people in this matter. It is their dearest interests which it is defending in defending their constitutional currency — gold and silver. The single gold standard has never been sanctioned or desired by the people of this country. Their will has been over and over again expressed to the contrary at every election and in every Congress for sixteen years past. Their determination that silver shall not be outlawed at the mints has been clearly and forcibly shown by overwhelming majorities in both branches of Congress. It never was stronger than it is to-day. The clamor of the money changers, the usurers, and the stock gamblers, inspired by the English influences that radiate from Lombard street and which represent the organized rapacity of the world, has not shaken the faith of the American masses one iota in the honesty, the justice, the fairness, and, above all, the vital necessity of maintaining silver side by side with gold in their national money system. There may have been a change in the relative measuring values of the two metals. That has often occurred in the course of history. But that change, whatever it may be, can be corrected by a change in the ratio of coinage from the preseni, 16 to 1 to, say, 19 or even 20 to 1. It does not justify the total abolition of silver as a standard money metal. England is reported to be at this moment exchanging her gold for Indian silver on the-basis of 22 to 1, showing that even the leading gold standard country recognizes that silver possesses an exchangeable value with gold at some ratio that can be fixed. And we may be sure that the Bank of England, in fixing it at 22 to 1, has been as unfair to silver and as partial to gold as it has dared to be. The Recorder earnestly calls for a general expression of the popular will loud and clear and general enough to make the President and Congress understand that the people demand immediate relief from the stifling and stagnating currency conditions from which they are now suffering ; and that, while they want the act of 1890 repealed, they also want the free coinage of silver restored at such new ratio as the wisdom of Congress may see fit to fix. The money power has spoken for gold monometallism, and Mr. Cleveland seems to be its executive echo. Now let the people be heard and Mr. Cleveland be clearly informed that Congress, and not he, represents the national will on this matter ot admitting silver as well as gold to the mints. Gen. Grant once said, speaking from the same chair now filled by Mr. Cleveland: "I have no policy to enforce against the will of the people." The Recorder recom- mends Mr. Cleveland to adopt the same attitude on this money question, for it is the only one that is worthy of an American President. Congress is the repository of the people's law-making power, and it correctly represents them in resisting the single gold standard crusade, at whose head Mr. Cleveland has apparently placed himself. He can do the nation no better service at this grave crisis in its financial and busi- ness history than to yield gracefully and say witSi G^fint : " I have no policy to enforce against the will of the people." It is of the very first importance that the present state of affairs should not be long continued. Business is benumbed in every branch, currency and coin are alike in hiding, exchange is difficult to effect for want of money to do it with, perfectly sound banks are embarrassed themselves and can not give ordinary accommodations to their depositors, trade is clogged and hampered at every turn, mills and work- shops are closing in large numbers, and even the most solvent an» § 5 * I; » s ^ « d « ^ .M » «i S S § (3 2 -i S -I a O g. ■s fe '^ ^ 00 o f^ is >• P K * S **• ° H s a s S'-r a ^ U ^ S e d S.2 =5 3° ^ "^ I MO g .S »H " O qa la 5 i'3 Si P. 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Doc. No. 36, rifty-third Congress, first session.] Mr. Cootrell presented tbe foUowing statement of the production of gold and silver in the world, 1792-1892 : PRODUCTION of GOLD ana SILVER in the WORLD, 1792-1898. Calendar years. Gold. Silver (coining value). Total. 1792-1800 . 1801-1810 . 1811-1820 . 1821-1830 . 1831-1840 . 1841-1848 . 1849 1860..../. 1851 1852 1853 1854 1856 1856 1857 1868 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1887. 1888. 1889. 1890. 1891. 1892. $106 407, 118 152, 76 063, 94 479, 134 841, 291 144, 27 100, 44 450, 67 800, 132 750, 155 450, 127 450, 135 076, 147 600, 133 275, 124 650, 124 860, 119 250, 113 800, 107 760, 106 950, 113 OOU, 120 200, 121 100, 104 026, 109 725, 106 225, 106 850, 107 000, 99 600, 96 200, 99 750, 97 600, 103 700, 114 000, 119 000, 109 000, 106 500, 103 000, 102 000, 95 400, 101 700, lOS 400, 106 noo. 105 775, 110 197, 123 489, 113 150, 120 519, 130 H17, ,000 1,000 1,000 ,000 ,000 :,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 ,000 ,000 1,000 1,000 ,000 1,000 ,000 1,000 1,000 ,000 ,000 ,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 ,000 ,000 ,000 ,000 ,000 ,000 ',000 1,000 1,000 1,000 1,000 ;,ooo ■,000 ,000 1, 000 1,000 ■,000 $328,860,000 871, 677, 000 224, 786, 000 191, 444, 000 247, 930, 000 259, 520, 000 39, 000, 000 39, 000, 000 45, 000, 000 40, 600, OOO 40, 600, 000 40, 600, 000 40, 600, 000 40, 650, 000 40, 650, 000 40, 650, 000 40, 750, 000 40, 800, OOU 44, 700, 000 45, 200. 000 49, 200, 000 51, 700, 000 51, 950, 000 50, 750, 000 54, 226, 000 50, 225, 000 47, 600, 000 51, 576, 000 61, 050, 000 65, 250, 000 81, 800, 000 71, 600, 000 80, 500, 000 87, 600, 000 81, 000, 000 95, 000. 000 96, OOOi 000 96, 700, OOO 102, 000, 000 111, 800, 000 115, 300, 000 105, 500, 000 118, 500, 000 120, 600, 000 124, 281, 000 140, 706, 000 162, 159, 000 172, 235, 000 186, 733, 000 196, 105, 000 $436,267,000 489, 829, 000 300, 849, 000 285, 923, 000 382,771,006 650,664,000 66,100,000 83, 450, 000 107, -600, 000 173, 350, 000 196, 050, 000 168,050,000 175, 676, 000 188,250,000 173,925,000 165,300,000 166,300,000 160, 050, 000 158,500,000 152,960,000 156,150,000 164,700,000 172, 160, 000 171, 860, 000 168, 260, 000 159,950,000 153,725,000 158,425,000 168,060,000 164, 850, 000 178,000,070 162, 250, 000 178,000,000 191,300,000 195,000,000 214,000,000 205,000,000 203, 200, 000 205,000,000 213, 800, 000 210, 700, 000 207,200,000 226,900,000 226, 600, 000 230, 066, 000 250, 903, 000 285, 648, 000 28.5,386,000 307,252,000 327, 422, 000 Total I 5,633,908,000 5,077,961,000 10,711,869,000 TBBASUBY DEPAETMENT, BDBEA17 OF THE MiKT, A'uguit 16, lugs. [House Ex. Doc. No. 2, Fifty-third Congress, first session.] Letter from the Secretary of the Treasury, transmitting, pursuant to Souse resolution of the 16th instant, information relating to the purchase and coinage of silver under the act of July 14, 1890. Treasury Department, Office of the Sbcretart, Washington, D. C, August 19, 1S9S. Sir : 1 have to acknowledge the receipt of the following resolution, passed hy tbe Hou.se of Representatives on the 16th instant : " Resolrtil, That the Secretary of the Treasury is hereby respectfully requested to communicate to the House the following information relating to the purchase and 277 coinage of silver under the act of July 14, 1890, entitled ' Ad act directing the pur- chase of silver bullion and the issue of Treasury notes thereon, and for other pur- poses.' "First. How many ounces of silver hullion have been purchased and what has been the highest, lowest, and average market price paid? "Second. What amount of Treasury notes has been issued in payment of the sil- ver bullion, what amount redeemed, aud what amount reissued? "Third. What amount of Treasury notes has been redeemed in gold coin and what amount in silver coin ? "Fourth. How many standard silver dollars have been coined? "Fifth. How many ounces of silver bullion are now owned by tjie Government?" In reply I have the honor to state : First. The number of ounces of silver bullion purchased under the act of July 14, 1890, from August 13, 1890, to August 16, 1893, inclusive, was 161,521,000 fine onnoes, costing $150,669,459. The highest price paid was $1.20^, August 20, 1890, and the lowest price $0,696, July 24, 1893; average price, $0.9328+. Second. Treasury notes to the amount of $150,115,985 have been issued to date, August 16, 1893, in payment of the silver bullion, and that amount is still outstand- ing, the redemptions having been replaced by issues, with the exception of $714,636, which have been redeemed in standard silver dollars aud retired from circulation since August 3 instant. Third. Up to August 1, 1893, $49,184,160 in Treasury notes have been redeemed in gold, and since August 3, 1893, $714,636 in Treasury notes have been redeemed in silver dollars, this being the first redemption of these notes in silver. Fourth. The number of standard silver dollars coined from bullion purchased under the act of July 14, 1890, to August 16, 1893, has been 36,087,185. Fifth. The number of ounces of silver owned by the Government, purchased under the act of July 14, 1890, on August 16, 1893, was 133,161,375 fine ounces, costing $121,217,677. Very respectfully, J. G. Cablislb, Secretary. Hon. Charles F. Ckisp, Speaker Souse of Bepresentatives. [Senate Mis. Doc. No. 25, Fifty-third Congress, first session.] Mr. Teller presented the following letter from Frederick C. Waite, relative to cause of financial aud industrial depression : Washingtost, D. C, August 17, 189S. Dear Sir: As has been well said, the President, in his message to Congress, "proposes to rehabilitate the crippled banks, to reopen the abandoned industries, to rescue from idleness and want the starving laborers, to restore securities to their former strength and affluence, and to set up contidence where fear and frenzy riot now, by the simple process of repealing the Sherman act, and thereby retaining in the Treasury the $3,000,000 or $3,500,000 which hitherto has been put into circula- tion each month through its operation." If, instead of seeliing an opportunity to criticise, our desire is to find out the cause of this industrial depression, which has raised armies of the unemployed in many silver as w^l as in every gold-using nation on the globe, we have but to investigate the affairs of that people among whom it has been most severe, namely, of the Argentine Republic. According to Mulhall, the total wealth of the people in the Argentine Republic, before the collapse, equaled but $2,545,000,000 in gold, while, according to the last report of the Michigan bureau of labor, their debt equaled the incredible total of $2,191,000,000 in depreciated currency, or over 50 per cent of their entire wealth, in- cluding the inflated land values. It was this almost unprecedented amount of debt which caused the utter collapse. Moreover, every economist who has spent years investigating the subject is well aware that the "unearned land values," like bonds and stocks, are simply evidence of wealth, being in the main mere inflation based upon the results of the labor and the capital employed in building free roads, bridges, canals, and harbors, and furnishing light, sewerage, water, order, protec- tion against fire, etc. Hence it is very plain that the collapse in the Argentine was made all the more overwhelming by the fact that, when there was a need for a basis on which her mighty debt could rest, the land values fled, aud public improvements, order, afld protection against fire were things of the past. In other countries the crisis has not been so disastrous, but it has in every case been in proportion to the amount of debt. From history we notice that, whether we turn our attention to the centuries of prehistoric human experience which the author of the Pentateuch had in mind when 278 he penned the immortal twenty-fifth chapter of Leviticus, or to the dawn of Grecian or Eoman history, the revolutions and rehellions in our mother country, or to the financial crises of modern times, such as those in our own country in 1818, ISisT, 1857, 1873, and 1893-94, or to famine-striclcen Eussia, the one great fact which in every instance towers above every other history-creating fact is debt. Let us note the great increase during the last twelve years in the private indebt- edness of our own people, and contrast it with the modest increase of scarcely 60 per cent in our wealth, nearly half of which was but a fictitious rise in speculative ground values. As for the funded debt, those of the railroads increased from $2,392,000,000in 1880 to $5,463,000,000 in 1892, according to Poor's Manual, an increase of 129 per cent, while the current debt has -nearly doubled in the last seven years. The funded debts of other companies were very small in 1880, but many of them have since assumed magnitude, especially during the last few years ; as, for instance, those of the telephone, telegraph, and street railway companies, and public water, gas, and electric-lighting and power companies. During the same time the loans and" overdrafts of national banks increased from $994,000,000 to $2,171,000,000, while those of other banks, exclusive of private hanks and of real estate mortgages, increased from $378,000,000 to $1,189,000,000. The most astonishing increase of all, however, is in the real estate mortgage indebted- ness, as disclosed by the investigations of the eleventh census. Let ns remember that this is largely the debt of the hardest working and the poorest paid of all our American citizens, namely, the farmers and the laborers who are trying to obtain a home of their own by honest toil. In the twenty-one States for which the mort- gage indebtedness has been tabulated the aggregate amount in force at the close of 1889 was $4,547,000,000 with the great States of Ohio, Texas, and California and "whole groups of lesser States yet to be heard from. The grand aggregate will be no less than $6,300,000,000. The aggregate in 1880 was only about $2,500,000,000. Last year, after turning the scale at $8,000,000,000, the mortgage indebtedness con- tinued its upward .flight, not being contented with an increase of 220 per cent, or nearly four times the increase in the true value of real estate. In a word, the total net private indebtedness of the American people equaled, in 1880, but $6,750,000,000. Last September it amounted to 19,700,000,000, an increase of 13,000,000,000 in the short period of twelve years. These mute figures tell the tale. Our manufacturing and mining industries have been stimulated under the intoxicating influence of protection, .while our farm- ers have been compelled to borrow to meet deficits. Our land values have been bolstered up by booms and ruthless real estate speculation all over the West and South. Railroads have been built to forestall competitors, to raise the value of land, and to build cities where none were needed. Bonds and watered stocks have been ruthlessly floated for the purpose of wrecking valuable properties. In order to indicate how universal such practices have become, I may say that my investigations in the Census Oflice forced me to the conclusion that the liabilities of the railroad companies equaled fully 85 per cent, or $5,000,000,000 more than their total assets. Witn this conclusion all experts practically agree. In short, things have been overdone, and the periodic settling day has come. This is the giant fact that stares our country in the face to-day. The industrial depressions of over four thousand years, under every civilization known to history, have been, one and all, due to the innate power which debt has of piling itself up until it reaches a volume which the existing civilization can not support. Ten months ago our private indebtedness reached that awful climax. During seven months we reduced that mighty load of debt by a few score millions, which, together with the reduction of the last three months, amounts to hundreds of millions. The unpleasant fact, which must be bravely met, is that we shall not have pros- perity again until at least a thousand millions of this indebtedness shall have been wiped out of existence, and probably not until property which is to-day valued at thousands of millions shall have passed, at a great sacrifice, from the hands of the poor and middle classes to the hands of the men who hold the money. As yet we have but touched the outskirts of this world-wide commercial crisis. We are now beginning to sail through it. However, we shall not be called upon to pass through the black center as have the golden republics of Australia, because the indebtedness of our people has not been piled up with such blind recklessness, and because, in general, there have been some bounds to the fictitious inflation of land values. The total capital of all banks suspending during the three months ending July 28 aggregated for the whole United States only $38,951,033, while in the six weeks end- ing May 16 the liabilities of the banks of issue, which were crushed to the wall in Melbourne, alone amounted to over $300,000,000, a sum nearly equal to the total deposits in the sixty-four banks forming the clearing house of New York city. Melbourne is a city about the sizaof slow, pay-as-you-go Baltimore, which does not know what a bank failure is. Even before the crisis, merely as a result of the 279 storm which preceded, Melbourne's population had been reduced by more than twenty thousand, and the land values were already 'disappearing beneath the assessed valu- ations, and, in many quarters, even beneath the mortgaged indebtedness, when the city was suddenly overtaken by one of the mtist gigantic financial collapses in mod-, em times — a collapse which shook the very foundation of credit the whole world around, locked up the ^old of the East, and set England's surplus afloat for the res- cue of the doomed continent. Europe was already deep in difficulties on account of the Panama collapse aqd the unsettled condition of affairs in the Argentine. The guarantors of the Baring fail- ure had just extended their guarantees to retide matters over. The continuation of the fight among the great banking houses for a sufficient supply out of Europe's insufficient store of gold compelled England to look toward America. Aided by the excessive trading of our overhopeful merchants, England, by curtailing her pur- chases of our produce and by selling dur securities, replenished her gold supjily. Moreover, the floating of the gold bonds of Austria had shoved large bodies of Amer- ican securities back upon oxir own market and increased the outflow of gold. This draining of our supply and the fall of prices led to hoarding money of every descrip- tion. One month after the crisis struck Melbourne; during the week of bank holiday, proclaimed by the government to give the people time to cool down; just as the collapses which had been confined to Melbourne, opened its maw as though about to engulf the whole continent, New Zealand and all; then, as the giant banks of Australia were failing right and left, the great commercial centers of the United States, were shaken. Two weeks later flashed across the wires the added news that five hanks, with liabilities amounting to over $125,000,000, had gone down in three days. In certain of our Western cities, whose condition since 1888 has been that of a collapse-in-suspense, the banks and business houses began to close their doors, although their assets seemed to be large, at least, to those who have not taken in the world-wide situation and have not given years to the study of fictitious land values as a basis of mortgaged indebtedness. My only apology for not accepting the general explanation of the cause of this crisis and for not falling in with the lovely little panac6a,,by which all nations that have either a Sherman act to repeal or silver to demonetize may enter into the niil- lenium of prosperity, is that I find nothing to support such theories ; whereas, I have the facts by which I can demonstrate the accuracy of every statement made above. Very truly yours, Fkederiok C. Waite. Hon. Henky M. Teller, United States Senate. [Senate Mis. Doc. No. 29, Fifty-third Congress, flrat session.] Mr. Hoar presented the following letter from Ernest Seyd to Samuel Hooper on the subject of coinage. I have the hill before me, and Mr. Latham kindly sent me a copy of your remarks respecting my book and inviting my suggestions. I cheerfully respond to this invitation and beg to submit to you the following remarks. (I shall pass over those sections in reference to which I have no remarks to make^ and point to others requiring notice.) La Pkinobs Street Bank, London, February 17, 187S. To Samuel Hooper, Esq., M. C: Dear Sir: You were kind enough to forward to Mr. Alfred Latham a copy of your coinage bill for the United States, to be sent to me, and you expressed a wish to receive criticisms on its provisions. Sec. 14. The issue of a variety of gold coins, such as the $20, $10, $5, $3, $2^, and $1 pieces, is injudicious. True, the $20 piece is a magnificent coin, but for ordinary purposes in obtaining change it is less useful than four $5 pieces, for large transac- tions connected with international trade the $20 pieces are the most convenient coins for melting down, and that is the fate of the majority of them. The $1 gold piece, on the other hand, is much too small. Its wear is excessive, and it soon be- comes totally unfit for a standard of value. The French 5-franc gold piece has already been condemned for this very reason. A variety of coins must also be objected to for another reason, viz : That connected ■with the handling of the pieces it prevents the use of the " weighing scales." On 280 pages 164, 165, of my 'boolj, " Suggestions in reference to the metallic currency of the United States," I speak of this matter at length, and I think the remarks therein made are worthy of attention. I can qiiite understand that Americans, accustomed to see their splendid $20 piece and the $1 piece, do not fully appreciate the weight of these objections; but it must be borne in mind that the American public have only had a short period, say from 1849 to 1861, in which they had anything like dealing in gold money, since which time, through the war, they have been so much habituated to paper money, whereas we in England, accustomed to vigorous dealings in gold, have learned experience, and are better able to appreciate these distinctions and their importance from prac- tical and economical points of view. And from these points of view the question of a variety of gold coins is not an English or an American one, but one of cosmopolitan importance also, for there are principles involved in it. In England we only issue sovereigns and half-sovereigns ; but we complain, and with just reason, of the latter piece (see X's letter in English, page 40, of German pamphlet which I send herewith, wherein the issue of the one-half sovereign is fittingly called a legislative error). The German new coinage will consist princi- pally of the 20-mark piece and only a limited number of 10-mnrk pieces will be issued. The French have coined 100-franc and 40-franc pieces only as "show pieces " and the 5-franc gold pieces will be given up. I think that America ought to coin only $10 and $5, or $5 and $2^ pieces, certainly not more than $10, $5, and $2^, and that the $20, $3, and $1 pieces ought not to be coined, excepting as show pieces, in limited quantities. The suggestion that $20 pieces can be coined cheaper has no foundation worth mentioning. The question of a variety of coins has also a most important bearing on the abra- sion of the pieces and their consequent lightness. In the bill I find nothing what- ever making provision for this ; and I may perhaps be pardoned for charging this omission to the account of the general want of thorough experience made in America in reference to gold coin. Where are the provisions for limiting the current weight of gold coins 1 May they be abrased or light to any extent and still continue legal tender f And, if not, who is to bear the cost of their reinsjatemeut? In England the individvial holder must bear the loss; if the sovereign is under weight by three-quarters of a grain it is cut up and the owner loses the difference. In France the state has hitherto withdrawn light gold, but sparingly; on the rest the coinage is young, and the question will now be postponed because of the paper issue. In Germany the new coinage bill provides for the reinstatement of worn coins by the state; but the question ia open; for, as the state has conquered the gold and issues it at its own option, it can aiford such a liability. It is, however, acknowl- edged that the business "df making coins light" and obtaining new ones for them may become extensive. The English system in regard to light coins is the only true one. iVtternpts were made by Mr. Lowe to levy 1 per cent mintage, so as to provide a fund from which the recoinage loss on old pieces by the state might be recouped. The proposal, how- ever, as it deserved, fell through as absurd. The controversy on that score has been published by the Bank of England. The letters in English (printed in the German pamphlet) again refer to the matter. The allowance for light coin made herp is SJ grains, i. e., the mint weight of the sovereign being 123. 274 grains, it ceases to be legal currency when below 122^ grains. The public offices, and the Bank of England's issue department, weigh out light pieces and cut them by a machine. The owner can receive the pieces, so cut, back again or sell them to the bank as standard bullion, at 77. 9 per ounce. Some people complain of this, but all who have fully studied the subject agree that it is the only true way of settlement, and that the coinage can thus be kept in fair order. The $20 piece ought not to be allowed to lose more than 2 grains, the $10 IJ grains, the $5 i grain, 'the $3 and $2J i grain, the $1 i grain, and you will now at once per- ceive how very necessary it is that the variety of the pieces should be as restricted as possible, so as to save trouble to the public departments and the Treasury. I do not know how you intend to treat this matter, and whether this plan of keep- ing the gold coinage in order may not excite much opposition. The favorite idea of those opposed to this system is, that the state itself should pay for light coins, either by a direct appropriation from the revenue, or by apply- ing the "profits" of the Mint on the token coinage for this purpose. In this country it has been shown that the state has no such obligation; that by so doing it would only encourage the sweating of the coin, and as tor the profit on the minor coinage, you will find that it can not be brought into accord with the wear and tear of the gold coin. We look upon all these suggestions as "hocus pocus." I think, therefore, that your public departiuieftts ought to check the gold received by them, taking out the 281 light pieces and defacing them by a stamp, but that the Mint should undertake to buy these pieces by weight, giving new cues for them. And if the Mint does not charge the one-fifth per cent brassage on such light coin, but makes the exchange by weight gratis, it makes a sacrifice in the matter which is already beyond its immediate functions ; and this policy may be adopted as a com- promise between the holders of light coin and the state. It can not be asserted, for instance, that gold pieces of one-half or one-quarter dol- lar could be used, hence the idea of a limit in size must be maintained, and there can only be one true limit, so to speak. This true limit excludes the one-dollar piece at once; indeed, the two and one-half piece is somewhat below it, and all European mint masters agree with me that a gold piece of about three and three-quarter dol- lars should be the smallest. Unfortunately, almost all the nionetary systems arc committed to smaller pieces. Bearing in mind, however, that the one-dollar piece is absolutely away from this limit, it would seem to be injudicious to select it as " unit of value ;" it would be like starting with an " imperfect " thing. In section 14 I find the expression " of the oue-dollar piece or unit of value." The term " unit of value " (rather vague wherever used) might best be taken as implying a standard of valne. Now, the one-dollar gold piece is not a suitable piece, as expe- rience shows, and such experience does not rest on mere practical results, but on principles connected with metallurgy and fixed mechanical laws, having reference to the difference between the resisting power of the metallic structure of the piece and the extent of surface exposed. , Indeed, I do not see why any coin of "denominational" value should be selected as a special valuator. The true valuator is the bullion itself by weight, irrespect- ive of its division into pieces, and as the weight of the latter is led off from the divis- ions of the ounce, the ounce itself is the proper starting point. This practice is pursued by all the large states; thus, in England, 480 ounces standard gold^ 1,869 sovereigns (these figures are so given because they are without fractions); in France a kilogram, 900 fine gold= 3,100 francs; in Germany (new law) the mint pound fine gold (one-half kilogram) ^465 thalers or 1,395 marks, and so might the United States do, say 43 ounces of standard (900) ^$800 (this gives correct proportions without fractions.) Hence, section 14 might commence: "That the standard weight of gold coins shall be in the proportion of 43 ounces of standard gold to $800, viz, the weight of the double eagle, etc.," leaving out "or unit of value "in line 8. And if in addition thereto you could introduce "provided that the double eagle, the $3, and the $1 piece be manufactured and issued only by an express order from the Secretary of the Treasury." Thus you would not abolish these three pieces but give liberty 'to try the more restricted variety. The policy of using the ounce of bullion as the standard of value can best be appre- ciated by those who are fully acquainted with vigorous dealings and holdings in bullion and the necessity and economy involved in acquiring and retaining it. In this respect America fails signally; the want of a suitable "reservoir" for holding bullion during the phases of international changes without coining it, leads to unnecessary mint operations and to losses, direct and indirect, in American com- merce. In Europe we have large central banks (banks of England, France, and Prussial which, by their note issue, thus hold uncoined bullion, receiving and part- ing with it. In my book (Suggestions, etc.) I have endeavored to make this clear. It is very possible that Americans are opposed to such a central bank for a national issue based on bullion (as I have proposed it), and that as long as the Treasury must continue its policy of selling gold in the market against greenbacks the way is not clearly seen. Nevertheless, that is no reason why some such system of "reservoir" for bullion should not be established by the Treasury through the Mint, or vice versa. I know what your usual Mint certificates are which carry with them the time taken by the mint in making the coin. I think that the system can be made to go further. Sup- posing, for instance, that such a clause as this were introduced into the bill: "Sec. — . That it shall be lawful for the Secretary of the Treasury to issue, through the Director of the Mint, bullion certificates (payable to bearer) of gold bullion deposited at the Mint, such certificates stating the value of the bullion so deposited, upon the owner of such bullion paying the coinage charge thereon in United States gold coin ; and if the value of such deposit exceeds the sum of $20,000 the Director of the Mint, at the option of the owner, shall have the right of paying the fractional suia above the last $1,000 in coin, issuing the certificate for a round sum in thoh- sandths and deducting the coinage charge therefrom ; and if the amount deposited be below $20,000 tie owner of such bullion shall pay such additional sum in United States gold coin aswill complete a round sum in thousandths : Provided, That at the option of the Director of the Mint such certificates shall be paid on presentation, either in bullion or coin, or in such proportions of bullion and coin as he may deem fit : And provided also, That if the owner of such bullion choqses to be paid in coin 282 he shall receive in exchange thereof a Mint certificate specifying the time when such coin will he ready for delivery." I do not know whether I have worded this section in American bill style, but I think I can show yon its advantages : 1. It will entirely do away with the necessity of keeping a special mint fund, as provided by section 50. 2. It relieves the State of uselessly coining the gold, for the greater portion of American coins go to European melting pots (see Suggestions, pp. 24 and 25), and the monthly sales of gold are absorbed that way. 3. The Government will make the profit of one-fifth per cent coinage charge with- out having coined (a similar profit is made by the banks of England and jfranoe, which buy gold less the supposed coining charge and sell it at mint value). 4. The owners of such bullion certificates will be paid at once, and for shipment to Europe bullioo is more profitable to them. (See Suggestions, pp. 197 and 198.) 5. If coin is insisted upon by the holders, they can get it on the usual teims by the ordinary coin certificates. 6. The provisions for the "rounding off" of the certificates in thousands, I think, are very useful and necessary in order to make these instruments convenient and popular, and the provisions as to the right of the Mint to insist upon a balance of coin to make up a round siim below $20,000 (or less) is, of course, expedient. For sums above that amount the Mint might keep a small reserve of coin. 7. The United States Treasury would, of course, hold tlie gold instead of the Mint, and might also hold the certificates, so as to maintain its control over the gold mar- ket as long as requisite. I am convinced that this system will enable the Govcrnmeut to cflect great saving in minting gold, lead to regular operations in supply, retain bullion in the country, and be much more satisfactory to the exchange market and the public. Superior to this policy I hold the establishment of a large central bank (Sugges- tions, p. 68), but in the meantime I think that the above clause might well be included in the mint bill. Sec. 25. Assayer. — It is essential in every mint law that the inspector of bullion should know "how the assay of gold " is to be stated. Is the assay to he in 1,000 parts, or one-half of thousandth parts, or in ten-thousandth parts. The importance of this will at once be apparent to you when I state that by the thousandth assay an importer would obtain say $9,900 for a certain parcel of bullion, whereas if the ten-thousandth part was stated he might obtain $9,999, or $9 more. In the United States assays are stated at two-thousandths fine ; in France at ten- thousandths fine. Why should the United States assayers not state the assay in the same way as the French ? I am perfectly well aware that the American assayers assert (in print and in speech) that they can not assay so fine, and that the liability to error ranges between one and two ten-thousandths. If the American assayers were subject to the same com- petition as ours are here th«y would soon learn liow to do it. I underline these words in the hope that you will not allow yourself to be jostled out of the wish to pro- mote accuracy. We have made numerous experiments here in Europe and find that although diver- gencies will occur of one-tenth per mille and occasionally two-tenths per mille, yet that on the whole the assays agree, and that, at all events, the purcliasa- of hullion nan not lose because he has an almost entire one ten-thousandth part as a margin. In France the tarifl^ for qualities of gold is at one ten-thousandth fine, and the assays at the Bank of France corresponded with the independent assays of the mint for a coinage of 100 millions of francs (gold) within 132 francs, and that in favor of the bank. French assayers pretend to go to one one-hundred-thousandth fine, and I am satis- fied that it can be fairly done; yet in America the one two-thousandth is still main- tained. Even the British mint lias always assayed to one-thirty-second grain fine, equivalent to one twenty-five-hundredth fine, and tlie Bank of England, in conse- quence of a ;j5amphlet which I wrote (see Suggestions, p. 174) altered its assay sys- tem to one thirty-three-hundredth fine, although it is not a Government concern. All our British and continental assayers state assays to otie ten-thousandth fine ; several go to one one-hundred-thousandth parts (in half '005). I think that the least Americans can do is the adoption of the one ten-thousnndth part; rely upon it, all opposition in this is captious. I trust that there are really scientific men in the States able to make such accurate assays; but I maintain that if even they are unable to vindicate the rights of scien tific accuracy, and if they con- tinue to insist upon errors between one and three ten-thousandth, the system should nevertheless be adopted, because, as said before, the Mint orthe purchaser of hullion can liot on the average go wrong, and above that he has an entire one ten- thousandth reserved. So in section 25, at the end of line 2, there should be the words: "in tenths of milliemes," a technical term perfectly understood. 283 Sec. 26. In my book, "Suggestions, etc.," I recommend a coinage charge of one- tenth per cent, and if the organization and machinery of state mints were perfected (see "Improvements in the process of coining," in the Society of Arts Journal, sent herewith) that rate would cover the actual working expenses. I am opposed to the so-called absolute free coinage, and I am glad to observe that you propose one-fifth per cent at all events as an installment, and I hope it will not be increased. The charges for refining, melting, etc., ought to be put at as low a tigiire as possible, or even, at a sacrifice to the Mint. Sec. 36. The "allowance" or remedy for gold of only one one-thousandth in fine- ness is an improvement; in England and France it is two one-thousandths. This advance in favor of accuracy in America strengthens my demand for assaying to one ten-thousandth part fine, as remarked on section 25. Sec. 39. The allowance for deviation in the weight of the half eagle is in accord- ance with the practice here, but for the $2.50 and $1 pieces it is far too large ; the $2.50 piece ought to have but one-eighth or one-sixth the dollar, say oue-tenth of a grain. Sec. 46. Allows to the melter and refiner one-thousandth part of weight for gold and one and one half-thousandth for silver waste, and to the coiner one half-thou- sandth for gold and one-thousandth for silver waste. These are enormous allow- ances, which, in my opinion, are tantamount only to "legalizing pilfering" to that extent. I altogether repudiate the suggestion that any material can be absolutely lost in the melting or coining. I admit that during the process of melting copper may oxidize, but in that case the gold or silver alloy becomes finer, as the assay by one ten-thousandth would show. Careful manipulation and proper heating lessens this liability, and if, after all, the melter thoroughly knows his business, he can find out the average oxidation, and should be allowed to make a slight surcharge of copper, say one-tenth per mill, to counterpoise it. The "evaporation" of pure gold and silver only takes place when the metal is much overheated, and particles of it, by stirring, go tp the flue, where they can be found. This subject has been well tested here and elsewhere, and the evaporation has been found so infinitesimal that one one-hundred-thousaudth part will cover it over and over again, notwithstanding all the assertions and statistics of other mint officers. Supposing, then, that the above-mentioned surcharge of copper is so that a loss of weight to one-tenth per mill becomes possible, and, making a liberal allowance for so-called "evaporation," I maintain that a loss of one-tenth per mill ought to cover the whole ; yet your bill allows eight times as much for gold and twelve times as much for silver. But it will be said, "There are spillings in casting, traces of metal adhere to the pot," etc. I know all that; but they can all be got out of the "sweepings," they can not disapper, and if I allow another one-eighth per mill, i. e., one-fourth per mill for absolute ( ?) loss in melting, all these contingencies are covered; the rest, three-fourths and IJ per mill, are simply stolen. Under melting and refining I presume that you understand the melting and bring- ing to standard of gold, but not the process of "parting," by acids, here called refining, for these "parting" operation, properly speaking, are separate from the business of the mint, and conducted by private refiners. The parting process does not give any loss ; on the contrary, as the assay is always higher, it yields more gold. (The spilling and dropping about of metal can be altogether avoided if the plan of casting plates be adopted as recommended in my paper in the Journal of the Society of Arts, p. 178, for the whole melting pot can be emptied at once into the mold.) You are no doubt in possession of a book on the British mint, written by Mr. G. F. Ansell, wherein you will find this business of losses well laid open. On page 101 of that book is a condensed statement showing that the highest loss ever made by that mint in melting is not quite four-tenths per mill (in 1868-69), whilst in the years 1857-1866 it was as low as sixteen and one-half one-hundredths per mille (Mr. Ansell then managing the mint), and the high loss of four-tenths per mille is clearly owing to the fact that the work is badly done, and that frequently spillings are "purposely" made. Yet you would give them permanent authority to lose one- tenth per cent. I assort that a conscientious melter, one who looks well after the men, does not require such an allowance. In the coining department no loss whatever is possible, unless the work is done bad purposely. Slight traces will sometimes color the rollers, or the oil may carry with it small atoms, but any bit or strips, no matter how small, must be found in the sweepings. The statement on page 101 of Mr. Ansell's book shows that from 1851 to 1857 the losses in the coining department of the British mint were very high (when several prosecutions for pilfering were instituted) ; since then, as the state- ment shows, they have been very trifling, and during Mr. Ansell's time there were 284 slight gains, as there should be, for the 1,000 sovereigns (previously weighed singly) may be short only by 5 grains, to produce the average of grains stated on 1,000,000 pieces. The lowest total loss in melting, standarding, and coining in England since 1857 is 140 per million, and the highest 330, yet your bill allows a margin of 1,500 per million. And if you take into account that the assay at the mints in the United States is stated at only one one-half thousandth, giving an average surplus of one- fourth, or 250 against the British mint margin of one thirty-second grain fine, one- eighth or 125 average, the total allowed by you, would be 1,650 per million. This is so extravagant and extraordinary that I must protest against it, notwith- standing all the experience and statements of the mint authorities. Compare this allowance, for instance, with the French mint law. The French contractors receive 6.70 francs for coining 3,100 francs — ^2,170 per million. They are credited and debited with over and under weight, they take the metal at one ten- thousandth part of assay, and in the trials of their coins they are rigorously cred- ited and debited with fineness over or below the one-thousandth part, i. e., if the coin assays, say, 900.2, they are credited with the " 2 ; " if, say, 899.7, they are debited by 3. They are consequently bound hand and foot, and dare not allow any waste. If they conceded 1,650 per million out of the 2,170, they would only have one-half per mille left. It may be alleged that pilfering by the men can not be prevented. Let me assure you it can. The French contractors do it and turn out their men if they find any uuusual discrepancy, and the men know that they must not rob their employers. In the British mint there is no such guard, and if in the United States you actually legalize the allowance of 1,500 per million, you may depend upon its being made use of. The bjest plan is to make no allowance at all, but let the published returns speak for themselves, or, if limits be thought advisable, let them be fixed at no more than one-third of the rates named by the bill, with the understanding if the losses exceed these rates that an inquiry shall take place, which, if not clearing up the matter, will lead to the discharging of the men. I maintain that if the responsible melters and coiners earnestly take the trouble to show the men how to melt, cast, and coia (and no one should be so appointed unless by his own hands he can show and train men), they may prove "how gold and silver can not be lost," and that must stand as a precedent for future proceedings. The discharge of men should not be feared; a working chief melter and coiner can always train new hands, if he has a mind to do so." I know very well that in enlarging upon this subject I touch upon, an often-dis- cussed chronic mint sore, but I know that I am right. In pleading, then, for legal enactments in favor of the one ten-thousandth part assay, for better machinery, and the avoidance of "legalizing" waste, I request you to recognize my wish that the United States may succeed in vindicating the princi- ples of "accuracy" in their mints. Sec. 50. I think that if the suggestion in reference to the bullion certificates alluded to before be adopted the fund in question will be but a very moderate one. Si:c. 51. I now come to the most important part of the bill, that of the valuation, which, according to section 15, omits the coinage of the silver dollar and confirms the debased silver coinage of half dollars and below, under the tender limit of $5. I am aware, of course, that through the amendment of 1853 the same debased coiu- age was already established ; but although the actual coinage of the silver dollar had practically ceased, still that piece was not abolished by law. As this new bill presumably repeals all previous enactments, I suppose that the total abolition of the silver dollar is contemplated. In my book (Suggestions) I enter fully into the discussion of this matter and show the gigantic consequences to international as well as national trade through the demonetization of silver to which the United States would thus lend a helping hand, and for a number of years this subject of the abolition of silver as tender coin has occupied the attention of European economists. It is the question of the age, and takes precedence of every other matter involved in monetary science. Unfortunately the subject requires not only a thoroughly practical knowledge of exchange matters, the principles of valuation, for which very few people have inch- nation, and so it happens that even the framers of mint bills do not grasp its impor- tance, as I have found before. You yourself, in your letter to Mr. Latham, referring to my book, make the remark : "As to the theory of the double valuation, I do not understand it." I infer from this that you have remained a stranger to the contro- versy, that you have not as yet formed an opinion as to the merits of it, and that you have framed your bill in favor of the absolute gold valuation according to that which has been of late the practice in the United States if not the law. Permit me to beg that you will first investigate the question of double versus single valuation. Chapter iii of my book, ' ' Suggestions," etc., opens the question, Appen- 285 dix, Notes viii (p. 201), the consequences of the gold Taluation, and ix (p. 212)^ the injustice of the gold valuation. Treat the matter in their international and national aspects, and they may furnish you sufficient materials for reflection. Other writers, such as Mr. Wolowski, in France, and several other French, Dutch, and German authorities, defend the double valuation on the same grounds. The great portion of English economists defend the gold valuation, but several of them have lately come over to my views, and one of them, the most important and a staunch defender of English institutions, to whom I shall presently allude, has agreed with me as to the advisability of modifying the English gold valuation, which is even less strict than that adopted by your hill for America. These pages do not aflford room for the whole discussion of the subject; therefore I beg you will read the parts of the books quoted, so as to form an opinion of it. Apart from the theory, Why should America have given up her silver dollar ? tlje cause of its disappearance from circulation is due to the original error of there being too much silver in the piece (see p. 52 of Suggestions). That cause would have been removed if the dollar weighed 400 grains, that being the true proportion of 1 to 15J^ gold to silver, instead of 412J grains as by the old law. Why should it not be reintroduced at its true full weight of 400 grains and become again one of the active agents of commerce? The charge of weight as against the individual piece does not hold good when two half dollars are of nearly equal weight and same value. Railways and steam transport large masses with great facility when compared with previous times. Do you fear its undue exportation? If so exported, America will get its equiva- lent for it and the rich silver mines of the country can give any fresh supply of it ; therefore, the more it is exported the better it is for America. I think that the United States, with both her gold and silver mines, is in the eminently favorable position of upholding the full use of both gold and silver, and that the double valuation (as it existed before) would be of great benefit to the country; but you may, nevertheless, giving away to the one-sided arguments of English economists, incline to the gold vsduation, and express the fear "that if America adopts the silver dollar and lays itself open to the coining of these pieces for the public to whatever quantity of silver may be sent in from coinage from abroad, and if full legal-tender value is given to such pieces, it may be placed in danger of losing gold and obtaining too much silver currency." That is tlte only fear to be apprehended, and certainly as long as England and other countries are in conflict as to the systems of valuation this may be the case. France, however, by her system of double valuation accumulated more gold bull- ion than any nation has ever had, having within the last twenty years coined two and one-half times as much as England, and if the universal valuation was a double one, i. e., both metals in equal use, these fluotations would altogether cease. Against this danger of too much silver America can guard itself without the total abolition of the full- valued silver dollar. It is but necessary so to modify the severity of the gold of valuation as to admit of a reasonable use of silver dollars. Supposing that a certain amount of silver dollars of full value (400 grains) were issued, coined for the owner at a charge of, say, 1 per cent mintage, and that the limit of teuder for such pieces were fixed at, say, $50 to $100, would this in anyway interfere with the supremacy of the gold valuation? I contend that the gold valuation would remain supreme with either of these restrictions, viz, either a certain limited issue and giving full-tender weights to the coin, or with unrestricted issue limiting the tender value. Both restrictions combined will undoubtedly prevent any excess, and if under them certain amounts were so issued and used the issue of more might be made dependent thereon ; so that while for the present the gold valuations were main- tained in full force the door would not be shut abruptly and forever on silver ; and pending the future international settlement of a universal system of valuation the pure double valuation might be found not only practicable but necessary. I urge this upon you, not only on cosmopolitan grounds but also in the interest of American silver mines, for if America, so important a part of the world, rushes blindly and irrevocably into the gold valuation and thus contributes to the general terrible error, the value of silver must fall greatly (see Appendix, Note viii, the consequence of the gold valuation) and all the arrangements made, even with the debased silver coinage, fall to pieces. America, then, should hesitate to enter upon this course without a full previous investigation of the immensely important considerations appertaining thereto. The proper issue of silver dollars might be provided for in the bill by the intro- duction, between sections 14 and 15, of some such — " Sec. — . That of the silver coin the weight of the $1 piece shall he 400 grains, which coin shall be legal tender at its denominational value to any amount not exceeding $100 (or $50)." And this would have to be followed, between sections 21 and 22, by — " Sec. — .That the charge for converting standard silver into silver dollars, when- 286 ever the Mint is ready, according to section — , to coin such silver dollars, shall be 1 per cent." The object of these clauses will be apparent to you. The Secretary of the Treas- ury may commence, for instance, by authorizing the coinage of one million of silver dollars. The holders of the silver bullion would gladly pay the 1 per cent charge rather than send the bars to Europe. What risk would the holders of these dollars run? Even supposing that the public positively refused to take these coins, the holders could sell them as silver to Europe: but I believe that they would be wel- comed even without the law of tender. And, if yon succeed by the force of legal tender in compelling people to take in payment coins debased by 4 to 5 per cent to the amount of $5, why should not you succeed in placing coins of full and honest value into healthy circulation? So, if the first million succeeded, the Secretary then mi^ht authorize more, encour- aging it even, whilst at any time, by ceasing his advertisement, he could foreclose the Mint against an excessive importation of silver from abroad. You will also perceive that the reintrodaction of the silver dollar is a necessity, seeing that the $1 gold piece is an unsuitable coin, and that it can take place with- out disturbing clauses 14 and 15, the latter providing for the issue of debased half dollars, quarters, and dimes as they are now. Indeed, I must wish also that the half dollar should be of full value, so that the issue of those pieces should not be guided by the more or less faulty human judg- ment of the Secretary of the Treasury, but by the pure action between supply and demand. I put the "supply" first as the active "demand-creating" element in all matters of commercial intercourse. But as the debased half dollar is already in use, it may be best not to disturb it now, whilst the whole silver dollar can be intro- duced again without any disturbance in the other coinage. I quite recognize the necessity of giving the character of tokens to copper coins and to lower-class silver coins. What I contend is that "enough is the evil thereof," and that it is wrong to extend this character of tokens to coins which, like the dollar and half-dollar, are so important in social intercourse, and where supply should not be restricted by unfavorable laws. I may now mention that Mr. William Newmarch, v. R. s., who, as president of the economical branch of the Social Science Congress, lately delivered an oration on the advantages which he supposed England had derived from the gold valuation, nevertheless agrees with me that we in England might with advantage issue a fall- valued 4-BhiIliug piece without disturbing the gold valuation, and that we might thereby militate against the evil of a constant or periodical scarcity of silver coin in the hands of the lower classes and a correspondingly constant or periodical sole surplus in the hands of bankers. In a lecture delivered before the Statistical Society in February, 1871, on " Cur- rency laws and pauperism," 1 showed that excessive poverty and idleness in Eng- land among the lower classes was due to the restricted supply of mediums of exchange suitable to their wants as means of intercourse between themselves, and that the scarcity of silver coin was the consequence of the severe laws oppressing the use and debasing the value of this kind of money. (The substance of this lectureis contained in Appendix, Note ix, " Injustice of the gold valuation," in Suggestions, etc.) I there proposed as a mitigating measure the issue of full-valued 4-shilling pieces, and I have from many well-informed quarters received sufficient encouragement to anti- cipate that in spite of the strong prejudice and want of spirit of inquiry prevailing in England ip reference to such questions it will be seriously considered. Now, the United States gold valuation is even more severe than in England, for whilst here the limit for silver is £2, or $10, it is but $5 with you. I venture, therefore, to recommend to you the introduction of these clauses in favor of the silver dollar. At all events, I hope you will folly investigate this sub- ject before you commit America to this course of the one-sided gold valuation. Men like yourself, on framing a coinage bill, undertake a gigantic responsibility, which strongly affects, not only a whole nation's welfare and happiness, but also that of the world at large. Pray do not despise this language. The deep study of all the principles and interest connected with the organization of social life war- rants it. Obscure as this subject is to many people they succeed in establishing their work, and when it once stands it is like a fate decreed, to which all must bow, because they do not see its evils clearly and it is difficult to amend it. Nay, as an existing thing it is defended and elevated into a principle, although the original principles on which it was founded were quite at variance with the subsequent facts. In this respect the English legislation of 1816, which established the gold valua- tion, furnishes a striking example. At that time nobody dreamed of California and Australia, and, as the literature of the time shows, a comparative scarcity of gold was anticipated and England urged to secure a share by its new system. But how completely have the conditions been reversed ! go with Michael Chevalier in 1850. First he wrote down gold and recommended 287 its demonetization; then lie turned the table upon silver. Now he is in doubt inclining to Wolowski's views. From England, of course, you will, for some years to come yet, hear views in favor of gold valuation, and altogether yon must expect from here the tendency of making tokens of all the lower classes of coin. Our esteemed mutual friend, Mr. Alfred Latham, even goes so far as to declare that the half sovereign might be made a token. Where are the principles to justify such a view? Do they lie deeper than the natural sense of equity, or is the suggestion one arising from surface experience? I imagine that there can be but one truth, and that this truth can not be supplanted by mere expedients which, in violating it, draw consequences after them of which their authors can not give an account, because, forsooth, they mistake a certain degree of pros- perity as brought about by these very measures, whereas that prosperity rests on quite different grounds and would be greaterif these unjustifiable violations of truth did not irrevocably damage the interests of certain sections of the community. The whole question of token currency, or rather that of the portion of token cur- rency in any monetary system, is as yet in its infancy. Historical experience and plain common sense have, however, established the fact that the levying of seignior- age on all descriptions of coins is impossible, and that the so-called standard coins at least must bo of full value. On the other hand, experience has shown that copper coins and the lower-class sil- ver coins can be issued with a heavy seigniorage without any apparent damage to the interests of those who use them principally. Yet that this damage does never- theless exi^t is plainly shown ; the conversion of the masses of copper coin into standard coin, for instance, isvery difScnlt. ' , In the brewery business here there are firms who sometimes hold £5,000 or £6,000 in copper and small coins, and can not pay them away. The loss of interest and work- ing power on capital thus accruing must be charged on their manufacture, i. e,, the consuming poor must pay more for it, and are thus unduly taxed. Again, as the issue of such copper coin ismore accordingto the good andbad judgment of the authori- ties, the large sums thus accumulating withdraw a portion of the means of exchange supposed to be measured out for the intercourse of those who require them. I will, however, concede that the issue of such debased copper coins can not be avoided, and that the evil must be borne ; and here I must remark that section 33 of the bill which authorizes the XT. S. mints to redeem copper coin in national currency is a proper measure, for it will prevent the accumulation of copper coins in private hands, and give the holders, though in a roundabout way and not without changes of forwarding, etc., the chance of converting it. In Europe we follow a dif- ferent policy; the mints undertake no such obligation and do not redeem copper coin for this reason : The stamps of their copper coin can be so well imitated that the mint itself, especially if the coin appears to be a little worn, can not distinguish false pieces from their own, and as the manufacture itself leaves about 60 per cent clear profit, forgers will set to work, provided that they could freely dispose of such pieces. Fortunately, it is impossible here to dispose of copper coin by way of tender value for more than a few shillings at a time; hence, the thing .does not pay (nevertheless false copper coins are known to exist). But if, as you contemplate by section 33, the Mint is to redeem coppeiM^oins in sums above $50, i. e., giving them, so to speak, their tender value, you maybe sure that false coins will soon take advantage of this facility. So that, although I call it a proper measure for one purpose, it will bear its penalty in another way, and I am, on the whole, inclined to favor our European policy, jprovided that the evil of seigniorage be not attached to the higher-class coins, viz, the full-valued standard of gold pieces and large silver coins, and con- fined only to copper and the lower-class silver coins. For in this extreme extension of the application of seigniorage lies the whole error. When those who favor a full-valued silver coinage plead their cause on the ground that the principles of justice and logic demand that a whole thing (say a standard coin) can only be divided into parts of equal vaJue, and that those parts ought again to give the whole in substance or in true equivalent value, they are told. Why, then, you must include the copper coin as a standard, and permit anybody to make pay- ments of, say, $50,000 in copper coins, and that -vy^ould not do. We quite agree with this, but we allege on the other hand that " enough is the evil thereof," and that the necessity of thus limiting the tender value of copper is no justification for also and entirely limiting the tender value of silver, for, if it be maintained that no interest can suffer when the coin concerned is of the value of 2 or 4 shillings, we have the right to say that you might extend seigniorage to pieces of 10 or 20 shillings in value, which, we have all agreed, can not be done. Tho question, then, between these two views is one of degree, and the thing to be determined is, where is the right point of value below which token currency may be admissible and above which the medium of exchange must be of full value? What should govern this decision? 288 The advocates of the gold valuation say " gold, " i. e., they decide the point in question according to the usually recognized proportions of value between gold and silver as Ito 15 j, and say thereby, " We also gain a unity of value." Now, the basis of prices as between commodities and the precious metals has nothing to do with the proportionate value of gold and silver: it is so far immaterial whether a measure of value of 4 shillings (or more or less) be made of gold or silver or any other mate- rial, and so these proportions between gold and silver can not furnish the principle upon which the question is to be decided. We, on the other hand, say the decision should be governed by the idea that this evil of token currency must be suppressed as much as possible, and that as a thing essentially bad, contradictory, and unjust it must be kept under even at the sacri- fice of the supposed advantage of a unity of standard. And this includes the idea that whereas those who are able to deal in gold complain of silver as too heavy for the pocket they must nevertheless bear with this inconvenience for the sake of those who deal principally in silver. As to the idea of unity of standard, although we dispute its validity, inasmuch as we allege that for the maintenance of the just value of gold silver is a necessary adjunct whose value must nOt be suppressed, we might for a moment admit this con- sideration: If there were gold enough in the world to furnish all the means of exchange required for money, this unity would be possible, and so even the lower kinds of money could be made from gold, in which ease, however, the value of gold must have fallen so very much below what it is now that the objection of weight would rise again with greater force. If a $2^ piece or a $1 piege were worth in commodities but 50 or 20 cents, all the trouble for affecting the payments in large quantities would be revived. Without this fall in the value of gold all the coins which can not (on account of their smallness in gold) be made of that material must thus, under the single gold valuation, be forever condemned to the position of tokens. And when all other nations, in self-defense, following the examples of England and America, are com- pelled to demonetize silver, the inevitable fall in the value of that material must be added to that of gold, so that the rise in the value of gold will increase the baneful effects of the debased silver coinage. But, you may ask again, " Where is the mischief? A half dollai, though debased, passes for a half dollar, and no one seems to complain." The mischief is this: A token currency, as part of a system combined with fnll- Talued coins, must be kept within very narrow' limits as to issue. Whilst the fall- valued coin can be issued freely, and finds, by its verynature, free ingress and egress, the token currency can not be issued excepting for what appears absolute necessity ; its issue must be restricted, its export must be prevented by debasement. Whereas, for instance, if the mintage of the whole set of coins were left free to the action of international and national trade there might be in any country, say, 200,000,000 of coins of larger value (such as gold coins) and 60,000,000 or 100,000,000 of coins of lesser value (say silver coins), so as to suit the intercourse between all the stages and in the mutual intercourse of each stage of society. ■ No such propor- tion can possibly be arrived at where such lower coins are condemned to be tokens. It has been ascertained that we in England can not use more than 10 per cent of tokens, and even with that limit we find a surplus in tije hands of bankers, and con- sequently so much short for the wants of the people. ^lence, the proportion to the above supposed 200,000,000 is but 20,000,000 of tokens or coins- below 10 in value. And these 20,000,000 despoiled of their metallic value and placed under severe restric- tions in payment may be called the scanty oft'al of the monetary system with which the less wealthy must be contented. That the rich do not complain of this state of things is explicable; it does not directly affect them ; on the contrary it makes the lower classes more dependent. "Then why do not the poor complain?" may be asked. Is it to be expected that Dick, Tom, and Harry, the workmen, should study social economy, so as to be able to propound the doctrines of truth and the practical value of their applications to a subject so obscure as that of money is to most men? Enough that" in vague ternis they complain of a scarcity of money, of idleness, and want of work, and that this idleness and want of work are in direct relationship with the available means of exchange for intercourse, you may admit if you lend an ear to the arguments in the foil owing passages : Money is the absolutely necessary element in effecting exchanges in commodities, i. e., for carrying on intercourse, i. e., the consumption as well as the production of commodities ; hence the numerical presence of money to a great extent guides the number of transactions in either direction. In this sense a supply of money encour- ages, a diminution of money lessens, the number of transactions. So well is this rule recognized in all schools of national economy that we in England pride ourselves specially upon the freedom which we give to gold for its import, export, and free coinage. We know that by exhibiting a "demand" for gold, and 289 acting accordingly, we can obtain it, but we tate great caro not to bar its supply in any way ; we do everything in order to encourage it, recognizing that in the theory of supply and demand the former is the really active, positive, and productive agent ; whereas the old theory contented itself by adhering to the false doctrine, " the demand rules the supply." We feel and know that this free supply does not only encourage our international trade, but also (and what is more important) our own inland intercourse between ourselves, as it encourages consumption and production. The universal presence of sovereigns increases the demand for consumption. It is evident, however, that the benefit of this enhanced consumption can, in the first place, be enjoyed only by those who can afford to deal in sovereigns, i. e., by those who are wealthy enough to consume twenty times as much as others — those to whom the sovereign is no more than a shilling to others. For the purposes of this latter class(those to whom the shilling is as important as the sovereign to the wealthier) it would thus seem reasonable that the shilling should also be supplied with the' same freedom, so that the consumption pro rata should be guided by the same rules, encouraging in its turn prodjiction and labor. A very large section of our poorer community is benefited no doubt by the supply of gold coin coming into this country, as also the industrial classes laboring for the international trade and the inland consumption of the wealthier ; but this is, so to speak, only a partial matter, for by far more important is the consuming power of the people themselves. More than three-fourths of the inhabitants of this country for their daily or weekly transactions use silver coin — must give silver coin, because the amounts involved can not be paid in gold. True, if an individual in that class receives a sovereign he can get it changed (though not without troubleand even at times with the tax of a glass of beer as an excuse) ; but that is not the point, for this question of change for one or more sovereigns stands apart from the great question of the universal supply of the less valuable mediums of exchange for the purpose of encouraging and devel- oping consumption and production between this three-fourths of the nation them- selves. Thus, whilst from the reasons given, we supply gold coin freely, we in England follow the directly contrary course with regard to the less valuable mediums of exchange. We debase them, limit their teniler value, close ingress and egress, and thus confine the whole of this great national intercourse between the maj ority of our people to within a narrow compass or cage, in which it becomes crippled. Hence, the vrant of supply limits consumption, tJie want of consumption limits production; hence, idleness, poverty, demoralization, and crime. Tom, Dick, and Harry, with their wives and families, stand idle and become demoralized, not, forsooth, that tbere is a want of food in this country, for there is enough to eat, but because there are not mediums of exchange sufficient to set the one going to produce something for the other — some of those many things, beyond meat and drink, which, made from cheap and abundant raw material, assist and comfort in bearing life, keeping the one as well as the other to God-ordained modest labor and morality, and profiting both. And for the prevention and violation of these sacred rights I hold responsible the men or soi-disant economists who have framed our monetary laws, who insist on saying and try to prove by all the sophistry in their power that a despoiled shilling is nevertheless not a despoiled shilling, and that they may rob Peter to pay Paul with impunity. Men of that class, who have made their fortunes in international trade, have no other eye for anything else than ciistom-honse statistics or the rules of competition in our manufacturing districts. They overlook altogether the minor and far more important life of the people themselves and say to them, " Here, we want gold, you must be content with bad silver, and we can not give you much, because it is incon- venient to us," an4 with this offal, which even in that sense is not supplied freely, and is kept within very narrow and unnatural limits, the people must be satisfied. A curious feature in connection with this matter is the oft repeated saying : "There is no demand for silver." Blowing hot and blowing cold. First praising supply of gold, then calling for a demand of silver before it is supplied. I say the demand for silver has been destroyed, the strength to use it is gone, pauperism is too great to make a demand such as would satisfy the authorities. And what kind of form must the "demand" take in order to force a supply? How far must the agony go in order to burst its bounds t Sometime ago a general cry arose throughout the country on account of the scarcity of silver. There were people who ascribed this to Col. Tora- lin's effort to agitate the subject, as if that gentleman had bought up and hidden many millions of silver. But the demand seemed genuine, for it was impossible in some parts of England to find silver. The authorities took care to show that the demand was accidental and promised that as soon as the Mint had finished coining gold, in a few months, it would coin silver. Yet during this time the demand had to wait, and many hundred thousands and S T?or. OMPi 1Q 290 millions of modest transactions between the poorer and industrial classes, from which they might derive comfort and sustenance, could not take place. 'I'his accidental demand for silver was a mighty effort of the crlpjiled intercourse, caused by oifers for mutual exchange, which exchange could not take place because the means were absent. The sick man tried to rise and had a craving for nourishment: he fell down again because it could not be given him when he wanted it. Since then the mint has coined much silver, but the demand is gone again and our bankers will soon cry out and complain of too much silver. Lessons like these are lost upon our economists. Who can wonder that they utterly failed to recognize the silent suffering of our poorer classes, less versed in social economy than themselves, when they refused even to profit by such manifestations which so completely bear out all that we, the advocates of the double valuation, have brought forward? And if you bearinmind the groat gulf that exists in Europe between the ruling clafeses and the people, the deep root of prejudice against their rising, the peculiar kind of charity and charitable social economy whose stock arguments rest on abuse of the lower classes with just so much effort for elevating them as "caution" may admit, you might come to the conclusion that scarcely anything short of rebellion will be found strong enough to serve the authorities as sufficient manifestations of demand for " silver." To this point I am certain we must ultimately come. Grave political questions may occupy the world for some years to come, but this question will be one of the rest. Rebellions for similar objects have happened before in the present age when international commerce and more "refined" trading reduces margins to more mathematical precisions and thus leads to a more definite and clearer appreciation of differences in theory and practipe; and the glaring injustice perpetrated by such proceedings as here laid bare will be recognized with unerring force. And although England has been prosperous and though her prosperity is vaunted as a truth in opposition to what I have here said, yet it will be recognized that this prosperity is due to other causes and is not due to the monetary laws, but that her excessive pau- perism can be traced to their injustice; and although I hope that England will con- tinue prosperous, yet I anticipate that this prosperity will be enhanced by a reform in her monetary laws, i. e., by the adoption of the double valuation. It may be alleged, indeed, that as a universal trader England would have done much better with the double valuatitm. You may, or may not, be disposed to attach some value to these remarks respect- ing the systems of valuation, but you may think, that America, so favorably situated as regards immigration and resources, need not regard the delicate distinction iu the matter. But if the remarks here made are true and if you bear in mind that in many matters of social truths we look to America with great hopes and watch her example, you may feel disposed on cosmopolitan grounds to consider the matter. On national grounds you may also come to the conclusion that inasmuch as many of the most thickly populated and industrial districts of America resemble districts in Europe and have before them an extensive future, the effects here set forth are worth guarding against. I may call tipon you to do so when I remind you that the system of valuation proposed in your bill is more severe than the English one, because you limit the tender value of silver to one-half of what it is here; hence the supply of this coin must be more unnaturally restricted. Permit me also to call your attention to another matter connected with this con- troversy in your bill. Section 33 authorizes the Mint to redeem copper coins. Why should not silver coins be thus redeemed? Section 29 says : "It shall be lawful to transmit parcels, etc., under regulations." Why is not that as clearly stated as with copper? - Both descriptions are tokens, and the fact that silver coin contains comparatively more value than copper coin is of little consequence, for in its character as mere token it might indeed contain less. I have no doubt that here you are in a quandary, and fearing that silver "privately coined," or "artificially abraded," might be pre- sented in large quantities to the Mint, you guard yourself by the indefinite regula- tions to be proposed by the Director of the Mint. The thing is a sort of Gordian knot, a consequence of the whole unjust system of the gold valuation, which can all be avoided if yon take the course previously recom- mended by me, viz, " that of issuing a full- valued silver dollar as the piece to stand between your gold coin and your debased silver coinage." I am myself, as you will perceive from my writings, and others with me, in favor of the full and complete adoption of the double valuation, giving full legal tender to coins as low even as one-fourth dollar in value, believing that this is the only true system upon which a future universal sj'stem of coinage can be based. (See Sugges- tions, p. 167.) Nevertheless, recpgnizing the diificulty of carrying this point at pres- ent, and in order to enable you to uphold the essential features of the gold valua- tion, I limit my recommendation to the issue of this single full- valued dollar piece, under the proposed restriction of tender value to $50 or $100, partly for enabling you, without drawback or inoouvenience^whatever, to widen or to close the valua- 291 tion question at any time, and partly in order to relieve you of the unsuitable obli- gations of the Mint to redeem a surplus of either the token silver or the token cop- per coinage. For if such a full-valued silver dollar is issued there will be no need of so many half and quarter dollars. The sordid consideration that the Mint wou!^d thus make less profit will not, I trust, interfere with this consideration. The matter should be leit to its natural development, and if more half dollars are wanted it might be found suitable to convert the whole dollars as they are presented for the purpose to the profit of the Mint. ^ I think that such a whole dollar would be the bridge, and that if it were issued the Government might (like we do here) altogetlier drop the obligation of redeem- ing silver tokens (whatever regulations may bo contemplated) excepting such as are worn light and defaced, and the equalizing tendency of the issue might even compensate for the dangerous necessity of redeeming copper coins, which, as here, might be left to be dealt with by the public. I trust these lengthy remarks will not be tedious to you. The frankness with which you asked for criticism on the bill has induced me to make them; and when a man's life has been passed in the study and the practical handling of a matter like this he can not well help in bringing forward aa much as he hopes may be useful ; and in the case of the United States, where I have lived many years and where I have studied social economy from an American point of view and am now able to extend this view, I imagine that that which I have projjosed to you is not contrary to American habits and customs. The national currency has no doubt changed some of the con- ceptions in reference to money, but the original truth that solid, full-valued cur- rency is the best will ultimately assert its authority. I am, dear sir, yours, very obediently, Eknbst Skyd. P. S. — I have sent to you in parcels, by bookpost, addressed: SamueLHooper, esq., M. C, Bullion aud Foreign Exchanges; Suggestioiis on American Coinage; Demone- tization of Silver, several pamphlets, reference to which is made in this letter. [Senate Mis. Boc. No. 31., Fifty-third Congress, first session.] Mr. Vest presented the following latter of the Director of the Mint, submitting a statement relative to the cost and coining value of silver purchased under the acts of February 28,1878, and July 14, 1890. Treasury Department, Bureau of the Mint, Washington, D. C, August SI, 1893. Sir: I reply to your telegram of to-day as follows: The total amount of silver purchased under the act of July 14, 189(1, to August 16, was 161,521,000 ounces; cost, $150,669,457; coining value, $208,835,232. The difference between cost and coining value is $58,165,783. Of this silver there was on hand August 16, 133,161,375 ounces, costing $121,217,677. The ditierenoe between cost and coining value is $50,950,565. The amount of silver dollars coined from silver purchased under the act of July 14, 1890, has been $36,087,185, upon which the gross seigniorage was $6,977,068.75. The amount of Treasury notes issued to August 16, 1893, in payment for silver bullion was $150,115,985, and that amount is still outstanding. Up to August 1, 1893, the amount of Treasury notes redeemed in gold was $49,184,160, aud since August 3, 1893, $714,636 in Treasury notes have been redeemed in silver dollars, this being the first redemption of these notes in silver. The amount of silver purchased under the act of February 28, 187^*, was 291,272,019 ounces of fine silver, costing $308,199,262. The number of silver dollars coined under that act was $378,166,793, upon which the gross seigniorage was $69,967,531. Very respectfully, R. E. Preston, Acting Director of the Hint. Hon. George 6. Vest, United States Senate, 292. [Senate Ex. Doc. No. 5, Fifty-third Congress, first session.] Letter from the Secretary of the Treasury, in response to a resolution of the Senate August SI, 1893, relative to the purchase of silver bullion in the month of July, 1893. Treasuky Dbpartmknt, Opfice of the Secretary, Washington, D. C, August 23, 1893. Sir: In accordance -with Senate resolution of^August 21, 1893, as follows: "Resolved, That the Secretary of the Treasury be, and he hereby is, directed to furnish the Senate with a statement giving the aggregate amount of silver bullion purchased under the act of July 14, 1890, during tSe month of July, 1893, together with the cost thereof, the amount, date, and price of each purchase, and the name of the vendor. Also the aggregate amount of silver bullion ofFeredfor sale during the said month of July, the amount, date, and price of each oft'er, and the name of the person making such offer." I have the honor to transmit herewith statement prepared by the Bureau of the Mint, giving in detail the information requested. Respectfully, yours, J. G. Carlisle, Secretary of the Treasury. The President of the United States Senate. 293 1^ ■ o 1 S3 a ■3 1 — — - OOO (MCTJ 03 O" C5 O i IM Price paid per fine ounce. o o c-c- o o o o o in s oo Ss II i IM i i ' 3 "' o 1 s o 1 O <0 O 11 Hi =gl 1 11 ■ M fl . ffl 9 fl M goS o 1.1 a'3 a d »g*s g . il £ a EIzi -«1 <1 s 9 1 < ( 1 1 < . Is !■§ ig < • c 1 1 a 1 n ^ c ^ C c c C 1 C < C c c c C 1= c C C ^ c 1 c S ■SSc c c Price at which offered per fine ounce. g S SSSS § S§S § 8 SlSSSSg §8 g gg§ § g§ e g ggss g gss s s g:gJSE2S gs* s see s e?; 11 oSo o oooo o ooo a o ooooo oo o ooo o oo NO o oooo o ooo o o ooooo oo o oco o oo oo o oooo o ooo o o ooooo oo o ooo o oo Sm m (MioiOiH m ooo iM »o iniMtomo o „ |'Sgow«:;^gtg SOS'S SI o o3M !zi N c 1 1 #ll«f 1 5 d d rt ^ oS 1 vfe S g ( 5 ^ r t- > ■> 294 Coat of amount delivered. o s 5 S CO lO 3 : CQ 1 Amount delivered on contract. i s § s B - S g r-( CO g S <» : CO > g : o- : 03 1 Price paid per fine ounce. o o c- c- ^ |1 II ft 1 o s o' CO o o i' i i 8 : o • o I CO 1 V- 1 s p. 1 o s o 1 o 'o . o ® n ■§ : 1 s So ►^ 1^1 (S ; 1 o : go : o i t4 O O Is 1 1 ft l> «■ -a "■6 III 11 c c C c 'Z c 1 c < o (M -a Is R c c c c c c 1 < , -i 1 R 1 a < i 1 Price at -whicli offered per fine ounce. u» ooo ^ ift w o lo^ lo o^ ooo •=> 2 S m5I« 5 8 +3 . Sis SS §gS § § o g oS S So §§§ § o § So§ § oo ooo ooo o oo o oo ooo o o o ooo o **< 1 w a SI .^ t ^^ 1 opq ts3 fzi O W 1 1 ill ^i: 1 P 1 ij: i S^S-S » goM § g las'? gqiSj^l^l"! 3 i-c; 3 a c 4 3 9 f t 1] r s 3 4 ? 3 > 295 ^ s .2 S-3 :4^ H 3 _u o in « iM

n>fa ooo I-- 1 t- t- t-t- t- t-t>t- t- l> t> t- t- t-COt- t- t-t- ^ ^ oo Q ^ ooooo oo oo ooo ^ ooo o ooo ©oo ggg o o" SSSI^iS ;^ ^^ igg II m rS S « S Sb 2-13 « a 3 « 3 .a J Q.rt 3 2 !5 2 IS a in o ■ 3^ ;Wl2i ■""" :K Wo a Sf n ■= 9 . a a y a o 53'ff!,'^ « bir^ a '-' ™ . K « cs i.a a ."J ® a ^ |S >,M.2.S IMS .a^ o « o o o fe o I >> s 296 a _g a o o rg S Gj o •!^ ■§ 1=1 00 in CD s XI P CO m lOiM" 00 Is in 1 §' pa ii i—CM & 00 CO 1 c33, 639 11,579,230 11, 680, 000 3, 228, .'S73 437, 423 12, 860, 705 11,026,926 4, 789, 554 201, 893 620,079 810,620 3,840,482 2, 316, 000 102,931,232 1875. $33, 400, 000 $33,5.53,965 866, 619 1,183,844 19, 514, 1165 68, 296 46,338,016 433, 177 $31, 700, 000 25, 010, 808 $10,070,368 19, 386 958 2,890,701 35, 458, 404 23 830,686 - 14,475.000 9,650,000 Italy 9,352,781 3,228,375 16, 621, 210 39, 008, 103 1, 911, 237 506, 623 1,823,721 Germany 5, 946, 404 17, 871, 203 6, 905. 339 249, 400 1, 223, 000 Denmark 783, 121 22, 184, 348 17,142,093 3,814,805 1,273,580 283, 462 16, 958, 217 1,330,821 *4, 811, 704 16,572,532 3,747,457 2,876,608 7, 081, 313 11,846,470 Total . ■-... 102, 935, 769 205, 340, 209 90, 076, 214 123 143,842 *IncludB8 MlxIi 299 PEODVCTION and COINAGE of the principal countries of the WORLD, etc.— Cont'd. 1876. 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M 2 >--2 <3 , p .a in iBr< S CD O vC^ N WlZi ■O m be O to'-' 9m B as to W o o I si Pi2 ft gig ffo « O O Xl <1 a) S ® » ^ « u o u ■ a B * 2 5 o S^ o o o '2 &,S 'C n^j ,g "5 -a -ti ri O t» O O • o m • ■ . ■*^ O 9-*-' • 4>-*S 2^ o o =38 » R -^ g-2 P ^ S3^S^ ^ lOO IQ oo o oo OOi o IfS S3 3 b^ t- t- t-t-t- t-t- c- ^ ooo ooo ooooo oo ^ ^ 8 oo o ooo oo o o o o o o-o- oin o^oo" oo'ocro" oo o.« ooo o oo 0-.0 ■*' o lO o H « o Wo ■p,'5.So='3^ izi". ■s.2.J.§5 11^,3 s;zi§ ;§ ^ wo o Us |i|-;zi tq H hOtQ -il M .W -OS ■SB 6 rT O^ w O O .d-d Si 61) p s .,3 ■§ ; O .S « fl a TS M S bJ) S] o ■3 2 Ce e om Mg Sp ^.1 oJ 310 CB 0> OCO 4 t^+s-a o H 1* ^ in i> -* 0[ ■ 11^ t3 lO (N ■* t- i 5" s - i — §1 .9 a c- pi O <0 lOO ^ s?. "3 ■So 5 2 2 . O rf -^00 o o Is g s§ g 1 g S-S g Tji t> >oin r- 1 9*-s XO> o' ON CC ' ' r-iS ^ ^■•§8 a •U -O _?! j-^* fc! m \a ta " 1 §0.0,8 t- t- i> 00 ■rti ■* -^ t> t- i> ^^^ ft s ^ ■o'i • _o» o oo c c = rt go o oS ur '-J ^o" -T o'tM* t> •&> Or^ ■(J, »n (O lA -^ eg CO o " o P4 Q O -d bo ' b s ft - Li s as i III a ^h o o . 1 1 .4 lit §< o O' <1 W C| Sj s. s oc h « ^ S ^ V M < r«: f ! T3 i:J ^ C. MS p < Cl s Kl i If 03 <) !5 s a o o r^ g 1 ^ ca £ ^H i* f ^ o o fe p r o & ^N P ^ l»J 1^ •=!_, » . C O lO „ h ■c-S 1*= a g s C C-l m «k 43 . toO o o o ^ ^ §■2 si o o o o o §^ >-H S8 «o -T o er o t<3 Sin .S" eo »o °J p "s> <)o ft, _3 _ 3 o K 1 1 1 ^ 6 ■« S -a o R t 6 i HI lit liii •2 = = S ^ t P - i 8 o o o < H So ' 6 "S CO CO P 1 -^ 311 [Senate Ex. Doc, No. 11, !Fifty-tbird Congress, first Reaaion.] Letter from the Secretary of the Treasury, in response to Senate resolution of Sepfemher S, 189S, requesting information concerning the redemption in silver of notes issued under the Sherman act; and other information concerning the subject of silver coinage. Tkbasuky Department, Septeniber 8, 1893. I have the honor to acknowledge the receipt of the following reBolution of the Senate, adopted on the 5th instant : " Resolved, That the Secretary of the Treasury be directed to furnish to the Senate full information on the following subjects : "First. Whether the Treasury Department has, at any time, redeemed any portion of the Treasury notes provided for by the act of July 14, 1890, commonly known as the Sherman act, in silver coin, and, if so, when and what amount has been thus redeemed. " Second. What amount in coinage value of silver bullion purchased by the Treas- ury Department under the act of July 14, 1890, and subject ^o coinage, in the dis- cretion of the Secretary of the Treasury, remains uncoined, and why said silver bullion has not been coined and paid out, in accordance with the provisions of said act. " Third. Whether any part and, if so, what part of the paper money redeemed in gold by the Treasury Department since March 4, 1893, was canceled after redemption or in any manner withheld from general circulation." In response, I have to say : First. The sum of $1,273,267 in the Treasury notes provided for by the act of July 14, 1890, commonly known as the Sherman act, was redeemed in silver coin during the month of August, 1893, and the further sum of $200,607 during the past seven days of the present month, making in all $1,473,874 of such notes so redeemed. Second. Silver bullion of the coinage value of $174,061,242, purchased by the Treasury Department under the act of July 14, 1890, and subject to coinage, is now held in the Treasury. Under the provisions of section 3 of the act a coi^iage of $36,087,185 has been executed, and a gain or seigniorage of $6,691,109 arising there- from has been accounted for and paid into the Treasury. The remainder of the bul- lion purchased under the act has not been coined for the reason that no further coinage has been necessary to provide for the redemption of the notes in silver. Third. With the exception of gold certificates, of which the amount in circula- tion on March 4, 1893, was $114,719,749, and at this date is $80,323,017, no part of the paper money redeemed in gold by the Treasury Department since March 4, 1893, has been canceled after redemptioh, or in any manner withheld from general circu- lation. The decrease of the volume of gold certificates is the net result of all the operations of the Treasury affecting them, and has been caused chiefly by the sus- pension of their issue, in accordance with the proviso in section 12 of the act approved July 12, 1882, "that the Secretary of the Treasury shall suspend the issue of such gold certificates whenever the amount of gold coin and gold bullion in the Treasury reserved for the redemption of United States notes falls below one hundred millions of dollars." EespectfuUy, yours, J. G. Carlisle, Secretary. The President of the Senate. [Senate Ex. Doc. No. 17, I'ifty-tbird Congress, first session.] Letter from the Acting Secretary of the Treaswry, in response to Senate resolution of the 19th instant requesting information as to whether any part of the volume of national- bank notes has been withdrawn from circulation by national banks since August 15, 1893, Treasury Department, Office of the Secretary, Washington, D. C, September 81, 1S9S. Sir : I have the honor to acknowledge receipt of Senate resolution dated the 19th instant, as follows : "liesolved, That the Secretary of the Treasury be, and he is hereby, directed to inform the Senate whether any part, and, if so, what part, of the volume of national- 312 bank notea has heen withdrawn from circulation by national banks since the 15th day of August, 1893, giving the names of the banks withdrawing such notes and the amount each has withdrawn." In reply thereto the following list is furnished from the records of the Comptroller of the Currency, who calls attention to the fact that, with the exception of the Fourth National Bank of New York, which retired $472,500, the banks retiring circu- lation were either in voluntary liquidation or insolvent : Fourth National Bank, Chattanooga, Tenu., voluntary liquidatioii $45 000 Gate City National Bank, A tlanta, Ga., voluntary liquidation 45, 000 Gallatin Valley National Bank, Bozeman, Mon t., voluntary liquidation 22, 000 Farmers and Merchants' National Bank, Rockwall, Tex., voluntary liquida- tion 11,250 First National Bank, Big Timber, Mont., voluntary liquidation 11, 250 Fourth National Bank, New York, N. Y 472,000 First National Bank, Mankato, Kaus., voluntary liquidation 13, 500 Alabama National Bank, Mobile, Ala., insolvent 45, 000 Elmira National Bank, Elmira, N. Y., insolvent 45, 000 Respectfully, yours, C. S. Hamlin, Acting Secretary, The President or the United States Senate. [Senate Ex. Doc. N"©. 18, Fifty-third Conj^ress, first Bcssion.] Letter from tlie Secretary of the Treasiiri/, transmitting, in response to Senate resolution of September 19, 1893, a statement of the amount of Government bonds purchased since 1879, etc. Treasury Department, Office of the Secretary, Washington, D. C, September S6, 189S. Sir: I have the honor to acknowledge receipt of Senate resolution, dated the 19th instant, as follows: "Resolved, That the Secretary of the Treasury be, and he is hereby, directed to in- form the Senate when and in what amounts Government bonds have been purchased since the year 1879, and what was the rate and the aggregate amount of premium paid on such purchases. "Second. Whether at any time or times, and when, since the year 1879, any Gov- ernment bonds have been purchased without the notice required by law. " Third. What amount of public moneys, by years, has been deposited in national banks since the year 1879, and whether and what amount of interest was paid by the banks for the use of such moneys." In reply to the first paragraph thereof a table is herewith transmitted showing the amount of United States bonds purchased in each fiscal year since 1879, together with the average price and the aggregate amount of premium pai d for the bonds of each class. It will be observed that no bonds were purchased in the fiscal years 1882 to 1887, inclusive. During that period there were outstanding bonds which had become redeemable at the pleasure of the Government, and the surplus revenues were ap- plied to their redemption at par. There have been no purchases since 1891. In reply to the second paragraph I have to state that there is no law requiring the Secretary of the Treasury to give public notice of the purchase, by the Government, of United States bonds, but that there have been no such purchases since 1879 except in pursuance of public notice. The amount of the balance of public moneys held by the national-bank deposi- taries at the close of business June 30 of each year since and including 1879 is as fol- lows: 1879 $7,183,403.42 1880 7, 999, 953. 86 1881 8,933,550.79 1882 9, 610, 432. 86 1883 10, 030, 698. 33 1884 10,716,144.17 1885 10,985,141.34 1886 14,036,632.18 1887 $19,190,076.79 1888 54,918,489.74 1889 43,305,511.91 1890 26,994,464.70 1891 22, 900, 329. 65 1892 12.559,446.61 1893 12; 393, 071.11 313 No amount of interest has been paid by national-bank depositaries for the use of lie moneys deposited therewith. Respectfully, yours, J. G. Carlisle, Seoretary. The President of the United States Senate. Statement of United Slates BONDS PURCHASED each fiscal year since 1879. FISCAL YEAE 1880. Doscription. Loan of February, 1861 Oregon war debt Loan of July and August, 1801 . Loaji of 1883 Funded loan of 1881 Funded loan of 1907 Total. Amount purcliased. $2, 837, 000 202, 550 32, 064, 250 12,7117,150 23, 575, 450 1, 500, 000 72, 976, 400 Average price. $102. 62 — 104.08 + 104.29 + 104.29 + 102.80' — 108.37 + Net premium. *74, 161.95 8, 273. 02 1, 376, 085. 04 549, 035. 18 602, 208. 97 125, 558. 26 2, 795, 320: 42 FISCAL YEAR 1S31. Loan of February, 1861 — $7, 775, 000 $100. 6.-.9— 102.69 + 102. 87 — 102. 83 — 101. 60 — $51, 277. 58 1, 408. 05 54, 250 16,712,450 7,057,100 20, 023, 550 488, 870. 11 199 514 0^ Loan of 1863 " . ... Total 51, 622, 350 1, Oei, 248. 78 FISCAL YEAR 1888. 4 per cent consols of 1907 . . 4i per cent consols of 1891. . $28, 671, 350 . 27,702,950 $125. 92 + 107.67 + $6,135,628.42 2, 135, 214. 04 FISCAL YEAE 1889. 4 per cent consols of 1907 . . 4^ per cent consols ot 1891 . $38, 106, 400 82, 568, 050 $1S8. 60 + 107./^ 10, 926, 757. 78 6, 365, 604. 87 FISCAL YEAE 1890. 4 per cent consols of 1907. . i^ per cent consols of 1891 . $73, 923, 500 HO, 623, 260 $125.53 + 104.66 + $18. 876, 923. 19 1,427,300.87 FISCAL YEAE 1891. 4 per cent consols of 1907. . 4^ percent consols of 1891. $42, 641, 250 2, 533, 950 $124. 23 . 102. 77 ■ $10, 331, 138. 99 70, 081. 62 314 [Senate Ex. Doc. No. 19, Fifty-third Congress, first session.] Letter from the Secretary of the Treasury, transmitting, in response, io Senate resolution of I September IS, 1893, statement of Comptroller of the Currency as lo national banks that have diminished and enlarged drculaUon, etc. Tkeasuhy Department, OrncE OF THE Secretary, Washington, D. C, September S7, 189S. Sir: I have tlie honor to acknowledge the receipt of Senate resolution, 'dated -August 18,' 1893, as follows: "Whereas it is currently reported that certain of the national banking associa- tions, organized and carrying on business under and by virtue of the laws of the United States, have heretofore withdrawn from circulation their notes and subse- quently secured an increase of their circulation under existing laws : Therefore, " liesolved. That the Secretary of the Treasury be requested to report to the Senate what national banting associations have thus diminished and enlarged their circu- lation and the extent thereof, and also whether any and what national banking associations have organized under the banking laws of the United States and have no outstanding notes in circulation." In reply I inclose herewith copy of report, dated 25th instant, with accompanying list, irom the Comptroller of the Currency, to whom the resolution was referred, which contains the ihformation desired. liespectfuUy, yours, C. S. Hamlin, Acting Secretary. Tl\e President of the Senate of the United States. Treasury Department, Office of the Comptroller of thkCuiusency, Washington, D. C, September 25, 1893. Sir: I have the honor, in response to a resolution of the Senate of the United States, under date the 18th instant, to submit the information desired, namely, the titles of national banking associations and amounts of circulation, increased or dimin- ished, from July 12, 1882; also the following information as to national banking associations which do not now issue circulating notes. It was necessary to use an alphabetical and printed list of the national banks, the amounts of increase and decrease being exhibited. Further information has been evolved as the result of the examination, and it , appears that under the provisions of section 4, act June 20^ 1874, and up to July 12, 1882, $127,937,730 were retired, but between those dates the circulation of national banks was increased to the amount of $109,178,815. The national banks which have no outstanding circulating notes are by title as follows : Chemical National Bank, New York, N. Y. ; Mechanics' National Bank, New York, N. Y. ; National Bank of Washington, Washington, D. C. ; National Bank of Cockeysvllle, Cockeysville, Md. ; National City Bank, New York, N. Y. ; Chester- town National Bank, Chestertown, Md. ; First National Bank, Houston, Tex. ; Citi- zen^' National Bank, Englewood, N. J. In the last four cases circulation has been issued to the banks named subsequent to the date of Senate resolution. Very respectfully, James H. Eckels, Comutroller. Hon. John G. Carlisle, Secretary of the Treasury. [.Aji alphabetical list of national banks which have decreased and increased their circulation subsequent to July 12, 1882, will be found in the document, Senate Ex. Doc. No. 19, Fifty-third Congress, first session.] 315 [Senate Mis. Doo. Ko. 52, Fifty -third Congress, first Session.] ' / Mr. Teller presented the following statement from the Acting Director of the Mint, showing the production of gold and silver of Arizona, California, Colorado, Idaho, Montana, Nevada, Utah, and New Mexico : PRODUCTION of GOLD and SILVER of Arizona, California, Colorado, Idaho, Montana, Nevada, Utah, and Netv Mexico. !KroTE. — Previous to 1848 the gold product of the United States was estimated to have been $14,440,000, not distributed by States and Territories, (tire's Dictionary of Ai^ts, Mines, etc., Yol. II, p. 647.) (Raymond, 1874, p. 541.) California. Kevada. , Gold. Silver. Gold. Silver. a $985, 800, 000 c 20, 300, 000- c 17, 753, 000 15, 799, 000 15,000,000 15, 261, 000 17, 600, OOQ a $63, 146, OOO cd 35, 452, 000 / 10, 000, 000 215, 000 18, 000, 000 19, 547, 000 9, 000, 000 t $86, 462, 000 1874 21, 795, 000 44, 901, 000 1876 e $1, 505, 000 1,000,000 2, 373, 000 2,400,000 1877 e . 26, 000, 000 1878 e 28,130,O0a 12, 560, OOO Total 1,087,513,000 7,278,000 155, 360, 000 219, 938, 000 1880 1881 1882 1883 1884 17, 500, 000 18, 200, 000 16,800,000 14, 120, 000 13,000,000 12, 700, 000 14,726,000 13, 400, 000 12, 750, 000 13, 000, 000 13,500,000 12, 600, 000 13,000,000 1,100,000 750, 000 845, 000 1, 460, 000 3, 000, 000 2, 500, 000 , 1, 400, 000 1, 500, 000 1,400,000 1, 034. 000 1, 164, 000 970, OOO 465, 000 4,800,000 2, 250, 000 2,000,000 2, 520, 000 3,500,000 3, 100, 000 3,090,000 2, 500, 000 3,525,000 3, 000, 000 2, 800, 0(10 2,050,000 1, 571, 000 10, 900, 000 7, 060, 000 6, 750, 000 6, 430, 000 5, 600, 000 1885 6. 000, 000 1886 ."i, 000, 000 4, 900, 000 7, 000, 000 1887 .... 1888 1889 6, 200 000 1890 5, 754, 000 4, 551, 000 2, 901. OOb 1891 1892 Total 183, 895, 000 1, 087, 513, 000 17, 588, 000 7, 278, 000 , 36, 706, 000 156, 560, 000 78 052 000 210, 938, 000 1, 271, 408, 000 24, 866, 000 192,066,000 207,990,000 a From 1848 to 1873. inclusive, the gold product of California was estimated to have beeu $985,000,000 and the product of'other States and Territories $254,950,000, and of this ainouut $63,146,000 was from the Cotustock Lode, Kevada. b The silver product from 1848 to 1873, inclusive, was eatimated to have been $186,050,000, not dis- tributed by States and Territories, and of this amount $86,462,000 was from the Comstock Lode, Nevada. c Gold and silver. (Raymond.) d Of this amount $8,990,900 gold and/$13,486,000 silver was from the Comstook Lode, Nevada. / Estimate of Dr. H. E. Linderman. 316 PRODUCTION of GOLD and SILVER of Arizona, California, Colwado, Idaho, Montana, Nevada, Viah, and New Mexico — Coutiuued. Colorado. Montana. Idaho. Gold. Silver. Gold. Silver. Gold. Silver. 18741 a $5, 189,000 2, 800, 000 3,150,000 3, 000, 000 3, 366, 000 3, 225, 000 6 $4, 355, 000 3, 438, 000 3,078,000 3, 200, 000 2,261,000 2, 500, 000 $161, 000 682. OOO 1, 133, 000 755, 000 1, 670, 000 2, 226, 000 $1,880, 000 2, 000, 000 1, 053, 000 1,600,000 1, 150, 000 1, 200, 000 1875 & $3, 672, 000 3, 139, 000 4, 500, 000 6,395,000 11, 700, 000 $500,000 307, 000 250,000 200,000 660,000 1876 b 1877 b 1878 b 1879 4 Total 20, 730, 000 27, 397, 000 18, 830, 000 6, 621, 000 8,783,000 1,907,000 1880 3, 200, 000 3, 300, 000 3, 360, 000 4, 100, 000 4, 250, 000 4, 200, 000 4, 460, 000 4, 000, 000 3,758,000 3, 500, 000 4, 150, 000 4,600,000 5, 300, OOO 17, 000, 000 17, 160, 000 16, 600, 000 17,370,000 16, 000, 000 15, 800, 000 10, 900, 000 15,000,000 29, 000, 000 20, 687, 000 24, 307, 000 27, 358, 000 31, 030, 000 2, 400, 000 2, 330, 000 2, 550, 000 1, 800, 000 2, 170, 000 3, 300, 000 4, 425, 000 5, 230, 000 4, 200, 000 8, 500, 000 3, 300, 000 2, 890, 000 2,891,000 2, 500, 000 2, 630, 090 4, 370, 000 6, 000, 000 7, 000, 000 10, 060, 000 12, 400, 000 15, 500, 000 17, 000, 000 19, 394, 000 30, 364, 000 21, 139, 000 22, 432, 000 1, 980, 000 1,700,000 1, 500, 000 1,400,000 1, 250, 000 1,800,060 1, 800, 000 1, 900, 000 2, 400, 000 2, 000, 000 1,850,000 1, 680, 000 4,721,000 1881 ... 1, 300, ooir 2,000,000 2, 100, 000 2,720,000 3, 500, IIOO 3,600,000 3, 000, 000 3,000.000 4,396,000 4,7«4,000 5, 217, 000 4,091,000 1882, 1883 1884 1886 1886 1887 1889 : 1891 1892 Total 52, 168, 000 20, 739, 000 253, 212, 000 27, 397, 000 40, 986, 000 18,832,000 160, 789, 000 6, 621, 000 22, 981, 000 8, 782, 000 40,158,000 1,907,000 Grand total 72, 898, 000 280, 609, 000 59, 818, 000 167,410,000 31,764,090 42,065,000 XJtali. TSevr Mexico. Arizona. Gold. Silver. Gold. Silver. Gold.. Silver. 1874 a $3, 912. 000 44,000 65, 000 360, 000 892, 000 675, 000 a $600, 000 1, 000, 000 C39, 000 176, 000 176, 000 125, 000 a $487, 000 700, 000 1,000,000 300, 000 600. 000 800,000 1875 6 $6,801,000 5, 829, 000 Z, 075, 000 5, 208, 000 6, 25P, 000 $300,000 500, 000 18766 $2, 027, 000 500, 000 500, 000 600, 000 1877 b 500, 000 18786 3, 000, 000 1879 6 . 3, 550, 000 Total 6,338,000 29, 163, 000 2,014,000 3,627,000 3,787,000 7, 850, 000 1880 210, 000 146, 000 190, 000 140, 000 120,000 180, 000 216, 000 220, 000 290, 000 500, 000 680, 000 060, OOU 660, 000 4, 740, 000 6,400,000 6, 800, 000 5,620,000 6, 800, 000 6, 750, 000 6,600,000 7, 000, 000 7, 000, 000 9, 051, 000 10, 843, 000 11, 313, 000 10, 473, 000 130,000 185, 000 150, 000 280,000 300, 000 800, 000 400,000 500, 000 602, 000 1, 000, 000 850, 000 905,000 950, 000 425,000 275, 000 1, 800, 000 2,845,000 3, 000, 000 3,000,000 2, 300, 000 2, 300, 000 1, 200, 000 1, 461, 000 1,681,000 1, 713, 000 1, 390, 000 400, 000 1,060,000 1, 065, 000 950, 000 930, 000 880, 000 1,110,000 830, 000 872, 000 900, 000 1, 000, 000 975,000 1, 070, 000 2, 000, 000 1881 7, 300, 000 1882 7, 500, 000 1883 5, 200, 000 1884 4,500,000 1885 3, 8011, 000 1886 3,400,000 1887 3, 800, 000 1888 3, 000, 000 1889 1,939,000 1890 1, 293, 009 1891 1,914,000 1892 1, 373, 000 Total 4,201,000 5, 338, 000 98,790,000 29, 163, 000 7, 052, 000- 2,014,000 23, 390, 000 3, 627, 000 12,042,000 3, 787, 000 47, 0i9, 000 7,850,000 Grand total 9, 539, 000 127, 953, 000 9, 066, 000 27, 017, 000 15, 829, 000 64,869,000 a Gold and silver. (Raymond.) b Fiscal year. c Wells, Fargo & Co. statement. Total gold $1,662,388,000 Total silver 1,022,779,000 Bureau of the Mlnt, Septemier 6, 189S. R. E. Preston, Acting Director Mint. [Senate Mis. Doc. No. 61, Fifty -third Congress, first session.] Mr. Cookrell presented the following letter from the Acting Director of the Mint, giving the amount and cost and coining value. in silver dollars, and amount coined, of silver purchased under the act of July 14, 1890, to September 1, 1893 : 317 Tkbasury Dbpartmbnt, Burkau of the Mint, WasUngion, D. C, September 8, 1893. Sir: I have to reply to your verbal inquiries of to-day as follows: (1) Amount and cost and coining value in silver dollars of silver purchased under the act of July 14, 1890, to September 1, 1893, is as follows: Fine ounces 163, 047, 664 Cost , $151,804,170 Coining value $210, 809, 100 (2) Amount of such bullion coined to date is as follows : Fine ounces 27, 911, 182. 14 Cost , $29,110,116.25 Dollars coined , 36,087,185 Seigniorage on same 1 $6, 977, 068. 75 The cost in Treasury notes of silver purchased to September 1, 1893, is given in answer to first question. The. amount of Treasury notes issued to September 8, 1893, was $152,007,933, redeemed in standard silver dollars and retired $1,517,574, leaving outstanding $150,490,359. If all the bullion purchased under the act of July 14, 1890, to Septem- ber 1, 1893, were coined ; the number of silver dollars in excess of the Treasury notes now outstanding would be 60,318,741. In this statement no allowance whatever is made for wastage by the operative officers of the mints manufacturing the dollars. Eespeotfally, yours, E. E. Preston, Hon. F. M. Cockrbix, , Acting Director of the Mint. U. S. Senate. [Senate Ex. Doc. No. 21, Fifty-third Congress, first session.] Letter from the Secretary of the Treasury stating, in reply to Senate resolution of Sep- tember S6, 1893, the amount of silver bullion exported during the months of July and August, 1893. Treasury Department, Office op the Secretary, Washington, D. C, October, S, 1893. Sir : I have the honor to acknowledge the receii)t of the following resolution adopted by the Senate September 26, 1893 : "Mesolved, That the Secretary of the Treasury be, and he hereby is, directed to inform the Senate what amount of silver bullion was exported during the months of July and August, 1693, together with the dates and amounts of such exports." In reply I have the honor to state that the exports of silver bullion were as follows : Fine ounces. Fine ounces. 1893. July 3 645, 659 372,009 401,447 780, 100 350; 237 493,472 70, 800 489, 538 216, 789 107, 586 382.418 50, 517 89,641 287, 089 323, 025 40,893 301, 926 1893. Aug. 1 145 532 2 52,429 7 4 11 , 7 256, 999 12 8 17 . , 10 64, 511 188, 329 63, 558 35, 157 175, 911 347, 357 116 169 18 11 19 .,v 15 20 16 21 18 24 21 25 22. 26 24 220, 980 138,777 27 25 28 . 28 29 30 ■. 86, 967 31. , .. 5, 363, 140 287,261 2, 782, 894 328, 459 6,094 San Francisco (no dates) Niagara (no dates) - Total Total 5,670,407 3,117,447 Very respectfully. J. G. Carli 3LE, earetaiy. 318 [Honse Ex. Doc. Ko. 11, Kfty-tliird Congress, first session.] Letter from the Secretary of the Treasury travamitting, pursuant to House resolution dated September 27, 1S93, information as to why silver hulUori teas not purchased in the months of ^uly and August. Tbbasury Department, Offict: of the Secrf-tary, W ashington, D. C, October 4, 1893. Sir : I haTe the honor to acknowledge the receipt of the following resolution, passed by the House of Representatives on September 27, 1893 : "Resolved, That the Secretary of the Treasury be requested to inform the Honse why silver bullion was not purchased in the months of jnly and August, 1893, to the full amount provided in the act of July 14, 1890." I respectively submit the following reply : On August 13, 1890, the date the act of J uly 14, 1890, went into effect, the equiva^ lent of the London price for silver 1,000 tine in United States money was $1.1254. The amount of silver offered the Department on this date was 882,000 ounces, at prices ranging from $1.13 to $1.14 per ounce fine. Of this amoimt 310,000 ounces were accepted at $1.13. On the 15th of August the London price was $1,142; the New York price, $1.14|. The amount offered the Government was 704,770 fine ounces, at prices ranging from $1.14 to $1.1525. The Government purchased 417,770 ounces, at prices ranging from $1.14 to $1.1495. On August 18 the New York price was $1.19 to $1.19J. The amount offered the Department was 590,000 fine ounces, at from $1.16 to $1.20 per ounce. Of this amount 540,000 ounces were purchased at prices ranging from $1.16 to $1.19}. On the 20th of August the price ranged in New York from $1.20i to $1.20}, while the London price was $1.1850. The amount offered on this date was l,364,000ounce8, of which there were accepted 516,000 ounces at prices ranging from $1.1945 to $1.20J. On the 22d the London rate was $1.1876, and the N6w York price $1.19. The amount offered was 1,520,000 ounces, of which 425,000 ounces were purchased at from $1,193 to $1,195. On Augusit 25 the London price was $1,182, and the New York price $1.1975. The amounts offered the Department aggregated 1,020,000 ounces, of which it purchased 450,000 ounces at from $1.1950 to $1.19}. On August 27 the London rate was $1.1767, the New York price, $1.18} to $1.19i. The Department was offered 1,946,000 ounces, of which it purchased 613,000 ounces at $1.19 to $1.19i. The London price on the 29th of August was $1,192; the New York price, $1.19Jto $1.19f. The Department was offered amountsaggregatingl,453,000ounces, of which it purchased 358,000 ounces, at $1.1949 to $1.19} . The prices quoted in New York on September 5, 1890, were over a half cent less than the London rate. The offers made the Departhient ranged from $1,172 to$1.19i. Xwo small lots were purchased at from $1,172 to $1.17|. The practice of accepting the lowest price as fixed by the bidders, and which were almost without exception in excess of the prices quoted by the daily press, continued until June 12, 1893, when the system of making counter bids, iu cases where the prices asked by bidders were regarded as more than the market price, was inaugu- rated. The Department completed the purchase of 4,500,000 ounces for the month of June on the 21st day of that month, and announced that no further purchases would be made until Jvily. After this announcement it appears that dealers in silver bullion in New York commenced to sell very freely in London for future delivery. As is well known, on June 26 the legislative councils of India enacted a bill closing their mints against the free coinage of silver. Upon this action becoming known there was great pressure to sell silver, and the market became completely disorgan- ized, the price in London declining from 37 to 30^ ponce, and in New York from 84 to 62 cents per ounce. On the 1st of July the price commenced to advance on speculative buying on American account, until on the 5th the price in London was equivalent to 75.94 cents, while certificates for silver deposited with the Mercantile Trust Company of New York were quoted at'75 ceuts per ounce. Offers aggregating 520,000 ounces, at prices ranging from 75.45 to 78 cents were made the Department on this day, but owing to the unsettled condition of the market and the belief that the price had been bid up for speculative purposes in anticipation of the resumption of purchases by the Department, it was difficult to fix a price, and all offers were declined and no counter bids made. On July 7 the ofters of silver aggregated 1,178,000 ounces at prices ranging from 72 to 76 cents. The equivalent of th6 London price was 74.48 cents. The quotation for bullion certificates in New York was 72| ceuts. An pffw of lOOjOOO ounces at 72 319 cents was accepted, and the same rate tendered for the remaining 1,078,000, the offer of the Department being accepted for 488,000 ounces. On August 23, 1893, the London rate was equivalent to 76,35 cents per ounce fine, and the New Tork rate as quoted ranged from 76J to 76^ cents. The oifers this day aggregated 636,000 ounces, at from 76 to 76 J cents per ounce, all of 'which were declined, and 75i cents tendered, which rate was accepted by bidders for 416,000 ounces. It is difficult to fix the market price of silver, especially as the prices vary con- stantly from day to day, and, in fact, almost hourly, and when the sellers or dealers themselves differ so widely in the rates at whicli they offer silver to the Government. In view of these facts it seems eminently proper that, as the Government of the United States is the largest purchaser of silver in the world, the Secretary of the Treasury, after an examination of the offers and quotations of each day, should determine what in his judgment is a fair market price, especially as the act of July 14, 1890, expressly provides for the purchase of " 4,500,000 ounces, or so m)ich thereof as may be ottered in each month at the market price thereof." It is evident that there are but two courses open to the Secretary of the Treasury under this statute. He must purchase 4,500,000 ounces of silver each month at whatever prices may be asked by the dealers, no matter how unreasonable or extortionate tliey may be, or he must employ such means as are at his command to ascertain what the actual market price is, and make, or offer to make, the purchase at that rate; and it is simply because the dealers were not willing to accept what was considered a fair market price that 4,500,000 ounces were not purchased during the months of July and August. There is no valid reason why the Government should pay for silver bullion higher prices than are paid by individuals, or why one refiner or dealer 'should receive a price for his silver greater than that paid to another on the same day and in the same market. The silver bullion which the Secretary of the Treasury is direcijed to purchase is not graded or divided into classes like other commodities, such as wheat, cotton, pork, etc., but must be purchased and paid for at 1 degree of fineness, namely, 1,000 fine, "r, in other words, pure silver ; and, therefore, there can be no reason why it should be offered or purchased at different iirices at the same time. In purchasing all other commodities and supplies the Government endeavors to purchase at the market rate, and, believing that there was no reason why this rule should not govern the Secretary of the Treasury in making purchases of silver, the practice of making counter offers when the prices asked were regarded as in excess of the market rate was adopted on the 12th day of June last, and has continued ever since that date. With two exceptions only the Department has been able to purchase more or less silver on its counter offers every purchasing day, thus establishing the fact that the rate fixed by the Department was a fair market rate. In order to flx a market price to be paid for silver the governing market of the world must be consulted. As the world's supply of and demand for silver meet in London it is necessary to take the prevailing price there into consideration; and as that market obtains by far the greater part of its silver from the United States, Mexico, and South America, it follows that the Treasury Department should be able to purchase silver here at a lower price than that of the London market, the cost of placingsilver in that market being between three- tenths and four-tenths of a cent per ounce. What is the market price of a given article atthe time of thenegotiations between the buy er and the seller is always a question of more or less difierence of opinion between them, and it is a question which neither of them alone can settle. It can be adjusted only by mutual agreement, and the effort of the Government since June 12 last has been simply to ascertain the fair market price of silver bullion on each day it was offered for sale and, when ascertained, to make its purchases at that price. Eespectfully yours, J. G. Caimjsi.k, Secretary. Hon. Charles F. Ckisp, Sjpeaker of the Bouse of Bepi-esentativea. 320 Senate Ex. Doc. Ifo. ae.Jifty-thlrd Congress, first session. Letter from the Seoretary of ihe Treasury, transmitting, in response to Senate resolitUon of September Z8, 1893, statement of the annual inte^-est on Government bonds on which interest has been anticipated by the Treasury Department. Tkeasury Department, October 9, 185S, The Pkksident of the Senate: I have the honor to acknowledge the receipt of the following resolution adopted by the Senate on the 28th ultimo, viz : "Resolved, That the Secretary of the Treasury be, and he is hereby, directed to inform the Senate when, in what amount, and under what circumstances the Treas- ury Department has anticipated the payment of the annual interest on Government bonds since the 1st of July, 1880. " In response thereto I have the nonor to inclose herewith a statement, giving in detail and by fiscal years the payments of interest on the public debt before matu- rity since June 30, 1880. The authority for advance payments of interest is contained in the following extract of the act of March 17, 1864 (section 3699, R. §.), viz : "The Secretary of the Treasury may anticipate the payment of interest on the public debt by a period not exceeding one year, from time to time, either with or without a rebate of interest upon the coupons, as to him may seem expedient." An order issued by the Department under this act that coupons would be paid on presentation sixxy days before maturity, upon a rebate of interest, at the rate of 6 per cent per annum, is still unrevoked, but has rarely been taken advantage of since 1880, the total amount of coupons presented under the order not exceeding $1,000. On two,occasions, November 10, 1886, and August 3, 1887, the Department offered to prepay interest with a rebate of less than 6 per cent for periods from one to five months, and the sum realized from this source and covered into the Treasury amounted to $9,763.44. With these exceptions, the disbursements noted in the statement were made with- out deduction or expense to the holders of the bonds. In reviewing the circumstances under which interest has been prepaid, it is assumed that the scope of the inquiry will be covered by considering only payments in advance for periods exceeding six or seven days. When interest was anticipated even for so short a period, it is proper to say that, the conditions of the Treasury, and of the business of the country, were such as to make the exercise of the power advisable, if not imperative. In furtherance of the plan matured and put into operation by the Secretary of Treasury in the spring of 1881, to reduce the 5 and 6 per cent loans to a loan pay- able at the option of the Government and bearing interest at 3J per cent per annum, the Department gave notice on April 11. 1881, that on 6 per cent bonds of the loans of July and August, 1861, and of March 3; 1863, presented for continuance at the lower rate on or before May 10, 1881, the interest to July 1, 1881, would be prepaid at once. Under this offer there was paid during the months pf April, May, and June $5,258,613 for interest payable July 1, 1881, on $175,287,100 6 per cent bonds. For like reasons and as an inducement to holders of the 5 per cent bonds to accept in lieu of their payment on August 12, 1881, bonds bearing interest at 3J per cent per annum, the Treasury offered on May 12, 1881, to prepay on receipt of the 5 per cents surrendered for continuance on or before the Ist day of July, 1881, the interest to August 12, 1881. The sum so expended prior to August 12, 1881, for interest due then on $401,504,900 5 per cent bonds, amounted to $1,542,231.27, and to effect the prompt presentation of called bonds of that class maturing October 1, 188i, holders were offered on August 22, 1881, payment of principal with interest to October 1, 1881, resulting in an expenditure of $366,055.94 for advance interest on $17,541,250 bonds. With a constantly growing surplus in the Treasury over the ordinary exj)enees of the Government, and with the usual demand for money in the fall, the Department, to afford relief, on September 24, 1881, not only called in for payment on Decem- ber 24, 1881, $20,000,000 in bonds, but on the same day announced its readiness to redeem, weekly during October, $2,000,000 in 3^ per cent bonds, called or uncalled, with interest to date of redemption. Under like conditions holders of this class of bonds maturing on November 1, 1883, under call of July 26, 1883, were notified on August 15, 1883, that, commencing with August 22, $5,000,000 would be accepted weekly for redemption, and interest allowed to date of maturity of call. The amount prepaid during August, September, and October, 1883, for interest on the bonds presented, was $220,969.62. Again, towards the close of 1886, the commercial and financial situation called for prompt action. 321 Thongh prompt and beneficial employment had been found for the proceeds of sur- plus taxation in the retirement of over $54,000,000 In 3 per cent bonds during the four months of July, August, September, and October, 1886, the cash balance in the Treas- ury,, after payment of the current expenses and obligations of the Government, had been diminished only by about $8,540,000, or from $287,513,959 on July 1, 1886, to $278,970,868 on November 1, 1886, a large portion of the proceeds of called bonds being left in the Treasury to redeem bank-note circulation, thus in a measure frus- trating the efforts of the Department to. reduce the cash accumulations through the medium of bond calls. To meet the exigency and prevent serious embarassment, the Department on November 10, 1886, gave notice that the interest falling due December 1 and Jan- uary 1 would be prepaid, and in this manner the sum of $8,735,743.23 was returned to the channels of trade during November and December, 1886, with great benefit to the country and without embarrassment to the Treasury. The Financial Chronicle of November 13, 1886, made the following comments on the "financial situation:" "There is, however, such an inquiry from the interior for crop and. other purposes as to keep the bank reserves from accumulating to any great extent, and until the outflow ceases or is counterbalanced by large supplies, there can be no important change. The payment by the Treasury without rebate of the December interest, amounting to $2, 812, 500, and with a rebate of 3 per cent per annum on the January interest, aggregating $9, 528, 400, will, with the other disbursements at this season of the year, distribute considerable money among individuals and corporations, and of course tend to relieve the pressure; but the surplus revenue is so large now (the debt reduction last month being $13, 20 ', 619) that accumulations in the Treasury are rapid. " In May, 1887, the last of the bonds redeemable at the pleasure of the Government were called; there was no way of putting out again among the people the surplus, except by the purchase of bonds at a premium or by deposits in national-banli depositories. On account of the fact that there was no legislation upon the subject, except a provision in an annual appropriation act, which was construed by some to be tem- porary in its nature, the Secretary of the Treasury entertained doubts as to his authority to purchase bonds not required for the sinking fund, and, therefore, as a means of relieving the monetary stringency then existing, he gave notice on August 3, 1887, that the interest due on the public debt September 1, October 1, December 1. 1887, and January 1, 1888, would be prepaid on and after August 15, 1887 ; $10, 682, 706. 40 was disbursed under this offer. The circumstances under which prepayments of interest were deemed advisable during the fall of 1890 and extending up to September 2, 1891, are fully described by the Comptroller of the Currency in the Finance Report for 1891, p. 324 : " Agricul- tural interests were in an unsatisfactory condition ; overtrading and unhealthf ul expansion were everywhere apparent." Immense sums from the Atlantic and Mid- dle States and from abroad had been invested in loans on city, suburban, andf farm property, and in manufacturing and industrial enterprises. The failures of several banks in New York, simultaneously with the announce- ment that the house of Baring Brothers in London, known throughout the world for its conservatism and strength, had found itself inextricably entangled, brought about a situation which demanded prompt and liberal action by the Department. The circulars published on July 19, August 19, 21, 30, September 6 and 13, and Decem- ber 6, 1890, offering to purchase 4 and 4^ per cent bonds, and inviting the surrender for redemption of 4Jper cent bonds with prepayment of interest to May 31, 1891, and August 31, 1891, had for their object the relief of the severe monetary strin- gency. The operations of the Treasury, rendered imperative not only by the financial and commercial interests of the country but by the largely increased revenues due to pending changes in tariff legislation and to the act of July 14, 1890, which added to the available cash balance over $54,000,000, respited in the r'eleaseof over $100,000,000, of which $18,403,307.77 represented interest paid before maturity. The prepayment from July 14 to September 1, 1891, of $260,505.51, for interest due September 2, 1891, was offered as an inducement to holders of 4| per cent bonds to accept, in lieu of payment, bonds at the rate of 2 per cent per annum. During the recent monetary stringency and general depression of business it was deemed advisable to anticipate .the interest due July 1 and September 1, 1893, and $4,981,845.90 and $21,820.25 were disbursed a few days in advance of date of maturity. Respectfully, yours, J. G. Carlisle, /Secretary. S. Eep. 235 21 322 statement of INTEREST prepaid on the PUBLIC DEBT from July 1, 1880, to Octoler 1, 189S. Wlien due. Apr. 1, 1881 May 1, 1881 May 21,1881 July 1, 1881 Do. Do. Aug. 12, 1881 Do Do Oct. 1, 1881 Do Apr. 1, 1883 ITov. 1, 1883 Do. Do. Dec. 1, 1886 Jan. 1, 1887 Do Do July 1. 1887 Do Sept. 1,1887 Oct. 1, 1887 Do Dec. 1, 1887 Jan. 1, 1888 Do Do , Do. Do. Sept. 1,1890 Oct. 1, 1890 Do Deo. 1, 1890 Do., Do. Do. Jan, 1, 1891 Do Mar. 1,1891 Do. Do. Do. Title of loan. i per cent consols of 1907 5 per cent funded loan of 1881 do Total, 1881 . Loans of July and August, 1861, and of March 3, 1863. do do 5 per cent funded loanof 1881 do do 5 per cent funded loan of 1881 do Total, 1882 4 per cent consols of 1907. Funded loan of 1881, con- Unued at 3J per cent. do do 4J per cent funded loan of 1891. i per cent consols of 1907 , do Sends issued In aid of Pacific railway companies. Total, 1887 . 4 per ceiit consols of 1907. BondsisBued tn aid of Pacifio railway companies. 4J per cent funded loan of 1891. 4 per cent consols of 1907 do 4^ per cent funded loan of 1891. 4 per cent consols of 1907 , do Bonds Issued in aid of Pacific companies. do ," do Total, 1883 . 4J per cent funded loan of 189L 4 per cent consols of 1907 do 4i per cent funded loan of 1891. do do do 4 per cent consols of 1907 . . , Bonds issued in aid of Pa. cific railway companies. 4^ per cent funded loan of 1891. do do do Amount. $235, 555. 50 3, 219, 963. 00 1, 803, 094. 60 3, 194, 916. 17 2, 213, 334. 01 133, 981. 09 152, 477. 39 213, 578. 55 77, 172. 21 107, 288. 29 36, 509. 12 879, 936. 50 4, 319, 324. 00 1, 604, 700. 00 3, 865, 251. 50 1, 356, 169. 60 807, 206. 50 4, 309, 268. OU 723, 786. 60 3, 308, 079. 00 63, 400. 00 76, 800. 00 928, 520. 40 2,959,726.00 1,085,847.00 5, 604. 37 373, 459. 08 64, 673. 44 31, 379. 06 2, 991, 686. 00 1, 630, 050. 40 5, 604. 37 373, 459. 08 64, 673. 44 31, 397. 06 $3, 039, 260. 00 24, 561. 01 28, 136. 06 3, 091, 947. 07 5, 258, 613. 00 5, 542, 231. 27 366,065.94 11, 166, 900. 21 3, 980, 726. 00 220, 969. 62 1, 931, 782. 73 6, 803, 960. 50 8, 735, 743. 23 5,221,411.10 222,935.00 6, 116, 474. 50 252, 711. 00 5, 090, 586. 90 15, 904, 117. 50 141, 819. 16 4, 046, 573. 00 475, 133. 95 4,521,736.40 "When prepaid. From Mar. 26 to 31, 1881. April, 1881. From May 1 to 20, 1881. From Apr. 27 to 30, 1881. May, 1881. June, 1881. June, 1881. July, 1881. From Aug. 1 to 11, 1881. From Aug. 22 to 31, 18S1. September, 1881. From Mar. 26 to 31, 1883. From Aug. 15 to 31, 1883. September, 1883. October, 1883. From ITov. 11 to 30, 1888. From Dec. 1 to 31, 1886. From Dec. 16 to 31, 1886. From Dec. 21 to 31, 1886. From June 25 to 30, 1887. Do. From Aug. 15 to 31, 1887. From Aug.l6to Sept. 24, 1887, From Sept. 26 to 30, 1887. From Aug. 16 to Not. 30, 1887. From Aug. IStoNov. 23, 1887. From Dec. 28 to 31, 1887. From Aug. 16 to 31, 1887. September, 1887. From Deo. 28 to 31, 1887. From Aug. 25 to 31, 1890. From Sept. 10 to 30, 18^0. From Sept. 18 to 30, 1890. From Aug. 20 to 31, 1890. September, 1890. October, 1890. November, 1890. From Sept. 10 to Oct. 10, 1! Do. From Aug. 20 to 31, 1890. September, 1890. October, 1890. Norember, 1890. 323 statement of INTEREST prepcM on the PUBLIC DEBT, e«o.— Continued. When due. Title of loan, Amount. When prepaid. Mar. 1,1891 Do. Do- 4^ per cent funded loan of 1891. do .....do $22, 628. 81 19, 009. 69 18, 666. 25 Apr. t)'ane 1,1891 1, 1891 Do.. Do., Do.. Do.. Do.. Do. Do. Do. Do. 4 per cent consols of 1907 .. . 4^ per cent funded loan of 1891. .do. .do. .do. .do. do. .do. -do- -do. .do. 5, 604. 38 373, 459. 08 64, 673. 44 31, 307. 06 22, 628. 81 19, 009. 69 18, B56. 25 22, 376. 81 29, 783. 25 2, 731. 50 Total, 1891. July 1,1891 Do Sept. 1, 1891 Do. Do.. Do. Do. Bo. Do. Do. Do. 4 per cent consols of 1907 . . . Bonds issued in aid of Pa- cific railway companies. 4i per cent funded loan of 1891 2, 988, 915. 00 1, 530, 050. 40 873,459.08 Sept. 2,1891 Do -do . .do. -do", .do. .do . -do. -do. -do. .do. -do. 64, 31, 22, 19, 18, 22, 29, 2, 673, 397. 783. 731. 93, 166, July 1,1893 Do Sept. 1,1893 Total, 1892. 4 per cent consols of 1907 . . Bonds issued iii aid of Pa- cific rail-way companies. Funded loan of 1891, con- tinned at 2 per cent. 3, 358, 135. 50 1, 623, 710. 40 Total, 1894 part. $535, 32S. 70 2, 089, 915. 00 13, 299, 726. 60 5, 364, 086. 80 4, 981, 815. 90 21, 820. 35 DeoemBer, 1890. January, 1891. February, 1891. From Sept. 10 to Oct. 10, 1800, From Aug. 20 to 31, 1890, September, 1890. October, 1890. November, 1890. December, 1890. January, 1891. February, 1891. March, 1891. April, 1891. May, 1891. From Sept. 10 to Oct. 10, 1890, Do. 4,518,965.40 \ i September, 1890. October, 1890. Kovember, 1890. December, 1890. January, 1891. February, 1891. March, 1891. April, 1891. May, 1891. From July 14 to 31, 1891. From Aug. 1 to Sept. 1, 1891, 5, 003, 666. 15 From June 26 to 30, 1893. Do. From Aug. 24 to 31, 1893. EECAPITULATION BY FISCAL TEARS. fiscal year— 188i $3,091,947.07 1882 11,166,900.21 1883 3,980,726.00 1884 220,969.62 1887 '- 8,735,743.23 1888 - 15,904,117.60 1891 ■ 13,299,726.60 1892 5,364,086.80 From July 1, 1893, to Oct. 1, 1893 5,003,666.15 Aggregate 66,767,883.08 324 [Senate Ex. Doc. Ifo. 27, iFifty -third Congress, first session.] Letter from the Secretary of the Treasury, in reply to Sertate resolution of Octoher 10, inquiring if the Government has borrowed any money since March 5, 1885. Treasury Department, Office of the Secretary, Washington, D. C, October 11, 189S. Sir: I have the honor to actnowledge receipt of the Senate resolution, dated the 10th instant, as follows : "Resolved, That the Secretary of the Treasury be, and he is hereby, directed to Inform the Senate whether the Government, at any time since the 5th day ofMarch, 1885, to the present time, has borrowed any money ; if so, the amount brorrowed, of whom, and when borrowed, and the character of the security given theefor, and to transmit all correspondence relating to the borrowing of such money." In reply thereto I have to state that no money has been borrowed by the Govern- ment of the United States since the 5th day of March, 1885. Respectfully yours, W. E. Curtis, Acting Secretary. The President of the United States Senatb. [Senate Ex. Doc. No. 28, Fifty-third Congress, first session.] Letter from the Secretary of the J'reasury, in reply to a resolution of the Senate of Oetg- ber S, 189S, calling for a statement giving the aggregate amount of silver bullionpur- chased during September, 1893, together with the cost thereof, the amount, the date, and price of each purchase, etc. Treasury Department, Office of the Secretary, Washington, D. C, October 14, 189S. Sir : I have the honor to acknowledge the receipt of the following resolution adopted by the Senate October 2, 1893 : " Resolved, That the Secretary of the Treasury be, andhe hereby is, directed to fur- nish the Senate with a statement giving the aggregare amount of silver bullion pur- chased under the act of July 14, 1890, during the month of September, 1893, together with the cost thereof, the amount, date, and price of each purchase, and the name of the vendor. Also the aggregate amount of silver bullion oifered for sale during the said month, the amount, date, and price of each offer, and the name of the per- son making such oifer." In reply I transmit statement prepared by the Bureau of the Mint, giving in detail the information called for. The delay in furnishing this information more promptly was occasioned by the fact that returns of local purchases at the mint at San Francisco were only received to-day. Eespectfully yours, J. G. Carlisle, Secretary. The President of the Senate. 325 «e iM t- -*OSO r-i OtOUD CfJ t O) N A 2 CT ■ «5 O 00(MM rt tOCSSp- ffl in s SS -^1 g is s S5SS g; sss s S 1 '00 i'i C 1 D- t- etBcoco ' ■CT rH coco-* 0' mt-Too (d' s 0" to inoo" S ■IM M r-(CO00 CO CO W i-t CO m « £ ■ c 00 iBQOoo a Weow oa CD 10 t- t-O ■a o-w OC :?» t i-.«,c M OrH"** m ^?H Pl C " is s sss 5 3sa oT "* 0' CO oTi-T O U" "* CO ■* -* 03 iH |a3 ^ ® . 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Its ; ; 1 c^t^ n ?, 3 «-o fd £ l^-d ; « t 'S £r: -o £ -d £ =1 :-dg : 1 t fi ©ooo c 1 o c £J3 c © c 'iS'pi: c "5 p3 p O' O-O y Sh t- in Olf o <3 OL-iT OC in in in in 533 lO-*'* IT tH •<* m Tf in g in"*ir T -« -« ^ t- t-I> b; t- t- c- c-t- Ct t-^-t- c^ t- t-t" t- t- t>t^ i-i>t« "Sri OB § ~^ OOO o o "c oo ■ " _ OS e o®o o oo c G oc ooS fi a ui CT ^Ti; OC 1 CO to tec OC oai C!g § s O S§ s Igggs •< _ s ss 3 (Nff* rA t^ ■ o o -^ 03 Ci t--* -. ■ -*;ococ c coo '.Jt uat^ tK t- T-lr-l If If ■*CO t- oo 1^3' 5 o t- OC • oToroTos c £ ' t-^rH oo- MM m -^ o-5i cv • m^o^ CC iHiH iM tH O.H SST o c € 5 OO C • oooo o c ^^ ^ T lOUS IT t-t- c- t- c* t- c- 1- t- .^^^^ S. ? O CD o oa o o o o oo e } ooo CO o o o o go c J oo o OM CO i-Tc S g" g ft" 83" £ ■ of o o c - o- If oTr-T cT Mer • -«ino^ CO c S^ D- iH "" oa* of "W. Loaiza & Co i Boston and Colorado S.Co. Handy & Harman | Cons. Kans. City S. and E. Co. Campania Metallnr- gica Mexicana. American Exchanse Nat. Bank. Clark, Dodge & Co Hoskier, Wood & Co.. Co."' "°— J. &W. Seigmaii &'Co! Clark, Dodge & Co Boston & Colorado S. Co. Hoskier, "Wood & Co.. ■» e icepted for i,000 ounces, cepted fin ■i I'd S-c ■S °.2 « 1 ^ g ; ; c c F.4 (O HI * «m o oQ t in . o Sot -.('-'< <)-"< =<■ ; ? g= o o O o OO o ooooo c O o c o o oo o ooooo o o c o c o o OC o ooooo o c o r^C ' o c o t- o'c c loofooo ■ in " IT " ,-r ener QO u: CO ■«» OC in m^Bom D- S S '• e 1 1 11 1 s 5 la J 1 6 ■a 1 ■ 1 bo ' '^I'S ■ U] 6 1 J purchases at mints, Its of less than 10,000 BBS, during month eptember. 1 -S 1 fl \ l-gi •f 1^ .l^2.§l lS^^a3w 1 IS 1 s •s S3 S; S; S3 £^ S; S sss S s a 328 [Senate Ex. Doc. No. 29, Fifty-third Congress, first session.] Leiler from the Secretary of the Treasurg, in response to Senate inquiry of the 9th instant relative to the redemption of silver certificates in gold, etc. Treasuky Department, Octoler 17, 189S. The President of the Senate: I have the honor to aokuowledge the receipt of the following resolution, adopted by the Senate on the 9th instant, viz : "Resolved, That the Secretary of the Treasury he, and he is hereby, directed to inform the Sen ate whether silver dollars or silver coin certificates have been redeemed by the Treasury Department or exchanged for gold or paper that is by law or prac- tice of the Government redeemable in gold." In response thereto I have the honor to say that the law providing for the redemp- tion or exchange of silver certificates, which requires that such certificates shall be redeemed or exchanged in kind or for standard silver dollars, has, so far as this Department has information, been strictly complied with by the Treasurer of the United States and the various subtreasury offices, and no gold coin has been given in return for such certificates or standard silver dollars. Conditions have, however, existed in the New York and San Francisco subtreasuries which required that pay- laents, in redemption of silver certificates and standard silver dollars deposited with those offices, be made in moneys other than those specified by law for the purpose, but such cases have been infrequent, and the amounts paid for such redemptions or exchanges in United States paper, which by law or the practice of the Department is exchangeable for gold coin, have been comparatively insignificant. In the early history of iihe standard silver dollar and silver certificate many of the latter were paid out at San Francisco in exchange for deposits of gold coin, but the amount cannot be given. Under the provisions of Department circular dated September 18, 1880, gold coin was received at New York for which silver certificates were paid in exchange else- where, as the depositors requested, during the fiscal years from 1880 to 1885, in the following amounts : 1880 $13,870,000 1881 15,887,000 1882 11,000,000 1883 19,132,000 1884 20,515,000 1885 575,090 Total : 80,979,000 Exchanges under the circular were discontinued in .lannary, 1885. However, the Department made some exchanges in the transaction of daily business during the following years to the amount named : 1886 $2,641,000 1887... - 6,266,022 1888 1,564,140 1889 : 986,680 For subsequent years the data are not complete, but from the best information obtainable it is believed the amount will not exceed $2,000,000 per annum. Standard silver dollars coined under the act of 1878 have been exchanged for gold or paper redeemable in gold from 1879 to the present time, but the amount of the various classes so received previous to 1887 can not be given. From 1887 to 1889 the amount was follows : 1887 $9,449,603 1888 10,448,833 1889 9,122,854 For subsequent years the data are not conijjlete, but the amounts will average about the same as that of the three years' named, which is $9,673,763 per annum. The following summary is therefore submitted as the most complete statement that can be furnished with respect to the amounts of gold coin and paper redeem- able in gold received in exchange for silver certificates and standard silver doUaia: 329 Piscal year. For silver certificates. For stand- ard dollars. Total. 1880 . .... $13, 870, 000 15, 887, 000 11, 000, 000 19, 132, 000 20,515,000 575, 000 2,641,000 6, 266, 022 J, 664, 140 986, 680 $13, 870, 000 1881 15, 887, 000 1882 11, 000, 000 1883 19, 132, 000 1884 20, 615, 000 1885 . 575, 000 1880 2, 641, 000 1887 $9, 449, 603 10, 448, 833 9, 122, 854 15,715,025 1888 12, 012, 973 1889 10, 109, 634 1890 to 1893 (estimated) 92, 436, 842 8,000,000 29, 021, 290 38,400,000 121,458,132 46, 400, 000 Total 100, 436, 842 67,421,290 167, 858, 132 Respectfully yours, J. G. Caiilisle, Secretary. [Senate Ex. Doc. No. 30, Fifty-third Congress, first session.] Letter from the Secretary of the Treasury, in response to Senate resolution of September SS, 189S, as to number of standard silver dollars coined under the act of February 28, 1878, and July 14, 1890, exported and imported, etc. Tekasuey Depabtment, Office of the Seceetaey," Washington, D. C, October 17, 189S. SiE : I have the honor to acknowledge the receipt of the following resolution, passed by the Senate under date of September 22, 1893 : "Resolved, That the Secretary of the Treasury is hereby directed to report to the Senate as early as possible the following information as approximately accurate as practicable : The number of coined standard silver dollars of our own mintage under the laws of February 28, 1878, and July 14, 1890, exported and imported since Feb- ruary 28, 1878, the number of such dollars reooined in our mints, and the number consumed in the United States in industrial uses. "And the amount of United States coined gold exported and imported since 1870, and the amount of such coined gold recoined in our mints, and the amount of such coined gold consumed in the United States in industrial uses. " And whether the amount of excess, if any, of such exports over imports, and the amount of such recoinage, and the amount of such coined gold and silver consumed in industrial uses, have been taken into account and deducted from the total coinage in the estimates of such coins in existence in our country." And respectfully reply, as follows : (1) The number of silver dollars coined under the acts of February 28, 1878, and July 14, 1890, exported and imported since February 28, 1878, is not known, as returns of domestic coin exported or imported are not entered at the custom-houses by denominations. The number of silver dollars coined under the acts of February 28, 1878, and July 14, 1890, deposited at the mints for recoinage has been 132,018. No estimate has been made of the standard silver dollars coined under the acts referred to used in the industrial arts in the United States, but it is believed that the number is very small, as so much more bullion could be purchased by the dollar than it contains. Bullion would, therefore, be purchased and used in lieu of the coin wherever it was practicable to obtain the same. (2) The amount of United States gold coin exported from January 1, 1870, to Octo- ber 1, 1893, was $571,881,770. .The amount of United States gold coin imported from January 1, 1878, to October 1, 1893, was $126,943,885. Prior to January 1, 1878, the imports of United States gold coin were not separated in the custom-house returns from foreign gold coin. The amount of United States gold coin consumed in the industrial arts from 1870 to 1892, inclusive, as estimated by the Bureau of the Mint, has been $82,375,000. (3) In estimating the amount of silver dollars coined since February 28, 1878, in the country no deductions have been made either for exports or for use in the indus- trial arts in the United States, nor any allowance for recoinage, as it has heretofore been believed that the number of silver dollars coined in 1873 and prior years in cir- culation exceeded the amount of silver dollars coined since 1878, exported, recoined, and used in the industrial arts. 330 In estimating the stock of gold coin in the country, the amount exported and recoined, as well as the amount estimated as used in the industrial arts in the United States, 18 deducted from the last estimate, while the amount imported and coinedis added. The starting point of the estimate of the present stock of coin in the United States ■was, July 1, 1873, as estimated by Dr. Henry E. Linderman, then Director of the Mint. At that period there was no gold coin in active circulation in the United States except on the Pacific coast, and the estimate comprised only the metallic stock in the Treasury and in the national hanks, with an estimate of twenty mil- lions as the minimum of gold coin in use on the Pacific coast. Since, the estimates have from year to year been arrived at by adding to the stock of gold coin at that date the annual coinage and imports less the amount of United States coin withdrawn for recoinage, exported, and the amount estimated to have been used in the indus- trial arts and then adding the imports and coinage. Eespectfully yours, J. G. Carlislh, Seeretm-y. The President of the Senate. [Senate Ex. Doc. No. 32, Fifty-third Congress, first session.] Letter from the Secretary of the Treasury, transmitting a statement of the Acting Director of the Mint in relation to an appropriation of f 15,000 for freight on bullion and coin between mints and assay offices for the current fiscal year. Tkeasuey Department, October S8,189S. Sir: I have the honor to transmit herewith, for the consideration of Congress, copy of a communication from the Acting Director of the Mint, of this date, in rela- tion to the necessity for an additional appropriation of $15,000, for freight on bul- lion and coin between mints and assay offices for the current fiscal year, which it is desired shall be provided for in the urgent deficiency bill now pending. Respectfully, yours, J. G. Carlisle, The President of the Senate. Treasury Department, Bureau of the Mint, Washington, D. C, October 28, 1893. Sir : Owing to the necessity of transporting a large amount of gold bullion from the assay office at New York to the mint at Philadelphia for coinage, and the trans- portation of gold and silver bullion from the mint at Carson City to the mint at San Francisco for coinage, as well as the increased deposits of gold bullion at the minor assay offices, it will be necessary to obtain an appropriation to supply a deficiency in the appropriation for " freight on bullion and coin between mints and assay offices" for the current fiscal year. For several years past no gold bullion has been transferred from the New York assay office to the Philadelphia mint, and the appropriation heretofore made by Con- gress for "freight on bullion and coin between mints and assay offices" has been sufficient until the past year to cover the expenses of transportation. The appropriation for the current year is only $9,000, while there has already been expended from this sum, up to October 1, $5,508.31, leaving only $3,491.69 unex- pended to meet the requirements for the balance of the fiscal year. By the suspension of coinage operations at Carson City it will be necessary to transport both the gold and silver bullion from that institution to the mint at San Francisco for coinage. lu this connection I would say that the expenses of trans- porting this bullion from Carson City to San Francisco will be much less than it would cost to coin the same at Carson City. I estimate that the bullion now on hand and deposited at the Carson City mint during the remainder of the year will aggregate about $900,000 in gold and the sil- ver $600,000. To transport these sums it will require $2,250; to transport $20,000,- 000 in gold bullion from New York, which it is believed it will be necessary to do, will require $10,000 ; on account of the increased deposits at the minor assay offices, $2,750, making a total of $15,000. 331 In view of these facts I have, therefore, to respectfully request that j^ou will pro- cure from Congress an appropriation of $15,000 to supyly the deficiency in the appro- priation for "freight on bullion and coin between mints and assay offices" during the fiscal year ending June 30, 1894. Respectfully, yours, R. E. Preston, Acting Directoi- of the Mint. Hon. J. Gr. Carx-isle, Secretary of the Treasury, [Senate Eeport No. 50, Kfty-third Congress, first session.] Mr. MoPherson, from the Committee on Finance, to whom was referred the follow- ing resolution submitted by Mr. Peffer August 22, 1893 : " Beaolved, That the Secretary of the Treasury be directed to inform the Senate— " First. Whether, and in what respect, the national banks, or any of them, in the cities of Boston, New York, and Philadelphia are being now conducted in violation of law. " Second. Whether said banks are paying depositors' checks promptly in lawful money. "Third. Whether said banks, or any of them, are demanding rates of interest higher than those provided by law, for the loan of money or in discounting notes and bills." reponts that having submitted the matter to the Treasury Department for informa- tion, the correspondence with that Department is herewith appended for the infor- mation of the Senate. Treasury Dbpaetment, September SO, 189S. Sir : I have the honor to acknowledge the receipt of your commuuioatiou of the 12th instant, inclosing Senate resolution, viz : "That the Secretary of the Treasury be directed to inform the Senate — "First. Whether, and in what respect, the national banks, or any of them, in the cities of Boston, New York, and Philadelphia are being now conducted in violation of law. " Second. Whether said banks are paying depositors' checks promptly in lawful money. "Third. Whether said banks, or any of them, are demanding rates of interest higher than those provided by law for the loan of money or in discounting notes and bills," In compliance with said resolution, I inclose herewith a copy of a communication from the Comptroller of the Currency, of the 16th instant, containing the informa- tion desired. Respectfully, yours, J. G. Carlisle, Secretary. Hon. J. E. McPheeson, Chairman Sub -Committee of Committee on Finance, U. S. Senate. Treasury Department, Office of the Comptroller of the Currency, Washington, D. C, Sepiembm- 16, 1893. Sir: I have the honor to acknowledge the receipt from you of a copy of the fol- lowing Senate resolution, viz: "Beaolved, That the Secretary of the Treasury be directed to inform the Senate — "First. Whether, and in what respect, the national banks, or any of them, in tlie cities of Boston, New York, and Philadelphia are being now conducted in violation of law. " Second. Whether said banks are paying depositors' checks promptly in lawful money. "Third. Whether said banks, or any of them, are demanding rates of interest higher than those provided by law, for the loan of money, or in discounting notes and bills." 332 In compliance with your request that I furnish you the information called for by said resolution, I have the'honor to reply as follows on the three several queries con- tained in said resolution : First. For official information in regard to the manner in which the affairs of national banks are conducted, the Comptroller relies chiefly upon their sworn reports of condition, which, under the requirements of law, he calls for five times a year, and upon reports furnished him by the national bank examiners who make examina- tions by personal visits to the banks at such times as the Comptroller directs. The last reports of condition made to the Comptroller by the banks in Boston, New York, and Philadelphia, for July 12, 1893, disclosed in some cases excessive loans, or deficiency in lawful money reserve, and the same statement applies to the reports made by examiners ; the last-named reports being sent in to the Comptroller at no fixed date, but only as examinations are made from time to time. Second. The Comptroller has received no official information showing that national banks in Boston, New York, and Philadelphia are not paying depositors' checks in lawful money, and no complaint has been received by the Comptroller from any depositor in a national bank to this effect during the recent financial stringency. Third. The Comptroller has received no official information showing that the national banks in Boston, New York, and Philadelphia are demanding rates of inter- est higher than those provided by law for the loan of money or in discounting notes and bills. KespeotfuUy, yours, 0. P. Tucker, Deputy and Acting Comptroller. Hon. J. G. Carlisle, Searetary of the Treasury. [Senate Eeport No. 51, Fifty-third Congress, first session.} Mr. McPherson, from the Committee on Finance, submitted the following report upon Mis. Uoc. 33, resolution by, Mr. Stewart, as follows : [Senate Mis. Doc. No. 33, Fifty-third Congress, first session.] Mr. Stewart submitted the following resolution : "Resolved, That the Secretary of the Treasury is directed to inform the Senate whether there is danger of a deficiency in the revenues of the Government during the current year, and if so, what is the probable amount of such deficiency and is any legislation necessary to supply such 'deficiency." The resolution was referred to the Secretary of the Treasury, and his reply is appended : Treasury Department, Office of the Secretary, Washington, B.C., October Z, 189S. Sir: I am in receipt of your communication of the 12th ultimo, inclosing copies of Senate resolutions of August 28 and 30, 1893, directing the Secretary of the Treas- ury to inform the Senate how the revenues since the commencement of the present fiscal year compare with the estimates of the Treasury Department and whether such revenues exceed or are less than such estimates, and the amount of such excess or deficiency as the case may be; and also whether there is danger of a deficiency in the revenues of the Government during the current year, and if so, what is the probable amount of such deficiency, and if any legislation is necessary to supply such deficiency. In reply I have the honor to submit the inclosed statements relative to the esti- mates in question, containing comparisons of receipts and expenditures for certain periods indicated in the present and last fiscal years, which comprehend substaii- tially the information sought to be obtained by the resolutions in question. This answer has been delayed several days in order to be able to present the operations of the Treasury complete as to the subject covered for the first quarter of the present fiscal year. EespectfuUy, yours, J. G. Carli.sle, Secretary, Hon. J. E. McPhbrson, Chairman Subcommittee, Committee on Finance, XT. S. Senate. 333 Memokandom of Estimates and Opehations of the Treasury for the Fiscal Year 1894. The estimated receipts of the public revenues, as submitted by this Department to the last Congress for the present fiscal year, less the estimated receipts of the postal revenues, amount to the gross sum of $405,000,000 ; and the estimated expenditures for the same period in round numbers, excluding the estimated expenditures for the postal service, amount to the sum of $373,000,000, showing an estimated excess for the year of receipts over expenditures, with the exception indicated, of $32,000,000. As these estimates are made in gross for the entire year, and not by months or for any other particular time, it is not possible to determine their accuracy from the operations of the Treasury for the present or prior months of the current fiscal year. The above estimates of receipts for the current year divided by twelve would show an average monthly receipt o^f $33,750,000; and the estimated expenditures divided in the same way would show an average monthly expenditure of a sum a little in excess of $31,000,000. The actual receipts of the Treasury, however, for the months of July, August, and September amount to the sura of $79,379,417.59; or a monthly average of $26,459,- 806.86, being an amount $7,290,194.14 less than the monthly average estimated receipts for the entire i year, and showing for the first quarter of the fiscal year a deficit of $21,211,600.85 as compared with the first three months of the last fiscal year. Should the actual receipts for the remainder of the fiscal year continue at the same monthly rate they would amount at the end of the year to a sum $87,482,329.78 less than the estimated receipts for the entire year. The actual expenditures of the Treasury for the months of July, August, and September amount to $98,459,127.25, being an average for each of the fiisst three months of $32,819,709.08, or say $1,736,375.75 in excess of the average monthly esti- mates; and if the expenditures should continue at the same rate during the balance of the current year they would amount to the sum of $393,836,508.96, or about $20,836,508.96 in excess of the estimated expenditures for that period, and would show an excess of expenditures over the supposed actual receipts for the year esti- mated of say $76,318,838.74. As stated, the operations of the Treasury Department for the past three months are not indicative of the result of its operations for the remainder of the fiscal year because of the uncertainty surrounding the financial and commercial condition of the country. The receipts of the Treasury for the six months preceding the commencement of the present fiscal year were approximately at an average monthly rate of $31,479,721.97 ; and if the same conditions had continued through the present fiscal year a deficiency would have been averted entirely, or at most it would have been very small, since the receipts at that rate would have increased the foregoing estimated receipts of the Treasury for the current year, as indicated by the first quarter's actual receipts, by the amount of more than $60,238,000. But the financial disturbance of the country, expending its energy for the most part, it is hoped, in the beginning of the present fiscal year, has occasioned the falling off from the average monthly receipts of $31,479,721.97, for the last half of the preceding fiscal year to the average of the monthly receipts of the first quarter of the present fiscal year of $26,459,805.86 — a decrease of an average of $5,019,916.11 per month, or about $60,238,993.32 for the year. It will appear from a careful comparison of the receipts and expenditures for the last six months, April to September, inclusive, with the receipts and expenditures for the corresponding six months of 1892, that whatever deficiency may be appre- hended is due to the falling off in the revenues of the Government, and not to any material increase in expenditures. The expenditures for the six months, April to September, 1893, were $190,684,269.57, and the receipts $169,440,744.87; while for the same period 1892 the expenditures were $185,681,491.92 and the receipts were $185,749,258.91, being an average monthly increase in the last six months in expendi- tures of only a little over $833,000, or less than ten millions for the year. It will also be seen by a comparison of the expenditures of the first quarter of the present fiscal year with those of the same period of the last fiscal year that the dif- ference is very small compared with the falling off in the revenues, being for the first quarter of the present year $98,459,127.25, and for the corresponding period of the last fiscal year $95,966,653.81, or an increase of only $760,445 per month ; while the receipts for the same period were the first quarter of the present fiscal year $79,379,417.59, and for the first quarter last fiscal year $99,591,018.44, or a falling off of over $20,211,000 for the quarter, and over $6,737,000 per month. So much depends upon the financial and commercial condition of the country and the action of Congress in the meantime that no present satisfactory forecast can be made with sufificient definiteness to be the subject of an official opinion, at this time, as to the amount of any contemplated deficiency either in the estimates indicatedor the actual public revenues. It is apparent, however, that should the present con- 334 ditions continue for any considerable length of time deficiencies are likely to occur, which should be either averted or met by appropriate legislation. A simple calculation will show that with the small working balance now in the Treasury, and which has been decreasing in varied ratios for several years, should there be no improvement in the receipts of tie revenues for the remaining three quarters of the present fiscal year and no legislatiye reduction of expenditures, there may be contemplated a deficit at the end of the year of $50,000,000 in the revenues and over $80,000,000 with reference to the estimates. Comparative statements of the RECEIPTS and EXPENDITURES of the United States. EECBIPIS. Fiscal year ending Jnne 30, 1894. Fiscal year ending June 30, 1893. Month of Sep- tember, 1893. Since Julv 1, 1893. Month of Sep- tember, 1892. Since July 1, 1892. $12, 569, 776. 15 11, 469, 389. 66 543, 590. 29 t39,398,371.62 36,72i;484.55 3,259,661.42 $17,209,947.88 13,735,887.81 851, 792. 97 $52, 686, 769 43 42 665 465 94 4,238,783.07 Total 24, 582, 756. 10 79, 379, 417. 59 31, 797, 628. 66 99 591 018 U EXPENDITUEES. Civil and miscellaneous . War Navy Indiana Pensions ,. Interest .'. Premium Total . $6, 563, 652. 02 4, 804, 838. 86 2, 600, 476. 10 624, 364. 54 10,786,864.53 197,814.12 2.9, 478, 010. 17 f26, 187, 010. 05 16, 010, 373. 40 8, 741, 694. 26 2, 988, 189. 60 36, 810, 691. 65' 7, 721, 168. 29 98, 459, 127. 25 $7, 641, 351. 04 4,363,770.46 2, 586, 788. 07 698, 998. 37 12, 654, 367. 13 247, 148. 17 28,192,423.24 $26,865,601.32 12,167,905.39 6,995,245.27 1, 945, 257. 57 40,367,574.84 7,625,072.42 ^95,966,653.81 NATIONAL BANX FUND. ReSemptions during month 220,433.50 Teeasoey Department, Wabeant Division, Octoior «, 189S. DepoBits during month $707,570.00 ,ede] 335 I fa "!^ 2 I El "S s bo f 1 1 o o 8" § g o o S g i B 1' g i § s s 1 1 ^' 8 i CO 1 a 1 1 g g g 8 i i 8 CQ 8 S" CO ^- .3 g s O O s s i ^ uf 00 8 1 •! a g 1 §88 g g s i i i 1 § s i 1 p 6 ri ai 1-3 09 *1 S 1 it s 1 ■g K 3!^ .-« ^ s Si 1 1 r 1. 1^ ^1 sis r ri .a = |i "gS 3 1 1.; g "ggp ^ S«M*H it'' H O !2i p W o CO W H W o M W o P ■^ o 3S i ■& :S a |g §3 F4 B O 12! H P win ^S COW 00 CO ,6^ .a ta o ID ^ U O g^§ 836 o J I 1-5 « — t« <1 W o M P Ph O |zi "^ H H O § J? 1 M 1 ^ « s § < ^ o 1 § 2 I El 1^ 1?. SI H O |zi CO H H <1 O i i=( o o -^ W to 00 rH C^ 00 CI CO ofo"ooi- t-CO U- ■«■« I-l O O Or-( CO t> CO CD"lf>" QDN COC4 ^ o a ■S 3 o o bCcS ■S-3 •a 03 I" gs B = * s J=I'S 4:1 03 M a as a>| & I 1 1 8 fl « «! •a )H JS S ? P tS CO « s P4 "t^ H » r"' W s H i s ^ H o m « ^ e Hi eS 2 ^ 8 a I a ■* OO 9 § OQOO ooeo oouSoo w^ufoT SSSg i^ll m%i "-«a-- oca 3,= B-S M OB-«) 33 CO to ODOOO OO a r-' o o o e> O •# CI t~ A 00 fHODCloa o-^ ofHToToi" ufiri" Loaeao oo ih .a 3.g „*S H -S o « Sf 2 CO s-€. 4 : fe^l X ■tS' ..a S ■a EC'S -si ! I 9||g if i 5 fill i« t i § § " "-9 S" ^ hi, d .R « b K CO Pi O •ll8.^l|| ^ coo ^^ ,a^ ^ Tt .a.g e (D WJ «^ S rCI^ n ^^ uw 338 .S s S -I- gfc. ^§ H e ::^ " ~ s 3 I CO • CO • • o> O ' »rt I ia ^ 1 ci t- • t~ 00 • t- ^ += e£ o (M 00 H iH °1 '• o lO" M ' co" «■ rH ; nS CO CO • a> 2 s Ifl • o s od -* . w ,£) A t- i c- M CO CO I tr- .9 M .a s" g ; d" CO ■€6- (M m o o 1 O o O d d J o TS ifi in 1 rH in • C-^ o a> • in n o t> - CO Ifi" N 1 t-^ «■ Balance of nterest paid y tlie United States. rH OS rK (D ■* tC c* ojcacooooso- O i-( 00 -W .H tC CO CO «>eococo(MT- COCOCOOrHC^ Ifi " d" ■ O) 00 Cs r-t jHlfi-^-^-CoV E2 "j= «■ S bSS ^ SS S 1 CO oa 00 s to 00 co" CO s" «■ Ti '1. ^ . OOlMOlOCf i 3 ■^ © I-f 00 t- -nl O T- ft u o ID O-r^ oi T)i CO eg t-* « U &£ ■*.H(oeoeoc> t- 00-* in CO r- 1 §s tH t^cqcfoTa 3 c^r OOOOCOD- C 3 OS ti OOiHOTin p 1 t- ■a'S OCStHO^O ■3 CO •3§ 00 oeocqen-^ 1 enMin co- Sr^JOS ■*^-*^ S^ go oarHtMwe «^ s §1^ o oooo o c > 00 cootoo-rtio eo id t> d 00 T to i ci m it ifi (NioursoiOT H CO w- "^e ' " t . oooooc 3 O OOOOOC 3 O O M 000^(^1 o z 3 e4 If cgor-iowc q 1-t o in ^^ 00 O CO ^=> t-< ■4 (M oococgeooxi 3 W inas't-'rHrHr H -* la " CO i ! I 'J ; s ! , , o : : °i 1 i • i.2 ■? ^ j =3 t-l ' ; • S ' 1^ : ^M llcil^^ 3 ; S i ; p3p M dm i-as. rl > ,£1 O i a g 52 90 Q P S3 H 339 [Senate Mia. Doo. No. 89, Sif ty-third Congress, first session.] Mr. Teller presented the following paper from the Journal of the Society of Arts : PROOEEDINQS OF THE SOOIBTT— INDIAN SECTION. Thursday, January 19, 1893; Sir Theodore Craoraft Hope, k. c. s. i., c. i. b., in the chair. The paper read was — THE CUERENCY PROBLEM. By 3. Babb Bobebtsoh. In a period like the present of widespread depression in trade and industry, and amongst the people generally, the question as to whether this can be traced to any special cause or causes is one of the highest importance. Numerous controversies have been, and are being, carried on as to these causes, and out of the conflicting masses of argument and fact, of error and confusion, there is gradually emerging the cardinal idea that the predominant cause is the appreciation that gold has undergone in the last twenty years. In 1885 and lp86 a royal commission sat to inquire into the depression of trade and industry, but it practically failed to find any adequate cause for the troubles to which the inquiry extended. In its third report, however, the question of the altered relations between gold and silver was prominently brought forward; it was accepted as proved that the average prices of commodities in gold- money countries had fallen, and that the gold price of silver had fallen, and it was stated that as this depression extended to other countries, and was therefore not the outcome of merely local causes or conditions, the appreciation of gold would be a cause sufficient to account for most of the phenomena into which they had been inquiring. And they recommended that a special commission should be appointed to inquire into the recent changes in the value of the precious metals. But it is very important in passing to emphasize the fact that outside of the questions of the precious metals and the currency no adequate cause was found to account for the depression. Yet the depression was there to be accounted for, because the commissioners were fully convinced of the extreme gravity of the situation. And since that time the conviction has deepened that the chiefcause of the depres- sion is the appreciation of gold. A special royal commission to inquire into recent changes in the relative values of the precious metals has collected a large mass of opinions and facts on the subject, and has found that the gold prices of commodities and of silver have undergone a very considerable fall, which is equivalent to saying that there has been a considerable increase in the purchasing power of gold over commodities and silver. It is, however, one thing to state this as a fact ; it is a very different thing to make it so clear to popular apprehension that its full significance will be completely grasped and understood. It will be generally regarded as a truism that there is a great advantage in the prices of commodities being cheap. To buy things cheap, without any sacrifice of quality, is looked upon as one of the great objects to be aimed at in life. And when it is seen that there has been a fall in the prices of the leading commodities, it is often assumed that that ought to be a sign of prosperous times. If things are very cheap, then everyone cau get so much more of them for the same money. What more, it may be thought, cau be needed to bring home the conclusion that low prices are a great advantage, and correspondingly that high prices are a great disadvantage ? But when we come to look more closely at the subject we see that there are differ- ent kinds of low prices. We have low prices of grain, for example, as the result of an abundant harvest, or we have low prices of articles as the result of some economy that has been effected in the cost of their production. The prices of grain, and of these other articles, will therefore be relatively cneaper than those of others in which there has been no abundant harvest, no excessive supply, or no economy in the cost of their production. On the other hand, if there is a deficient harvest, or if some articles can only be produced at a greater cost than formerly, then the prices of the articles so affected will be higher. These changes— and they are going on and must go on continually — are relative changes, that is, some prices are higher relatively to a certain general level, and some are lower relatively to that level, and so prices rise and fall in endless diversity. These changes in regard to the prices of commodities are due solely to demand and supply in connection with these commodities. They are natural changes and they are inevitable. They are not produced under any arti- ficial conditions of restraint ; they are produced under the complete liberty of man- kind to use their best judgment in selecting and following up the most advantageous 340 fields of production or of occupation that are available for the application of their labor or their capital. Under such conditions of freedom, more wUl be produced of some articles relatively to the population than of other articles as compared witii former years, and less will be produced of some articles than in former years. But all this is done underfree judgment, free production or occupation, and free competi- tion. Under this system one man may become rich or another man may become poor, but all have a free iield and an open chance according to their means, their capaci- ties, and their opportunities. In this country we do not attempt to interfere with prices, however high or low, except in the few cases in which we impose taxation on articles for the purposes of revenue, and in these cases we tax the whole quantity consumed in the country, in every other country of the world taxes are imposed for purposes of protection, and thus many of the natural prices, as we know them, are interfered with by the arbi- trary system of tariffs for the protection of local trade and industry. Still, that does not prevent, nor should it, prices of commodities from rising and falling In obedience to demand and supply, as modified by the arbitrary effects of tariffs. So that, for our present purpose, prices under free trade and those under protection may be placed in the same category. The prices of individual commodities under either system rise and fall in accordance with distinct and ascertainable causes in connection with demand and supply. But there is another class of low prices intimately mixed up with, yet originating in causes totally distinct from, the low prices of the system of demand and supply. The distinction between those two classes of low prices is one that is hardly suffi- ciently considered or understood by the general public. This confusion of two dis- tinct things in the popular mind, and the neglect almost altogether of what, in currency considerations like the present, is by far the more important of the two elements, have hitherto formed an insuperable difficulty in the way of a popular apprehension of the momentous questions at issue. If we take the average prices of a considerable number of leading commodities year by year, we may find that these average prices have, as a whole, risen very materially over a period of years, or that they have fallen very materially. This will be more intelligible if we explain tne system of index numbers of the Economist newspaper. The prices of 22 leading wholesale commodities were tabulated from the year 1845 to 1850, and the average price for these years of each article was called 100, so that with 22 articles the total index number was 2,200. On January 1 of each subsequent year the prices were taken, and in each case the article was represented by a number above or below 100, according as the price had risen or fallen, and the sum of the 22 numbers was the total index number set down year by year. This total index number, therefore, merged all prices high and low in a single figure, and a glance indicated, year by year, how the general level of prices was moving, whether upward or downward. Some articles might rise in price and others might fall, but the total index num- ber only showed how, on the average, and as a whole, the total prices had risen or fallen. Now, it will be evident that the prices that rose above the original 100 of 1845 to 1850 might have been balanced by those that fell below that figure ; and so we might have had in the total no very great variation year by year from the orig- inal 2,200. So long as some prices go up and others go down, we can not say whether the purchasing power of our money is increasing or diminishing; but when we see the total index number going up or going down, then we know that our money is buying less or buying more of general commodities than it did before. The total index number of the prices of the 22 articles, from 1845 to 1850, was 2,200, but in 1864 it reached its highest point, namely, 3,787 ; in 1870 it was 2,689; whereas in 1886 it was 2,023, the. lowest point since these figures were first tabulated. The meaning of this was that in 1845 to 1850 certain quantities of the 22 articles could have been purchased for £2,200; in 1864 jt would have taken £3,787 to pur- chase the same quantities; in 1870, £2,689; whereas in 1886, £2,023 would have suf- ficed. From 1850, therefore, to 1879 gold had diminished in purchasing power, because it took £3,787 in 1864 and £2,689 in 1870 to purchase what only requited £2,200 in 1845 to 1850. But as in 1886 it only required £2,023 to do the same, gold has enormously increased in purchasing power as compared with 1864 and 1870, and had considerably increased as compared with 1845 to 1850. At this point, therefore, attention is again drawn to the distinction between a range of prices, some low and others high, following the conditions of supply and demand of the 22 commodities, and continually changing relatively to each other, but in which the total index number does not vary much from year to year, and a. range of prices continually changing relatively to each other, but in which the fcotSl index number has, for example, fallen from 3,787 in 1864, or 2,689 in 1870, to 2,023 in 1886. When the total index number is comparatively stationary year by year in this country, the purchasing power of gold over general commodities is steady ; but when the total index number falls enormously between one period and aiiother, then tUe pui chasing power of gold over commodities has increased enormously; and when 311 the total index number falls, for example, 30 per cent, that means that, in addition to the rise and fall in prices due to the operation of supply and demand, there is a fall of 30 per cent in all prices, both high and low, due to the increase in the pur- chasing power of ^old. Starting at a given period, like 1845 to 1850, if the same proportion was maintained between the amount of money in circulation and the uses of the public for money, the same general level of average prices would be main- tained. But if larger quantities of money flow into circulation from abroad, as was the case from 1850 till 1870 from the Californian and Australian gold fields, then, while iprices will rise and fall relatively to each other, the general level of prices will also rise in correspondence with the increased quantity of money in circulation, so that all the individual prices, high or low, relatively, will rise higher than they would otherwise have done. This is very strikingly exemplified by the course of prices during the influx of the gold from California and Australia. The 22 articles, valued in 1845 to 1850 at £2,200, rose in price ; so that for the eight years from 1858 to 1865 the yearly average was £3,038; during the ten years from 1866 to 1875 it was £2,877; "in the ten years 1876 till 1885 it was £2,419; in 1886 it was £2,023; on July 1, 1892, it was £2,081 ; and on January 1, 1893, it was £2 120. So that we see how this influx of gold raised prices, without any regard to the changes in relative prices due to sapply and demand, as affecting commodities; and at each of these peHods the purchasing power of gold changed, until now average prices have fallen considerably below those of the exceedingly depressed times before the gold dis- coveries in 1849 and 1850. During the last eighteen years our supplies of gold have fallen off greatly as compared with the period from 1850 to 1870, and the number of countries using gold money has considerably increased, and consequently our general level of prices has fallen very much, as shown by the total index number. The purchasing power of gold has correspondingly incereased ; and this will be more completely exhibited in the table following. The object is to compare the various ranges of prices, ironi a period before Germany began to demonetize silver and to adopt the single gold standard, up to the present time. The five years from 1866 to 1869 have been chosen for this purpose ; and the total index numbers during these years give an annual average of 3,102 for "the 22 articles. In the table, in order to render the movements of the index number clearer, we have taken 3,102 as equal to 100, and made the other calculations accordingly, so as to deal in percentages. The figures in column 1 show the movemenis of English prices in the last twenty- three years. In 1886 they had fallen 35 per cent, and on January 1, 1892, the total fall was 31 per cent, on July 1, 33 per cent, and on January 1 of this year 32 per cent. Therefore it is absolutely incontestable that between the first period and the last date in the table, gold had so much increased in purchasing power that £68 would purchase the same quantities of the 22 staple commodities of the Economist as would have required £100 in the period from 1865 to 1869; and a glance at the table will show the varying course year by year of the fall in prices. Passing to column 2, we have here the Economist index numbers valued in par silver inXondon at t;he current rates. After 1872 the quantity of silver that could have been bought for gold increased, and so commodities were worth a higher silver price than the gold price, as compared with the period before 1873. The gold index number and the silver index number both started at 100, and they continued the same until 1873, when the effect of the adoption of the gold standard by Germany, and the demonetization of silver began to be felt, and after this France, and the other members of the Latin Union demonetized silver. In consequence of these movements the gold valuation of prices and the silver valuation began to diverge from each other, until on January 1, 1893, the gold valuation had fallen to 68, whue the silver valuation stood at 107. This will perhaps be made clearer if we state that while at the end 68 ouuccs of gold would purchase as much of the staple com- modities as 100 ounces at the beginning of the period under review, in the case of silver 101 ounces would on July 1, 1892, purchase as much as 100 ounces did at the beginning, and 107 rupees would purchase in London on January 1, 1893, as much as 100 rupees did in the former period. 342 Table I. Column 1. — Index num- bers. Gold prices Jan. 1. 100=3,102, The Economist index numbers of 22 leading com- modities. Column 2 — Prices in col nmn 1, as valued in London in bar silver. Column 3. — Increase in purchasing power of gold, as shown by prices in column 1. Column 4.— Increase in purchasing ^ower of silver, as shown by prices in column 2. Mr. Sauerbeck's index numbers. 45 leading commodities. Gold prices. Average of year. Gold value of bai' silver in Loudon. Average of year. 100 = 60.84(1. per ounce. 1865 to 1869 - 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1887 1888 1889 1890 1891 1892 1803 Jtilyl, 1893. Oct'. 1, 1892 . 100 87 83 91 95 93 90 87 88 81 71 82 77 78 75 72 68 65 66 72 71 72 72 69 68 67 66 100 87 95 94 95 93 91 87 95 91 91 90 86 82 84 87 90 95 101 101 105 Per cent. Par. 15 20 10 5 8 11 15 14 23 41 22 30 28 47 54 51 39 41 45 47 60 51 Per cent. Par. 15 20 10 4 5 6 5 8 10 15 5 10 10 11 16 22 19 15 2 *— 1 2 11 5 *— 7 1 *— 5 100 109 in 102 85 84 82 76 70 72 72 72 100 99-6 99-7 99-2 97-4 95-8 93-3 80-7 90-2 88-4 84-2 85 '9 95 84-9 83 1 83-3 70-9 74-6 73-3 70-4 70-2 78-4 74-1 65-3 65-9 02-7 ♦Decrease in purchasing power, that is, depreciation of 1 per cent, 5 per cent, 7 per cent. Now, let us pause for a moment and estimate the enormous significance of this result of tlie movements of gold and silver prices during the last quarter Of a century. The foreign producer in a silver-money country like India sends his merchandise to London in competition with English merchandise, and sells it side by side with the English merchandise in the same martet, and it may he out of the same warehouse. The foreign and the English goods have been sold in London for a quarter of a century on exactly the same conditions, and at exactly the same price for equal qual- ities. But the English producer who began by getting £100 for a certain quantity of his produce now gets only £68 for every £100 that he formerly received; whereas the Indian producer, selling at the same gold price in London as the English pro- ducer, received on July 1, 101 rupees for every 100 rupees that he ,received in the period from 1865 to 1869, and on January 1, 1893, he received 107 rupees. The con- sequence is, that with all conditions of demand and supply of commodities affecting equally both foreign and domestic merchandise, within a quarter of a ceutnry the domestic producer was receiving in July 33 per cent, and in January 32 per cent less money for his merchandise in the London market than he received at the begin- ning of the period, whereas the Indian producer was receiving 1 per cent more of his money in July and 7 per cent more in January than he received in London at the beginning of the period. It must be remembered that we are dealing with commod- ities in this country, and not with exclusively Indian products, the object being to contrast gold prices and silver prices in the same market. Further, it is most important to remark that the purchasing power of silver, the money of the Indian producer, had not depreciated in regard to commodities until 1892. A glance at column 2 will show that silver prices had fallen, that is, that the purchasing power of silver had increased during the whole period except in 1889, and on July 1, 1892, when it required 101 ounces of silver to purchase what formerly required 100 ounces, and it is only since that time that a depreciation, amounting in all to 7 per cent, has taken place. So that in London silver prices have risen to a small extent. But gold prices which were on a par with silver prices up to 1872, are now 32 per cent lower than they were in 1865 to 1869. Passing now to column 3, it will be seen that, in its command over commodities, gold had increased in purchasing power to the extent of 64 per cent in 1886, and to 343 47 per cent at the end of the period. A sum of £ 68 will now purchase what formevly required £100, and in column 3 we see year by year the changes in the purchasing power of gold. In 1872 £100 would purchase commodities which, in 1865 to 1869, would have cost £110, in 1882 it would purchase £128 worth, and in 1886 £154 worth. On 1st July, 1892, £100 would purchase what would have formerly cost £150, and on Ist January, 1893, what would have formerly cost £147. While it is almost universally stated that silver has depreciated, a glance at col- umn 4 will show that, except on three occasions, silver has during the last twenty- three years been appreciated. In 1872, Silver and gold were together, and 100 ounces of silver would purchase as much as 110 ounces would have purchased in 1865 to 1869 ; in 1882, the 100 ounces had also a purchasing power of 110 ounces; in 1886, of 119 ounces; and on July 1, 1892, the 100 ounces had a purchasing power of 99 ounces; and on January 1, 1893, of 93^ ounces of the value from 1865 to 1869. In corroboration of the fall in the gold prices of commodities, we are indebted to Mr. A. Sauerbeck for the index numbers of forty-five leading commodities in Lon- don which are included in the foregoing table. The final results are almost exactly the same as those of the Economist. His figures for the period from 1865 to 1869 average 100, and his figure for 1892 is 68 against the 69 of the Economist, on January 1, 1892, and 68 on January 1, 1893. Mr. Sauerbeck's figure for September is 66'8; and this he declares to be the lowest touched during this century. A further fact has now to be recorded: The gold price of silver fell, during the period under notice, from eOid. to 40|(J., on July 1, 1892, and this was a fall from 100 to 66'4, while commodities fell to 67; so that here we have the extraordin.iry result of the Economist's 22 commodities, Mr. Sauerbeck's 45 commodities, and bar silver in London, all steadily falling for a quarter of a century, and in July, 1892, all arriving at practically the same point, namely, 67. Considering the immense field for variations, the correspondence between the three was something which we could hardly have regarded as possible. But it is a striking evidence of the extraordinary stability of silver in its purchasing power over commodities as compared with gold during such a long period, and of its steadiness as a standard of value. On the other hand, the fall in the gold price of commodities, and of silver, to the extent of 32 per cent, is an equally striking evidence of the instability of gold during the same period, and of its entire unreliability as a standard of value. In considering the movements of gold prices and silver prices it has been thought better to take the article as valued both in gold and in silver in London, and so we have recorded the figures as if both a gold currency by itself and a silver currency by itself were in operation in this country. It is most important to point out that the difference between the index number of gold prices and that of silver prices is solely and exclusively a difference of currency. It is so often stated when compar- ing gold prices and silver prices in separate countries that there are many disturb- ing elements to be taken into account, that both gold and silver prices in London have been expressly calculated so as to make an exact comparison of the action of gold and silver on prices in the same market where there are no disturbing elements. But while the limits of our space forbid the presentation of the details of the 22 commodities separately, there is one paramount article of production, both in this country and in India, the particulars of which it will be highly interesting to pre- sent in some detail. I refer to wheat. There has recently been a lengthened corre- spondence in the Times on wheat-growitig, and the profits and losses arising there- from ; and in this controversy the leading agriculturists of the country have explained their view, although it does not soem that they propounded any available remedy for the extraordinary depression in the prices of grain. In fact, they have failed to give any account of causes sufficient to produce the depression. It is believed, nevertheless, that the principal cause of the troubles from which our agriculturists are suffering can be shown. The following table give.s .'lie movements in the prices of Indian and British wheat since 1873. The Indian figures are taken from the gov- ernment of India's publication, Prices and Wages in India, 1892, p. 125. The prices of the two classes of wheat for January, 1873, have been taken as 100 in the official tables, and the gold prices are calculated from the table in the Economist. It may be explained that the index number of the latter for wheat was taken at 100 for the period from 1845 to 1850 ; that in 1865 to 1869 the average of the five years was again 100; and that in 1872 and in 1873 it was 104. In the foUowing table, for the sake of exact comparison with the Indian percentages, the 104 of the Economist in 1873 has been taken to be equal to 100, and the other figures calculated accordingly : 344 Table n.— INDIAN and BRITISH PRICES of WHEAT. Bombay prices. London prices. Tear. Colnmn 1. Kliandwa Seoni, January. Column 2. ITo. 1, soft white, January. Column 3. The Economist gold prices, Jan. 1. Colnmn 4. Colnmn 3 valued in bar silver. 1871 57 87 100 77 74 76 90 106 131 137 82 81 88 66 66 81 97 100 103 90 93 118 91 87 86 100 75 80 84 93 119 116 115 96 97 87 86 74 80 89 86 95 84 87 103 92 96 100 100 111 77 81 93 94 72 85 79 81 74 70 58 55 63 56 55 54 59 67 76 57 47 96 100 101 114 81 88 98 106 1872 1873 1874 1875 1876 1877 1878 1879 1880 98 1881 1882 1883 „ 1884 84 1885 1886 70 1887 84 1888 1889 78 1890 1891 73 1892 Averao'e of 22 years, 1871 to 1892 88 86 Jan. 1, 1893 74 The average price of tadiau -wheat during the twenty-two years, with 100 as the price for 1873, was 91^ for both classes, and in January, 1892, the two classes stood at 118 and 103, respectively. On January 1, 1892, the London gold price, which in 1872 and 1873 was 100, had fallen to 67; on July 1, 1892, it had fallen to 57, and on January 1, 1893, as low as 47. But when the silver price in London is examined it is seen that it stood at 100 in 1872, the same as the gold price; and- when the latter stood, in January last, at 67 the silver price was at 93; and when it fell further, in July, to 57, the silver price was at 86, though now the prices are respectively 47 and 74. On the other hand, the average silver price of the twenty years was 88, as com- pared with the Bombay average of 91^, and this higher price in India might be partly accounted for by the fall during the period in freight and other charges from Bom- bay to London. But it is not expected that there should be an identical price as between Bombay and the silver valuation in London, because the wheat is valued in markets widely apart and with great opportunities of practical variation in price in connection with the varying charges of transfer to London as well as in connection with local conditions of demand and supply in India itself. But it is none the less satisfactory to find that the silver price in London is only 3 J per cent less than that in Bombay on an average of the last twenty-two years, and it must be remembered that any decrease in charges between Bombay and London would add to the price in Bombay. As it might possibly be thought that this diiference is in some way con- nected with the ordinary shipping charges, it may be well to point out that the Bombay prices and the English gold and silver prices all started at 100, and thus the Bombay price would only be affected by economies in transit charges. In the above table, column 3 represents the gross returns to the British wheat- grower, and column 4 represents the gross returns in silver in Loudon to the Indian wheat-grower. The English grower and the Indian grower both started in 1872 by getting 100, but by 1886 the former was only getting £55 for the quantity of wheat that in 1873 brought him £ 100, while the Indian grower in 1886 was setting 78 rupees for what had formerly yielded him 100 rupees. On July 1, 1892, when the English grower was only receiving £57 instead of £100, the Indian grower was receiving 86 rupees as against 100 in 1872. The Indian grower, who started in 1872 by getting the same price as the English grower, received in July, 1892, in London 51 per cent more in his money than the English grower received in his, and on January 1, 1893, he received 57 per cent more. If the English currency had been of silver and the Indian currency had been of gold, then their positions would have been reversed. The English grower would in that case now be receiving £74 where he receives but £47, and the Indian grower would be receiving but 47 rupees where he is really receiving 74. And it must be recollected that silver, so far from being depreciated in 345 purchasing power as against wteat, is considerably appreciated; that is, in July the Indian grower only received 86 rupees In Loudon for wheat which in 1873 brought him 100 rupees, though on January 1, 1892, he received 93 rupees, so that no claim whatever can be made that the difference is due to the depreciation of silver. In fact, the figures in both of the foregoing tables show beyond the possibility of being suc- cessfully disputed that silver, as regards its purchasing power over the 22 commod- ities and over wheat, has been greater in nearly all of the last 22 years than in 1865 to 1869, bnt gold is shown to have increased in purchasing power to a far greater degree than silver. In England and in India, therefore, we have two distinct curren- cies which have both appreciated in purchasing power over the leading commodi- ties; but the index number of the silver valuation in London of the 22 commodities, though at the beginning of 1892 not up to the level at which it stood 20 years ago, had nevertheless on July 1 just reached 1 per cent above the former level, and on January 1 7 per cent, after remaining during nearly the whole period below it. Now, a great deal is said of the competition of wheat fron^the plains of Russia and India and from the prairies of the United States. It is so evident that very large quantities are being poured in at every harbor that most people accept this fact as conclusive that that is the cause of the low prices in this country. So far as the United Kingdom is concerned, the following table will show certain figures of very great importance in this controversy : Table III.— P^iJ HEAD of the FOP ULA TION. WEE A T ( United Kingdom) . Net im- ports per annum. Home prod- uce per anuum. Total for- eign and home prod- uce per annum. Gazette price per quarter. Average of 8 yeara, 1872.^'79 . 1884 1885 1886 1887 1888 1889 1890 1891 Average of 8 years, 1884-'91.. Jan. 1,1893 Lhi. 184-68 191-57 237 -81 187 -79 223 -63 223 -19 219 -03 226-38 244-06 219 -23 *172 -77 144-75 139 -33 109-93 131 -26 127 -30 128 -65 127 -79 124-58 129 -20 Lbs. 357-45 336-32 377 -20 297 -72 354 '89 350 -79 347-68 354 -17 368 -64 348-43 51 2) 35 8 32 10 31 32 « 31 10 29 9 3) 11 37 32 10 25 sj > * ThiB figure 172-77 is calculated from Lawes and G-ilbert's figures in Journal of the Statistical Society, vol. 43, 1880, p. 330, while the 184-68 is calculated from figures in the Statistical Abstract. The net imports from 1884 to 1891 are from the Statistical Abstract, and the home produce is calculated at 63 pounds per bushel from tables given there. But there are no oificial figures for the home produce of wheat before 1884, and Lawes and Grilbert's only come down to 1879. This is the reason of the gap from 1880 to 1882. It will thus be seen that in the eight years 1872-'79 the total quantity of wheat consumed in this ooautry was 357 -^S pounds per head of the population, at the aver- age price per quarter of 51s. 2d., whereas in the eight years 1884-'91 the consump- tion per head of the population was only 348-43 pounds, and yet the average price was as low as 32«. lOd. This was a fall on the average of 36 per cent. Can it possi- bly be that with a less consumption, that is, with less wheat sold in the markets of the United Kingdom in the latter period than in the former — there can be any con- tention that the smaller supply per head of the population could only bring 32s. lOd., while a larger supply in titie earlier period should bring 51s. 2d., if the cause was only one of supply and demand? These figures are conclusive that the fall in price is not really due to excessive supply, because there was no excessive total sup- ply. It is true that the foreign wheat has increased very considerably in the latter period, but the total amount has not increased, and therefore, if the question were one solely of demand and supply, why should the price have fallen at all? If a clear indication were wanted as to excessive supplies of wheat as compared with other commodities, reference might be made to columns 1 and 2 in Table I and to columns 3 and 4 in Table II. It will be seen that in the former table 100 is the average of 1865 to 1869, and, as we have already explained, the Economist index number for wheat from 1865 to 1868 is 100, and the figure for 1872 and 1873 is 104, which, however, was changed to 100, so as to bring the comparison in exact line with the Indian official figures for 1873. But taking January 1, 1892, in Table I, we have the 22 commodities standing at 69 for gold and 95 for silver, and if in Table II the difference between 100 and 104 is added, so as to make comparison of 100 for wheat from 1865 to 1869, then the special wheat figures will be 70 and 97 for gold and sil- ver, respectively, on January 1, 1892, against 69 and 95 for the 22 commodities. This 346 clearly demonstrates that wheat at that date wae rather higher in oomparatiye price than the average of the 22 commodities, and therefore that the wheat-grower, griev- ous though his troubles might be, was slightly better off as to his relative price than the other producers in the leading industries of the country. Since then wheat has, however, fallen much more than the average of the 22 commodities. When the relative positions of the Indian and English growers of wheat are com- pared, though they both sell at the same relative price in London, the Indian has an immense advantage in one thing, and only one thing : he has a currency rather appre- ciated in the last quarter of a century, but still that yields him now, in silver, 57 per cent more of his money than the English grower Is getting in gold, as compared with prices ruling from 1865 to 1869. He does not sell at a very low price in his own money, as we see he was getting 97 rupees in January, 1892, against 100 rupees twenty-five years ago. If the English grower could only have got £97 at the begin- ning of 1892 and been on the same footing as to present and past returns as the Indian, it is perfectly certain we should not have heard anything of excessive com- petition; but where the English grower has been so grievously injured is that, while the prices of wheat have fallen to such a low point in twenty-five years, his rent, wages, and other expenses have not fallen in a corresponding degree, or, rather, they did not fall as the price of wheat fell. He has been taught by leading aathor- ities on this question that the fall has been due to bad seasons, to excessive compe- tition from abroad, and to other causes ; and he has been led to hope that the pres- ent state of things will, if let alone, right itself, and another era of prosperity soon spring up. But it is a fact that the yield of wheat per acre in all the wheat-growing countries of the world beyond these shores is gradually diminishing, and the popu- lations of the world are nearly all increasing, and some of them very rapidly, and thus requiring larger supplies of wheat. When, however, the English grower sees, in the midst of his adversity and at a time when he regards wheat-growing as some- thing almost to be despaired of, that the Indian grower is in the enjoyment of a much higher relative price and a very high degree of prosperity from his wheat fields, the former will perhaps begin to think that it can not be wheat-growing that is so unprofitable, that there must be some other cause apart from occasional bad seasons or from the demand or supply of wheat throughout the world with which the English grower has to contendand from which the Indian grower is free. THE CAUSES OF THE FALL IN GOLD PRICES. The question thus naturally arises as to the caiise or causes that have led to this fall. Judging from the operation of the laws of supply and demand, one might expect to find that there is less gold in circulation compared with the transactions in which gold, or money on the gold standard, is required, than was the case twenty- five years ago. It can be said with positive certainty that if there had been more money in circulation in the gold standard countries during the last twenty-five years, prices would have been higher, indeed prices would have been maintained at the level of twenty-five years ago if there had been money enough to effect that object. And therefore conversely, if average gold prices have fallen, it is because the supply of gold in the gold money countries has fallen ofl: relatively to the trans- actions requiring the use of money. This will very probably be disputed, if one may judge from the writings of latter-day commentators on the currency, though hardly any proposition in the whole field of monetary science has had such conclu- sive practical illustration in all countries and all ages, and been so universally accepted. There are the words inflation and contraction of the currency to describe the ^enomena referred to, and it will hardly be doubted that abundance of his- torical examples of both conditions can be found, and at present the Indian rupee is at approximately the same level of purchasing power as it was twenty-five years ago, yet its former gold price was Ig. lid., and it is now Is. 3d. But while the gold price of the rupee has thus fallen so much, gold prices of commodities in this coun- try have also fallen very greatly. On the other hand prices in the Argentine Eepub- lic, to take one example, are enormously inflated, and so we have before us as com- pared with the period from 1865 to 1869, stable prices in India, low prices in England, and high prices in the Argentine Republic, all in accordance with a stable currency, a contracted currency, and an inflated currency. When the civil war closed in the United States prices in greenbacks were very much higher than in gold because, of the excessive quantity of paper money in circulation, but in 1879, when specie pay- ments were resumed, the dift'erence between gold prices and greenback prices had disappeared. The cause of this disappearance was partly the contraction of the paper currency, and partly the increase of population and of business requiring more money. Chile has just raised money by loan to enable it to withdraw part of its paper money, and thus reduce the volume of its currency so as to bring it to the level of gold, the paper currency having been overissued in nominal amount as 347 compared with the gold standard, and thus depreciated heTow the level of gold — that IB, causing prices for commodities in paper money to he higher than in gold. The Indian government are considering whether they should not raise the gold value of the silver rupee by suspending the coinage of silver — that is, by contracting the silver currency until the rupee rises to the fixed gold price. The quantity theory of money is so perfectly recognised in practice, that the Indian government do not for a moment doubt that the contraction of the rupee currency would raise the gold value of the rupee. But in estimating the causes in the fall in the gold prices of commodities, we are confronted with the opinion expressed in Part II of the final report of the gold and silver commission by the members who favored monometallism as follows : " We believe the fall (in the gold prices of commodities) to be mainly due, at all events, to circumstances independent of changes in the production of, or demand for, the precious metals, or the altered relation of silver to gold. " This passage is quoted in the Economist of October 29, 1892, to confute Mr. A. J. Balfour's contention in his speech at Manchester on October 27 last, when he said — "And can we claim that great quality for a standard (namely, ' as a permanent record of the debts and obligations lasting through long periods of time ') which, by the admission even of the monometallists themselves, has appreciated in some fifteen years no less than 30 or 35 per cent, and of whose appreciation no man living under the existing system can prophesy the limits?" We find, also, the same passage doing duty in the Indian press and with the Indian currency association in a way that brings it down from the region of mere fugitive theory to the decisive test of a proposal to apply it to the case of the Indian cur- rency. Accepting and following up the views quoted above from the monometallic commissioners, they argue thus : " It is reasonable, therefore, to infer that the introduction of a gold standard will not injuriously affect prices in India, as suggested by the currency association, especially if the change be gradual. " This proposal is perfectly reasonable, if the monometallic commissioners are right in saying that the fall in gold prices is mainly due to circumstances, independent of changes in the production of a demand for the precious metals. If the fall in gold prices has little or nothing to do with changes in regard to gold and silver, then the argument is unanswerable, that a contraction of the Indian currency and a rise in the gold price of the rupee will not injuriously affect Indian prices. To carry this argument to the concrete case proposed in India — namely, to suspend the coinage of silver, and gradually by this means contract the currenoy,until the rupee shall be worth Is. Gd. or Is. 8^., instead of Is. 3d., as at present, the contention of the mono- metallic commissioners being that, as the fall in the gold prices of commodities and of silver is mainly due to circumstances, independent of changes in the precious metals, the Indian advocates of a gold standard say, therefore, that the rise in gold price of the rupee will be independent of changes in the precious metals, and will not be attended by any material change in Indian prices, and thus the contraction of the rupee from 1«. 3d. to Is. 8d. can be carried, with little change, and with perfect safety. This would be, however, to assume that Is. 8 •6,530,584 1885-1889 7, 317, 894 S 1890 . 7,9i>2,116) 1891 12,858,279 V t8, 781, 455 1892 . . ...:.....- i * Yearly average of 15 years. tAs the separate figures for bullion coined in 1892 are not yet obtainable, the total amount of coin- age Las been taken for this average, so the actual figures will be rather less. As India is a typical silver-standard country, the statistics in Table IX, in regard to srilver in particular, and also to gold, will throw some light on the quantities of silver that wei'e imported into India, and those that were coined, and the imports of gold and the relation of silver to its valuation in gold. The five columns of net imports and coinage are the official figures of the India Office. It will be seen from the above tables that, during the five years from 1870 to 1874, the average net imports of silver per annum were only 3,598,271 Ex., and the new coinage from bullion was only 3,418,752 Ex., a great deal less than at any other period of the thirty-three years under review, yet it was in September, 1873, that the French Government began to postpone the dates for the payment of the bans de momiaie, issued at the mint in exchange for silver tendered for coinage. Notwith- standing this check on the flow of silver in France, and the delay in payment which was increaso.ion of coinage the rupee is raised to Is. 9d. or Is. 8id., Indian silver prices would fall as far as they would do under bimetallism, with the rupee raised to Is. Ud. This is one of the extremely important advantages that India would gain by bimetallism as compared with suspension of the coinage, and if the other advantages of bimetallispi are considered, its importance to India at whatever ratio may be agreed upon is overwhelming. The progress that bimetallism has made in the last ten years must be regarded as very satisfactory. Sir Louis Mallet, one of the delegates at the Paris Monetary Conference of 1881, at which the United States and the fourteen leading countries of Europe were represented, has recorded his opinion "that, on the occasion of the Monetary Conference of 1881 at Paris, it appeared probable that, if the assent of Her Majesty's Government could have been obtained, such an arrangement as I have suggested (namely, bimetallism) would have been acceptable to the other powers." So that, at that conference, bimetallism was so thoroughly understood and accepted that Sir Louis Mallet regarded all the other representatives except those of our own Government as prepared to accept on behalf of their governments a proposal for bimetallism. Then our own Gold and Silver Commission of 1886 to 1888 found unani- mously that bimetallism had, in the two hundred years ended in 1873, preserved the ratio between silver and gold, so that it did not vary more than 3 per cent above or 3 per cent below the fixed ratio of 1:15J. The six monometallist commissioners favored bimetallism for every country except our own, and recommended that, to facilitate this object, the Bant of England should hold one-fifth of its specie in sil- ver, as permitted by the bank charter act of 1844. Sir John Lubbock and Mr. Birch, however, appended a note expressing a doubt whether the ratio could be per- manently maintained. In the late conference at Brussels bimetallism was advocated by iill the American representatives and by Mr. TiiTard, now French minister of finance, aud many of the European representatives. Last October Mr. A. J. Bal- four, M. P., made a special speech at Manchester in favor of bimetallism, and Mr. ilenry Chapliu, M. P., advocated its adoption at the agricultural conference in Lon- don in Decern lier, and thus we find it increasingly understood and increasingly accepted. It is true that there are some violent opponents of the principle who would wish us to believe that the system never was and never could be successful, and that the leading governments and leading statesmen of the age are supporting a foolish pro]K)s;il. Indeed, during the last year a volume was published by Dr. Git- fen, entitled The Case Against Bimetallism, in which the crowning demonstration in favor of his views consists iu ten pages of monthly quotations, from 1820 to 1847, of tlie premium on gold in Paris. The contention in the volume is that as gold was at a premium for purposes of export the French standard was one of silver, and not of the two metals. Dr. Giften speaks of "the transition from one standard to the other occurring at a Hash." But this scheme of bimetallism being an alternating standard, and a.« the change from the one to the other at a flash is purely imaginary, and indeed is a complete misconception of the operation of bimetallism in France, 359 Table XI, p. 23t, shows the annual amount of gold and silver tendered at the French mint, from 1806 till 1875, under Ihe law of 1803 — that is, during practically themod- em bimetallic period. Table XI.- -GOLD and SILVER COINED in FRANCE CONVERTED at £1 per 25 francs. Period of five years. Gold average per annum. Silver average per aunam. 1800 1810 £1,201,136 3,299,503 1,961,604 465, 743 293,976 826, 149 589,857 159, 326 1, 294, 337 12,669,263 21, 605, 465 7,667,357 9,546,^561 2,475,213 Total gold. £322, 993, 410 £1,884,737 5, 208, 029 993 111 1811 1815 1816-1820 . . 1821 1825 3,526,432 5,032,004 6, 576, 120 3, 048, 189 3,033,286 4, 311, 276 1,431,755 666,651 175,088 3,402,020 2,742,776 Total silver. £217,640,234 1826-1830 . . 1831 1835 1836-1840 1841 1845 1846 1850 . . ... 1851 1855 1856-1860 . ... 1861 1865 1866-1870 1871 1875 J T^Qi 1875 Now, this is the entire coinage of gold and silver from 1803 till 1875, and up till 1873, when interference with the system first began, the whole of this gold and of this silver was tendered at the French mint on the ratio of 1 ounce of gold to 15J ounces of silver. There was not a single year during the whole period in which sil- ver was not tendered and coined, and gold was coined in every year except 1872 and 1883. It will be seen that on the resumption of specie payments by this country in 1821 the coinage of gold in France fell off in a very marked degree, and on the influx of gold from 1851 the coinage of silver fell off. So that the whole of the gold and silver coined in France from 1803 to 1875, amounting to the enormous sum of £322,993,410 of the former and £217,640,234 of the latter, Was tendered at the French mint without premium and without discount for either metal, and it is certainly a complete vindication of the effectiveness of bimetallism that the French mint should have received and coined in seventy-three years £540,633,644 of gold and silver at the value of 15-J to 1 for equal weights. Mr. Henry Huoks Gibbs, in a late pam- phlet * clearly shows, among other interesting points, that the money price to be obtained for gold and silver at the French mint was as exactly fixed for both metals, and continued so from 1803 to 1873, as the price of £3 17s. Od. is for the ounce of gold at the Bank of England, and owners of silver in Loudon sending it to the French ' mint knew exactly what amount of English money they would receive for it at a given rate of exchange oh Paris. Further, in the ordinary financial, banking, and commercial business of France, apart from the trade in bullion, coined money of gold or sUver was never either at a premium or a discount, and this statement is not made without complete inquiry into the facts. Dr. Giffen imngines, when gold or silver bullion or coin was at a premium for export, that in the baaking and trading transactions of France a profit could be made by paying in the metal that was not at a premium for export. But the French people, apart from the bullion dealers, were totally unaffected by the premium for export, and in this whole period never knew anything of the alternating standard which Dr. Giffen and others have con- jured up out of their imagination, or of debts being paid in either more or less than legal-tender money, gold, silver, or paper, any more than the customer of a London bank knows when he sees in the papers that there is a premium on gold in London. He has no knowledge of it whatever from his bank account, and neither had the customer of any French bank in the period under consideration. With most of the leading governments and the leading statesmen of Europe, the United States and India perfectly convinced of the effectiveness of bimetallism and willing to adopt it if all the principal countries will join in an international arrangement; with bimetalliHm as the sole remedy discovered by the gold and silver commission, after sitting for two years, in which they failed to find any defense for monometallism as it has operated during the last nineteen years, it is not necessary to enter into any elaborate vindication of the bimetallic system. While Mr. de Roths- * The Fall in the Gold Price of Silver, and the Closing of the French Mint. 360 child's proposal, or sometliine akin to it, will for the present give a breathing time in the divergence between gold and silver, it is nevertheless to bimetallism that we must come at last if th* nations of the world are to have equally and without favor or prejudice the benefit of all the gold and silver available for coinage with a fixed par of exchange between silver and gold, and a single money standard and the same relative prices in all countries using the precious metals as money. Without bimet- allism, as we have seen during the last nineteen years, these advantages can not be obtained, and therefore it is that we regard the final triumph of bimetallism as inevi- table. [Senate Mi8.Doc.No. 91, rifty-third Congress, first aeaaion.] Mr. Sherman presented the following correspondence with the Secretary of the Treasury relative to the disposition of the seigniorage arising from the coinage of silver purchased under the act of July 14, 1890. United States Senate, Washington, D. C, October SS, 189S. Deak Sir: Will you be kind enough to advise me upon the following points: (1) What amount, if any, of the Treasury notes issued under the act of July 14, 1890, have been redeemed in gold or silver coin upon the demand of the holder, as provided in the last clause of the second section of that act? (2) Has the silver bullion purchased under the first clause of the third section of that act prior to the 1st of July, 1891, been coined into standard silver doUarsf If so, how many such dollars have' been coined? Did any seigniorage accrue from such coinage, and, if so, what disposition has been made of it? (3) Has any silver bullion purchased under the provisions of that act been coined into silver dollars since the 1st day of July, 1891, and, if so, how many, and what gain or seigniorage, if any, has accrued therefrom, and has it been accounted for and paid into the^Treasury? (4) What has been the construction of the Department in respect to seignioiage under the Bland act and also under the act of July 14, 1890? Is such seigniorage represented by bulli-m or coin in the Treasury, and, if so, has it been expended as current revenue? For want of time I avail myself of this mode of Inquiry, rather than by resolu- tion of the Senate. I wish the information in such form that I may use it in debate. Very respectfully, yours, John Suekman. Hon. J. G. Cauusle, Secretary of the Treasury. Treasury Department, Office of the Skcrktabt, Washington, D. C, October U, 189S. Sir: I have to reply to the inquiries contained in your letter of the 23d instant as follows : (1) The amount of Treasury notes issued under the act of July 14, 1890, redeemed in gold and silver coin to date upon the demand of the holder, as provided in the last clause of the second section of said act, has been, in gold coin, $52,395,840; m silver dollars, $2,224,192, and notes for the latter amount canceled. (2) The amount of silver bullion purchased under the first clause in the act of July 14, 1890, from the date the same took effect to June 30,1891, was 48,393,113-05 fine ounces, costing $50,574,498.40. From August 13, 1890, to June 30, 1891, there was consumed of this bullion in the coinage of 27,292,475 silver dollars 21,109,023.63 fine ounces, costing $22,747,860-42, giving a seigniorage of $4,544,614.58. Of this seign- iorage $25,466.43 was used to reimburse the bullion fund of the niint for 24,545-69 ounces wasted by the operative officers and for silver sold in sweepings, the balance being accounted for and paid into the Treasury as a miscellaneous receipt. (3) Of the silver bullion purchased under the act of July 14, 1890, the amount con- sumed in the coinage since the 1st day of July, 1891, has been 6,808,232-96 fine ounces, costing $6,362,326.19. The number of silver dollars coined therefrom has been 8,794,810, giving a seigniorage of $2,432,483.81. J'rom this there has been paidforthe wastage of the operative officers and loss on sale of sweeps $35,383.49. There was also paid for the expenses of distribution $77,447.47, the balance being paid into the Treasury as a miscellaneous receipt and used in the payment of current expenses. 361 (4) The act of Febrnary 28, 1878, provided that "any gniii ot seigniorage arisluj! from this coinage shall be accounted for and paid into the Treasury as provided for under existing laws relative to the subsidiary coinage." (See section 3526, Revised Statutes.) This act provided that the gain or seigniorage on the coinage of silver bullion for the subsidiary coinage should be credited to a special fund, deuomitiated the "silver-profit find," which fund should be charged with the wastage and expenses of distribution, after which the balance remaining to the credit of the fund was to be paid into the Treasury at least twice a year. The constructjjon of the Department in regard to accounting for the seigniorage accruing on the coinage of silver dollars under the act of February 28, 1878, has been strictly in accordance with the provisions of section 3526, Revised Statutes, and the same course was pursued in accounting for the seigniorage accruing on the coinage of silver dollars under the act of July 14, 1890, until September 8, 1893, when my attention was called to the fact that this act made no provision for the payment of any expenses from the seigniorage, but provided that "any gain or seigniorage arising from such coinage shall be paid into the Treasury." Instructions were, therefore, given that no expenses whatever should be paid from such seigniorage, eitlier for the wastage of the operative officers at the mints or for expenses of dis- tribution. All seigniorage so far paid into the Treasury has been represented coin. Theseign- iorage on the coinage of silver dollars, both under the act of February 28, 3878, and July 14, 1890, has been declared by the mints at the end of each month. There has been no coinage of silver dollars since May, 1893, except $200, proof pieces, by the Philadelphia Mint. The balance of silver bullion on hand October 1, 1893, was 137,666,257 fine ounces, costing $124,561,428.24. Add to this the amount that will be purchased in October, say 1.800,000 ounces, at an estimated cost of $1,327,500, and it will give a balance on hand November 1, 1893, of 139,466,257 fine ounces, costiug $125,888,929. I'he coining value of this amount would be $180,320,008, and the seigniorage theron $54,431,080. iShonld 4,500,000 ounces be purchased from November 1 to October 1, 1894, it would make a total of 49,500,000 ounces, which, at the present market price of silver, say 74 cents, would cost $36,630,000. The coining value of this bullion would be $65,000,000; the seigniorage on same, $28,370,000. This would make the total seign- iorage on bullion to be coined of $82,801,080. Add to this the seigniorage on bullion coined up to date, $6,977,098, will give the total seigniorage on bullion purchased under the act of July 14, 1890, of $89,778,178. Respectfully, yours, J. G. Carijslt!, Secretai-y. Hon. John Sherman, United States Senate. [Senate Mis. Doc. No. 95, Fifty-tliird Congress, first session] The Future of Silver, by Eduard Suess, professor of geolocjy at the University of Vienna, Austria, vice-president of the Imperial Academy of Science, memher of the Austrian Parliament, etc. [Translated by Robert Stein, U. S. Geological Survey. Published by permiss by direction of tbe Committee on Finance, Senate of the Uulted Preface to the American Edition. ission of the author and States.] Some years after the introduction of the gold standard in Germany, which gave rise to so important movements, I published, in 1877, a small work, "The Future of Gold,"' wherein I tried to show that from geologic indications we must expect in the future a scarcity of gold and an abundance of silver, and that tbe extension of the gold standard to all civilized states is impossible. The work on "The Future of Silver," which now earns the distinction of being published in the English language through the Finance Committee of the United States Senate, appeared in the spring of 1892, when the deliberations concerning the introduction of the gold standard in Austria-Hungary began. In the meantime many of the statements I had made iu 1877 had been verified. 'Ihe production of gold, owing to the exhaustion of rich fields, had fallen for several years; afterward, 'Die Zriknnft des Goldes. Von Ednard Suess. Wien und Liepzig, Wilholm BraumuUer, K. u. K. Hot- und DniversitStsbuchhiindler. 1877. The German edition of the present work, " Die Zukunft des Silljers," is published by the saiue Arm. (Translator's note.) 362 indeed, owing to the discovery of the Transvaal fields, it had once more risen, bnt at the same time an extraordinary increase in the consumption of gold by industry had occurred. Simultaneously there was noted an increase in the silver production despite the falling price of silver, an increase which was mainly due to improve- ments in metallurgic processes. Argentina, Brazil, Portugal, Spain, Italy, Greece, amid vicissitudes of a diverse nature, had lost their metallic circulation wholly or in part; nay even, in 1890, a time came when the strength of the Bank of England was not by itself equal to the emergency. Under these circumstances many of my friends and myself were of opinion that Austria-Hungary, in order to guard herself against all contingencies, ought indeeft gradually to acquire a moderate amount of gold, but ought neither to proclaim a gold standard nor establish a definitive ratio between the silver florin and the gold coin. Our Government went much farther than we deemed advisable. Meantime, in the beginning of 1892, the last great work of Ad. Soetbeer on this subject (Litteraturnachweis iiber Gold- und Miinzwesen) had appeared, in which (for example, pp. 285, 291) some of the arguments ad-sanced against the exclusive gold standard are conceded. Mr. Soetbeer also honored me with letters in which he expressed his misgivings at the course of affairs and at the appreciation of gold. He regarded the endeavors of the bimetallists as impracticable, because of Eng- land's attitude, if for no other reason; but he was convinced that some measure must be adopted to check the fall of silver. On July 30 and 31, 1892, 1 had the pleasure of spending two memorable days at his house at Gottingen. On 4ngnst 5 he sent out a memorandum containing his propositions. In their essential features these pTropositions required indeed the recognition of gold as the sole standard, but no state was to keep in circulation gold coins of less than 20 francs, 20 marks, 1 sov- ereign, or $10, nor any credit note below that value. The principal silver coins were to be recoined at a higher ratio than 15^; every government was to receive its own principal silver coins in payment to any amount, while the legal-tender quality of these coins for private payments was to extend to three times the amount of the gold coin (for example, to 60 francs). Fully covered certificates were to he issued on silver, but no credit notes. As regards the ratio at which the principal silver coins were to bo recoined, Dr. Soetbeer's views were not settled. In his last letter to me, dated October 7, 1892, he mentioned 22 :1. Shortly after, on October 23, this excellent man, with his wealth of experience, departed from among us, in the 78th year of his life. How the international congress rejected all propositions; how, in the year 1893, events developed with overwhelming rapidity, it is not now my purpose to relate. Soetbeer admitted that the efl'ect of his proposition would be but transient, yet he saw no possibility of more radical measures. For a number of years, on the basisof geologic experience, the world has been warned that its entire monetary system is drifting toward an abyss. During the past year we have approached close to its edge. E. Simss. Vienna, Austria, October 1, 1893. Chapter I. INTRODUCTIOIT. JSarHest Outpovrs of Gold from California and Analralia — Mnrchison — Baron Von Socle and M. De Parieu — Hocheder — Warnings — Vnitt/ of Interests — Limits EitaUished hy Nature. If in New York the ounce of fine silver sells for $1.2929, then the price of thesilver in the dollar is said to be at par. At the moment I am beginning to write, the ounce of fine silver is quoted at $0.90 and $0.91 ; that is to say, the metallic value of the dollar is only 69.6 to 70.4 cents. As compared with gold, silver is depreciated to an extent withoxit precedent in modern times. Now there are short-sighted persons who regard this circumstance as a permanent success for those governments that are in possession of a gold currency ; and the complete defeat of silver, and tbe impossibility of its ever regaining the fiill dignity of a medium of commerce, especially in Europe, are looked upon as demonstrated. But this verdict is based on but a small portion of the multitude of facts bearing on the subject. It overlooks the fact that for millenniums the two metals, gold and silver, owing to certain properties by which one became the complement of the other, shared between them the solution of one of the greatest of economic prob- 363 lems; that in recent cTecarles, with the enhancement of material well-being and commerce, this probloiri has hccome enormously extended and absorbs constantly increasing quantities of metal; and that the mistake by which the bond of union between the two metals was arbitraiily severed can not become more ominously manifest, for the world's economy and for peaceful progrees, than by the divergence of the values of the two metals. This divergence moreover is the very contrary of those assumptions under which gome years ago the introduction of the gold standard was proposed and later on defended. All commerce proceeded without disturbance as long as gold and silver stood to each other in a relation of value established partly by law and partly by usage. The first impulse toward unsettling this relation was given by the large sliipments of gold that came to Europe from California and Australia after the year 1849. The world was startled; gold came in such abundance that it began to fall in value; voices were heard in Paris proposing the complete demonetization of the metal, so unreliable in its production. Even at that time geologists spoke to warn and to reassure. Mnrchison in 1854 wrote that, in view of the facts recorded in the crust of the earth, tlie fear that gold would remainpermanently depreciated in comparison with silver was entire ground- less. The flood of gold would abate as soon as the alluvial laud was exploited. In fact, it was yet to be proved that gold extended in workable quantity to any great depth. Veins of silver and veins of argentiferous lead, on the other hand, existed in abundance. The superficial dissemination of the gold and the deep extension of the silver were already indicated in Scripture (Jpb 28, 1).' In fact, the inflow of ' gold began to diminish. In contrast with the previous plan, the demonetization of gold, the idea was now broached of using the existing gold for the creation of a single gold standard for the entire globe, and thereby putting an end once for all to the oscillations of the two metals. That was a fine and grand idea, and had it been practicable, it would most certainly have been a decided step in advance in the world's commerce. This idea in fact animated many excellent men ; in Austria it inspired Baron von Hock ; in France, M. de Parien ; and it fills the monetary dis- cussions of the year 1868. Not long before, the Austrian mining councilor, Hocheder, had returned from Brazil, where for many, years he had been superintendent of mining. He had seen how numerous gold-vein mines grew so poor at greater depth that they could no longer be worked with profit, and he ventured publicly to question whether gold in any case continued to any great depth. The discussion of this question, in which Grimm in Przibram, Hans Hiifer, PoSepny, and others took part, showed that gold had indeed been found in many veins down to considerable depths, but that it there occurred in a mineral combination which considerably increases the difficulty of pro- duction, and which, combined with the difficnlties and expense always attendant on deep mining, very often renders the production of gold from such depths unprofita- ble. To this was added the old experience, made thousands of years ago, that- gold appears only on the borders of civilized countries — that is to say, that the gold deposits of civilized countries are practically exhausted. In the mind of every calm thinker the question should even then have arisen whether there really exists an amount of gold sufficient to establish a universal gold standard for the whole earth. In Germany the gold standard was introduced. At that time it was thought that with the fall in the value of silver the production of silver from mines would decrease, and an equilibrium would thus be established. It was replied that the production of silver would not decrease; on the contrary, from the nature of the ores, from refining processes, and for other reasons, an increase in the production of silver was to be expected even with falling price. This increase, in fact, has taken place. It was said at that time that the quantity of tokens of credit was increas- ing from day to day at such a rate that asmaller and smaller amountof metal would satisfy the demands of circulation. In reply it was pointed out that on the con- trary,, with the increase of fiduciary values and at the same time with the develop- ment of general commerce, the demand for metal must rise, and to what extent this proved trne is shown by the experience of the Bank of England in 1890. The view that the requisite quantity of gold did not exist was sneered at. The sneers were soon hushed. One of the most gifted and influential advocates of the gold standard prophesied as late as 1876 that we are beyond question approaching a future when all lands would adopt the same metal as the basis of their currency. In view of the lessons learned since that time, that prophesy will not he repeated so far as gold is concerned; and yet, without the conviction that the single gold standard will be uni- versal, its introduction of any limited area of the domain of commerce comprising the whole earth can have no other than a disturbing effect. ^ R. J. Murchison, Siluria, I, ed. 1854, p. 431-458 : On the original formation of gold, and its Bubse- qnent distribution in debris over parts of the earth's surface. 364 The prospect is — it was stated at tlie time — that after a few centuries, gold, hecom- ing raver and rarer, will be unable to maintain the economic position ithasthiisfar occupied. The reply was : What has the practical statesman to do with future cen- turies ? But Otto Arendt, Neuwirth, and many others have shown in a striking man- ner what fateful significance the rising value of the standard metal has for a social organism. The possibility of an international agreement unfortunately recedes more and more in the face of accumulating dififlculties. The conditions oif' production both in agriculture and in industry in regions with falling staudard depart more and more from the conditions in regions with rising standard. The steady increase and improvement in all the means of mental and physical intercourse Jias brought abont a solidarity of all advanced nations which comprises not only their modes of think- ing but also a large share of their interests. If in consequence of withdrawal of gold deposits the Bank of England raises its rate of discount, every great market of the earth knows it on the same day. The constant silver purchases of the American Treasury determine the level of hydrostatic equilibrium of the price of silver all over the earth. They iuflueiice the price of wheat in India, of silk in China, of the sugar that leaves Hawaii. And, as at times an epidemic sweeps over a continent and attacks all nations without regard to political boundaries, so we have seen economic crises spread with invisible power over whole continents, and a single state stand helpless in the presence of the destroying force. With the divergence of the values of the two metals the world's commerce approaches a great crisis. Nature has bounded man's life on earth by certain conditions to which even the richest nation and the most powerful government must conform. Modern physics has made us familiar with the peculiar limitation and restriction of the perceptive faculty of our organs of sense. If I enter into a dark room, in which there is a freely movable rod, and if I am able to make this rod perform any desired number of vibrations, I shall witness the following pheuomena: As soon as the number of vibrations has reached sixteen per second — that is to say, with six- teen impacts against my tympanum — my ear perceives a deep bass note. With the increase in the number of vibrations the tone becomes higher and shriller, and at 40,000 vibrations my ear no longer perceives it. Everything is silent; tlie limit of perception of my ear has been exceeded. I feel heat radiatiug from the rod, but I hear it no longer. Ouly much later, when the number of vibrations has reached 450,000,000,000 per second, there begins the activity of another organ of sense, the eye. I see the rod; it shines with dark red color. The number of vibrations increasing, the luminous color runs through the series of the rainbow ; at 800,000,- 000,000 it has reached the dark violet ; darkness comes on once more ; the limit of perception of my eye has been exceeded; whatever lies beyond remains unknown to me. Thus nature has set bounds to the faculty of hearing, below and above; and after a long interval she has opened to the eye a similarly bounded though ranch more extensive range. We fancy we perceive the whole outer world, and yet it is merely framed windows, as it were, that permit us to listen and to look forth out of ourselves. . Similar bounds to human activity have been set by nature in many directions. The gifts she offers are of many kinds, but they are limited in quality and quantity. Experience gathered from tlie structure of the globe affords reason for the conjec- ture that heavy metals appear at the surface of the planet more rarely than lighter substances. Onthewhole, this conjecture is confirmed bythe facts. Gold, platinum, iridium, and other metals, which are nearly twenty times ormorethan twenty times heavier than water, are without exception rare. It is a limited group of metals, the lightest of which is gold (19-253), that are designated as the "heavy" metals. This group is separated from the other metals by an interval, interrupted only by quick silver (13'596), remarkable for its low melting point. Next follow the two metals thallium (11'9) and palladium (11 '8), which are also as yet among the rarer ones; then in the order of their weights, and closely related also by the manner of their occurrence, lead (11-352) and silver (10-474). The great gap, beginning with gold, interrupted only by quicksilver, and ending with thallium, and the fact that silver lies beyond that gap, at once indicates that these two precious metals, gold and sil- ver, are probably available in very different quantities. Man can choose and utilize ; but he can not effect changes except within rigidly drawn lines. Thousands of years ago man chose metals for his currency. Copper, silver, and gold are so conveniently associated by their useful properties that three zones of currency have been formed, more or less sharply bounded, but yet practic- ally contiguous. Platinum came into use temporarily; it is not available in suffi- cient quantity. Nickel lias been used by some States, but the intercalation of a medium between- copper and silver has inmost countries been found unnecessary. Now, the limits of the three principal zones are determined and prescribed by the quality of the metals. Let us take an example. An attempt was made to put a 365 gold coin into circnlation in place of the silver 5-franc piece. The attempt failed. The gold 5-mark piece, too, refuses to remain in circulation. For it must he ohserved that the volume of a gold coin as compared to a silver coin of the same value is determined not merely by the legal ratio, say 1:15^. Besides the absolute weight of the gold coin, of fixed relation to silver, the volume is also determined by tiie much higher specific gravity of gold. The one-tentli of copper alloy, which both, as a rule, contain, will be in the gold coin 1:15|, both of the weight and of the volume of tlie copper alloy of the corresponding silver coin. Now, since the specific gravity of gold is to that of silver as 19'253 : 10'474 ; that is to say, almost 2 : 1, the volume of the gold ingredient is about the thirtieth part of the volume of the corresponding silver ingredient. For this reason the 5 mark and 5-franc gold pieces are so small as to become unhandy, and, therefore, up to that level, despite all edicts of lawmakers, silver coin always remains in use. But just as in the selection of coins to be issued the lawmaker is tied down by the quality of the metals, so in determining the metallic basis of his currency he is tied down by the mode of occurrence and manner of production of the metals. The present development of the conditions of currency in Europe is in contradic- tion with the geologic conditions under which the metals occixr. The warnings remain unheard. Let us now attempt to trace out some features of this unnatural development of things. Chaptek II. RECENT EXPERIENCES IN THE EXTRACTION OE' GOLD. Xhe Sulphides — The Gossan — The Alluvial Land — Phases of Mining — Difficulties with the Sulphides — California — Australia — Hiissia — Transvaal. The lodes and veins which carry gold exhibit this metal at some depth almost always in combination with sulphur metals, and especially with pyrite. There are lodes in which gold and silver occur together, as in Hungary and Transylvania. The great Comstock lode in Nevada, too, belonged to this group. Even in these lodes sulphur compounds play a prominent part, although, as will be seen later on, when silver predominates, antimony and arsenic often assume importance as companion metals. This deeper zone of the lodes of noble metals is designated as the zone of the sul- phides or sulphur metals {pyrite group). In the higher horizons of one and the same lode there is observed, as one approaches the surface, a different condition of the ores, or, more correctly speaking, the sul- phur metals of the deeper portions have been decomposed and altered by external influences from the surface down to a greater or less depth. Such a zone of decom- position, in some cases, has been eroded and is hardly visible; in other cases it extends some hundreds of feet down into the lode. In some cases its lower limit is marked by the level of subterranean water, as in many Australian mines; in other . cases its lower limit is irregular and indefinite. The condition of these higher parts of the lode is different in gold lodes from what it is in the silver lodes. In gold lodes the pyrite is decomposed; the quartz, which forms the principal mass of the lode, is rusty brown in color, and in fissures and cavities is traversed by veins and nests of various iron compounds, resulting from the decomposition of the pyrite. Among them are seen larger and smaller quantities of free gold, now in grains or in larger kidney-shaped or rounded bodies, the so-called nuggets, now again as crystallized gold. In the outcrop of these lodes that yield gold and silver free gold is found, together with black chlorine compounds of silver; in the Comstock lode free gold was extracted for some time before anyone recognized the value of the rich black silver ores. This uppermost altered zone of the ore lodes is called by the German miners the "hat," by the Englishman the " gossan.'' The surrounding rock is weathered and carried off by water or tumbles dgwn the slope; the gossan crumbles oflF, and, with its free gold, its brown colored quartz, and with the harder parts of the adjoining rock, forms the auriferous alluvium. This is the third zoneof occurrence. Silver does not form rich alluvial land ; only platinum and tin share this quality with gold. The separation of the zones of the sulphur metals, the gossan and the alluvial land, indicates also the three phases that may be distinguished in the extraction of gold. This extraction, of course, moves in the opposite direction. First the allu- vial land is exploited quickly, without great appliances, and with largeproHt. Next follows mining, first on the gossan. The free gold is stamped; cowparaijively simple 366 amalgamation permits its extraction. On the alluvial land there is as yet a chance for individual work, unless there is question of great hydraulic works, as in the working of the alluvial land of California. On the gossan there is already need of capital, of a certain amount of investment, generally supplied hy a company. It extracts the free gold ; expenses are not too great ; dividends are' paid ; everybody is satisfied. But now the sulphides begin to increase; water begins to enter; new machines are required ; the product of the amalgamating works becomes less. The sulphides demand an eirtirely different treatment, such as chlorination, to make them part with their gold. That is the crisis. Woe to the investor who now buys the works on the basis of their previous average yearly product; disappointment is then inevitable. This moment of transition from the gossan to the sulphur metals is to the mine the time of severe trial. If the lode is rich and thick, if new capital is found, then new works are erected, the water is brought under control, and the work continues. Its returns have become less but steadier. But even steadiness has its limits, and the returns depend on the power of machin- ery. Not long ago the Kaiser Josefi tunnel in Sohemnitz was opened ; it drains a large part of the works; a century's labor had been spent on it, and it is a good, proud, useful work. But that is not the scale to be applied to the present works in the ricl^ gold and silver mines of America and Australia. There the most powerful steam engines stand above shafts which in the shortest time have been driven to a depth of 1,000 to 2,000 feet; in the depth of the mine, the motor, driven hy com- pressed air, forces the diamond drill into the rocks to make room for the cartridge, tilled with explosives of a power undreamed of in former days, and several of these cartridges are discharged at the same time by the electric battery. Even from the poor sulphur metals dividends are to be paid ; higher wages are paid ; shares are issued, and" with irresistible force the crosscuts push forward; for miles the subterranean gal- leries extend ; whole forests of timber are piled up in the cavities of the honey- combed ore bodies. The greater the force the greater the profit — the nearer, also, the end. Only fifteen years ago it might be said that the output from the alluvial land was rich but transient, while the output of the lodes was poorer, often unprofitable, hut more constant. Improvements in the chemical and metallurgio processes have since then rendered many an ore workable which formerly did not pay. But on the other hand the improvements in mechanical contrivances and in mining proper have caused the subterranean work to be accelerated to such an extent that the life of each work has been shortened. For even the richest ore deposit contains only a limited amount of gold in accessible form. It must be admitted that the free gold in the gossan is of different quality from that which occurs farther down in the lode combined with the pyrite. The gold of the gossan contains far less silver than that of the deep portions; often it contains hardly 1 or 1'5 per cent, while in the gold of the deep portions in the same lode there may be 10 to 12 per cent. The gold in the gossan also occurs in much larger grains and nuggets ; at times nuggets of considerable size have been found in tlie gossan while they are never found in the sulphides. Finally, free gold occurs in the gossan also as a coating on fissures and at times in crystals. From this it appears that in the gossan, together with the decomposition of the pyrite, there must also have occurred a solution and redeposition of the gold. Although the view met with opposition some years ago it may now be regarded a« demonstrated by experience.' Far less clear is the mode of occurence of the gold in the sulphides. In Treadwell mine, Alaska, Dawson found the main mass of the ore-bearing lode to consist of quartz, white feldspar, and a little calcspar; some parts assume the characteristics of a true granite. The lode is mined by open out; part of it contains free gold, another part shows pyrite. But the microscopic examination of the rook hyF. Adams shows that the pyrite itself is a secondary infiltration into cracks of the gangue, as, for example, into clefts between crushed crystals of feldspar. In this pyrite lies the gold and appears in the midst of the crystals of the pyrite as inclosed foreign bodies, which, it is true, are exceedingly small.' 1 The que8tioii.wa8 discussed from various aspects by Geutli, Amer. Jour. SoieucOt 1859, XXVIU, pp.'253-255i Selwyn, Quart. Jour. Geol. Soc, 1860, XVI, p. 146; Burckhardt, Neu, Jahrb. f. Mm., 1870, p. 162; Boss, Raymond, Eep. on Mines, 1870, p. 63; Trantschold, Zeitchr. deutflch. geol. Ges., 18(9, XXVII, p. 705; Egleaton, Trans. Amer. Inst. Mm. Eng., 1880, YIU, p. 452, and Thefoimation ol Gold Nuggets and Placer Deposits, 8vo, Kew Torlc, 1881; Stolzner, Neu. Jahrb. f. S[in., 1883, U, P- 199; Arzruni, Zeitsclir. d. geol. Gos., 1885, XXXVII, p. 890; Posepny, Genesis d. Metaliseifen, Uest. Zeitsolir. Berg- u. Hiittenwes. 1887, XXXV; E. Cohen, Entstehung d. Seifengoldes, Mitth. "»'"'■ Ver. N euvorpomm. u. Kiigen, 1887, XVIII ; Helmliaclier, Beitriige z. Kenntn. d, secundaren GoWlW™- statten, Berg- u. Hiittenm. Zeitschr., 1891, L, No. 37-40; C. Doelter, Einige Versucho iib. dieLojUcn- keitd. Minerale, Tsohermak's Min. Mitth.herausg. v. Becke, 1890, N.I'orge, XI, p. 328; and m many other places. „ .j . nn ' G. M. Dawson, Notes on tho ore deposit ot the Treadwell mine, Alaska, and Frank D. Aaams, u" the microscopic character of the ore, etc., American Geologist, 1889, pp. 84-93. A notable f^'™. J for example, the photographic reproductions of thin sections of (Jalifomian gold quartzes, pubusnea hy W. MT Courtis, in Trans. Am. Inst. Min. Eng., XVllI, 1890, p. 639. 367 On the other hand, it may be assumed as probable in many cases that this gold of the depths is combined not only with a large amount of silver but also with other metals, such as tellurium and especially bismuth. This, according to Pearce's obser- vations, is true for several very remarkable occurrences in Colorado, and the gold bars coming from Australia are said to contain in some cases perceptible quantities of maldonite (gold bismuth).' To- extract this gold, contained in exceedingly small particles in the sulphides, is the difficult task of the metallurgist as soon as the mine has passed through the gossan. For this purpose various processes have come into use in recent years, involving mostly treatment with chlorine gas or addition of sodium chloride (table salt), and many improved variations of the older processes of Plattner and Patera. At first it was thought that these processes of chlorination yielded better results for silver than for gold,^ but the minute investigations of Prof. Christie, confirming the older works of Austrian and Gernmn metallurgists, seem to have hit the essen- tial point. These investigations show that in roasting, even at red heat, gold is not volatilized, while silver is volatilized in considerable quantities ; but that upon the addition of chlorine, either in the form of gas or of salt, there ensues at once vola- tilization of gold also, so that this volatility of the chlorine compounds of gold may Induce great loss.' In this way the robbing empiric processes of gold extraction of former days, which confined themselves to stamping and more or less imperfect amalgamation, have in the course of recent years been replaced, step by step, by serious scientific observa- tion. Especially in the case of the figures of the American production there can he no doubt that their still comparatively high amount is due not to the discovery of new deposits nor to greater richness of the old deposits, but solely to improve- ments in metallurgio processes. Already there are works which guarantee to the mine owner who brings sulphides to them for treatment, 90 per cent of the gold shown in the assay. Without these astonishing improvements the working of the lodes, in view of the rapidity of mining would even at this day be for the most part unprofitable; that is to say, after passing through the gossan and reaching the sul- phides most of them would have been forced to stop working, CALirOKNIA. Since the production of Nevada declined, California once more heads all the rest of the United States as a producer of gold, with $12,500,000. The three phases of mining, alluvial land, gossan, and sulphides, present themselves there very distinctly. Forty years ago California showed an annual production of gold of more than $60,000,000, and Australia nearly as much. That was the time of the great profits from the alluvial land. There are yet living in both countries witnesses of the unheard-of events of those days, and Dan De Quille has recently drawn a graphic picture of the old California prospector, who still nowadays, the worn out blankets on his back, the revolver in his belt, tlie gray hair fluttering in the wind, a veritable wandering Jew, sniffing treasures, roams about the country, seeking the traces of the ruined cities which at that time had sprung up as by magic in the wilderness. "For untold ages before the foot of the first white man pressed the soil of Cali- fornia," says De Quille, "Dame Nature had been playing miner in all the mountains of that country. Countless millions of tons of auriferous gravel and earth had been sluiced down through every gulch, canyon, creek, and river that crossed either the channels of the old dead rivers or veins. of gold-bearing quartz veins. The first Comers found little to do but to help themselves to the gold which the mining proc- esses of nature had stored up. However, in a few years these heaped hoards of nature were exhausted, but this fact the genuine old-time prospector can not be brought to believe even to this day. All can not be gone ; he will not hear that said. He still believes that somewhere a great hoard of golden nuggets is reserved for his special benefit. Having feasted from the golden fleshpots of the old days, he can not content himself with the hermit fare of these frugal times. If there is nowhere still a golden treasure to be unearthed, then his occupation is gone ; he is ready to lie down and die." ■* Forty years ago was the time of intoxication and extravagance. Bottles of cham- pagne were set up as ninepins; mirrors were pelted with pieces of gold. But so great finds infatuated the finders to such extent that almost without exception they ' Kicbard Pearce: The Association of Gold witli other Metals in the West. Trans. Am. Inst. Min. Eng., New York, 1890, XVin, pp. 447-457. 'For example, Engin. and Min. Jour., New York, April 27, 1890, p. 390. *Sam. B. Christy: The Losses in Koasting Gold Ores and the Volatilitj^ of Gold. Trans. Am. Inst. !Min. Eng., New York, 1889, XVII. p^. 3^ — 45. The loss is greater if salt is added to the roasting ore later than if it is added at the heginning. In a great chlorination work in California in 1882 the loss in roasting rose to 49"58 per cent, or almost half thegold, and 28'28 per cent of the silver. * Dan De QniUe, Ihe old California prospector; Ehg. Mia. Jour., New York, November 14, 1891, p. 567, 368 came, unsatiated, to a wretched end. Comstock, the discoverer of the great lode called after him, is a well-known example. On the alluvium of California aiidelse- ■where it was the same thing. The discoverers of the rich C'arihoo deposits in I3viti8li Columbia were a Prussian, named Dietze, and a Scotchman, named Rose. Xliey journeyed ever onward, as often as the train of gold diggers had followed tbem, restless and undaunted. The Scotchman disappeared; later on, his body was found in the wilderness ; on a branch hung his drinking cup, and engraved on it with a knife was his name and the words: " Dying of starvation." Dietze returned poor and in broken health, and afterward lived in Vicloria on the charity of others.' In Calif oni ia the explo itation of the younger alluvium was folio wed by the hydraulic work in the older alluvium. But the amount of loose drift and soil carried into Sac- ramento River was so g:reat that the farming population made objection. Heucethe figures of the production of California from recent years comprise, first, the last remains of work on young alluvium; seooufl, the product of the hydraulic works, which varies with the status of the struggle between hydraulic works and agricul- ture, and with the amount of water at hand; and, third, the product of the work in the gossan and in the commencement of the sulphides of the lodes. In the beginning — that is to say, after 1849 — the productiouof California was esti- mated at 60 to 63 millions a year. All this came from the alluvium. In 1874, for tbe last time, it was over 20 million.i ; in 1879 and 1880 it was 17'5 millions, and at that time the excellent geologist Whitney, in his work on the auriferous gravels of Cali- fornia, estimated the production from these gravels still at 12 to 14 millions. That was in the main already hydraulic work, and the remainder came from the lodes. Even at that time Whitney remarked that the nuggets of the alluvium could by no poB.sibility have been brought from afar, but that the strata which furnished tliese nuggets iuust have been richer than the present lodes. The richest parts of the gossan have in fact been removed to form the alluvium. ^ lu 1885 a well-informed and unbinsed observer. Prof. E. Reyer, of Vienna, visited all the more important ore deposits of California. The hydraulic works already at that time worked annually 40 millions of cutiic meters of auriferous gravel. About 100 millions of it lay in the valley of Feather River and in that of the Sacramento. The farmers had already raised objections; the courts had imposed on the hydraidic works the condition, incapable of fulKllment, of keeping back the diSbris by barring the valleys. Reyer finds that all the lodes grow poorer going down. From 1850 to 1852 the contents of the most important gold-quartz leins had been 30 to 800 marks per ton; 1860 to 1870, as much as 100; 1874 to 1875, 40 to 80; 1880, 24 to 90. Most of the veins, as soon as active , exploitation has been commenced, are exhausted in a decade. Only in exceptional oases do they last more than two decades." In the spring of 1889 a report by ¥. C. Hand stated that in southern California nearly all the auriferous lodes had reached the zone of the sulphides. In many cases, owing to ignorance of this circumstance, large mills had been erected for the extraction of free gold, but as soon as the water line had been reached and the sul- phides appeared in greater abundance the amalgamating works yielded less and less, until the owners were reduced to the alternative of either abandoning the works or deciding upon the erection of new and expensive plant.' The elforts of the engineers are extraordinary. More than 100 miles is the length of the Amador Canal, which carries the water along the Mother Lode to the trans- porting and extracting works. The Big Bend Tunnel, Butte County, 4 kilometers in length, 3-15 meters broad, carries off underground tlie water of Feather River in order to permit the exploitation of the auriferous gravel in its dry bed, and the fall thus obtained serves for the production of electric light, which permits work at night.* Yet the figures of the production of California do not rise. AUSTRALIA. Among the Australian provinces Victoria has always held the great preeminence as a ])roducer of gold.. It was its ijroduction that led to the high figures which place miniberfi given heio are almost all somewhat higher than those given theui i follow the more recent statumeuts of the mining registrars. 369 In 1851 Victoria had produced 212,899 ounces; in the next year, 1852, the figure rose to more than tenfold, namely, to 2,286,535, and, rising continually, reached in 1856 the extraordinary amount of 3,053,7-14 ounces. From that point commences the decline. Up to 1861 the figure continued above 2,000,000, up to 1875 above 1,000,000 ; then it fell steadily, being — Ounces. 1888 634,620 1889 614,838 1890 588,560 The provisional figure for 1891 shows a slight rise as compared with 1890, being 621,986 ounces. This steady decline of the gold production was so severely felt in the country that the attempt was made to give state aid to the gold works. Kighty thousand pounds sterling were annually appropriated for prospecting, but the official reports show that the results were very scanty, and allow one to guess readily that it was not in all cases the public interest which profited by some of the applications of the "prospecting grant.'" The secretary of mines, reporting another decline by 26,278 ounces at the end of 1890, adds: "This decrease appears to be mainly in alluvial gold. To some extent this must be expected as the natural result of the exhaustion of the more superficial deposits. During thirty years past, the whole of Victoria has been more or less searched for auriferous alluviums. These deposits, wherever occurring in consider- able amounts and at moderate depth, have been very generally searched out and worked. Each year during the continuance of the prospecting grant, similar pros- pecting has been carried on, and we must, though reluctantly, conclude that unless in more or less inaccessible localities or at more considerable depths beneath the surface, the harvest of alluvial gold has been gathered in." After further remarks, in which the hope is expressed that deep-lying leads may yet be discovered, for instance, below the basalt sheets north of Ballarat, the secretary of raining expresses the view concerning lode mining that, thanks to the steady improvement in the treatment, the loss of gold had been diminished, and hence the annual decline in production was not so pronounced. " Kevertheless," he adds, "it must now, I think, be fully recognized that, as a natural consequence, the aggregate quantity of gold obtained from the mines of the colony will be less each succeeding year; but the decrease may be minimized by the successful exertions of combined scientific and technical knowledge." He expresses the hope that advances will be made iu the methods of treatment.' Queensland was later in taking rank in the list of gold-producing states; the beginning of large works can only be reckoned from the year 1862. In 1877 the out- put reached the tigure of 428,104 ounces, of which a large part came from lodes. In 1878 the fi^re declined to 310,247, then again to 212,783 in 1883. Thenceforward it begins to rise again; in particular, from 481,643 ounces in 1888 it makes a bound to 739,103 ounces in 1889, to decline again to 610,587 ounces in 1890. In 1891 it was 559,392 ounces. The sudden rise in wealth in 1888 was brought about by the discovery of the rich deposit on Mount Morgan; this sufficed to maintain the total production of Aus- tralia for a short time at the same level, despite the decline in other provinces; but the extraordinary decline of 99,443 ounces, which Mount Morgan showed in 1890, and which was further swelled by 80,000 ounces in 1891, is not a favorable omen for the future. Mining on Mount Morgan is carried on partly in open out and partly underground, in a formation which bears essential characteristics of a great gossan, whose down- ward continuation, however, is questionable. The place lies southwest of Eock- hampton, in the central part of Queensland. I follow the description given by T. A. Eickard.' Mount Morgan rises about 500 feet above the village at its foot. On its summit, in an open quarry, about 1,200 to 1,700 tons of ore are quarried every week, and during the few years that the quarry has been worked already a considerable part of the mountain has been removed. At the time of the visit (1890) this open-cut mining was practiced in five benches, each 30 feet high. From the second bench a shaft 206 feet deep had been sunk, and this was connected with the main gallery, Freehold Tunnel, which was 789 feet long. At right angles to Freehold Tunnel was gallery No. 1, driven from the south side, 33 feet lower than Freehold and 155 below the lowest open out; it was 1,070 feet long, but with materially different result. A still lower gallery. Sunbeam, had been begun. ' "Victoria; Ann. Kep. of the Shcretary of Mines for 1889, Melbourne, 1890, p. 14. ' Victoria: Ann. Rep. for 1891, p. 7; still more deoidefl and discouraging is tlie judgment of the state geologist, Murray, in Rep. or the Mining Registrars for the quarter ending Juno 30, 1889. Ap- pendix A, pp. 72-76. 'T. A. RicliaTd, The Mount Morgan Mine, Queensland; Trans. Amer. Instit, Min. Eng., 1891, XIX. a Pan Q-^R 9A 370 Furthermore, at the height of the deepest open cut there is the shorter eallerv No. 2. ^ "' The rich rock on the summit of the mountain is quartz, now grey-Wue and Lard now white and of vesicular, almost foamy consistency, traversed by hematite ricli in silica and by hard black iron ore in lumps and veins; there is also some brown quartz and limonite. The gold is found as free gold in larger and smaller even minute, particles both in the quartz and in the limonite. Veins of feldston'e tra- verse the whole. The uppermost gallery, No. 2, traverses the ore-bearing rock for 356 feet toward the north (deducting 26 feet for a lode of feldstone) and in a cross-cut for 310 feet toward the east. Freehold Tunnel traverses first 180 feet of decomposed rhyolite, then 40 feet of pyrite-bearing quartzite, then 180 feet of barren doleritic ro'ck, finally 397 feet of the rich rock. Gallery No. 2, which, as has been said, lies only 32 feet lower than the preceding shows a considerable predominance of the barren rocks and of the pyrite-bearing quartzite; only 25 feet of its whole length belong to the rich rock. The rocks rich in gold, therefore, decrease very rapidly downward. While their extent in the outcrop far exceeds that of an ordinary ore lode, they are not seen to be continued downward into a lode. Despite their resemblance to a gossan there is seen below them, instead of a fissure filled with auriferous sulphides, a barren erup- tive rock and the pyrite-bearing quartzite. Whether the deposit of Mount Morgan was developed out of the quartzite by transformation can not be j udged by the reports at hand; still less can it be determined whether this quartzite would prove remuner- ative. In 1886 the mining had been organized on a million shares at £1 a share. In 1888, when the great open-cut was taken in hand, their value was £17 5s. The output of Mount Morgan was : Oances. 1889 340,669 1890 226,240 1891 146,000 At the same time, toward the end of 1891, the value of the original capital fell from £17,500,000 to £2,000,000.' The decline in Mount Morgan would have been still more apparent in the tables of the Australian production for 1890 had there not been at the same time a rise of 8,782 ounces iu the gravels of Queensland. It may be observed, by the way, that the work on these gravels has almost entirely ceased in the course of the last few years, their total product in 1890, including the rise, amounting to only 13,826 ounces. New South Wales attained its maximum already in the year 1852 with 818,751 ounces, fell at once to 548,052, to 237,910, and 171,367 ounces ; rose once more, in 18R3, to 610,622 ounces ; stood in 1875 for the last time above 200,000 ounces, and in its decline, with the exception of 1888, showed figures still always above 100,0QP. The most recent years showed : OUDCOS. 1886 101,416 1887 110,288 1888 87,503 1889 119,759 1890' 127,760 West Australia yielded, in 1890, 22,806 ounces, South Australia 15,000 ounces, and Tasmania 20,510 ounces; none of these countries rose in importance in the course of years. The Yilgarn district in South Australia, which yielded the greater part of the above-named amount from quartz veins, was expected to induce the building of a railway into the desert, but it seems that there was a lack of water in that district. The output of New Zealand attained its greatest figure in 1863 wi th 628,430 ounces, declined with oscillations, remained from 1874 to 1880 almost without exception above 300,000, till 1889 still above 200,000 ounces, and in 1890 was only 193,193 ounces. For 1891 1 have as yet merely an approximate figure embracing all Australia; it ia the balance sheet of the mints of Melbourne and Sydney. These received, in 1891, 1,592,319 ounces of gold against 1,593,350 ounces in the 'preceding year, and issued in coins and bullion £5,976,047 as against £5,923,019 in the year 1890. At the same time with my work on this subject there appeared in 1877 a most searching and instructive description of the Australian gold occurrences by G. Wolff, > The Economist, November 7, 1^61, and elsewhere. . 2 New South TVales, Ann. Hep. of the Dep. of Mine.s for 1890, Sydney, 1891, p. 14 ; the mint seems K> think that tiie output was somewhat liigher ; ibid.^ p. 2iJ. 371 which has been regarded by Deputy L. Bamberger, in Berlin, as a refutation of the Btatements I had made at that time.' Kot long alter, Mr. XJlrich, the government geologist of New Zealand, in opposition to me, predicted a favorable future for the gold production of Australia.'^ Both Wolff and Ulrich are excellent specialists, but only the experience of years was able to show whether their judgment was not influenced by too lively a desire to see those countries develop quickly and favorably for whose explorations they had done such excellent work. For it is an old and gen- eral experience that the more profound a knowledge a geologist has of a country, the more ardent will be his aft'ection for it. My study was based on 1874 (55,819 kilograms) and 1875 (53,353 kilograms) ; in 1890 Australia gave 45,767 kilograms. Nature pursues its paths inexorably. KUSSIA. The Russian gold production began about 1814 with low figures, rose continuously, attained from 1877-1880 a maximum of more than 40,000 kilograms, and since then has maintained itself at the height of about 30,000 kilograms down to the present time. In the most recent time it even shows a slight rise. This production consists almost entirely of alluvial gold. The amount is stated rather variously in various writings, which is due to the circumstance that at one time only the crude gold of the alluvium is stated, at another time only the entire crude gold, at another time only the fine gold of the refining works, at another all the fine gold. In order to per- ceive the difference it suffices to cast a glance at the excellent official tables of the Kussian mining production, published by Kulibin, whose publication unfortunately has advanced only to the close of the year 1889. The product of the works of 1889, according to these tables shows the following amounts (in puds of 40 pounds ; 1 pud ^ 16'38 kilograms) : Puds. Pounds. Crude gold from the gravels Crude gold from lodes Total of crude gold Of tMs there was forwarded to the refining works ligature gold From this.there was produced fine gold '. Add fine gold produced from silver ores Total of fine gold 2,102 172 13 6 2,274 2,200 19 21 2,007 14 27 36 (In kilograms: 33,130.) According to Kulibin's statements the total of fine gold is calculated lor the last five years at — Kilograms, 1885 28,137 1886 28,172 1887 31,086 1888 31,491 1889 '..... 33,130 showing for these five years a rise of 5,000 kilograms. The output for 1890 is pirtby the Russian mint at 31,841 kilograms.^ When in 1877 I attempted a review of the state of the Russian production I had at hand reliable figures only down to 1874, and in 1871 there had still been an output of over 39,000 kilograms. The result to which I was then led was that the steady and still very hopeful results of the washings were due to the great extent of the region, to the gradual opening up of new areas, and to the advance of the works toward the east. * ' Gast.WolJf, Das anstralische Gold, seine Lagerstatten und seine Associatinnen ; Zeitschr. deutsch. geol. Ges., 1877, XXIX, p. 82-183 ; L. Bamberger, Bas Gold der Zukunft ; Deutsche Eundschau, herausg. V. Eodenberg, IT, Berlin, October, 1877, p. 151. ' G. H. I", ulrich. Die Zukunft der Goldausbeute in Australien, Brief an G. v . Eath ; M"eu. Jahrb. f. Min. 1879, S. 347-356. ' For example, in the report of the Director of the U. S. Mint, Mr. Leech, for 1890-91, p. 251. Kens- papers mention 2,405 puds 37 pounds, probably crude gold, which, converted at the same proportion, would give about 35,000 kilograms of fine gold. ' Zukunft des Goldes, S. 263, 325. 372 New discoveries in East Siberia led to a further rise in the output, especially in the years 1877 to 1880, in which, as has been said, the production of the fine gold was more than 40,000 kilograms. But even this rise did not rostrnin Alfred Striedter in 1883, from stating, at the close of a minute presentation of the state of affairs aud on the basis of figures extending to 1880, his opinion that the climax of that pro- duction was not far off.' In the following pages, in order to show the recent course of the production, I will start from my review carried down to 1874, join to it Striodter's digest extending down to 1880, and, with the five years, 1876-1880, principally considered by Striedter, compare the last published five years, 1885-1889, of Kulibin's tables. Only the regions of importance will be discussed. All figures are given in crude gold; only in this form can they be obtained from the districts. The Russian gold production falls into three great branches: Ural, West Siberia, and East Siberia. Mining has always remained of small amount as compared to the yield of the gravels, forming 7"5 per cent of the total production in 1889. But as the product of mining belongs almost entirely to the government of Orenburg, tlie figure of the Ural production thereby gains somewhat greater steadiness. According to Striedter's calculations, from 1814 to 1880 the Ural yielded 27'6, West Siberia 6"4, and East Siberia 66 per cent of the total output. At the time of great- est productivity, in the years 1876-1880, the proportion was 20 : 6 : 74. In the years 1885-1890 these figures once more returned close to the general aver- age of 1814-1880; they were 28-75:7: 64-25. East Siberia always appears as by far the most important, but also as the most variable element. The Ural region showed somewhat greater constancy even as regards the alluvium. Perm in 1889 yielded 345 puds and Orenburg 149 puds. True, Kulibin remarks tliat in Orenburg the sands are beginning to show depauperation, and the end of the works is approaching, nay, that even in Perm, despite the rising output the traces of depauperation are already perceptible in the alluvial works. Of lode gold, Perm yielded in that year 41 puds ; Orenburg, 105 puds. Let us turn to West Siberia. The district of Meninsk began its output as far back as 1829 with slight contribu- tions. From 1876-1880 it yielded annually 51-55 puds; it now produces 36-40 puds. The imperial washings in the Altai began their activity in 1830 ; they attained their maximum in 1858 with 57 puds; in 1860 they yieded 33; in 1880, 12; and in 1889, 7 puds. The private washings in the Altai have been at work since 1863. Their largest output of 119 puds falls in the year 1872 ; in 1880 they gave 84 puds ; in 1889, 95 puds. West Siberia always remained between 6 and 7 per cent of the total output, and never was of great importance. In East Siberia it was the rich district on the Yenisei, of Nerchinsk, on the Olekma, and on the Amur, that decided the result. On the Yenisei the exploitation began step by step, yielded but slight contribu- tions in 1840, and from that year rose with extraordinary rapidity. The production was in 1841, 128; in 1842, 365; in 1843, 660; in 1844, 706; in 1845, 759 puds; but soon the highest output was here reached with an average of 1,050 puds for the five years, 1846-1850. Thenceforward the figures begin to fall, being — Puda. Pods. 1876 316, against 1885 223 1877 325, against 1886 208 1878 340, against 1887 218 1879 303, against 1888 217 1880 280, against 1889 - 188 In the imperial washings of Nerchinsk the beginning was made in 1836. Only in 1872 was the maximum reached with 153 puds; the output fell jtist as slowly; in 1880, it was 122 puds, and in 1889, 92 puds. The private works in Nerchinsk yielded, in 1865, 32 puds ; their greatest yield, of 227 puds, falls in the year 1877; in the year 1880 it was 200 puds, and in 1889, 44 puds. Recent accounts, as yet unconfirmed, state that richer finds have been made on the river Bomm, in the region of Nerchinsk. In the Olekminsk district but slight amounts were obtained in 1849 and 1850. The figures gradually rose; they were already very high while Yenisei was still yielding over 300 puds, and it was this partially contemporaneous rise that brought about the climax in the Russian production in 1876-1880. ' Alfr. Striedter, Eusslands Gold production j C. Eottger's Eusa. Eevue, XXIII, St. Petersburg, 1883, p. 97-134 and 208-233. 373 The Olekminsk district yielded — Puds. Pnds. 1876 627, against 1885 171 1877 928, against 1886 172 1878..... 851, against 1887 167 1879 825, against 1888 225 1880 939, against 1889 235 Finally on the Amur, in the extreme east, we see figures rising even at the present day; there the maximnm has not yet been reached, and there the decline of the other districts is for the present compensated. In 1868 there were obtained on the Amur only 50 puds; in 1870, 136 puds. Thereafter — Puds. Puds. 1876 171, against 1885 302 1877 172, against 1886 34.5 1878 167, against 1887 355 1879 225, against 1888 377 1880 235, against 1889 458 Thus the migration is accomplished. Since Russia began to exert a decided influence on the production of gold the center of gravity lay first in the Ural, then on the Yenisei, then on the Olekma; at the present day the hopes for a future rise in the output arc centered on the Amur. " Should the center of gravity of the East Siberian, and therefore of the total Russian gold production, which now rests on the output of the Olehminsk washings, be transferred to the Amur region," wrote Striedter in 1883, " or should the yield of gold on the tributaries of the Amur and on the coast, which after all is not inconsiderable, not develop into one of marked influence on the course of the total production, then, even in the most favorable case, an increase in the total output, produced by the yield in those eastern regious, can not be of continued duration. The sea is set as a barrier to the further migra- tion of the production of gold. » * * i At the same time mention is made of the possibility of technical improvements and of the resumption of work on poorer sands. Certain it is that the past exploita- tion of the alluvium in Siberia, despite all eiforts of technic engineers, has been attended with great loss; but it is an old experience that technical improvements must be introduced before the rich deposits have been exploited; that they are hardly ever able to resuscitate dead washings, unless it l)e by hydraulic apparatus, wliich here in most cases is excluded from the very start. In order to form an idea of the difficulties encountered in the colder parts of East Siberia, and of the efforts by which some of the past outputs have been obtained, it may suffice to read Helm- hacker's description of the process that was employed first on the Pit, an upper tributary of the Yenisei, and later on the Olekma, in order to run prospecting shafts under the frozen soil in' the water-soaked ground.^ One may read in the various descriptions how, in the severe season, the water has to be heated in order to get samples ; how the fine gold flakes, owing to their conductivity, become studded with fine needles of ice, and, being kept afloat by these needles, are carried off from the washing trough. One may read the numerous reports of the enormous consumption of wood, the destruction of forests by wild fire, and their devastation by gold dig- ging; and thus one will be enabled to judge how high the gold would have to rise in value to permit the resun'ption of work on alluvium that has already been despoiled of its richest contents. But this is true not merely of the gold district; the resumption of old washings always requires specially favorable local conditions in order to be remunerative. In the meantime search has been made for lodes on the Amur, too, but the two reports by Yachefski and Makerof, which I have before me, do not indicate that this region promises results from lode mining markedly superior to those obtained elser where. The gold appears for the most part in quartz with iron-bearing copper pyrite, but it does not seem to have continued, at least not in the special cases mentioned. " In 1889 the number of mining tracts newly entered was 762, surveyed 395, grants 378. The production ot gold, widely spread, erjployed over 84,000 workmen. The 1 Ibid., p. 232. ^Helmhacker, TTeber das in Sibirien iiTjliche Abteufen von Scharfschanbten itn scbwinnnenden Geblrge; Berff-u. Hiittenmanu. Zeit. v. Kerl. u. Wimnier, March 6 and 20, 1891. The ratheninsatis- factory conditions of the exijloitation at the present day were graphically described by Hainmer- Bchmidt, Ru88. Kevue, 1888,XXTIII, S.332, etc. "L. A. Tacbefski, short geologic sketch of the production of gold in the Trans-Baikal district at the continence of the Ingoda and Onon rivers, 8vo. St. Pfetersburg, 1888, 64 pages ; map. J. A. Makerof. of. Geologic description of the gold-jjrodncing localities on the Amur; Izvyestya Imper. Geo. Soc. East Sibemn Erauoh, 1889, XX, p. 34-60, maps (both in Eussian). 374 great mimTjer of small ■working tracts gives rise to those compensations ■which finally result in a pretty steady course of the total figures. In these total figures the max- ima of the various areas, their rise and decline, are effaced, but whoever oousiders their composition sees the future ■which is in store for them. Take out of any population 1,000 male individuals of different ages. Among them are infants and boys, youths, men, and old men. It will be easy to obtain a numeri- cal estimate of the -working capacity of these 1,000 men, say in field labor. After one year, some of the old men -will have died, but on the other hand some of the infants -will have grown into boys, boys into youths, youths into men. The estimate ■will show pretty nearly the same ■working capacity. The same ■will be the case after the second, third, and fourth year, and for some time to come. But when all the infants have grown into boys, all the boys into youths, and all the youths into men, ■when all the men have passed into old age, and no progeny is supplied, then begins the decline and the end may be foreseen. Of this nature are the figures of the Russian gold production, ■which at present still run with some uniformity. TRANSVAAL. For some time it had been known that there are gold-bearing strata of drift which, for the most part consolidated into a hard cement, are intercalated in the stratified deposits of former periods of the earth's history. The gold was found not in tho drift itself, but in the cement of the conglomerates, and these were regarded as gold- bearing alluvium of early times. At Basseges, in southern France, it is said that at one time there existed mines of gold-bearing conglomerate of the Carboniferous formation. At Temora and Gulgong in New South Wales, on the Peak Downs in Queensland, and at several points in Tasmania and New Zealand, such conglomerates were mentioned, but they do not seem to have been successfully worked anywhere.' More important and especially instructive are the similar occurrences in the vicin- ity of Homestake Vein in the Black Hiils, Dakota, described by Devereux.'' Homstake Vein is a vast gold-bearing quartz vein, rising in old schist mountains. Its outcrop, in large part overlain by a sheet of porphyry, is known for a distance of about 1'5 kilometers, with a breadth of the ore-bearing rock of 100 to 200 feet. East of the outcrop of this vein begins the gold-bearing conglomerate, with gentle slope. It consists of rounded masses of quartz, and, significantly enough, of fre- quent drift of hematite, which we have just mentioned in the gossan of Mount Morgan. The gold in it is designated as " cement gold." The richest deposits were found always in the lot\'est part, close to the underlying bed rook, and especially in small depressions and furrows of the latter, just as is wont to be the case with alluvial gold. Nevertheless, this deposit is not the formation of a river, but, as shown by the accompanying remains of marine animals, it is the beach of a sea of primitive, Cambrian time. At that time already the gossan of Homestake Vem was destroyed by the breakers. As a rule only 5 to 6 feet above the bed rock paid for stamping. The gold, quite as in the present alluvial land, appeared in the form of gold dust or in slightly flat- tened grains. The hematite drift as a rule showed adhering gold. The gold was always arranged in strings in such manner that manifestly the specific gravity deter- mined the arrangement. The cement gold carried less silver than the Homestake lode. The separate grains were as a rule coated with a film of brown iron oxide. It seems, however, that here also partial solution of the gold took place in the long course of time, for in the floor, consisting of schistose primitive rock, as well as on pieces of schist in tho conglomerate, there occur thin flakes of gold, which can only have been precipitated in fissures from solution. The extended stratum of conglomerate with cement gold has in recent time been furrowed by water courses, in which, at the expense of the conglomerate, rich young alluvium has been formed, notably in Deadwood Gulch. At this point, therefore, there were to be distinguished three sites of deposition and a double restratification, namely, (1) Homestake lode, (2) its gossan, abraded uy the breakers of the Cambrian sea and now forming the cement gold, and (3) the young alluvium, containing the washed-over cement gold. The cement gold of the Black Hills, by the wa^, was already exhausted in 188^ After mentioning these experiences gathered in other lands, let us turn to the South African occurrences. Journeying from the east coast toward the Transvaal, oneoros8esfirstaplain,then, after a steep climb, a mountainous region of considerable extent, stret ching ft om^ ■E-Daintree, note on certainraodesofoccnrrence of gold in Australia; Quart. Jour. Geol. See, 18' 2 ■Walter 15. tlevereux. Tho cocurrence of gold in the Potsdam formation, Black Hills, Dakota; Trans. Am. Inst. Min. Eng., 1882. 375 Crocodile Eiver toward Swasi Land, and finally the steep edge of the treeless pla- teau, 6,000 feet high, the High Veldt. This mountainous middle zone consists of greatly decomposed granite, in which a large mass of old schist is wedged in. This old schist contains bedded veins of gold-bearing quartz ; these are the Do Kaap gold fields in the vicinity of the town of Barberton. In their main features they resem- ble so greatly the widespread occurrences in quartz veins that I will not enter into further details.' Entirely dififerent are the gold-bearing deposits at the Witwatersrand near Johan- nesburg. = If, journeying westward from Barberton, one has crossed the High Veldt, he will, on approaching Johannesburg, come upon granite, and lying against this granite he will find on an east- west lino, a series of sandstone and conglomerate in alternating strata; this series is inclined southward. The dip is now very gentle, now almost vertical, as if the whole series would fall away from the granite in a fold. This series is gold-bearing. The gold-bearing strata of sandstone or conglomerate arc here called "reefs." In the vicinity of Johannesburg there are distinguished going from the south northward, first a south reef, very rich, 6 inches to 3 feet thicli; next a less steady middle reef, from a few Indies to 2 feet in thicliness; then 20 to 150 feet northward of the south reef, a slight but very constant deposit called main reef leader, which thus far has yielded the greatest output; still farther toward the north, but very close, follows the large but less rich main reef, which swells into a conglomerate bank of 40 feet ; and 200 to 300 feet beyond the main reef lies the north reef, 1'5 feet thick.' Thus it is at Johannesburg, but the various beds and reefs, as is the rule in similar formations, have more or less the shape of very flat and extended lenses; that is to say, they wedge out, other lenses take their places, and this is the reason of the greater or less constancy of the various reefs. The distance over which the reefs are known on the line of Johannesburg is prob- ably 80 kilometers, but the limits of profitable working are not known either to the west or to the east. Toward the east, across Boksburg, there occur disturbances of the stratification, but render the tracing of the strata difficult; but yet the strike there seems to turn southward, as if a great trough was to be inclosed. Some traces are said to have been found even east of Heidelburg, far to the south of Vaal Eiver. West of Johannesburg the marks of the various strata are lost more and more ; but yet sandstones and conglomerates are said to continue far beyond Potschefstrom, even as far as Klerksdorp, probably 150 kilometers. Tlie best authorities on the country have accepted the view that the wealth in gold of the conglomerate reefs or "bankets " at the Witwatersrand has resulted from the destruction of gold-bearing lodes, like those that are worked at the present day in the De Kaap field. This, in fact, would agree perfectly with the experiences from the Black Hills, Dakota. But there enters a circumstance which is not known elsewhere in auriferous conglomerates, and which exerts a decisive influence on the exploitation. I he conglomerates, as a rule, consist of quartz drift, hardly larger than a fist, or, as Cohen thinks, of quartz gavel, united by hard, sandy cement. The occurrence of gold in the drift itself is not proved with certainty ; it belongs to the cement. Where it appears as free gold it has the form of fine flakes and scales or the crystal- line form of a cube. Thus it-appears especially in the " red banket," which, by its hydroxide of iron, is colored red to dark brown. Now this red banket in all the pits at a certain depth passes rather suddenly over into the gray-green banket, which contains the gold in pyrlte ; in other words, the conglomerate beds of the Wit- watersrand present altogether the same change in the ore as lodes. The red banket is the gossan, as is very properly pointed out by Sawyer; the gray-green, occasion- ' W. H. Penning, A sketch of the gold fields of Le,1denburg and De Kaap, in the Transvaal, S. Africa ; Quart. Jour. GeoLSoc., 1885, XLI, p. 589-690; B. Knoohonhauer : Die Goldfelder in Transvaal, mitbe- Bond. Beriicks. der de Kaap-Goldfelder, 8 vo, Berlin, 1890 ; "W. H. Furlonge, Notes on the geology of the De Kaap goldflelds in the Transvaal ; Trans. Am. Inst. Min. Eng., 1890, XVIII, p. 344-348, map. In this region lies also the oft-mentioned Sheba mine. * The rapid increase of gold production at Witwatersrand has called forth a flood of writings which do not invariably betray the satue degree of freedom from biaa ; this unfortunately is the case also with some of those writings whose authors call themselves specialists, or wish in some way to be rec- ognized as such. My discussion of this region rests mainly on E. Cohen : Goldfubrende Conglomer- ate in Siidafrika, Mittheil. d.naturwiss. vereins f. Neuvorpommern u. Eiigen, 1887; A. Scnenck: Ueb. daa Vorkommen dos Goldes in Transvaal, Zeitscbr. deutsch. geol. Gesellsch., 1889, S. 573-581; A. R. Sawyer, The Witwatersrand goldfield ; Transact. F. Staifordshire Inst, of Min. and Mach. Eng;, New- castle-under -Lyme, 1890, X ; also upon some separate notices in South African Mining Journal, edited oy E. P. Bathbone, in Johannesburg ; for the figures, on the statements of this journal, as well as on the reports of the Witwatersrand Chamber of Mines. General descriptions of the geologic relations are given in Ch. J. Alford, Geol. Eeatures of the Transvaal, 8vo, London, 1891, maps; W.H. Penning, A contribution to the Geology of the South Transvaal; Quart. Joum. Geol. Soc, 1891, XL VII, p. 451-463, map, and elsewhere. Social conditions are discussed in C. Weinstein, Von SUdafrika uud seinen Goldfeldern, 8vo., Berlin, 1890. Purthomiore, I am indebted to Dr. A. A. Schenck, in Halle, and to Mr. A. Etiler, in Johannesburg, for their kindness in furnishing information. • Alford, loe. eit. p. IS. 376 ally Ijlue, bankot corresponds to the zone of the sulphides. The line of division is sharply marked; it often is found already at the surface, often only at a dentil of 200 feet. Such being the state of affairs, and no gold dust proper or wash gold beingdemon- strable with certainty in the bankets, the question raised by Sawyer is indeed very pertinent : Whether the gold of these conglomerates is really wash gold or whether it did not get into the cement of the bankets independently with the pyrite as a solution or exhalation from the depths. Of those conglomerates, which occur occa- sionally at De ICaap, Furlonge says distinctly that the gold made its way into those layers only later.' All samples from the red banket of Witwatersrand that I have held in my own hand showed gold in fine scales adhering to the surface of the brown quartz drift, or interspersed in the brown cement in a way similar to that which is wont to occur in the decomposition of the pyrite in the gossan of quartz veins. If the assumption is to be maintained that it is alluvial gold, then it would follow that it had subsequently been inclosed in pyrite, which does not correspond with experience elsewhere. Whether this question be solved in one way or in another this much is certain that this method of mining, as it goes downward, encounters the same difficulties as mining in lodes. Here, too, we find the refractory sulphides which hamper opera- tions and necessitate extensive working apparatus. In this respect, despite extrinsic difficulties, arising from lack of a railroad, from unwise taxation, etc., in Johannes- burg very creditable results seem to have been achieved. Chlorination and cyanide works after the best models are already in existence, and professional papers even maintain that in the way of chlorination as much as 97 per cent of the gold contained in the sulphides is obtained. The sulphides, however, are much purer in gold than the gossan, and the result is that, annually tlic whole output indeed rises, but in propor- tion as the drifts pass through the gossan, the fertility of the ore, that is to say, the yield per ton extracted, declines. The output was : " Total gold. Per ton. 1887 (veight months). 1888 Oz. Dwts. 23,155 8 208, 121 14 369, 557 5 494,817 i 729, 238 GJ JhuU. 22-65 19-60 13-64 11-23 1889 1890 1891 The data of the richness of the ore for 1888 relate to the last four months of the year ; at present it is about one-half of what it was then. Hence it is manifest that the st.atement that at Witwatersrand the richness increases with the depth, is in contradiction with the facts. From this it does not follow that the mining will speedily cease, for many poor works in the sulphides are in operation. It follows, however, that every technical improvement will have to be carefully employed, and that the profit will diminish. It is thought that here, with a content of 7 to 8 dwts., the expense will be covered, because the Kaffers furnish cheap labor. In the East Indies, where labor is also cheap, 10 dwts. are allowed for cost.' The value of gold of £3 10s. per ounce gives for 1891 at Witwatersrand the respect- able figure of £2,552,333. The efforts that have been niade in the course of the past year to run the railroad not only to Johannesburg but also far north and to open up the north, have naturally awakened hopes of gold finds in the north. The most exhaustive report in existence concerning these regions relates to the Tati Mining Concession, situated at the south- west end of a series of gold-bearing formations, which are said to extend irregularly through Matabele Land, Mashona Land, and Manica. This report, which, as the South African Mining Journal justly observes, is more stimulating than convincing, tells that there is question of gold-bearing lodes occurring in old schist at the con- tact with eruptive outbreaks of greenstone. This reminds one much more of Queens- land or certain New Zealand occurrences, and is entirely different from Witwaters- rand. It is a very striking fact that in these remote regions the gold-bearing lodes that have thus far been found have all been worked in former time, either by natives or by white men, to a depth of 80 feet and even more. The natives are to some extent familiar with mining, and extract and work copper ores at this day. This fact dampens hope somewhat, for it shows that the gossan has been partly or entirely 1 Furlonge, loc. eit., p. 345. *Tlie South African Mining Journal, January 16, 1892, p. 373. • The Boonomist, June 20, 1891. 377 removed ; the sulphides will be found, and one can hardly count upon finding rich alluvial land in such regions.' For the rest, farther developments must be awaited in this region. Chapter III. RECENT EXPBEIEKCES CONCERNING THE EXTRACTION Or SILVER. Sulphides and Gossan — Victory of the Furnace over the Amalgamating Mill — White Lead Ores of Leadville — Mexico — Potosi — Broken Hill. Gold, as we have seen, presents three modes of occurrence, the sulphides in the depths, the gossan, and the alluvium ; to these are added the conglomerates of earlier time. Silver permits merely the distinction of the zone of sulphides and the zone of the gossan. Eich alluvium is not afforded by silver, and hence the production of silver isfree from those sudden and transient expansions exhibited by the figures of the gold production in the earlier times of the exploitation of the Californian and Australian alluvium. Only in the gossan, and in inconsiderable quantities, does silver occur native; its mineral combinations are of very many kinds, and from this circumstance, as we shall presently see, there result altogether unexpected phenomena in metallurgio methods. In the deeper parts silver occurs at times as silver sulphide (argentite), more fre- quently in combination with sulphur and arsenic or with sulphur and antimony, and thus forms the light and dark arsenic sulphide of silver, polybasite, stefanite, freiesle- benite and other noble ores. At times there is also found argentiferous copper sul- phide (argentiferous copper pyrite) . But the most important silver ore is argentifer- ous lead sulphide (galena), which is wont to accompany, in greater or less quantity, the above-named sulphur, antimony, and arsenic compounds, but forms also consid- erable and rich beds by itself. A frequeut companion of silver ores is gold, a less Welcome one zinc blende, and some instances are known in which great lodes of sil- ver ores, at greater depth, with gradual increase of zinc blende, were transformed into zinc lodes. The gangue accompanying silver ores is very often oalcspar or baryta, at times quartz, while gold appears always accompanied by quartz. The silver lodes are often connected with older or younger volcanic rock species ; especially are such ores frequently found at the contact of volcanic rocks with lime- stone, and this contact may have been brought about either by rising dikes or by laterally entering stratiform, veins, in which latter case the ore assumes more the form of an extensive stratum than of a vein, although it also lies at the contact with an intrusion. True, among the galena occurrences there are some that seem to have been deposited from solutions in former cavities of the rock. Quite different from the zone of the depths is the condition of the gossan of silver ores. It consists for the most part of very rich black or black-gray compounds of silver with chlorine, bromine, or iodine, and small quantities of native silver; at the out- crop of galena beds there appears at times in considerable quantities white-lead ore (cerussite, carbonate of the American miners). The Spaniards call the projecting black crests of the silver lodes cresiones. Therichestsilver vein worked at this day, Broken Hill, in the Barrier ranges of South Australia, has received its name from the fact that it rises in the form of such a dark, jagged creston, like a broken hiU, from the desert. The ores of the crestones — that is to say, of the gossan — like the gossan of the gold lodes, submit much more readily to refining processes than the sulphides of the depth. Often they may be directly subjected to amalgamation, while the ores of the depths need first roasting with chlorine. For this reason, on the silver lodes, too, the first results are the greatest. In Chile the ores of the gossan are called metalesoalidos (hot metals), those, of the depth metales fries (cold metals),' and the working of the latter presents greater difficulty. These latter, the ores of the zone of the sulphides, the metales fries, rothgiltigerz, polybasite, silver glance, and others, are the ones which in North America have received the name " dry ores." In Germany they have for a long time been called Diirrerze (dry ores) . In former years in the United States they were merely roasted and amalgamated, with the addition of salt, copper vitriol, and in various other ways. In the course of time, however, the great advantages of the furnaces, which 'S. Afr. Min. Jour., March 19, 1892, pp. 446 and 454; for earlier attempts in Tati, see Zukunftdes GoWes, p. 315. * W. Moricke, Einige Beobachtnngen iibor chileniscbe Brzlagerst^tten und ilire Beziehungen zu Emptivgesteiuen ; Xscbermak, Min. u. petrogr. Mittheil., Wien, 1891, S. 186-198 ; examples in Zukunft deeGolde9,p. 107. 378 had long been in use in Europe, were recognized, as contrasted with the amalgamat- ing mills, and especially in the State of Colorado there was developed in the course of the past few years a great furnace industry, depending on the smelting of dry ores with the addition of plumhiferous silver ores. The consequence was a thorough traasformation and a considerable rise in the American silver production. On the one hand, the furnace industry was rendered independent of the decreasing quicksilver production of California, and on the other hand there ensued an extraordinary increase in the value of those argentiferous lead ores that were serviceable as fluxes, especially the white-lead ore in the gossan of the mining district of Leadville, Colo, rtoon it appeared that the profit arising from the smelting of the dry ores with white-lead ore as compared with the old amalga- mating process was as great as or greater than the loss through the decline of Me price of silver, and on this tact depends in no small degree the recent boom in the silver production of the United States. To this was added the rise in the exploita- tion of the argentiferous copper pyrites of Montana caused by the Paris copper ring and many other circumstances, so that despite the decline in the silver production of the great Comstock lode in Nevada the annual output of silver of the United States shows steadily rising figures. But in order to be able to follow the course of affairs I must say a few words about the deposit of Leadville: The town of Leadville, in the State of Colorado, is built in the valley of the Arkan- sas River, on the west side of tlie Mosquito Eange, a spur of the Rocky Mountains, on a moraine more than 10,000 feet above sea level, and has shown a growth extraor- dinary even for American conditions. Toward the end of 1877 it numbered about 200 inhabitants ; in two years their number reached 15,000. In 1880 the town pos- sessed already gas works and water works, 13 schools with 1,100 children, 5 churches, 3 hospitals, and 14 smelting works with 37 steam chimneys. • We possess a model monograph of the ore deposit of Leadville by Emmons, and a very detailed presentation of that important part of the deposit which is called Iron Hill, by Blow.T The last mining disclosures used by Blow showed the following mode of appearance of the ores : A stratum, about 200 feet thick, of stratified limestone is covered by a still far heavier mass of wbite porphyry. Under the limestone, in part following the sur- faces of the strata, a vast bedded vein of an enzptive rook has entered later on, which is called the gray porphyry, and which sends upward in many directions intrusive veins into the limestone. The ores, according to Blow, are manifestly connected with these intrusive veins, and in various parts of the limestone appear in chimneys or so-called " chuteS" ; besides this, however, the ores are found at the upper boundary of the limestone toward the overlying white porphyry in the shape of flat, extended bodies, which in shape resemble entirely the fillings of shallow basins. The entire thickness of the limestone, and especially its uppermost part, there- fore, are ore-bearing. At the same time, however, all parts of the mountain, the limestone, the porphyries, as well as the older substratum, are cut through by six great faults, running Irom north to south, and along which the whole rock system has dropped down irregularly in steps toward the west. This irregular downtlirow causes the ore-bearing parts of the limestone to appear at the heads of the different steps at different points and at different heights. At the foot of the most westerly step-fault lies the town of Leadville. Beyond this fault the downthrow of the rock is so considerable that it remains entirely buried beneath the alluvium of a lake of the glacial period. The ores are changed from the surface downward, and so far as the change— that is to say, the gossan — extends they consist, besides decomposed iron pyrites and manganese, of white-lead ore, accompanied by larger or smaller bodies' of chloride, bromide, and iodide of silver. In the depth, at Iron Hill quite suddenly, at a dis- tance of a lew feet, this decomposition comes to an end and the zone of the sulphides is reached, consisting of galena, accompanied by iron pyrites and zinc blende. Quite similar are also the occurrences of Aspen Mountain, situated about 80 kilo- meters from Leadville, beyond the Sawatch Mountains.' Now, it was the white-lead ores of the gossan of Leadville and Aspen that, on account of their applicability as flux, gave the main impulse to the transformatiou of the furnace process for the extraction of silver from the dry ores. The signiii- cance of this revolution is most distinctly set forth in the presidential address by > S. F. Emmons, Geol, andMin. Industry of Leadville, Colo j^ XI. S. Geol. Sarvoy, Monogr. XII,1886 4to, Atlas; A. A. Blow, The Geol. and Ore Deposits of Iron Hill, Leadvillo, Colo. ; Trans. Am. Jnst. Min. Bug., 1890, XVIII, p. 145-181, map. Tbe limestone belongs to the carboniferous formation. 2 C. Henrich, Notes on the geol. and some of the mines of Aspen Mountain, Pitkin County, Colo.; Trana. Am. Inst. Min. Eng., 1880, XVII, pp. 156-206. Here, too, the ores are found in the lower carbon- Iferous limestone in pr8ximity to intrusive porphyry. 379 Eiohard Pearoe before the Society of Aiiioricaii Mining Engineers in June, 1889.' A table presented on that occasion shows tliat in Colorado in 1871 the metallurgist returned to the miner out of 100 ounces of silver contained iu a silver ore of average quality 65 per cent, so that 35 per cent wore reckoned as loss and as cost of extrac- tion. The former number fell in 1874 from 65 to 536 per cent; from that time, with continual improvements in metallurgy, it rose steadily, until in 1889 already 84 per cent could bo returned. Thus the loss to the miner had fallen since 1871 from 35 per cent to' 16 per cent ; in other words, his profit had risen 19 per cent, or, as compared with 1874, even 304 per cent, and iu this way, as well as through improvement in freighting, machinery, and in other ways, the loss due to the fall in the price of sil- ver was entirely balanced. Very justly Pearce might add : "It will be seen from these figures that if it were not for the great efforts which have been made from time to time to cheapen the cost of smelting, silver mining here would have received its deathblow long ere this. The decline in the price of silver has brought the net value of the ore to the miner down to about the same as it was thirteen years ago, but the cost of mining has been largely reduced by improved facilities for transportation, by cheaper labor, and by cheaper materials, enabling him to soil at a proiit ores that formerly were worthless. These same elements have, of course, helped the smelter to a still higher degree, and there is yet room for further improvement." Thus it was in 1889; but during this boom and during the great increase in value of the lead carbonate ore a greater and greater number of mines in Leadville passed from the gossan into the sulphides and lead carbonate ore became rarer. Even in 1888 there had bean brought from Mexico, across El Paso alone, 70,922 tons of argen- tiferous lead ore as flux, which gave 20,973 tons of lead. The owners of lead ores — that is to say, of fluxes — in Colorado and Idaho objected to this importation of flux ores from Mexico and appealed to the tariff, according to which silver ores, indeed, were free, but lead ores were subjected to a duty of 1-| cents for the pound of lead. That would have been a prohibition for the fluxes. To the silver mines that pro- duced dry ores, as well as for the great furnace works, the continuance of the introduc- tion of lead fluxes from Mexico had become a vital question. Thus a lively struggle broke out among the silver producers. The Government adhered to the wording of the tariif. By adding argentiferous ores an attempt was made to raise the silver content of the Mexican importations artilicially in order to get them in free of duty as silver ores. In July, 1889, the Government issued instructions to the customs ofli- cers, according to which it was to be decided whether silver ores or lead ores were on hand; but this merely led to new contests. In August the Mexican importation of flux ores had already sunk one-half, and the furnace works ordered a considera- ble advance in the cost of smelting the dry ores. In the meantime the lead ores with- in the United States constantly rose in value, and for Leadville alone the value of the production for 1889 was estimated at $18,000,000. In the midst of this strife arose the agitation for the free coinage of silver in the United States, which, by the way, bore from the very beginning in no slight degree agrarian characters. An appeal invited attendance at a conference in St. Louis on the 26fch of November, ''because St. Louis lies in the heart of the agricultural States." I must add that the leading " New York Engineering and Mining Jour- nal," from which many of these data are taken, opposed at the same time in most intelligent manner, in a series of excellent articles, both the prohibition of the Mex- ican ores and the free coinage of silver. The conference in St. Louis had little success; the discord among the silver pro- ducers increased. The advantages were thought of which the erection of smelting furnaces in Mexico ought to offer, that country being very rich iu silver ores of the most diverse kinds. In fact, already in May, 1890, the Mexican Government con- cluded a contract aiming at the erection of five smelting furnaces in different parts of the country. While in Washington the McKinley bill was being discussed, Mex- ico built a railway to the lead mines of the Sierra Mojada, and soon the first furnace began operations, in Monterey. The McKinley bill maintained the high tariff against Mexico, but it enabled the furnaces at least to transform themselves into "bonded warehouses," that is to say, to work up foreign lead ores free of duty for exportation. By the end of 1890 the production of lead from home ores in the United States had diminished by 3,300 tons, in part on account of the progressive exhaustion of the gossan of lead carbon- ate ore in Leadville.' ■ Eichanl Pearoe, Progresa of Metallurgical Science in the West, Presidential Address ; Trans. Aju. Inst. Min. Eng., 1890, XVIII, pp. 55-72; for the details of the operations see D. E. Peters, Der Plam- mofen-Betriel) zu Argo in Colorado; Berg-und Hiittonmann. Zeit. v. Kerl und Wimmor, 30 January, 1891, S.d6. ' Within tliis time fall the warnings that passed from America into European professional papers against buying certain mines in Leadville that had heen famous, hut were probably exploited down to the vicinity of the sulphides (Maid of Erin Silver Mines Company, Limited, Economist, Oiine 30, 1891,p. 793, and elsewhere.) 380 All the smelting furnaces raised their charges. Whereas, as was stated hefore, in . 188!l as much as 84 per cent of the silver contents of medium or^had heen obtaiued by the furnace, this figure, owing to the competition of the furnaces, had in some cases heen raised even to 95 per cent. Now came a setback. Certain dry ores were altogether rejected. The coinage legislation had raised the price of silver artifi- cially; the mining of argentiferous dry ores had thus received additional stimulus: and now it was found impossible to refine these ores with profit. Finally production rose again ; some furnaces began to work under " bond," others resolved to smelt the dry ores with smaller charges of lead, that is to say, with greater loss of silver in the slag. Some of the most famous old mines of Leadville were transformed into stock companies, as a rule a sign of the end of the gossan. Late in the summer of 1891, however, in Leadville, west of the westernmost mine and of the town, below the new lake deposits and the white porphyry, in the lowest downthrow part of the rock system, at a depth of 570 feet, the drill struck uew beds of lead carbonate. That is the state of things at this moment. I thought it necessary to mention all these details, because they not only illustrate the great revolution in the silver pro- duction and its peculiarities, but also give an example of the injurious effect of unreflecting interference on the part of the legislator with the natural conditions of industrial work. The reciprocal effects on Mexico have already been indicated. That land possesses both very rich lodes of lead flux ores and very rich dry ores. Mexico has contributed more than any country to the silver stock of the world, but its mines, according to the quality of their ores, have been influenced in entirely different ways by the leg- islation of the United States. Furthermore, in recent time, owing to the Baring crisis, there has been, in many cases, a lack of money. In Sonora, Sinaloa, and a part of Jalisco, say the more recent reports, the ores are too rich to be affected by the McKi nley bill. These go in large quantities to Germany. In Chihuahua and Durango a decline was expected, owing to the relations to the United States and to local causes. In Coahuila the completion of the railway has rendered it possible, despite the tariff, to freight considerable quantities of lead ores from the Sierra Mojada to the United States, while in the district of Mula the ores, with this tariff, no longer pay for shipment, and these go to the newly erected fur- naces in Monterey. Nuevo Leon and Tamaulipas yield poor ores, and may also send to Monterey. Zacatecas is declining, owing, it would seem, to insufficient plant in the famous old works. The rich district of Catoroe produces dry ores, which are not affected by the McKinley bill. In San Luis Potosia new smelting furnace is in course of erection for these ores. Matehuala furnishes a good basic flux to Monterey. Guanajuato is declining. Pachuoa, at present the best district of Mexico, is well equipped, and thus is not exposed to the vicissitudes of other old mines, and steadily furnishes large quantities of rich ores.' Thus Mexico appears as an inexhaustible source of silver, as it has been for centu- ries, and the variety of its ores promotes the erection of other smelting works in the land in place of the present exportation into foreign countries, which for the pres- ent is still on the increase. All the conditions of silver production have been transfoijned by the victory of the furnace method and by the greater facility in shipment of crude ores. As examples for the mode of occurrence of the ores I select two other points — Potosi, in South America, and Broken Hill, in Australia. Potosi. — The old, famous silver lodes of. Bolivia, especially the districts of Huan- chaca, Colquechaca, Oruro, and Potosi, all lie 14,000 to 15,000 feet or more above the sea. They are all intimately connected with young volcanic rocks. Their great elevation renders work difficult; owing to that circumstance they all suffer from lack of fuel. Up to the present day the process here is everywhere that of amalgar mation, with the addition of salt, and, it would seem, everywhere in cast-copper vats. A peculiarity of the Bolivian silver ores consists in the frequent presence of tin, and in recent time the separate extraction of tin has been taken in hand. Among these rich districts I will mention merely that of Potosi. The geological survey of it by A. F. Wendt has given us a more exact picture of the actual conditions, and this, in the main, I will follow.'' The Cerro Eico do Potosi is a conical mountain of rhyolite (nevadite). It rises 16,000 feet above the sea, and the old mines extend all the way to its summit. It belongs to the east side of the volcanic line of the Andes, and its waters flow into the La Plata River. Volcanic rhyolite traverses a schist rock and rests on it in the shape of a cone. At the foot of the cone there are Tertiary strata containing leaves. ' Report in Eng. and Min. Jour., New York, January 9, 1892, p. 87. 2 Arthur r. Wendt, The Potosi, Bolivia, silver district; Trans. Am. lust. Min. Eng., 1891, XIX, PP- 74-107. Map. Consul Ochsenius, in .Marburg, in a recent letter expresiied to me doubts whether the silver lodes really enter into the Tertiary strata wliioh contain plant leaves, and hence I have not touchedthis question. But the lodes are younger than the rhyolite of the cerro, and since the latter rests upon the plant-leaf -bearing strata I infer from this the recent age of the lodes, which in this respect, too, seem to be comparable to those of the Carpathians. 381 The lodes all belong to the mass of the rhyolite and to the next adjoining parts of the schist rook, but the richest all lie in the rhyolite. In a general way they form together a chain of lodes running approximately north-northeast to south-southwest. The several maiu lodes seem to be somewhat alternating, and have a tendency to branch out upward, like those of Kremnitz, with which Wendt compares them, with perfect propriety, so far as I can see. My view is that such lodes are to be regarded as fillings of Assures, npt of dislocation but of contraction, produced immediately upon the cooling of the eruptive stock and its surroundings, and which in the last phase of the volcanic phenomenon received the metals as an emanation from the depths, mostly in the form ot sulphides. The origin by contraction is evinced both by the alternation and by the branching. Gmehling's* description of the Pulacayo mine, in Hilanchaca, indicates that the same conjecture applies to that mine.' This branching upward creates at the Cerro Eico de Potosi a tangled network of ore lodes in the gossan. The gossan, as usual, consisted of silver chloride and native silver. These ores were called paces. The filling of the lodes farther down is of dark color and very hard. These are the negrillos. They consist of dense iron sul- phide, with some copper sulphide, at times zinc blende and very little galena. The silver, according to Wendt, occurs in them in the shape of fahl ore. Helms enumer- ated a greater variety of silver ores. The gossan of these lodes was broached toward the close of the first half of the sixteenth century, and the output, of which the fifth part was delivered to the Span- ish court, was an extraordinary one. Humboldt stated it to have been for 1554-1556, every year, 7,500,000 thalers: 1556-1578, 445,000 thalers, and 1579-1736, 4,100,000 thalers. The statements of the Spanish officials are much higher. Juan l)iaz de Lupidaua, charged with the auditing of the royal accounts, found for 1541-1591 an annual yield of 39,600,000, and in this space of time 360,000,000 thalers are said to have flowed into the royal treasury. Pedro de Lodano, who, in 1603, under royal command, audited the accounts of the treasury, states the annual yield for 1545-1603 at 51,000,000, the tax obtained only at 59,600,000 thalers. Humboldt, whose figures are so markedly lower, obtains for 1545-1789 the total yield of 812,375,000 thalers. Even these small figures indicate that from the gossan of Potosi alone the Spanish court received toward the end of the reign of Emperor Charles V and in the first years of that of Philip II an annual income of 1,500,000 thalers ; and no one can doubt that, with the scarcity of money at that time, these chlorides exercised no slight influence on the course of affairs in Europe. But even in former centuries the miners knew how to treat the sulphides. The old works have been driven to a deptU of 1,700 feet below the surface, and in order to drain them no other means was found than the bags which were carried to the surface on the backs of slaves. FiniiUy, however, the deeper portions were flooded. Toward 1759, when a survey had been carried out, the construction of a draining tunnel was undertaken. Nordenflycht, who was manager of the work in 1790, abandoned this work, and at another point followed up the " Real Socavon" or royal tunnel, which penetrates into the mountain from the north and lies 2,250 feet below the summit. Helms, whose report I have mentioned elsewhere,^ found the mines under water; Wendt recently cleared the real socavon, laid down rails in it, introduced drilling machines driven by compressed air, broached in it the famous Old lode Cotamitos, and drained the works belonging to it. According to these statements a new and vigorous revival of Potosi may well be looked for as soon as better communication shall have been established with the lowland, white labor, at least in part, introduced in place of the cheap but very inferior labor of the native Indians, and the construction of the base tunnel pushed vigorously with the improved means. But then it is possible that the working up of the crude ore will no longer be accomplished in Potosi itself. Broken Hill, in Australia, is at present the most productive silver mine on the earth. In the fiscal year closing May 31, 189i, this mine yielded 242,577 tons of ore, and these gave 8,790,640 ounces of silver and 38,653 tons of lead, with a total value of £2,111,000. This minelies in the Barrier Eangesin New South Wales, but is most easily reached from Adelaide, in South Australia. The country is a dreary, treeless desert. Accord- ing to Eickard's description, it consists for the most part of mica schist, with some gneiss-like rocks and quartzite. Garnet-bearing sandstone is also mentioned. The strike is N. 20-30° E., and the dip is westward. The lode follows the strike, but seems to form an acute angle with the dip ; it branches out toward the north and south in a manner quite similar to that of the Comstock lode.* •Awdr. Gmohliiig, Metallnrg. Beitrage aus Bolivia; Oest. Zeitsohr. f. Berg- und Hiittenwes., 14 June, 1890, etc. ^ Zukiinrt des Goldes, p. 206. *T. A. Rickard, Tlie Broken Hill Mines, New South "STalea ; Eng.Mln.Jonr., New York, November 7, 1891, p. 530. According to the last reports there were produced in the calendar year 1891 9,599,932 ounces of silver from 253,684 tons of ore, against 7,765,000 ounces in 1890. Zinc blende increases ; the gossan has been nierced. 382 The secondlevel, 215 feet below the surface, is 3,960 feet long, and extends through- out the length of the main body; the third level runs at depths between 260 and 380 feet. The second level beloufrs in the main still to the gossan. A peculiar phenom- enon are stretches or layers of kaolin, which are rich in chloride of silver but poor in lead. Ceruseite indeed makes its appearance, but not in such quantities as at Leadvillo. The lower boundary of the decomposed ores is very irregular and ill- defined, and in the second level ilso there are already found quantities of galena, which are poor in silver and rich in blende. In the third level the ore is essentially changed; kaolin ores are stUl present at a few places, it is true, but the greater part of the ores consists of rather poor, refractory sulphides. Thug Rickard mentions tliat toward the south (McGregor's shaft) they contain for the most part only 16 to 18 ounces of silver, 25 to 30 per cent of lead, with much blende and occasionally pyrite. At this lower horizon there exist also considerable inclusions of barren rook. "The day of sulphide ores," says the same authority, "is rapidly coming upon Broken Hill ; the maguificent output of the past year has been at the expense of the bodies of oxidized ore already uncovered, and ere long it will have to undergo the experience of Leadville." The kaolin ores, which are to be regarded as essentially dry ores, were thus far utilized by skillful combination with the cerussite and the decomposed lead ores, but the poorer sulphides render a complete transformation of the furnace methods necessary. ^ In April, 1891, 5 tons of crude ore from the Australian Broken Hill Consols Com- pany are said to have arrived in Louilou, which contained 8,000 ounces per ton, and on account of this extraordinary richness attracted attention. They were probably washed kaolin ores from the gossan.' In a general way I can not affirm that the reports from Broken Hill at my disposal inspire me with as great confidence of great outputs in the remote future as is the case with the old famous lodes of Mexico or Bolivia. The scantiness of galena in the third level, the barren wedges, and the zinc blende are not favorable indications, although the poorer ores may remain remunerative for a long time to come. After all it seems to become more and more apparent that the center of gravity of the future silver production will lie in those lodes of dry ore that occur in oouneotiou with volcanic rocks, as in Mexico, Bolivia, Peru, and Chile. Chapter IV. THE COMSTOCK LODE. Eliot Lord's Monograph — First Attempts — Henry Comstock — Eoh-Mining — W. Sulro'a Drainage Tunnel— TV. Sharon and the Bank of California— Wage Trotiblet — Completion of the Base Tunnel — Big Bonanza — The Heat — Balance of 1880 — The End. The dead figures of statistical tables do not speak of the vicissitudes under which the exploitation of great treasures is often accomplished, and jet every estimate is one-sided if it does not take these vicissitudes into account. As an example we will select the Comstock lode in Nevada. This lode was the greatest accumulation of precious metal that man over laid hand on. Gold and silver were found united. Hundreds of millions of dollars, not quite half of it in gold, were poured hence into human commerce, and here one may learn how through the great richness of the ores, and the consequent inflaming of the passions, a great lode mine may become as short-lived as the treasures of the alluvial land. The history of this mine, its noonday, and the beginning of its decline down to 1883, has been furnished in detail and in graphic manner by Eliot Lord.' Later articles, especially the American professional papers, enable one to trace the gradual decline down to the present day. All contrasts of our time, hunger in the gaunt wilderness and the most extravagant luxury, extreme lawlessness and the most intense industry, serious scientific investigation, loyalty unto death, and beside it rascality, theft, murder, the most unexpected incidents of all kinds are here crowded within the space of thirty years. In January, 1844, a white man for the first time traverses the cheerless, dreary landscape of Washoe ; it is the great pathfinder, Fremont. Treeless, scantily over- grown with scrub, a high, cr.iggy mountain range rises from plains covered with white alkaline patches. A few bands of Indians, of the tribe of the Shoshones, eke out a most precarious existence here and there in the land of hunger. In 1848 the iThe Economist, April 18, 1891, p. 496. "Eliot Lord, Comstock Mining and Miners, U. S. Geol. Survey, Monograph IV, 4to, 'VyasliingtoD, 1883; also J. D. Whitney, The United States, Svo, Boston, 1889, p. 319, etc. The situation is diacnssed m a general way in Zakunft des Goldea, pp. 129-139, after the works of Eichthofen, A. King, Hague and Baymond, then in existence. 383 country becomes enlivened ; caravans of white rilen travel from the far East hither in order to cross the snow-clad crest of the Sierra Nevada and reach the newly dis- covered gold fields of California. Whole "trains of these emigrants succumb to hard- ship in the desert. Corpses of men and of beasts of burden mark the path. At the same time bands of quiet Mormons advance, seeking for oases in the wilderness where they may settle. These find a little gold dust in the vicinity of the spot which had so remarkable a future in store for it. Here, at the golden canyon, the washers settle, then leave the place on account of starvation, but return again. Toward the year 1857 the washings have been exploited ; two intelligent young men, the brothers Grosh, search for the lode that yielded the washings ; they find it, and the cattle dealer Brown wishes to offer them the means to begin the exploitation. Brown is murdered, Hosea Grosh injures himself with a pick and dies; Allen Grosh crosses the Sierra and sueouinbs beneath the hardships of the journey. Thus ends the first dis- covery of the lode. On February 22, 1858, a miner, J. Finney, from Virginia, reaches the lode ; he recoguizes its value, writes his name on a strip of paper and hides it in the loose rocks : this is that part of the lode which afterwards as the "Virginia Consoli- dated" claim yielded ^o great treasures. At another point, on June 8, 1859, Patrick McLaughlin and Peter O'JKiley reach the lode. A high-handed and extravagant man, Henry Comstock, now appears upon the scene ; he manages to oust the two work- men from the greater part of their share. Much free gold is found in the gossan ; the heavy black silver ore is not recognized and is thrown aside. Comstock is now supreme on the lode. " His purse," says a recent writer, "was open to all, though in order to fill that purse he was ready to wade in blood."' The rock becomes harder, the fine gold rarer. Comstock is seized by a new fit of restlessness. He sells his sbare, roams afar once more, and dies by his own hand in misery, but his name remains affixed to the lode. At about the same time the first specimens of the black silver ores came into expert hands. Some reports mention the metallurgist Moshammer, of San Fran- cisco; others, Melville Atwood, of Grass Valley, as the one that was the first to rec- ognize the value of the samples submitted. The first silver bars were carried through the streets of San Francisco, and a banking house placed them on exhibi- tion in the windows. With this begins the great "boom." Thousands flock from California across the snow mountains into the new " Silverado." The Indians thus far, despite many an affront, had behaved peaceably toward the people at the mines. Their fish preserves had been despoiled, their pastures crop- ped, but they had endured it. But when two of their girls had been abused they fell upon the house of the evil-doers, killed them, and bvirned down their house. The miners marched forth for a regular battle with the Indians; but they were com- pletely defeated by them in an open fight at Pyramid Lake, and many miners were killed. General terror seized upon the people ; for some time all mining was at a standstill. Finally regular troops marched in, the Indians were beaten and fled. On August 11, 1860, the first furnace was put in operation, and on that day the shrill blast of the steam whistle resounded for the first time in the Washoe desert. Totally inexperienced in things of this sort, the miners now attempted to give unto themselves a mining law. The right to work was granted for the various stretches of the outcrop, as it appeared at the surface, following the dip of the lode, down to indefinite depth. The book of grants was kept by the blacksmith of the new settlement; it always lay open to the public in the beer hall kept by him, which led- to innumerable insertions and falsifications. But even aside from this, the granting of tracts according to the outcrop and following the dip of the lode must become disastrous. For it mustbe noted that the main lode presents itself at the sur- face as a very wide cleft, occasionally reaching 1,000 feet, into which great rock masses have descended from above, dividing the ore-bearing filling in the form of barren wedges. Hence the ore appeared at the surface in repeated zones, and independent grants were not rarely made east and west of such a barren wedge. Further down, however, the ore-bearing bulks unite, and strife was inevitable. It was waged in most bitter earnest. At some shafts intrenchments were thrown up, and warfare was carried on above and under ground. But daily the almost immeasurable wealth of the deposit became more and more evident. The consequence was reckless rob-mining. Everyone tried to get into the depth quickly. One-third of the ores is said to have been lost at that time in the stamp- ing works. Of the remaining gross output of the years 1860-1865, one-fifth, or nine millions, is said to have been spent in litigation. In the meantime the great civil war in the East had come to an end, and on the Comstock lode, too, after the exploitation of the rich upper bonanzas and a transient tumble of the shares, a little more tranquillity had descended Adolph Sutro came *DaD I)e Qnille, Comstock as a Mine Superintendent; Eng.and Min. Jour., Notv York, December 19, 1891, p. 700. 384 forward with the plan of running from the valley of Carson River a drainage tunnel under the shafts, which were all suffering from a strong pressure of water. The tunnel was to be 20,489 feet long, and was to run under the nearest shaft at a depth of 1,663 feet. Through this tunnel Sutro intended not ouly to drain the mines hut also to forward the ore directly to Carson Eiver, which moved the stamping mills. The mine owners pledged themselves to pay Sutro $2 per ton. At his instigation the works were visited for the first time by a specialist, to whom later on a, brilliant part was reserved in the scientific world — Ferdinand von Riohthofen. In 1866 all circumstances appeared favorable to the realization of Sutro's designs, when a mighty ajitagonist arose in the Bank of California. In order to trace the further fortunes of the great mine it is now necessary to oast a glance at the development of the ' ' mills ; " that is to say, those dressing and amal- gamating works whose relations to the mines became so fatal later on. In 1860, as we have said, the first mill had been put in operation. Almarin Paul had at that time erected a large stamping mill with amalgamating works. He worked with success, and in the following year there were already sixty-seven simi- lar works with 1,153 stamps. Under the naifie of Freiberg process, roasting with chlorine and amalgamation in barrels was attempted; it did not turn out as well as the so-cfiUed Washoe process — that is to say, stamping and amalgamating with addi- tion of copper, vitriol,' and ordinary salt. Henry Janin was at that time the scien- tific authority in this region. Into the midst of this development of metallurgic activity came, in the year 1864, William Sharon, the agent of the Bank of Califor- nia. The mills, quickly put up in lively competition, were to no small degree in pecuniary straits. They were in the habit of paying 3-5 per cent a mouth in inter- est; Sharon oifered money at 2 per cent a month. Soon many of these works were united with him or indebted to him. A part of the dressing works was firmly allied with mines ; a much larger part worked the ores of different mines after free agree- ment with them. Sharon gained influence over such mines and withdrew the ores from the mills that worked free. Out of seventeen of such works he formed, in 1867, the Union Mill and Mining Company. At the same time, however, owing to the competition of the works, the price for the working up of a ton of ore sank from $25 to $22 to $10. Finally, in the summer of 1869, Sharon built a railway from Vir- ginia City, as the new mining town was called, at an elevation of 6,205 feet, with a fall of 1,575 feet, down to the mills on Carson River. In 1870 he was practically master on the Comstock lode. The instructive description given by Hodges of the development of the amalga- mating process on the Comstock easily' shows how from this point onward, step by step, the conditions became more favorable for tlio mills.' Thus far only the coarser slick had been forwarded to the amalgamating mills; the finer sandy and muddy parts had been left. In 1867, Janin had perfected his method so much that he was able successfully to enter upon the exploitation of the finer slick. The other works followed suit, and the profit from the finer slicks remained a premium for the mills, Finally, the practice was in many cases adopted of making the assay er who received the crude ore for the mill responsible for the correctness of the mean content in noble metal. Of this ascertained content, the mill guaranteed to deliver to the mine owner a certain portion, say 65 to 70 per cent, as profit. Under this arrangement the assayer was always inclined to make his figures too small, in order not to suffer loss through his responsibility, and the consequence was rich profit for the mills. All these circumstances at the same time led to an increase in the product of noble metal and a diminution of the profit of the mine owners. Their profits, however, in the fortunate sections were still so incredibly great, and familiarity with metal- lurgical processes was so slight, that such secondary circumstances were overlooked. Under Sharon's vigorous interference in favor of his bank, the spirit of enterprise rose generally, and the mine laborers profited l)y that favorable moment, recurring to a former practice, to demand a uniform wage of $4 for each eight-hour shift for every workman in the mine without exception. On August 4, 1867, they extorted this wage and maintained it from that time forward. But the yield of the mines began to decline somewhat. The quotations of the shares began to fall. The finding of a small ore body in Crown Point mine had merely a transient effect ; in May, 1872, the Comstock values fell within two weeks, at the exchange of San Francisco, by $50,000,000. The struggle with inflowing water became more and more difficult with increasing depth ; Ophir mine, in January, 1872, had to raise daily 146,000 gallons of water from a depth of 1,255 feet. Ad. Sutro had never given up his plan. In 1869, with little money, he had daunt- lessly broken ground for his gre.it drainage base tunnel. In America, he met every- wbere with difficulties. Toward the end of 1871 at last a larger amount came to hun * A.D. Ho(lEe8,jr., Amalgamation at the Corastock lode, Nevada: An historical sketch of milling operations at Washoe and an account of the treatment of tailing:s at the Lyon mill, Dayton; Traus. Am. Inst. Min. Eng. 1891, XIX, p. 195-231. Also, J. E. Gignonx, tlio manufacture of bluestone attiie Lyon mill, Dayton, Nevada, in A. WiUiams, Min. Eesouroes of the U.S.; U.S.Geol. SurTey,18&),p, 2D7-30S. 385 from Europe, but the technical difficulties were extraordinary. The water in .the auxiliary shafts could not be brought under control ; he was confined to one point of attack. The machines were so improved that they pushed forward 300 to 400 feet a month in the volcanic rock. The temperature rose. Finally, after nine years' work, on July 8, 1878, the undaunted man, half naked, trembling with excitement, was enabled, the first, to crawl over into the shaft of Savage mine, and to shake hands with the miners of the Comstook lode. Thus approximately 1,600 feet of the lode were drained. In the meantime important events had taken place on the lode itself. Two experienced workmen, John Mackey and J. G. Fair, and two shrewd business men, James Flood and William O'Brien, had purchased the Virginia Consolidated claim of the discouraged owners, and, after spending $200,000 in trial works, had disclosed the richest ore body in the Comstock lode, the " Big Bonanza." The boldest dreams were surpassed. The friable rock, the fear of fire, which now and then visited the vast timber structures of the Comstock lode, finally the greed of the owners, led to rob-mining. From day to day the yield of this great ore body increased. In 1876 it yielded through the shafts of the Virginia Consolidated and the neighboring Cali- fornia mine $30,000,000 in gold and silver, in 1877, $32,600,000, in 1878, only $18,500,000, the whole far over $100,000,000. This ore body consisted of crumbly, crushed, sugar-like quartz, whose richness was only about $80 per ton, but which yielded so great values in so short time on account of the ease of working. The quartz was moderately sprinkled with argon- tite (silver sulphide) and gold, and traversed by feeble veins of a black ore, consist- ing mainly of stephanite (silver, sulphur, and antimony).' These great riches were wholly obtained before the completion of Sutro's tunnel. The shafts went down deeper and deeper, and ever greater became the difficulties arising from the increasing heat and the inflow of boiling hot water. Church and Lord have given fascinating descriptions of the achievements of the corps of miners. Four dollars for the day's work remained the motto. Rich mines paid these wages easily; poorer ones had to be abandoned. Less rich ores were passed by. Thus the wages promoted rob-mining. But a vigorous, healthy set of workmen grew up, who felt identified with the work, who invested their savings regularly in share certifi- cates of the Comstock mines, and, with the sanguine temperament of the working class, as a rule, lost these savings. It was this working class that pushed forward into the hot depths, and there still higher wages were willingly paid. In the hottest parts of the above-named Virginia Consolidated and California mines there were reckoned, in 1878, per man and per day's work, 95 pounds of ice. In July, 1877, in the shaft of the Savage Mine, a spring of 69-4° C. was struck; the mine became filled with almost scalding vapor; the tools could only be held by means of gloves, and rags soaked in ice water were wrapped around the iron drills. " » » * Here the men employed could not leave their work as often as the miners that guided the drills, but were forced to breathe the suffocating vapor till they often staggered forth from the station, half blinded and bent by agonizing cramps. When the pain became so great that the men began to rave or to talk incoherently, their companions would quickly take them up and carry them to the coolest place of the level, where they were subjected to a vigorous rubbing on all parts of the body, but particularly on the pit of the stomach. When the so-called ' stomach-knots' disappeared under the friendly hands, the checked perspiration again began to flow, and the men regained their senses. * ** * "^ In the Crown Point mine, at a depth of 2,000 feet, the temperature of the water reached 65-5° C. Many lost their lives, many their reason. The ascent from this heat in winter, which in the great shafts took three minutes, often deprived the workman of con- sciousness, and many a man dropped out of the hoist into the depths. " Death alone has the power to say to miners : ' Thus far shall ye go and no farther,' for no endur- able suffering will bar their progress ; nor will the loss of life even make them pause, unless the scourge of heat shall strike them down like a pestilence." ' This limit had been reached. In the depths no more great bonanzas were found. The amalgamating process made further progress; at the Lyon mill was learned the method of removingfrom the gold and silver bullion the copper which had got into it through the coppeKvitriol, and a material saving was thereby effected, but the former wealth of ores was wanting. When in 1880 the two model monographs on the Comstock lode, by Becker and Lord, published by the Geological Survey, were concluded, there was presented a complete picture of the lode, as well as of the work accomplished. It is now known that the floor of the great lode dips regularly downward; it is probably a great ' J. A. Church, The Comstook Lode, its formation and history ; Trans. Am. Inst. Min. Eng. , 1879, and G. F. Becker, Geol. of the Comstook lode and the Tyashoe distripti Monogr. U. S. GeoJ.Suivey, III. 1882, 4to, and atlas, especially p. 270. 'hold loecit., p. 394. 'Lord, Wd, p. 396. 386 surface of dislocation. The roof, on the other hand, is irregular; the great barren wedges have been torn from the roof, and the cavities in which the bonanzas lay were probably produced by movements of the roof. Similarly, the crushing of the quartz is a consequence of later movementr The ore consisted of gold and little iron sulphide, but much silver sulphid^; also, compounds of silver with sulphur and antimony, or sulphur and arsenic. The content in gold was not uniform, but it seems to have remained pretty much between one-third and one-half of the total value of gold and silver. Toward greater depths the contents decreased. At this time the total length of the galleries and shafts on the Comstoek lode which had been driven in the space of twenty years, was 290 to 300 kilometers. At some points the depth far exceeded 3,000 feet. The temperature of the rock rose on an average 3° F. for every 100 feet, or 1° C. for 18'33 meters. The mills delivered 80 per cent of the contents. The total output since the begin ning of the works amounted in 1880 to $174,000,000 in silver and $132,000,000 in gold, corresponding to the proportion 57:43. The highest yield was obtained in 1876 with $38,000,000; in 1877 it was $37,000,000; in 1878 $20,400,000; 1879 only $7,400,000. The balance of June 30, 1880, showed that on Comstoek lode one hundred and three mining enterprises had been started. Of these only six had worked with profit. These six enterprises had paid in $18,300,000 and had obtained, over and above this payment, $97,600,000 in interest and profit. On the other Band, ninety- seven enterprises had Worked at a loss ; their lost payments amounted to $43,400,000. The world's commerce, as has been said, had received up to that time $305,000,000 in precious metals. The third decade is a time of decline and death struggle. In 1880 the total yield was only $5,100,000; in 1881 $1,000,000; in 1882 $1,700,000; it rose again slowly and in 1887 reached $4,500,009. Toward the end of 1886 all deep mining below the hori- zon of Sutro's tunnel was abandoned, and the great waterworks were stopped. The dumps were picked over and worked. In the upper horizons an aftermath of poorer oars was gleaned. A great school of mining and of amalgamating processes had grown up ; its disciples, rich in experience, are scattering into Mexico, South Amer- ica, Australia, and everyone of them calls himself, proudly, a " Comstoek miner." In the meantime the profits for the shares decreased; all kinds of ugly rumors crop out; at one time it is said that barren rock is brought to the mill on purpose, in the interest of the dressing works, at another time, that a bonanza is kept under water, and that the small stockholders are first to be "frozen out," that the profits may not have to be divided. The ores became poorer — at least the number of tons extracted rose while the pro- duction fell; in 1890 the latter was $4,000,000. Many works published deficits. The tax on the use of the Sutro tunnel was lowered to enable the poorer ores to be extracted. Eespectable professional journals spoke openly of theft. Suddenly, in March, 1891, the quotations of the shares began to rise again. "Let no one be deceived. The leopard has not changed its spots, and the 'mill ring' » * * is still the same * * *," wrote the Engineering and Mining Journal.' Finally it was stated pub- licly that on one of the larger works the slimes were not allowed enough time in the mill to be compleicely amalgamated, and that the still rich slimes passing from the mill were ladled off from the sand tank into a small side mill, in which they were amalgamated to the profit of the mill-owners, and that in this way they were stolen from the mine-owners.° On December 26, 1891, the Engineering and Mining Journal gave the instantaneous photograph of a workman, scoop in hand, about to ladle the slimes off into the side mill, and at present the affair is pending before the criminal court in San Francisco. Thus ends the richest mine on earth. Chapter V. THE SUPPLY OF THE PKECIOUS M1STAL8. Sesults of Gold, Production — Sesults of Silver Produotion — ConsumpUon of Goldr-The Stock of Gold. I. — GOLD PRODUCTIOK. The production of gold has been the subject of detailed and most welcome studies by Mr. A. Soetbeer and the American Mint. To the figures I wish to add the fol- lowing remarks : (1) United States. — No important new deposits were discovered; washings mam- tain themselves chi( Australia. — Decline of production, partly balanced by the yield of Mount Morgan, whose deposits, however, are being exhausted with remarkable rapidity. Output in 1890, 45,767 kilograms; for 1891 almost exactly the same. (3) Russia. — The yield, almost exclusively from alluvial gold, maintains itself at the same height by displacement of working sites, and has reached the Amur. In' recent time finds are said to have been made on Bomm River (Nerchinsk). The figures are diminished somewhat by the conversion of crude gold into fine gold. Total for 1889, according to Kulibin, 33,130 kilograms; for 1890, provisionally, 31,841 kilograms, according to newspaper reports somewhat higher; for 1891 not yet known. (4) South Africa. — The conglomerate beds of Witwatersrand yieW constantly increasing outputs. De Kaap also is rising. For 1890, 14,877 kilograms are to be set down. The figure for 1891 may rise much higher, possibly to 23,600 kilograms. (5) Cftina.— Under this heading there appear in the tables of the American mint considerable figures since 1883, based, first, on estimates of the gold production on the Chinese Amur by Ivan Miehels, and since 1886 on an estimate of the net exporta- tion to India and England, as was expressly stated in the tables in a note. The lat- ter estimate, as late as 1887, amounted to $9,500,000=14,294 kilograms; for 1888 and 1889, $9,000,000=13,542 kilograms, and for 1890, $5,330,000=8,020 kilograms. These amounts were originally regarded as Chinese production, but the reports of Ellis Clark and other travelers contain no data for assuming such a production.' It was thought that these amounts represented the reexportation of alluvial gold that had been brought home by Chinese from Australia and California. To these figures cling all the doubts which under similar circumstances affect the figures of net exportation, and their reliability was seriously 'called in question.* Mr. Soetbeer, too, in his last article, declares this estimate of the Chinese production by the expor- tation as hazardous and unsafe.' But there exist even statements to the contrary. The statistical secretary of the imperial Chinese custom-houses, Mr. E. McKean, has raised the question of the equalizatioii of the deficit of China in payments, and remarks at the same time that in the last three years a gold exportation of £1,318.100 has taken place, with a sim- ultaneous importation of silver of only £139,500. Further on Mr. McKean says : "Chinese send from abroad gold and silver coins in considerable amounts, which are carried by travelers, and in this way do not find their way into the lists of importations. In the years 1887, 1888, and 1889, the known importation of gold into Hongkong was $3,822,700, and the known exportation of it — almost exclusively to London — was $10,593,980, that is to say, a difference of $6,771,280 in three years, a surplus whose existence in Hongkong is explicable only on the supposition that it was brought by Chinese travelers from America and Australia."^ According to this the figures hitherto current concerning rcent gold production have to undergo a diminution in this item. According to English papers the declared importation from China, including Hongkong, was in London, $1,300,000 in 1890, and $5,500,000 in 1891 ; the exportation of gold thither was quite small. WJiat may have been the net exportation to India, I do not know. If for 1890 we assume the third part qf McKean's figures, or $2,260,000, then we have to set down for China 3,400 kilograms. But even this figure is subject to rea- sonable doubt. (6) Colombia, South Amerioa. — T. H. Wheeler reports to the foreign ofSce in London that the trade of Colombia indeed is rising, but that the attainment of reliable figures relating to exportation is beset with insurmountable difficulties. Wheeler says that the figures kept by him are undoubtedly too small, "since no account is taken of the fact that a part of the gold and silver exported was manifested in gold currency and not in Colombian paper money*." The decline in the production of gold and silver explains the smallness of the rise of exportation to England. The mining industry, says the report, is almost entirely paralyzed by a law against the pollution of rivers. Abundance of alluvial gold is said to he still present in the central Cordillera.* The total exportation of Colombia in coffee, tobacco, rubber, and other products of the country, including the precious metals, into Great Britain, France, Germany, and the United States was according to the same report in 1889 £1,170,000 and in in 1890 £1,350,000. Under these circumstances I must regard as too high those fig- 'ElUs Clark: Notes on the progress of Mining in China; Trans. Am. Inat.Min.Eng., 1891, XIX, pp. 671-S95. Maps. 'E.Suess: Gold in SildafrikaundAustralien; "Die Nation," Wooheusobrift, herausg. ii. Tb. Jiarth, Berlin, 8 August, 1891, S. 090. 'Ad. Soetbeer: I/ltteratumaohweis, S. 284. * The foreign trade of China; Economist, June 13, 1891, p. 6. •Eoonomist, January 9, 1892, Supplement, p. 9, 388 urea which for those two years put the production of gold at $3,430,000 and $3,695 000 and those of silver at $612,000 and $735,000. The very detailed remarks of ths United States Mint relating to these figures, however, seem to me to justify these douhts still further. Gold has long since ceased to be coined in Colombia. In 1863 the gold circulation stopped. In 1875 silver too began to leave the country; in 1884 difficulties arose in the ciroulatiori ; since then the currency consists of paper. Mr. Vinoente Eestrepo indeed attempted to obtain more definite iigures from the records of the custom-houses, and thinks himself able to estimate the exportation in 1890 at $3,600,000 in gold and $830,000 in silver, but adds that only by a veritable "tour de force" might it be possible to obtain correct data; that in statistical data the country was very backward.' A report of the German consulate, mentioned by Soetbeer, states for 1889 an expor- tation of 3,761,420 pesos, but, as compared with Eestrepo's statements, it would seem probable that 454,300 pesos of ores, herein included, have to be added to the silver; elsewhere too, an item of " gold and silver bars " at 483,032 pesos is included. The former mining commissioner for Tolima, John C. F. Randolph, says: " A very large annual gold product has always been claimed for the Republic of Colombia, without any authentic figures being given to sustain the claim. Itisnot impossible that as much as $2,000,000 annually may be produced, mainly coming from the very small enterprises in ground-sluicing thin patches of graVel of slight area. Much territory in Colombia still remains to be explored, undoubtedly, and valuable mines may be actually discovered."^ According to this I set down the output of Colombia at $2,000,000=3,009 kilo- grams. (7) East Indies. — Only a few lode mines are in operation. Those that aroused the highest hopes did not pay, but on the other hand Mysore yields sufScient amounts. The figure for 1890 is 2,970 kilograms, slightly differing from Mr. Leech's estimate. If to these figures there be added, as has been done by Mr. Leech, 16,061 kilo- grams for the smaller producers, there results a total output of the earth in gold in 1890 of 167,346 kilograms, very close to the average figure, often stated by Mr. Soetbeer for previous years, of about 160,000 kilograms. Mr. Leech estimates some- what more for 1890, namely, 174,556 kilograms ; that figure seems to me too higli for 1890, but may have been surpassed in 1891. So far as it is practicable at this day to survey the output of 1891, it may possibly reach 177,000 kilograms. That is to say, in the year of comparison (1875) the gold production was 169,540 kilograms, and in'l890 it was 167.346 kilograms; in 1891 there may possibly have been arise of about 5.75 per cent. These figures show the changes that have occurred in the gold production since fifteen years. Of the output for 1890, 167,346 kilograms, or in round numbers, 168,000 kilograms, only about 74,000 kilogiams belong to the younger alluvium. More than 13,000 kilograms come from the conglomerates of southern Africa; but as they lie in the depths, in the sulphides, and are worked by mining, they can not be num- bered with the alluvium. Accordingly, for 1890, of the total amount, 44-2 per cent belong to the alluvium and 58 '8 per cent to lode mining, though of the latter, 8 per cent are represented by old conglomerates. Thus, in comparison with older estimates, we obtain : 1876. 1890. Lode mining . AlluTium Per cent. 12-02 87-78 Per cent. 34-76 65-28 Per ctnt. 65-8 44-2 Or, if the conglomerates are mentioned separately, for 1890: Lode mining ^"'° Conglomerates ° „ Alluvium " Of the increase for 1891 more than 8,000 kilograms belong to the conglomerates. In 1875 the production was 169,540 kilograms, as has been said, being little higher than that of 1890, but at that time the washings entered with 65-28 per cent, while in 1890 only 44.2 per cent came from the alluvium. This circumstance is all the more remarkable because the Comstock lode has since become almost extinct. A large ' Keport of the Mint, 1890, p. 274. . ^ . -win > JoinC.F.Eandolph: Notes on th^EepubUoof Qfllombi*. South America : Trant Aj|». iMt. »»- JCn(f., 18»9, XTW, pp. 806-S13, ^ 389 past of tho alluvium of 1875 has become exploited. The discoveries made since, Witwatersrand (conglomerate) and the district of Barberton (Kaap), also Mount Morgan, in Australia, appear among lode mines; in Siberia new washings were dis- covered, it is true, but they merely took the place of extinct washings. This 44-2 per cent forms the leas reliable element in the output of the present day, but mining, too, has changed. Metallnrgic processes,, for instance, the better unlock- ing of the sulphides, act on the long run in a manner different from that of techni- cal progress in mining, such as new drilling apparatus and explosives. The former increase the output, render poorer ores remunerative, and are of lasting advantage. Thd latter, so far as they cheapen labor, act similarly, but at the same time they hasten exploitation, and the higher annual figure of output is purchased by a short- ening of the life of the works. To this is added in many mines the hunger after dividends, which impels toward rob-mining. The so-called Washoe method, that is to say, amalgamation by the aid of common salt and copper vitriol, prevailed on the Comstock lode, despite the loss it involved, because it worked quickest. In many cases great enterprises were car- ried out with small capital. The participation of the workmen in the Comstock mines has already been mentioned. In Australia work is often carried on with shares of £1 each. This is true not only of gold mines ; the silver mine of Broken Hill was entered upon with a capital of £384,000, based on shares of 8s. each. Through the small face value of the shares it is easier to obtain the capital in the country ; the work is in a manner democratized and the risk is distributed. A haz- ardous undertaking is more readily begun; then there is a demand for profit; but the owner is also inclined, if things go badly, to undertake trial work. So far as the figure of production is concerned, lode mining has this advantage over work in allu- vium that many mines are worked at a loss in the expectation of better finds, while an unfertile alluvium is quickly abandoned. Numerous specialists afSrm that lode mining for gold, taken as a whole, is at this day working at a loss.' Topley says : "If a steady and undiminished production of gold is essential for the well-being of the world, perhaps what we have most to dread is a sudden influx of common sense and prudence in the investing public, for this would at once close a great num- "ber of mines and might considerably diminish the world's production. But probably this contingency is sufficiently remote to be safely left out of consideration. "' This complete change in the character of the gold production, however, does not change the fact that the production from the alluvial land alone determines the economic function of gold. The slowly flowing stream from the lodes, as will be shown, is almost consumed even at this day, by the no less uninterrupted but rising demand of industry. The great quantities of gold in antiquity were derived from the alluvial land. The annual product of the present day is far below that of forty years ago, when the alluvium in California and Australia was entered upon, and without that alluvial gold all the recent troubles about the standard would probably not have arisen. In California the sudden and transitory character of the production from the alluvium would appear still more distinctly did not administrative con- ditions influence the production. The figures of the production of the present day do not correspond to the demand, for a great and extraordinary enrichment of humanity, as after 1849, there is at pres- ent little prospect. The districts of Matabelc and Mashona land have evidently been already picked over superficially. Mr. Bogdanovich kindly'tells me that on the northern slopes of the Kuen-liin there exists gold-bearing saud in considerable quan- tities, and he has described the washings of Sourgak and Kop^ on the southern bor- der of the desert of Gobi, but the exploitation of these sites will in its time proceed probably just as slowly as that of the Siberian alluvium.' Some hope for a rise in the gold production in the near future may exist in the case of California. According to rather general reports, there is in preparation an agreement between the government of the State and the hydraulic works, accord- ing to which the State proposes to erect a catchment for the washed-off masses on a gigantic scale and to tax the hydraulic works for its erection. This would lead to a sudden ri8e,'because the rest of the equipment of the works is in existence. In this way the present figure of the production of California might be raised for a number of years. As, moreover, the exploitation of the South African conglomerates pro- ceeds more rapidly than the decline in Australia, it is possible that we may now wit- ness a higher yield tor some years to come. The means of exploitation, too, have been improved ; but all these circumstances are not decisive for the future. To-day, as thousands of years ago, the legions of gold extraction lie at the boundaries of civilization. In Europe hardly a few rom- lEeyer, California, p. 26;The Economist. April 11, 1891, even asserts the same concerniBgallvermining. 'W. Topley, Gold and silver, their geological distribution and their probable future prodiiotion. Kep. Brit. Assoc, for the Advancement of Science. 1877, p. 535. ^JPewtzow, Tibetanische Expedition, II, St. Petersburg, 1892, p. 118, etc., map D and profiles on Plato III; the site may be recognized on the map in Petermann, Georgr. Mitth. 1892, Taf. V^, at the south margin of the desert, east and west of 84° east longitude Greenwich. 390 nanta of the former wealth have been preserved here and there. Only where virgin areas are entered is gold found in greater quantities. The more quickly greed drives man forward into the wilderness the more rabidly are the treasures exhausted, but we are approaching nearer and nearer to the end, and the transient rise in the annual output changes nothing at all in the final outcome. After a further experience of fifteen years, I think myself perfectly justified in repeating, with even greater posi- tiveness than in 1877, that, presumably, in a few. centuries, the production of gold will diminish permanently and in extraordinary degree. But to-day, even more dis- tinctly than at that time, events are telling that this metal, with constantly increas- ing rarity, will no 'longer be able to maintain its past economic position. II. — SILVER PKODUCTION. The production of silver is in an extraordinary position. It is influenced by the introduction of the furnace method in America, by the frequent shipment and mix- ture of ores, by the continued purchases of the United States Government. Tlie figure given by Mr. Leech of 4,000,000 kilograms, of a value of $166,700,000, for 1890, shows its importance. The consumption of silver in industry vanishes in the face of the rising figure' of production. In 1877 I distinguished three groups of silver ores : those which yield silver in combination with lead, or with gold, or silver alone. The second group, comprising auriferous dry ores, has lost its importance by the decline of the Comstook lode. Its most notable representatives are certain lodes in Hungary and Tx'ansylvania. In America, owing to the decrease of the gold content, they pass over into the great multitude of dry ores which form the third group. The introduction of the furnace method, based on the combined smelting of lead ores and dry silver ores, prevents the establishing of the figure of production for the several groups. In the gold and silver commission of 1887 the question was raised whether it be not possible to ascertain a minimum cost of silver production, which would, repre- sent the limit of production, and, therefore, also the limit of decline in market value. Prof. Eoberts Austen at that time set forth the difficulties of this problem. He dis- tinguished four sources of silver, to wit : Onnces. 1. Fi-om crnde gold 508,000 2. From lead ores -. 30,726,000 3. From copper compounds 7,200,000 4. From silver ores 49,920,733 Total , 88,354,733 Group 4 comprises all dry ores that were subjected to amalgamation, including those of Comstock lode; a smaller part of the product from American furnaces is already comprised under 2. According to an approximate estimate, Mr. Austen at that time conjectured that the cost of production for 1 ounce from lead ores was 2«., by desilvering of copper Is. Ud., and that in the case of dry ores it varies within wide limits, hut might amount on an average to Is. Sd. At that time the value of an ounce was 4s. Of course in such estimates the works which are running in expectation remain out of consideration.' This much is certain, that even with the present silver prices, capital is still invested in silver mining. The American Engineering and Mining Journal shows, accordingto the results of 1891, that some less joroductive mines with low contents, as at Butte, Mont., had been closed. But Granite Mountain, Montana, yielded 2,900,000 ounces at 51 cents, and the rich mines of Aspen and the San Juan district, Colorado, as well as Park City, Utah, work under 50 cents. The Mollie Gibson mine, Colorado, is said to have produced up to the end of 1891 over 2,000,000 ounces, at 48 cents per ounce.'' For Broken Hill 52.6 cents an ounce is estimated, including a sinking fund, but without profit from lead; but those works are now reaching the sulphides, and may decline somewhat. The price of silver in the dollar has fallen in New York to 87-87.10 cents perounce of finesilver. So long as the price is quoted at87-87.10 cents and tie cost of produc- tion in the ruling works is nearly 50 cents, the profit of the works may easily be measured. But the variety of the cost of production in detail, in the gossan or in the sulphides, in cerussite or galena, or in dry ores, appears from what has been said above. The gradual extinction of the gold production on the alluvium and the building up of a vast silver production in America might be foreseen fifteen years ago. la ' Prof. Eoberts Austen, Memorandum on the coat of production of silver, gold, and silver commission, first report, append., TI, pp. 325-329, qu. 1108, etc. sjKng. and Min. Jouin., April 2, 1892, p. 369. 391 that pliase we are still at the present day. Uncloiibtedly the silver lodes at greater depth will meet with the difficulties of high temperature ; some dry ores may become depauperated in the lower portions, owing to increase of zinc blende. That has occurred for the present only in isolated cases. New lodes are found every year in New Mexico, Arizona, Mexico, and in other regions, and what Helms predicted in 1798 in Peru, and St. Clair-Duport in 1843 in Mexico is now beginning to be realized. " The time will come, a century sooner or a century later," wrote the latter, " when the production of silver will have no other limits than those imposed on it by the constantly decreasing decline in its value." ' This limit, however, is as yet far from being attained, despite the considerable fall in price. Even at the present day, on the Andes of South America, dry ores are worked with profit, under the most unfavorable external circumstances. Even at the present day in Peru small smelting furnaces are in profitable operation, for wliich at these great altitudes there is no other fuel than the droppings of the Hamas. In those regions there is yet ample room for lightening the labor. It must be said openly that all hope of improvement in monetary relations through decline of silver production presupposes as yet a very material fall in the price of silver. A rise in the price of silver would increase the profit, but would not greatly enlarge the production. III.— CONSUMPTION OP GOLD AND SILVER. The amount of gold annually consumed in the manufacture of ornaments, watches, gilding of various kinds, gold wire, and various branches of industry is very large, but can not at the present time be ascertained with accuracy. In order to ascertain the actual consumption, we should have to exclude the remelted old material, con- sisting of ornaments, etc., while melted coins from the active circulation are to be regarded as new consumption. Nevertheless, we possess some figures which invite conjecture regarding the total sum of consumption. (1) The most accurate records are possessed by the United States, thanks to the - eft'orts of its mint, continued for several years. In 1890, according to the reports of Mr. Leech, the mints of the United States and the private refining works furnished to industry gold bars of the value of $14,605,901 ; this figare comprises $10,717,472 of domestic bullion, also $449,941 of domestic coin, and $362,062 of foreign bullion and foreign coin, but besides also $3,076,426 of old material. Deducting the latter figure, we obtain $11,529,475^17,348 kilograms. But aside from this, the goldsmiths are in the habit of melting down a quantity, not accurately known, of gold coins. Formerly, according to the information gathered in four different years, this amount was estimated at $3,50(1,000. " If no decrease has occurred in this employment of coin," says Mr. Leech, " then the value of the gold consumed in industry in the United States in the calendar year 1890 has been. $18,105,901, of which $10,717,472 were new bullion. But since we here have to include coin also in the net consumption, we obtain $15,029,475=22,614 kilograms, as the loss suffered by the monetary uses partly through the consumption of new production, partly by the absorption of coin.^ For 1889 that iigure would be 20,922 kilograms. (2) Birmingham. — In 1877 I was enabled, through the kindness of the secretary's office of the Chamber of Commerce of Birmingham, to state the consumption of gold in that city at 250,000 to 300,000 ounces. This did not include gilding and gold leaf. 3 This consumption came under discussion also in the gold and silver commission of the British Parliament in 1887 and was by several authorities estimated, from approxi- mate data, at £10,000 a week. ■• Upon recent inquiry I received on May 8, 1890, through the kindness of ^the same chamber of commerce, the information that a specialist consulted by ttiem, Mr. J. William Tonks, figures "the gold bullion, including the sovereigns and the American gold dollars, melted down in Birmingham daily for industrial purposes at not less tJian 400,000 ounces per annum," with the remark that this statement is rather below than above the truth. This gives for the consumption in Birmingham 12,440 kilograms. ^ ' A Zach. Helms, Tagebuch einer Eeise durch Peru, 8yo, Dresden, 1798, p. 168 ; St. Clair-Duport, De la production des m^taux pricieux an Mexiqne, 8vo, Paris, 1843, p. 426 i Zukunl't des Goldes, p. 344. »Kep. Mint 1891, pp. 62,53. "Zufcunft dB8 Goldes, p. 351. 'Gold and silver commission, first report; Sir Hector Hay, qu. 420; Mr. J. W. Birch, qu. 1371, and «lfewhere. *Por this communication I am indebted to Secretary Haydon. Eecently Mr. Ottomar Haupt (Economist, January 16, 1892) estimated tliis demand for England for 1857-1870 at £1,600,000 and tor 1871-1890 at £2,000,000 ; that is to say, at about 11,000 and 14,600 kilograms. The former figure was also mentioned in the gold and silver commission . In reference to this it might, perhaps, he of importance to know how much is to be deducted from Birmingham for exportation. 392 (3) Geneva. — The manager of the refining works in Geneva, Mr. Ch. Laoroix, had the kindness to send me in 1890 and on March 22, 1892, information concerting the demand of the watch industry. The last letter says : " Relying on our sales and on the figures of the federal control, I estimate the demand of Switzerland in 1890 at 14,000 to 15,000 kilograms of alloyed gold; that is to say, about 9,800 kilograms of fine gold. Of this I estimate that seven-ninths went to the watch industry and two-ninths into jewelry. For silver on the same basis in the same year the demand would have been 60,000 kilograms of fine silver, which was entirely taken up by the watch industry. For 1891 I estimate the demand for alloyed gold in Switzerland at 9,000 kilograms ; that is to say, about 5,900 kilograms of fine gold, 7,000 kilograms being for watches and 2,000 kilograms for ornaments. Silver would amount to 52,000-55,000 kilograms, entirely for the watch industry."' From these figures a quota is to be deducted for old gold. (4) Germany's demand was in 1883 estimated by Soetbeer at 15,000 kilograms, of which 20 per cent was old material. In recent time an estimate gave 15,500 kilo- grams. If from this, too, 20 per cent is deducted, the remaihder of 12,400 kilograms seems in comparison witli the United States almost too small, and it is possible that many a gold piece finds its way from circulation direct into the workshop. The demand for gold undoubtedly increases in Germany also ; only the Chamber of Commerce of Hanau kindly answered upon inquiry that Hanau indeed consumed, in 1890, 3,000 kilograms of gold and 8,000 to 10,000 kilograms of silver, but that the consumption of gold had somewhat decreased, while the demand for silverware had increased considerably. The annual report ascribes the decline of the gold industry to the impeded exportation to America in general and to the Argentine troubles.^ (5) To these figures let us add the extraordinary demand of the East Indies toT ornament and for hoarding, of which mention will again be made farther on. The net importation of gold, which for years has been flowing to that country, not only from England but also from the East, was in 1889, 20,600 kilograms; in 1890, 34,986 kilograms, and in 1891 not less than 41,259 kilograms, or 5,636 thousands of rupees. But to this is to be added the entire domestic production of gold, with 2,261, 2,970, and about 3,000 kilograms for 1881-1891, so that the actual receipts of Indiain those three years were 22,861, 37,956, and about 44,259 kilograms; that is to say, on an average 35,000 kilograms. These five scattered items. United States, Birmingham, Switzerland, Germany, and India, by themselves, even with the notable deduction of old gold for Switzerland, lead us to a net demand for about 90,000 kilograms per year. Some time ago I esti- mated the total demand of the earth for art, industry, and hoarding at 100,000 to 120,000 kilograms. Dr. Soetbeer, in the article preceding his last, deducts the higher figure from the total production.' But even this figure is manifestly too small, for 30,000 kilograms can not suffice for all the rest of the earth. France alone has been estimated at 15,000 to 16,000 kilograms, and then there are still unmeu- tioned such consumers as Austria-Hungary, Italy, Spain, Russia, Belgium, Holland, and so many other regions outside of Europe, and not even the whole of Great Brit- ain is included. But if this figure is compared with the figure of the total production of 168,000 kilograms in round numbers for 1890 or 177 kilograms for 1891, it seems to me very probable that the demand for ornament, for industry, and for hoarding is close to the figure of production or has already reached it. " The assumption," says Dr. Soetbeer, " that in the years recently past, together with the outflow to the East and the still prevalent practice of hoarding, industrial employment has materially checked the increase of the monetary gold stock and may presumably have nearly absorbed the yearly new production of gold, can not, it is true, be numerically demonstrated, but on the other hand just as little will it be possible to demonstrate its incorrectness." * This view 1 share entirely, and it corresponds to the present condition of affairs. But the industrial demand increases from year to year with the increase of well- 1 The first communication kindly sent by Mr. Lacroix, dated October 14, 1890, read as follows: ""W"© take pleasure in informing you tbat our Vorks fumishod. in 1889, 6,800 kilograms of alloyed gold for the various demands of je-welry and for watch cases. Of these 6,800 kilograms, 4,700 were dehvered in Switzerland. In order to alloy these 6,800 kilograms we used up — Kilograms. Bars of old gold from remnants of workshops, old ornaments, etc 3,700 Fine gold from refining works, etc htm Various coins l'^™ "It is not possible for us to tell you accurately how much has been furnished during the same period by establishments of similar nature, but there will probably be no great error in assun^ing that that amount is one-half the product of our works. A number of banking houses sell fine gold or coins directly to the manufacturers, who alloy and melt it themselves. The estimate of this factor escapM us entirely." ' Jahresber. d. Handelskammerln Hanau fiir 1890, S. 6. ' Soetbeer, Edelmetallewinnung, S. 542. ' Soetbeer, Litteraturnachweis. S. 28S. 393 being. We have either already reached the day, or approached very close to It, vhen mining will yield less than industry consumes. From that day forward the whole new production no longer counts for monetary needs, and from that day for- ward industry will withdraw from the stock of money an amount of gold increasing annually with the increase of wellbeing. IV. — THE STOCK OF GOLD. In a paper directed against the bimetallic movement in England, Mr. Rob. Gififen, in 1889, pronounced the opinion that the aunual production of gold is almost entirely absorbed by industry and by India; that without India the fourth or fifth part of silver finds similar employment ; and that in general the amount of gold and silver which serves for other than monetary purposes is wont to be underestimated. In this nonmonetary condition gold and silver are said to be certainly nothing else than merchandise, and to be as little able to replace each other as wood and iron are ; but the case is said to be not different with coined money, and consequently bimetallism an illusion.' My remarks concern not these theoretical deductions of Mr. Giffen, but the facts which he presupposes. Gold and silver exist in three forms: as currency, as bank reserve, and finally, more or less immobilized, for instance as ornament. But these three divisions are not sharply separated. The bank reserve, covering a note, serves the purposes of actual circulation often even beyond its own value, and on the other hand there are reserves with the most diverse degrees of immobility, as shown by war funds, the Indian treasures, etc. Even our ornaments may in days of great dis- tress find their way to the mint. A great mistake is committed when money is considered merely as a medium of international payment and when the incalculable services are underestimated which it has to perform in domestic retail commerce. Here, it is true, the first glance shows that there are many states which in domestic commerce lack gold, but not one that does not use silver and copper. But even in the gold countries the gold is far too immobile to be able to enter into the finer arteries of commerce. The lower boundary of the gold zone of commerce is the 10-mark or lO-franc piece, the half-sovereign. Thereasonforthis,ashasalready been said, lies in the high value and at the same time in the high specific gravity of gold, which causes the volume to diminish. The zone of gold itself has but slight variety, and in commerce is wont to comprise merely this smallest piece capable of circulation and its double. Below the lower limit of gold lies the broad and varied zone of silver, often widened out below by coinage below the standard. In this broad zone fall the daily purchases of the housewife, in the most advanced states the daily wage, and if the weekly wage actually brings a gold piece it has to be changed at once, because, being gold, it is not adapted to defraying the daily wants. It may well be said that to the zone of silver in all these states falls the greatest work ; that is to say, with silver the greatest number of purchases and obligations are discharged." Copper is the companion of silver for supplying the fractional parts, and for the smallest commerce, and as a liiedium of circulation for the masses of the people is enormously more important than gold. It is readily understood, too, that with the rise of the lower classes, with the increase of wages and of well being, the demand for silver and copper for this reason must everywhere increase, even in gold lands. The report of the British mint states that in recent years far more silver coin had to be put into circulation, the new issue being, after deducting the compensation for recoinage, in 1889, about £1,579,125, and in 1890 about £,1070,475. But the demand for bronze coin was so great that in 1890 not less than 105 tons of disks for bronze coinage had to be pro- cured through the mint company in Birmingham. The German mint administration has the merit of having always devoted special attention to these needs. In fact, it must be firmly kept in mind thatthe smallest pur- chase or sale is of the same legal value as the largest. The smallest obligation to pay demands its discharge with the same right as the largest. From this stand- point we must consider not only the value of the coins put into circulation by the state, but also the number of pieces. The financial administration of the German Empire coined up to December 31, 1891 : In gold, 2,587,100,000 marks in 158,800,000 pieces ; in silver, nickel, and cop- per, 516,(WO,000 marks in 1,948,000,000 pieces; that is to say, the value of the gold coined was about five times that of the other metals, but the number of pieces coined of other metiils was thirteen times as large as the number of gold coins. But the actual condition of the metallic circulation must show far more unfavor. able relations for gold, for a good deal of gold emigrated or was melted sdown, 'Hob. Giffen. A proHem in money, XIX Century, 1889, b, pp. 863-881. * A table of weekly wages in compariBon with the limit of the silver zone is given by W. Herbage, Economist, July i, 1891. 394 and besides the coining of silver there are yet some hundreds of millions of marks in old thalers to be taken into account. This greater immobility of gold is also expressed by the fact that in England the half-sovereign travels farther toward the periphery of the kingdom than the sover- eign, and that gold in general remains more in the vicinity of the centers of com- merce. Mr. Will. Herbage states that the public at the depositories in London pre- fer the larger coin, and that the proportion of the sovereigns and half-sovereigns paid out is as 81 : 19. Outside of London the proportion in England and Wales sin^s to 75-6:24'4, and in the remote parts of Scotland and Ireland it is completely reversed. Thus in Ireland it becomes, in Armagh, 10:90; in Cork, 9:91; and in Scotland in Dunfermline, 10 :90, and in Wick, 3 : 97.' Thus the heavier gold coin remains near the center ; the lighter one is preferred at the periphery. The most instructive data forjudging of the actual conditions of the metallic cir- culation are offered by France.^ On the evening of April 22, 1891, at some 20,000 public depositories in France and Algeria and in numerous banks and money institutes, "the cash receipts in notes and in gold, 20 and 10 franc pieces, and in silver 5-frano pieces were counted; in 1868, 1878, and 1885 similar counts had been carried out. The count of 1891 comprised 120,000,000 francs, or, inasmuch as the reports of some banks were not quite complete in regard to the year of coinage, about 100,000,000. Eighty per cent were received in notes and 20 per cent in metal; this relation in 1885 had been 68:32; the circulation of notes therefore has increased. The proportion of gold to silver was 70:30; in 1885 it was also 70:30; thus there exists equilibrium between the two metals. The notes behave in a manner quite similar to that of gold; they appear toward the centers, whore the payments are made in larger amounts, and they dwindle toward tlie periphery and toward the regions of less commerce. At the Bank of France only 4'51 per cent were paid in metallic money; at the Bank of Algeria only 3-64 per cent; on the other hand, in the Dep. Aiu, 45-65; Doubs, 43-59; Morbihan, 48'33; Corsica, 50-890; Haute Savoie, 59-47. In similar manner, though not in exact local agreement, it is seen that toward the less wealthy districts the payments in gold decrease and those in silver increase, and a map accompanying the ofScial report shows how, from Paris outward, on the one hand toward the northwest in Morbi- han, Fiuist^re, and Manche, and on the other hand toward the south, up the Loire and toward Haute Savoie, the payments in gold sink, step by step, below 50 per cent. In a general way the more active circulation of gold in the vicinity of the point of gravity of commerce agrees entirely with the information obtained in England, and as in France the note circulation is considerable, it takes the place of gold in large measure in these payments. Incidentally the French count is remarkable, also, by the showing of the remark- able quantity of foreign coins. Not only the gold pieces of the Latin Union, but also those of Austria-Hungary, Russia, and Spain are here in legal circulation, and the count of 1891 showed 1,871,860 francs of foreign gold; that is to say, 11-44 per cent of the total circulation. The foreign gold trickles in and remains. Austro- Hungarian gold pieces were used on that day in payment as far as Algiers, Constan- tine, and Oran. Mr. deFoville profited by this count in order, from the nature of the payments, to draw conclnsions in an ingenious way concerning the total amount of the mone- tary possesions of France in precious metals. According to him, these possessions at that time were 3,000,000,000 in 20-franc pieces, and 700,000,000 francs in 10-franc pieces, and specifically in 20-franc pieces 2,550,000,000 of French, 240,000,000 of Bel- gian, and 150,000,000 of Italian coinage. This would comprise only 50 per cent of the pieces coined in France since 1803, 50 per cent of Belgian, and 37 per cent of the the new Italian coinage.-' If de Foville's presuppositions are applied to theAustro-Hungarian fraction of the gold circulation there current, it would result that about one-third of the 20-franc pieces coined by Austria-Hungary are at this time in France. The proportion of the 20-franc pieces coined in Austria-Hungary to the 10-franc pieces was as 18'44:1. The figures found in France were 8-8:1. According to this the smaller coin would remain in active circulation twii-e as long. ' W. Herbage, ibid. 2La composition de la circulation Moii6ta,ire de la Trance; Bull, de Statist, et de Lfigislat. comp., XV, Paris, 1891, pp. 1'21-150. SA. de roville, Ij Economiete fran^ais, B et 19 Sept., 1891; the numbers following contain a discns- aion between de Foville and Ott. Haupt, which rehites to the amount of silver circulation in France. France, by the way, has also taken up a very large part of the debased fractional silver currency of Italy. Some years .igo a ^art of this was sent -back to Italy, but flowed again into France. _ Italy, therefore, is at present striving after an independent fractional silver currency whose fineness is to he still less than the present (0-ti35); but this is at variance with the regulation of theLfttmUiiion. 395 The examples mentioned show how the gold coin starts from the center of com- merce, how its high value prevents it from penetrating into the finer arteries of retail commerce, and how in the peripheric portions of the state also it does not reach the same degree of infiltration into circulation as in the center. They also show how in France the gold, precipitated as it were by the notes from the current circulation, sinks to the bottom and gathers in the great reservoir. The accumulation of gold in the Bank of France and in the Gterman Imperial Bank has been looked upon as a sign of an abi.indance of metal. This is an error, as is expressly recognized by Mr. Soetbeer in his last book. ,The substitutes of the banks, checks, notes, also the gold certificates issued by the United States, are probably the main reason for the accumulation of gold.' At the same time Soetbeer gives the following figares: Monetary gold status of the banks in 1890, 6,000,000,000 marks (2-15 million kilo- grams); 1891 ,.6,700.000,000 marks (2'4 million kilograms). Gold production 1851-1890, 20,000,000,000 marks (7-2 million kilograms). In the pockets of the public, after an estimate which is rather much too high, 7,300,000,000 marks. Loss in four decades (industry. East Asia, etc.) probably much over 6,000,000,000 marks. Assuming now that these figures are correct (and we have to regard them as a conscientious attempt at approximation, undertaken by a master), the question arises : Where is the great stock of gold which humanity is said to have accumu- lated from gerferation to generation through millenniums ? If the sum total of the bank reserves and of tlie active circulation in gold is not even equal to the production of the last forty years, but falls almost one-third below it, where then are the remnants of the former riches? First, there is the loss by use itself. Pfaundler has met the theorem of the indestructibility of matter by the question whether matter really admits of unlimited repetition of use, or whether it is not finally brought to a terminal condition in which, though it exists, it has yet lost all value for our purposes.^ This certainly is true in high degree of gold. The English gold pieces coined before the accession of Queen Victoria showed so marked wear, that they had to be withdrawn a short time ago. In the sovereigu the loss proved to be 2-236 grains; in the half-sovereign, which may have circulated more, 3'046 grains. But it is not only the "Previctorians" that show such losses. In Juno, 1891, Mr. Goschen called for £400,000 for the purpose of reooining Victorians that were no longer of full weight. True, the English gold coin is not ,■'„, but |^ fine, and therefore a little less capable of resistance than most European gold coins. But that which took place in this short period iu England has taken place since the existence of gold coins among all nations, and the losses are very considerable. History, iu fact, tells that several times a great scarcity of gold occurred in Europe, doubtless produeednot merely by war and hoarding of the treasures, but also by wear and by lack of supply. In the second place there is the l^ss through industry, ornament, and hoarding. The great demand of the present da,y has already been mentioned. The sum of the quantities of gold immobilized in civilized countries, for examples in watches, gilt frames, etc., is certainly very large. One part of it could only be made current on a large scale by tremendous crises, another part never. The amount that has been accumulated in Asia we do not know. Even if Giffen's statement is correct, that the immobile amount of gold is greater than the mobile, yet that mass remains actually dead for the purposes of the world's commerce. The existing monetary stock in gold is overestimated, especially in comparison with the tasks incumbent on it. And now if the precipitation of the circulating gold by fiduciary papers continues at the same rate as hitherto, if no supply is furnished from the production, then there must occur scarcity in the visible circulation of gold. And if simultaneously in the internal commerce of the nations the demand for means of commerce in sil- ver and copper rises from year to year, then the best-ordered states are advancing toward a condition in which the ostracized silver and copper will actually circulate and work, while the gold, no longer visible in circulation, owing to insufficient quantity, will form the foundation, growing more inadequate from year to year, for the huge towering structure of credit papers. The present needs of human society, the incessantly expanding commerce of the nations, the increasing population and the growing prosperity, the activity of internal transportation, the creation of great new commonwealths through coloniza- tion, the transformation of natural economy into financial economy, which is cou- ' Soetbeer, Litteraturnachweis, p. 291. ' Pfaundler, Die Entwertliung der Materie ; feriel. Sitzung d. k. Akademle in "Wien, 30 Mai 1888, S. 232. 396 Btantly progTessing even in Europe and down to the present day, can only he satis- fied \^ a value-measuring metal, -whioh also is produced in annually increasing quantities. Chapter VI. Emir Abdulldhi — The Copper Bing in Paris — Limits of the Quantities offered hy Nature. In the course of the past few years copper once chanced upon the honor of possess- ing forced circulation. When, in May, 1886, the Egyptian troops had evacuated Harar and had left a considerable quantity of Eemington copper cartridge shells, the new ruler. Emir Ahduliahi, had these shells coined into money, and heVjrdered tlie brokers to exchange the silver thaler for 21 pieces of such copper coins. The edict began with vehement declarations against usury, and thereupon every one who did not obey the order to accept the forced money was threatened with flogging or im- prisonment. Paulitsohke, who soon after visited the town, tells us that the consequence of this forcible introduction of a wretched coin was a tumble in the value ot all property; that the Gallas of the neighboring districts kept away from the market, and that hence arose distrust and embarrassment.' But how far does the action of Emir Abdulldhi, who knew how to usher in his arbitrary stroke with pious words, fall short of what was concocted at the same time in Paris for the purpose of raising the price of copper? In the same year, 1886, a number of persons had combined in Paris for the purpose of artificially raising the price of tin, and more especially afterward that of copper. They concluded numerous contracts relating to tin, and they succeeded in fact, in 1887, in forcing it to the unheard of height of £170 in the London market. But in the spring of 1888, as a consequence of this price, a diminution of the consumption became apparent, whiiih continued even at £166. The undertaking broke down, and on May 10, 1888, the price of tin in London was £79 12s. dd. Undisconraged by this failure, Paris speculators turned with still far greater resources to the project of forcing up the price of copper, and for this purpose a net- work of purchases and mutual obligations, embracing the whole earth, was woven. The most comprehensive historical account, besides the report of the Comptoir d'Escompte in Paris, was given by the chief of the bureau of mining statistics of the United States, David T. Day.^ The proceeding, in a general way, was as follows: The Soci6t6 des Mitaux in Paris and the producer agreed for the next few years on a maximum of production. For that amount the socUm guarantied a price whioh in England varied between £60 and £65, and in North America amounted to 12 and 13 cents. Any profit above this price was to be shared by the two contracting parties. On this basis agree- ments were made with the largest Spanish producers, with two companies at the Cape of Good Hope, then for the product of Venezuela, the Canadian mines, the most important Australian works, the largest work in Japan, then with Pannlcillo in Chile, and almost all the larger companies on Lake Superior, in Montana and Arizonj,. The total production of the earth at *hat time was estimated at 275,000 tons (long tons), and the extent of this combination at 175,000 tons. Along with this there existed, under the name of the French Syndicate, but con- nected with the Soci^t^ des M^taux, a second group of contractors, which had got 40,000 tons under its control, so that the whole influence extended to 215,000 tons— that is to say, to about 78 per cent of the total annual copper production of the earth. This undertaking, as has been said, had already been begun in 1887, when the tin ring was still in existence. In North America resistance was made to the artificial raising of the price. This resistance was broken by an accident — a great fire in one of the most important mines on Lake Superior — and the price of copper began to rise. To Dr. Day belongs the credit of having pointed out already at that time, along with various other calm thinkers, that the cost of production of copper on a general aver- age is £52 to £55 in England and 11 to 12 cents in America, and that the attempt to keep the price permanently higher would not succeed. But such words were not listened to. The president of the Rio Tinto Company, which works Spanish ores in England, was able already at the annual meeting of 1887 to announce that for 1888, 1889, and 1890, for the entire copper production of the company in excess of current ' Ph. Paulitaohke, Harar, 8vo, Leipzig, 1888, S. 389 ^ also BoU. Soo. Geogr. Ital., XXIII, 1886, p. 398, ^David T, Day, Mineral Eeaouroes of tlio United States; calendar vear 1888, p. 43, etc. t a review of the copper production at that time is given by J. H. L. Vogt, Om Verldens Guld-,S61v-og Kobber. Produktion in Zetterstedt, Nord. Zeitschr., 1889. 397 oljligations, an agreement had been entered into -which would make it possible to obtain for the expected annual production of 20,000 tons, instead of the prevailing price of £48 per ton, a price some £20 higher. The South Africa Cape Copper Mining Company, with headquarters at London, at its annual meeting contirmed an agreement with the Soci6t6 des M^tanx for the three years mentioned, in which the annual profits of the Cape Copper Mining Company was estimated at £220,000 to £230,000. The Namaqna Copper Company, also of South Africa, entered into a similar agree- ment, and its president estimated the gain which was to arise thence to that company for 1888 at 30 per cent, for 1889 at 38 per cent, and for 1890 at 46 per cent of the com- pany's total capital of £200,000. - The South American Quebrada Railway Land and Copper Company, Venezuela, figured its gain from a similar agreement with the Soci6t(5 des M^taux for 1889 at £61,531, and for 1890 at £53,994. It is useless to multiply examples. "We see the nature of the several meshes of the great network in its spread. " Soon it was to be drawn together. The sale on the various markets began to slacken because supply became scarcer. Prices rose; but as tUey rose the following facts were observed : First, the demand shrunk ; next, old material was sought out, copper roofs and kitchen utensils were bought up, much invisible store came to light, and those smaller works that did not lie within the circle of agreement, especially those that obtained copper as a by-product, raised their production with great advantage. Thus, for example, the extraction of silver- bearing copper pyrites in Montana received a powerful impulse, and in Montana the product both of copper and of silver has since then been materially higher. The advances which the Comptoir d'Escompte had to make to the Soci6t6 des M^taux became multiplied, and already toward the end of June, 1888, that comptoir was obliged to pawn in the Bank of France part of the copper warrents received as security. In September the comptoir, it is stated, demanded a settlement of account with the soci^t^ and the syndicate. In December an unsuccessful attempt was made to transfer the whole enterprise to an English company. Many attempts and incidents followed and failed. On Mareh 5 the manager of the Comptoir d'Es- compte killed himself. On the very same day the mine owners in New York met, refused further delivery, and proposed a contraction of their output by 20 per cent. Thus was the collapse accomplished. The assignees on March 31 submitted an account in which the liabilities of the Soci6t6 des M6taux were figured at 293,325,330 francs. During this time the prices of copper had to undergo the most extraordinary vari- ations ; the whole consumption of the electric companies, for example, was thereby materially influenced. Toward the middle of September the price of the warrants of the Chile bars had risen to £115, and then, in consequence of the straits of the 80ci6t^., declined to £78. When the crash came, the producers had to deem themselves fortunate because a large part of the stock of copper was held as se- curity by the Bank of France, which sold out forbearingly and slowly, so that it was possible to keep the price between £40 and £50, and to save numerous indus- trial enterprises from wreck. An extraordinary increase of the demand, for example, for electric apparatu? and for vine culture, inasmuch as the sprinkling of the vines with copper vitriol has quickly acquired wide prevalence — not to speak of the war in Chile — came to the assistance of the works, and at the present day the total production of the earth is at least 300,000 tons. Of this the United States alone produced, in 1891, 130,634 tons and consumed 94,116 tons, and the demand there which was in 1870, 0"6 pounds per head of the population was, in 1891, 3 pounds. But now we are led to the following reflection : The production of the greatest copper works of the earth was, in 1890, 270,485 tons, at £54 Is. This gives a total of about 365,500,000 francs; and with a total production of 300,000 tons this value would be 405,000,000 francs. The total value of the gold production in the same year was about 570,000,000 francs. It was possible for reckless men in Paris to get 78 per cent of the copper production into their hands, and in so doing incur liabili- ties amounting to almost 300,000,000 francs. The figure of the mine product is given ; the figure of the amounts which are available for unbridled play is elastic and ex- pands in a manner undreamed of. In an attack upon the gold it is not necessary to turn to the mines and to make agree- ments with them concerning the limits of production. The copper ring hurts because invisible store was transformed into visible and old copper came upon the market, a proof of how strong were the fetters imposed. Gold, too, in proportion as the figure of consumption approaches tliat of production, is all the morn exposed to dangers unknown to former periods, and which deserve the attention of statesmen. At the same time this ring gives a new instance of the limits which nature has set to the wealth of its gifts. Man's control of bis planet has reached a point 'where tbes^ limits wuBt never be lost fi'oro view, 398 Chaptek VII, THE BRITISH EMPIRE. Canada — South Africa — Australia — India — The Mother Country, The United States Secretary of Agriculture, Mr. Eusk, said last year: "In Europe science labors for the development of war; with us for the development of agricul- ture." The Austrian representative, Dr. Peez, wrote not long ago concerning the possi- bility of a "walling in of Europe."' In fact Europe is in an extraordinary, nay, an unheard-of, position. She passed through the most frightful wars in former times, and never were they followed by a state of affairs like the present. The United States waged a bloody civil war; then came peace. To-day in Europe it is different. Along with friendly esteem between individuals there lowers profound mutual distrust between the governments. A considerable part of the economic force has for two full decades been consumed in armaments; hundreds of thousands of men remain withdrawn from productive work; gold is stored up, just as powder is stored up, for the purpose of waging war, being withdrawn from commerce. Not a single nation can escape this ban, and the question remains whether future historians will regard this condition of affairs as a masterpiece of enlightened statesmanship or rather as a proof how diffi- cult it IS to secure recognition to the community of interests, even where it is pal- pable. For in the meantime the rest of the world prospers. The figure of its population, its capabilities, its railways, its harvests, its well-being, are increasing. The exporta- tions and the capabilities of Europe, too, are rising, but not at the same rate. Mr. Goschen, chancellor of the exchequer, but now, on April 11, in submitting the English budget, recognized the depression of economic life. Before me lies the map of the British Empire recently published by Lord Thring.' It is a civic structure that has not its like and never had. It is spread in every quarter of the globe. One continent, Australia, it embraces entirely. There lies the mother land, and around it are ranked the daughter colonies and the mixed colonies, the dependencies, protectorates, spheres of influence, and the scattered military and economic outposts. In the midst of the archipelajio of the Pacific lies the coaling station of Viti Levu ; in the midst of the Indian Ocean that of Diego Garcia; the lines of British steamers traverse all the seas. This Empire possesses in the Bank of England the center of the gold circulation of the globe and its only free main artery. It comprises two of the most important gold-producing lands, to wit, Australia and South Africa — inasmuch as the South African Eepublic is seen to be practically included in this whole in an economic respect. I'urthermore, it possesses India, which has the silver standard. The antagonism of interests arising from the different valuation of the precious metals finds distinct expression within this sphere. The political connection of these various areas with the mother country is diverse. First, there are three great colonies having parliamentary representation, to wit: Canada, South Africa, and the Australian states. They administer their internal affairs independently under a governor appointed by the mother country, who, how- ever, is more or less responsible to the colonial parliament. With the exception of a few ships recently acquired in Australia they have no army or navy, and are restricted in regard to external politics. All these colonies have surrounded them- selves against the interests of the mother country with protective tariffs, and from these tariffs derive a considerable part of their revenue. New South Wales, the last to cling to free trade, has now gone in the same direction.' For some time back the sentiment has been awakening in England that this rela- tion to the mother country is hardly tenable. "A Briton," wrote Sir Charles Dilke, in 18fi8, "does not understand why our artisans and merchants should be taxed in aid of populations far more wealthy than our own, who have not, as we have, mil- lionsof paupers to support. * * * "Canada is, in all ways, the most flagrant case. She draws from us some £3,000,000 annually for her defense; she makes no contribu- tioii to that cost; she relies mainly on us to defend a frontier of 4,000 miles, and she excludes our goods by prohibitive duties at her ports.'' 'Al. Peez, Europa aus der Vogelperspektive, 8 vo, Miinclien, 1889, S. 69 (from the Miincli. Allg. Zeituiiff, No. 129, etc.). 2 Lord Thring: The consolidation of the British Empire; Scottish Gfiogr. Magaz., YIII, 1892, pp. 61-72. Map. " For details I refer to the book by Alfred Caldecott, English Colonization and Empire, which appeared in the series of University Extension Manuals, 8vo, London, 1891. ^Sir Charles "W. Dilke, Greater ilritain, a record of travel in Euglisli-Bpeakiiig countries ; 8tli ed.i I.Oi.don, 1890, p. 38!), etc, 399 It was on the ground of thoughts like these that in recent years in England and the " Imperial Confederation League," and later on the "United Empire Trade League," came into life. Men cast about for means to consolidate the Empire. The movement succeeded in inducing the Government in 1887 to assemble prominent statesmen from the colonies in London. Attention was mainly given to questions relating to right of trade, postal connections, and the like, hut yet the South African Hofmeyer found opportunity, amid general sympathy, to develop a plan based on differential duties in favor of commerce with tlie mother country. This proposal met with decided resistance in all free-trade circles. It disappeared for some time, and a kind of defensive and offensive alliance seemed now to be the aim ; the Austro- Hungarian delegation' was also drawn in for comparison. In recent time the commercial union has once more come to the foreground. The most-favored -nation clauses of the commercial treaties with Belgium and the German customs union of 1862 and 1865 were opposed to these endeavors. In June, 1891, Lord Salisbury declared before a deputation that he would profit by the first suitable opportunity to remove these clauses. On September 1, the united chambers of commerce of the Kingdom unanimously adopted a resolution demanding closer commercial rela- tions with the colonies. But the articles of import from the colonies are raw produce and food stuffs, and it is very much to be questioned whether the English Parliament would be willing, in deference to these political aims, to risk au inevit- able rise in the price of wheat, for example. For many other articles the differen- tial duty is of no value, because England is already drawing its supplies from the colonies, especially. the wool ol Australia and South Africa. For the present no actual changes have occurred; it will be in order to watch attentively any steps on the part of the English Government against the most- favored-nation clauses spoken of; but in the meantime events in the colonies seem here and there to be tending rather in opposite direction. The present Canada, whose oldest nucleus is formed by the French colony of Quebec, acquired by England in 1763, has resulted from the progressive union of smaller aggregates of states, which continue as seven provinces. In 1867 the pres- ent constitution was called into being. Newfoundland remained outside the union. The further development of things is influenced by the fact that Canada is in imme- diate contact along its frontier with a great poUtical body identical in language and origin. The center of gravity of the foreign trade of Canada lies not in England, but in the United States. Economic interests point southward. The figure of the popu- lation at the last census did not show the expected rate of increase, and the surmise exists that many immigrants subsequently turned to the United States. The increased tariff of the United States has rendered the situation more acute. The recently deceased governor. Sir John McDonald, had, for political reasolis, antag- onized the economic gravitation toward the neighbo,r at the south; he himself, in 1879, in order to meet the then hostile policy of the United States, an(i to increase the revenues of the Government, had introduced the high duties which are now characterized even by the partisans of the Canadian government, such as Howland, as a lever for illegitimate influence of the administration, a source of abuse, and a badge of degradation of a free people.' In September, 1891, the Canadian parlia- ment resolved unanimously to petition the Queen for the repeal of the most-favored- nation clauses of the German and Belgian treaties. The motives underlying this unanimity, however, were diverse. The leader of the opposition, Sir Richard Cart- wright, in February, 1892, published in English papers a letter in which, indeed, the damnable character of the prevailing systems of high protective tariffs is branded in the strongest words, but yet their complete abolition is by no means pointed out as the aim of his party. Free trade with the whole world is said to be theoretically preferable, but free trade with the United States is said to be far more valuable for Canada than free trade with all other peoples without the United States. Hence it is said the aim should be to open the frontier in this direction, and to maintain the tariff against all other nations.^ We stand in the presence of one of the political consequences of the recent eco- nomic measures of the United States, of which we shall soon meet several others. From a speech of the treasurer, Mr. Forster, February 22, 1892, it appears that Canada has now solicited the restoration of the reciprocity treaty of 1854 with the United States, and it is probable that Mr. Blaine has replied with proposals similar to those of Sir Eichard Cartwright. In Cape Colony the state of affairs is entirely different from that in Canada. In Cape Colony proper there live, besides 376,000 whites, 1,149,000 Bantu negroes, Hot- tentots, and other colored persons.'' Toward the north all political life is in the first * 0. A. Howland, The !N"ew lljmpire; Eeflections upon ita origin and constituUon and ita relation to the Great Eepublio, 8vo. London and Toronto, 1891, p. 473, etc. *The literal wording in The Economist, February 13, 1892. « H. 'Wagner und Supau; Petermann's Geogr, Jutth., Ergaazungehelt No. 101, 1891. 400 stage of formation, and the boundaries of states are frequently displaced. Diamond pits and gold mining at some points, especially at Johannesburg in the South AfH- can Republic, caused large settlements to grow up quickly, which, however, up to the present day lack the necessary communications ; but far beyond them, in Mashona laud, the colonizing work of the first settlers is already beginning. All these circumstances give to Cape Town a strong transit commerce, beside which only the trade of Natal and Delagoa Bay is of some importance. In political respect the Europeans of Cape Colony, by their geographic position, are entirely thrown upon their own resources, and their only external support is the distant mother country. From there the colony has already received loans to the total amount of over £20,000,000 for investments. ' It is a good sign for the increas- ing well-being of the colony itself that it is said to have recently floated withint he country £900,000 at 3^ per cent for public purposes. The lists of export and import indeed show many surprises. Thus, for example, it is stated that from 1865 to the end of 1890 considorably more gold was broughtto Cape Town than was exported thence. The importation of gold coin within that period is set down as £8,118,301, the exportation at £2,372,841 in coin and only £1,803,527 in gold dust, although for the latter tigure the possibility of shortage in manifest is pointed out. At any rate these figures, and especially the importation of £1,330,000 and £2,390,000 of gold coin in 1888 and 1889, show that the increasing commerce has absorbed considerable quantities of coined gold.' If things turn out favorably, it may happen here as it did in California. After the end of the gold pro- duction there will remain in South Africa a well-invested and colonized gold-con- suming land, with all the advantages and all the needs of such a land; but since the virgin area is here much larger than in California the process may be repeated on a still larger scale. Imports into Cape Colony in 1890 were £12,500,000 and exports £11,300,000, but among the articles of import there are found, for example, agricultural implements for £422,000. and along with them considerable amonntsfor corn, flour, butter and cheese, a contradiction which shows to how great an extent everything is in its genesis. The most important part of the export is diamonds. The negotiations with "King" Lobengula, the recent travels of Lord Eandolph Churchill with Mr. Cecil Khodes, the formation of an armed force for Mashona, and the vigorous advance of the railway into the far north are as many signs of confi- dence and of the prevalent aspirations. The very indefinite condition of the north- ern boundaries may be an obstacle to the speedy internal consolidation of the incipi- ent South African state. Australia began its connection with Europe as a penal colony. As such. New South Wales, in 1788, received an independent administration. New Zealand was formally occupied by England only in 1840, in a race with France, which latter was out- stripped by three days. Victoria was formed in 1851 in consequence of the gold finds, Queensland only in 1859. But in these regions events mature quickly, and already in. April, 1891, in Sidney, an assembly of prominent men from all the states of the continent, as well as from New Zealand and Tasmania, under the leadership of the premier of New South Wales, Sir Henry Parkes, adopted a constitution which is destined in time to unite all these colonies into a singte political body.^ Wars have entirely spared these happy lands. Even the figlits with the natives, owing to the defenseless condition of the opponents, except in New Zealand, remained short and without influence on the course of events. No social barriers checked the rise of the ablest. Sir Henry Parkes himself, who has just been mentioned, is a workman who came over from Birmingham. Free Europeans here freely gave laws to themselves, and the development of the Australian colonies gives many an instruc- tive insight into the deeper-lying peculiarities of the present European. First it may be remarked that the growth was very rapid. In 1821 there were numbered in all the Australian colonies 36,263 Inhabitants (without the natives) ; in 1841, 213,176; in 1861, after the great gold finds, 1,250,212; 1881, 2,742,500, and 1891, 3,816,418. Queensland increased in the last decade 87-3 per cent. New South Wales 53-5 per cent, Victoria 67-7 per cent. In 1851, while the California fever was still rampant, the first beds of alluvial gold had been found in Victoria. Hundreds of thousands of men flocked thither. The towns grew by the building up of numerous auxiliary trades. Soon the popu- lation divided into the industrial urban spheres, in which the wage worker was spokesman, and into the rural spheres of the squatters, which produced meat and wool. Already in 1856 the builders in Melbourne gained the eight-hour day, and step by step tliat practice extended to all the other colonies and to most trades. At the same time, at first mainly at the instigation of the gold-diggers, there came the bills against the Chinese ; then a bill against the colored laborers in the sugar plan- > Witwatersrand Chamber of Mines, Ann. Eop. for the year ending 31 December, 1891, 4to, Cape Town. pp. 140, 141. t. lo. ' Sir Henry Parkes himself sketched the ontjjues pf tbs situation in The Uwon "f tb' Anstrauas Cgstejnji. Kevjew, July, 1891, |>i>. 1-i, 401 tatlonB of Queensland, although white men can not stand the climate there; then homestead laws, insurance laws, laws ao;ainst government aid to immigration in gen- eral, against the immigration of paupers, for restriction of the work of women- and youthful persons, numerous laws for the protection of workmen, extraordinary powers for the trade inspectors ; in a word, a system of laws aiming at the raising of wages and the shortening of the hours of lahor, as well as the diminution of com- petition among workmen. In Queensland especially the doctrines of state socialism were realized as nowhere on earth. The results were high wages and many desirable philanthropic measures, such as protection to health, decrease of alcoholism, good schools, a highly developed system of insurance, especially in New Zealand, and many other things. But the dark side of this class legislation, iniiuenced by the trades unions, is not wanting. The workmen apply their principles to their own private lives, and the censuses show in their circles a remarkable increase of Mal- thusianism. Along with the high wages there exist high prices for the means of living. The workingmen's party demands public works. "A vigorous public-works policy" has become a watchword, and while railways are necessary to open up the land, yet their over-hasty construction produces heavy indebtedness toward England. This indebtedness demands iu most of the colonies au increase of revenue from the customs, and this reacts on the prices of the means of living.' Thus, despite this legislation, corresponding altogether to the class-bred wishes of the workingmen, friction ensued. In 1885 the "new unionism" was founded, which impugns the freedom of labor contract, in order to be able, in case of a strike, to con- trol all the working force; and in 1890-'91 a widespread strike did in fact take nlace owingto this organization, which, however, endedin great loss and in the total defeat of the workingmen.'-i Under these circumstances the public debt of Australia up to 1891 has risen to the extraordinary sum of £184,000,000, and Victoria alone, with 1,140,000 inhabitants, had to pay almost £3,000,000 iu interest and sinking fund. Already, about the mid- dle of 1891, there came signs of an approaching storm. It was noticed that the bank deposits of the government in Victoria had fallen in three years from £3,600,000 to £700,000, and that the indebtedness of the banks had increased. At the same time it was noticed that, in the first half of 1890, of the coinage of the mints at Melbourne and Sydney to the amount of £2,830,000 there remained yet £1,600,000 for internal circulation as compared to the gold export, whereas in the first half of 1891 almost all the gold had to go to England, because the coinage of £3,000,000 was only £116,000 higher than the manifested exportation of gold. In New Zealand an income tax on the government debt was proposed. New Australian loans met with a churlish reception in England, while in Australia lively speeches were held against capital- ism. The Bank of England, on account of the expressions used by the treasurer of Queensland, broke off all relations with the administration of that colony. Toward the close of the year Sir Henry Parkes resigned his office. The protective- tarifif party now became victorious in New South Wales also. Several Australian states, being unable to borrow money in England, began to' issue treasury bonds, New South Wales, Victoria, and Tasmsnia being among the number, and the rate of interest for the intended issues was raised from 3^ to 4 and 4J per cent. While other parts of Australia showed a surplus of exports, in Victoria, from 1886 to 1890, a deficit of export of almost £46,000,000 had run up, and on November 30, 1891, in the capital, Melbourne, the crisis broke out in the financial circles, while the workingmen's circles were suffering from the consequences of the unsuccessful strike. Numerous undertakings broke down. The Parliament passed a sort of gen- eral letters of respite. The stream of loans which had for years fiowed from the mother country into Aus- tralia was checked, and the consequences would have stood out still more sharply had not the balance of trade improved, owing to an increase iu the exportation of agricultural products. The balance of trade for 1890 had shown a total exportation of £64,600,000 and a total imporj;ation of £67,900,000, although all the colonies with the exce|ition of Victoria showed a surplus of exports. In 1891 the exportation from Victoria Increased by not less than £2,400,000, and all the other export figures' were higher. The exportation of sheep's wool rose from 308,000 to 413,000 bales. The! greatest stride was > A very instructive description is given by Steph. Bauer, Arbeiterfragen und Lohnpolitik in Ans- tralasien; Jabrb. f. Ifationalokonomie und Statistik v. Conrad nnd Bister, 3 Folge, II Ba., 1891, S. 641- 706. I will lefer also to letters in tbe Times, for example, rebruary 2, 1892, and to the many reports in English professional papers, and, for the consequences of one-sided government by the worlcing- men'sparty, to Oh. Fairiiem, State socialism in the Antipodes (in: A plea for Liberty, by v?ir. authors, ed. by Thorn. Mackay, London, 1891 ), and J". "W. Fortescue, The seamy side of Australia, XlXth Cen- tury, 1891, 1, pp. 623-537; H. 'Willoughby, ibid., pp. 292-302,' and Fortescue, Guileless Australia, ibid., 5 p. 430-443. In 1890-'91 New South Wales had 3,600 and Victoria 1,660 kilometers of railways; the itter especially had run far ahead of the demand. ''Two participators have described these events from different standpoints; H. H. Champion, The crushing defeat of trade unionism in Australia; XlXth Century, 1S91, I, pp. 225-237, and J. B. Fitz- gerald, Mr. H. H. Champion on the Australian strike, ibid., pp. 446-453. a T3«« OOK O/J 402 made by New Zealand. For the administrative year closing -witli September 30 1891, the exportation rose to £10,000,000, with an importation of £6,380,000. The exported frozen meat, if the cattle be converted into sheep, attained the extraordi- nary amount of more than 2,000,000 sheep, at 60 pounds apiece, and the exportation of sheep's wool from that island alone rose in four years from 89,000,000to 108,000,000 pounds.' Thus Australia, aside from its first phase, shows a typical sequence of those scenes which devfelop, as it were, out of themselves : Gold, inrush of men, social experi- ments, headlong investments, debt, and protective tariff; demand for confederation of the smaller states, financial crises, decline of the gold production, beginning of success of investment through increased exportation of raw products. That is at the same time, the beginning of improvement. The debt is then no longer paid with high customs receipts, but with the products of the land. Soon thereupon approaches the next ^hase, in which Australia will begin to work up an ever-inereaa- ing quantity of wool in the country itself, and to transform Australian iron ores into rails on its own coal measures. But that is economic independence, besides which political independence is merely a question of time." The three units just described, Canada, South Africa, and Australia, are, with the exception of the United States, in which special conditions prevail, the only large areas outside of Europe in which the gold standard is in use. Tlie course of devel- opment that has just been described for Australia remains pretty much the same. Canada possessed the least gold, and has progressed farthest ; it already possesses in Toronto a great industrial town. Australia is in a middle phase; the gold is decreasing and the exportation of the other products of nature is increasing. South Africa is as yet in the period of rising gold production, but the great lines of the future may be foreseen. In the United States the view prevails that the connection of the colonies with the mother country rests mainly on the filial remembrance of the immigrants, which is absent in the second generation. One is told, therefore, "that in the colonies every five minutes an Imperialist dies and a Republican is born." But the question of the political severance of these units from the mother country, as far-sighted English statesmen recognized long ago, is not the essential point in the course of things. On the contrary, the essential point lies in this, that in the course of time they will attain complete economic independence, will become entirely free through increased exportation, and will even themselves replace the mother country in the more remote markets. With the empire of India the three groups of colonies just discussed can not be compared either in number of population or in history or in respect of present con- ditions. There we find virgin soil, with far more gold, a feeble, retreating native population, parliamentary institutions, and gold coin, as in England; here we find a vast land of old, high culture, densely settled by a native population of diverse good endowments, a small number of Englishmen as the rulers of the vast realm, no parliamentary institutions, and silver coin. This empire comprises 3,600,000 square kilometers. In 1881 there lived on thisarea 253,900,000 souls. But according to the census of 1891 that population has increased by 28,000,000, and, with the new acquisitions, the British Empire in India at this day comprises 288,000,000 souls.' This is, perhaps, not less than the fifth part of the whole human race. These millions belong to diverse races and religions and speak diverse languages. The schools of the English have given to the Indians a common means of communi- cation, exactly as some decades ago, at the beginning of the Slavic movements of the present time, the German language served as the medium of communication. Besides, the schools the English have also given to the Indians complete freedom of the press and of assembly and a vast network of railways. About the middle of 1891 more than 27,000 kilometers of railways were in operation. In 1890, 114,000,000 passengers and 22,000,000 tons of freight were moved (7,600,000,000 kilometers for travelers and 5,600,000,000 ton-kilometers). Thus, as in Europe, the most remote branches of these populations enter into personal and intellectual intercourse with each other. Native newspapers in large editions are carried through the land by the mail; a native merchant class has existed for thousands of years; a native great industry on European models is rapidly developing. A measure for the resources and greatness of the empire is given by the circum- stance that the imperial commissioner, Mr. O'Conor, in 1891, upon the question ' The Economist, January 9, 1893, p. 39. s Ch. Dilke, Greater Britain, Sth ed. , p. 358 : "If the Anstralian confederation leads to independence, we shall have to say to the Anstralians what Houma ta Whiti, in his great speech, said to the ances- tors of the Maoris, ' Depart and dwell in peace ; let there he no quarreling among you, but huild up a great people.'" 3 These last figures I take from a correspondence in the Economigte francais of I'ebruaiy 13, 18»i p. 201. 403 - whether a threatening native famine would not be notably aggravated by exporta- tion of wheat into Europe, was able to reply : In India 93,000,000 acres are planted in cereals, of these only 18,000,000 acres in wheat: these latter produce 7,000,000 tons of wheat. If 1,000,000 tons of wheat are shipped to Europe, that is only 2 per cent of the home demand for cereals. Concerning the manner in which this empire ought be administered by the small number of Englishmen, opinions diflfer widely. A group of statesman, in whom the memory of the heroic deeds of Lucknow and Cawnpore is still alive, who reestab- lished the dominion of England during the last rebellion, emphasize the standpoint of authority and maintain the barriers that exist at present toward the natives. Another group, whose most prominent representative was Lord Eipon, recommend the more frequent admission of natives to public olflces, nay, even to some share in the legislation for the whole empire. H. J. S. Cotton, an experienced official under Lord Eipon's administrktion, has admirably described the influence of advancing European culture on the Indians. "The danger," he says "lies in this, that by tardy recognition of these changes we compel the educated classes to extort their opportunity, before the county is ripe for such an event. " ' Not the drift of reflections, but the movements of commerce under the influence of the divergence in the values of gold and silver; will I try to follow. In 80 doing, all figures, so far as they do not relate to the movement of metallic gold, will be stated at the Indian face value — that is to say, in Ex" or silver 10-rupee pieces, concerning which it is proper to note that 1 Ex" differs from £1 by the ex- change value of silver at the time, whereas 1 Exe is equal to £1. The following sums run in thousands of Ex'. In the following years, closing with March 31, the commerce (not including the precious metals) was as follows : 1890-'91; 1889-'90. 1888-'89. Importation 64,720 89, 892 3,974 62,400 92, 907 4,027 62,407 86 862 Exportation: 4,065 93, 866 96,934 90, 927 The year 1889 was the most favorable within the memory of man for the exportation of cotton, and, therefore, is hardly suitable, in its sums, for comparison.'' If the results of the calendar year 1890 are decomposed into groups, we obiain : Group. Country. Importa- tion. Exporta- tion. Surplus. Europe Ottoman Empire, Persia, Arabia, Aden, Zanlbar, Mozambique, Mauritius Suuda Islands (mostly transit commerce) Cejrlon, Japan, China TJnited States Australia Total 54, 658 3,904 2,441 3,109 1,729 391 66, 232 62, 942 6,264 4,808 17, 471 3,768 1,072 96, 325 8,284 2,360 2,376 14, 362 2, .039 681 30, 093 These figures show that India trades in both directions, with gold and silver lands, with a surplus of exports. But they also show that in that year (1890) the total commerce with Europe, 117,600 thousands of Ex«. showed a surplus of only 8,284, while the total commerce with the other States, only 49,947, showed the surplus of 21,809 thousands of Ex'. The center of gravity of the commerce, therefore, lies in Europe,' but the center of gravity of the surplus of exports into other countries, or of the commercial gain of the land, lies in the other trade relations, especially toward Group 4 (Ceylon, Japan, China.) The surplus of' exports, therefore, does not corre- spond to the direction where lie the obligations arising from loans. This becomes still more striking when Groups 1 and 4 are further decomposed. ' H. J. S. Cotton, New India, or India in Transition, 2d ed., London, 1886. ' The last reports show for nine months (March 31 to December 31, 1891) imports, 37,201; exports, 55,770; reexported, 2,333; total, 95,304. Large exportation of wheat; Germany monopolizes the entire salt trade. The importation of silver dropped to nearly hsUt of the importation ot the respective nine months in the preceding year. 404 GEOtrP 1. Country. Importa- tion. Exporta- tion. Snrplns. Grreat Britain 50, 291 4,367 39, 129 23, 813 —11,162 4-19,446 Total 54, 658 62, 942 -1-8,284 According to these figures, the trade with England is even passive; that is the only passive item in the whole list. On the other hand we obtain : GEOUP 4. Country. Importa- tion. Exporta- tion. Surplus. 632 28 2,449 2,314 1,221 13, 93li +1,682 -[-1,193 +11,487 Total 3,109 17,471 +14,362 China alone in 1890 furnished more than one-third of the surplus of Indian expor- tation. These figures are influenced by a number of changes in favor of India that have occurred in the course of the past few years. While the most important active items of the Australian and South African trades in natural products belong to the animal kingdom (frozen meat, sheep's wool, hides) and to the mineral kingdom (dia- monds, gold, silver), the center of gravity of the Indian exportation lies in the vege- tal kingdom. The tea culture of India and Ceylon competes successfully with that of China. From 1887-'88 to 1890-'91 the English importation of tea from India rose from 85,000,000 pounds (at 453 grams each) steadily to 100,000,000 pounds; that from Ceylon as steadily from 12,000,000 to 40,000,000 pounds, and at the same time the importation from China dropped from 86,000,000 to 57,000,000 pounds. At the same time India has gained the larger part of the Australian market for teaj and it is only the -fall in the price of tea that prevents this revolution from appearing in the balances to the disadvantage of China. The exportation of tea from India in the past three years rose continuously; they were 97,000,000, 103,000,000, and 107,000,000 pounds; the value of this eSportation has fallen; it was 4,937, 4,947, and 4,892 thou- sand Ex'. Tea is one of those numerous finer articles of luxury for which the gold lands are tributary to the silver lands, while the silver lands are competing with each other. It is diflerent witli those raw products from the vegetal kingdom that have thus far been shipped to Europe, and thence returned as manufactures. For more than a decade India has turned with increasing success to the task of working the native cotton in the country itself, and to conquer for the coarser fabrics not only the domestic, but the entire East Asian trade. From the last report of the spinners of Bombay that has come to my knowledge, there were in operation in India from July 1, 1890, to the end of June, 1891, 125 spin- ning mills, and 9 were in course of construction. The number of spindles was 3,351,694 and that of the looms 24,531. These factories employed 110,000 operatives and worked up 40 per cent of the cotton production of India, which is estimated at about 3,000,000 bales. In ten years the number of operatives has trebled, while the amount worked up has nearly quadrupled. ' In the three years 1888-89 to 1889-'90 alone, the exportation of Indian cotton yarn to China rose from 101,000,000 to 150,000,000 pounds and in value from 3,829 to 5,406 thousand Ex". Despite this rapid development of the cotton industry, however, the importation of yarns from England to India had not undergone any notable change, because this concerns for the most part the finer grades. The loss for England con- sisted in the loss of the market in China. A similar process is being worked out in jute, a vegetal product furnished only by India. It seems that the use of jute has been known for a long time, and that the Inhabitants in former time used garments of jute, which have now been replaced by 1 Eoonomiste frangais, October 24, 1891. 405 other tissues. In conseqnenoe of the invasion of these- hetter i'ahrios the hand looms that worked in jute were abandoned or used for the preparation of coarse sackcloth ; later on samples came to Europe, and in Dundee this vegetal product was first used for many purposes instead of hemp. In 1832-'33 tho exportation of raw jute from India was 11,800 English cwt. ; when in 1854-'55, in consequence of the Crimean war, the demand for such material rose, much more jute came to Europe, and, with continuous rise, the exportation in 1890-91 reached about 12,000,000 cwt. But just as India has begun to work up her home-grown cotton herself, so both English and Indian contractors have since 1854 introduced machines to replace the hand looms which produced sacks. With varying success this industry has been developed, the difficulties were finally conquered, and at the oloseof 1890 there were in operation 160,275 spindles and 7,964 looms; 70,000 operatives were employ ed ; 500 new looms were to be set up in 1891. In 1890-'91 3,400,000 bales of raw jute were exported and about 1,200,000 bales worked up in the country. In 1891-'92 it is expected that 1,500,000 bales will be worked up into sacks and sackcloth in the domestic factories. The cotton industry has its main seat in Bombay ; the jute industry in the vicinity of Calcutta. The cotton yarns are exchanged in China in silver for silver, and the variations of the rates are absent. The jute sacks have to enter into gold lands. From August, 1889, to August, 1890, silver had risen 30 per cent; a good jute crop had supervened, and the price was 33 per cent less. Amid such oscillations the Indian jute industry has gradually conquered the markets in all the Pacific area, crowding out the European articles, as in Australia, New Zealand, San Francisco, and along the whole west coast of South America, and the same thing has taken place at the Cape, in Egypt, and the Levant. The Indian sacks are even pushing their way already as far as Liverpool. ' , I have notspace to discuss the significance of the opium trade, the increase of the exportation of cereals, fespecially the erection of steam mills for wheat in Bombay, and the extraordinary expansion in the exportation of rice. Tea, cotton, and jute show what an awakening people, guided by enterprising merchants, are able to do. The surplus of the merchandise balance is in large measure equalized in India by inflowing precious metal. It is truethat with the increase of well-being the require- ments of a country also rise, and in this case that increase is expressed, for example, by the increasing importation of sugar from Germany; but yet the balance to be paid by foreign countries to India is exceedingly great. The net importation of precious metals was, since 1875, in the years ending with March 31 : Tear. Gold Exi. Silver Ex-. Year. . Gold Ex5. Silver Ex". 1875 1,873 1.545 207 468 —897 1,760 3,655 4,843 4,930 4,642 1,655 7,198 14, 676 3,970 7.869 3,890 5,379 7,480 1884 6,462 4,671 2,762 2,172 2,989 2,814 4,615 6,636 6,405 7,245 11, 606 1878 1885 1877 1886 1878 1887 7,165 9,218 1879 1888 1880 1889 9,247 11, 202 1881 1890 1882 1891 14, 212 1883 It will be noted that these figures, high aa they are, are yet far below the surplus of the merchandise balance, which, in the last three years, was little less or more than 30,000,000 Rx'. This is a matter of course, since the liquidation of the "coun- cil bills," that is to say, of the payment obligations of the Indian Government in London, amounting to 10,000,000 — 16,000,000 Rx', and many other obligations, as well as other forms of equalization, are taken into account. Yet these figures reflect many an event. The greatest importation of silver does not appear in them. It fell in the year 1865-66, and was a consequence of the cotton famine iu Europe due to the American civil war. The Indian famine of 1877-1879 is expressed by the decline in the importation of gold, which even becomes passive for one year, while the loans required to meet the distress are denoted by the great silver importations of the year 1878. The rise of the silver importation in the last two years is connected not only with the favorable merchandise balance but also with the silver speculation in America, which had its effect on England, and found a welcome drainage channel in the remittances to India. But the stream of gold and silver flows on uninterruptedly. In 1890, says the report of the treasury, another 461 lakhs of rupees (1 lakh=10,000 rupees) in gold came ' Some notes on the trade in Jute j the Economist, August 15, 1891 ; Trade Suppl., p. 7 ; also October 3 and 10, and November 14, 1891. 406 into the country, and of these only 2 lakhs came into the mint; all the rest disap- peared in the multitude of the people. In the first half year there arrived in new sovereigns alone £-2,000,000; they have disappeared. The demands of the rapidly increasing population, ornaments, and hoarding of property absorb the gold. But there are reports on hand which seem to indicate that the last importation of silver really was too sudden, all the more because the government toward the middle of May simultaneously put 1,000,000 Ex' of new money in circulation. All deposits rose ; the rate of interest fell to 2 per cent ; tne reserves mounted up to 60 to 70 per cent of their obligations. Great disturbances ensued, and finally, as stated in the official report of Mr. O'Conor, there followed "a general dislocation of legitimate comm6rce."' From this the conclusion might well be drawn that in future India will endeavor still more to introduce gold, but the hoards of the country and the interior of Asia will in the end again absorb everything. The gold and silver commission appointed by the English Parliament has brought to light much information concerning the relations to India, and especially concerning the hoarding of treasures. Long mis- government seems to be the cause of this practice. It prevails as far down as those lower classes which are able merely to keep ornaments of metal of inferior value. Of the treasure of the Maharajah of Burdwan, of his walled-up rooms, of the rooms that are opened upon special occasions (such as marriages in the family), and of the outer chambers that harbor the current receipts, a description has been submitted to the commission by Mr. Barbour.^ These larger and smaller hoards in India are esti- mated at not less than £300,000,000 sterling, approximately in equal parts of gold and silver. Vain has been the effort to mobflize them by a network of postal savings banks; no greater success has been obtained by the railway and government loans, paying a higher rate of interest. In general, it is regarded as a point of honor not to touch the treasure inherited from one's ancestors. War and disturbance increase this propensity toward dead storage, and only the famine of 1877 and 1878 drove a somewhat larger amount of native ornament into the mint. Now, one might think that these rising figures of the rich trade balance, though accompanied by the embarrassments transiently resulting from too great wealth in silver, would satisfy everybody. Biit this is by no means the case. The land is ' enriching itself, but grave anxiety to the government grows out of present conditions. The country, simultaneously with the falling value of silver, is conquering wider and wider markets for its products, but the administration is suffering many and great losses. As the taxes are paid in silver the council bills have to be redeemed in London with great loss. Every requirement of the government, for instance, for the Indian army, has to be paid in England in gold. The numerous highly deserving . pensioners living in England receive their pensions in silver and have to defray their living expenses in gold. The main item is the discounting of the council bills. Under existing political and social conditions the government is not able to increase the taxes materially. Nevertheless, it has to make good the losses arising from the rate of silver, and it has already been obliged to trench upon reserves that had been laid by for the case of a famine. This example shows how little one is justified in estimating the balance of payment of a nation to regard the surplus of exports of merchandise and the sub- tractions through the contraction of debt as directly balancing each other. The hand of the producer which receives is not the same as that of the state which has to liquidate foreign debts. In a dispatch of September 4, 1886, the Indian government writes : " In no other way than that of international agreement can a lasting and satisfactory order be brought about, and we trust that Your Majesty's Government will ^ive up its position of absolute isolation — a position which, we venture to believe, is indefensible in theory and in practice is fraught with danger both for England and for India.' And in conclusion, " We do not hesitate, therefore, to repeat emphatically that, from the standpoint of Indian finances, the situation has become intolerable."' All manner of propositions have come forward. Mr. Lesley Ch. Probyn has even sought help for India in those expedients for which in Austria the expressions " stabilization of standard " and " gold reckoning " have been invented.* This jjropo- sition has been, in the East India Association, in 1888, the subject of a discussion in which prominent members of the Parliamentary commission of inquiry, such as Herm. Schmidt and Naoroji, took part. None of these propositions have thus far been realized, but in the estimate for the Indian budget for 1891 the treasurer, Sir D. Barbour, declared that India would make ^ 'Che Economist, August 29, 3891, according to the report of Mr. J. E. O'Conor. 2 Blue book of the gold and silver commission, first report, 1887. Append. V, p. 322. Letter on thesubject of the hoard of the Maharajah of Burdwan. , 3 Blue Book, 1887 i ibid., Append, XII, correspondence between thetreasuiy, the Indian ofBoe, ana the government of India, pp. 356 and 369. 1 L. Ch. Probyn, esq. : A proposed Gold Standard for Indiai Joum. of the East India Association. Vol. XX, July, 1888, pp. 119-159. 407 . its course of action depend on America. If America introduces the free coinage of silver then a greater steadiness will result for India also ; if America gives up silver, tjien India must pass over to gold. " The adoption of the gold standard would prob- ably be accompanied with very serious consequences for western nations, but if in this matter these keep in view only that which they regard as being to their own interests, then they can not reasonably blame India if she follows the same route." Let us now turn to the mother country, thj greatest market of the world, and at the same time the center from which the greatest movements of capital radiate. All the oscillations of the world's commerce make themselves felt here, and here it must become evident whether the present financial economy, so far as it has to be based on metal, is in a phase of healthy development or whether this is not the case. In the first survey I rely on the figures supplied by tfie professional periodical, The Economist, with recognized accuracy. So far as may be gathered from these figures, the year 1891, in all those directions that are influenced by a somewhat longer series of preceding years, can not be called an unfavorable one . Pauperism in this year, too, diminished ; the state of the sav- ings banks and the consumption of certain significant articles of luxury, such as tobacco, liquors, is satisfactory; and so, at least iu the first half year, is the move- ment on the domestic railways. The figure of the exported amount of merchandise is influenced by the over- hastening of the exportation in 1890, when the protective tariff for the United States was in prospect, and for that very reason shows decline. The prices for exports have fallen by -93 per cent — that is to say, it was necessary to sell cheaper. The prices of imports on the other hand rose 0'5 per cent, but the increase concerned only breadstuffs, the higher prices of which in 1891 cost Great Britain £9, 500, 000. Wool, cotton, and other raw products of manufacture fell. The Economist remarks thereupon that a low price of raw products must in the end benefit the manufac- turer, but that the period of decline is injurious, because the buyer estimates the merchandise by the price of the raw product at the time of completion. It may well be added that there is a probability of the longer duration of such a period if the fall of prices is more or less infiuenced by the divergence in the value of the precious metals. The average price of twenty-two of the most important articles of consumption, however, was at the end of the year 4 per cent loss than at the beginning. The total value of exports and imports is stated as follows: 1889. 1890. 1891. Imports . Exports . £427, 600, OOO 248, 900, 000 £420, 900, 000 263, 600, 000 £435, 700, 000 247, 300, 000 It is self-evident that these figures do not signify an equal amount of loss by passive balance. The reexportation has not been sufiiciently eliminated. No account is taken of the great gain from the carrying on of the marine commerce under the British flag, which during the last decade rose from 37,000,000 to 61,000,000 tons, and comprises one-half of the commerce of the United States and of Russia. England, moreover, is the creditor of the other nations. In this last direction, in which the conditions of money matters become still more directly manifest, the year 1891 was not a favorable one. The crises of the year 1890 were not yet forgotten; Argentina and Brazil, Portugal, Spain, and Greece had shaken confidence. Confidence in Australia was impaired. As in the merchandise balance, so here, too, the high figure of 1889 forms a turning point. The total emis- sions were, beginning with 1885: £77,900,000, £101,900,000, £111,200,000, £160,- 300,000, £207,300,000, £142,600,000, and £104,600,000— that is to say, in 1891 about one-half of 1889. The actual payments, however, were £77,900.000, £87,500,000, £93,600,000, £137,300,000, £167,800,000, £141,000,000, and £76,000,000. Only £22,- 000,000 of the emissions of £104,600,000 represent foreign loans, and in these £22,- 000,000 is included the Russian loan of £19,800,000, of which practically nothing was taken in England. All the leading loans of the colonies and of foreign countries closed the year with lower quotations, with the exception of Turkish and Egyptian values and the railway papers of the United States and Canada. The position of England as creditor of the other nations has not been strengthened in 1891. " A struggle for gold," says The Economist, " lasted from January to December, as the bank was obliged again and again to make a strong effort to induce deposits, but found it impossible to keep them, for no sooner had it built up its reserves than the market prices fell, and a new outflow began." One might have thought that 408 the eipected silver coinage of America miglit have prodnced some degree of quiet here, but the gold flowing out of America sought other ways, and in England there was still alive the remembrance of the insufficiency of the bank reserves that had come to light in 1890. Toward the end of January, 1891, this remembrance found expression in a mem- orable speech delivered by Mr. Goschen at Leeds. "We were on the brink of a crisis," said the chancellor of the exchequer, "through which it might have been difficult for the soundest to pass unscathed, for the wealthiest to have escaped. It ■was a time when none who had liabilities or engagements to pay could say how they would pay them, if a condition of things were to continue under which produce could not be sold, under which bills could not be discounted, under which there appeared an absence of cash sufficient to discharge the liabilities of the general pub- lic. That was the position at home and I will tell you what was at stake. You risked the deposition of London as the banking center of the universe: you risked the supremacy of English credit; you risked the transfer of the busmess of this country to other centers, if such a catastrophe had occurred as you were an the eve of witnessing. I can not exaggerate the danger, the immediate danger, to which thjs country was exposed at that time." ' Years ago Bagehot had pointed out how by the rising magnitude of the various amounts deposited the intensity of the obligations of the Bank of England had been enhanced, and the previous proportion of thereserve had become sufficient.^ Itnow had become manifest that neither the available reserves of the joint stock banks nor those of the Bank of England were able to satisfy the claims. Mr. Goschen had comprehended the whole difficulty of the situation, and, after the storm had passed, was active in two directions. He induced the joint stock banks to publish far more frequently clear reports of the state of tlieir liabilities, their assets, and their reserves, and urged the strengthening of the latter. At the same time he sought for a means whereby in the oa;se of future stringency he might have larger amounts of gold on hand. The publication of the reports of the joint stock banks was soon obtained. The strengthening of their cash reserves on the other hand has up to the close of the year made liardlyiferceptible progress, and it was evident that these banks intended to work with as little dead reserve as possible, and in case of need to leave the responsibility to the Bank of England. At the close of 1890 there were in these banks, against £125,300,000 in liabilities, only £16,000,000 in cash, and at the end of 1891 these figures were £120,600,000 and £16,600,000. The proportion, therefore, despite all . warnings, had merely risen from 12'9to 13'7 per cent. Not improperly has this condition been called the " inbreeding of ci^edit." It is significant that this condition existed in the gold land England, while at the same time in the silver land India the depositories were overfilled, and the rate of interest, owing to excess of money, had fallen in an uuheard-qf manner. The second task of the chancellor of the exchequer, the strengthening of the Bank of England, turned out to be very difficult. Only on December 2, 1891, did the chan- cellor, in a speech in Merchant Tailors' Hall, make his intentions known more explicitly. One-pound notes are to be issued, and in exchange for these part of the cash gold currency is to return to the vaults of the bank. The notes of the bank np to the present circulation of £38,000,000 are to be covered as heretofore by £16,500,000 in securities and £21,500,000 in gold. All emissions above £38,000,000 and up to £88,000,000 are to be backed by one-fifth in securities and fourth-fifths in gold. Above"£88,000,000 there is to be full g;old backing. Moreover, the bank is to he authorized in time of need to issue interest-bearing notes without regard to the backing just described. Eor such issue it will demand seciirities. This issue is not to take place before the gold stock has reached £30,000,000, and the profits of such extraordinary emission are to accrue not to the bank but to thei state. Mr. Goschen, therefore, wishes to return a large part of the circulating gold into the vaults of the bank. In lieu of it he gives paper heavily secured, all the more heavily the more the return of the gold progresses. He preserves the gold from wear, and he obtains some control over any outflow through exportation, through industry, purchase of the arbitrageurs, and the like. He facilitates postal remit- tances. He remarks in passing that tbe concentration of so large an amount of gold would also enable the nation more easily to put forth all its strength in case of a great war. That is the precipitation of gold by paper. It is by no means certain that these propositions will obtain the force of law. It is objected that the ijuota of gold which is to be replaced by securities will go abroad, and that the inflowing geld must remain as covering in the issue depart-, ment, and therefore can perform no service to the banking department. Into this question 1 am not called upoU to enter. It was merely intended here to ' Mr. Goschen, leeds, January 28, 189] . 'Walter Bafehot, Lombard street, 6th ed., 1875, p. 302. 409 show how the far-Beeingand conscientious chancellor of the exchequer, Mr. Gosohen, conceives the situation of the world and the position of England, and how ea;r- nestly he is endeavoring to secure her circulation and to create for the Bank of Eng- land a strong and independent defensive position against future storms. But the significant fact of the situation lies in this, that gold in its metropolii assumes the defensive. Chapter VIII. THE UNITED STATES. Pan- Americanism — Tlie remprocity clause of the McKinley hilt — Balance of gold — ArU- ficial diversion of gold to Europe. While the branches of the wide British Empire show in more or less pronounced manner the striving after independent development, while, despite all improve- ments in the means of communication, distance is exerting its irresistible influence, and England, to repeat words used in England itself, " is preparing to become the proud mother of liberated daughters," in the United States, on the contrary, under the leadership of a severed branch of the same Anglo-Saxon race, there appears more distinctly from year to year a mighty striving to extend the boundaries of the great Eepublic. But here it is areas locally united that are to be embraced by a common political bond. Since President Monroe, in 1824, discountenanced all Euro- pean influence for the whole extent of America, down to the present day, that aim has been steadily pnrsued by the statesmen of the Eepublic. In Europe there were smiles when in 1890 a "Pan-American Congress "met in Wash- ington. It created a " Bure.iu of the American Eepublics," to the expenses of which every independent state of North and South America is to furnish a small contribu- tion, and whose sole task is to promote commerce and means of communication within this wide area. At present the Bureau is preparing an industrial exhibit in Quito, Ecuador. The plan of a railway line was drawn up which is to connect the United States through Mexico and Central America with the South, and some of the republics are already at work on their respective lines. A central bank for Pan- America is to be created, the metric system is to be generally introduced. Large subsdies for the establishment of direct fast steamship connection have been voted by Congress. The series of measures in the field of tariff legislation whibhare designated as the McKinley bill was at first judged in Europe by the injurious effects which it has exercised on certain branches of European production, and the free-trade tendency of the English press has contributed to make us see only one side of those enact- ments. The tariff contains many high-protection features; but it lowers the duty on important categories of iron and steel, and from a great number of raw products it takes oG the duty entirely. In section 25, for all material imported for the pur- pose of industrial elaboration, there is established, in case the product is exported, the right to a drawback of the duty (less 1 per cent) — that is to say, it extends the refining process to all home industries. Of the greatest significance, however, is the recijirocity clause in section 3. This clause authorizes the President to refuse free entry to sugar, molasses, coffee, tea, and hides from all states that impose upon the products of the United States such duties as seem unfair and unreasonable to the President. This places at the disposal of the Government in particular the duty on sugar, which amounted to many millions. We will now see howthis clause works. First, Brazil applied, in the midst of a political crisis, to secure for itself the mar- ket for coffee and sugar. The trade of the United States with Brazil had thus far been passive. Already on April 1, 1891, a treaty was prepaied by which the'United States were allowed free entry for coal, machines, and railway apparatus, also a 25 per cent reduction on cotton and iron goods, leather and rubber goods. This, on the scale of the year 1889, aflects £4,750^000 worth of English imports. During the nine mouths from April 1 to December 31, 1891, in comparison with the same period in 1890, the exports from Brazil to the United States rose from $52,800,000 to $79,200,000, and the imports from the United States from $10,000,000 to $11,600,000. Cuba had to follow. That rich island produces sugar, coffee, and tobacco, but no flour. Thus f?,r it had been cut off from the world by high protective tariffs and was connected with the mother country, Spain, by a tariff faroring that country. A recognized French professional journal tells .that hitherto a barrel of flonrwas bought in New York and sent to Spain ; there it was unloaded at Santander and reexported to Cuba. After paying all duties the barrel sold for $8.70 in Cuba; had it been sent from New York to Cuba direct it would, on account of the duty, have cost $11.46.' 'Jos. Chailley, LaSituation 6con. fleCnba;L'Economistefranoals, llavril, 1891, p. 455; also Andrew Carnegie, The McKinley Bill, XIX Century, 1891, I, p. 1030. 410 In the face of the treaty with Brazil, the matter had become for Cuba a vital ques- tion; Spain was obliged to abandon the system she had thus far maintained. On July 1 and September 1, 1891, treaties with Cuba and Puerto Eico went into effect and hereafter American flour goes into Cuba free. ' During the last four months of 1891, as compared to 1890, the exports from Cuba to the United States rose from $11,800,000 to $15,000,000, and the imports into Cuba from $4,800,000 to $7,000,000. On September 1, 1891, the Eepublic of San Domingo followed suit. Jamaica, too, could not remain behind. The British West Indies might have shared the advantages of the treaty between Cuba and the United States, in virtue of a most-favored-nation treaty between the West Indies and Cuba, but that clause became extinct on July 1, 1892. In the last days of January, 1892, the new agreement with the United States was concluded. Against Haiti, Venezuela, and Colombia, which did not come to an agreement, retsiliatory measures went into effect after March 15, 1892. Mr. Blaine recently said in a speech, in reference to Canada, "You can not stand inside and outside of the union at the same time." These words are perhaps des- tined to be heard often in the next few years. As Spain and England had to negotiate in the interest of the coffee and cane sugar of their colonies, so are other European states obliged to do for beet sugar. The fortunes of sugar might well supply an instructive theme to some future historian. He might show how cane sugar promoted the slave trade, how the discovery of beet sugar was caused by Napoleon's cloture, how artificial tariff legislation carried tlie center of gravity of the production to Europe until sugar became one of the tools by means of which American statesmen push forward to the partition of the earth. He who wishes to become acquainted with the significance of the United States as a source of gold for Europe will have to take into consideration, first of all, the following simpler elements : (a) The gold production. — If we confine ourselves to the last four decades, the only ones for which more accurate data are at hand, we find at the beginning of thiS' period, up to 1854, an annual production of more than $60,000,000; up to 1859 that figure stays above $50,000,000; up to 1864, almost without exception, above $40,- 000,000; rises again during three years up to 1867 to over $50,000,000; remains up to 1871 above $40,000,000; till 1881, with oscillations (in 1878, once more $51,000,000), mostly above $35,000,000; and thenceforward above $30,000,000. We may say that in forty years it dropped down to one-half. (6) The silver production. — This, at first quite inconsiderable, reaches in 1862, for the first time, $2,000,000; in 1865, $11,000,000; rises incessantly, and in 1872 reaches $23,000,000; 1874, $35,000,000; 1878, $45,000,000; 1885, $51,000,000; 1889, $64,000,000, and 1890, over $70,000,000. While the line of gold sinks, that of silver rises with extraordinary rapidity to large figures. (c) The increase of population, and its demand for means of exchange, forms the third element. Forty years ago the United States contained 23,200,000 souls, and, at the close of each of the decades under consideration, 31,400,000, 38,600,000, 50,- 100,000, and, finally, in 1890, 62,600,000. Thus, while the gold production has fallen off one-half, the population has not entirely but nearly trebled. It is a curve rising rapidly and constantly, like that of the silver production. (d) The consumption of precious nietals in industry. — Though earlier reports on this subject can not be utilized, yet it may be assumed with tolerable certainty that the consumption, ^specially as regards gold, must have steadily risen with the number and well-being of the population. The net' consumption of gold, without old gold, was approximately in 1889 $13,900,000 aud in 1890 $15,000,000, with a simultaneous production of $49,300,000 and $49,400,000. Theoretically, the demand for metallic coin should have risen approximately m parallel line with the increase in population and of commerce ; but the actual stocli of coin was influenced by many incidents. The following statements make no claim to numerical accuracy; they form a kind of halance of accounts in which many important secondary items are left out, and they are merely meant to indicate the general course of things. • The first decade, 1851-'60, shows the high figure of production of $551,000,000, and along with it the manifested gold exportation of $432,000,000, so that only $129,000,000 seemed to have remained in the country. In 1848 the first finds had been made in California ; for 1849 and 1850 there exists only estimates of the product of the washings, which certainly was very high, and it is possible that aU figures for that early time, both for product and for exportation, lie below the- reality. In the following decade falls the profound disturbance of the economic develop- ment by the civil war. As y6t the West of the great Republic is not connected with the East by any line of rails. There, beyond the wastes of the Great Basin, the Comstock lode is tapped, and there the gold circulation maintains itself, while in the East the bloody struggle of the North with the South is going on, gold leaves 411 for Europe to procure the means of -vrarfare and of living, an d scarcity of gold ensues. In March, 1868, large issues of paper money hegin to be made, and the mean rate of gold (100=par) is 146. In July, 1864, it reaches 285 ; about that time the Government debt has already risen to $1,740,000,000, aside from all emissions of the South. In April, 1865, at last the decisive victories of the North take place, while the debt has risen to $2,700,000,000; very slowly the rate of gold sinks, and in 1870 it is still 115. But this very high rate of gold becomes a premium on the exportation of wheat, which begins already during the war under peculiar circumstances. Navigation on the Mississippi is closed, and the farmer reaches the sea only at heavy expense. And yet he competes with the East. "The exported wheat," writes Ronna, "is paid in gold; if the dollar stood at par, and the bushel of wheat was quoted in London at $1.25, and transportation to London coat $1, then the farmer in Iowa would receive only 25 cents. If, on the contrary, as in 1864, the dollar in gold is equal to $2.50 in legal paper money, then the farmer in Iowa, with the same market price in London, receives $2.12; that is to say, the premium on gold has raised the price of wheat for the farmer of that part of the country eight-fold. Likewise, the farmer in the State of New York, who pays only 25 cents for freight to London, received $1 with gold at par, and, with the gold value of the paper dollar at $2.50, he receives $2.87. In this way the farmer in Iowa, solely through the premium on gold, has received for the wheat exported abroad a proportionately more elevated price than the farmer of the East."' Already, in 1863-64, the exportation of wheat and ilour was $59,000,000, and by the end of the decade it had reached $71,000,000. From 1868 onward there is observed, along with the outflowing stream of gold, an incipient movement of gold toward the United States. The rich land recovers from the war; large investments are made ; the boom is coming. The gold production in that decade was $474,000,000, the manifested importation of the last years $33,700,000, and the exportation $516,000,000; according to this the gold balance would close w^ith a deficit of $8,300,000. But these figures are to be regarded merely as the crude expression of the general fact that during the war all the gold of the East went to Europe, and after the war recuperation took place. Everywhere now prevails the peaceable work of opening up the land. In the decade 1871-80 the Government debt shrinks steadily ; capital ponrs in from Europe ; the network- of railvrays is completed. In 1869 the first railway is opened that con- nects the East with San Francisco. At the close of 1872 97,000 kilometers of rail- ways are in operation. The importation of gold increases, the exportation diminishes; from 1877 onward the balance of gold exchange is active; from that time onward the United States are no longer a source of gold for Europe, but Europe surrenders gold to them, although the highest productivity of the Comstock lode falls precisely within that time, aamely, in the years 1876 and 1877. The gold production of 1871-80 was $395,300,000, the manifested exportation $314,700,000 and the manifested importation $190,800,000, so that, assuming these' figures to be correct, the gold stock had risen by $271,400,000. • In 1880 the extraordinary wheat exportation of $228,<)00,000 had occurred. Accord- ingly, the decade 1881-'90 begins with the greatest known importation of gold; it was morp than $100,000,000. In that year, therefore, the country had at its disposal, not merely its own production of $34,700,000, but also this large importation (net $98,200,000). But in order to obtain a correct view of the very complicated and instructive rela- tions which, in the course of that decade, influenced the outflow and inflow of gold, we must, first of all, go back a little and cast a deeper glance into the development of tbe economic conditions of the country. At the time of war, and of the great issues of paper money, high prices for the products of agriculture prevailed ; at that time the farmer extended his enterprises and contracted mortgage debts at a rate of interest of 10 per cent and much more. When the value of the dollar rose the producer's premium disappeared. But at the same time the heavy mortgage debt remained. The great Government debt has dwindled; the mortgage debt has risen by this time to $3,000,000,000. All these circumstances acted all the more oppressively because India, America's competitor in the market of the world, being a silver country, retained its premium. A system rfF protective tariffs, one-sided in favor of industry, also burdened the farmer's pro- duction, and complaints arosdpu all sides. "In 1866," writes Count K^ratry, "one could buy, for one dollar, 53 pounds of maize, 33 pounds of wheat, or 2^ pounds of cotton. In 1878 one might readily buy for the same price 93 pounds of maize, 50 pounds of wheat, or 9 pounds of cotton. * • * In justice it must be said that taxes have been lowered since the victories of the North over the South. In 1866 every individual paid on an average $50, which has since fallen to $25. But in order to raise these $25 the farmer at the present day must produce 300 pounds of cotton, or 33 bushels of wheat, or 75 bushels of 1 A. 'Sonna. Le B16 aux fitats-TTuis de rAm^rique: 8vo, Paris, 1830, p. 233. 412 maize, while formerly these same products were more than sufficient to nav tlin to* of $50."' '' ™ But let us listen to Mr. Eusk, Secretary of Agriculture. In his report for 1890 he writes:' "The recent legislation looking to the restoration of the bimetallic standard of our currency and the consequent enhancement of the value of silver has unquestion- ably had much to do with the recent advance in the price of cereals. The same cause has advanced the price of wheat in Eussia and India, and in the same degree reduced their power of competition. English gold was formerly exchanged for cheap silver, and wheat purchased with the cheaper metal was sold in Great Britain for gold." » * » This view that the price and the exportability of the products of agriculture are in high degree dependent on the value of silver prevails in all the interested circles in North America. The statement spread through European newspapers that the movements in favor of raising the price of silver proceed from the so-called silver kings of the West alone is erroneous, and is grounded on an exaggerated opinion of the influence of these persons. The causes of the silver movement lie far deeper. The fall of prices in the rivalry with India and Eussia, the burden of inortsages, the struggle with the carriers and the middlemen called into life an association of the farmers for selt-help, which met for the first time on July 28, 1879, at PoUville, Tex., adopted the name "Farmers' Alliance," and soon assumed undreamed-of dimensions. In 1886 it numbered already 200,000 members, and was able on its own account to take in hand the wholesale cotton business. In the following year it numbered half a million members, in hundreds of sections. The Farmers' Alliance now entered into closer relations with the Knights of Labor in the industrial regions, and developed more and more into a machine acting in favor of labor and against capital. Its influence increased. Mr. Eusk sided with it in many important questions. It is this vastly developed group that regards the further depreciation of silver as a disadvantage. As is well known, the Treasury at present purchases 5i,000,000 ounces of silver per year, which were regarded as approximately corresponding to the home production, with the avowed intention by these continued purchases to keep up the price of silver. If these purchases were discontinued, the price of sil- ver would fall, not only in .^merica but all over the earth. If, however, the coinage of silver was made free, then any mine owner might bring a bar of silver of the metallic value of, say, $75 to the mint and receive back 100 coined dollars. It is true, therefore, that this free coinage would put an extraordinary profit into the hands of theSe persons, but It is an error to suppose that the great agrarian move- ment of the United States aims at nothing more than the enrichment of the mine owners. The late Secretary Wiudom was undoubtedly right when he said in reference to the free coinage of silver, that before the swiftest ocean greyhound couldlandanew silver freight, in New York, the last attainable gold dollar would probably be securely hidden away in private boxes and deposits. Hundreds of millions of dol- lars would disappear from circulation, and a general panic would ensue. Similarly A. Carnegie was right when saying that whoever conjures up mischief in this domain, in order to draw his profit therefrom, is a twin brother to the criminal that causes the express train to be derailed in order to rob it. Nevertheless, Senator Stewart, of Nevada, was right, too, when he said that gold is not sufficient for the human race; that legal enactments have their share in the fall of the price of silver, and that the silver standard is an advantage for the wheat culture of India against America. " Som« sort of money," continues Stewart, " the people will have; if there is not gold enough, they take silver." To this case I will return later on. In the mean- time the struggle for gold has in this decade assumed, precisely in the United States, the most unexpected forms. Despite all vicissitudes commerce has increased in an extraordinary degree. The exports of 1850 were valued at $134,900,000, those of 1890 at $845,300,000, those of 1891 at $970,500,000; the figures of the imports were $173,500,000, then $789,300,000, and $828,300,000. Year after year trade showed an enormous surplus. In 1891 the balance of trade closed with a surplus of exports of $142,200,000. Up to 1883 there was also a surplus in the exportation of gold; in 1^ $12,000,000 worth of gold was exported. From lR85-'87 gold once more flowed into the country; but, beginning with 1888, niuch gold was seen leaving for foreign countries. The manifested values were the following: ' Cte IS. de K6ratry La Crise agrioole aux Etats-TJiiis ; Eevue des Deux Mondes, 18B0, t. C, pp. 80, 88. ' Beport of the Secretary of Agriculture, 1890, p. 4. 413 [In thoasands of dollars.] GOLD. 1888. 1889. 1890. 1891. 11, 031 34, 615 14,774 50, 947 20,222 20, 654 44,970 78, 088 —23, 584 33,167 —36, 173 32,987 -^32 82,845 —34, 118 33, 481 +9, 583 —3, 206 +31,413 —637 SILVER. 1888. 1889. 1890. 1891. 29,681 29,894 25,940 40,729 22,425 17,094 18, 192 27, 197 —303 59,206 -14, 789 64, 768 +5, 331 70,485 -9, 004 75, 415 60,903 49,979 75,816 66, 411 Thus, in the same year, 1889, there were also exported considerable amounts of sil- ver; the purchase of the higher amount of 54,000,000 ounces per year, that is to say about $70,000,000, by the Treasury, had begun only in autumn of 1890, whereas form- erly the amount had been only 24,000,000 ounces per year. The drainage of gold, however, increased, and the Director of the Mint, Mr. Leech, has published accurate records concerning' the outflow from New York, for the period from February 13 to July 2i, 1891, during which this outflow amounted to seventy millions. " An examination of the above table," says Mr. Leech, " discloses the very singular fact that of this large amount all but $9,300,000 was shipped when the rate of ster- ling exchange was below the point (about $4,886) at which gold shipments can be made without loss. The movement, therefore, must have been artificially stimu- lated by banks and bankers in Europe paying a premium on gold or making dis- counts to bill-drawers for cash remittances. This was the result of a condition of affairs very unusual in the mercantile world."' Further on it is said that as a rule the great banking houses in New York draw on their correspondents in Europe, at sight or on time, amounts corresponding to the volume of goods handled. The heavy losses of Europe in South America produced a stringency of credit, and called forth the effort to strengthen the gold reserves in England, France, and Germany, and the United States remained the only country from which gold was to be got. At the same time European banks pledged to the shippers interest from the day of shipment from New York. The Bank of England paid a premium on American gold, and when the crisis became more threatening it raised this premium from time to time. Large amounts of American securities were sent back in exchange for gold, wherein some owners, no doubt, were influenced by the fear of an approaching silver standard. The exportation of silver, too, was diminished by the Government purchases, and gold took the place of silver. Nowhere did any disturbance take place in consequence of the exportation ; gold always flowed in from other parts of the country. It is evident that the central banks were not called upon, but that the withdrawal, the drainage, as it were, was distributed over different localities. In May, 1891, the Economist received news from New York that within the last few day8'$18,000,000 in gold had been shipped without any material diminution of the bank reserves. It was said that the fact had generally become clear in the end that the orders for gold were merely purchases of gold, in recent times with increasing loss for the purchasers.^ When, finally, the current year showed a surplus of exportation of goods, amounting from July 1, 1891, to February 1, 1892, to over $180,000,000, and when gold still continued to flow out, it became evident that this outflow meant a oalling-iu of capital, which is stated, by the reports of experts, to have been induced, in the case of France, England, and Austria, under payment of premium on the part of the purchasers. ^ • Report of the Director of the Mint, 1891, p. 37. •The Eeonomist, May 30, 1891, p. 700. •L'Ecooomigte frausais, 19 Maxs, 1892, p. 358 1 Xb* EoonomlBt, Mar. 5, 1892, p. 320, and eUewbere, 414 From this an important lesson is to be learned. The reflux of its own certifi- cates of indebtedness may, under given circumstances, entirely change the balance of payments of a state which is internationally indebted. Here we see a state showing a very high surplus of exports, and favored by nature in the highest degree but which at the same time, in the midst of peace, loses material parts of its gold circulation by foreign countries bringing securities on the market and assuming the cos is of the loss in rate. True, a purchaser must always be found. But from this it results, furthermore, that with the capacity of a country to take up its returning obligations the danger to its metallic circulation rises simultaneously. This capacity of taking up obligations may be produced in the natural way by increasing well-being and government credit, or by the prostration of the spirit of enterprise which facilitates the classing of rent, or by new forms of investment such as postal savings banks ; or it may be more or less forced by premium accorded by the foreign seller. The result is the same. Italy and Spain have had the same experience under different forms. Even at the present day American securities return home, and even after the tirst quarter of 1892, gold flowed to Europe in con- siderable quantities. The United States parted with aportion of their gold circu- lation, but by so much their indebtedness to Europe is less, and a few more threads of the web are broken which up to this day links the two continents. In the case under consideration the outflow of gold may, furthermore, have been promoted by the uncertain monetary situation ot the United States. Much silver is poured into the active circulation, and thereby evidently not only the drainage of gold coin is facilitated, but the payments into public depositories are made in large measure in silver instead of gold. Thus many circumstances urge toward a decision on the part of the United States. In comparison with earlier statements it may be mentioned that the gold produc- tion of 1881-1890 was $326,800,000. From all the figures here given of the monetary status of the United States the industrial demand is to be deducted. In this respect, too, it is to be remarked that it is always the manifested exportation only that is taken into account; many cir- cumstances indicate that the true exportation of gold may be larger than the mani- fested exportation. No data whatever exist concerning gain of gold by immigra- tion and loss of gold by voyages to Europe. Chapter IX. the keciprocal valdb of gold and silver. Weight Belation of the Amounts Produced — Value Relation — Permanent Divergence of Values — English Parliamentary Debates of 1S90 — Unaltered Purchasing Power of Sil- ver in Silver Countries — Mexico — Situation of the United States — Its Significance for Europe. For a number of years the values of gold and silver, measuring one metal by the other, have been diverging more and more. Some circumstam es tend to bring these values nearer each other, others act in the opposite direction, and the latter predominate. Let us consider first the production. That of gold stagnates; its increase for 1891, which the estimates thus far made justify one in expecting, and which will per- haps be regarded by some readers as an extraordinary fact, is limited to 24,000,000 or 25,000,000 marks. The production of silver, on the other hand, rises incessantly; the loss due to the fall in price as compared with gold has been overcome in the ruling districts through the introduction of the furnace method and the fall in price would have to be yet far more considerable in order to exert a marked influence on the production. But the figures of the product alone would up to this day hardly explain the divergence of values, for in 1850 and the years immediately following the figures of production were most unfavorable to gold as regards its price relation to silver, and yet no material changes occurred in the monetary valuation. As late as 1860 the weight relations of the output, gold being always:=l, were 1:5.47; in 1870, 1:5.8; in 1880, somewhat over 1:14. During more than thirty years it stood below 1:15^, and if despite this fact the value of silver did not rise, but fell, that is to say, diverged from the value of gold, that shows that other circumstances besides those given by nature decided matters at that time. Now, the output of 1890 cor- responds to 1 :23.8, and that of 1891 may possibly fall to 1 :24. But these figures are not more above the proportion of 1:15^ than those of 1850-1870 were below it. It is only because the legal relation of the Latin monetary, union is not in force at this day that the figures of the rjplation of production contribute so directly to th? diver- gence of the reciproca,! value, 415 The increased demand for industry acts in the same direction. This increase pays no heed either to monetary needs or to production. The data at hand) however imperfect, seems to show that the demand for gold rises more quickly witli increase in -well-being than the demand for silver. But even assuming that the demand for the two metals increased in the same proportion, yet g o Id would constantly become dearer in relation to silver, for where there is excess of production there the appor- tionment for industrial purposes is easily accomplished. In the same direction acts the rising demand for metallic coin in those countries which have based their currency, legally or in fact, on gold ; and this rising demand relates not only to means of circulation, but also to cash reserve, which is becoming so marked, for example, in England at this moment. In the same direction the prices of the two precious metals are influenced by the continual armaments in Europe, by which gold in large amounts is withdrawn from monetary uses and is rendered immobile either in form of war funds or in other ways. An extraordinary influence in the same direction has also been exerted by the moral depreciation which silver has undergone by a series of legislative measures, and especially by repeated sales of silver. This is to be regarded as one of the main reasons why at this day a large part of hoarding in India is done in gold.- On the other hand, there are circumstances which, being favorable to the price of silver, tend to bring the two values nearer to each other. The iirst of these is keeping open of the Indian mint to silver coinage. But the experiences of 1890 have shown that the inflow can not come too fast without bring- ing danger; that Asia's capacity to absorb silver is indeed very great, but that the diameters of the feeding channels are limited, and that a glut ensues as soon as these channels are taxed beyond the capacity of their diameters. The second circumstance is the continued monthly purchase of 4,500,000 ounces of silver by the United States Governmen fc. This practice must be compared with what has been said from page 30 onward concerning the influence of the furnace method and concerning the tariff on fluxing ores, in order to perceive the contradic- tions it involves. It was intended by this purchase to take up the entire product of the United States. That product has for many years been rising, and, during the continuance of these conditions, has risen from 54,516,300 ounces in 1890 to 58,330,000 ounces in 1891. The third circumstance is the rising demand for silver fractional currency in gold standard lands, which is connected with the higher standard of living of the less wealthy classes. This circumstance is permanent, but has not thus far much weight. * The fourth circumstance finally is the slight rise of the gold production for 1891, and perhaps for some of the subsequent years. But an Increase of this production by about 9,000 kilograms is of no great moment at a time when the silver land India has obsorbed an average of 35,000 kilograms in each of the last three years. We may disregard transient influences, such as the relief of the gold market by the reflux of South American and Portuguese circulation. If now the influence of the separating elements is balanced with that of the unit- ing elements experience shows the preponderance of the former. This is expressed numerically by the departure of the relation of prices from the ratio 1:15J. The mean ratio in 1866- was for the last time below the one just mentioned, being 15.43. In 1874 it reached 16.17 ; in 1876 already 17.88 ; in 1889, 18.40 ; in 1885, 19.41 ; in 1886, 20.81; in 1887, 21.15; in 1888, 22.01, antl in 1889, 22.10. In consequence of the silver speculation preceding the deliberations in the United States the price of silver rose, the average for 1890 being 19-75. Under the influence of iBie present situation the ratio in 1891 was once more from 20 to 21. For more than twenty years the values of the two metals have been diverging. This diverging movement was only interrupted in 1890, and then artificially. The figure for 1891, which is influenced by the American purchases, shows that the influ- ence of these purchases has been overestimated, for it must be noted that that influence is distributed all over the earth, benefitini; the silver mines in Australia, in Bohemia, or in Chile as much as it does those of the United States. By its expan- sion it loses its intensity. But the permanent causes of divergence have remained, and if the legislation of the United States left the present condition of affairs unchanged the ratio would rise from the figure 21 in 1891 as rapidly as it did after 1866. The whole effect would be expressed by a depression. of the figure by little more than a unit, or not even so much, since the constant quantity of 54,000,000 ounces would be taken irom an annually rising total of production. Eecapitulatiijg what has thus far been said concerning production and relation of prices, we find : (1) When from 1867 onward the ratio began to rise above 15^ that fall in value was not justified by the production, whose relative figure till after 1880 was below 15^ (2) The weight relations of the production, that of gold being stagnant, have shown a constantly rising silver output, so that at present the figures for the pro- ductioa are nearly 1:24. 416 (3) The le^al bond ■between silver and gold having been severed, the figure of the value of relation, too, continued to rise. In 1889 it was 22.10. In 1890 it was depressed artifioallyi and is now rising again. (4) Both the weight relation of the output and the value relation of the two metals show that the metals diverge more and more, and at the present day they are following similar lines. So long as present conditions continue the difference of the reciprocal value of the two metals will increase from year to year. In other words, nature offers too little gold for present demands, while she offers silver in abundance. Thus the pres- ent legislative institutions are at variance with the conditions established by nature. Let us continue the supposition of an unchanged state of legislation. The figures show how quickly, especially since 1885, the valtie relation has changed and how slight the influence of the American purchases has been. Even now agriculture and in part industry in Europe are sorely at disadvantage against silver countries, such as India and Mexico. The most striking proof of this is the development of the Indian cotton spinning mills at the expense of Lancashire. The advantage of this situation accrues in England to the holders of interest- bearing notes, the productive value of which increases with the growiiig scarcity of gold. Under these circumstances it is not surprising that already in April, 1890, the par- liamentary debates on this subject assumed temporarily the embittered character of a struggle of labor against capital, in which employers and workingmen alike demanded the restoration of the value of silver. The former president of the chamber of commerce of Liverpool, S. Smith, sub- mitted 140 petitions, with 60,000 signatures, asking for the reestablishment of the bimetallic system. He described the losses which labor was suffering by the one- sided enhancement of the purchasing power of gold. That, he said, was a tax which the drones of society levied on the working bees. It could not promote the welfare of society if the income of the idle, nonproducing class was raised at the expense of the toiling masses. One-half of this new burden was derived from tl» demone- tization of silver. He called the attempt to depreciate silver a huge fraud on civili- zation. The contraction of the currency was merely in the interest of the rich, »nd was opposed to the interest of the whole uation. Sir Houldsworth, a oottou- spinner from Manchester, declared that it was incorrect that the wage worker found indemniiication in the fall of the prices of the -means of living for the loss in work or wages. That equalization either did not take place at all or at most very late, *and ioi- that reason the wage workers were so heartily in favor of this petition, since they regarded these conditions as the root of the long years of losses. Ifii. T. H. Sidebottom, a cotton-spinner from Cheshire, lamented the pitiable condition of all debtors in the country, who had assumed burdens under entirely different condi- tions. The producers were at this day the victims of a monetary vivisection. It was said that England is a land of creditors. But who had made her such if not the inventive talent and the industry of her inhabitants? To this Sir Lyon Playfair replies that the participation in a bimetallic congress means that England, the great creditor of the world, is to invite the debtor natious to deliberate whether the debts contracted in gold since 1816 might hereafter 1 e liquidated in depreciaited silver. The new Latin Union would last just so long n» England was willing to remain in the union, iu order to be shorn like a gentle sheep by the debtor nations. The secretary of state for Iteland, however, Mr. A. J. Balfour, separating loote from the government whiffli held back, declared expressly that he too subscribed to the bimetallic heresy. It was wroug to imagine that all the inconveniences that had arisen since 1874 had sprung Irora the divergence of the values of the two coinage metals, but that divergence had a share in them. The first evil was a pre- mium on Indian goods, due to the fall of silver; the second, the uncertainty of the rate of exchange; the third and greatest evil, however, was at present the lack of a stable currency for the whole world. Money was not only the measure of value for transactions from day to day, but also the measure for defeired payments, and if it was not stable it must barm either the debtor or the creditor. It was said that silver brought inflation. Inflation is bad. But if we are to suffer from one of the two we will rather suffer from inflation than from contraction. If to-morrow America was to decide that it will use no more silver, but place itself on a gold basis, where would the prices be? The history of the world's commerce teaches that in almost every question the practical men after all eventually give iu to the theorists. An international aijreeraeut was possible and most desirable, but it could^not be carried out against the prevailing opinion in the mercantile circles. These words may serve as an example of the public temper in 1890. But the figure of the relation of weight of the output rises continually, and the figure of the value relation pursues the same course. Let us look at the rapid divergence in the years from 1885 on to the interruption by the American purchases and its present course. As goon as the figure 23.75 shall have been reached all gold obligations will have 417 increased in value one-half, as compared •wltli silver, and we are now very close to , that figure. Then, in order to buy 1 kilogram of gold there will be needed, instead of loi Kilograms of silver, one-half more, or 23.75 kilograms. But nothing at this day prevents that figure Irom rising to 31; that is to say, nothing prevents silver from falling to, half its value in comparison to gold. We will leave unnoticed the pitiable debtors, be they individuals or States, and devote our attention merely to productive labor. If this depreciation of silver, or appreciation of gold, were to occur all over the surface of the earth it might be, some think, that sooner or later, amid crises, equi- librium would be established. But this is not at all the case. In Asia silver would retain its purchasing power. This phenomenon is already visible to-day. Mr. Goschen once said, replying to a deputation of bimetallists," that one of the extra- ordinary circumstances in this matter was that the rupee in India had not behaved in the way it should have behaved according to the laws of national economy. Its value had remained stationary, whereas it should have loUowed the price of silver in other lands, and that it was this perverseness of the Indian rupee that caused so many difficulties. ' In Europe it is customary to say that silver is depreciated. This the Indian will not admit. He says that gold in Europe has risen. The reason of the unimpaired purchasing power lies in this, that the great multitude of payments which are out- side of the immediate influence of the world's prices and the small extent of external commerce in comparison to the internal commerce and to the mass of internal circu- lation form an element of inertia which checks the movement of prices and secures the purchasing power of the home metal for the internal commerce; that is to say, for the needs of the producer, for a long time or forever. Having repeatedly mentioned the advantage which has in this way accrued to India, we may now look at a second silver land, Mexico. The Mexican silver ores, which for centuries have been furnishing the larger part of the silver stock of humanity, are, as has already been said, very diverse. Most of them, however, are poor dry ores, which make up for their low contents by their vast dimensions. Furnaces have begun to operate only in the last two years. Even at this day the largest amount of silver is obtained by amalgamation. But other hindrances had already been removed before the incipient transformation of refining methods. Since 1853 foreigners have been allowed to acquire real estate ; the coun- try has gradually become more accessible, and peace and personal safety have been introduced.^ This country, according to akindcommunicationflromMr. Gus. Struck, exported — 1888-'89. 1889-'90. $22, 686, 337 0, 629, 262 7, 63;i. 589 798, 556 349, 507 233, 247 $23, 084, 489 7, 259, 958 6, 394, 662 803, 058 387, 610 386, 871 At the same time the exportation of the other products of the country has increased in an extraordinary degree. "The reason," says Struck, "undoubtedly lies for the most part in the lower value of silver abroad and tlie purchasing power of this metal, which has here remained almost undiminished, for human labor in the field, and the stationary value for payment of ground rent. » * » The uneducated Mexican, who understands as good as nothing of silver depreciation, expresses this naively by saying that a peso is still worth 8 reales." Aided by this premium on exportation, exports are rising from year to year, wealth flows into the country, and the textile industry begins to improve. " Silver, demon- etized by Europe," says Struck, "will retaliate in so far as the great industrial countries of Europe, owing to the depreciated value of the white metal, caused by the action of these very countries, will never again supply cotton goods of extensive consumption to the Mexican and probably to other markets." ^ Still more vividly, however, is the shifting of the situation to the disadvantage of Europe expressed by the circumstance that Mexico has utilized this prosperous time for great and permanent investments, which guarantee its productive power for the future and have assured President Porfirio Diaz an undisputed position in ' The Perverse Rupee, in Eob. Barclay, The Silver Question, and the Gold Question, 3d od., Man- chester, 1890, pp. 99-124. » W. Brockniann : TJeber die Betheilignng des Auslnndes und speciell Dentsohlands bei dem Berg- werksbetrieb in Mexico ; Mitth. d. Deutsch. -wissensch. Vereins in Mexico, I, 1890, S. 38—48. ' Gr. Struck : Mexico und die Silberenwerthung im Auslande ; same Journal, pp. 1-13. 418 this land, formerly so disturbed. In his address to Congress in April, 1891, he was able to point out that there are now in operation over 10,000 kilometers of railways and 31,700 kilometers of telegraph lines; that since the preceding August (1890) some 606 new mine concessions had been applied for; that the furnaces of Monterey and San Luis de Potosi had been completed, and others were in course of construc- tion ; that a public school law was being elaborated. In a second address, Septem- ber 16, 1891, the President announced the progress of vine culture and silk culture. Since 1883 the number of pieces sent by mail had risen from 5,000,000 to 125,000,000. Six new steamship lines had been conceded. The customs receipts in four years had ri^en 9,000,000 pesos. It might be expected that the great exportation of precious metal would check the development of other kinds of exportation, but this is in no wise the case. "While the average exportation of other products of the country in the preceding five years was 49,700,000 pesos, it rose in the last two years to 62,500,000 and 63,100,- 000 pesos. The loss which Mexico suffers by the payment of interest on gold debt now amounts to about 2,000,000 pesos a year. In this way Mexico repeats the same phenomena which were exhibited by the other silver land, India, to wit, unchanged purchasing power of silver in the country itself, hence premium to the advantage of the producer against gold lands, general economic advance, permanent opening of the country, but on the other hand difflciilties of the financial administration due to foreign debt in gold. All remarks concerning the present reciprocal valuation of the two metals depend on the supposition that the present state of legislation is to be maintained; but the present annual purchase of 54,000,000 ounces of silver by the United States Govern- ment is an entirely unnatural measure, which, like all similar contrivances, must in the long run lead to disagreeable consequences. That amount exceeds the demands of circulation ; hence, as has been said, it facilitates the outflow of gold and causes more and more silver to flow into the Government depositories instead of gold. It was intended to correspond to the annual home production, but that production is already higher, and rises constantly. President Harrison has announced that another invitation to the European powers for a monetary conference is contemplated, but would not for the present be issued. If a renewed attempt at an agreement failed he would, nevertheless, endeavor to secure employment for silver so far as practicable. This is probably to be understood to mean that no material change is to be made before the approaching election of the new President. In the coming winter Europe will perhaps be once more brought face to face with the possibility of unification, and, if so, it will probably be for the last time. The old arguments ought not to be rehashed. You say the legal establishment of the reciprocal value of two metals is in itself a monstrosity ; but you forget that in every State having the gold standard there exists together with it also silver money, which obtains its value by law. You say such a regulation can not be international, but you overlook how long the ratio of 1:15^ was upheld and worked beneficently. We wish, say the London bunkers, to leceive our interest in gold and not in depre- ciated silver. But silver would no longer be depreciated the moment an agreement went into effect. Why, you ask, shall we cast such profit into the hands of the own- ers of silver mines, between whom and us there exists no sympathy? Eemember that you are now casting the same profit into the hands of the owners of gold mines and washings. No man would lose by rehabilitation, and the whole world would be richer. All these arguments fail to touch the true difficulty. That difficulty lies iu the undoubted tendency of the two metals to diverge more and more. That divergence lies in the nature of the metals themselves, and no statesman and no law can alter the natural conditions that give birth to this tendency. When, in 1849, gold poured into Europe in ever-growing quantities lawmakers had the courage to keep up the bridge over the great chasm, although the sentiment toward the gold miners at that time was similar to that now prevaUing towards the owners of silver mines. As late as 1863 Stanley Jevons characterized ^Id digging as an outrage on the human race.' Distinguished geologists who knew the manner of these occurrences and their transitory nature predicted that the chasm would close again, and it did close to open soon again in the opposite direction. At present the situation is changed. The causes of such a gold stream are tran- sient, but the conditions under which gold at this day is becoming rarer and those under which silver is becoming more common are permanent. This phenomenon, too, has been predicted. And, let us ask further, if nature sets up difficulties so inexorably, is there no help in human affairs? In my opinion, that help lies solely in the progressive open- ing up of Asia. Ought, then, a congieas of European statesmen to decide to accord to silver an 419 increased value at variance -with the conditions of its production, by general agree- meut, until the absorptive capacity of Asia haa increased by, say, one-half, over that of the preseut day ? I believe that this would be an exceedingly vrise step in the interest of Europe; but from previous experience there is reason to doubt whether it will be adopted. Bat in declining to do so, Europe must Iceep in mind that she places America face to face with a choice which, howsoever it may turn out, must in any case be fateful to Europe. Let us take the case, in itself improbable, that America decides in favor of gold. President Harrison pointed out in a speech last year that the best method to force Europe to come to an agreement was to deprive it of gold. We learned (p. 76) that in that case the Indian Government intends to follow America, without regard to the difficulties that may thence arise for Europe. What an enhancem,ent of gold ! Where would then be our prices? Mr. Balfour very pertinentlv asked already in 1890. People in Europe too easily forget that the gold standard exists there merely under the supposition that it shall not find many imitators. The great surpluses of balances of payment, and especially of goods, at this day lie not in Europe ; they lie in India and America. But the immediate moral effect of the adoption of the gold standard, even by only one of the two governments, would shake to their founda- tions all the economic conditions in European gold lands long before the actual withdrawal of gold took place. This case, however, will not be further pursued because, in view of Harrison's last utterance, as well as in view of the temper of the agrarian and labor circles, as has been said, that case by itself is very improbable. Let us suppose, therefore, that the United States decide upon the free coinage of silver. Silver rises in value. Perhaps European governments, despite Windom's prediction, may succeed on that occasion to get hold of some fraction of the greatly overestimated gold circulation of America, even though it be at the increased price of silver, and thus to offer some transient relief to the gold market in Europe. The prices of the two metals con- verge. Silver is reli eved of a part of the loss which it thus'far suffered through lack of esteem, but it does not rise to l&J. This result is indicated by the ratio of pro- duction, the consumption of gold, and the experience of the slight effect of previous silver purchases on the price of the metal. Apremium remains for silver countries, aiX the more because the causes continue which promote the scarcity of gold. A pan-American standard may be established on the basis of silver alone. Not without reason does the silver party adhere to Mr. Blaine. Bui the outcome of such a movement must he the partition of the earth. Chapter X. THE FUTURE OF SILVER. General advance of Commerce and Production — Premium and Indebtedness — Increase of Tension — Bimetallism becomes a Transition Measure — Grouping of States — Japan — Silver in China — Partition of the Earth — Silver the Standard of th^ Future — Uncertain Position at the Present Day — Austria-Hungary — Buckle — Conclusion. The second half of the nineteenth century marks a profound transformation in the life of nations. The planet has become smaller under the influence of improved means of communication. Not only the exchange of commodities has become facilitated and increased in an undreamt-of degree; the exchange of thought and the personal contact among the nations weaves a daily tightening network of common views and sentiments. Fractions of the white race, equipped with the experiences of their advanced mother race, have founded in distant continents, on virgin soil, colonies which now are blooming forth into rich and powerful states. In this they were often aided by great and unexpected finds of gold. Into old India European culture is breathing new life, and Japan heralds the entrance of the yellow race into the currents of the world's commerce. Europe has been conscious of the leadership ; that is a proud memory, but to-day Europe is obliged more and more to allow other continents to enter into equilibrium. They are honestly struggling onward to be the peers of Europe, and their claims must be recognized. Europe, headed by Great Britain, has caused this blossoming of the world. Great Britain has been so liberal to her colonies, on the domain of politics as well as of economics, that Thorold Rogers compared his native land with King Lear. But it is to the interest of Europe that this advance of other continents shall take place by way of natural progress, and not without the possibility of tranquil readjust- ment to new conditions. Instead of this Europe paralyzes and weakens herself by ' W. Stanley-tTevona : A Berioas fall in the value of gold aacertaiJied, 8vo, London, 1863, p. 67. 420 permanent armaments, and on the other hand has accelerated the course of things by granting a premium, arising out of difiference in the quality of money, -vrhich gives an advantage to transoceanic production, and by the over-ready granting of transoceanic loans. By the premium England herself has suffered most. Through the fall of prices English agriculture has received the last and heaviest blow ; I am indeed inclined in this very case of the Indian wheat, to adopt the views of Nasse and his partisans' ascribing the cause of the increased and cheapened exportation, besides the premium and even before it, to the opening up of the land ; moreover, natural farming as yet prevails in many parts of India. But more striking and manifest is the rise of large- scale cotton spinning in India and the expulsion of Lancashire from the Chinese markets. In fact, a silver land finds it very difficult to buy of a gold land, and will always r prefer to seek its necessaries in a land having the same standard. In Bolton, near Manchester, the cotton manufacturers have just decided to work only four days in the week and to lie idle for three days. And while in Europe there is thus taking place a displacement of the conditions of production, for which comfort is vainly sought in the cheapening of a few of the means of living, a cheap- ening which, for the most part, vanishes in the retail trade, the chamber of com- merce of Bengal at the same time passed a resolution which likewise complains bitterly of the present state of things. The confidence in the silver rupee is said to have sunk in business circles. No European capital is said to go any longer to India; the relations between the East and West are said to be stagnant. The Indian government would either have to make a move toward international agree- ment, or, if that be unattainable, it would have to introduce the golfl standard into India at once. Thus the tension is increased, and both parties suffer. The utterances of the Bengal Chamber of Commerce leads us from the commercial to the financial relations. Indebtedness in gold, especially when it rests on a silver land, manifestly rises from year to year with the divergence of values. While any economic gain due to the premium in the silver land is distributed among thousands of hands, in the figure of the interest which is due in gold, the burden finds con- centrated expression, and it increases with every fraction by which the ratio rises. Many a statesman of an honestly toiling, upward striving land watches with anxiety this figure which withdraws from his country undeservedly and inexorably a part of the fruits of its industry, and conveys to the bondholder unearned and unexpected gain. The crises of recent times have furnished abundant examples in which the paying capacity of a debtor country was exceeded, and a good part of the capital was lost along with the interest. Here I would like to return to a word of Balfour's already cited (p. 90). Money is said to be also the measure of value of defe,rred payments. The longer the period of deferment the graver must be, under present circumstances, the consequences of the progressive divergence of the values of gold and silver. The silver land is loath to buy in the gold land, but it must be yet for more careful not to incur long-time gold debt. The almost complete cessation of the emission of foreign loans in London in 1891 is a consequence of the experiences in South America, which, however, have become as instructive tp all other debtors as they are to the creditors who have to bear the loss. That, and not the success of the gold regime, is at this day the reason of the cheapness of loan money. Thus with the divergence of the values of the two metals all commercial relations are subjected to tension. But that does not trouble the goldsmith who melts down sovereigns, nor the metallurgist who runs the furnace with lead flux, nor does the nature of gold change for that. AH assumption that with increasing price of gold the demand for gold ornaments or gold watches will diminish, or that with the fall of silver its production will decrease, suppose a difference in value which lies far beyond those fibres which commerce is at all able to bear. On the contrary, aU experience indicates that the group of the heavy metals, beginuing with gold (19.253) is too rare to serve as the coinage metal for the increased demand, and that Buch a metal will be unable in the long run to draw the plow of human economy in equal team with a metal of a weight of only 10.474 (silver). It seems that the broad gap which nature has laid down between the heavy and the light metals can no longer be permanently bridged. Hence any international agreement, though urgently to be recommended, will at this day much more than in former years, after the bond, unfortunately, has been prematurely severed, bear the marks of a transition measure. The object of this measure would be to prevent the partition of the earth till the moment, perhaps distant, perhaps near at hand, when Asia shall be more opened up, or when the world shall be ready to dispense entirely with the monetary services of gold. Europe, I fear, is laboring under a grave delusion. The economy of the world can not be arbitrarily carried on in the mere hope that somewhere a new California 421 and at the same time a new Australia may be found, as in 1849-1852, whose alluvial land may again give relief for a decade. The present small undulations in the figure of production however are without any further siguiftcauce for the grand process. Under these circumstances it might indeed hai)pen that the results foi-eseen by Lexis would ensue, to wit, that even with a ver.v high ratio within a himetallio union a premium on gold would grow up in the course of years, called forth not by the demand for gold for exportation but by the demand for gold within the ar6a of the league itself.' But any condition is better than the present one, in which we are drifting on toward the partition of the earth into two trade areas. In order to survey such a condition we will arrange some of the most important states into groups. The first group is formed by the gold lands, England with Canada, Africa and Australia, Germany, Scandinavia, and, by the actual condition of affairs, also the countries of the Latin Union. In this group are the creditors. No internationally indebted land has thus far maintained a free gold currency. Italy, within this group, has lost her gold currency. The second group comprises states in which the standard relations are not defined. In each one of them different conditions prevail. The United States, by ordering the silver purchases, have assumed a mediating position, which, however, can hardly last long, or, should it continue, will finzilly lead to the loss of an ever in- creasing part of their gold. Several states of South America have j ust passed through grave crises. The same is true of Portugal. Spain, too, is not without her difficul- ties. In Austria-Hungary a peculiar situation is produced by the fact that since the cessation of silver coinage the hank note based on silver did follow the fall of its own basis, and that even the Government note circulating without cover is rated higher than the same amount in silver coin. Russia, too, possesses at this day merely a paper currency. The" third group finally is formed by the silver countries. I will mention Mexico, India, Japan, China. Not one of these countries is a creditor ; some of them are debtors. All are in process of being opened up ; some of them already present great surpluses of exports. They comprise the majority of the human race. The economic blossoming of the silver states is very remarkable. India and Mex- ico have already been mentioned. Japan is climbing upward quite as vigorously. There, too, cotton spinning mills have sprung up. About the middle of 1891 there were already at work 377,970 spindles in 36 factories; since three years the number of factories have doubled, and that of the spindles had risen to more than fourfold. Over 17,000 people were employed in this industry. The Government has granted 2,250,000 yen (1 yen silver = 4.185 marks when silver is at par) in order to begin in 1892 the building of the first iron works. Trade is more and more passing from the hnnds of foreigners into those of native merchants. In 1890 Japan had a failure of the rice crop, and thereupon, and in part in consequence of that failure, passed through a financial crisis. But this does not prevent the exceedingly rapid intro- duction of all technical improvements, and, with the exception of that disturbance in 1890, trade, too, made great and regular progress. From 1885 to 1889 exports rose from 34,800,000 to 68,400,000, and imjjorts from 27,000,000 to 64,000,000 yen. A suc- cessful colonizing movement is spreading from Japan over the islands of the Pacific. Especially is the sugar manufacture of Hawaii developing through Japanese labor. Two bills were recently laid before Parliament; one decrees the nationalization of all railways not yet in the possession of the state, and the other asks for an appro priation of 50,000,000 yen for the building of new railways.^ China is developing so fast ; she takes up constantly gTowing amounts of imports, but as yet the products of the vast empire are not sufficiently mobilized for large exportation. But the demand for foreign products is rising in China also. Fore- most is illuminating oil, of which, in 1891, 40,000,000 gallons were imported from America and 10,000,000 gallons from Russia. For 1890 we have the report of Mr. McKean. In that year alone the importation of illuminating oil had risen 50 per cent, window glass 58 per cent, matches 23 per cent, needles 20 per cent. The expor- tation of tea had fallen in consequence of Indian competition, that of silk was kept hack on account of the higher rate of silver, and, moreover, exportation had suffered by floods in Chihli. The figures for 1889 and 1890 were for imports £26,200,000 and £32,900,000, for exports £22,900,000 and £22,600,000. The tonnage of the arriving vessels rose in six years from 18,000,000 to 24,800,000.^ . The fact that in the background of the silver lands there lies this ocean of human beings, must never be lost sight of. The money circulation in China is at present effected by silver, which is cast in bars either about 0.998 or 0.980 fine. The finer 'W. Lexis, Die "Wahrungsfrage und die englisolie Untersuohimga-Commiseioni Conrad, Jahrb. f. Nationalokonomie, 1888, Neue Folge, XVI, p. 351. "^ The critical report, which is worth reading, is reprinted in the Economiste fraD9ais, 26 mars, 1892, • p. 395. ^ An extract may be .found in the Economist, supplement to the number of June 13, 1891. 422 silver is cast into so-called " shoes " of 50 taels (67 ounces troy nearly) and the stamp of the producer is impressed on it ; there is no other guarantee of fineness. Smaller ingots and hemispherical balls too are in circulation; they weigh about 6 ounces and are deeply furrowed with a cold chisel in order to show the interior.' In the ports foreign thaler pieces circulate, but the Chinese entertain the deepest suspicion against the fineness of the foreign coinage, and hence the coining of impe- rial Chinese silver pieces would certainly be of the greatest moment for the intro- duction of a more abundant circulation. The beginning of this has in fact recently been made. Since 1891 a silver piece of the valiie of a dollar is coined. One side shows the dragon, the other the inscription: "Current coin of Kwang-hsu." " Stamped in Canton." No one may refuse this coin or regard it as a foreign coin. This dragon dollar may perhaps in time acquire the same importance which the Mexican dollar acquired years ago for the commerce of the human race. But let us return. We assume the case that the United States, despite all warnings, establish the free coinage of silver. At one blow the Pan-American standard is established. All Asia joins in. The gold standard is limited to Europe and the English colonies, hut without India. That, we said, is the partition of the earth. This idea of a parti- tion of the earth into a silver sphere and a gold sphere has already come forward repeatedly. In the monetary conference of 1878 Mr. Goschen, as representative of Great Britain, stated that that country indeed clung to the gold standard, hut that it suffered continual loss in liidia in order there to keep open a drainage channel for silver. Might it not be feared that with the extension of the gold standard there would ensue a fall of silver, a rise of gold, and a corresponding fall in the price of com- modities ? The general double standard seemed to him a very Utopia, but the adop- tion of the exclusive gold standard was another, and to his eyes, an entirely wrong one. It must be admitted that the representative of Switzerland, Mr. Feer-Herzog, merely drew the logical consequence of these words when he proposed the partition of the earth. Gold was to serve the advanced, silver the backward nations. To-day, when the values of the two metals have gone so far apart, and when, with the continuance of present conditions, there is a prospect of further divergence, one may survey with greater distinctness the possible consequences of these ideas of 1878. Last year Prof. Milewski discussed this subject and showed that in part the partition has already taken place, how at the dividing line between the two areas the rate of exchange is constantly oscillating, and how this condition of affairs rep- resents precisely a state of ceaseless unrest and uncertainty, as contrasted with the time of tranquility which existed through a long period during the prevalence of the double standard.^ These are already the consequences of the first steps toward separation; as yet the great second group stands between the monometallic countries, the gold group on the one hand and the silver group, on the other. A sharp dividing line is seen between England and India ; here advantage to the bondholder, damage to labor ; • there advantage to production, loss for the government. Is there in this really a' permanent advantage to the gold land? But let us essay a few steps on the slippery path of conjecture. The consequences, so far as they may be in a manner inferred, would first consist in a general improvement of conditions, so far as this can be effected by an approach of values of the two metals. This approach would be caused on the one hand by a rise of the value of silver, which, however, would not be too great, because the present purchases of the United States are already effecting an artificial rise ; and on the other hand perhaps for the gold area by a greater outflow of gold into Europe (p. 94). The more remote consequences, however, would be disastrous to the gold lands. In the great silver area, which comprises many states in need of money, there would occur p'orhaps at first inflation and irregularity; true, it must be confessed that even nowadays there are states with free silver coinage and yet without too great inflation. In order to bind the metal, more and more fully covered certificates would pe'-haps be issued instead of the partly covered notes. In any case the pro- duction of goods would make a great, perhaps too great, advance. In the gold area, too, there would at first be improvement, but soon there must ensue more and more contraction, fall of prices, injury to labor. AU obstacles now thrown in the way of commerce by tariffs would dwindle into insignificance compared to the barrier that would be erected by the partition of the earth into two solid areas of different money standards. As the silver area comprises all zones, all natural products, and, in the United States, also all industries, a great independent economic unit would he constituted by the silver area. Exportation from the gold area would be rendered difficult, and ' H. I'. Dawes, Silver Mining in Mongolia; Trans. Am. Inst. Min. Eng., 1891. "J. Milewski, Das Wertlverbaltniss zwieoheu Gold und Silver; Anzeig. Akad. Wissensch. Erakan, Januar, 18^1. 423 yet the gold area would be dependent on tlie other for many products, as is proved by the balance of goods, already passive in a high degree even to-day, of Great Britain, Germany, and France. Silver capital would grow up iu the silver area, and silver lauds would borrow only silver capital. At the same time, however, in the whole silver area industry would continue as hitherto, consuming gold. That is the " wall- ing-in of Europe." Whether the United States will make this or some other choice is not how known, but in any case some deductions arise fram the present situation. First of all, it is certain that Europe, iu case of refusal to enter into an interna- tional agi-eement, leaves America's hand free to enact measures which must exert the most profound iniluences on all commerce and on the money affairs of Europe her- self. Furthermore, it is certain that gold alone can never become the standard of the whole earth, but that, on the contrary, a time will come when it will have been entirely absorbed by industry. Let us not forget Scetbeer's results, according to which the entire monetary stock of the earth is smaller by almost one-third than the production of the last forty years. From this it follows, furthermore, that, assuming that the system of metallic coinage continues to exist (and I see as yet no practicable substitute), silver will lecotiie the standard metal of the earth. The process is developing in this direction, but evidently more rapidly than I thought probable in 1877, for it appears that events of this kind which iu other ages would belong to a more remote future are able, with the sensitiveness of the present commercial life and the perfection of present means of communication, to produce, as soon as they become recognizable, a potential downward grade which hastens their own advent. Finally, it must be admitted that under the present conditions of production a bimetallistie agreement would bear the marks of a transition measure, though a beneficent one. At such a time, when the final outcome may indeed be foreseen but the nearest course of affairs is altogether obscure and not without danger, a difficult task is incumbent on those governments which, not belonging to either of the two mono- motallistio groups, wish to protect their country against the uncertainty of the situa- tion. At the present day they should not without necessity allow themselves to be drawn into tliis struggle. First of all, they should advocate an international agree- ment. If this is not reached, and if the United States decide in favor tf gold, then there will ensue a struggle for that metal, in which those European states will be the first to lose their gold circulation which have debt certificates abroad or wliich are otherwise economically weaker. If the decision is made in favor of silver, then a short interval may ensue in which the acquisition of gold would be cheaper than it is to-day. Even from the standpoint of those who, despite all the lessons of past years, still believe that some large political body ought to join the gold group, it would thus be necessary to warn against taking such a step before North America has spoken. Especially should this warning apply to Austria-Hungary, where, through the favor of external relations, through pacific policy, through the industry of the population and heavy taxation, the economic and financial conditions have been improved. The fruits of this improvement should not be abandoned to the 'arbitrament of a foreign government; the nation should quietly continue to strengthen itself. When Buckle wro>te that famous chapter of his history of civilization in England which treats of the influence exerted by the laws of nature on the institutions of human society, he could not yet have foreseen that it would be possible from the data given by nature to establish a prognosis for perfectly definite economic ques- tions. He took into consideration the distribution of climates and the variety of the external conditions of life. But the comparisons change as soon as man employs a definite substance whose occurrence is subject to definite laws, and as soon as one is able to take into account the limits of occurrence of this substance, the parallax of quantity as it were, albeit within ever so wide confines. Gold is not the rarest metal, but it is too rare for the task which some would like to impose on it. Already in his official preliminary works for the monetary congress of the United States for 1876, whose most important theses unfortunately seem to have attained publicity only much later, Del Mar, the chief of the Bureau of Statistics of the United States, put forth the view " that the probable exhaustion of all the great gold-bearing alluviums of the world and the number and the possible wealth of the silver mines, through the effect of quantity and aside from other circumstances, would tend to widen the relation of value between the two metals, and in this way to render gold dearer and dearer, and silver cheaper and cheaper."' The same result was reached at the same time through studies in Eurojje. Experi- ence since then has confirmed them. The governments to whom belongs the leader- i Alex. Del Mar ; A Historv of the PrecioiiH MfitaU- ftvn London, 1880, preface, p. vu. 424 ship in tliese things may now ask themselves whether they have the strength and the will to draw the logical conclusions, or whether they will continue to judge a subject whicli concerns the whole earth merely from the standpoint of the immedi- ate interest of their states; whether, in particular, in England the interest of the Government creditors is to reniain the ruling interest. China was able through thousands of years to draw upon itself for its require- ments and to coiitinue in isolation. "Europe will not bear isolation from the other coutinents. I'ke qvestion is no longer ivhetlicr silver will aqain become a full-value coin- age mclal over the whole earth, but what are to be the trials through which Europe is to reach that goal. [Senate Ex. Doc. No. 6, Fifty-third Congress, second session.] Letter from the Secretary of the Treasury, transmitting a statement of the aggregate amount of silver bullion purchased in October, 1893. Treasury Department, Office ok tiijj: Secretary, Washington, D. C, December 8, 189S. Sir : Acknowledging the receipt of the resolution passied by the Senate November 1, 1893, as follows : "Resolved, That the Secretary of the Treasury he, and he hereby is, directed to furnish the Senate with a statement giving the aggregate amount of silver bullion purchased under the act of July 14, 1890, during the month of October, 1893, together with the cost thereof, the amount, date, and price of each purchase, and the name of the vender. Also the aggregate amount of silver bullion offered for sale during said month, the amount, date, and price of each offer, and the name of the person making such offer, and how paid for." I have the honorto transmit herewith a statement giving the information requested. The purchases of silver bullion duriug the mouth of October were paid for with Treasury notes as required by the act of July 14, 1890. Very respectfully, J. G. Carlisle, Secretary. The President of the Senate .425 ,V ■=§■8 o « d S..fcS <1- rHMQO CI -^ffiO o in m 00 w (M CO oours a^ co irsi-. into t-c- t-t- '^ S *-" s Ph s « oo O O o o o •8 •2 6^ W3 W !2i •B ^ "8^ figs* Ps,- F^ O oo u o o S C o oooo o o 2iJ ® * ;:3 fi :2 a . . o o 2i2 » o o '« T3 .5 "S '« "^ 'd mm o oo mm eg C4 m mm (M t- t-t-t-C- t-t-L— t>t- m m m o m m m CM W M Oifft) CM £N *fl* ^ "T* ^ CD ^ ^ '^ ^ L-t-t-t- t-t-t- t-C- oooo o o o oooo o o o oooo ooo oo oooo O O OOiO o o o oooo ooo o o O =1 o o o ooo o ^ oo oo oo 5 cQ m om o -^t S&i o ■Si -•8« U ■s.idss^.H'sNI 1^ .8 J .a & CO -f ro^oS "S "^ * ;C- i-lt-U) CO Ci o in CoSr^So "P (M c ■ co" IN lO coco o-i- OD ■^1 o: 00 ic: ■*» en c 'la •^ rHO t-r-> OS o> 00 ^Ci r^OtH o o d o c^ id" o inoift n o» oT OS o'^'o -f o _^r= 1 CO ■^ :S CO t-»n(Mif3 04 r-l in CM ^ l^ « Price paid per fine ounce. o o 'O lO IClOlOlO o o o IM -= ."* ■ '(Jl L- D- t- [> S ti i o lo ca oooo o ggggg P cS ■ o o o oo o o o i ■ o o oooo o o_oo§o 3 9 o inr im CO in (M •fiClT}lt>M ^a . ^ ■a 5 let. M 5 ; d : ! do : : 9«a ^'^ o > d ;o c3 o §552^ o 5 M ^'^isis S Pi 1 CM O go o o cd 'c c • bD :■§ •p if :o S WoJzi L- t- ; t- g < -ti C o c: d d s I c fl V }■ «■ ■tf ■»■ m- «■ -^ r 1 'Z •d t: ■ • -^ ^d rd ;i: e . rt . P . : • PI . p] . p . a . ki d <^t: '3 : : <3,^ cfl-d rtrd . ti 'd -d c3 ft o 1 ■a a^ -€ c c 'Z c i 11 i^ ^ 11= c 'Z il 1^ ^^ =■5 ■ 1 ^ 5 = -d 1 111 1 -2 ; : %s •S8^ g^ ® •$ p n P : ; a 1 C- t:- t- C- L- t- t-l-l>t- t- t-D-C-C- t- 1> t-t> t- 1 - o fcJ 1 c o ooooo c ooc oooo c o o oo = oooc c o o o o o o c; o o c oooo c o oooc c o oooooc ooc 00)00 c o ooo = oooc o" in iri" oo oc " o'rTc "o" iffo'irfw ir d ©"o^o-c If 'o'o'dc ^iGSijfS 1 ir CO t- N m o ifs -fl ■*OC CO t-iflCMin p- m ift (N LT t- in(-(io-!i ics w ■* t- in M : o 1 JO : oa ■ d Q 32 d < ll "ft t-H 1 1 a o 1 o go o^l?'-Wtr i o 1 ^ 3 f 1 - ■3 * J ^ p I ? ll Oi- 1 4 : f lift M « 00 o s i a 4 g iH iH CI 1 « 4 f r- 1 c > 427 tnoao O 00 wo 53 S eq lo r-i •N m i-H lO o m t~ « oa ■^ CO (31 c OCC rHtD « oj a>a» tnin S13 M ift -^ (M « i-H O o -^e^ oo oo ooo OQ OOO o ooo O 0-* OOD OCO rHrti-l CaiM oo> CM o 00 (M o i 9 o <8 ai o NO g ^3 u a o ■SIS': ^i ■§! IS 1.11 s'S'SjISc; " S 9 *rT s « « • oO •g "2 •3 « S*o o f4 (O o ® PiS Pi Pi OCI3 O O OO £ ® o o 2^ o o o o £ o o o o+i 2 ® o o o '3's S'2'O 'o5'S'^ xiiS'O.S'S'O'O'S Oi.S'S'a'S -o .. UID> lUd)! ■iiU(D*--00!S>< • n tn :Sg5 ;<(p oo OlA lO"* ^0t- t-^^-C-l:- O O O O O o o o oo o o o oooo o o ooooo o o o oo o o o o 0-* ooo OCO o : -3 go so S w ^ ^ = = S i" ;5 o oJ >*Sa Sop . 2.S S S 6 S Pt^.g o e8 O S CO EXTBACTS FROM CONGRESSIOISrAL DEBATES FIFTY-THIRD CONGRESS. 429 431 [From speech of Mr. Vest, August 14, 1893.] AVERAGE GOLD PRICES OF COMMODITIES AND OF SILVER, Calculated by Augustus Sauerbeck, esq., of 3 Moorgate Street Buildings, E.C. Lon- don, ill bis long and elaborate paper on Prices of Commodities and the Precious Metals (Journal of Statistical Society, September, 1886), and continuation of it (Journal of Statistical Society, March, 1892). The commodities are the forty-five leading articles of commerce, or thereabouts, valued separately, but classified under six general heads: "Vegetable food," "Animal food," "Cotfee, sugar, and tea," "Minerals" (cbiefiy metds and coals), "Textiles," and "Sundry materials" (such as cotton, flax, hemp, .iute, wool, silk, oil seeds, petroleum, chemicals, indigo, tim- ber). The lists and valuations show the greatest care, and are accepted generally as absolutely reliable. Mr. Sauerbeck decidedly recognizes the appreciation of gold. His evidence and statistics in the Eeport of Gold and Silver Commission and its ap- pendix are valuable. , How these prices are calculated is explained above. Average gold prices of commodities and of silver iy index nnmbert. Tear. Yece- table food (corn, etc.). Animal food (meat, etc.). Sugar, cotiee, and tea. Total food. Min- erals. Tex- tiles. Sundry mate- rials. Total mate- rials. Grand total. Silver. 1846 106 129 92 79 74 73 80 100 120 120 109 105 87 83 99 102 98 87 79 84 95 115 113 91 88 94 101 106 105 93 92 100 95 87 89 84 84 82 71 68 65 64 67 65 65 75 67 81 88 83 71 67 68 69 82 87 87 88 89 83 85 91 91 86 85 89 97 96 89 88 96 98 100 101 109 103 108 108 101 101 94 101 101 104 104 97 88 87 79 82 86 82 81 84 98 87 69 77 87 84 75 87 \ 85 89 97 119 97 102 107 96 98 99 106 97 94 94 96 98 95 100 104 106 105 100 98 103 90 87 88 84 76 77 63 63 60 67 65 75 70 71 68 95 105 84 76 75 74 75 91 101 101 99 102 88 89 98 97 94 89 88 91 95 101 100 94 93 98 102 107 104 100 99 101 96 90 94 91 89 89 79 74 72 70 72 75 73 77 73i 92 94 78 77 77 75 SO 105 115 109 no 108 96 98 97 91 91 93 96 91 91 87 85 89 89 93 127 141 116 101 90 84 74 73 79 77 79 76 68 66 67 69 78 75 80 76 72 77 78 64 67 78 75 78 87 88 84 89 92 84 88 90 - 92 123 149 162 134 130 110 106 109 106 103 114 103 92 88 85 85 78 74 81 77 73 70 68 65 63 65 64 70 66 69 56 86 86 77 75 80 79 84 101 109 109 109 119 102 107 111 109 106 101 98 97 99 100 102 100 99 105 108 106 96 92 95 94 88 85 89 86 85 84 fil 76 69 67 67 68 09 09 66 85 86 73 73 78 76 81 97 104 101 102 107 94 98 100 99 107 115 119 108 107 100 09 100 99 101 115 114 100 93 91 89 81 78 84 80 80 77 73 70 67 67 69 70 71 68 04i 89 95 78 74 77 75 78 95 102 101 101 105 91 94 99 98 101 103 105 101 102 100 99 98 96 100 109 111 102 96 95 94 87 83 88 85 84 82 76 72 69 08 70 72 72 72 084 97.5 1847 98.1 1848 97.8 1849 98.2 1850 98.7 1851 99.9 1852 1853 99.9 101.2 1854 101.1 1855 100.7 1856 101.0 1857 101.5 1858 101.0 1859 102.0 1860 101.4 1861. 99.9 1862 100.9 1863 101.1 1864 100.9 1865. 100.3 1866 100.5 1867 . 99.7 1868 99.6 18B9. 99.6 1870 96.6 1871 99.7 1872 99.2 1873. 97.4 1874 95.8 1875 93.3 1876 86.7 1877 90.2 1878 80.4 1679 84.2 1880.. 85.9 1881 85.0 1882 , 84.9 1883 83.1 1884 83.3 1885 79.9 1886 74.6 1887 73.3 1888 70.4 1889 70.2 1890 78.4 1891 74.1 1892 (10 months).. 65.4 Average, 1882-1891 Average, 1878-1887 71 79 89 95 69 76 77 84 73 73 06 71 74 81 71 76 74 79 77.2 82.] 432 [From speoch of Mr. Hudson, of Kansas, August 19, 1893.] The folio-wing table sets fortli, hy means of Mr. Sauerbeck's index numLeTS, the striking contrast between the relative value of gold and silver in the years preced- ing and in the years following 1873 : Tears from 1873 bssck to 1SB4. Yearly index numbers of silver. Year on from 1873 on to 18S2. Yearly index numbers of silver. 1873 97.4 99.2 99.7 99.6 99.6 99.6 99.7 100.5 100.3 100.9 101.1 100.9 99.9 101.4 102.0 101.0 101.5 101.0 100.7 101.1 1873 97.4 95.8 93.3 86.7 90.2 86.4 84 2 1872 1874 1871 1875 1870 1876 1869 1877 1868 1878 .*. 1867 .'. 1879 1866 1880 85.9 85 1865 1881 1864 1882 84.9 1863 1883 1862 1884 . 83 3 1861 1885 1860 1886 74 6 1859 1887 73 3 1858 1888 1867 1889 70 2 1856 1890 78.4 1855 1891 74.1 1654 1892 65.4 This table gives in parallel columns, for the years 1874-1892, the index numbers for the 45 commodities comprised in Mr. Sauerbeck's computation and the index num- bers of silver for the same years : Mr. Sauerbeck's index numbers. Tears. Mr. Sauerbeck's index numbers. Years. Index number of 45 principal commod- ities. Index number of silver. Index number of 45 principal commod- ities. Index number of silver. 1874 102 96 95 94 87 83 88 85 84 82 95.8 93.3 86.7 90.2 86.4 84.2 85.9 85.0 84.9 83.1 1884 76 72 69 68 70 72 72 72 68 83.3 1885 79.9 1876 1886 74.6 1877 1887 73.3 1878 1888 70.4 1879 1889 70.2 1880 1890 78.4 1881 1891 . 74.1 1882 1892 65.4 1883 [From speech of Mr. Clark, of Missouri, August 19, 1893.] Table shoioing decline in price of wheat, cotton, and silver. Tear. Wheat. (Bush.) Cotton. (Pound.) Silver. (Oz.) Year. Wheat. (Bush.) Cottfln. (Pound.) Silver. (Oz.) 1872 Dollars. 1.47 1.31 1.43 1.12 1.24 1.17 1.34 1.07 1.25 1.11 1.19 Cents. 19.3 18.8 15.4 15.0 12.9 11.8 11.1 9.9 11.5 11.4 11.4 Dollars. 1.82 1.29 1.27 1.24 1.15 1.20 1.15 1.12 1.14 1.13 1.13" 1883 Dollars. 1.13 1.07 .86 .87 .89 .85 .90 . .8:1 .85 .80 .50 Oents. 10.8 10.5 10.6 9.9 9.6 9.8 9.9 10.1 10.0 8.7 7.2 DoUars. 1.11 1884 1.01 1874 1885 LOG 1875 1886 .99 1887 .97 1877 1888 .93 1889 .93 1879 1890 1.04 1891 .90 1881 1892 .811 1803 .76 433 [rrom speech of Senator Dolph, Augnst 8, 1893.] The following table shows tlie amount, expressed in dollars, of silver annually minted during tlie period of sixteen years, and shows the oonsumpfciou of silver in India for coin : 1875 -.... $23,830,686 1876 12,410,636 1877 30,518,415 1878 78,741,556 1879 /. 28,122,004 1880 40,002,173 1881 20,682,625 1882 29,386,322 1883 24,927,400 1884 17,353,531 1885 $48,487,114 1886 27,121,414 1887 44,142,013 1888 36,297,132 1889 37,927,814 1890.. .1 57,931,323 1891 , 32,670,498 Total 17 years 590, 562, 659 Annual average 34, 150, 744 [From speech of Mr. Wheeler, of Alabama, Honse of Bepresentatives, August 11 and 12, 1893.] Monetary systems, population, and approximate wealth and gtocks of money in circula- tion and per capita in the principal countries of the world. Countries. Katio be- tween gold and full legal- tender silver. Batio be- tween sold and limited- tender sil- ver. Circu- Population. lation per cap- ita. 67,000,000 $24.34 39, 000, 000 40.56 6, 100, 000 25.53 31,000,000 9.91 3, 000, 000 14.67 2, 200, 000 9.09 18, 000, 000 16.56 4, 500, 000 28.88 33, 000, 000 2.88 40,000,000 4.90 38, 000, 000 18.42 49, 600, 000 18.54 5, 000, 000 19.00 40,000,000 9.75 8, 600, 000 8.02 4,000,000 26.75 4, 500, 000 13.56 7,000,000 16.43 2, 000, 000 31.00 113,000,000 7.16 11,600,000 4.91 3, 000, 000 .84 35, 000, 000 19.24 255,000,000 3.61 40O, 000, 000 1.75 Wealth. Money — gold silver, and paper. Per cent of money to wealth. Bold and silver coun- tries. United States France Belgium Italy .- Switzerland' Greece Spain Netherlands Turkey Japan Gold countries. United Kingdom Germany Portu^gal Austria-Hungarjr . , . Scandinavian Union. Australia Canada Egypt Cuba, Haiti, etc 1 to 15. 91 1 to 15i 1 to 164 1 to 164 1 to 164 1 to 154 1 to 164 1 to 164 1 to 6. 18 Silver countries. Unssia Mexico Central America . . - South America India-..' China 1 to 151, 1 to 16* 1 to 154 1 to 154 1 to 15 Ito Ito Ito Ito Ito Ito Ito Ito Ito 14.95 U.38 14.38 14, 88 14.38 14.88 14.38 15 15.1 14.28 13. 957 14.08 13.69 14.88 14.28 14.95 15.68 $69, 000, 000, 000 42, 990, 000, 000 5, 035, 000, 000 13, 815, 000, 000 2, 470, 000, 000 1, 500, 000, 000 12, 580, 000, 000 4, 900, 000, 000 2, 965, 000, 000 $1, 665, 390, 000 1, 681, 402, 000 174, 000, 000 307, 276, 000 44, 000, 000 20, 000, 000 298, 000, 000 130, 000, 000 95, 000, 000 47, 000, 000, 000 32,185,000,000 2, 040, 000, 000 19, 275, 000, 000 6, 420, 000, 000 6, 865, 000, 000 4, 900. 000, 000 700, 000, 000 918, 000, 000 96, 000, 000 390, 000, 000 00, 000, 000 107, 000, 000 61, 000, 000 115, 000, 000 25, 445, 000, 000 810, 000, 000 57, 000, 000 2, 500, 000 670, 000, 000 928, 000, 000 700, 000, 000 2.4 4.0 3.2 3.1 1.7 1.3 2.2 2.6 3.2 1.4 2.8 4.0 2.0 1.2 1.5 1.2 3.1 S. Rep. 235 28 434 Production of gold and silver in the United States, and prices of sihier measured ly gold annually from 1846 to 1860. ' ' [Table prepared from records of the Mint of the United States.] Year. Estimated product. Price of pure silver, per oxuice, in London. Average price of pure sil- ver, per ounce, in gold. Value of standard silverdol- lar, 4121 grains, in gold.- Eelative value of gold to silver. Gold. Silver. Lowest. Highest. Average. 1845 $1,008,327 1,13»,357 889, 085 10, 000, 000 40, 000, 000 50, 000, 000 56, 000, 000 60, 000, 000 65, 000, 000 60, OOO, 000 55,000,000 55, 000, 000 56, 000, 000 50, 000, 000 50, 000, 000 46, 000, 000 $50,000 50, 000 50, 000 50, 000 50, 000 50, 000 50, 000 50, 000 60, 000 50, 000 50, 000 50, 000 50, 000 600. OOO 100, 000 150, 000 68J 69 58| 59 59i 60 59i 61 ^? ^?| 61i 595 60 60} 60 60 61i 611 60J 62 61J ?^ m 61J m 59i 59,% 59H 59i 59£ 60,, 60i oil It 61| 61i*B '61 JJ 129.8 130.0 130.8 130.4 130.9 131.6 133.4 132.6 134.1 134.8 134.4 134.4 135.3 134.4 136.0 135.2 100.46 100.56 101.20 100.88 101. 30 101.83 103.42 102.67 104.26 104. 26 103.95 103.95 104. 69 103. 95 105. 22 104.58 1 to 15. 92 1 to 15. 90 ■ltol6.80 1 to 15.85 ltol5.78 1 to 15. 70 1 to 15. 46 1 to 15. 69 ltol6.33 ltolD.33 1 to 15. 38 1 to 15. 38 1 to 15. 27 1 to 15. 38 1 to 15. 19 ltol5.29 1816 1847 . ... 1848 1849..: 1850 1851L 1852 1853 1864 1855 1856 1857 1858 1859 I860 Total 654, 036, 769 1,600,000 I now preeont a table showing tile production of gold and silver in the United States, and the relative value of the two metals from 1860 to 1873. It will be seen by this table that the depreciation of values did not commence until after that date. Production of gold and silver in (he United States, and prices of silver measured by gold , annually, from 1860 to 1873. [Tables prepared from records at the Mint of the United States.] Tears. Estimated product. Price of pure silver per ounce in London. Average price of pure sil- ver, per ounce, in gold. Value of standard silver dol- lar, 4121 grains, in gold. Eelative value of gold to silver. Gold. Silver. Lowest. Highest. Average. I860 $46, 000, 000 43, 000, OUO 39, 2011, 000 40, 000, 000 40, 100, 000 53, 225, 000 53, 500, 000 41, 725, 000 48, ono, 000 49, 600, 000 50,000,000 43, 600, 000 36,000,000 36, 000, 000 $150, 000 2, 000, 000 4, 500, 000 8,500,000 11, 000, 000 11, 260, 000 10, 000, 000 13, 600, 000 12,000,000 12, 000, 000 16,000,000 23, 000, 000 28,750,000 35, 750, 000 61i 604 61 61 601 60J 60» 60J 60 60J f.^ 57J ' ^?| 621 ■ 61J ^^ 61i 61 6li 59 8 61H 60 i 61 /b 618 61J 61A 61i 60^ 001 60/, 60^ 601 60A 59i 135.2 133.3 134.6 134.5 134.5 133.8 133. 9 132.8 132.6 132.5 132.8 132.6 132.2 129.8 104. 58 103. 10 104. 16 104.06 104. 06 103. 52 103.63 102.67 102. 57 102. 47 102. 67 102. 57 102. 25 100. 4« 1 to 15. 29 1861 1 to 15. 26 1862 1 to 15. 35 18G3 1 to 15. 37 1864 1 to 15. 37 1865 1 to 15. 44 1866 1 to 15. 43 1667 1 to 15. 57 1868 1 to 15. 59 1869 1 to 15. 60 1870 1 to 15. 57 1871 1 to 15. 57 1872 1 to 16. 65 1873 ltol5.92 435 TahJe sliowing changes in the comparative value of the gold and silver coins of England from the reign of Edward III to 1816. Date. Heign. Compara- tive value of iine gold and silver. Date. Eeigo. Compara- tive value of fine gold and silver. 1344 Edward 11 ..do 1 to 12. 584 1 to 11. 571 1 to 11. 168 ltolO.331 1 to 10. 331 1 to 11. 158 1 to 11. 158 1 to 11. 158 1 to 11. 158 1 to 11. 268 1 to 10. 434 1551 Edward Vli.... do ItoU 000 1349 1552 1 to 11. 050 1356 ....do 1553 1 to 11. 067 1421 Henry V Edward rv . .do 1560 Elizabeth do 1 to 11. 100 1464 1600 ] to 10. 904 1465 1004 James I CharlesI Charles TI George I George HI 1 to 12: 109 1470 Henry VI Edward IV Henry VIII.... ....do 1626 1 to 13. 356 1482 1666 1 to 14. 485 1609 1717 1 to 15. 209 1627 1816 1 to 14. 287 1543 ....do As corroborative evidence I now read an official paper prepared by Lord Liver- pool and presented to tbe King of England, and which I believe has been regarded as authoritative. It .shows the ratio of gold and silver prior to the time of Herod- otus, who was born 484 years B. C, bringing it down to the year 1717. Value of gold to silver as stated by Lord Liverpool in his letter to the King of England. In Persia, according to Herodotus Ito llf In Greece at same period ItolS In Greece in the time of Plato ltol2 In Greece it is stated by Xenophen at 1 to 10 After the plunder of gold from the temple of Apollo, according to Menau- der, it was - ItolO In the reign of Alexander the Great, it was , 1 to 10 In Rome, according to Pliny the Elder 1 to lO^f In Borne after the tribute from the Etolians 1 to 10 The plunder of gold from the Gauls by Julius Ceesar reduced the pro- portions to 1 to 7i In the reign of Claudius, Tacitus states it at Ito 12^ Until the reign of Alexander Ser vius it contained 1 to 12^ In the reign of Constantine the Great Ito Ol^- The disorders in the Roman Empire under Arcadus and Honorius raised it to J ltol4f From which it appears that gold, unless when depressed by sudden and unusual occurrences, or enhanced by a dread of public insecurity, may be stated to have been for upwards of 900 years in the propor- tion of Ito 10 or 12 In England, in the reign of Henry III, 1216 to 1272 1 to 9J In England, in the reign of Edward III, 1330 to 1377 1 to 12i In England, in the reign of Henry IV, 1400 to 1412 1 to lOi In England, in the reign of Edward JV, 1461 to 1477 1 to Hi In England, in the reign of Henry VIII, 1510 to 1547 ,. 1 to 11. 10 In England, in the reign of Queen Elizabeth, 1560 Itoll In England, in the reign of King James I, 1604 ltol2^ In England, in the reign of King James I, 1611 1 to 13^ In England, in the reign of Charles II, 1665 1 to 14J In England, in the reign of George 1, 1717 1 to 15|- Relative proportions in China, according to Humboldt Ito 12^ Relative proportions in Japan, according to Humboldt 1 to SJ Relative proportions in Bengal, according to bullion report 1 to 14. 86 Relative proportions in Madras, according to bullion report 1 to 13f Relative proportions in Bombay, according to bullion report 1 to 15 In the China Diaries it is stated at 16 taels of silver fbr 1 tael of gold of 100 touch of pure gold. If it is meant to be pure silver also, the pro- portion would be 1 to 16: but it ia believed to be the average fineness of silver in dollars, which would be 1 to 14.296 The value of this table is due to the high position of its author, Lord Liverpool. He had great power and access to all possible means of information. I will now read .a very important paper showing the amount of gold and silver extracted from the mines of America from 1492 until 1825. 436 Summary of the amount of gold and, silver which has heen extracted from the mines of America from 149^ until .t8S5. Years. Period. Gold. SUver. Total amoTmt. Mean year. Gold. Silver. Gold to Silver. Castas OasUle Tears. Dollmrs. Dollars. Dollars. Dollars. marks. marks. 1492-1545.. 53 90, 000, 000 30, 000, 000 120, 000, 000 2, 250, 000 12,500 66, 600 1 to 5 1546-1555a 10 30,000,000 170, 000, 000 200, 000, 000 1556-1570.. 15 40, 000, 000 110,000,000 150,000,000 1571-1680.. 10 20, 000, 000 70, 000, 000 90, 000, 000^ 14,200,000 20, 000 1,347,600 1 to 67 1581-15906. 10 30, OOO, 000 140,000,000 170,000,000 1591-1600.. 10 30, 000, 000 140, 000, 000 170, 000, 000 1601-1610.. 10 25, 000, 000 115, 0«0, 000 140,000,000, 1611-1624.. 10 25,000,000 115, 000, 000 140, 000, 000 1621-1630.. 10 28, 000, 000 122,000,000 150,000,0001 16, 000, 000 20. 300 1, 440, 000 1 to 70 1631-1640.. 10 30, 000, 000 130, 008, 000 160,000,000; • 1641-1650.. 10 30, 000, 000 130,000,000 160, 090, 000 1651-1660.. 10 28,000,000 122, 000, 000 150, 000, 0001 1661-1670.. 1671-1680.. 10 10 28, 000, 000 28,000,000 123,000,000 122,000,000 150, 000, 000 158,000,000 15, 000, 000 20, 600 1, 435, 300 1 to 69 1681-1690.. 10 28, 000, 000 122,000,080. 160,000,000 1691-17000. 10 75, 000, OOO 115,000,000 190, 000, 000 1701-1710.. 1711-1720.. 10 10 120, 000, 000 120, 000, 000 100, 000, 000 110,000,000 220,080,0001 230, 000, 000 f 23, 000, 000 80,000 1,308,800 1 to 16 1721-1730.. 10 120,000,900 120, OOO, 000 240, 000, 000 1731-1740.. 10 120, 000, 000 130,000,000 250,000,000 1741-1750.. 1751-1760(8. 10 10 120,000,000 110, 000, 000 180, 080, 800 190, 000, 000 280, 080, 000 300,000,000 38, 000, 000 82,700 1,970,600 lto24 1761-1770.. 10 100, 000, 000 190, 000, 000 290, 000, 000 ~ 1771-1780*. 10 100, 000, 000 250, 000, 000 360, 000, 000 1781-1790.. 1791-1800.. 10 10 108,000,000 100, 000, 00« 280, 000, 000 320, 000, 000 380,000,0001 420, 000, OOOf 39, 500, 000 73, 500 3, 470, 600 1 to47 1801-18;0.. 10 115, 000, 000 330,000,000 430, 000, 000 1811-1825.. 15 115,000,000 255, 000, 000 370, 000, 000 24, 700, 000 56, 400 2, 000, 000 lto35 Total... 333 1,890,000,000 4,310,000,000 6,200,000,000 Authorities : Count Humboldt, Abbe Eaynal, Mr. Ward, Bullion Report. a Discovery of the mine Patois. b Amalgamation adopted in Peru. c Brazil mines were •worked. d Discovery of Biscaina and Sombrerete, Mexico. e Exploration of tbe mine of Yalenciana, Mexico. fFrom speech of Senator Hoar, August 15, 1893. ] The following shows the operation of the Bland hill and the Sherman law com- pared : "^finiTmiTn Maximum. Absolutely. ■ Monthly purchases of silver under Bland bill, at 83 cents (estimated average) an ounce, coined into dollars, would have produced, since Sherman law was enacted: One month , Three years Four million five hundred thousand ounces silver, at 83 cents, cost: One month Three years A monthly purchase of silver under Bland bill, at present Srice of silver (70 cents), coined into dollars would pro- uoe: One month Four million five hundred thousand ounces silver, at pres- ent price (70 cents), would cost Monthly indebtedness under Sherman law less than it would be under Bland bill, at present price of silver Average monthly excess of the amount of silver certifi. cates over market value of the silver (or silver dollars they represented) when coined, which would have been issued under Bland bill since Sherman law was enacted (silver at 83 cents an ounce) : One month Three years Monthly excess at present price of silver $3, 108, 433 111, 903, 588 $6, 216, 866 223, 807, 176 $3, 736, 000 134,460,000 3, 685, 714 7,371,428 , 160, 000 535, 714 1, 108, 433 39, 903, 588 1, 685, 714 4, 221, 423 2, 216, 866 79, 807, 176 3, 371, 428 Note. — CI) Under Sherman law the coined dollars (and certificates) represent the market value of the silver, when coined, and no more. (2) Under the Sherman law the entire credit of the Government is pledged to keep bU fat at a parity with goldi Under the Bland law there was no such ohligation. 437 Or to restate the oomparison alittle more compactly: Under Sherman law, i, 500, 000 ounces of silver, at 83 cents (average) . . Under Bla/nd bill. $2, 000, 000 -wortli of silvsr a month, at 83 cents Excess represented by certificates (and tlie coined dollars) . Against Sherman law $2, 000, 000 worth of silver, at 70 cents (approximately rate of last purchase) Excess when coined - 4, 500, ODD ounces of silver, at 70 cents In favor of Sherman law at present time. One month. $3, 735, 000 2, 000, 000 1, 108, 433 3, 108, 433 626, 667 2, 000, 000 1, 685, 714 Three years. $134, 4C0, 000 72, 000, 000 89, 903, 588 111, 903, 588 22, 556, 412 3,686 714 3, 150; 000 [From speech of Hon. Mr. Bland, House of Eepresentatives, August 15, 1893.J Mr. Bland. Mr. Speaker, I would like to have priated in the Record a communi- cation lirom the Director of the Mint showing the amount of standard silver that a dollar would contain at the different ratios proposed in these amendments. There was no objection. The communication is as follows : House of Representatives United States, Washington, D. C, August 14, 1893. To the Hon. Director of the Mint: Please give me tlie number of grains of standard silver in the dollar at the ratios of 17, 18, 19, and 20 to 1, respectively, and oblige, Yours, etc., E. P. Bland. Bureau of the Mint, August 14, 1893, Eatio 1 to 17 : Standard grains in a, silver dollar, 438.60. Eatio 1 to 18 : Standard grains in a silver dollar, 464.40. Eatio 1 to 19 : Standard grains in a silver dollar, 490.20. Eatio 1 to 20: Standard grains in a silver dollar, 516.00. E. E. Preston, Acting Director Mint. [From speech of Mr. Catohings, August 19, 1893.] ! lowest prices of middling upland cotton in New York for the years indicated. Tears ending Aug. 31 — Highest, per pound. Date of highest quotation. Lowest, per pound. Date of lowest quotation. 1884. 1885 1886. 1887 1888 1889. 1890 1891 1892. I. Hit .Hi .lOi • U/j .llf .Hi .12i .11 .08iS Apr. Feb. Sept. May Aug, Aug. May Sept. Sept. 14. 1884 26. 1885 1,1885 31,1887 14. 1888 20. 1889 28. 1890 2,1890 5, 1891 lO. lOi .09i .08t| .ogj .09/j .09* .lOi ^oefl Sept. Oct. Feb. Nov. Oct. Oct. Nov. Aug. Mar. 1, 1883 24, 1884 26, 1886 4. 1886 3. 1887 7. 1888 4, 1839 17. 1891 28. 1892 And, recurring to the question of increase in production, I will insert the table in my possession, prepared for me by the Department of Agriculture, showing by pounds the production of cotton in the United States from 1884 to .1892, inclusive : Tears ending Aug. 31— Found.?. Tears ending Aug. 31— Ponndo, jgg4 2, 757, 544, 422 2,742,966,011 3,182,305,658 3, 157, 378, 443 3,439,172,391 1389 3, 439, 934, 799 1890 3, 627, 366, 183 JSgQ 1891 4, 316, 043, 982 1337 1892 4, 506, 576, 984 438 AssTiming a bale to contain 500 pounds, it will be seen that the number of hales produced in 1887 -was 6,3U,756; in 1888, B.STS.SU; in 1889, 6,879,869; in 1890, 7,254,732; in 1891, 8,632,088; and in 1892, 9,013,111. Lowest and higliest prices of corn, cotton, oats, toiacoo, arid wheat for sixty-two years: 18^5-1886. [Where no mention of quality is made it is rmderstood that the nrice anoted is for the cheapest erade of each commodity. The prices are those of the New t"ork market.] Corn, per bushel. Cotton, upland, per pound. Oats, per bushel. Tobacco, Kentucky leaf, per pound. Wheat, per bushel. Tear. 1 i ■w 1 o a ! i 1 1 1 1 ^1 1 1825 . . $0.42 .62 .64 .46 .48 .48 .64 .50 .65 .53 .70 .83 1.00 .76 .76 .46 .47 .54 .48 .43 .45 .55 .64 .62 .57 .65 .63 .62 .64 .76 .93 .48 .71 .58 .76 .04 .48 .60 .68 1.25 .70 .80 1.00 .1.01 .75 .76 .65 .61 .60 .63 .49 .38 .41 .45 , .44 .48 .48 .63 .56 .45 .40 .43 $0.75 .83 .75 .62 .64' .65 .75 .87 .86 .75 1.12 1.12 1.15 1.00 .98 .63 .81 .68 .60 .54 .85 .80 1.10 .78 .70 .72 .68 .78 .82 .98 1.15 .94 .98 1.03 1.05 .96 .74 .76 1.23 1.97 .97 1.32 1.40 1.41 1.16 1.15 .90 .80 .77 .84 .76 .49 .68 .60 .64 .61 .76 1.00 .70 .66 .67 .65 $0.13 .09 .08 .09 .03 .08 .07 .07 .09 .10 .15 .12 .07 .09 .11 .08 .09 .07 .05 .05 .04 .06 .07 .05 .06 .11 .08 .08 .10 .08 .07 .09 .13 .09 .11 .10 .11 .20 .54 .72 .33 .32 .15 .16 .25 .15 .15 .18 .13 .15 .18 .11 .11 , .09 .09} .11 .091 ■ IH .10 : .104 .10 $0.27 .14 .12 .13 .11 .13 .11 .12 .17 .16 .20 .20 .17 .12 .16 .10 .11 .09 .08 .09 ,09 ,09 .12 .08 .11 .14 .14 .10 .11 .10 .11 .12 .13 .13 .12 .11 .28 .68 .88 1.90 1.22 .52 .36 .33 .36 .26 .26 .25 .21 .19 .17 .13 .13 .12 .13i .13i .13 .13 .114 .11 .114 .09A $0.26 .42 .31 .24 .27 .26 .27 .38 .30 .28 .33 .40 .40 .25 .30 .24 .37 .25 .27 .27 .29 .28 .39 .32 .33 .37 .65 .75 .41 .45 .42 .35 .40 .40 .36 .37 .30 .37 .53 .86 .45 .55 .67 C) .67 .62 .42 .42 .42 .38 .30 .28 .22 .29 .31 .36 .42 .371 .38 .32 .274 .30i $0.40 .60 .66 .37 .46 .40 .48 .56 .48 .48 .75 .75 .75 .60 .60 .43 .51) .53 .34 .37 .51 .48 .65 .51 .49 .51 .80 .86 .52 .75 .82 .50 .66 .53 .58 .47 .47 .67 .90 1.02 .90 .85 .94 (*) .84 .60 .70 .55 .58 .53 .64 .35 .46 .45 .60 .49 .52 .72 .61 .42 .414 ,39 $0.03 .03 .03 .03 .05 .03 .03 .03 .03 .04 .06 .06 .03 .04 .08 .03 .04 .02 .02 .02 .02 .02 .02 .03 .03 .05 .03 .03 .04 .05 .06 .06 .07 .06 .04 .03 .03 .06 .08 .08 .07 .oa .09 .08 .08 .07 .06 .09 .09 .07 .09 .07 .07 .04} .04} .05 .064 .03 .05 .05 .074 .07S $0.09 .08 .06 .06 .07 .07 .06 .06 .'M .08 .11 .10 .09 .13 .16 .16 .14 .09 .07 .06 .07 .07 .08 .08 .09 .14 .14 .09 .10 .11 .13 .16 .20 .18 .14 .13 .16 .30 .36 .55 .45 .18 .16 .16 .13 .12 .11 .16 .16 .26 .28 .19 .16 .07 .074 .07j .12 .09 .11 .09 .09 .093 $0.75 .84 .90 .95 1.00 1.00 1.06 1.1,2 1.16 1.02 1.04 1.37 1.65 1.35 1.15 .95 .90 .83 .84 .82 .86 .80 1.01 .95 1.20 1.00 .93 1.03 1.22 1.76 1.96 1.30 1.26 1.20 1.30 1.35 1.20 1.30 1.26 1.72 1.26 2.20 2.30 2.05 1.45 1.40 1.45 1.65 1.55 .93 .92 .84 1.06 .83 1.10 1.03 1.14 1.03 .95 .74 .88 .83 $1.06 1826 1.02 1827 1.25 1828 1.62 1829 . . 1.75 1830.... 1.15 1831 1.35 1832 1.35 1833 1.28 1.10 1835 1.50 1836 \ 2.12 1837 2.10 1838 2.00 1839 1.37 1840 1.25 1841 1.50 1842 1.30 1843 1.20 1844 1.12 1845 1.40 1846 1.35 1847 1.95 1848 1.40 1849 1.35 1850 1.50 1851 1.22 1852 ^ 1.16 1853 1.80 1854 2.50 1855 . . - - 2.80 1856 2.17 1857 1.95 1.60 1859 1.65 I860 1.70 1861 1.60 3862 1.65 2.00 1864 2.75 1865 1.88 1866 3.45 1867 3.40 1868 1869 3.25 2.18 1.90 1871 2.00 1872 2.10 1873 2.26 1.35 1875 1.37 1876 1.27 1877 1.85 1.3] 1:56 1.69 1881 1.66 1883 1.24 1884 1885 1.05 .954 * Nominal, 439 [From apeaoh of Mr. Sperry, House of Eopresentativea, August 21, 1893.] Statement showing the amounts of money in the United States, in the Treasury and in . circulation, on the dates specified. Year. Amount of money in United States. Amount in eir- culation. Population. Money per oapita. . Circula- tion per capita. I860 $442,102,477 462, 005, 767 358,452,079 674, 867, 283 705,588,067 770, 129, 755 764,327,254 728, 200, 612 710, 663, 578 715, 351, 180 722, 868, 461 741,812,174 762,721,565 774,445,610 806, 024, 781 798,273,509 790, 683, 284 763, 053, 847 791,253,576 1, 061, 621, 641 1, 205, 929, 197 1,406,541,823 1,480,631,719 1, 643, 489, 816 1, 706, 454, 189 1,817,658,336 1, 808, 659, 694 1, 900, 442, 672 2, 062, 955, 949 2, 075, 350, 711 2, 144, 226, 159 2, 100, 130, 092 2,219,719,198 *43,5,407,262 448,405, 767 334, 697, 744 595, 394, 038 669,641,478 714, 702, 995 673, 488, 244 661, 992, 069 680, 103, 601 664, 452, 891 676, 212, 794 716, 889, 006 738, 309, 549 751,881,809 776. 083, 031 754,101,947 727, 609, 388 722, 314, 883 729, 132, 634 818,631,793 973, 382, 228 1,114,238,119 1,174,290,419 1, 230, 305, 696 1, 243, 926, 969 1, 292, 668, 615 1,252,700,525 1, 317, 539, 143 1, 372, 170, 870 1, 380, 361, 049 1, 429, 251, 270 1,600,067,555 1, 603, 073, 338 31,443,321 32, 064, 000 32,704,000 33, 363, 000 34, 046, 000 34, 748, 000 35,469,000 36, 211, 000 36, 973, 000 37, 750, 000 38, 688, 371 39, 655, 000 40, 596, OOO 41, 607, 000 42, 796, 000 43,951,000 45, 187, 000 46. 383, 000 47, 598, 000 48, 866, 000 50, 155, 783 51, 316, 000 52,495,000 53, 693, 000 54, 911, 000 56, 148, 000 67,404,000 68, 680, 000 59, 974, 000 61, 289, 000 62, 632, 250 63, 976. 000 05, 520, 000 $14.06 14.09 10.96 20.23 20.72 22.16 21.27 20.11 19.38 18,95 18.73 • 18. 75 18.79 18.58 18.83 18.16 17,52 16.46 10.82 21.52 24.04 27.41 28.20 30.60 31.06 32.37 31.60 32.39 34.39 33.86 34.24 32.83 33.88 $13. 85 1861 13.98 1862 10.23 1863 17.84 1864 19.67 1865 20.67 1866 18.99 1867 18.28 1863 . 18.39 1869 17.60 1870 . - . - 17.50 1871 18.10 1872 18.19 1873 * 18.04 1874 18.13 1875 17.16 1876 16.12 16.58 1878 15.32 16.75 1880 19.41 21.71 1882 22.37 22.91 1884 22.65 23.02 1886 21.82 22.45 1888 22.83 V 22.52 1890 22.82 23.46 1892 24.47 Note. — The difforence, between the amount of. money in the country and the amount in circulation represents the money in the Treasury. Eelative wages and prices in gold in all occupations j 1840-91, [Simple average of all tlie retnrua, taking the wages of 1860 as 1()0. From report of Senate Com- mittee on Finance on wlioleaale prices, "wagea, and transportation, Report 1394, part 1, Fifty-socoiitl Congrees, second aesslon, p. 14.] Tear. Prices. Wages. Year. Prices. "Wages. 1840 116.8 115.8 107.8 101.5 101.9 102.8 106.4 106.5 101.4 98.7 102.3 105.9 102.7 109.1 112.9 113.1 113. 2 112.5 101.8 100.2 100.0 100.6 114.9 102.4 122.5 100.3 87.7 88.0 87.1 86.6 86.6 86.8 89.3 90.8 91.4 92.5 92.7 90.4 90.8 91.8 95.8 98.0 99.2 99.9 98.6 99.1 100.0 100.8 100.4 76.2 80.8 66.2 1866 136.3 127.9 116.9 113.2 117.3 122.9 127.2 122. 119.4 113.0 104.8 104.4 99.9 90.6 106.9 105.7 108.6 lOB.O 99.4 93.0 91.9 92.6 94.2 94.2 92.3 92.2 108.8 1867 117.1 1842 1868 114.9 1869 119.5 1844 1870 133.7 1845 1871 147.8 1872 152. 2 1847 1873 148.3 1874 145.0 1849 - - - . 1875 140.8 1876....: 135.2 1877 136.4 1878 140.5 1879 139.9 1880 141.5 1855 1881 146.5 1850 1882 -. 149.9 1857 1883 .152.7 1884 152.7 1859 1885 150.7 1860 1886 150.9 1887 153.7 1888 155.4 1863 1889 156.7 1890 158.9 1865 1891 160.7 440 Table ahotoing the amount of metallic reserve, circulation, and uncovered notes of the prin- cipal European hanks. Kames of banks. Bank of France Bank of England Sixty-six English private banks . . . Thirty-aeyen Englisli joint stock banks Irish banks .^ Scotch banks Bank of Germany Other German banks Belgium Ketlierlands Bank of Spain -^ Bank of Anstria-Hungary Bank of Italy Other Banks of Italy Imperial Bank of Kussia Ottoman Bank Bank of Koumania Bank of Portugal National Bank of Denmark National Bank of Greece Bank of Sweden Other banks of Sweden Bank of Norway Swiss banks Bank of Servia Bank of Bulgaria Gold. $334, 172, 822 146, 087, 502 -15, 579, *24, 689, 163, 504, '26, 597, *21, 179, 15, 636, 36, 965, 28 804, 39, 815, 36, 129, 190, 954, *8, 287, *lo, 573, 2, 354 *14, 282, •424, 4,496, 2, 026, *6, 716, 13, 417, 1, 659, 907, Silver. $249, 266, 996 81,751,673 34,932,210 24, 940. 812 80,667,104 21, 527, 413 31, 271, 404 4, 207, 400 984, 300 2, 606, 500 3, 683, 598 791, 300 135, 100 Notes. $771,722,995 124, 432, 974 4, 379, 329 6, 889, 668 31, 639, 219 32, 895, 097 234, 857, 290 45, 538, 920 79, 003, 761 75, 133, 893 161, 825, 724 193, 745, 098 116, 014, 616 104, 895, 600 696,661,411 4, 818, 438' 25, 306, 546 53, 383, 800 20, 207, 100 21, 781, 800 10, 827, 300 6, 236, 900 14, 629, 400 31, 843, 456 6, 106, 780 212, 300 Uncovered notes. $188, 283, 177 "'"4,'379,'329' 5,889,668 26, 059, 450 32, 895, 097 10, 399, OSO 18, 941, 230 67,824,753 14, 766, 619 99, 918, 978 84, 273, 181 54, 671, 303 36,494,496 9, 733, 183 46, 821, 800 6, 926, 100 21, 307, 200 5, 346, 100 1, 604, 900 7, 913, 000 4, 742, 691 •i,, 656, 680 June 29 June 28 May 27 May 27 May 20 May 20 June 24 June 22 July 2 June 25 June 25 June 23 May 10 May 10 May 27 Peb. 28 May 8 May 24 Apr. 30 Apr. 30 Apr. 30 Apr. 30 Apr. 30 May 31 May 8 Mai. 14 ^Includes silver. Coinage of nations of the world from 179Z to 189S. Countries. Years. Gold. Silver. United States Great Britain France Mexico - Belgiiim Switzerland Italy Germany Netherlands Scandinavian Union Hussia Japan Chile Australasia India Austria-Hungary Spain Portugal Greec* Servia Koumania Bulgaria Argentine Republic Brazil Egypt Turkey Central American States . Colombia Venezuela 1793-1892 1316-1891 1795-1891 1792-1891 1832-1891 1866-1891 1851-1891 1857-1891 1847-1891 1873-1891 1800-1891 1871-1891 1872-1888 1855-1891 1835-1891 1857-1891 1876-1891 1854-1891 1867-1885 1882-1885 1879-1884 1883-1885 1882-1888 1849-1891 1830-1891 1844-1891 1829-1877 1868-1891 1874^-1891 $1, 585, 1, 160, 1, 689, 78, 115, 3, 92, 823, 31, 29, 966, 63, 65, 550, 11. 94, 192, 8, 2, 1, 302, 060 960, 074 785, 518 725,408 538, 049 201,484 965, 850 291. 883 488, 365 613, 967 ,4ll, 163 429, 611 927, 408 418, 328 710, 832 439, 473 077, 344 185, 138 316, 000 930, 000 734, 365 26, 438, 817 6, 488, 301 13, .639, 113 143, 766, 546 2, 318, 381 3, 053, 464 660, 500 $611,358,811 151,925,944 1,025,314.200 1,733,298,368 103,128,149 6,910,027 113,250,035 277, 769, 824 189, 719, 348 11,673,664 234,098,881 111.671,255 38,306,775 1,479,416 1,675,343,309 278,687,921 154, 580, 160 20, 813, 755 5,068,732 868,500 16,092,600 2, 100, 120 2,710,639 11,412,565 9,219,605 42, 333, 102 373,919 6, 719, 179 2,495,991 Total. 7, 564, 307, 452 6,736,784,794 Tkbasuky Department, Bureau of the Mint, August 18, 1893. 441 Value of merchandise imported into and exported from the United States from ISiS to 189S, inolusive; also excess of imports or of exports — specie value. tCompiled from Trnited States Statistical Abstract, 1892.] Period: Tear ending JuneSO— 18«, 9 montli8-1852 1853-1862 1863-1872 1873-1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Total Exports. Domestic. $1, 258, 2, 373, 2, 861, 6, 509, 804, 724. 726, 665, 703, 683, 730, 845, 872, 1, 015, 331,652 822, 637 812, 207 165, 121 223, 632 964, 852 682, 946 904, 529 022, 023 862, 104 282, 609 293, 828 270, 283 732, Oil 20,775,431,634 Foreign. $81, 169, 158, 149, 19, 16, 16, 13, 13, 12, 12, 12, 12, 14, 421.729 375, 911 225, 322 733, 511 615, 770 548, 767 506, 809 560, 301 160, 288 092, 403 118, 766 534, 856 210, 527 646, 137 699, 651, 087 ^'""'*T;,lTnl"'^Silotaa everts I 1843, 9 montlis-1862. 1853-1862 1863-1872 1873-1882 1883 1884 1885 1886 1887 1890. 1891. 1892. Total. Total excess of exports $1, 339, 2, 543, 3, 020, 8, 658, «2S, 740, 742, 679, 716, 695, 742, 857, 884, 1,030, 753, 381 198, 448 037, 529 899, 032 839, 402 513, 609 189, 756 524, 830 183, 211 954, 507 401, 375 828, 684 480, 810 278, 148 21, 475, 082, 721 Imports. $1, 380, 2, 905, 3, 986, 5, 572, 723, 667, 577, 635, 692, 723, 745, 789, 844, 827, 127, 002 205, 742 821,828 700, 559 180, 914 697, 693 527, 329 436, 136 319, 768 957, 114 131, 652 310,409 916, 106 402, 462 rT'«4.„i «„ (■„ ' Excess of Excess of I^^l^S^ti e^Poi'ts over imports over and imports. Snporte. exports. , 21,071,734,804 404, 859, 599, 020, 211, 717, 960, 602, 911, 979 621 027 093 006 857! 680; 610 139,1 397,1 $1, 086, 198, 473 100, 658, 488 72, 815, 916 164, 662, 426 44, 088, 694 23, 863, 443 68, 518, 2'; 6 39, 564, 614 202, 875, 686 42,546,817,625 1,803,246,016 403,347,917 $40, 363, 621 362, 007, 294 966, 784, 299 28, 002, 607 2, 730, 277 [From speeoli of Hon. Jolin S. Williams, August 22, 1893.] Table A. — World's yield of gold and silver, with percentage of annual va/riation in supply. Tear. Gold, in mil- lions of dollars. Varia- tion from vious years. Silver, in mil- lions of dollars. Varia- tion from pre- vious years. Tear. Gold, in mil- lions of dollars. Vaxiar tiou from pre- vious, years. Silver, in mil- lions of dollars. Varia-- tiou from pre- vious years. 1849 27 44 68 133 155 127 135 134 134 133 130 127 122 119 119 122 126 1''7 127 126 125 123 ■"""es" 56 96 16 —18 + 7 -0* = 2* — 2 — 4 — 3 + 3 + 3 — * Z2* 39 39 40 41 41 41 41 41 41 41 41 41 45 46 49 52 52 52 54 57 61 64 2 2 10 2 6 6 4 6 7 5 1871 119 113 112 111 111 HI 116 120 114 108 104 100 97 100 106 106 106 110 120 120 125 — 3 — 5 — 1 — 1 ° o + 4 + 3 — 5 — 5 — 4 — 4 — 3 + 1 + 6 + 4 68 71 75 79 82 88 93 97 99 101 106 111 115 120 125 130 136 146 159 174 186 6 4 6 5 4 8 4 4 2 2 5 6 4 6 4 4 6 7 1850 1872 1851 '. 1873 1852 1874 1853 ^ 1876 1854s..., 1876 1855 1877 1856 1878 1857 1879 1858 1880 1859 1881 1860 1882 1 1883 1861 1862 1884 1863 1885 1864 1886 1865 1887 1866 1888 1867 1889 1868 1890 g 1869 1891 7 1870 442 Table B. — World's joroduction of gold and silver. Period. Mean annual product. o t, s Period. Mean annual product. in - ° 60 ■a >. Gold. Silver. Gold. Silver. 1^! Pi 1545-1560 1561-1580 Kilos. 8,510 6,840 7,380 8,520 8,300 8,770 9,260 10, 785 12,820 19, 080 24,610 20,705 17, 790 17,778 11,445 14,216 20,289 64,759 193, 388 201, 750 185,057 Kilos. 311, 600 299, 500 418, 900 422,900 393, 600 366,300 337, 000 341,900 355, 600 431,200 533, 145 652,710 879, 060 894, 150 540, 770 460, 560 596,450 780, 415 886, 115 904, 990 1,101,150 36.6 43.8 56.8. 49.6 47.4 41.8 36.4 31.8 27.7 22.6 21.7 31.5 49.4 60.3 47.2 32.4 29.4 14.3 4.4 4.5 5.9 11.30 11.60 11.80 12.25 14 14,50 15 14.97 15.21 15.08 14.75 14.73 15.09 15.61 15.51 15.80 15.75 15.83 15.41- 15.29 15.41 1866-1870.... 1871-1875..-. 1876 Kilos. 183, 026 173, 904 165, 956 179, 445 185,847 167, 307 163,515 158, 864 148, 475 144,727 153, 193 159, 289 169, 741 159, 155 159, S09 185, 809 181,256 189,824 Kilos. 1,339,085 1,969,425 2,323,779 2, 388, 612 2,551,364 2, 507, 607 2,479,998 2, 592, 639 2,769,065 2, 746, 123 2,788,727 2, 993, 805 2, 902, 471 2, 990, 398 3, 388, 606 3, 901, 809 4, 180, 532 4, 479, 649 0.9 11.3 14.0 13.3 13.7 15.0 15.2 16.3 18.6 19.0 18.2 18.8 15.50 15.98 17.88 17.22 17.94 18.40 18.05 18.16 18.,19 18.'64 18.67 19.41 1601 1620 1877 1878 1 64.1 1 660 1879 1880 1680-170* 1701-1700 1721 1740 1881 1882 1883 1884 1761 1780 1885 1886 1801-1810 1887 18.8 2L13 21. 2 21. 99 21.0 22.09 1811-1820 1888 1889 1S90 1891 23.6! 20]92 18 6 sn ^a 1851-1855..... 1856-1860 June, 1893 (av- 1861-1865 Note The figures for 1493-1882, both years inclusive, are Soetbeer'e ; those from 1882-1891 arefrom the reports of the Director of the Miut. I hold in my hand a little pamphlet compiled by Mr. H. Emerson, of Germantown, Pa., in which he has collocated, from Mulhall's Dictionary of Statistics, the Ency- clopaedia Britannica, and the Engineering and Mining Journal, some instructive tables of comparative statistics. As far as I have been able to verify them they are exact in every particular. I shall make a part of my remarts the portions of the pamphlet and the tables under the respective headings: Fact one, fact two, fact three, and fact four. FACT ONE. The total production of silver between 1871 and 1892 relatively to gold is little more than half what it was during the three hundred years preceding the California gold discoveries. Period. Tears. Gold.' Silver. Eatio of weight. 306 22 100 120 60 1 Kilos. 4,427,900 3, 727, 966 796, 200 1,944,800 1, 650, 360 190, 000 Kilos. 146,347,000 63, 764, 534 38, 024, 000 53,031,700 67,420,000 4,480,000 33.12 1871 1892 .... 17.14 47.75 1661 1780 27.27 1 781 1 840 i 40.86 1891 23.6 EACT TWO. The fluctuation of silver supply between 1545 and 1892 has been less than that of gold. Annual production of silver. ^ •' Kilos. Minimum, 1561-1580 ^ 300,000 Maximum, 1891 - 4,500,000 Increase, 15 fold. Annual production of gold. ^ ■' •' Kilos. Minimum, 1561-1580 : 6,840 Maximum, 1853 ,.,-. 234,000 Increase, 34 fold. 443 Sudden fluctuations 'in gold. Ten-year intervals : Kiloa. 1831-1840 20,289 1851-1860 201,138 Increase, 10 fold. In dollars, increase, $120,000,000. Four-year interval: 1849 i $27,000,000 1853 155; 500, 000 Amount 128,500,000 Increase, 5.8 fold. Sudden fluctuations in silver have not occurred in the last three hundred years. Ten-year interval: 1801-1810 : $894,000 1821-1830 460,000 Decrease to one-half. In dollars, decrease, $19, 117, 600. Four-year interval : 1887 $136,000,000 1891 186,000,000 Increase : 49,000,000 Increase, 1.4 fold. At a ten years' interval, 1881-1891, the increase of silver was $80,000,000, the increase in gold 1841-'50 to 1853, was $122,000,000, or one-half more in dollars. At a four-years' interval, 1887-1891, increase of silver $49,000,000, and of gold 1849-1853, $128,000,000, almost three times as much, and JFor a one-year interval, 1889-1890, increase of silver is $15,000,000, while 1851-1852 shows a gold increase of $55,000,000. Whether, therefore, we take intervals of time long or short, remote or recent ; or whether we consider percentages, or absolute amounts, or value in dollars, the pro- duction of silver has been incomparably less fluctuating than that of gold. PACT THREK. The added stock of silver since 1872 (twenty years) to the total world's supply of both metals to the world's money has been neither absolutely nor proportionately as large as the added stock of gold to the previous world's supply of both metals in the twenty years 1850-1870. Total amount of gold and silver mined, in million dollars. Gold. Silver. Total. 1492-1S50 3, ICO 2,573 6,000 9,160 1852-1871 , Increase through gold to previous supply of gold and silver, 28 per cent. Unparalleled prosperity. ' Gold. Silver. Total. 1492-1872 5,836 2,362 7,000 2,430 12, 836 4,792 1873-1892 Increase through silver to previous supply of gold and silver, 19 per cent; increase through gold and silver to previous supply, 27 per cent. Stock of precious metals in the world.* Gold. Silver. 1850 $2,535,000,000 6, 175, 000, 000 $4,880,000,000 6,065,000,000 1890 :.. *Miilhall, p. 306. Percewtace f»f incj-eass. Gold, 142 pej: cen.t; silvsr. 2A loer cent. 444 FACT POUK, The annual increase of gold and silver since 1860 has not been as great as the annual increase of population, of commerce, of railroads, of cotton, of grain, of picirouiu the United States for the same period. 1840. 1860. 1870. 1889. 1880. In- crease. Gold and silver (world's $167,000,000 31, 400, 000 30, 026 $311, OOe, 000 '62, 000, 000 166, 702 63,477 4, 938, OOe, 000 6, 421, 000, OM $5,150,000,066 Perd. PopTj^aition Kailroad mileage Leading railroads of the United States: Mileaee 15,501 396,000,000 1, 732, 000, 000 $2,500,000,000 Freight movement, tons 1,147 277 ( *390 i nsi 178 08 1,206 Passengermovement . $460, 000, 000 1,240,000,000 1, 836, 000, 000 821. OOO 3, 454, 000, 000 3,629,000,000 9, 200, 000 *J?irS't period. t Second period. [From speech of Andrew J. Hunter, of Illinois, Anga8t22, 1893.] Speoie and bullion holdings of leading European hanks. JUNE 1, 1893. Bant of— Gold. Silver. Total. England $130,608,740 342, 754, 200 165,813,760 51, 870, 000 38, 570, 000 15,430,000 13,633,335 $130,50«,74e 599,001,200 221,0115,000 139 220 000 $25«, 247, 000 65, 271, 260 87, 350, 600 32, 090, 000 35, 600, 000 6,816,666 70,660,000 51 036 OOO Holland 20,450,000 Total 758,580,025 473,374,915 1,231,954,940 JUNB 1, 1892. England... France Germany . . Austria — Spain Holland . . - Belgium- -. Total $129, 553, 830 311,674,410 187, 143, 750 28, 470, 000 37, 980, 000 16, 025, 000 13, 856, 665 724, 703, 655 $258, 382, 125 62, 381, 250 82, 760, 000 23, 180, 000 33, 135, 000 6, 928, 335 466, 766, 710 $129,563,830 570,056,535 249,525,000 111,220,000 61,160,000 49,160,000 20,785,000 1,191,460,365 German}' does not report the silver separately, but is included in the total specie. It is calculated, howevw, that 25 per cent of the total is silver, and it is put down at that figure. Specie and liullion holdings of the United States Treasury. June], 1893. Jane 1, 1892 . Gold. $197, 669, 428 271, 563, 291 Silver. $487,503,042 443, 891, 436 Total. $685,172,470 715,454,727 [rrom speech of Mr. Hatch, House of Representatives, August 23, 1893.J 01 J u i Co 11* 2 . tn- 8iS II- ^ ni 3g '- X 235— face page 451 o o o o o CJ CO ■* in CD CO 00 00 00 CO 1 f! o o o t^ 00 en CO 00 00 No. 4. -APPRECIATION OF GOLD MEASURED BY SILVER PRICES OF 1S73 TAKEN AS ZERO. APPRECIATION NOV. 5TH, 1892. 5Q% 40% z ul o 30% cc u CL z o o £ 20% 0. 10% o 3 a) - ,' 50% 1 4:0% -—- " ^ V \ ( ^ / \ / z UJ ( 3 / \ / 30 a ^ UJ a. \ O / ,„.., 1 Z o / / \ / \ ji ,^^ ^; V / 20 z £ < / / / 10% u-5 « be ® U5 CO 00 00 00 o> o ,_ C\l CO 1^ l~~ CO 00 X m O) 00 00 CO 00 03 in «3 r^ oo en o f- Al 00 CO 00 CO 00 a en m 00 00 00 00 CO CO 00 CO No. 3A.-RELAT1VE APPRECIATION OR DEPRECIATION OF (SOLD AND SILVER MEASURED BY SOETBEER'S INDEX-NUMBERS* SINCE 1873. Fluctuations in tlie value of Gold denoted thus.' " " " Silver " " « Soetbeer's Index-Numbers give tlie wholesale prices of lOO Hamburg Articles, and 14. Articles from England- viz.. Agricultural Produce, Animal Produce, Foreign Fruits, Colonial Produce, Mineral Produda. Textiles, and Miscellaneous. S. Rep. 235— face page 451—4 No. 2.-FLUCTUATION3 IN THE PRICE OF COMMODITIES AND SILVER MEASURER BY GOLD. Represents the Economist Index-Numbers for the Wholesale Prices of 22 Principal Articles in the London Market. „ Represents Dr. Soetbeer's Index-Numbers for the Prices of ' lOO Hamburg Articles, and 14 of British Export. ______i«^— . Represents Silver. PRICES OF 1873 TAKEN AS ZERC I- z Ul o a: Ul a. ]0% 30/c r^ ?; i > 1 V '7 \ Ul § 2 i ' r\ \ k >'^ ^ . _ . ^ s •J 4 \ t 1 1 • \ 'i \ \ ) \ — \- 1 > \ \ 1 \ \ 1 1 \ 1 ^ \. • * A V 4 \ V * ^-*^ — :>; '^^ \ 10% z UJ o ce u a 20% £ 30% £C CO < f^ > ^ CO CO 00 00 00- O T- oo 00 CO 00 CM 00 00 00 CO 00 00 CD 00 00 00 CO 00 CO CO O T- CM 0)0)0 CO 00 CO No. 3.-APPRECIATI0N OF GOLD MEASURED BY ITS PURCHASING POWER ON THE BASIS OF THE "ECONOMIST INDEX-NUMBERS." H Z UJ O cc UJ Q. z o H < o UJ q; Q. Q. < PRICES OF 1873 TAKEN AS ZERO, ■40'/„ < / \ 7 \ / ( / \ V / 30/c \ O r \ y 1 / \ -/ \ i / a V \ 'A 20/ 1 / \ y 1 f \ JO/o / y / / / 40'A 30% . z Ul o <£. UJ a. < o UJ tc a. a. < 10% ce CO ■<)- in UJ 00 CO 00 00 O) 00 O ■.- CO 00 00 CO CM 00 00 CO 00 00 CO 00 lO 00 00 CO 00 CO 00 03 00 (J> O) CO 00 CM O) CO S. Kep. 235— fade page 451- No. 1A.-BEING A PORTION OF DIAGRAM No. 1, DRAWN TO AN EXAGGERATED VERTICAL SCALE TO SHOW THE FLUCTUATIONS OF EXCHANGE COMPARED WITH THOSE OF THE RATIO. 6 per cenl Fluctuations In the London prices of Gold above or below the ratio I to 15H Fluctuations In exchang-e between London and Paris denoted thus —.— •■ The vertical distance apart of these two lines year by year represents the divergence from the ratio of 1 to 15>.^ after correction for exchange. No correction has been made for other factors which would make the oolncldence of two lines still more remarkable. S. Eep. 235— face page 451 2 T.e tweniT commodme. represented below in^de OoUonCorr,jn..t.^Y^e^^^ Meas Pork, Anthracite ind BltuminouB Coal. Butter, u^sbb, ««... cliief soiirceB of Amerloa|» -woaltb. 0ol€t S'iaruSUtr&* Prepared from dat. tonl.hed by the "Statistical ^'^'^l'^^^' J^}'l^^'lf^,^^Xt 'Z 1892, issued by the Bureau of StatlstiCB, under the direction of the Secretary oi ^Creasury. S. Rep. 235— face page 451- 451 The foUowin"- table sets forth, by means of Mr. Sauerbeck's index numbers, the relative ralue of gold and silver in the years preceding and in the years following SILVER. 1873: Tears from 1873 back to 1854. Yearly index numbers of silver. Years from 1873 on to 1892. Yearly index numbers of silver. 97.4 99.2 99.7 99.6 99.6 99.6 * 99.7 100.5 100.3 100.9 101.1 100.9 99.9 101.4 102.0 101.0 101.6 101.0 100.7 101.1 1873 97.4 1874 95.8 1875 , 93.3 1876 86.7 1877 90.2 1878 86.4 1879 84.2 1866 1880 85.9 lgg5 1881 85.0 1864 1882 84.9 1883 83.1 1884 83.3 igei 1885 79.9 1880 74.6 1859 1887 . 73.3 1888 70.4 1857 1889 70 3 1890 78.4 1855 ]891 74 1 1854 1892 65.4 Nineteen years preceding 1873. Nineteen years following 1873. Tears. Difference between the yearly index num- ber of sil- ver and 100. Years. Difference between the yearly indexnum- ber of sil- ver andlOO. 1872 -0.8 -0.3 —0.4 -0.4 —0.4 —0.3 -1-0.5 -4-0.3 -hO.9 H-1.1 -fO.9 —0.1 -1-1.4 -f3.0 -fl.O -fl.5 -H.0 -(-0.7 -H.1 1874 4 2 1871 1875 1870 1876 . . —13.3 9 8 1869 1877 1868 1878 13 Q 1867 1879 15 8 1866 1880 1865 1881 15 1864 1882 1863 1883 10 9 1862 1884 1861 1885 21 1 1860 1886 1869 1887 26 7 1858....: 1857 1889 —29.8 21 6 1856 ■ " 1890 1855 1891 1854 ""■.■■ 1892 34^5 COMMODITIES. Mr. Sauerbeck's in- dex numbers— Years. Mr. Sauerbeck's in- dex numbers— Yean. Of 46 principal commodi- ties. Of silver. Of 45 principal commodi. ties. Of silver. 1874. 102 96 95 94 87 95.8 93.3 86.7 90.2 86.4 1884 76 72 69 68 70 72 72 72 68 63.3 1876 1885 79.9 1876 1886 74.6 1877 1887 73.3 1878 1888 70.4 ; 1-30 78.4 1S31 ?tS2 74.1 «5.4 ■- K„» 451 The following table sets forth, by means of Mr. Sauerbeck's index numbers, the relative value of gold and silver in the years preceding and in the years following 1873: SILVER. Tears from 1873 back to 1854. Yearly index numbers of silver. Years from 1873 on to 1892. Yearly index numbers of silver. 1873 97.4 99.2 99.7 99.6 99.6 99.6 " 99.7 100.5 100.3 100.9 101.1 100.9 99.9 101.4 102.0 101.0 101.5 101.0 100.7 101.1 1873 97.4 1874 95.8 1871 1875 93 3 1870 ... 1876 86.7 1869 1877 90.2 1868 1878 86.4 1879 .-. '. 84.2 1866 . 1880 85 9 1865 1881 1864 . 1882 84 1863 .; 1883 83.1 1862 1884 83 3 1885 I860 1880 74 6 1887 1858 1888, 70.4 ]889 , 1856 1890 78 4 1855 1891 74 1 1854 1892 65.4 Nineteen years preceding 1873. Nineteen years following 1873. Tears. Difference between the yearly indexnum- ber of sil- ver and 100. Tears. Difference between the yearly index num- ber of sil- ver andlOO. 1872 - -0.8 -0.3 —0.4 -0.4 —0.4 —0.3 +0.5 +0.3 +0.9 +1.1 +0.9 —0.1 +1.4 +2.0 +1.0 +1.5 +1.0 +0.7 +1.1 1874 -4.2 6 7 1871 1875 1870 - 1876 —13.3 — 9.8 —13.6 —15.8 -14.1 15 1869 1877 1868 1878 1867 1879 1866 1880 1865 , 1881 1864 1882 -15.1 —16.9 1863 1883 1862 1884 1861 1885 —21.1 —25.4 —26.7 I860 1886 1859 1887 1858 ; 1888 1857 1889 1856 1890 —21.6 1855 1891 1854 1892 1 31,6 COMMODITIES. Mr. Sauerbeck's in-l dex numbers- Years. M;r. Sauerbeck's in- dex numbers — Tear*. Of 45 principal commodi- ties. Of sUver. Of 45 principal commodi- ties. Of silver. 1874 102 96 95 94 87 83 88 85 84 82 95.8 93.3 86.7 90.2 86.4 84.2 85.9 85.0 84.9 83.1 1884 78 72 69 68 70 72 72 72 68 83.3 79.9 74.8 73.3 70.4 1875 1885 1876 1886 1877 1887 1878 1888 1879 1889 1880 1890 78.4 74.1 65.4 1881 1891 ^ 1882 1892 1883 452 'Table showing average pricei ft Senator Call, Octo^e; 9, 1??3.] ■Withont reading it, I shall insert in my remaiks here a statement of the total taxation of the United Kingdom and other great nations of the world, taken from the last edition of Mulhall's Dictionary of Statistics, published ia 1892. In 1890 total taxation : United Kingdom £88, 500, 000 France 121,800,000 Germany 154,700,000 Russia 88.880,000 Anstria 74,800,000 j:.ily 72,000,000 Spain 35,400,000 Portugal , 8,400,000 Sweden 4,800,000 Norway 2,400,000 Denmark 3,000,000 HoUand 10,100,000 Belgium £12,900,000 Switzerland 2,900,000 Greece 3,100,000 Europe.. 683,600,000 United States 80,000,000 Canada 7)800,000 Australia 27, 60b, 000 India 69,100,000 Argentina 5, 400, 000 Total 874,100,000 [Prom speech of Senator Allen, October 7, 1893.] Exports of domestio merchandiae — Principal agricultural articles. For the fiscal rear ending June 30, 1892. Articles. Quantities. Total values. per unit. Cattle 394, 607 2,935,219.811 75,451.849 157,280,351 15,796,769 220, 554, 617 507, 919, 830 460,041,760 255,432,077 $35,092,095 258,461,241 41, 590 460 161,399,132 75, 362, 283 18,053,732 39, 334, 933 33, 201, 620 20,670,045 $89. 00 .088 .55 1.25 4.90 .082 .072 .072 Cotton Com Wheat Flour I^eshbeef Bacon Lard Bounds.. BnsKela.. -do;... barrels.. pounds.. dol... do.... do.... Total yalnea.. 683,163,541 519,549,367 163,614,174 - For the fiscal } ear ending Jun 6 30,1893. Articles. Quantities. Total values. Export values per unit. Cattle number.. pounds.. bushels.. do.... barrels.. pounds.. do.... . do 287,094 C 4,431,220 ) 2, 212, 115, 126 46,034,904 117,121,109 16,620.330 206,294,724 391,788,175 365, 693, 301 266, 083, 083 $26,032,428 $90.70 Com Wheat Hour Preshbeef Baeon , Lard 188, 829, 708 24,587,511 93, 534, 970 75,493,347 17, 754, 041 35,781,470 34, 643, 953 22,891,899 .085 .53 .80 4.53 .081 .091 092 Tobacco, leaf do.... .085 Total values 1,519,649,367 454 Exports of domestic merchandise — Principal agrieultwal articles — Continued. Articles. Quantities. Decrease. Increase. Yalaes. Decrease. Increase. Cattle Cotton Com Wheat , Hour Fresh beef Bacon Lard , Xobaoco, leaf.. .number. ..pounds. . .bushels - .do. . -barrels- .pounds. do... ....do... ....do... 117, 613 723, 104, 685 29, 416, 945 40, 159, 242 14, 259, 893 116, 161, 655 94, 652, 459 423, 561 $9, 059, 667 60, 631, 533 17, 002, 909 67, 864, 162 298, 691 4,663,463 $131, 064 10, 661, 006 1,442,373 2,211,854 Total values . 168, 120, 085 3,785,291 The above figures of quantities and values are taken from summary statement of the imports and exports of the United States for the month ending June 30, 1893, commencing page 9. [From speech of Hon. Hr. Wheeler, of Alabama, August 25, 1393.] Statement of amount of gold and silver and paper money in the country for the yean stated, according to the authorities quoted in the margin. Tears. Total of specie in the country. Bank notes in ciroolation. Authorities. 1790 9, 000, 000 16,000,000 18, 000, 000 20,000,000 21, 500, 000 19,900,000 16,600,000 16,000,000 14, 000, 000 17, 000, 000 17,500,000 17, 000, 000 16,500,000 16, 000, 000 17, 500, 000 18,000,000 18, 500, 000 20, 000, 000 20,000,000 23, 000, 000 26, 600, 000 27,000,000 32, 100, 000 2,600,000 9, 000, 000 11,600,000 11, 000, 000 11,600,000 11, 000, 000 10, 500, 000 10, 000, 000 9, 000, 000 10, 000, 000 10, 500, 000 11,000,000 10, 000, 000 11, 000, 000 14, 000, 000 15, 000, 000 17,000,000 18, 000, 000 29, 000, 000 46,000,000 69, 000, 000 44, 800, 000 61,000,000 94, 000, 000 103,000,000 140, 000, oao 149, 000, 000 116, 000, 000 135, 000, 000 107, 000. 000 107, 000, 000 83, 700, 000 86, 500, 000 75, 000, 000 90, 000, 000 105, 600, 000 106, 600, 000 128,600,000 114, 700, 000 131,366,626 155, 165, 251 174, 673, OOO 188, 181, 000 204,689,207 186, 952, 223 196,747,950 214,778,822 165, 208, 844 193, 306, 618 207,102,477 Blodget Do. 1791 1792 Do. 1793 Do. 1794 Do. 1795 Do. Do. 1797 Do. 1798 Do. 1799 Do. 1800 Do. 1801 Do. 1802 Do. 1803 Do. 1804 Do. 1805 Do. 1806 Do. 1807 Do. 1811 Gallatin. 1815 Do. 1816 Do. 1820 Do. 1830 Do. 1834 Congressional report. Treasury report. Woodbury. Do. 1836 . ....... 65, 000, 000 73, 000, 000 87,500,000 87, 000, 000 83, 000, 000 75,000,000 1837 1838 Do. 1839 Hazard, Commercial Hegister. Woodbury. G-ouge, Journal of Banking. 1841 1842 1843 1844 100, 000, 000 96,000,000 , 97,000,000 120, 000, 000 112,000,000 120,000,000 154, 000, 000 186. 000, 000 204, 000, 000 236, 000, 000 241, 000, 000 250,000,000 250, 000, 000 260,000,000 260,000,000 250, 000, 000 235, 000, 000 Hunt, Merchants* Magazine. 1846 Do. Do. 1848 Do. Do. £850 Do. 18(^1 Estimates of the Treasurr. Do. Do. 1854 .,.--........ Do. Do. 1856 .. ........... Do. Do. Do. Do. Do. 455 statement of amimnt of gold and »iher and paper money in tlie conntnj for the years stated, aceordin^ to the authorities quoted in the margin — Continued. Tean. Total of specie Bank notes in mtheconntry. ciiGulation. 250,600,000 203, 005; 767 25,000,000 338, 452, 079 25,001^000 048, 867, 283 25,000,000 680, 588, 087 25,000,000 746, 129; 755 25,000,000 729, 337, 254 25,000,000 703,200,612 25,000,000 691, 653, 578 25,000,000 690, 351, 180 25,000,000 697, 868, 461 25,000,000 716,812,174 25,000,000 737, 721, 174 25,000,000 749,445,610 25,000,000 781,084,781 25, 000, 000 773,273,509 52,418,734 738,264,650 86, 230, 643 676,823,204 102,047,907 689,205,660 357,268,178 694, 253, 333 493,363,884 512,666,313 647,778,682 758, 568, 141 703, 976, 839 776, 554, 880 769,740.048 873,749,768 801,068,939 903, 385, 250 872,185,523 945,472,513 903, 027, 304 905, 532, 340 1,007,513,901 892,929,771 "l, 092, 391, 690 970, 663, 259 1,100,612,434 974.738,277 1, 152, 471. 638 991, 754, 521 1,068,121,071 931,999,903 1, 234, 588, 789 1,139,745,170 1,213,412,584 1,109,988,808 Anthoiitles. IMl , 18er... I86S'.„: 1864 , 1805 , 1866 , 1867 • 1868 , 1869 , 1870 1871 , 1872 , 1873 1874 1875 1876. ....... 1877 1878 1879 1880 1881 _ 1882. 1883 1684.. 188& 1886 J887 1888 1889 1800 1891 1892 1893 Estnnict'eKof the Xreasuiy, Do. Bo. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Gold and silver furnished for nse in manufactures and the arts in the United States during the calendar years 1880-189Z. Calendar years. Gold. Silver. 1880 $10,962,600 11,770,700 10, 868, 000 14,458,800 14, 500, 000 11,824,742 13, 069, 529 14,810,346 16, 514, 842 16, D97, 05B 17, 655, 960 19,686,916 19, 329, 074 $6 098 000 1881 6, 649, 000 1882 7, 197, 500 1883 5, 540, 600 1884 5, 520, 900 1885 i 5, 264, 769 1886 •. 5, 055, 905 1887 5, 438, 331 1888 8,101,889 1889 8, 760, 945 1890 ! 9, 229, 154 1891 9, 603, 40O 1892 9, 301, 388 192,148,563 91,776.841 456 [I^om speecli of Mr. Wheeler, of Alabama, Angnst 28, 1893.] TaMe showing the value of gold coin and bullion imported into and exported from the United States from, 18iS to 1861, inclusive, and from 186^ to 1877, inclusive, and from 1878 to 1888, inclusive, and from 1889 to 1893, inclusive; also showing annual excess of imports or of exports. - Tear ending June 30— Exports. Imports. Excess of exports over imports. Excess of ;: imports. > over exports.- 1843 (nine months) - $300,258 1,183,116 2, 210, 979 1,629,348 975, 301 8,370,785 1, 015, 359 2, 513, 948 4, 767, 333 2,636,142 1, 894, 323 2,491,894 1, 151, 797 852, 698 5, 154, 301 7.595,558 3, 605, 748 1,499,188 3, 624, 103 $17,066,437 1, 613, 304 818,860 910,413 21,674,931 3,408,765 4,068,647 1, 776, 706 3,569,090 3, 658, 059 2,427,356 3, 031, 964 1,092,802 990, 305 6, 654, 636 11, 566, 068 2,126,397 2. 508, 786 42; 291, 930 $16,766,179 430,188 1844 1845 . $1,392,129 718,935 1846 1847 20,599,630 1848 4,962,030 1849 , 3, 063, 288 1860 737,242 1,198,243 1851 1852 1,021,917 633, 633 640, 070 1853 1854 '68,'995' 1855 1856 137,667 1,500,336 3, 970, 510 1857 1858 1859 1,480,351 I860 1, 009, 598 1861 38, 667, 827 Total, 1843-1861 63,471,179 131, 154, 436 10,547,925 88, 230, 182 1862 35, 439, 903 6, 169, 276 100,661,634 58,381,033 71, 197, 309 39, 026, 627 73,396,344 36, 003, 498 33,635,962 66, 686, 208 49,548,760 44, 856, 715 34,042,420 66, 980, 977 31, 177, 050 26,590,374 13, 907, Oil 5, 630, 538 11,176,709 6, 498, 228 8, 196, 261 17,024,866 8,737,443 14,132,668 12, 056, 950 6, 883, 561 8, 717, 458 8,682,447 19,503,137 13,696,793 7, 992, 709 26,246,234 21, 632, 892 638, 738 89, 484, 865 51, 882, 805 63,001,048 22, 001, 761 63,668,901 21, 870, 930 21, 579, 012 59, 802, 647 40, 831, 302 36, 174, 268 14, 539, 283 53, 284, 184 23, 184, 341 344, 140 1863 1865 1867 1869 1871 1873 1877 762,704,090 188,982,873 583,831,117 9,204,455 4,687,614 3, 639, 025 2, 665, 132 32, 687, 880 11, 600, 888 41,081,957 8, 477, 892 42,962,191 9, 701, 187 18, 376, 234 13, 330, 215 5,624,948 80, 758, 396 100, 031, 259 34,377,054 17, 734, 149 22, 831, 317 26, 691, 696 20, 773, 349 42, 910, 601 43,934,317 4, 125. 760 1, 037, 334 77, 119, 371 1881 97,466,127 1, 789, 174 1883 - 6, 133, 261 18H4 18, 250, 640 18, 213, 804 1886 22, 208, 842 33,209,414 25, 558, 083 184,774,256 408,777,275 40,459,482 264, 65% 328 69, 952, 285 17,274,491 86, 362, 664 50, 196, 337 108 680,844 10, 284, 858 12,943,342 18, 232, 667 49,899,454 21, 174, 381 49,667,427 4, 331, 149 . 68,130,087 496,837 87,506,463 1890 1892 .....^ . Total, 1889-1893 323,465,601 112, 334, 602 210, 070, 999 457 [From speech of Mr. Baker, of Kansaa, Augnat 25, 1893.] The following table of business failures is given : Tear. ifnmber. Liabilities. Tear. Number. Liabilities. 1865 520 632 2,780 2,608 2,799 3,551 2,915 4,069 5,183 5,830 7,740 9,092 8.872 10,478 $17,625,000 47. 333, 000 96,666,000 63, 694, 000 75. 054, 000 88, 242, 000 85, 262, 000 121, 936, 000 228, 499, 000 155, 239. 000 201, 000. 000 191,117,000 190, 660, 000 234, 483, 132 1879 6,658 4,735 5,582 0,733 9,184 10, 968 11, 211 12,292 12, 042 13, 348 13, 277 $98,149,053 65, 752, 000 81, 165, 932 102, 000, 000 172,874,172 226,343,427 267,340,264 229. 288, 238 335, 121, 888 247,659,956 312, 496, 742 1866 : 1880 1867 1881 1868 1882 1869 1883 1870 1884. . 1871 1885 1872 188G 1873 1887 1874 1888 1875 1889 1876 Total 1877 161,332 3, 919, 394, 824 1878 Circulation per capita. Tear. Population. Circulation. Per capita. Tear. Population. Circulation. Per capita. 1866 35, 819, 281 $1,863,409,216 $52. 01 1878 48, 955, 308 $549, 540, 088 $11.23 1867 36, 269, 502 1, 350, 949, 218 37.51 1879 50, 155, 783 534, 424, 248 10.65 1866 37,016,949 794.756,112 21.47 1880 51,660,456 528, 524, 267 10,23 1869 37, 779, 800 730, 705, 638 19.34 1881 52, 693, 665 610, 632, 433 11.51 1S7O 38,558.371 691, 028, 377 18.70 1882 53,747,538 657, 404, 084 12.23 1871 39,7.'i0,073 670, 344, 147 16.89 1883 64, 812, 488 648. 205, 895 11.82 1872 40,978,607 661,641,363 16.14 1884 55,908,737 591, 476, 978 10.58 1873 42, 245, 110 652, 896, 762 15.45 1885 57 016, 91 1 533, 405, 001 9.35 1874 43,550,756 632,032,773 14.51 1886 58, 157, 249 470, 574. 361 8.08 1875 44,896,705 630, 427, 609 14.04 1887 59, 320, 393 423, 452, 221 7.13 1876 46,284,344 620,316,970 13.40 1888 .... 60, 506, 800 398, 71!l, 212 6.58 1877 47,714,829 586, 328, 074 12.28 1889 61, 717, 936 306,999,982 4.97 [From speech of Senator Daniel, September 4, 1893.] And I may well associate with this statement the following remarks and analytical statement of W. P. St. John, esq., president of the Mercantile National Bank of New York. "Indisputable records prohibit the assumption of an excessive production of silver in the world. The entire world's coinage of silver during any period of five years, counting our Treasury absorption as coinage, has exceeded by average the annual production of silver. I'or the five years ending with 1889 the average annual coinage of silver has exceeded the annual production of silver by $10,700,000. In 1889 the produotiou exceeded the coinage; but in 1890 (for which I have not figures) our required Treasury absorption was enlarged. The world's records thus manifest a^ recoin^ge of foreign moneys by one or more nations, for which a sufficient explana- tion is India's and China's absorption of Mexican dollars. "Estimates, too moderate to be disputed, of the world's annual gross requirement of silver by average of the five years ending 1889 (ending 1890 for India), are as fol- lows — all at our coin value : Art consumption in Europe and the United States $32, 500, 000 Art and money use of silver in China, Japan, Ceylon, and Africa 17,000,000 Retained at home, of their annual production, by Mexico, Central and South America, exceeding 8,000,000 Spain and Austria's full tender and subsidiary, and the subsidiary coin- age of the other continental States 12,500,000 British India's net absorption, exceeding 35, 000, 000 United States mint absorption, prior to 1890, about 32, 500, 000 World's average annual requirement of silver prior to our purchase act of 1890 137,500,000 Increase of United States requirement now 54,000,000 ounces, coin value $70,000,000, less $32,500,000 38,500,000 Total average requirement 176,000,000 World's greatest annual production of record 165, 000, 000 Average shortage of annual production of silver for present require- ment 11,000,000 458 The coincidence of panics in the past eigMy-five years. France. EnglaM. United States. 1804. 1803. 1810. 1810. 1B13-'14. 1815. 1814. 1818. 1818. 1818. 1825. 182S. 1826. 1830. 1830. 1829-1831. 1830-1839. 1836-1839. 1836-1839. 1847. 1847. 1848. 1857. 1857. 1857. 1864. 1864-1866. 1864. 1873. 1873. 1882. 1882. 1884. 1889-'90. 1890-'91. 1890-'91. Purchasing power of wages of labor. Articles. Standard slieeting per yard . Standard drilling do. . . Bleached sliirting do... Standard prints do... Print olotli do... Cut nails per pound. Kefined sugar do Kew Orleans molasses per gallon . Eio coffee per pound. Tea do Ticking per yard. Matches per gross. Denims per yard. 1860. Monthly wages, $24.08. Price per unit of quan.- tity. Cetits. 8.73 8.92 15. 60 9.50 5.44 3.13 10.00 53.00 13.00 65.00 17.00 48.00 15.00 Quan- tity. 275 270 155 263 442 769 240 45 185 37 141 50 160 Monthly wages, $30.-J4. Price per unit of quan- tity. Cents. 62.07 53.02 48.35 33.25 23. 42 7.85 30.00 150. 00 36.00 130. 00 70.00 100. 00 88.00 Quan- tity. 58 57 62 90 129 385 101 20 84 23 43 30 Monthly wages, $38.69.. ^ Price per unit of quan- tity. Cents. 6.83 6.41 10. «4 6.00 2.95 1.86 4.50 40.00 18.50 25.10 12.00 37.00 11.00 Quan- tity. 566 602 363 615 1,311 2,077 859 128 209 154 322 104 351 Prices of certain products from 1873 to 1891. i o s o 1 CM o ID ffl Articles that farmers sell. . Tears. ! p. g •35 ■g M e o o ■3 •s 1 Pi H II g % -i % ■ ft u %. P g Pi I i i g P4 1" 1 o ft ft -g 1 t5 1 .. o o •6 i Pi 1 1873 $1.32 1.30 1.23 1.17 1.18 1.16 1.12 1.13 1.12 1.13 1.10 1.10 1.00 .99 .97 .97 .93 1.06 .98 $1. 004 .988 .964 .894 .929 .891 .868 .886 .881 .878 .868 .861 .823 .769 .758 .727 .724 .809 .764 Cents. 18.8 15.4 15.0 12.9 11.8 11.1 9.0 11.5 11.4 11.4 10.8 10.5 10.6 9.9 9.5 9.8 9.9 10.1 10.0 Genu. 61 71 84 67 58 56 47 54 56 66 68 61 54 49 47 55 47 41 57 $1.31 1.43 1.12 1.24 ■ 1. 17 1.34 1.07 1.25 1. 11 1.19 1.13 1.07 .86 .87 .89 .85 .90 .83 .03 Genu. 8.8 9.6 11.4 12.1 10.8 8.7 6.9 6.7 8.2 9.9 11.2 10.2 9.2 7.5 7.9 8.0 8.6 7.7 7.6 Cents. 9.2 9.4 13.8 13.3 10,9 8.8 7.0 7.4 9.3 11.6 11.9 9.5 7.9 6.9 7.1 7.7 8.6 7.1 6.9 Gents. 7.8 8.2 10.1 10.6 9.0 6.8 5.7 6.1 7.7 9.0 9.9 7.9 7.2 5.9 6.6 7.4 7.4 6.0 5.9 Gents. 7.7 8.2 8.7 8.7 7.5 7.7 6.3 6.4 6.5 8.5 8.9 7.6 7.5 6.0 5.4 5.3 5.5 5.4 5.6 Gents. 21.1 25.0 23.7 23.9 20.6 18.0 14.2 17.1 19.8 19.3 18,6 18.2 16.8 15.6 15.8 18.3 16.5 14.4 14.5 Gents. 13.1 13.1 13.5 12.6 11.8 11.4 8.9 9.5 11. i 11.0 11.2 10.3 9.3 8.3 9.3 9.9 9.3 9.0 9.0 Cents. JO. 7 1874 9.6 1875 11.3 1876 1877 10.4 10.2 1878 8.7 1879 7.8 1880 7.7 1881 8.3 8.5 1883 8.3 1884 9.1 1885 9.'9 1886 9.6 1887 8.7 1888 8.3 1889 8.8 1890 8.6 1891 8.7 Average de- crease 26 26 63 6 30 14 25 24 27 32 31 19 459 Prices of cei tain products from i87S to 1891 —Continued. Articles tbat fanners buy. Teais. 1. h CO ■g Pi 1 1 1 1 u w a % P( 1 1 o 1 a 1 a' t p< f 1 Xfi i 1 1 I P. P ■■g 1 1 1 1873 cu. 11.6 10.5 10.8 10.7 11.6 10.2 3.5 9.0 9.2 9.7 9.2 7.1 6.4 fi.7 6.0 6.3 7.6 7.0 5.7 Ott. 4.90 3.99 3.42 2.D8 2.57 2.31 2.69 3.68 3.09 3.47 3.06 2.39 2.33 2.27 2.30 2.03 2.00 2.00 1.86 $86. 00 67.00 80,00 62.90 45.00 44.00 51.00 60.00 58.00 61.00 50.00 44.00 40.00 43.00 49.00 44.09 43.00 45.00 42.00 $120. 50 94.25 68.75 59.25 45.50 42.25 48.25 67.50 61.13 48.50 37.75 30.75 28.60 84.60 37. C8 29.83 29.25 31. '76 29.92 Ots. 18 20 18 17 20 17 14 16 13 10 8 11 9 9 15 15 16 19 16 ots. 96 100 60 55 55 45 40 40 35 35 33 33 33 33 28 23 23 25 25 Ott. 13,31 11,42 10,41 8,85 8,46 7,80 7.97 8.51 8.61 8.45 8.32 7.28 6.75 6.75 7.15 7.25 7.00 7.00 0.83 eta. 14.13 11.75 10.12 8.71 8.46 7.65 7.57 8.51 8.06 8.25 7,11' 6.86 6 36 6,25 6,58 6,75 6,75 6,75 6.41 Cts. 19.41 18.04 16.12 13.58 12.46 11.00 11.62 12.74 12.74 12.95 12.93 10.46 10.37 10.65 10.88 10.94 10.50 10.90 10.64 Ota. 11.37 1874 ^ 9.75 1875 8.71 1876. 7.06 1877 6.77 1878 6.09 1879 6.25 1880 7.41 7.00 1882 6.60 6.00 1884 6.00 6.00 1886 .. . 6.00 6.00 1888 6.50 1889 6.50 1890 . - 6.00 1891 6.00 Average decrease. 50 62 61 75 11 73 48 65 45 47 Articles that fan ners b ny- 1. Tears. 1 P. 1 1 i P. i .3 o 13 1 (0 Si o 13 1 S i 1 a ;„ P* e3 ■3, a ■ffl .9 1 SI 1 I 1 s 1 s to 1 1 I 1 1873 5.57 5.33 4.10 4.38 3.44 3.93 4.61 3.95 3.76 3.60 3.30 3.12 3.31 3.33 3.81 3.81 3.34 2.95 $2.66 2. .50 2.25 2.00 3.00 . 3.60 3.60 3.00 2.60 2.45 1.80 1. 43 .83 .70 .53 .49 .38 .,35 .30 eta. 85 80 70 65 50 45 40 40 35 35 35 33 30 28 28 27 26 26 25 $3.40 2.97 3.18 3.08 2.97 2.42 2.42 2.42 2.12 2,12 2,29 2,16 1,91 2,04 1,70 1,76 1,70 1,70 1,70 $1.41 1.25 1.12 1.00 .91 .87 .83 ■ .83 .83 .79 .79 .75 .70 .70 06 ,66 .60 -.64 .62 CtB. 13 11 10 10 8 8 8 9 8 9 8 7 6 6 7 6 6 6 6 $1.14 1.02 .92 .82 .81 .75 .67 .85 .75 .78 .74 .66 .68 .58 .60 .53 .62 .48 .50 eta. 19 20 17 14 14 12 12 14 14 17 16 15 14 14 15 16 13 10 9 Ota. 69 71 70 55 64 40 36 53 43 60 52 50 45 44 40 38 39 40 32 cu. 2.00 1875 1877 1879 1.26 1881 1.25 1.23 1883 1.22 1.12 1885 1.04 1.04 1887 1.03 0.97 1889 0.97 0.93 1891 0.92 Average decrease. 56 89 70 50 56 54 66 62 53 54 Average reduction in 10 farm produota, 261. Average reduction in 19 other products, 65-4. 460 [YTora speech of Senator Hanabrough, September 22, 1893.] Approximate statement of the world's wheat crop from 1886 to 189H, inclusive. Countries. 1885. 1886. 1887. 1888. TTnited States Ontario Manitoba Argentine Republic and Chile- Austria.' Hungary Belgium Denmark France G-ermany Great Britain and Ireland Greece Italy ^Netherlands Portugal Bouniania Kussia Poland Servia Spain Sweden ITorway Switz^rland Turkey in Europe India Asia Minor Persia Syria Japan Algeria , Cape Colony Egypt. Australasia Bushelt. 3S1, 112, 000 31, 572, 931 7, 209, 479 * 25, 000, OOO 48, 281, 992 113, 806, 460 18, 516, 935 5, 533, 355 311, 733, 033 95, 506, 881 82, 071, 332 * 4, 965, 625 117, 027, 013 6, 325, 545 * 7, 681, 250 * 22, 629, 063 178, 084, 400 1 14, 110, 000 * 4, 681, 875 * 113, 500, 000 3, 974, 773 1 280, 000 2, 057, 188 * 45, 400, 000 299, 155, 584 * 43, 200. 938 * 26, 743, 438 * 16, 457, 500 12, 362, 906 * 22. 700, 000 t 3, 600, 000 * 14, 187, 500 38, 412, 447 Bitshelg. im, 218, DOO 28, 439, 322 6. 922, 723 * 28, 800, 625 44, 644, 090 102,846,410 18, 219, 412 5, 201, 640 304, 427, 096 07, 973, 269 65, 285, 353 * 4, 937, 250 119, 793, 575 6, 194, 702 * 8, 228, 750 * 22, 629, 063 163, 455, 273 1 13, 100, 000 * i, 525, 813 ♦ 131, 660, 000 3, 867, 487 1 280, 000 * 1, 64.'), 750 * 41, 143, 750 258, 317. 622 t 37, 000, 000 1 22, 000, 000 1 14, OOO, 000 16, 463, 383 * 32, 915, 000 * 3, 666, 022 * 16, 457, 500 ; 32, 681, 648 BusheU. 456, 329, 000 20, 706, 452 12, 741, 050 * 28, 000,000 52, 351, 733 145.006,414 19, 887, 110 6, 024, 672 319, 094, 204 104, 013, 175 78, 567, 593 - 5,<00, 000 126,223,350 6, 889, 532 * 6, 000, 000 * 24, 000, 000 278, 697, 917 1 15. 600, 000 • 5, 000, 000 * 95, 000, 000 4, 370, 485 * 230, 000 2, 000, 000 •42,000,000 238, 585, 947 t 37, 000, 000 122.000,000 1 14, 000, 000 15, 571, 400 31, 216, 718 3, 692, 655 * 13, 700, 000 } 45, 932, 961 Total 2,093,859.443 2,113,950,536 2, 266, 331, 368 ButMlt. 415, 868, 000 20, 923, 709 7, 220, 640 * 28, 375, COO 51, 843, 452 135, 869, 786 15, 298, 980 3,805,4j65 280, 176, 816 92, 991, 571 76,760.671 * 4, 823, 750 110,096,000 6, 243, 700 * 7, 093, 760 * 51, 075, 000 313, 935, 995 14, 369, 446 * 4, 540, 000 * 10), 166, 875 3,853,736 * 312, 125 * 1, 702, 500 •42,562,500 266, 882, 112 * 38, 396, 250 t22, 700, 000 •14,187,500 15,839,821 •19,862,500 3, 932, 090 •14,187,500 {35,733,071 2, 221, 619, 911 Countries. 1890. 1891. 1892. United States Ontario Manitoba Argentine Republic and Chile. , Austria , Hungary Belgium Denmark France Germany Great Britain and Ireland Greece Italy Netherlands Portugal Roumania Russia .■ Poland , Servia ." Spain Sweden Korway Switzerland Turkey in Europe India Asia Minor Persia Syria Japan Algeria Cape Colony - Egypt Australia Bushels. 490, 560, 000 19, 288, 983 7, 428, 5U * 24, 118, 750 38, 376, 705 93, 520, 630 19, 339, 038 4, 977, 875 307, 357, 350 87, 170, 362 78, 149, 523 * 5, 000, 000 108, 934, 463 6, 473, 217 * 8, 512, 600 •44,784,883 197, 883, 931 10, 052, 537 * 5, 000, 000 75, 622, 213 3, 809, 037 • 283, 760 * 2, 270, 000 * 39, 726, 000 .237, 522, 133 * 36, 887, 500 * 22, 500, 000 * 12, 768, 760 16, 491, 845 * 22, 500, 000 37776, 137 •7,945,000 i 35, 996, 836 Bushels. 399, 262, 000 22, 643, 193 15, 128, 034 * 60, 271, 043 44, 059, 962 148, 017, 904 19, 409, 605 4, 062, 599 331, 748, 810 104, 020, 781 78, 306, 016 • 5, 675, 000 131,433,000 * 6, 189, 120 * 8, 262, 160 53, 607, 639 213, 031, 826 12, 629, 698 * 10, 315, 200 * 70, 143, 360 4, 048, 962 236, 602 •2,475,648 * 37, 134, 720 228, 692, 000 * 37, 134, 720 •22,693,440 * 12, 378, 240 12, 567, 996- * 22, 693, 440 2, 045, 616 • 8, 252, 160 ,43, 861, 853 Bushels, 611,780,000 33, 611, 074 23, 922, 698 •47,256,500 41, 070, 599 126, 268, 750 * 14, 187, 500 4, 666, 445 219, 241, 787 86, 750, Oil 77, 016, 161 * 6, 675, 000 141,455,060 ♦ 3, 713, 472 • 8, 252, 160 46, 672, 264 169, 108, 708 12, 680, 920 * 7, 945, 000 71, 349, 094 t4, 561, 350 ♦412, 608 4, 041, 766 * 33, 008, 640 255,434,667 * 37, 029, 375 * 20, 630, 400 * 12, 343, 125 18, 131, 296 * 21, 281, 250 2, 748, 749 •11,140,416 33, 874, OOO Bushels. 515, 249, 000 29; 690, 129 14. 909, 420 •47,549,418 t47,123,526 138, 223, 680 20, 748, 362 • 4, 538, 683 310, 037, 796 * 100, 057, 440 62, 621, 756 •3,972,500 1 115, 676, 431 • 5, 676, 000 •6,100,625 • 59, 828, 160 241, 678, 934 24, 440, 446 • 4, 951, 296 • 78, 395, 520 t4, 569, 863 • 412, 608 •3,300,864 • 24, 756, 480 203, 168, 000 •37,134,720 •18,567,360 • 12, 378, 240 • 13, 857, 802 19, 398, 797 2,813,460 •8,262,160 37, 096, 221 Total 2,075,027, 2, 172, 372, 246 2,205,251,330 2,217,764,701 •TTnofSoial. t Preliminary. t Estimated. §No ofScial figures for South Australia were published for 1886, 1887, 1888, or 1889, and the fleures for that colony incorporated in the totals for Australasia for three years were conseciuently unofficial. AU statements purporting to give the crops of the world are necessarily very Incomplete from the fact that for various countries no authentic data are obtainable, and such incomplete statements as are possible could not be given for any considerable period without enormous labor, if at all. 461 [rrom speeoh of Senator George, September 22, 1893.] Selected ataUstics of manufactures in cities of SO.OOO inhabitants and over, compiled from the returns of the Census of 1890 — Totals for the United States. Manufactures. 1890. 1880. Woolen manufaotares : Numtoerof establishments Capital employed a Average n amber of employes Total wages paid Miscellaneous expenses d Cost of materials Value of product Cotton manufactures : Number of establishments Capital employed a Average number of employ 68 Total wages paid Miscellaneous expenses d Cost of materials - T^ue of product - Billi manufactures : Number of establishments Capital employedo Average number of employ6s Total wages paid Miscellaneous expenses d Cost of materials Value of product Dyeing andjfinishing of textiles: Number of establishments Capital employed a Average number of employes Total wages paid t Miscellaneous expenses d .^ Cost of materials Value of product Chemical roanufactnres : Number of establishments Capital employed a ^ Average number of employfis Total wages paid Miscellaneoii s expenses d Cost of materials Value of product -, Salt manufactures : Number of establishments Capital employed a Average number of employes Total wages paid Miscellaneous expenses d ', Cost of materials ■Value of product Total for the iron and steel industry in the United States, with the exception of the State of Pennsylvania : Number of establishments Capital employed a Average number of employ6s Total wages paid ." Cost of materials Value of products Total for one hundred and sixty-five cities with a population of 20,000 and over, all classes of manufacture: Number of establishments Capital employed a Average number of employes Total wages paid ' Miscellaneous expenses d Cost of materials Value of product '- $296, 494, 481 b 219, 132 C$76,660,742 $19, 529, 238 $202, 816, 842 $337,768,524 905 $354, 020, 843 6221,585 C$69,489,272 $17,036,135 $154, 593, 368 $267, 981, 724 472 $51, 007, 537 6.'i0,913 C$19,680,318 $4, 345, 032 $50, 919, 016 $87, 298, 454 248 $38, 450, 800 620, 267 C$9, 717, Oil $3, 154, 219 $12, 362, 082 $28, 900, 560 1,624 $169, 270, 324 643, 893 c$2o, 421, 771 $13, 478, 380 $106, 690, 375 $178, 177, 488 189 $12, 039, 653 63, 929 C$1, 539, 846 $592, 633 $1, 683, 418 $4, 921, 461 460 $189, 662, 057 675, 765 C$40, 495, 444 $139, 999, 652 $203, 097, 321 185, 727 $3, 964, 064, 627 62, 895, 667 C$1, 559, 065, 130 $456, 877, 392 $3, 329, 377, 893 $6, 232, 966, 026 $159, 091, 869 161, 557 $47, 389, 087 $164, 371, 551 $267,252,913 756 $208, 280, 346 174, 659 $42, 040, 510 $102, 206, 347 $192, 090, 110 $19, 125, 300 31, 337 $9, 146, 705 $22, 467, 701 $41,033,045 191 $26, 223, 981 16, 698 $6, 474, 304 $13, 664, 295 $32, 297, 420 1,349 $85, 394, 211 29, 520 $11,840,704 $77, 494, 425 $117, 377, 324 268 $8, 226, 740 4, 280 $1, 260, 023 .$2, 007, 036 $4, 829, 566 a The value of hired property is not included for 1890, because it was not reported in 1880. 6, c Includes officers or firm members, employed in productive laborer in supervision, and clerks, with their wages. i Xhia item was not reported at the census of 1880. 462 [I'rom speech of Mr. McLanrin, of Soutli CaroliDa, October 4, 1893.] BANK PROFITS. The following table, showing the bank profits for a series of years, is given below. It is taken from the World Almanac, and is presumably correct : Year. Capital. Net earnings. Tear. Capital. Net earnings. 1872 $465,676,023 488, 100, 951 589, 938, 284 497,864,833 500,472,271 486,324,81)2 470,331,890 455.132,056 456, 315, 003 458,934,485 476,947,715 $58,075,430.05 65,048,578.00 59,680,931.00 58,946,224.00 43,638,152.00 34,857,990.00 30, 600, 589. 00 31,551,860.00 51, 187, 034. 00 53, .632, 563. 00 53, 321, 234. 00 1883 $494, 640, 140 518, 605, 725 634,099,605 532,556,921 578,462,965 583, 538, 144 596,322,518 625, 089, 645 760,108,201 ■$54,007,148.00 52,362,783.00 43,625,497.00 55,165,385.00 64, 506, 869. 66 65,362,286,73 59,618,265.07 72,055,163.62 75,763,514.00 1873 1884 1874 1885 1875 1886 1876 1887 1877 1888 1878 1889 1879 1890 1880 1891 1881 Total earnings. 1882 1,081,988,586.98 The following figures, taken from the United States Statistical Abstract, issued by the United States Treasury Department, shows the effect of a contraction of the cur- rency, and falling prices on farm products: Tear. Products. Aggregate crop. Home value. 1867. 1892. 1887. 1892. 1867. 1888. 1867. 1888. 1867. 1888. 1870. 1891. "Wheat bush-. do Com bush.. do Potatoes bush. . , do Hay tons.. do Tobacco lbs.. do Cotton bales.. do 212,441,400 615, 949, 000 768, 320, 000 1, 628, 464, 000 97, 783, 000 202, 365, 000 26, 277, 000 46, 643, 094 313, 724, 000 565, 795, 000 3, 114, 592 8, 652, 597 $421,796,460 322, 111, 881 610,948,390 642,146,630 81, 276, 830 81, 413, 589 372, 864, 670 408,499,565 41, 283, 431 43, 666, 665 303,600,000 366, 863, 788 [rrom speech of Senator Teller, October 6-11-23, 1893.] Product. Value of an acre's product in— 1866-70. 1871-75. 1876-'80. 1881-'85. 188e-'90. 1893. $12. 84 13.16 "10.92 13.28 28.01 $11. 30 11.90 9.81 14.38 28.55 $9.62 12.00 8.58 11.57 17.65 $10.25 10.20 9.17 11.15 16.63 • $8.81 9.07 7.60 10.19 13.84 $8.35 ■^heat 9.00 6.75 Hay 10.00 10.65 78.21 15.64 75.94 15.19 59.45 11.88 66.40 11.28 49.44 9.89 40.75 8.16 463 Table of index numiers for twenty Chinese staple oommoditiei, [Compiled by "W.S. Wetmore from "the returna of trade of the imperial maritime customs of China] Commodities, Alum, white Beans Cotton, raw Gnttleilsh, dried Hemi) Licorice Oil, "wood - ,..,..... Paper, second quality Elce..; SaffloTfer Silk, raw Tallow, vegetable , Tea: Black Brick Green Tobacco, leaf ■Wax, white ■Wheat , ■Wool: Camel's Sheep's A|;gre^ate values of commod- ities in silver Silver value of gold 1873. 1874. 1875. 1876. IST'?. 18'?8. 18t9. 1880. 1881. 1882, 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,000 2,000 93 67 60 101 40 97 112 119 99 60 85 111 123 97 84 lOB 93 87 1,814 96 105 85 94 112 76 75 104 114 108 ■►87 1,787 2, 029 l2, 078 73 128 90 91 120 40 97 108 91 123 87 87 99* 102 73 79 106 143 113 80 1,930 2,160 100 139 88 163 124 50 100 98 91 125 67 131 84 99 64 76 102 171 106 63 2,031 2,159 2,102 2,215 109 110 81 183 118 60 93 112 138 112 64 116 85 95 75 83 1.04 171 133 60 95 113 91 112 111 77 99 107 119 103 62 107 91 78 74 91 112 160 161 2,023 2,301 82 117 116 41 98 100 100 101 59 87 82 120 70 83 121 144 103 47 119 98 90 108 111 57 a03 127 100 102 68 88 67 87 60 72 127 126 158 72 Commodities. 1885. 1886. 1887. 1888. Alum, white Bilann CottOD, raw Cuttlefish, dried , Hemp Licorice Oil, wood Paper, second quality . Eico Safflower Silk, raw Tallow, vegetable Tea: Blact; Brick Green Tobacco, leaf Wax, white Wheat ■Wool: Camel's.- Sheep's 119 105 88 118 118 70 105 115 119 193 62 90 53 72 110 118 143 53 Aggregate values of commod- itie " — bies m silver . 1,916 1,883 1,854 1,868 Sliver value of gold 2,336 2,376 2,425 2,571 121 107 67 92 106 94 99 110 118 98 53 81 57 82 57 63 114 161 140 63 109 81 81 101 95 110 130 105 J 00 52 63 67 61 91 93 131 93 123 82 74 100 81 108 '130 119 100 56 82 73 77 58 79 104 113 139 67 98 111 77 '130 129 102 61 72 54 62 60 65 93 113 157 106 129 83 96 84 64 78 ■130 110 103 62 60 58 65 66 65 84 113 148 57 101 129 89 149 88 40 65 70 91 104 64 81 69 75 74 143 157 68 ' 94 109 83 140 75 72 76 70 119 104 01 79 81 67 63 62 76 157 rs 63 88 109 80 80 76 86 85 63 119 88 57 75 74 51 75 73 137 160 76 1,774 1,761 1,748 2,648 2,730 2,621 * Assumed, returns of the article referred to not having been made. Shanghai, May 11, 18SS. Average export value of wheat. fFrom speech of Senator Peffer, October 21, 1893.] 1875. 1887. Keduc- tion. $1. 124 $0.89 $0,234 1.00 .681 .319 $0. 99 to 1. 04 $0.75Jto .78i .25 1.31 .82 .49 1.09 .75 .34, .91 .70 .21 .64 .63 .U Average export value Average farm value. United States . Ko. 2 spring, Chicago Average farm value. New York Average farm value, Ohio Average farm value, Illinois Average farm value, Nebraska 464 ^ Average price of good and choice native steers per 100 pounds in the Chicago cattle market from 1884 to 1889, inclusivf. 1884 , $6.02 1885 ^ 5.25 1886. 4.67i 1887 4.29 1888 4.70 1889 3.95 Average price of No. S red wheat, No. 2 corn mixed, and No. ; from 1881 to 18S9, inclusive. ' oats in the Chicago market Year. Wheat. Corn. Oats. Year. Wheat. Com. Oats. 1881 $1,318 1.278 1.175 .976 .964 $0. 631. .801 .651 .608 .631 $0,459 .519 .429 .360 .369 $0. 885 .889 .971 .883 $0,484 .508 .573 .430 $0,351 .343 .355 .283 1882 1887 1883 1888 1884 1889 1885 Average price of medium wool per pound for the month of January of each year, the average price per pound of middling cotton, the a verage price per iarrel of mess pork, and leaf totacco per pound in the New York market from 1881 to 1889, inclusive. Year. Medium ■wool. Middling cotton. Mess pork. Tohacco, loai'. Year. Medium wool. Middling cotton. Mess pork. Tohacco, leaf. 1881 Cents. 49 46 43 40 33 Cents. 12.03 •11. 56 11.88 10.88 10.45 $16. 94 19.79 15 69 16.48 11.58 Cents. 8.3 8.5 8.6 9.1 9.9 1886 1887 1888 1889 CenU. 36 38 35 38 Cents. 9.28 10.21 10.03 $10.63 16.00 15.10 12.57 Cents. 1882 8.7 1883 1884 . . 8 8 1885 Taile showing the total production , acreage, and value of all the cereal crops — corn, wheat, rye, oats, barley, and buckwheat — in the United States from 1867 to 1888. [Taken from page 290 of Statistical Abstract of the United States for 1889.] Calendar year. Total produc- tion. Total area of crops. Totaf value of crops. 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 BusheU. 1, 329, 729, 400 1, 450, 789, 000 1, 491, 612, 100 1,629,027,600 1, 528, 776, 100 1, 664, 331, 600 1, 538, 892, 891 1, 464, ISO, 200 2, 032, 235, 300 1, 963, 422, 100 2, 178, 934, 646 2, 302, 254, 950 2, 437, 482, 300 2, 718, 193, 601 2, 066, 029, 570 2, 699, 394, 496 2, 629, 319, 088 2, 992, 880, 000 3, 015, 439, 000 2, 842, 679, 000 2, 660, 457, 000 3, 209, 742, 000 Acres. 63, 636, 444 66, 715, 926 69, 457, 762 69,254,016 65, 061, 951 68, 280, 197 74, 112, 137 80, 051, 289 86, 863, 178 93, 920, 619 93, 150, 286 100, 956, 260 102, 260, 950 120, 926, 286 123, 388, 070 126, 568, 529 13b, 633, 556 136, 292, 786 135, 876, C30 141, 859, 658 141,82],31S 146, 281, 000 $1,284,037,300 1, 110, 500, 583 1, 101, 884, 188 997,42.3,018 911,845,441 874,594,459 919, 217, 273 1, 016, 530, 670 1, 030, 27'?, m 936,008,844 1, 035, 671, 078 913,976,920 1,245,127,719 1,361,497,704 1,470,957,200 1,460,693,393 1,280,766,937 1,184,311,530 1,143,146,759 1, 162, 161, 910 1, 204, 269, 370 1, 320, 225, 398 465 Amounts of money in circulation after deducting the cash im national tanks and other hanhing institutions, and the estimated loss onpaper money. Kind of money, close of calendar year 1890. Reported circulation Jan. 1, 1891. Cash in nar tional banks and other hanking in- stitutions. Estimated loss of paper money. Estimated' net circula- tion. Gold coin Standard silver dollars Subsidiary silver Gold certiiicates Silver certificates Treasury notes, act July 14, 1890 United States notes !Kational-hank notes Total $411, 67, 58, 144, 308, : 21, 343, 173, 080, 597 547, 023 651, 154 047, 279 289, 463 896, 783 485, 385 938, 259 $167, 029, 692 11, 373, 314 7, 001, 666 118, 182, 687 22, 163, 077 1 125, 860, 702 26, 959, 977 $200, 000 447,004 5, 410, 541 6, 394, 555 $244,050,905 56.173,709 51, 649, 488 25. 664, 592 285, 679, 382 234, 110, 925 140, 583, 727 1, 528, 935, 943 478,571,115 12, 452, 100 1,037,912,728 [Erom speech of Mr. Allen, of Nebraska, October 7 to 11, 1893.] There are 80,000,000 people (India, China, etc., not counted) occupied in farming, and the annual products of agriculture amount to almost £4,000,000,000. Capi- tal and product have more than doubled since 1840, but the number of hands engaged, has not riseij 50 per cent, viz : Tear. Capital. Product. People engaged. 1840 1860 1887 £9,036,000,000 14, 923, 000, 000 23, 006, 000, 000 £1, 824, 000, 000 2, 483, 000, 000 3, 948, 000, 000 55, 080, 000 66,000,000 SO, 050, 000 The value of agricultural products in 1887 in the following countries is as fol- lows : United States £776, 000, 000 Russia 563,000,000 France 460,000,000 Germany -. 424,000,000 Austria 331,000,000 United Kingdom £251, 000, 000 Italy 204,000,000 Spain 173,000,000 Australia 62,000,000 Canada 50,000,000 The area under crops has risen from 492,000,000 acres, in 1840, to 807,000,000, in 1888, an increase of 315,000,000, viz : Acres. In United States 151,000,000 In Europe 131,000,000 In Colonies, etc ' 33,000,000 Total 315,000,000 In forty-eight years the area of tillage and planting has risen 65 per cent, but the grain crops have risen 120 per cent, as follows : Tears. Europe. TTnited States. Colonies. Total. 1840 ' Bushels. 3, 212, 000, 000 4,046,000,000 6,588,000,000 Bushels. 616,000,000 1, 240, 000, 000 2,586,000,000 Bushels. 291,000,000 464,000,000 948, 000, 000 Bushels. 4, 119, 000, 000 1860 5,750,000,000 1887 9, 120, 000, 000 S. Eep. 235 30 466 The relative importance of the three great branches of agricultural industry at the said dates is shown as follows, judged by money values : • ' Prodacts. isto. 1860. 1887. 38.9 29.8 31.7 45.5 23. a 31.3 27.5 36 8 35.7 Total 100. U 100.0 The production of grain (including rice) was approximately as follows : Country. MillioDS of biisbels. 1831-MO. 1851-'60. 1874-'84. 1887. Bushels per inliabitant. 1831-'40. 1851-'60. 1887. TJnited Kingdom IFrance Germany BuBsia Austria Italy Spam Portugal Sweden Finland Norway Denmark Holland Belgium Switzerland Greece Servia Koumania Turkey, etc Europe United States - - . Canad;* Chile Argentina Australia Other countries - Total 408 510 290 1,040 364 110 180 25 14 10 6 40 16 33 12 6 3 70 170 1, 312 540 22 5 2 1 260 390 550 450 1, 270 600 200 215 ao 35 15 15 65 20 70 15 9 11 90 196 .,146 ,053 45 12 5 10 .^90 334 687 685 1,461 578 277 326 19 93 22 17 78 37 66 17 11 14 109 5,040 2,325 128 18 25 36 687 311 729 706 1,854 087 223 300 40 104 20 17 84 40 75 18 18 20 120 220 5,988 2,686 148 18 50 51 681 19 16 20 17 7 18 9 23 10 10 10 24 15 16 42 30 8 13 15 4,143 8,169 9, 122 The following tables show the distribution of grain grown in 1887 : Millions of acres in— Millions of bushels of— Country. Wheat. Oats. Barley. Vari- ous. Tolal. "Wheat. Oats. Barley. Tari- ous. Total. 90 38 46 72 26 3 38 3 7 148 79 13 348 142 69 1,336 442 466 1,628 640 97 694 58 82 1,930 1,446 304 5,588 2,586 948 United States.... Total 174 101 48 236 969 2,243 2,365 834 3,680 9,122 Mr. Spallert's estimate of the crops of the world compares with the official returns and latest estimates for 1887 as follows : Years. 1871-1880 1875-^884 1883-1884 18S7 Millions of bushels of— Wheat. Eye. Barley. Oats. Maize. Sundry. Total 1,944 1,982 2,116 2,243 1,256 1,165 1,190 1,418 774 788 803 834 1,870 1,936 2,169 2,36'> 1,528 1,829 2, 0H5 1,979 312 293 324 283 7,684 7,973 8, UU2 9,122 467 According to Baines and other authorities, the production of raw cotton in the world was as follows in millions of pounds : Tears. United States. South America. Egypt. India. Various. Total. 1791 2 48 80 ISO 385 878 890 1,880 1,640 2,693 3,420 102 102 104 86 82 90 90 90 270 86 85 130 160 170 175 180 212 310 420 625 540 888 256 210 201 183 155 100 100 100 100 100 100 490 1801 520 1811 555 1821. 6 18 30 45 61 240 282 290 630 820 1840 1,310 1850 1,435 I860 2,551 1870 2,776 1880 3,601 4,783 It appears tliat the United States has produced two-thirds of the cotton which has been consumed hy the factories of the world in the last sixty-seven years, and the cotton crop of the world shows a steady increase. The decade ending in 1890 shows 400,000 tons a year more than the preceding. Great Britain consumes one-third of all the cotton produced, the United. States oeing the next largest consumer. The value of the principal manufactures of the United States is as follows in mil- lions of dollars : Articles. 1860. 1860. 1880. Flonr Iron Leather Lumber Gottcns Machinery Clothmg Sugar Woolens, Liquor Cabinet work Printing Implements Paper Soap and caudles . Sundries Total. 152 155 368 136 49 92 69 66 28 48 10 48 22 18 12 7 10 10 404 1,019 224 71 162 96 115 47 70 43 24 42 18 18 17 832 356 287 271 202 142 111 130 96 121 75 55 46 42 39 18 1,395 605 336 397 233 211 214 242 155 161 1J4 83 91 69 66 27 2,447 6,370 The following is the total value of manufactures in the United States since 1810 : Tear. Value. In- crease. Tear. Value. In- crease. 1810 $153, 000, 000 458, 000, 000 1,019,000,000 Psr cent. 1860 $1,886,000,000 3, 386, 000, 000 5,370,000,000 I'ereent. 85 1840 201 122 1870 80 1850 1880 63 The annual wheat productioii of the United States has averaged as follows : * Increase. t Decrease. Tears. Tons. Increase or decrease. Tears. Tons. Increase or decrease. 18.31 1840 1,950,000 3, 430, 000 8,450,000 Per cent. 1881-1887 11,000,000 10,370,000 Per cent. •30 1851-1860 *76 • 146 1888 t5'7 1871-1880 ,. 468 The total annual grain production of the United States since 1830 has been approx- imately as follows : Tears. 1831-1840 1851-1860 1871-1880 Tons. 13, 500, 000 26, 350, 000 57, 950, 000 In- crease. Per cent. 90i 116 Tears. 1881-1887 . 1888 Tons. 67, 500, 000 79, 080, 000 In- crease. Per cent. 16 17 The annual wheat production of the United States was as follows : Years. Tons. Increase. Tears. Tons. Inciease. 1831 1840 2, 050, 000 2, 650, 000 Per cent. 1874 1884 4,120,000 4, 750, 000 Per cent. 55 19 1887 Production of the United States from 1840 to 1886. Tears. Grain. Meat. Sugar. Eioe. Potatoes. Batter. Cheese. 1840 Tom. 15,400,000 20, 700, 000 31,000,000 34, 700, 000 67,600,000 71, 100, 000 Torn. 2,050,000 2, 390, 000 2,890,000 2, 480i 000 4, 120, 000 4, 760, 000 Tons. 70,000 110, 000 120, 000 74, 000 110,000 110,000 Tons. 36, 000 96, 000 83, 000 33,000 50, 000 50,000 Tons. 2,750,000 2,600,000 2, 800, 000 3,600,000 4, 200, 000 4,200,000 Tons. Tons. 1850 140, 000 205,000 230, 000 350,000 430,000 74, 000 I860 47,000 1870 68, 000 120, 000 1886 170, 000 The average per cent of increase of grain, cotton, and butter is greater than the average per cent of increase of population from 1850 to 1880. The average per cent of increase of population is greater than the average per cent of increase of sugar, meat, rice, potatoes, and cheese from 1850 to 1880. Average per cent of increase from 1850 to 1880 of— Population 29 Grain 56 Cotton 59 Butter • 36 Manufactures 74 The value of fiber consumed by the United States since 1840 is as follows in mil- lions of pounds sterling : Period. 1841-1850 1851-1860 1861-1870 1871-1880 1881-1887 Forty-seven years Cotton. 157 150 Wool. 38 62 101 SUk. 65 Hemp, flax, etc. Total. 138 316 297 269 1,108 The value of fiber consumed in the world in millions of pounds sterling is as fol- lows: Period. Cotton. 'Wool, Silk. flaHi. ^o**'- 1841-1850 1851-1860 1861-1870 1871-1880 1881-1887 ■ Forty-seven years 267 600 987 915 742 396 473 664 188 240 291 254 175 264 251 317 381 i;u5 1,464 2,159 2,213 1,600 3,411 2,530 1,148 1,452 8,541 469 The averages per head of population were as follows: Period. Giain. Meat. Sugar. Coffee and tea. Poundt. 900 1,040 1, 240 1,330 Pounds. 79 79 72 79 Pounds. 5 g 22 29 Poundi. 2 1851-1860 ' 3 1875 1884 P 1888 The annnal prodnction of wheat has averaged as follows: Period. Europe. United States. Colonies. Total. 1831-1840 1851-1860 1871-1880 1881-1887 Tom. 17,800,000 21,420,000 2K, 150, 000 30, 770, 000 32, 400, 000 Tons. 1, 950, 000 3, 430, 000 8, 450, 000 11, 000, 000 10, 370, 000 Tons. 2, 900, 000 5, 120, 000 8, 250, 000 11, 230, 000 14, 050, 000 T, as soon as practicable thereafter, report in writing its true financial condition to the Secretary of the Treasury, and if found by said Secretary to be in a solvent condition, deposits thereafter made in such bank in good faith, in the due course of business, by persons not officers of the bank, nor stockholders in the corporation doing the banking business, shall be and they are ' hereby guaranteed by the United States to be paid to the depositors, or their lawful assigns, or transferees, when drawn on by draft or check, but no person shall bei allowed to overdraw his account in any manner. Sec. 2. That to indemnify the United States from loss by reason of the guaranty given and made in the first section of this act, an annual tax is hereby levied on all deposits hereafter made in the banks descriljed in this act, equal to one-fourth of one per centum of said deposits ; the said tax shall be paid to the Secretary ot the Treasury on the last day of each month of the year on the deposits of that mouth. Sec. 3. That the cashier or president of all banks to which this act applies, shall make truthful reports of the pecuniary and financial condition of the bank of which he is cashier or president, to the Secretary ot the Treasury, as often as said Secre- tary may by rule require; and all such banks shall be subject, as now, to be exam- ined whenever the proper officer may so order. Sec. 4. That this act shall not operate to lessen the liability now provided by law, of officers of the national banks and stockholders ownipg stock in the corpora- tion doing a banking business, nor to reloaso them, or either of them, from the pen- alties of the law, as now provided. Skc. 5. That this act shall be enforced from and after its passage. 8. 394. A BILL to provide for the issue of circulating notes to national banks. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That upon anjr deposit already or hereafter made of any United States bonds bearing interest in the manner re(]uired by law, any national hanking association which has made or shall make such deposit shall be entitled to S. Kep. 235 34 530 receive from the Comptroller of the Currency circulating notes of different denomi- nations, in blank, registered and countersigned as provided by law, not exceeding in the whole amount, including circulating notes previously issued, the par value of the bonds deposited: Provided, That at no time shall the amount of such notes issued to any association exceed the amount at such time actually paid in of its capital stock, 8. 323. A BILL to increase the circulating medinm by issuing Treasury notes, payable in lawful money of the 'Onited States. Be it enacied by the Senate and House of Representatives of tjie United States of America in Congress assembled, That the Secretary of the Treasury he, and he is hereby, directed to prepare, without unnecessary delay. Treasury notes to the aggregate amount of three hundred million dollars, to be similar in form, dimensions, and gen- eral appearance to those issued under the provisions of the act of Congress approved July fourteenth, eighteen hundred and ninety, except that he may, in his discretion, vary the designs of the engraving, and they shall show on their face that they are issued by authority of this act and are payable in dollars, the lawful money of the United States. Sec. 2. That one-fifth part, in face value, of said notes shall be of the denomina- tion of one dollar; one-iifth part shall be of the denomination of two dollars; and the rest shall be made in equal amounts of the denominations of five dollars, ten dollars, and twenty dollars each. Sec. 3. That the said notes shall be lawful money of the United States, receivable by Government officers for taxes and all public dues, and they shall be legal tender, at their face value, in payment of debts to any amount whatever. Sec. 4. That as fast as the notes are prepared they shall be deposited in the Treas- ury of the United States, charged to the Treasurer, accounted for as available funds of the Government, and paid out as other public moneys; and whenever any of them are received in the Treasury in the course of business they shall be immediately reissued and kept in circulation. Sec. 5. That the Secretary of the Treasury is authorized to exchange any of said notes above the denomination of five dollars for United States bonds or other out- standing obligations of the Government at par. Sec. 6. That this act shall take effect immediately. 8. 414. A BILL to direct the coinage of silver bullion for the redemption of silver certificates, and to author- ize the issue of circulating notes to national banks at par of their deposited bonds. Be it enacted by the Senate and Souse of Mepresentatives of the United States of America in Congress assembled, That after setting aside in coin and bullion, as a reserve, such amount of the silver bullion purchased, from time to time, by direction of the act approved July fourteenth, eighteen hundred and ninety, as shall equal, at the coin- ing value, the aggregate sum of the Treasury notes authorized by the said act, all remainder of the said bullion shall be deemed available for the issue of silver certifi- cates now authorized by law ; and the said remainder or surplus bullion shall be coined into standard silver dollars ; and the said dollars shall be used for the redemp- tion of silver certificates as now required by law: Provided, That this act shall not be deemed to alter or amend any provision of the said act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes." Skc. 2. That hereafter national banking associations shall be entitled to receive from the Comptroller of the Currency, upon compliance with all other terms and requirements of law therefor, circulating notes of different denominations, in blank, registered and countersigned as required by law, to the value at par of the United States bonds on deposit with the Treasurer in trust for the association : Provided, That the aggregate sum of such notes for which any association shall be liable, at any time, shall not exceed the amount of its capital stock at the time actually paid in. Sec. 3. That all acts and parts of acts in couQiot with this act are hereby repealed. 8. 438. A BILL directing the discontinuance of the purchase of silver bullion. Be it enacted by the Senate and House of Representatives of the United States of Amer- ica in Congress assembled, That so much of the act of July fourteenth, eighteen hun- dred andninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," aa directs the purchase of silver bullion is hereby repealed. 531 S. 433. A BILL to provide for the issue of circulating notes to national banks. Be it enacted iy the Senate and House of Representatives of the United States of Amer- ica in Congress assembled, That upon any deposit already or hereafter made of any United States interest-bearing honds in the manner required by law, any national banking association which has made or shall make such deposit shall be entitled to receive from the Comptroller of the Currency circulating notes of dlifereut denomi- nations, in blank, registered, and countersigned as provided by law, not exceeding in the whole amount, including circulating notes previously issued, the par value of the bonds deposited : Provided, That at no time shall the amount of such notes issued to any association exceed the amount at such time actually paid in of its capital stock, 8. 453. AMENDMENT intended to be proposed by Mr. Call to the bill (S. 453) to provide for the issue of cir- culating notes to national banks, viz : At the end of the bill add the following : That two hundred and fifty million dollars of full legal-tender Treasury notes of the United States, in such form and denominations, not less than one dollar nor more than one hundred dollars, redeemable, at the discretion of the Secretary . of the Treasury, in gold or silver coin of the standard prescribed in the laws of the United States at the date of the approval of this act and the issue of such notes. That such Treasury notes shall be deposited in national banks. State banks, savings banks, or other chartered institutions under the laws of the several States as equally as may be in proportion to the entire population of the United States. Such banks or chartered institutions shall be selected by the Secretary of the Treasury. That the officer of said banks or incorporated companies having oustody of the money shall be appointed a subtreasurer of the United States without salary from the United States, and such banks or chartered institutions shall be required to deposit security in a sum double the amount of such deposit of United States Treas- ury notes for the repayment of such amount to the United States, to be approved by the Secretary of the Treasury. That such security may be deposited in State, county or municipal bonds, to be approved by the Secretary of the Treasury, to be held in the Treasury of the United States as collateral security for the repayment of such Treasury notes. That the banks or chartered institutions receiving such deposits of Treasury notes are prohibited from loaning money, either directly or indirectly, at a higher rate of . interest than six per centum per annum; and any officer of snch bank willfully violating this act shall be liable, on trial and conviction, to be fined in a sum not exceeding double the amount so loaned and imprisonment not exceeding six months. 8. 462. A BILL directing the purchase of silver bullion and the issue of Treasury notes therefor, for the appointment of a mint commission, and for other purposes. Be it enacted iy the Senate and Souse of Representatives of tlie United States of Amei-ica in Congress assembled. That the Secretary of the Treasury is hereby directed to pur- chase from time to time all the silver bullion offered at any coinage mint of the United States at a price to be fixed from time to time by a mint commission, herein- after provided for, and to issue in payment of such purchases of silver bullion Treas- ury notes of the United States, to be prepared by the Secretary of the Treasury, in such form and in such denominations as he may prescribe, and a sum sufficient to carry into efifect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 2. That Treasury notes issued in accordance with the provisions of this act shall be redeemable on demand in coin at the Treasury of the United States or at the office of any assistant treasurer of the United States, or at the mints of the United States, in silver bullion at the price established by the mint commission, and when 80 redeemed may be reissued, and such Treasury notes shall be a legal tender in pay- ment of all debts, public and private, except when expressly stipulated in the con- tract, and shall be receivable for customs taxes and all public dues, and such notes when held by any national banking association may be counted as a part of its law- ful reserve. Sec. 3. That the President shall, by and with the advice and consent of the Sen- ate, appoint three members of a commission, to be termed "the mint commission," who shall meet in Washington as often as the duties of their office may require, and of which commission the Secretary of the Treasury shall be a member, in addition 532 to tlie three named, and ex-officio chairman of said commission. The said commis- sion shall, from time to time, ascertain the market or commercial value of silver per ounce of pure metal, and in forming conclusions as to the market value they may- take into consideration the effect produced upon the current price by the existence of combinations or speculative manipulation to the end and effect that the price determined upon shall fairly and truly represent the actual market value as near as it may be ascertained when unaffected by stjch combinations or manipulations. They shall also have the power to increase or lower fiis price, or to suspend purchase of silver bullion, when, in their judgment, the public interest demands such suspension : Frovided, however, That no arbitrary change in price shall be made. When once iixed the price must so remain, unless purchases are suspended for cause or until the com- mission shall become satisfied that the price previously adopted is either higher or lower than the actual market value, judging from the production of silver and the surplus thereof, or the lack of surplus, over and above the world's demand. The said commission shall also prepare and recommend for the consideration of Congress a revised coinage plan, to include or replace all existing silver coinage laws, and which plan may provide for full legal-tender silver coins that shall contain a s«ffi- cient quantity of pure metal, which at the commercial value thereof shall cause such coins to be equal in value to gold coins of like denominations, and which coins may be coined free at the mints the same as gold is now coined, it being the estab- lished policy of the United States to uphold and maintain the bimetallic theory of money, and also to maintain all kinds of money issued by the Government of the United States or under its authority, whether the same be gold, silver, or paper, on a parity with each other, upon the standard of value as now established in the authorized coinage of gold. The said commissioners shall each receive a salary of dollars per annum and their reasonable expenses while actually engaged in the performance of the duties involved, to be approved by the Secretary of the Treasury. Sec. 4. That the silver bullion purchased under the provisions of this act shall be subject to the requirements of existing laws and the regulations of the mint service governing the methods of determining the amount of pure silver contained, and there shall be deducted from all purchases one per centum of the amoum; thereof to cover mint charges. Sec. 5. That the Secretary of the Treasury is hereby authorized and directed in his discretion to charge a tax or premium of such amount as he may deem proper from time to time upon gold bars held by the mints. Sec. 6. That all laws or parts of laws authorizing the purchase of silver bullion or the coinage of legal-tender silver dollars, or which may in other respects be incon- sistent with the provisions of this act, are hereby repealed : Provided, That the pur- chase of silver bullion for coinage into subsidiary coins as now provided by law shall not be affected by this act. S. 4S4. A BILL providing for the issuance of clearing-Iiotise certificates by clearing-house associations ot central reserve cities, and the purchase thereof by the Secretary of the Treasury, the issue of Treasury notes, their redemption, and for other purposes. Be it enaoted iy the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized and directed to purchase, at not more than par value thereof, clearing-house certificates issued by the associated banks forming the clearing-house association of any central reserve city under the national currency act, when the same shall be presented in sums of one thousand dollars or multiples thereof, and to issue in payment of such purchases Treasury notes of the United States, to be prepared by the Secretary of the Treasury in such form and in such denominations as he may prescribe, and a sum sufficient to carry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 2. That the Treasury notjss issued in accordance with the provisions of this act shall be redeemable on demand in coin, at the Treasury of the United States, or at the office of any assistant treasurer of the United States, and when so redeemed , may be reissued, except when received in redemption of clearing house certificates purchased under this act; and such Treasury notes shall be legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues; and such notes when held by any national-banking association shall be counted as a part of its lawful reserve. Sec. 3. That the clearing-house certificates authorized to be purchased under this act shall be made payable on demand, and shall draw interest at a rate not less than six per centum per annum, and shall not be issued in an amount to exceed in the 533 aggregate outstanding at any time the aggregate capital of the bants, members of the association, issuing the same. The articles of such clearing-house associations shall provide that the banks forming the association shall be jointly and severally liable for the payment of the certificates issued by the associations, with the interest thereon, and no defect in the corporate organization of such associations or the mem- bers thereof shall relieve any bank appearing as a member thereof from its liability for any of the certificates purchased under this act. Sisc. 4. That the banks composing said clearing-house associations shall have the privilege of redeeming at any time any or all of the certificates purchased under this act by depositing with ihe Treasurer of the United States, or auy assistant treasurer of.the United States, legal-tender notes to the amount of certificates desired to be redeemed, with interest thereon to date of deposit, and upon receipt of certificate of said deposit the Secretary is authorized to deliver the certificates so redeemed to the depositing bank. Sec. 5. That the legal-tender notes received in redemption of clearing-house certifi- cates shall be canceled and destroyed and not reissued, to the end and eflect that when all the certificates authorized to be purchased under this act shall have been redeemed, the volume of United States notes outstanding shall be the same as that existing prior to the issue of the notes here authorized. Sec. 6. That the Secretary of the Treasury is authorized to demand and enforce the payment of any clearing-house certificates purchased under this act, when in his opinion they should all be retired by the ending of the emergency justifying their issue. g. 485. A. BILL to authorize the purchase of- gold and silver bullion, and to pay for the same in lagel-tender paper. Be it enacted hy tlie Senate and Souse of Bepresentativea of the United States of Amei'ica in Congress assembled, That the Director of the Mint, with the approval of the Secre- tary of the Treasury, be, and they are, authorized to purchase all gold and silver bull- ion and subsidiary coins offered at' any price, less the cost of transportation and mintage, without regard to the price in any foreign nation. Sec. 2. That said gold and silver bullion so purchased, and that now owned by the Government, shall be coined as speedily as possible into the different standard coins of the United States at the present ratio of sixteen to one. Sec. 3. That no gold or silver reserve shall be held for any purpose, except a suffi- ciency to meet the indebtedness and general expenditures of the Governmeut. Sec. 4. That for every dollar of gold and silver coined the Government shall issue two dollars in greenbacks, mostly in small denominations, to supply the place of national-bank notes and all worn and mutilated bills of all kinds, and for other purposes, as necessity may demand ; and thereby reduce all circulating notes as soon as possible to only three kinds of legal tender, namely, gold, silver, and greenbacks. Sec. 5. That all such issues of greenbacks and all gold and silver coined, based as they are on the faith and wealth of the nation, shall be a legal tender for all debts, pablic and private, and interchangeable, one for the other, at any time, in any sum not to exceed one hundred dollars to anyone, for the accommodation of businessmen and laborers. Sec. 6. That the Secretary of the Treasury shall pay out, on all demands against the Government, gold, silver, and greenbacks, as nearly equally as possible without making any special discrimination for or against any legal tender, except such Gov- ernment bonds pledged to be paid in coin ; all such bonds shall be paid oiie-half in gold and the other half in silver. But if the bondholder prefers bullion it shall be 80 paid, the price of the bullion to be determined by its mintage value in the United States less the cost of mintage. Sec. 7. That all gold and silver bullion purchased by the Government, namely, gold bullion paid in gold coin, or, if preferred by the seller, any or all iu greenbacks. Silver bullion shall be paid for in silver coin, or any part or all in greenbacks, at the seller's option. Sec. 8. That the Government shall not be required to purchase any given amount in any certain time, but shall purchase anywhere any or all gold and silver bullion offered at any price, less the cost of transportation and mintage, so, if possible, to keep the mints of the Government constantly operated at their full capacity. Sec. 9. That all laws and parts of laws in conflict with the provisions of this bill be, and are hereby, repealed. 534 S. 486. A BILL to authorize the issue of six hundred million dollars of money, and for other purposes. Whereas a nation which can make good bonds can make better money; and Whereas a nation which can make a dollar on gold can make another dollar on aluminum or paper ; and Whereas a nation which won't or can't pay its debts has uo right to exist on this earth; and Whereas Congress can coin enough money to pay the debts of the United States within six months: Therefore, Be it enacted by the Senate and Rouse of Sepresenlatives of the United States of America in Congress assembled, That the Secretary of the Treasury be, and he is hereby, authorized and instructed to prepare the sum of six hundred million dollars of the declaratory (not promissory), full (not partial) legal-tender money of this republic, in various denominations, on sheets of aluminum or silk-threaded paper, as the people may prefer, and cover the same into the Treasury as soon as possible as sur- plus money, and then forthwith call all of the outstanding interest-bearing bonds of the United States for immediate redemption, at par, under the act of March third, eighteen hundred and eighty-one, and as fast as said bonds are presented he shall pay them with said surplus money. Sec. 2. That all acts and parts of acts in conflict with this act be, and they are hereby, repealed, and this act shall take effect when approved. 8. 543. A BILL to provide for a more extended use of gold by the people of the TJnited States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section two hundred and fifty-four of the Revised Stat- utes of the United States be, and is hereby, amended by striking^ out the word " twenty" after the words " in denominations of not less than," and by inserting in the place thereof the word " fi^ve," so that the first sentence of said section shall read : " The Secretary of the Treasury is authorized to receive deposits of gold coin and bullion with the Treasurer or any assistant treasurer of the United States, in sums not less than twenty dollars, and to issue certificates therefor, in denomina- tions of not less than five dollars each, corresponding with the denominations of the United States notes." B. 570. A BILL discontinuing the purchase of silver bullion. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of the act approved July fourteenth, eighteen hundred and ninety, entitled, "An act directing the purchase of silver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be oftered in each month at the market price thereof, not exceeding one dollar for three hun- dred and seventy-one and twenty-five one-hundredths grains of pure silver, and to issue in payment for such purchases Treasury notes of the United States, be, and the same is hereby, repealed. And it is hereby declared to be the policy of the United States to continue the use of both gold and silver as standard money, and to coin both gold and silver into money of intrinsic and exchangeable value, such equality to be secured through international agreement, or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and hi the payment of debts. And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts. 8. S70. AMENDMENTS intended to be proposed by Mr. Pasco to the amendment introduced by the minority of the Committee on riuance to the bill (S. 570) discontinuing the purchase of silver bullion, viz ; Strike out section one and insert in lieu thereof the following : "That a commission, to be composed of three citizens of the United States, shall be appointed by the President to ascertain and determine by the first day of January next the fair and "just ratio between the actual and Intrinsic values of silver and 535 gold, as a basis for the future coinage of silver, as hereinafter provided, witliout discrimination against either metal or charge for coinage, so that the dollar unit of coinage of hoth metals may be of equal intrinsic value. And the said commission shall report to the Secretary of the Treasury the result reached by them as soon as practicable after the date hereinbefore named, and he shall thereupon fix and deter- mine the weight of pure and standard silver to be contained in the silver dollar, the half dollar, the quarter dollar, and the dime authorized to be coined by this act, according to the said report; and the said coins so authorized and thereafter coined shall be of the standard and weight thus fixed and determined by the Secretary of the Treasury." In section two strike out all after the second "of," in line ten, and insert in lieu thereof the following: "the fineness and weight fixed in accordance with the pro- visions of the first section of this act." In section three insert after " may," in lino two, "from and after the first day of March, eighteen hundred and ninety-four." 8. 570. [Amendment intended to be proposed by the minority of tlio Committee on Finance to the bill (S. 570) diacontinuing the purchase of silver bullion.] A BILL to fix the number of grains of silver in the silver coins of the United States, and for other purposes. Beit enacted liyihe Senate and House of Bepresentatives of the United States of America in Congress assembled, That from and after the passage of this act the silver coins of the United Seates shall contain the following quantities of silver, that is to say: Each dollar shall contain four hundred and sixty -four and four-tenths grains of pure BUver, and five hundred and sixteen grains of standard silver ; each half-dollar shall contain two hundred and thirty-two and two-tenths grains of pure silver, and two hundred and fifty-eight grains of standard silver ; and each quarter-dollar shall con- tain one hundred and sixteen and one-tenth grains of pure silver, and one-hundred and twenty-nine grains of standard silver ; the dime, or ten-cent piece, shall con- tain forty-six and four-tenths grains of pure silver, and fifty-one and six-tenths grains of standard silver. Sec. 2. That the coins mentioned in the previous section shall have on them the devices and superscriptions provided for coins of like denominations now coined, and shall be legal tender at their nominal value for all debts and dues, public and private, except when otherwise expressly stipulated by contract ; and any ovraer of silver bullion may deposit the same at the mints of the United States at Phildelphia, San Francisco, and New Orleans to be coined into dollars, or into half dollars, or quarter- dollars, at the option of the Secretary of the Treasury, of five hundred and sixteen grains, two hundred and fifty-eight grains, and one hundred and twenty-nine grains, respectively, for his benefit. Sbc. 3. That any holder of the coins authorized by this act may deposit the same with the Treasurer or any assistant treasurer of the United States in sums of not less thaij ten dollars and receive therefor certificates of not less than ten dollars each, corresponding with the denominations of United States notes. The coin deposited or representing the certificate shall be retained in the Treasury for the payment of the same on demand. Said certificate shall be receivable for customs, taxes, and all public dues, and when received may be reissued. Sbc. 4. That the Secretary of the Treasury shall, within two years from and after the passage of this act, cause all the silver coins of the United States hitherto minted of the denominations of one dollar, half-dollar, and quarter-dollar, as well as the Treasury notes issued under the la w of July fourteenth, eighteen hundred and ninety, to be withdrawn from circulation by exchanging the same, or causing the same to be exchanged at their nominal value for silver certificates of like denominations, representing silver coins of the weight and fineness provided for by this act; and the silver certificates thus issued shafi. be in all respects similar to those provided for in the preceding section, and shall, like them, be receivable for customs, taxes, and public dues, and when received may be reissued ; and that on and after the expiration of the two years above mentioned all the silver coins hitherto minted of the denomina- tions of one dollar, half-dollar, and quarter-dollar, as well aa the Treasury notes issued under the law of July fourteenth, eighteen hundred and ninety, shall cease to be legal tender. Sec. 5. That all silver coins coined prior to the passage of this act shall be recoined as early as practicable into coins of like denominations of the weight and fineness authorized by section one. Sec. 6. That a sum sufficient to carry out the provisions of this act is hereby appropriated out of any moneys in the Treasury not otherwise appropriated. 536 Sec. 7. That the Secretary of the Troiisnry is hereby authorized to adopt such rules and regulations as may be necessary to enforce the provisions of this act. Sec. 8. That section one of an act entitled "An act directing the purchase of sil- ver bullion and the issue of Treasury notes thereon, and for other purposes," apjiroved July fourteenth, eighteen hundred and ninety, be, and the same is hereby repealed. AMENDMENT intondea to be proposed by Mr. Allen to the bill (S. 570) discontinuing the purchase of silver bullion, viz : Add, after the repealing clause, the following; Provided, That hereafter standard silver shall be coined at the several mints of the United States into dollars, half-dollars, qtiarter-dollars, and dimes, at the present ratio of sixteen grains of standard silver to one grain of standard gold, under the same conditions as to mintage and other charges that are now or may hereafter be in force with reference to the coinage of gold. And it shall be the duty of the Seo- rfetary of the Treasury, without unnecessary delay, to cause all uncoined silver bul- lion owned by the Government of the United States to be coined into standard silver dollars. All money coined under the provisions of this act shall be a full legal tender for all debts public and private. 8. 595. A BILL to provide for the immediate issue and circulation of Treasury notes. Be it enacted, hy the Senate and House of Eepresentatives of the United States of AmeHea in Congress assembled, That the Secretary of the Treasury be, and he is hereby, authorized and directed to cause to be prepared immediately Treasury notes to the amount of two hundred and fifty million dollars, said notes to be in form, dimensions, and general appearance similar to those which have been prepared under the pro- visions of the act of July fourteenth, eighteen hundred and ninety. They shall be of the denominations one dollar, two dollars, five dollars, ten dollars, and twenty dollars, one-fifth part in value of the total issue to be in each of said denojniuations ; they shall be made payable in lawful money; they shall be received by the Govern- ment of the United States, and the officers thereof, for taxes and all public dues, and they shall be lawful money and legal tender, at their face value, in payment of. debts to any amount whatever. Sbc. 2. That said notes shall be printed on paper of the same character, quality,, and grade as that now used for the United States notes; they shall be prepared in accordance with laws, rules, and regulations now in force applicable to such work, and as fast as they are ready for delivery they shall be deposited in the Treasui^ and treated as so much available cash, and they shall be paid out the same as other public moneys. Sec. 3. That when any of said notes are received in the Treasury in the course of business they shall be reissued and thus kept in circulation. Sec. 4. That this act shall take effect immediately after its passage. 8. 731. A BILL to provide a postal curr**ncy, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That on and after January first, eighteen hundred and ninety- four, the issue by the Post-Qffice Department of postal notes shall cease, and there shall be issued in their stead a postal fractional currency in denominations of five, ten, twenty-five, fifty, and seventy-five cents. Sec. 2. That the issue of said fractional currency shall be made under the super- vision of the Post-Offico Department and shall be furnished to all postmasters in sums as the Postmaster-General shall deem proper, having dne regard for the amount of business transacted. Sec. 3. That the said postal fractional currency shall be a legal tender for sums less than one doIIa,r and shall be redeemable in the'lawful money of the United States at any post-office in the United States to the amount of one dollars; at any money- order post-office of the fourth class to the amount of five dollars; at any post-office of tlie first, second, or third class to an amount not exceeding ten dollars in any one payment to any one individual on the same day. Sec. 4. That such postal fractional currency shall be furnished to the public on payment therefor at the face value in lawful money of the United State without other cost or charges, 537 Sec. S. That any person convicted of counterfeiting said fractional currency shall, on conviction thereof, be fined in a sum not less than one thousand nor more than five thousand dollars, or be subject to imprisonment for not less than five years nor more than twenty years, as the judgment of the court having jurisdiction of the case may decide. 8. 763. A BILL to provide for the free and unlimited coinage of gold and silver bullion. Be it enacted by the Senate and Rouse of Representatives of the United States of America in Congress assembled, That the standard for both gold and silver coins of the United States shall hereafter be such that of one thousand parts by weight nine hundred sliall be of pure metal and one hundred oi alloy; and the alloy of the silver coins shall be of copper; and the alloy of the gold coins shall be of copper and silver: Provided, That the silver do not exceed one-half of the whole alloy. Sec. 2. That of the silver coins the dollar shall be of the weight of four hundred and twelve and one-half grains; the half-dollar of the weight of two hundred and' six and one-fourth grains ; the quarter-dollar of the weight of one hundred and three and one-eighth grains; the dime, or tenth part of a dollar, of the weight of forty- one and a quarter grains. And that dollars, half-dollars, and quarter-dollars, and dimes shall be legal tenders of payment, according to their nominal value, for any sums whatever. Sec. 3. That of the gold coins the weight of the eagle shall be two hundred and fifty-eight grains ; that of the half-eagle one hundred and twenty-nine grains; and that of the quarter-eagle sixty-four and one-half grains. And that for all sums whatever the eagle shall be a legal tender of payment for ten dollars, the half-eagle for five dollars, and the quarter-eagle for two and a half dollars. Sec. 4. That the silver coins heretofore issued at the Mint of the United States and the goltt coins issued since the thirty-first day of July, eighteen hundred and thirty-four, shall continue to be legal tenders of payment for their nominal values on tlie same terms as if they were of the coinage provided for by this act. Sec. 5. That gold and silver bullion brought to the Mint for coinage shall be received and coined, by the proper officers, forthe benefit of the depositor: Provided, That it shall be lawful to refuse, at the Mint, any deposits of less value than one hun- dred dollars, and any bullion so base as to be unsuitable for the operations of the Mlut: And provided also. That when gold and silver are combined, if either of these metals be in such small proportion that it can not be separated advantageously, no allowance shall be made to the depositor for the value of such metal. Sec. 6. That when bullion is brought to the Mint for coinage it shall be weighed by the treasurer, in the presence of the depositor, when practicable, and a receipt given which shall state the description and weight of the bullion : Prm-ided, That when the bullion is in such a state as to require .melting before its value can be ascertained the weight after melting shall be considered as the true weight of the bnlliou deposited. > Sec. 7. That all provisions of existing laws relating to coinage which are not Inconsistent with the provisions of this shall be construed in aid of the execution of this act. Sec. 8. That all provisions of law in conflict with the provisions of this act are hereby repealed. Sec. 9. That this act shall take eifect and be in force immediately. S. S83. A BILL to repeal sections one and two of tlie act of Congress, approved June ninth, eighteen hundred and seventy -nine, "To provide forthe exchange of coin for lawful money of the United States under certain circumstances, and to make such coins a legal tender in all sums not exceeding ten dollars, and for other purposes." Be it enacted by the Senate and Mouse of Representatives of the United States of America in Congress assembled, That sections one and two of the act of Congress, approved June ninth, eighteen hundred and seventy-nine, "To provide for the exchange of coins for lawful money of the United States under certain circumstances, and to make such coins a legal tender in all sums not exceeding ten dollars, and for other purposes," be, and the same are hereby, repealed. S. 916. A BILL directing the purchase of silver bullion and the issue of United States Treasury notes therefor. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled. That the Secretary of the Treasury is hereby directed to pur- chase all silver bullion mined in the United States that may be offered, in lots of the 538 value of not leas than one hundred dollars each, at its par value of one dollar twenty- nine and twenty-nine oue-liundredths cents per ounce, less the usual charge for part- ing, coiuing, and so forth, that prevailed prior to February twelfth, eighteen hun- dred and seventy-three; that an additional charge of three cents per ounce shall be made to cover expenses incurred in distributing the silver coin per express, through the mails, or otherwise; that the Secretary of the Treasury shall keep an account of the proiits accruing from said charge, and also of the expenses incurred, and that said charge shall be increased or decreased, as may be necessary, to meet the expenses of distributing said silver coin. Sec. 2. That gold or silver coin or full legal-tender United States notes, redeemable in gold or silver coin, at the option of the Secretary of the Treasury, may be employed in the purchase of said silver bullion ; that when said notes are redeemed they may be paid out again. Sec. 3. That said bullion may be coined into dollars of four hundred and twelve and one-half grains of standard silver, as per act of January eighteenth, eighteen hundred and thirty-seven, using the same devices on the coins th at were then employed, or the bullion may be cast into bars, at the option of the Secretary of the Treasury; that said dollar coins shall be a legal tender for any amount; that a sui£cient quan- tity of the bullion (to be determined by the Secretary of the Treasury) shall be coined into subsidiary coins, composed of half-dollars, quarters, and dimes, of the weight and designs ordered by act of February twenty-first, eighteen hundred and fifty-three, to serve the purpose of change, and that said coins be a legal tender for five dollars. Sec. 4. That full legal-tender United States notes, receivable for all debts, public and private, redeemable in gold or silver coin, at the option of the Secretary of the Treasury, shall be issued to eight times the value of the silver bullion that may have been purchased : Provided, That the new issue of paper currency in any one month shall not exceed fifty million dollars ; that the issuing of the new currency at said rate shall continue for three years, unless sooner terminated by act of Congress ; that the notes when redeemed may be reissued. Sec. 5. That loans will be made by the Government on real estate to two-thirds the value thereof at the annual rate of two per centum, interest payable semiannually, principal not to run louger than eight years, under such regulations as Congress may order. Sec. 6. That the funds necessary to carry this act into effect are hereby appropri- ated out of any money in the Treasury not otherwise appropriated. S. 1050. A BILL to provide for the employment of labor and the prosperity of the people of the United States and for other purposes. Whereas money is the tool of production that is used from commencement to fin- ish, and for distribution ; and Whereas Congress can create money (dollars) ; and , Whereas all means of enjoyment, comfort, and advancement come through the development of resources ; and Whereas it is the duty of legislation to provide for the full development of all resources for the enjoyment of our citizens: Therefore, Be it enacted iy the Senate and House of Representatives of the United Slates of America in Congress assembled, That the Secretary of the Treasury of the United States is hereby instructed and directed to have coined all of the gold and silver now in pos- session of the Government, the gold to be coined into half-eagles, eagles, and double eagles, the silver to lie coined into dimes, quarters, halves, and dollars, and the ratio of coinage shall be sixteen of silver to one of gold. Sec. 2. That all of the gold and silver bullion offered at the mints of the United States shall be coined free at the ratio of sixteen of silver to one of gold. Sec. 3. That the Secretary of the United States Treasury shall have coined a suf- ficient amount of full legal-tender paper money, in denominations of one dollar, two dollars, five dollars, ten dollars, twenty dollars, and one hundred dollars to make the whole amount of paper money, gold money, and silver money six billion dollars, and cover the same into the United States Treasury. Sec. 4. That the sum of six hundred million dollars be, aud is hereby, appropria- ted to each and all of the different States and Territories of the United States in pro rata rate of inhabitants, to be expended by the said States and Territories for the improvement of public highways, public school-houses, and other needed public improvements; and the construction and work shall be under the direction and superintendence of competent persons, and the persons thus engaged shall give s)if- ficient surety for the honest aud faithful discharge of all duties; that the compen- sation for all services and labor shall be four dollars per day, and the hours of labor shall be eight hours per day, and the same ratio of wages shall be paid for any num- ber of hours to eight hours each day of labor actually performed. The Secretary 539 of the Treasury shall have power to provide all ftirther requirements for the opera- tion and execution of this bill. Sec. 5. That all citizens of the United States offering their labor shall be employed under the conditions provided in this bill. Sec. 6. That all acts or parts of acts in conflict herewith are hereby repealed, and this act shall be in effect from and after its passage. S. 1151. A BILL to provide for the free and unlimited coinage of silver. Be it enaeied J)y the Senate and House of Eepresentaiires of the United States of Amer- ica in Congress assembled, That the silver coins of the United States shall be com- posed of standard silver. That of the silver coins the dollar shall be of the weight of four hundred and twelve and one-half grains ; the half dollar of the weight of two hundred and six and one-fourth grains; the quarter dollar of the weight of one hundred and three and one-eighth grains ; and the dime, or tenth part of a dollar, of the weight of forty-one and a quarter grains. And that dollars, half dollars, quarter dollars, and dimes shall be legal tenders of payment, according to their nominal value, for any sum whatever. Sec. 2. That silver bullion brought to any mint of the United States for coinage shall be received and coined by the proper officers for the benefit of the depositor: Provide^, That it shall be lawfuj to refuse, at the mint, any deposits of less value than one hundred dollars and any bullion so base as to bo unsuitable for the operations of the mint. Sec. 3. That the depositor of silver bullion at any mint of the United States for coinage shall receive therefor silver coin or Treasury notes of the United States, to be issued by the Secretary of the Treasury in such form and of such denominations, not less than one dollar nor more than one thousand dollars, as he may prescribe. The Treasury notes issued according to the provisions of thisE^ct shall be redeema- ble on demand at the Treasury of the United States, or at the office of any assistant treasurer of the United States, in silver coin; and such Treasury notes shall be a legal-tender in payment of all debts, public and private. RESOLUTIONS. S. B. 4. JOINT EESOLUTION to maintain tho parity of gold and silver. Eesolved ly the Senate and Bouse'of Representatives of the United States of America in Congress assembled, That the American people from tradition and interest favor bimetallism and the free and unlimited coinage of both gold and silver, without dis- criminating against either metal ; that it is also the estaljlished policy of the United States to maintain the parity of the t«ro metals, so that the debt-paying and pur- chasing powei of every dollar shall be at all times equal; that it is the duty of Con- gress to speedily enact such laws as will effectuate and maintain these objects. 8. R. 34. JOINT EESOLUTION fertile issue of additional gold certificates. Besolved by the Senate and House of Bepresentatives of the United States of America in Congress assembled. That the Secretary of the Treasury is hereby directed, in pursu- ance of the provisions of section two hundred and fifty-four of the Revised Statutes of the United States, to issue certificates, not a,t any time to exceed twenty per centum beyond the amount of gold coin and bullion in the Treasury, and to use and expend the same in payment of interest on the public debt and any other demands, obligations, or liabilities of the United States. [August 8, 1893.] Mr. Lodge submitted the following resolution; which was read: "Whereas Congress has been called in extraordinary session on account of the unfortunate condition of business; and '' Whereas some measure of relief can be obtained by the immediate and uncondi- tional repeal of the purchasing clauses of the silver act of 1890: Therefore, "Resolved, That the Committee on Finance be instructed to report at once to the Senate a bill to repeal the purchasing clauses of the silver act of 1890, and that a vote be taken in the Senate on said bill on Tuesday, August 22, at 2 o'clock p. m., unless it is sooner reached." 540 [August 14, 1893.] THK FINANCIAL POLICY. Mr. Gordon submitted the following resolutions; whicli were read: "Whereas in this Government of the people the popular will is sovereign iu its character, and when clearly expressed should he authoritative with Congress; and " Whereas certain financial reforms are demanded by the people, as shown at the polls, in the formal methods provided by the Constitution and laws for expressing the popular will; and " Whereas bimetallism, as a means for increasing the volume of sound and stable currency is demanded by all political parties in all recent national platforms, and has thus been unmistakably indorsed by a substantially unanimous vote of the whole people: Therefore, "Besolved, That it is the right of the people to expect, and the duty of Congress to enact, suitable legislation for restoring the metals of the Constitution to their coor- dinate place in the monetary system of the Government, and upon a ratio or plan that will secure their parity or exchangeability with each other. " Besolved, second, That pledges made to the people in order to secure power should be religiously redeemed in good faith and in justice to the people, who, relying npon those pledges, conferred that power. " Resolved, third, That in compliance with these promises made to the people, in recognition of the demand made by the people, and in order to establish confidence among the people, and to bring urgently needed relief to the business of the country, the Committee on Finance be, and is hereby, instructed to report at the earliest day practicable a bill or bills repealing the purchasing clause of the statutes called the Sherman law; and providing for ' the use of both gold and silver as the standard money of the country,' and for ' the coinage of both gold and silver without dis- criminating against either metal,' and for making ' the dollar unit of coinage of both metals ' » * * ' of equal intrinsic or exchangeable value.' " Besolved, fourth. That under proper guards and restrictions, so as to secure uni- formity, the power of chartering and establishing hanks of issue may be safely and wisely restored to the States; that to deny this is to deny the capacity of the States for self-government; and that the said Committee on Finance be, and is hereby, instructed to report also a biir repealing 'the prohibitory 10 per cent tax on State bank issues.' " [August 17, 1893.] NATIONAL BANK CIKCULATION. IWr. Kyle. I submit a resolution which I ask may lie on the table to be called up hereafter. The resolution was read and ordered to lie on the table, as follows : ' ■ Whereas it is currently reported that certain of the national banking associations organized and carrying on business under and by virtue of the laws of the United States have heretofore withdrawn from circulation their notes, and subsequently secured an increase of their circulation under existing laws: Therefore, be it " Besolved, That the Secretary of the Treasury be requested to report to the Senate what national banking associations have thus diminished and enlarged their circu- lation, and the extent thereof, and also whether any and what national banking associations have organized under the banking laws of the United States, and have no outstanding notes in circulation." [September 4, 1893.] REDEMPTION IN SILVER. Mr. Allen submitted the following resolution; which was read: "Besolved, That the Secretary of the Treasury be directed to furnish to the Sen- ate, without unnecessary delay, full information on the following subjects : " 1. Whether the Treasury Department has, ac any time, redeemed any portion of the silver or coin certificates in silver coin, as provided by the act of July 14, 1890, commonly known as the Sherman act; and, if so, when and what amount has been thus redeemed. "2. What amount, in coinage value, of silver bullion purchased by the Treasury Department under the act of July 14, 1890, and subject to coinage, in the discretion of the Secretary of the Treasury, remains uncoined ; and why said silver bullion has not been coined and paid out, in accordance with the provisions of said act. 541 "3. Whether any part, and, if so, what part, of the paper money redeemed in gold by the Treasury Department since March 4, 1893, was canceled after redemption or in any manner witltheld fron) general circulation." [September 5, 1893.] The joint resolution was read, as follows : " Retolved, etc., That the Secretary of the Treasury is hereby directed, in pursuance of the provisions of section 254 of the Revised Statutes of the United States, to issue certilicates not at any time to exceed 20 per cent heyond the amount of gold coin and bullion in the Treasury, and to use and expend the same in payment of interest on the public debt and any other demands, obligations, or liabilities of the United States." [September 6, 1893.] JOINT COMMITTEE ON FINANCIAL QUESTIONS The Vice-President laid before the Senate the concurrent resolution submitted yes- terday by Mr. Morgan; which was read, as follows: Concurrent resolution to raise a joint committee of the two Houses to consider questions of finance, etc. Besolved iy the Senate {the Souse of Representativea conourring), That a committee of the two Houses of Congress be raised, to consist of seven Senators, to be appointed by by the President of the Senate, and seven Representatives, to be appointed by the Speaker of the House of Representatives, who together shall constitute a joint select committee on finance, the chairman of which shall be chosen by the conmiittee, by ballot, and he shall appoint a clerk to said committee. 2. Said joint committee shall hold its sessions in the Capitol, and in such other places as a majority thereof shall direct, and may employ a stenographer, and such messengers as shall be found necessary, and shall have power to direct the adminis- tration of oaths and to send for papers and persons. Eleven members of said jeint committee shall constitute a quorum to do business. 3. Said joint committee shall examine into the financial and monetary condition of the Government and people of the United States, with a view to devising means for the betterment thereof, and, to this end, shall have full jurisdiction to examine and report upon any financial or monetary question that concerns the people or the Government of the United States. 4. Said committee shall make a special examination of the following subjects, and report upon each, separately, in their recommendations to Congress, and may sub- mit one bill or several bills to the respective Houses to carry their recommendations into effect ; that is to say : (1) The full or partial remonetization of legal- tender silver coins and the ratio of legal value that shall be established between such coins and coins of gold. (2) The revision of the laws relating to legal tender, so as to prevent unjust dis- crimination in the legal-tender quality of any descriptions of money coined or issued by the United States, or for the redemption of which the Government is pledged. (3) The repeal of the taxes upon the issues of State banks that circulate as money, and what restrictions upon the conduct of such banks are necessary for the piiblio security and welfare, and are within the competency of Congress to provide. (4) The actual cause of the present embarrassed condition of the people and the national banks, in reference to the character or the supply of circulating medium, and the consequent paralysis of trade and industry. And what further legislation is required to prevent the national banks from abusing their powers under the law, either by their separate dealings, or in combination, concert, or conspiracy with other banks or persons to the detriment of the Government or the people of the United States. (5) Said joint committee may appoint subcommittees, to consist of not less than four members thereof, three members to constitute a quorum, who shall be empowered to sit in any place iu the United States and to take testimony on oath to be admin- istered by the designated chairman of such subcommittee, to be reported to the gen- eral committee. Such subcommittees shall be appointed under the resolution or order of the general committee in such manner as they shall agree. (6) The expenses incurred in the execution of the requirements of this concurrent resolution shall be borne in equal sums by the respective Houses of Congress, to be paid out of the contingent fuuds appropriated, or to be appropriated by Congress. 542 [September 11, 1893.] NATIONAL BANK INTERESTS. Mr. Stewart submitted the following resolution, which was read : "Eeaoh'ed, That a committee of five he appointed by the President of the Senate to inquire if any Senator is, or has been, a stockholder of, or directly or indirectly interested in, any national bank or the stock of such bank, and report all the facts to the Senate with regard to such ownership and interest, the length of time that any Senator shall have been so interested, and the amount of such interest. And for the purpose of such investigation said committee is empowered to administer oaths and send for persons and papers." [October 4, 1893.] TROPOSED COMMITTEE ON BANKING SYSTEM. Mr. Pbffbr. I submit a resolution, and ask that it may be read and lie over under the rule. The resolution was read, as follows : ^ "Resolved, That a select committee of three Seriators be appointed by the Vice- President, whose duty it shall be to consider and report whether any and what leg- islation is necessary to improve the banking system of the country, to the end that greater steadiness may be maintained in currency circulation ; that there may be less interruption in the business of exchange, that depositors may have better secu- rity against loss, and that savings of the people may be more safely kept. " Said committee shall hold its sessions in the city of Washington, its necessary clerical work shall be performed by a person or persons then in the employ of the Government — a committee clerk not then otherwise necessarily employed, or a per- son to be detailed by the Secretary of the Senate. " Said committee may sit during sessions and recesses of the Senate, but shall not incur any expense to be provided for by the Senate without express authority first had and obtained." The Vice-Pkesident. The resolution will go over under the rule, and be printed. [October 6, 1893.] The Secretary read the resolution submitted on the 4th instant by Mr. Morgan, as follows : "JBesolved, That it be referred to the Committee on the Judiciary to inquire and report what provisions, if any, of the act approved January 18, 1837, entitled "An act supplementary to the act entitled 'An act establishing a mint, and regulating the coins of the United States,' " are now in force." Mr. Morgan. If the Senate is ready for a vote on the resolution I shall not occupy any time in discussing it. I ask for a vote on the resolution. The Vice-President. The question is on agreeing to the resolution. The resolution was agreed to. [October 6, 1893.] PKOPOSED PINANCIAX LEGISLATION. Mr. WoLCOTT. I submit a resolution, which I ask may lie over until Monday. The resolution was read, as follows : " Mesolved, That the Senate Committee on Finance be directed to report a bill for the coinage of gold and silver, in accordance with the policy set forth in the biU reported by the committee August 28, 1893, being H. E. 1." The Vicb-Pkesident. The resolution will go over, and be printed. [October 10, 1893.] REDEMPTION OF SILVER DOLLARS, ETC. Mr. Teller submitted the following resolution ; which was considered, by unani- mous consent, and agreed to : " Beaolved, That the Secretary of the Treasury be, and he is hereby, directed to inform the Senate whether silver dollars or silver-coin certificates havebeen redeemed by the Treasury Department or exchanged for gold or paper that is by law or prac- tice of the Government redeemable in gold." 543 [October 25, 1893.] JUDICIAL OPINION ON SILVER COINAGE. Mr. Peffek. With the consent of the Senator from Nevada, I ask leave to offer a resolution, and I will state the way in which it comes. There is some difference of opinion on the part of members of this body, and also persons outside of the body, who are discussing the matters pertaining to the financial situation, and they are anxious to have the resolution I submit referred to the Committee on the .Judiciary in connection with the one referred there a few days ago, offered by the Senator from Alabama (Mr. Morgan) . I ask that the resolution may be read and then referred. Mr. Hoar. Let it be read for information, the question of its reception being open after it is read. The Vicb-Prbsidknt. The resolution will be read for the information of the Senate. The Secretary read the resolution, as follows : " Whereas a difference of opinion exists as to the legal effect of the repeal of a part of the act of February 28, 1878, by the passage of the act of July 14, 1890; and " Whereas some persons maintain that the free and unlimited coinage of the silver dollar at the ratio of 16 to 1 is the law of the land and has been since the passage of the act of February 28, 1878: Therefore, " Eesolved by the Senate, That the Committee on the Judiciary be, and it is hereby, directed to investigate and report on this question at its earliest convenience." Mr. Peffer. I will state that the resolution comes from persons on the outside of this Chamber. It is entirely respectful, and I hope it will be referred to the Com- mittee on the Judiciary. The Vick-Presidisnt. The resolution will be referred to the Committee on the Judiciary. [November 1, 1893.] BULLION PURCHASES. Mr. Teller submitted the following resolution ; which was considered by unani- mous consent and agreed to : " Beaolved, That the Secretary of the Treasury be, and he hereby is, directed to furnish the Senate with a statement giving the aggregate amount of silver bullion purchased under the act of July 14, 1890, during the month of October, 1893, together with the cost thereof, the amount, date, and price of each purchase, and the name of the vendor. Also the aggregate amount of silver bullion offered for sale during the said month, the amount, date, and price of each offer, aud the name of the person making such offer, and how paid for." HOUSE BILLS. B. R. — . [Proposed substitute for H. E. S'o. 1.] A BILL for free coinage of silver, and other purposes. Be it enacted hy the Senate and House »f Representatives of the United States of America in Congress assenibled, That from and after the passage of this act all holders of silver bullion to the, amount of one hundred dollars or more, of standard weight and fine- ness, shall be entitled to have the same coined at the Mint of the United States into silver dollars of the weight and fineness provided for in the second section of this act. Sec. 2. That the silver dollar provided for in this act shall consist of foiir hundred and twelve and one-half grains of standard silver; said dollars to be a legal tender for all debts, dues, and demands, both public and private. Sjbc. 3. That the holder of the silver dollars herein provided for shall be entitled to deposit the same and to receive silver certificates in the manner now provided by law for the standard silver dollars. Skc. 4. That so much of the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," as reqjiires the monthly purchase of four - million five hundred thousand ounces of silver buUion, be, and the same is hereby, repealed. H. R. 3. A BILL to provide for the coinage of the seigniorage silver bullion in the Treasury. Be it enacted hy the Senate and House of Bepresentatives of the United States of America in.Covgress assemilea, That the Secretary of the Treasury be, and is hereby, authorized and required to cause to be coined into standard silver dollars of the weight and fineness now provided by law, at the earliest time practicable, the silver bullion now in the Treasury, belonging to the United States and known as seigniorage. Said silver dollars, when coined, shall be placed in the Treasury and paid out on current liabilities of the United States as other revenues, and they shall be subject to all the provisions of law relating to standard silver dollars heretofore coined. H. R. 11. A BILL prohibiting the coinage in the mints of the United States of gold coin of a less denomination than five dollars, or the issue by the Treasury of notes, certilicates, or any kind of paper currency of a less denomination than five dollars. Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assemhled, That from and after the passage of this act no gold coin of a less denomination than five dollars shall be coined in the United States mints, nor shall there be issued by the Treasury any bank note, legal-tender note, certificate of deposit, or paper currency of any kind of a less denomination than five dollars. II. R. 29. A BILL to amend an act to prevent counterfeiting. Be it enacted hy the Senate and House of Bepresentatives of the United States of America in Congress assembled, That the act entitled "An act further to prevent counterfeit- ing or manufacture of dies, tools, or other implements used in counterfeiting, and providing penalties therefor, and providing for the issue of search warrants in cer- tain oases," approved l^ebruary tenth, eighteen hundred and ninety-one, be, and the same is hereby, amended by adding thereto the following section : 514 545 "Sec. 6. That nothing herein contained shall be held to apply to the puhlister or publishers of any newspaper, magazine, or other publication which, in the bona fide conduct of its business and with no intent to violate the law, shall have in its possession, sell, give away, or in any other manner use, whether by way of cartoon or otherwise, any die, hub, mold, plate, card, notice, placard, token, device, print, impression, or any other thing whatsoever, unless the same shall bear such likeness or resemblance to some of the coins of the United States or of some foreign government, or to the die, hubs, or molds from whicli said coins are made, as that the same would tend to create the belief that they, or some of them, were coins of the United States or some foreign government, or that such hub or mold could be used to produce an impression which might be considered as such coin or coins." H. K. 64. A BILL providiDg for au increase in the circulating of national banking associations notes. Be it enacted by the Senate and Souse of Bepresentatives of the United States of America in Congress assevibJed, That the Comptroller of, the Currency of the United States is authorized, on and after the passage of this act. to issue to all national banking associations circulating notes up to and equal to the pSr value of the bonds depos- ited by such associations with the Treasurer of the United States as security for cir- culating, notes, instead of up to ninety per centum of such par value, as now pro- vided by law. H. R. 65. A BILL providing for the opening of the mints of the United States by the President to the free coinage of silver. Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That the President of the United States is authorized and directed to open the mints of the United States to the free and unlimited coinage ■ of silver whenever he shall have been officially advised that not less than six of the nations of Europe, including Great Britain, Germany, and France, have opened their mints to the-free coinage of silver into legal-tender money, and in thus opening the mints of the United States he shall do so at the same ratio between silver and gold as may prevail in the said six or more European nations : Provid-ed, That nothing in this act shall authorize the coinage of fractional parts of a dollar for the account of the owners of silver bullion. H. R. 66. A BILL to amend the national-banking laws and to provide for the isane of circulating notes upon securities' other than United States bonds. Be it enacted by the Senate and House of Bepresentatives of theUnited States of America in Congress assembled, That hereafter national banking associations shall not be obliged to deposit United States bonds as security for circulating notes, and asso- ciations having such bonds on deposit with the Treasurer of the United States shall be entitled to withdraw the same upon demand. Skc. 2. That the United States shall have a first lien upon all the assets of every national banking association, to secure it from loss growing out of its guaranty of the notes of such banking association. Sec. 3. That in every instance where the first lien, provided for in section two, does not fully protect the United States from loss as guarantor, the Comptroller of the Currency shall assess the other national banking associations located in the State in which the failed banking association (the first lien on whose assets proves insufficient to protect the United States from loss) is located pro rata, according to capital and surplus, for a sum large enough to make the United States whole upon its guaranty of the circulating notes of the failed association; and all such- assess- ments shall be payable within thirty days after they are made. Sec. 4. That each national banking association shall be permitted to issue and circulate notes, as per section two of this act, equal to seventy-five per centum of its paid in and unimpaired capital stock, and every national banking association shall have the right to issue and circulate an additional amount of notes equal to fifty per centum of its paid-in capital: Provided, That such additional notes are secured by United States bonds as now requiied by law, and the rate of taxation upon this additional or supplemental circulation, which shall be known as " emer- gency circulation," shall be at the rate of six per centum per annum, and be payable quarterly. Sec. 5. That any existing law or laws which are in conflict with this act shall be, and the same are hereby, repealed, to the extent that such existing law or laws in- terfere with the terms of this act. S. Bep. 235 35 546 H. R. 19V. A BILL for an increase in the issue of Treasury notes and the retirement of national-banli notes. Se it enactei iy the Senate and Souse of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury shall, on the first day of July, eighteen hundred and ninety-four, or as soon as practicable thereafter, increase the issue of the United States Treasury notes to an amount equal to the total taxes and revenues of the United States Government collected for the fiscal year ending June thirtieth, eighteen hundred and ninety-four ; and thereafter he shall annually, on said day of each year, or as soon as practicable, further increase the issue of said notes as the aggregate taxes and revenues may have been increased for the preceding fiscal year. Sec. 2. That whenever any national-bank notes shall be surrendered the Secretary of the Treasury shall issue an equivalent amount of Treasury notes of the same denominations, and deposit the same in the Treasury, to be paid out as other moneys belonging to the Government. No national bank shall hereafter be allowed to issue circulating notes of any kind whatever, and so much of the national-bank law as authorizes the issue of bank notes is hereby repealed. Sec. 3. That the Treasury notes provided for in this act, and all other Treasury notes heretofore issued, shall be a legal tender for the payment of all debts and dues, public"and private, including import taxes, and when they shall be received into the Treasury under any law from any source whatever, and shall belong to the United States, they shall not be retired, canceled, or destroyed, but shall be reissued and paid out again and kept in circulation. Sec. 4. That a sum sufficient to carry out the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 5. That all laws and parts of laws providing for the sale of bonds of the United States- aud all other acts and parts of acts inconsistent with the provisions of this act are hereby repealed. H. K. 138. A BILL for the free coinage of gold and silver and for the issue of gold and silver certificates. Be it enacted iy the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That from and after the passage of this act the unit of value in the United States shall be one dollar, and the same maybe coined of four hundred aud twelve and one-half grains troy of standard silver and of twenty-five and eight- tenths grains troy of standard gold; and the said coins shall be a legal tender for all debts or dues, public and private. Sec. 2. That the provisions of section fourteen, section eighteen, section thirty, and section thirty-one of an act supplementary to the act entitled "An act establishing a mint and regulating the coins of the United States," which became a law January eighteenth, eighteen hundred and thirty-seven, are hereby made applicable to the coinage in this act provided for. Sec. 3. That the provisions of section three of "An act to authorize the coinage of the standard silver dollar and to restore its legal-tender character," which became a law February J;wenty-eighth, eighteen hundred and seventy-eight, is hereby made applicable to the coinage in this act provided for. Sec. 4. That the certificates provided for in the third section of this act shall be in denominations of not less than one nor more than one hundred dollars, and such certificates shall be redeemable in coin of standard value. Sec. 5. That the owners of bullion deposited for coinage shall have the option to receive coin as hereinbefore provided, or its equivalent in certificates provided for in this act, and such bullion shall be coined. Sec. 6. That the act entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purpose," approved July four- teenth, eighteen hundred and ninety, be, and the same is hereby, repealed: Provided, That the repeal of said act shall not impair the legal-tender quality of the Treasury notes issued thereunder or the authority of the Secretary of the Treasury to redeem the same in the manner prescribed by said act. Sec. 7. That the uncoined bullion purchased under the authority of said act of July fourteenth, eighteen hundred and ninety, shall be coined as fast as practicable into standard silver dollars, and the same, except so much thereof as the Secretary of the Treasury may deem necessary to be held as a reserve for the purpose of redeeming the outstanding Treasury notes issued for the purchase of said bullion, shall be covered into the general revenues of the Government. Sec. 8. That all laws and parts of laws in copflict with the prgyision? of this act be, and the same are hereby, repealed. 547 B. R. 133. 4- BILL to authorize national banking associations to loaa money on real-estate secnrity. Be it enacted iy the Senate and Souse of Representatives of the United States of America in Congress assembled, That from and after the approval of this act it shall be lawful for any national banking association to loan or advance money to any person or per- sons upon real estate, secured by mortgage, not to exceed in any case fifty per centum of the cash value thereof, at a rate of interest not to exceed that allowed by law to be taken by such associations ; and the taking of any greater rate of interest for the loan or use of money as aforesaid shall make the mortgage or other obligation for the repayment of such loan null and void. H. R. 136. A BILL to suspend section thirty-four hundred and twelve of the Eevised Statutes of the United States as to the circulating notes of certain State hanking associations. . Be it enacted hy the Senate and House of Mepresentatives of the United States of America in Congress assembled, That section thirty-four hundred and twelve of the Eevised Statutes of the United States, which reads as folio ws, to wit : "Every national bank- ing association, State bank, or State banking association shall pay a tax often per centum on the amount of notes of any person, or of any State bank or State banking association used for circulation and paid out by them," be, and the same is hereby, suspended as to all notes issued to circulate as money by any corporation or bank iiig association under the laws of the State where the same is located: Proiided, That there shall first be depositedby such corporation or association, with the State treas- urer or other safe depository designated for that purpose by the law of such State, an amount of the lawful money of the United States on the solvent bonds of par value of such State, its counties, ormunicipalities, equal to one hundred per centum of the aggregate amount of notes proposed to be issued by such corporation or asso- ciation, which deposits are by the laws of such State made and held for the security of the holders of such bills or notes and for the redemption of such notes or bills : Pro- nded further, That the aggregate amount of such State bank issues shall in no case exceed five dollars per capita of the population of such State as ascertained by the last preceding census of the United States. H. R. 147. A BILL to repeal sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the Revised Statutes of the United States, and all other laws which impose a tax of ten per centum on circulation of all other than national banks, and for other purposes. Beit enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the Eevised Statutes of the United States, and all other laws or parts of laws which impose a tax of ten per centum, or any other sum, on the cir- culation of State banks or State banking associations, or which impose a tax on all banks and banking associations which receive or pay out the notes or circulation of other than national banks, or which discriminate in taxation against the circulat- ing notes of State banks and State banking associations, be, and the same are hereby, repealed. 0. R. 168. A BILL to amend an aet entitled "An Bat directing the purchase of silver bullion and the issue of ffreasury notes thereon, and for other purposes," Jtpproved July fourteenth, eighteen hundred and ninety, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Secretary of the Treasury shall proceed to have coined into silver dollars of the present weight and fineness all the silver bullion purchased under the operations of the act of July fourteenth, eighteen hundred and ninety. This coinage shall be executed at the rate of not less than three million dollars per month, and at a rate as much greater as the capacity of the mints will permit. But he shall first and immediately estimate the amount of this bullion necessary to coin as many silver dollars as there are dollars issued of the Treasury notes authorized by the act aforesaid, taking into account and deducting from the total of said notes an amount equal to the number of dollars already coined, other than seigniorage, if any has arisen from such coinage already done, out of this bul- lion. He sbalflikewiBe estimate the aioount of this buUioa in excesa of the amount 548 previously required to be estimate^* He shall first have coined the latter part of said bullion, as herein provided, and at the rate herein provided, and then he shall immediately proceed to have the former amount of this bullion coined in the same manner. Sec. 2. That the silver dollars coined under the provisions of the preceding sec- tion, other than those which are of gain of seigniorage, shall be kept in the Treasury upon the same terms as are prescribed by law for those silver dollars which have already been coined out of the bullion purchased under the operations of the act mentioned in the first section of this bill. H. R. in. A BILL to secure to the people the advantages accruing from the issue of circulating promiesory notes by banks, to increase the volume otsuch notes, and to supervise and control banks by ofiBcers of the United States. Be it enacted by the Senate andSoiise of Representatives of the United States of America in Congress assembled, That national banking associations organized for the transac- tion of business under this act shall be subject to existing law excepting as is here- inafter provided. Sec. 2. That any bank incorporated by special law, or any banking institution organized under a general law of any State, may become a national banking asso- ciation under this act by the name prescribed in its organization certificate; and in such case the articles of association and the organization certificate may be exe- cuted by a majority of the directors of the bank or banking association; and the certificate shall declare that the owners of two-thirds of the capital stock have authorized the directors to make such certificate and to change and convert the bank or banking institution into a national banking association. A majority of the directors, after executing the articles of association and organization certificate, shall have power to execute all other papers, and to do whatever may be required to make the organization perfect and complete under this act. A majority of the board of directors of each association organized under this act, and not less than three in number, shall be of persons who perform no other regular service for the associa- tion. Any banking association organized and doing business under existing law of the United States by giving notice to the Comptroller of the Currency of its desire so to do, may organize under this act, with the approval of the Comptroller of the Currency. Sec. 3. That every association- organized under this act, before it shall be author- ized to commence a banking business, shall deliver to the Treasurer of the United States, United States legal-tender notes, or coin, or coin and bullion certificates, or mixed, as provided in section four, in amounts as follows : First. Every association having a capital not exceeding two hundred and fifty thousand dollars, an amount equal to not less than one-tenth of the capital stock. Second. Every association having a capital in excess of two hundred and fifty thousand dollars, an amount not less than twenty-five thousand dollars. The notes issued in blank under section four shall never be less than fifty per centum of all the promissory currency notes issued to the association. Sec. 4. That, upon a delivery of coin, coin or bullion certificates, or United States legal-tender notes, or mixed, to the Treasurer, the association making the same shall be entitled to receive from the Comptroller of the Currency promissory currency notes of diiferent denominations, in blank, registered and countersigned as provided by existing law, equal in amount to the coin, coin and bullion certificates, and United States legal-tender notes delivered ; but at no time shall the total amount of all currency notes supplied to and issued by any association under this section and section five exceed the amount of its capital stock at such time actually paid in. The lawful description of notes issued under this section shall be " greenbacks." Sec. 5. That the Comptroller of the Currency may issue, in blank, to any associa- tion, and the association may issue, promissory currency notes of different denoihi- nations, as provided in section nine, in addition to the promissory currency notes described in section four, not to exceed • in amount a sum equal to the sum of its reserve held during the first year of its corporate existence. Thereafter he may issue to any association the notes described in this section to the amount of the average reserve held by that association during any six consecutive months of the previous year and recall the same from any association at any time in order to rednce the volume of such notes held by any association to tlie amount of the reserve averaged to be held during any six consecutive months of the previous year. The amount to be issued to or retained by any association under this section shall be annually or oftener, at his discretion, ascertained and determined by the Comptroller of the Currency. The promissory currency notes provided for by this section shall have printed on them a different affirmation from those described in section four. The iawful »fiw« »»d 4§sQTij>tipn of wtQs isevved uftcler this seption shall be "jesevve 549 notes." Provided, That the notes issued in blank in compliance with this section shall never be more than fifty per centum of all the promissory currency notes issued in blank to the association. Sec. 6. That the Treasurer shall forthwith redeem and destroy existing United States legal-tender notes issued under acts passed before July fiirst, eighteen hun- dred and ninety, in such a manner as he may deem proper, equal in amount to ninety per centum of the aggregate of the coin, coin certificates, and United States legal- tender notes received for promissory currency notes, in blank, issued under section four, and the Treasurer shall set aside ten per centum of such aggregate paid in for the redemption fund, as described in section fourteen. Sec. 7. That when there shall be no more in amount of the legal-tender notes described in section six outstinding, then the amount of the reserve fund then held by the Treasurer under existing law for the redemption of such notes, the reserve fuud 80 held shall then be set aside and used only to redeem and cancel such notes, and from that date so much of all acts and parts of acts as authorize, require, or permit the issue or reissue of such legal-tender notes shall have no force or validity, and thereafter such notes shall not be held in the cash reserve fund of any national banking association. Upon the executioa of the preceding provisions of this sec- tion, the provisions of section six concerning legal tender notes issued under acts passed before July first, eighteen hundred and ninety, shall apply to Treasury notes issiied under the act of July fourteenth, eighteen hundred and ninety, so long as such notes are paid into the Treasury or presented for redemption. Thereafter the ninety per centum shall be covered into the Treasury as a miscellaneous receipt. Sec. 8. That if any banking association ' organized under this act neglects or refuses to take and issue currency notes, as provided for in section four, to the amount averaged to be taken and issued by three-fifths of all national banking asso- ciations organized under^this act of like or nearly like capital and deposits, and doing the same or nearly the same class of banking business done by such banking associations when directed so to do by the Comptroller of the Currency upon a notice issued by the Comptroller of the Currency and approved, by the Secretary of the Treasury, and fails to take the currency circulating notes directed to be taken by said officers for -the period of three months, it shall be liable to and shall pay into the Treasury of the United States a duty equivalent to twelve per centum per annum upon the face value of the notes it is directed to take and fails to take so long as the failure continues. The Comptroller of the Currency may classify and reclassify or group together, in whole or in part, at any time he may deem proper, banks organized under this act, for the purpose of executing the provisions of this section, and the decision of the Comptroller as to what class or group any particular bank belongs in shall be final, when approved in writing by the Secretary of the Treasury, until such time as the bank shall be placed in a different class or group by the Comptroller of the Currency. Sec. 9. That in order to furnish suitable promissory currency notes for circulation as money, under sections four and live, the Comptroller of the Currency, under the direction of the Secretary of the Treasury, shall furnish such notes, in blank} to banking associations entitled to receive them, and every piovision of this act shall apply equally to the promissory currency notes issued under sections four and five : Provided, }wwever, That notes issued under section five shall not be counted in any reserve fund; and the notes issued under section five shall be finally redeemed and paid as provided in section seventeen ; and notes issued under section four shall be finally redeemed and paid as provided in section thirteen. Sec. 10. That the cashier of any association, with the approval of the board of directors in writing properly certified to the Comptroller, and with the approval of the Comptroller, may appoint a deputy to afSx the cashier's signature to the circu- lating notes issued to the association, but such deputy shall not be a regular employee of the bank. Sec. 11. That any association, upon giving to the Comptroller of the Currency six months' notice of its intention so to do, may, at the expiration of that period, surrender its promissory currency notes, or any part of them, issued under section four, in excess of the amount it is required to take, and receive coin or coin or bullion cer- tificates or mixed therefor. Any association, upon giving to the Comptroller of the Currency one year's notice of its intention go to do, may close up its business, and, dissolving its organization , may surrender such promissory currency notes aiid receive coin or coin or bullion certificates or mixed therefor from the Treasury of the United States upon surrendering the saane to the Comptroller, and upon like notice in like manner any association which reduces its capital stock may deposit a like propor- tion of such promissory currency notes in excess of the amount it is required to have in section three of this act, and receive coin or coin or bullion certificates or mixed therefor, and the Treasurer of the Uuited States is hereby authorized and directed tp pay the currency promissory notes herein described as they are presented, out of any moneys in th'e Treasury not otherwise appropriated, and the Treasurer shall 550 forthwith deftroy the same in the manner prescribed by law; and any association may reduce its jiromissory currency notes issued to it under section five of this act by surrendering them for destruction to the Treasurer of the United States, and the Treasurer shall destroy the notes so surrendered in the manner prescribed by law. The liability of any association for notes issued under section five shall neither be capoeled nor reduced in any other manner : Provided, however, That the doing by an association or others of any one of the things provided for in this section must he with the approval and permission of the Comptroller of the Currency. Sec. 12. That any association, at any time within two years next previous to the date of the expiration of its original or extended corporate existence under this act, and with the approval of the Comptroller of the Currency, may, by amending its articles of association, extend its period of succession fyi a term fixed by the Comp- troller of not more than thirty years from the expiration of the period of succession named in the articles of association, and shall have succession for such extended period. But such amended articles of associatioii shall not be valid until the Comp- troller shall have given to the "association a certificate of approval thereof. Every association organized under this act shall have the right to extend its corporate existence for a further period or periods, so that its whole life under this act shall not be less than thirty years, and all certificates of authority shall be so issued by the Comptroller of the Currency as to expire as nearly equal in number and amount of capital as is practicable in each year of a period of thirty years. Sec. 13. That upon the expiration of the corporate term of any association organisred under this act and its corporate existence not extended by the Comptroller of the Currency, or upon the voluntary surrender of its currency notes, or upon the insolvency of an association, or by the order or with the consent of the Comptroller, approved by the Secretary of the Treasury, the Treasurer shall redeem the prom- issory currency notes issued to the association under the provisions of section four of this act. In redeeming the promissory currency notes issued under section four of this act he shall do so in coin of the same Intrinsic value as the nominal value of the money deposited by the association for the issue of the notes in blank upon the date of such deposit. Sec. 14. That the Treasurer shall at all times keep and have on deposit in the Treasiiry of the United States in coin, or coin and bullion certificates, for the redemp- tion fund of each association, the ten per centum provided in section six, to be held and used for the current redemption of both kinds of its promissory currency notes ; and when the currency notes of any association organized under this act, assorted or unassorted, shall be presented for such redemption to the Treasurer of the United States, in sums of five hundred dollars, or any multiple thereof, the same shall be forthwith redeemed. The right to confer the duties and responsibilities of executing the provisions of this section, and of other sections or parts of sections of this act relating to the redemption fund provided for in section six, upon reserve banks, under such regulations as he may deem safe and proper, and to deposit the redemp- tion fund or funds provided for in section six in such banks, taking ample security therefor, is hereby conferred upon the Treasurer of the United States, with the approval of the Secretary of the Treasury; but any such deposit shall not be counted as a part of the reserve of such bank. The Secretary of the Treasury shall publish in one of the three papefs having the largest circulation in business circles in New York City a list of the securities and the amount of each kind accepted by him to secure any aud all deposits made in any bank. Sec. 15. That to enable the Treasurer of the United States to fund the circulating promissory notes issued under section four, the redemption of which by him is provided for in this act, aud to enable him to execute the provisions of section sev- enteen, the Secretary of the Treasury is hereby authorized to issue on the credit of the United States coupon bonds or registered bonds, redeemable at the pleasure of the United States after two years, and payable ten years from date, and bearing interest at the rate of four per centum per annum, payable semiannually; and the bonds herein authorized shall be of such denominations, not less than one hundred dollars, as may be determined upon by the Secretary of the Treasury, aud the Sec- retary of the Treasury may dispose of such bonds at any time, at the market value thereof, for coin or coin or bullion certificates or mixed. Sec. 16. That any association designated by the Secretary of the Treasury as a depositary of public money may be required by the Secretary to keep on hand on account of such deposits such reserve fund as he may deem expedient; but such deposits bjr the Secretary shall not be counted in computing the reserve required under existing law. Sec. 17. That whenever, in the opinion of the Comptroller of the Currency, the complete redemption and retirement of all promissory currency notes issued to and by any association is then necessary for the protection of the holders of such notes, the Comptroller may take possession of all the assets of such association and proceed to create a fund ample for the redemption of such notes by first setting aside for 551 Bnch fund all the currency notes issued to associations under section four, and all the coin or coin and bullion certificates held by the association. The Comptroller shall set aside and cover into such fund all or so much of all the assets of the association as shall be necessary to make up such fund to redeem such notes, and the Comptroller, after completing a fund suflScient for the complete redemption and retirement of such notes, and not before, shall deliver the remaining assets to the association ; and the Treasurer of the United States shall use the fund created as above for the final redemption and the retirement of the promissory currency notes issued to the association under section five of this act ; and the balance of said fund so created over and above the amount required for the final redemption and destruc- tion of such notes, if there be any, shall be paid to the association from which it •was taken. In doing the things provided in this section the Comptroller is hereby authorized to sell any part of the property of the association or to pledgp the whole or any part of the property or assets of the association at any time as security for any loan he may elect to make in order to create the fund herein mentioned. If, after complying with the preceding requirements of this section, there is not a sufficient sum to redeem all the currency notes issued to the association under section five of this act, the Secretary of the Treasury is hereby authorized and directed to at any time make up the deficiency in the fund necessary to finally redeem and cancel 8,uch notes out of any moneys in the Treasury not otherwise appropriated, and from the proceeds of the sale of bonds in like manner as pro- vided in the case of currency notes issued under section four and surrendered to the Treasurer under section eleven of this act: Provided, however. That the accounts kept by the Treasurer of the United States, of the moneys received by him under section nineteen of this act, show at the time of making up such deficiency that the money so received exceeds the money before paid out hy him in the redemption of such notes by a sum equal to or larger than the sum necessary to make up the sum needed in the case, and not otherwise. Sec. 18. That eaeh association shall increase its reserve on account of its issue of circulating notes issued to and by it under section five of this act the same percent- age it would be required by law to increase its reserve were its deposits increased by a sum equal to the sum of such notes in circulation, all of which increase of its reserve may be in balances due the association from approved reserve agents. The cash reserve required by law to be kept may be in coin, or in coin certiiioates, or in promissory currency notes issued under section four of this act, or mixed : but when the daily total reserve of an association averages less for any month than the amount required to be kept by it at all times by existing law, it shall pay into the Treasury of the United States a duty for that month equivalent to interest, at the rate fixed by law in the State where the association is located, on the amount of average deficiency in such reserve for that month ; and every association organized under this act shall pay into the Treasury of the United States a duty on that part of its average daily cash reserve required by law that is averaged to be kept, in any month, in notes issued to banking associations under section four of this act, at the rate of two per centum per annum; and whenever any association fails to pay in coin certificates on demand the promissory currency notes signed and issued by it such association shall pay an additional duty at the rate of four per cent per annum on the whole of the sum of the lawful reserve it is required at all times to have on hand until such payment is resumed. Not less than fifty per centum of the coin and coin or bullion certificate reserve provided for in this act shall be in gold coin or gold certifioateSj.and fifty per centum may be in silver coin or silver certificates, and any excess of silver coin and silver certificates over gold coin and gold certificates shall be counted as though they were promissory currency notes issued under sec- tion four of this act. Nothing in this section and no action taken by any association under this act shall bar any action taken or proposed to be taken by the Comptroller under section seventeen of this act. Sec. 19. That in addition to all other taxes or duties provided for in this act, each association organized under this act shall pay into the Treasury of the United States a tax equivalent to one- tenth of one per centum per annum on the average amount of currency notes issued to and retained by it under section five of this act, for the purpose of auticipating the redemption and destruction in certain cases of the cur- rency promissory notes issued to associations under section five of this act. The Treasurer of the United States shall keep an account of all moneys paid into the Treas- ury under this section and all moneys paid out of the Treasury on account of the redemption of such notes. Sec. 20. That the Comptroller may at all times know the condition of each bank, and what duty is due and collectible ftom it, each bank shall make such record at the close of each day as the Comptroller shall request, in a book kept for that purpose, which record shall show the total amount of its outstanding promissory currency- notes issued to it under section five of this act, and its total deposit account, and its totalreserve acoount,'as shown by itsbookp at the close of each business day, and of 552 ■what the reserve consisted, which daily record of deposits, reserve, and currency notes, and other matter requested by the Comptroller, shall he made up for each month, and a copy or report thereof transmitted to the Comptroller of the Currency on or before the tenth day of the following month ; and the duty upon the averages of the kinds of money which made up the reserve during that month, and all taxes and duties imposed by this act, shall he collected semiannually on the first day of April and the first day of October in each year. The records and reports provided for in this section, and any other facts and data he may request, shall be in such form as the Comptroller shall direct. Sec. 21. That before making the record for the day, as provided in section twenty or required by the Comptroller, every transaction of that day pertaining thereto shall be dvily entered in the hooks of the bank. All moneys hereafter received from the duty o* taxes collected from banking associations over and above the cost to the Government of maintaining the bureau of the currency shall be covered into the Treasury as a miscellaneons receipt. Sec. 22. That there is hereby created the office of national-bank examiner in chief, who shall be appointed by and be uuder the direction of the Comptroller of the Currency, and shall be paid the sum of three thousand dollars per annum, in addition to the necessary expenses incurred by him in traveling. The examiner in chief shall, under such direction, supervise and direct all other ibank examiners, and be paid out of the appropriations for the bureau of the currency. The natioual- bank examiners shall be held to be employees in the office of the Comptroller of the Currency when examining associations organized under this act, and their fees shall be paid out of the appropriation for the bureau of the currency. Sec. 23. That dividends to shareholders shall be payable by any association organ- ized under this act semiannually on such day as the Comptroller shall approve. Sec. 24. That all currency promissory notes received by any association shall he carefully assorted, and of those issued uuder sections four and five of this act that are paid out by it, those issued under section four shall be first paid out, excepting as provided in section eighteen, and then those issued to other associations under section five, and, lastly, those issued under Section five to the association holding them. Sec. 25. That there is hereby constituted and appointed a board of advisors, of experts, to the Comptroller of the Currency upon changes desirable in and methods of executing existing law concerning banking, over which "board the Comptroller of the Currency shall preside. The president of the chief redemption bank in the five chief redemption cities in the country, or such substitute for any one of the officers named as he shall from time to time appoint, shall constitute the board, which board of advisors shall meet once a year, or oftener if the Comptroller of the Currency or a majority of the board so determines, and at such a time and place as the Comp- troller shall appoint. The recommendations of such board, or a synopsis thereof, shall be extended in the records of the board, and the decision of the Secretary of the Treasury from time to time as to what person or persons are entitled to act under this section shall be final. Sec. 26. That every president, director, cashier, teller, clerk, or agent of any bank- ing association organized under any law of the United States, or any other person who embezzles, abstracts, or willfully misapplies any of the moneys, funds, credits, or other assets of any such banking association, or who, without authority from the directors, issues or puts in circulation any of the notes of the association, or who, without such authority, issues or puts forth any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, nmrtgage, judgment, or decree, or, without authority so to do, issues or transfers any paper which, were it authorized by the association, would make the association liable for anything of value, or who willfully omits from any book, record, or account or any other paper any item or entry that is material to the accu- racy of them, or any one of them, or customary or required to be entered or made in such book, record, account, or paper, in order to make them or any one of them a reasonably accurate showing of the facts the book, record, account, or paper was made or kept to show, or that it was customary to include in them or any one of them in order to show the facts which the book, record, account, or paper was nomi- nally or really made or kept to exhibit, with or without intent, in either case, to injure, defraud, or deceive the association or any other company, body politic or cor- porate, or any individu-al person, or to deceive any officer of the associartion, or any agent appointed to examine the affairs of any such association, or any other person, or who abstracts or willfully destroys any book, paper, record, or statement of orig- inal entry of the association, or any book, record, statement, or account, or any part of any one of them, and made up directly or indirectly from any book, paper, or record, or who willfully conceals or fails to immediately report any violations of the provisions of this section that ho has knowledge of to the officers of the bank and to the board of directors, and also to tJie examiner when officially examining the . 553 books, aocouiite, securities, or papers of tlie association, or when requested by any officer, director, or examiner to do so, or fails to report any omission by any person from, or any incorrect entry of, any item in any book, record, or account of the asso- ciation which belonged therein by custom ot by direction of the proper oiSoer, or who willfully conceals or fails to call the attention of the person officially examin- ing the bank to any violation of the provisions of this act or order of the Comp- troller of the Currency by any director, officer, or employee of the association or other person, when requested to do so by the person officially examining the bank, and every person who willfully aids or abets in any way in any violation of the pro- visions of this section, shall be deemed guilty of a misdemeanor and shall be impris- oned not more than ten years or pay a fine of not more than ten thousand dollars, or both; the condition of the account with the bank of the maker of a certified check shall be presumed to have been known to the officer at the time he certified the same, in the absence of proof to the contrary, and that it was not the official duty of any officer, director, employee, examiner, or any other person to do or not to do any one of the acts or things herein specified shall not be pleaded in any action commenced or prosecuted against any of them. A copy of so ranch of the provisions of this act as the Comptroller shall deem, applicable or pertinent in the case may, at his discretion, be served by the bank examiner who is making, or is about to make, an official examination of the associa- tion upon such officers, directors, and employees of the association as the Comptrol- ler shall designate, at the time of or just previous to each examination. And if any bank examiner willfully misrepresents the true condition of any asso- ciation examined by him, or makes any error resulting from gross negligence on his part, or if the examiner fails to exercise due care in his examination of the condition of a bank, or willfully fails to observe the methods or rules prescribed by the Comp- troller of the Currency, aud loss does or does not result therefrom, "he bhall be deemed guilty oi willfully misrepresenting the condition of the association for the purposes of this act. The first business transacted at the first meeting of the board of directors -of each association in each month shall be to hear and to enter upon the records of the board of directors a statement from the cashier or other proper officer of the association of the liabilities of each officer and director of the association to the association in the following order, that is to say: First, as maker of any paper, sole, or as an officer or director of any corporation, or of a corporation of which he is a director or officer. Second, as indorser of any paper. Third, as surety for any loan or other obligation to the association. Tourth, as to the amount and market value of any collateral the association holds to secure any liability to the association by any one of them. If at any time the board of directors of any association fails to meet for a period of thirty consecutive days the record provided for in this section shall be made by the cashier, or such employee as he may designate in the record book of the board of directors, and a transcript thereof shall be sent to each member of such board of directors and to the Comptroller of the Currency. Sec. 27. That all existing laws affecting national banking associations and prom- issory currency notes issued by them shall apply to those organized under this act aud to promissory currency notes issued under it which are not inconsistent with the provisions thereof; but this act shall not be held to aifeot any national banking association not organized under it, excepting as to section twenty-six of this act and as to a national-bank examiner in chief, as provided in section twenty-two of tills act. II. R. X73. A BILL to provide for the issue of circulating notes to national banlis. Be it enacted ty the Senate and House of liepresentatives of the United States of America in Coiigreas asaemhled. That upon any deposit already or hereafter made of any United States interest-bearing bonds in the manner required by law, any national banking association which has made or shall make such deposit shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as provided by law, not exceeding in the whole amount, including circulating notes previously issued, the par value of t^e bonds deposited : Provided, That at no time shall the amount of such notes issued to any association exceed the amount at such time actually paid in of its capital stock H. R. 181. • A BILL to authorize an increase of bank circnlation. Be it enacted hy the Senate and House of Bepveseniatives of the United States of America in Congress assenibled, That all laws or parts of laws that place a tax upon the circu- 654 lation of banks chartered by States, or in any way restrict banks chartered by States from issuing bills for circulation, be, and the same are hereby, repealed. H. B. 311. A BILL for tlie ooinage of the products of the silver nmies of the United States. Whereas the actual amount of money -which the Treasury Department has paid for silver bullion under the Sherman act has been at a rate which would make five hundred and ten grains of pure silver when coined equal in value to the gold in the standard gold dollar : Therefore Be it enacted by the Senate and Souse of Eepreaentativcs of tlie United Stales of America in Congress assembledi That all holders of silver bullion of the value of fifty dollars or more, and not too base for the operations of the mints, said silver being the product of the silver mines of the United States, shall be entitled to deposit the same at the mints and to have the same coined into silver dollars containing five hundred and ten grains of pure silver, together with the usual alloy making said dollar contain five hundred and sixty-seven and six-tenths grains of standard silver, on same terms and conditions as gold bullion is now deposited and coined. That said dollars shall be a legal tender for all debts and dues, both public and private, and silver certifi- cates shall be issued on said dollars in like manner as silver certificates are now issued on standard silver dollars. Sec. 2. That, under such regulations as the Secretary of the Treasury may pre- scribe, agents of the Treasury Department shall be placed at each smelling furnace in the United States, or shall visit said smelting furnaces from time to time, in order to receive silver which the owners thereof desire to have coined and transmit the same to the mint. Skc. 3. That the expenses attending the reception, of silver to be coined and its transmission to the mint shall be paid by the owners thereof. a. R. 346. A BILL to authorize the issue of United States notes and for the redemption of the same. . Be it enacted hy the Senate and Sonse of Sepresentatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized and directed to issue three hundred million dollars of United States notes, not bear- ing interest, payable to bearer at the Treasury of the United States, and of such denominations as he may deem expedient, not less than one dollar and not more than one hundred dollars each, and said notes herein authorized to be issued shall be receivable in payment Of all taxes, internal dues, excises, debts, and demands of every kind due to the United States, and shall be a legal tender in payment of all debts, public and private, within the United States. Sec. 2. That the United States notes authorized to be issued by this act shall be of the same form and design, and shall be printed, engraved, and signed in the same manner as was by law provided for United States notes under the act of Congress entitled "An act to authorize the issue of United States notes and for the redemp- tion or funding thereof and for funding the floating debt of the United States," approved February twenty-fifth, eighteen liundred and sixty-two. Sec. 3. That whenever there shall not be sufficient money in the general fund of the United States Treasury to pay the current expenses and indebtedness of the United States the Secretary of the Treasury shall pay off and discharge said expenses and said indebtedness with the United States notes authorized to be issued by this act. Sec. 4. That for every three dollars of the United States notes, authorized by this act, that shall be paid out and put into circulation by the Secretary of the Treasury there shall, by said Secretary of the Treasury, be placed and deposited in the Treas- ury of the United States one dollar in coin money of the United States, and said coin - money so deposited shall be kept and held as a special reserve fund with which to pay off and discharge said notes when the same, or ajiy of them, shall be presented for payment or offered for redemption ; and to carry into effect the provisions of this section of the act the Secretary of the Treasury is authorized and directed to reserve and retain out of the general revenues received by the United States, from what- ever source, sufficient coin money of the United States to make the deposit, and pro- vide and preserve the special reserve fund provided for in this act; and in the event the Seor^ary of the Treasury is unable to obtain from the general revenues received by the United States sufficient coin money of the United States to keep and main- tain the special reserve fund herein provided for, then, and in that event, the Secre- tary of the Treasury is authorized and directed to issue, on the credit of the United States, registered bonds to an amount not exceeding one hundred million dollars, 555 redeemable at the pleasure of the United States after five years, and payable twenty years from the date of said bonds, and bearing interest at the rate of per centum, payable semiannually, and the bonds herein autliorized shall be of such denomina- tions, not less than fifty dollars, as may be determined on by the Secretary of the Treasury ; and the Secretary of the Treasury may sell such bonds, or such number thereof, as may be necessary, at the par value thereof for the coin money of the United States, and the coin money of the United States so received for said bonds shall be kept as provided in this act as a special reserve fund with which to pay off and redeem the United States notes authorized by this act. Sec. 5. That whenever any of the United States notes authorized by this act shall be mutilated or otherwise injured so as to be unlit for use, the same may be returned to the Secretary of the Treasury, and said Secretary of the Treasury shall deliver to the holder of such mutilated or injured notes new notes for the same, and said miiti- lated aud injured notes shall be destroyed under such regulations aa the Secretary of the Treasury may prescribe. Sue. 6. That whenever any of the United States notes authorized by this act shall be paid to and received by the United States, the same shall be paid out again when- ever it is possible so to do, so that the circulation of said notes shall at no time be decreased or diminished. Skc. 7. That the faith and credit of the United States of America is hereby pledged for the prompt payment of the notes authorized to be issued by this act, when presented for redemption, and for the prompt payment, at maturity, of the bonds, principal and interest, authorized to be issued by this act. H. R. 336. A BILL to authorize national banking associations to lend money on real estate. Be it enacted by the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That from and after the passage of this act any national- bank association be, and is hereby, authorized to lend money on real-estate security. Skc. 2. That all laws and parts of laws in conflict with this act be, and the same are hereby, repealed. n. R. 2SS. A BILL to provide for the speedy and frequent redemption of United States paper currency and national-bank notes which have become soiled, impure, unclean, or otherwise unfit for use. Be it enacted by the Senate and House of Mepresititatifes of the United States of America in Congress assembled, That the Secretary of the Treasury is authorized and directed to make the necessary and proper regulations to secure the speedy and frequent redemption of all United States paper currency, including all United States notes, gold certificates, silver certificates, and Treasury notes of eighteen hundred and ninety, and all national-bank notes which have become soiled, impure, unclean, or otherwise unfit for use, when presented in suras of not less than one hundred dol- lars, and for the preparation aud issue of new United States paper currency in place of such as shall have been redeemed on account of having become soiled, impure, unclean, or otherwise unfit for use, and for the transportation of such United States . paper currency and of such national-bank notes to the Treasury of the United States or any of the subtreasuries thereof, and for the transportation of the new United States currency or new national-l)ank notes in return for the United States currency or national-bank notes which have become so unfit for circulation : Provided, That all national-bank notes which are redeemed because they have become unfit for use shall be disposed of and replaced as now provided by law, except that the expenses of all transportation shall be paid out of the Treasury of the United States. H. R. 263. A BILL to increase the circulation of national banks. Be it enacted by the Senate and House of Bepresentatives of the Unii,ed Stales of America in Congress assembled. That upon deposits by national banking associations of United States bonds, bearing interest as provided by law under the provisions of eectioDs fifty-one hundred and fifty-nine and fifty -one hundred and sixty of the Revised Statutes, such associations shall be entitled to receive from the Comptroller of the Currency circulating notes of difi'erent denominations in blank, registered and countersigned as provided by existing law, equal in face value to the full par value of the bonds so deposited; and national banking associations now having bonds on deposit for the security of circulating notes less in face value than the par value of the bdnds, or which may hereafter have such bonds on deposit, shall be 556 entitled, upon due application to the Comptroller of the Currency, to receive addi- ' tional circulating notes to an amount which will increase the aggregate value of the circulating notes held hv such associations to the par value of the bonds deposited, such additional notes to he held and, treated in the same way as circulating notes of national banting associations heretofqre issued and subject to all the provisions of existing law affecting such notes : Provided, That nothing herein contained shall be construed to modify or repeal the provisions of sections fifty-one hundred and sixty-seven and flfty-one hundred and seventy-one of the Revised Statutes, author- izing the Comptroller of the Currency to require additional deposits of bonds or of lawful money in case the market value of the bonds held to secure the circulating notes shall fall below the par value of the circulating notes outstanding for which such bonds may be deposited as security. Sec. 2. That this act shall take effect upon its passage. H. R. 366. A BILL for the coinage of legal standard silver dollars .and to repeal so mucli of the act of Jnly four- teenth, eighteen hundred and ninety, as requires the purchase of foiir million five hundred thou- sand ounces of silver bullion, or so much as may be offered each month, and to make such coin a legal tender. Be it enacted iy the Senate and House of Representatives of the United States of America in Congress assemiled. That any owner of silver bullion may deposit the same at any mint oif the United States, and have it coined into standard silver dollars of the weight of four hundred twelve and one-half graiQS troy of standard silver, on which shall be placed the devices and superscriptions provided by the act of January eighteenth, eighteen hundred and thirty-seven, and the act of Pebrftary twelfth, eighteen hun- dred and seventy-three : Provided, however. That when the market price or value of pure silver shall be less than tlie coin value thereof as herein provided, there shall be levied a seigniorage for converting said silver bullion into standard silver dollars in value equal to the difference between the coin value of three hundred seventy-one and twenty-five one-hundredths grains troy of pure silver and the market value or price thereof, which shall be paid by the depositor. Sec. 2. That the seigniorage for the coinage of such silver bullion into standard silver dollars shall be credited to a special fund to be denominated " the silver seign- iorage fund." Sec. 3. That it shall be the duty of the Director of the United States Mint, with the concurrence of the Secretary of the Treasury, to proclaim each day the price of silver bullion, which shall be the valuation of silver bullion upon which the super- intendent of each mint shall make the computation of the coinage seigniorage herein provided. Sec. 4. That when the market price of silver bullion shall equal the coin value of three hundred seventy-one and twenty-five one-hundredths grains troy of pure silver, all silver bullion now ownedby the Government of the United States which is uncoined and against which no certificates have been issued, and all silver bullion in the silver seigniorage fund, shall be coined into standard silver dollars as herein provided. Sec. 5. That such standard silver dollars, together with all standard silver dollars of the same weight and fineness heretofore coined, shall be a legal tender for all debts and dues, jjublic and private: Provided, however. That nothing herein contained shall in any wise affect contracts entered into prior to the passage of this act. Sec. 6. That so much of the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," as requires the purchase of silver bullion is hereby repealed. Sec. 7. That a sufficient amount to pay the expenses of cirryiug this act into effect is hereb.y appropriated out of any funds in the Treasury not otherwise appropriated. Sec. 8. That all acts and parts of act inconsistent with this act are hereby repealed. Sec. 9. That this act shall take effect and be in force from and after its passage. II. R. 'JS9. A BILL for the free coinage of domestic silver, the issue of certificates thereon, and for other pur- poses. Be it enacted by the Senate and House of Representa lives of the United States of America in Congress assemibled, That from and after the passage of this act any holder of sil- ver bullion suitable for coinage, which bullion is the product of mines within the United States of America, and in amouut one hundred dollars or more, shall be entitled to have the same coined for his benefit at any mint of the United States of 557 America into silver dollars of the weight and finenesa hereinafter specified : Provided, That whenever the United Kingdom of Great Britain and Ireland, France, and Ger- many shall have opened their several mints to the free and unlimited coinage of sil- ver, then all holders of silver huUiou, whether the same be the product of foreign or domestic mines, shall he entitled to have the same coined under the provisions of this act. Sec. 2. That the silver dollar provided for in this act shall contain three hundred and seventy-one and one-fourth grains of pure silver and four hundred and twelve and one-half grains of standard silver. It shall have thereon the devices and super- scriptions and be*iu the form of silver dollars now coined and shall he a legal ten- der i'or all debts and demands, both public and private: Provided, however, Th.a,t nothing herein contained shall in anywise affect contracts entered into prior to the • passage of this act. Sbo. 3. That any holder of silver dollars authorized by this act may deposit the same with the Treasurer of the United States of America in sums of not less than ten dollars and receive therefor certificates in equal amount and corresponding in denomination with silver certificates now issued. The silver dollars so deposited shall be retained in the Treasury for the payment of said certificates on demand. The certificates authorized by this act shall be a legal tender in all respects the same as the silver dollars for which they were issued. Sec 4. That the Secretary of the Treasury is hereby authorized and directed to adopt and enforce such rules and regulations as may be necessary or proper to carry into effect the provisions of this act. Sec. 5. That a sum sufficient to carry out the provisions of this act is hereby appropriated out of any moneys in the Treasury not otherwise appropriated. Sec. 6. That so much of the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," as requires the purchase of silver bullion, and all other acts and parts of acts in conflict herewith be, and the same are hereby, repealed. R. R. 292. A BITvL mating it a misdemeanor for any ansooiation doing business under the national banking laws of the United States to charge or take an illegal rate of interest, and to confer upon the States and Territories concurrent'jurisdietion with the united States. Be it enacted by the Senate and House of -Representatives of the United States of America in Congress assembled, Thixt any association formed and doing business under the national banking laws of the United States which shall take, receive, reserve, or charge on any loan or discount made, or upon any note, bill of exchange, or other evidence of debt, interest at a greater rate than is allowed by the laws of the State, Territory, or District where the bank or association is located (except that they may bo allowed the same rate allowed to banks of issire organized under State laws, or when no rate is fixed by the laws of the State or Territory or District, any such association shall take, receive, or charge on any loan or discount made, or upon note, bill of exchange, or other evidence of debt a rate of interest exceeding seven per centum per annum) shall be guilty of a misdemeanor, and shall be punished npon conviction by a fine of not less than three hundred dollars and not more than one thousand dollars for each offense. Skc. 2. That concurrent jurisdiction with the United States for the violation of section one of this act is hereby conferred upon and given to the several States and- Territories, and they are empowered to pass such laws as will make its violation a • misdemeanor against the laws of said States or Territories and as will enable them to efiectively enforce the observance of this act against exorbitant, usurious, and illegal rates of interest, discounts, reserves, or charges by said associations doing business under the national banking laws of the United States. AU laws or parts of laws in couflict with this act are hereby repealed. H. R. 393. A BILL to make the bonds of the United States payable in any currency of the TTnited States that is a legal tender for any debt or purpose. Whereas when the now outstanding obligations of the Government were created, the original contract provided tl;at their payment could be made in any current money — gold, silver, or legal-tender paper money, commonly called greenbacks — that might he issued by the Government for use as money ; and -Whereas the action of the Government providing that these aforesaid obligations should be payable only in coin was wrong in principle and unjust to the masses, thereby increasing the yajue of the bouda aad decreasing the ability uf the people to pay; aftd 558 Whereas this wrong was further enlarged when Congress demonetized silrer and destroyed its value as money, thus virtually taking from the people all ability to pay off their national indebtedness except in gold: Therefore, lie it enacted iy the Senate and Bouse of Bepresentatives of the United States of America in Congress assembled, That all bonds of the United States autstanding shall be pay- able in any currency of the United States which is or shall hereafter be made a legal tender for any other debt or purpose of the Government by the United States, and the kind of currency used in their payment shall be at the option of the Govern- ment ; but in the exercise of said option the Secretary of the Treasury shall not pay exceeding one-third of the face value of any bond or bonds in gold. Siac. 2. That all laws or parts of laws in conflict with this act be, and the same are hereby, repealed. H. B. 333. A BILL to provide for the coinage of standard silver dollars and to maintain their parity with the gold dollars of the United States. Be it enacted ty the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That all holders of silver bullion of the value of one hundred dollars or more, and fit for the operations of the mint, shall be entitled to deposit the same for coinage at the mints of the United States and to have the same coined into legal-tender standard silver dollars of six hundred and eighteen and three- fourths grains of standard silver to the dollar on the same terms and conditions on which gold bullion is now deposited and coined. Sec. 2. That whenever after the passage of this act the market value of six hun- dred and'eighteen and three-fourths grains of standard silver shall equal or exceed in value twenty-five and eight-tenths grains of gold the coinage of standard silver dollars shall begin and continue under the provisions of this act until the market bullion value of said standard silver dollars shall fall to a point more than five per centum below the gold dollar when the coinage of silver shall cease until the ratio shall be restored. Sec. 3. That all gold and silver coins of the United States of the value of one dol- lar and upward shall be a legal tender for all debts, public and private, and be interchangeable at the Treasury at the will of the holder, and the credit of the Gov- ernment of the United States is hereby pledged to maintain this interchangeable relation of said coins. n. R. 339. ' A BILL to repeal the portions of section fourteen of an act approved February twelfth, eighteen hundred and seventy-three, which made the gold dollar the unit of value. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the words " which at the standard weight," occurring in line two, and the words "shall be the unit of value," occurring in line three, of [section fourteen of an act approved February twelfth, eighteen hundred andseventy- three, are hereby repealed. * H. R. 384. A BILL for the enlargement of the volume of currency and the distribution of the same. Be it enacted by the Senate and House of Bepreseniatives of the United States of America in Congress assembled. That upon the demand of any State of the United States, expressed through any legally authorized officer of said State, the Secretary of the Treasury be, and is hereby, authorized and directed to issue notes of the Government of like denominations as the Treasury notes at present issued and in circulation, which notes shall be a legal tender at their face value for all debts, public and private, and non interest-bearing, and an amount of said notes, not to exceed thirty dollars per capita upon the population of such State according to the last census preceding the application, shall, upon application to the Secretary of the Treasury by said officer, be issued to such State iipon the conditions hereinafter prescribed. Sbc. 2. The State making a demand in accord with the first section of this act shall deliver to the Secretary of the Treasury the lawful bonds of said State to the full amount of Government notes demanded, and such bonds shall be taxable at the rate of one per centum per annum, said tax to be covered into the United States Treasury im or before the first day of April of each year by the proper State authorities, said bonds to fall due at the expiration of twenty years from their date : Provided, That Kuch State shall have the right at any time before the said bonds fall due to turn over to the Secretary of the Treasury the full amount, or any part thereof, of Gov- ermnent notes issued to such State; or in lieu tlieieof said States way redeem and 559 recover such bonds, or any part of the amount thereof, vrith. lawful money of tte ' United States. When such bonds are recovered by the return of said notes, the Sec- retary of the Treasury shall destroy said notes. Sec. 3. That each State to ■which said notes may be issued shall make provision for the distribution of the same as it may deem best for the welfare of the inhabit- ants thereof. H. B. 392. A BILL to increase the currency and to provide for the redemption thereof, and for other purposes. Be it enacted iy the Senate and Mouse of Representatives of the United States of America in Congress assembled, That from and after the passage of this act any bank organized under the laws of the United States, and haying on deposit with the Treasurer of the United States bonds bearing interest at the rate of four per centum per annum, may surrender said bonds to the Treasurer of the United States to be canceled, and receive in lieu thereof an amount of national bank notes which, added to the amount of notes heretofore issued to said bank, shall be equal to one hundred and twenty cents for each dollar specified in said bonds. Sbc. 2. That the United States hereby assume all notes issued under the first sec- tion of this act, and all notes heretofore issued by such banks as shall surrender their bonds in accordance with the first section of this act, and in order to provide for the redemption of said notes the Secretary of the Treasury is hereby directed to have coined into standard silver dollars all of the silver bullion now in the Treasury, except so much thereof as may be sufiScient to redeem the coin notes issued under the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of the Treasury notes thereon, and for other purposes," and the said silver dollars siiall be reserved as a special fund to redeem such of said notes as may be presented for redemption. Sec. 3. That the Treasurer of the United States shall return to any bank which has surrendered its bonds in accordance with the first section of this act the amount which may be in the Treasury to the credit of such bank on account of its redemp- tion fund. Sec. 4. That any bank which shall surrender its bonds in accordance with the first section of this act shall thereafter be and remain exempt from all tax upon its circulation and all charges on account of the redemption of its notes. Sec. 5. That the additional notes issued to any bank under the first section of this act shall be uniform in all respects with the notes heretofore issued to the samebank, and may be counted as a part of the lawful reserve which the law requires national hanks to hold; and the said additional notes shall be redeemable and receivable the same as is now provided by law for the notes heretofore issued, and when received by the Treasury shall be reissued the same as is now provided by law for United States notes. Sec. 6. That the sum of ten thousand dollars, or so much thereof as may be neces- sary to carry into effect the provisions of this act, is hereby appropriated out of any moneys in the Treasury not otherwise appropriated. H. R. J9I4. A BILL to repeal section thirty-four hundred and twelve of the Revised Statutes of the United States, the same being section one hundred and twenty -two of the national-banli: act. Be it enacted iy the Senate and House of Representatives of the United States of America m Congress assembled, That section thirty-four hundred and twelve of the Revised Statutes of the United States, the same being section one hundred and twenty-two of the national-bank act, imposing a tax of ten per centum upon the amount of notes of any person or of any State bank or State banking association used for circulation and paid out by them, be, and the same is hereby, repealed. Sbc. 2. That this act shall take effect from and after its passage. II. B. 19S1. A BILL to amend the national bank act. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled. That the Secretary of the Treasury shall cause the affairs of every banking association organized under the laws of the United States to be exam- ined, during each period of two calendar months, by a suitable person or persons, who shall immediately make a full and detailed report of the condition of the asso- ciation to the Comptroller of the Currency, but no banking association shall be esamined twice by tUe same person during 9,ny period of twelve calendar wontjis, 560 nor shall any person be appointed to examine the affairs of any banking association who is a director or other officer in any banking association organized under the laws of the United States. Sec. 2. That the president of the Ignited States, by and with the advice and con- sent of the Senate, shall appoint suitable persons, not over three-fifths of whom shaU be adherents of the same political party and not exceeding one hundred in number, to makevsuch examinations of said banking associations as may be directed by law, and fol that purpose the persons so appointed shall have power to make a thorough examination into the affairs of any banking association, and in so doing to examine any of the officers or agents thereof under oath. Sec. 3. That all persons appointed, under the provisions of this act, to be exam- iners of banking associations shallhold office during good behavior and shallreceive a compensation of three thousand dollars per annum, together with transportation and three dollars per day for subsistence. Sec. 4. That at the close of each fiscal year all moneys paid into the Treasury, under existing laws relating to national banking associations, and not appropriated to pay the expenses of the bureau of currency and the expenses of salaries in this act provided for, shall be covered into a special fund to be known as the "bank fund," which the Secretary of the Treasury shall establish in the Treasury of the United States. Sec. 5. That all moneys covered into the said bank fund are hereby pledged and appropriated to pay the loss caused to any person by depositing money with any national banking association whose affairs may be placed in the hands of a receiver as provided by law ; but no depositor shall receive, under the provisions of this sec- tion, a greater amount of money than the amount of such deposits due him after the affairs of such banking association has been finally wound up. Sec. 6. That upon a deposit of bonds as provided by sections fifty-one hundred and fifty-nine and fifty-one hundred and sixty of the Revised Statutes, the associa- tion making the same shall be entitled to receive, from the Comptroller of the Cur- rency, circulating notes, of different denominations, in blank, registered and coun- tersigned, as provided by law, equal in amount to the current market value of the bonds so transferred and delivered, but not exceeding the par value of said bonds. Sec. 7. That any banking association, organized under the laws of thfl United States, may, at any time within one year after the passage of this act, comply with the provisions hereof; but no banking association shall be entitled to receive circu- lating notes exceeding ninety per centum of the par value of the bonds deposited by it with the Treasurer of the United States unless such bonds exceed, in amount, one- half the par value of the subscribed capital stock of such banking association. Sec. 8. That au act entitled " An act to amend section fifty-two hundred and forty of the Revised Statutes of the United States, m relation to the compensation of national bank examiners," approved the nineteenth day of February, eighteen hun- dred and seventy-five, and said section fifty-two hundred and forty of the Revised Statutes and all other laws and parts of laws in conflict with this act are hereby repealed. U. K. 193r. JlBXLIi to repeal sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the Revised Statutes of the United States, and to repeal all laws imposing taxation on State bank cir- culation. Be it enacted ii/ the Senate and House of Bepresentatires of the United States of Ameiiea in Congress assemlled, That sections thirty-four huudred and twelve and thirty-four hundred and thirteen of the Revised Statutes of the United States be, and the same are hereby, repealed. Sec. 2. That hereafter no tax whatever shall be levied or collected on State bank circulation issued according to the laws of tte several States in which the banks issuing the same are situated. Sec. 3. That all laws in conflict with the provisions of this act are hereby repealed. H. B. 19J9. A BILL to permit the exchange of ITnlted States Treasury notes for gold coin. Se it enacted ly the Senate and Home of Representatives of the United States of Amei'ioa in Congress assembled, That any owner of gold coin of the United States may, after the passage of this act deliver the same at fhe Treasury of the United States, or at the office of any assistant treasurer of the United States in sums not less than ten dollars and receive in exchange therefor an equivalent amount of United States Treasury notes, to be prepared by the Secretary of the same character and denomi- »»tio»B as prescnbed in the act of July fomteejitb, eighteea bmi4re4 au4 niaety, 561 entitled "An act directing the purchase of silver hiillion and the issue of Treasury notes thereon, and for other purposes ;" and a sum sufficient to carry into effect the provisions of this act is hereby appropriated, out of any money in the Treasury not otherwise appropriated. H. R. 1960. A BILL to amend an act entitled " An act to provide ways and means for the support of the G-ov- ernment." Be it enncted ly the Senate and House of Mepresentatives of the United States of America in Congress assemiled, That section five of the act entitled " An act to provide ways and means for the support of the Government," approved Marcli third, eighteen hundred and sixty-three, he, and hereby, is, amended by striking out the words "of not less than twenty dollars each" in the sixth line of said section so that the sec- tion shall read : "And 6e it further enacted, That the Secretary of the Treasury is hereby authorized to receive deposits of gold coin and bullion with the Treasurer or any Assistant Treasurer of the United States in sums not less than twenty dollars, and to issne certificates therefor in denominations corresponding with the denominations of the United States notes. The coin and bullion deposited for or representing the certifi- cates of deposit shall be retained In the Treasury for the payment of the same on demand. And certificates representing coin in the Treasury may be issued in pay- ment of interest on the public debt, which certificate, together with those issued for coin and bullion deposited, shall not at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury, and the certificates for coin or l)ul- lion in the Treasury shall be received at par in payment for duties on imports." H. R. 19S0. A BILL for free coinage of silver and repeal of tariff laws. Be it enacted hy the Senate and Mouse of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury be, and he is hereby, authorized and directed to coin all the silver bullion of the required fineness pre- sented at the .Treasury, any subtreasury. Government mint, or assay office of the United States, for the benefit of the person or persons presenting the same for coin- age, as provided by law for the coinage of gold and silver bullion in force prior to the year eighteen hundred and seventy-three, and for the purpose of carrying this act into effect the mint laws in force prior to the year eighteen hundred and seventy- three are hereby reenacted. Sec. 2. That the Secretary of the Treasury is hereby authorized and directed to coin all the gold and silver buUioij now owned by the United States Government as rapidly as possible and call in the interest-bearing obligations of the United States, and pay the same at par value and accrued interest with the gold and silver coin herein provided for, not less than ten million dollars of said interest-bearing obliga- tions monthly, until all of the interest-bearing debt of the United States shall have been paid ofi', and shall cancel and destroy said bonds as fast as the same shall have been paid. Sec. 3. That the Secretary of the Treasury is hereby authorized and directed to call in at once not less than three hundred million dollars of the interest-bearing bonds of the United States, bearing the highest rate of interest, and pay the same at par value and accrued interest out of any gold and silver coin now in the Treas- ury, any subtreasury, mint, or Government depository, and for the purpose of carry- ing into effect the provisions of this section the one hundred million dollars gold reserve held to redeem greenbacks is hereby released and made available, and said bonds when so paid shall be immediately canceled and destroyed. Sec. 4. That the Secretary of the Treasury is hereby authorized and directed to have engraved and printed (coined) a sufficient amount of paper money to take up all national-bank notes, Treasury notes of all kinds, gold certificates both coin and bullion, silver certificates both coin and bullion, and all other certificates of indebt- edness issued hy the United States and now oTitstanding; and the Secretary of the Treasury is hereby directed to call in said nitional-bank notes. Treasury notes of all kinds, gold certificates both coin and bullion, silver certificates both coin and bul- lion, and all other certificates of indebtedness, as rapidly as possible, and exchange at par value therefor the paper money herein provided, and he shall cancel and destroy said notes and certificates as fast as the exchange herein provided for shall have been made. In addition to the amount above provided for, the Secretary is hereby authorized and directed to issue from time to time a sufficient amount of said paper money herein provided for, and shall pay all official salaries, expenditures, and all appro- S. Eep. 235 36 562 ptiations made by Congress for purposes of carrying on the Government of the United States. The paper money herein provided for shsfll be issued in denominationa of one, two, five, ten, twenty, fifty, one hundred, and five hundred dollars, and said money is hereby made a legal tender at its face value for all debts, dues, and demands, public and private, within the United States, and shall have printed on each bill, "This is a legal tender at its face value for all debts, dues, and demands, pablic and private, within the United States." Sue. 5. That there is hereby appropriated, out of any money now in the lYeasury not otherwise appropriated, the sum of three hundred thousand dollars, or so much thereof as may be necessary, to carry this act into effect. Sec. 6. That the act of July fourteenth, anno Domini eighteen hundred and ninety, known as the silver bullion purchase act, is hereby repealed. Sbc. 7. That the national banking act and all acts amendatory or supplemental thereto are hereby repealed. Sec. 8. That all acts providing for the issue of Treasury notes, gold certificates either coin or bullion, silver certificates either coin or bullion, or the issue of national-bank notes, and all laws or parts of laws providing for issuing or refunding the interest-bearing bonds, or other evidences of indebtedness of the United States, are hereby repealed. Sec. 9. That all tariff laws are hereby repealed, said repeal to take effect on Jan- uary first, anno Domini eighteen hundred and ninety-four. Sec. 10. That all internal-revenue laws are hereby repealed, said repeal to take effect January first, anno Domini eighteen hundred and ninety-four, and all laws and parts of laws in conflict with the provisions of this act are hereby repealed. H. R. 3014. A BILL to amend the national banking acts, to repeal the ten per centum tax on State bank Isauea, and for other purposes. Be it enacted by the Senate and Bouse of Beprcsentatives of the United States of America . in Congress assenibled, That the United States shall not hereafter guarantee the pay- ment of circulating not> s issued by any bank, banking association, or private banker. Sec. 2. That there shall be no limit to the amount of circulating notes which an^ national banking association may issue, except that said notes shall at no time exceed one hundred per centum of the par value of the bonds and coin deposited to secure the same by such association. SkC. 3. That State banlcs. State banking associations, and bankers expressly author- ized under State statutes to issue circulating notes, shall pay no Federal or United States tax upon such notes: Provided, That all such notes are secured in the same manner and to the same extent as the notes of national banks ; that is, by coin and bonds of the precise character designated in this bill, which bonds and coin must be duly deposited with a properly designated State officer in the State in which the issu- ing bank or banking association or banker is domiciled, and provided the State charter authorizing such bank of issuance contain provisions safeguarding issuance and depositors identical with the provisions herein contained, except in so far as a change of verbiage is necessary to adapt such provisions to State instead of national gov- ernmental machinery. No circulation of any State bank or banking association, or banker, not having complied with provisions identical with those of this act, is or shall be hereby in any manner exempt from taxation as now established by law, and every national banking association shall pay a tax upon the circulating notes issued by it and in circulation of one per centum per annum upon the average amount of the same. Such taxes shall be paid semiannually, and shall be collected by the internal-revenue collectors of the United States. Sec. 4. That in addition to the United States bonds now required by law to be deposited with the Treasurer of the United States to secure the circulating notes of national banking associations, the Comptroller of the Currency is hereby authorized and required to accept registered bonds issued by any State, county, municipal cor- ■ poration, or taxing district of a State, subject to the following restrictions : First. The principal and interest of all such bonds shall in express terms be payable in legal-tender coin of the United States. Second. All siich bonds must have been continuously for two years preceding the date of their proposed deposit at par in the marliet, and in the opinion of the Comp- troller reasonably certain to remain at par. Third. No bond shall be accepted upon which payment of interest has at anytime within five years been in default, or which at any time within two years prior to the date of its offer for acceptance has sold publicly upon any stock exchange where it was listed, or in market overt, for less than one hundred cents on the dollar of its face value. 563 Fourth. No bond shall be accepted if the total levy of the county, city, or taxing district issuing it exceeds two per centum per annum, and if at anytime subsequent to the deposit of any bond the levy of the county, city, or taxing district issuing it shall be increased so that the total levy shall exceed two per centum per annum, the Comptroller shall have the right and it shall be his duty to call for new security, in the stead of such bond, of the character of bonds herein required to be deposited. Fifth. No banking association or banker shall be permitted tc have more than twenty per centum of its bonds on deposit in the bonds of any one State, any one county, any one city, or any one taxing district. Sixth. Whenever any class of bonds on deposit has been publicly sold below par for the period of thirty days on any stock exchange where listed, orthe Comptroller learns and believes that its actual marked value for thirty days has been below par, the Comptroller shall require a bond to be substituted which will in all respects meet the requirements of this act. Sec. 5. That the Comptroller, with the consent of the Secretary of the Treasury, shall have the right to reject any class of bonds he sees fit, and to requ-ire proper substitution for any already on deposit, considered not sufficient security, but this discretion shall be a judicial and not an arbitrary discretion. Sec. 6. That in addition to the bonds herein required to be deposited, there shall be deposited by each national banking association for the issuance of notes as required by this act gold and silver coin of the United States amounting to twenty per centum of the total security required to be deposited by said banking associa- tion. The coin so deposited shall, as nearly as practicable, consist of one-half in gold coin and one-half in silver coin, and the Comptroller shall not accept a coin deposit whereof more than sixty per centum shall consist of silver coin of the United States or whereof more than sixty per centum shall consist of gold coin of the United States. Sec. 7. That no national banking association shall be hereafter required to keep on deposit with the Treasurer of the United States any further security or fund for . the payment of its circulating notes than that provided for in this act, towit, twenty per centum of gold and silver leiral-tender coin and eighty per centum of bonds of the character hereinbefore provided. Skc. 8. That for the further security of the holders of circulating notes, the United States shall have a first lien on all the assets of each national banking association for the payment of its notes, in addition to the coin and bonds deposited with the Treasurer of the United States as security. Sec. 9. That a fund of one million dollars shall be created out of the taxes col- lected under this act (after deducting the cost to the Government of the United States of printing, engraving, and delivering the circulating notes), and the said fund shall be maintained from the same source ; and if the coin and the proceeds of the bonds deposited to secure the circulation of any banking association and the first lien upon its assets together are insufficient to reduce the outstanding notes of the association, then the deficiency shall bo made good out of this fund. Sec. 10. That no officer Or director of a national banking association can borrow from said banking association on terms different from the terms extended to the public; nor can any national bank lend on the security of its own stock, nor can any of8cer or director of a national bank indorse for another in said bank, or bor- row money from it on the indorsement of other officer, officers, director or directors. Any director shall be individually liable for any losses accruing from an infraction of the laws governing national banking associations by the board of directors, unless he shall have voted against the same and caused his vote to be entered on the min- utes, and notified the Comptroller of the Currency of such infraction within thirty days after its occurrence ; or, if not present at the meeting of the directors at whicJi the infraction occurred, then within thirty days after the fact of the infraction came to his knowledge. Sec. H. That any director of a national hank going out of the State for more than sixty days or absenting himself from five successive meetings of the board shall be deemed to have resigned and his place shall be tilled at once. No person can be a director of a national hank whose stock is pledged for debt. Sec. 12. That the refusal'or failure to pay coin for its own notes on presentation at its counter, and on demand of coin therefor, at once or within ten days aftersuch demand, shall, if the bank so refusing or failing be a national bank, constitute cause for the appointment of a receiver, and if the bank so refusing or failing be a State bank or a State banking association, or abanker expressly authorizedbythe laws ofa State to issue circulating notes, the said failure or refusal shall take the circulation of said bank from within the provision for exemption ip this act, and shall, ipso facto, work a reimpbsition of the ten per centum tax on its circulating notes as heretofore imposed by law, for the current fiscal year. Sec. 13. That the present prohibition upon national banking associations prevent- ing them from lending money on real estate security is hereby removed. 564 Sec. 14. That all parts of existing laws controlling national banking associations not in conflict or inconsistent with tlie provisions of this act are hereby reenacted, including all provisions for examination and for protection of depositors. Sbc. 15. That no State bank or banking association, or banker authorized by the law of a State to issue circulating notes, shall be exempt from the operation of the present existing Federal law taxing such notes, unless in the charter from the State so authorizing it ±o issue circulating notes there be provisiono conaplying with and according with the requirements of each and every provision of this act, except sec- tion nine hereof. The State banks and banking associations hereby intended to be exempted are not exempt until they are chartered with provisions substantially identical with the provisions of this act, such compliance of provisions being pre- requisites to the exemption herein and hereby enacted. Skc. 16. That all parts of existing laws which are in conflict with or are incon- sistent with the provisions of this act shall be, and are hereby, repealed. H. R. 2344. AN ACT for the better control of and to promote the safety of national han^s. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assemiled, That no national banking association shall make any loan to its president, its vice-president, its cashier, directors, or any of its clerks, tellers, bookkeepers, agents, servants, or other persons in its employ until the proposition to make such a loan, stating the amount, terms, and security ofl'ered therefor, shall have been submitted in writing by the person desiring the same to a meeting of tlie board of directors of such banking association, or of the executive committee of such board, if any, and accepted and approved by a majority of those present con- stituting a quorum. And then not in excess of the amount now allowed by law. At such meeting the person making such application shall not be present. The said acceptance and approval shall be made by a resolution, which resolution shall be voted upon by all present at such meeting, answering to their names as called, and a record of such vote shall be kept and state separately the names of all the per- sons voting in favor of such resolution, and of all persons voting against the same, and how each of such persons voted. In case such proposition shall be submitted tothe executive committee the resolution and its vote thereon shall be read at the next meeting of the board of directors and entered at length in the minutes of such directors' meeting. No such association shall permit its president, its vice-presi- dent, its cashier, or any of its directors, or any of its clerks, tellers, bookkeepers, agents, servants, or other persons in its employ to become liable to it by reason of overdrawn account. Sec. 2. That every president, vice-president, director, cashier, teller, clerk, or agent of any such association who knowingly violates section one of this act, or who aids or abets any officer, clerk, or agent in any such violation, shall be deemed guilty of a misdemeanor and shall be punished by a fine of not more than five thou- sand dollars, or by imprisonment not more than five years, or by both. Sbc. 3. That each report of every national banking association made to the Comp- troller of the Currency in accordance with the provisions of section fifty-two hun- dred and eleven of the Revised Statutes of the United States shall exhibit in a schedule to be added thereto, under such classifications and in such forms as the Comptroller of the Currency may direct, the amount of debts due or to become due to such association from its president, vice-president, each of its directors, and from its cashier and any of its clerks, tellers, bookkeepers, agents, servants, or other persons in its employ, as principals, indorsers, sureties, guarantors, or other- wise, in a separate item from the other assets of said bank, and shall also state, separately, the amount of all debts to such association which are past due and remain unpaid, by the aforesaid parties: Provided, That nothing contained in this act shall require or be deemed to require or permit the publication of such schedule of the debts due or to become due to such association Irom each of its directors or ofOcers or employees in any statement published in a newspaper as now required by law. Passed the House of Representatives October 17, 1893. Attest: James Kerr, Cleric. H. R. 3368. A BILL to provide for the free coinage of silver bullion, and for other purposes. Be it enacted by the Senate and Bouse of Representatives of the United States of America in Congress assembled, That the owner of silver bullion may deposit the same at any mint of the United States to be coined for his benefit, and it shall be the duty of the 565 proper officers, upon the terms and coiulitions vrhicli are provided Tjy law for the deposit and coinage of gold, to coin such silver bullion into silver dollars of the weight of four hundred and twelve and one-half grains troy, of standard silver, as provided in the act of January eighteenth, eighteen hundred and thirty-seven, on which shall be the devices and superscriptions provided by said act, and such coins shall be a legal tender for all debts and dues, public and private. H. K. 2374. A BILL to repeal all acts and parts of acts (liscrimiTiating in taxation against tbe circulating notes of State banks and State banking; aasociations. Be it enacted by the Senate and Bouse of Representatives of the United States of America in Congress assembled, That so much of section thirty- four hundred and twelve of the ' Revised Statutes of the United States, and of sections nineteen, twenty, and twenty- one of an act of Congress entitled "An act to amend existing customs and internal- revenue laws, and lor other purposes," approved February eighth, anno Domini eighteen hundred and seventy-five, as provides for a tax of ten percentum upon the amount of circulation of notes of banks and banking associations chartered by or under the laws of any State, be, and the same is hereby, repealed; and hereafter no higher or other rate or percentage of taxation shall be imposed upon the issue and circulation of the notes of State banks and State banking associations, by whomso- ever issued, paid oiit, or circulated, than is or shall be imposed upou the issue and circulation of the notes of national banking associations. H. B. 2659. A BILL to repeal tbe tax_of ten per centum on notes of State banks used as circulation. Be it enacted by the Senate and House of Uepresentatives of the United States of Amenca i\i Congress assembled, That section thirty-four hundred and twelve of the Eevised Statutes of the United States be, and the same is hereby, repealed. n. R. 2662. A BILL to provide for the issuing of new United States not«Bin lien of notes of national banks be-e-* after redeemed or canceled. Be it enacted by the Senate and House of Eepresentatives of the United States of America in Congress assembled. That whenever any notes of national banks shall be redeemed, canceled, or received into the Treasury, the Secretary of the Treasury shall thereupon cause to bo issued in lieu thereof an equivalent amount of legal-tender United States notes of the same denominations of the national-bank notes so redeemed, canceled, or received into the Treasury. Such notes so issued shall not be retired, canceled, or destroyed, but they shall be reissued and paid out again and kept in circulation. The coin now held in the Treasury for the redemption of legal tenders shall also be applicable to the redemption of the new notes herein directed to be issued. H. B. 2872. A BILL to increase tbe circulation of national banks. Be it enacted by the Senate and House of Eepresentatives of the United States of America in Congress assembled. That upon deposits by national banking associations of United States bonds, bearing interest as provided by law under the provisions of sections fifty-one hundred and fifty-nine and fifty-one hundred and sixty of the Revised Statutes, such associations shall be entitled to receive from the Comptroller of the Currency circuTating notes of different denominations in blank, registered and coun- tersigned as provided by existing law, equal in face value to the full par value of the bonds so deposited; and national banking associations now having bonds on deposit for the security of circulating notes less in faCQ value than the par value of the bonds, or which may hereafter have such bonds on deposit, shall be entitled, upon due application to the Comptroller of the Currency, to receive additional cir- culating notes in blank to an amount which will increase the aggregate value of the circulating notes held by such associations to the par value of the bonds deposited, such additional notes to be held and treated in the same way as circulating notes of national banking associations heretofore issued and subject to all the provisions of existing law aifecting such notes; Provided, That nothing herein contained shall be construed to modify or repeal the provisions of sections fifty-one hundred and sixty- seven and fifty-one hundred and seventy-one of the Revised Statutes, authorising 566 the Comptroller of .the Currency to require additional deposits of bonds or of lawful money in case the market value of the bonds held to secure the circulating notes shall fall below the par value of the circulating notes outstanding for which such bonds may be deposited as security. H. B. 3S79. A BILL to create a national currency based upon gold and silver approximately in equal values. Be it enacted hy the Senate and Souse of Bepreseniatives of the United States of America in Congress assembled, Thskt all paper money of prior issue, which shall hereafter be paid out by the United States Treasury, shall be stamped thus: "Redeemable in equal sums of gold and of silver or in United States Treasury notes thus redeema- ble." Sec. 2. That the Secretary of the United States Treasury is authorized and required to issue, prior to or on and after January lirst, anno Domini eighteen hundred and ninety-four, a new series of Treasury notes, redeemable in gold coin and silver, in equal sums of each, when one hundred dollars or any multiple thereof is presented for redemption. Sec. 3. That in the month of January, anno Domini nineteen hundred, the Presi- dent of the United States shall appoint a commission, approved by the Senate, to adjust the " money ratio " of gold and silver to a practical equality with the " com- mercial," present, past, and prospective, and thereafter, if need be, to conform to said adjustment, there shall be a new coinage of silver dollars. B. B. 333S. A BILL for the better control of and to promote the safety of national banks, and for the protection of depositors'therein. Be it en acted by the Senate and House of Bepreseniatives of the United States of America in Congress assembled, That no national banking association shall make any loan to its president, its vice-president, its cashier, or any ef its clerks, tellers, bookkeep- ers, agents, servants, or any other persons inits employ until the proposition to make such loan, stating the amount, terms, and security offered therefor, shall have been •submitted in writing, by the person desiring the same, at a meeting of the board of directors of such banking association, or of the executive committee of such board, if any, and accepted and approved by a majority of those present constituting a quo- rum. At such meeting the person making such application shall not be present. The said acceptance and approval shall be made by resolution, which resolution shall be voted upon by all present at such meeting answering to their names as called; and a record of such vote shall be kept, and state separately the names of all persons voting in lavor of such resolution and of all persons voting against the same, and how each of such persons voted. In case such proposition shall be sub- mitted to the executive committee the resolution and Its vote thereon shall be read at the next meeting of the board of directors and entered at length in. the minutes of such directors' meeting. No such association shall permit its president, its vice- president, its cashier, or any of Its directors, or any of its clerks, tellers, bookkeep- ers, agents, servants, or any persons in its employ to become liable to it by reason of an overdrawn account. . Sec. 2. Thatevery president, vice-president, director, cashier, teller, clerk, or agent of any such association who knowingly violates section one of this act, or who aids or abets any officer, clerk, or agent in any such violation, shall be deemed guilty of a misdemeanor, and shall be punished by a fine of not more than five thousand dol- lars, or by imprisonment of not more than five years, or both. Sec. 3. That each report of every national banking association mads to the Comp- troller of the Currency, in accordance with the provisions of section fifty-two hun- dred and eleven of the Eevlsed Statutes of the United States, shall exhibit in a schedule, to be added thereto, under such classifications and in such forms as the Comptroller of the Currency may direct, the amounts of the debts due or to become due to such association from Its president, vice-president, each of its directors, and from its cashier, and any of the clerks, tellers, bookkeepers, agents, servants, or other persons in its employ, as principals, indorsers, sureties, guarantors, or other- wise, in a separate item I'roin the other assets of said bank, and shall also state sepa- rately the amount of all debts to such association which are past due and remain unpaid : Frorided, That nothing contained in this act shall require, or be deemed to require, the publication of such schedule of the debts due or to become due to such association from each of Its directors, or officers, or employees in anystatementpubr lished in anewspaper as now required by law. 567 n. R. 3301. A BILL to aatliorize redemption of two per centum "bonds, and so forth. Be it enacted by tHe Senate and House of B'epresentaiives of the United States of America in Congress aasew/hled, That the Secretary of the Treasury he, and is hereby, em- powered and directed.to call in and redeem, out of the funds In the Treasury, all outstanding two per centum extended bonds of the United States, said bonds to be paid in the kind of money designated in the bonds, and after the bonds are called lor the interest on the same shall cease. Sec. 2. That the Secretary of the Treasury is hereby authorized and directed to prepare, issue, and deposit in the general fund of the Treasury, Treasury notes similar to those authorized by act of February twenty-fifth, eighteen hundred and sixty-two, as fast as money is drawn from the general fund to redeem bonds as afore- said, and in amount equal to the sums paid out for such redemptioil, and the Treas- ury notes issued under this act shall have all the legal-tender qualities of the notes ssued under act of Febrnary twenty-fifth, eighteen hundred and sixty-two. H. R. 3378. A BILL to secure the depositors in national banlis against loss, and so forth. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, That every national bnnk organized under the laws of the United States shall, on or before the first day of January of each year after the pas- sage of this act, deposit with the Treasui'er of the United States a sum equal to one- fourth of one per centum on its average deposits for the three months preceding said first day of January. Special notice shall be given immediately in case of default, and any bank failing for sixty days after receiving special notice to deposit such tax shall forfeit its charter: Provided, That whenever the Treasurer shall have on hand in the special fund raised by such tax the sum of ten million dollars the Comptroller of the Currency shall by order suspend the tax until the amount in the special fnnd falls below the said sum of ten million dollars. ♦ Sec. 2. That whenever the Comptroller of the Currency shall be advised of the failure of any national bank he shall at once ascertain the amount due depositors aud creditors of the bank (not including stockholders, officers, or directors), and from the special fund provided for in section one of this act shall, as soon as con- venient, cause to be paid to such depositors and creditors (not including stockhold- ers, officers, or directors) the amounts due them. Sec. 3. That the assets of such failing banks shall be turned into cash as now pro- vided and the amount realized shall be used, first, to satisfy all claims not provided for in section two, and, second, the amount remaining shall be paid into the special fund provided for in section one of this act: Provided, That nothing herein shall be construed to exempt the stockholders from the liability of one hundred per centum of their stock in addition to their stock, and no stockholder shall receive any pay- ments on his stock from the assets of such failing bank until all debts due from the hank have been paid and the special fund provided for in section one reimbursed to the extent that it waS drawn upon, as provided for in section two. Skc. 4. That the United States hereby assumes no liability to depositors of national banks except as a trustee to distribute the special fund inthiaact provided for, and the Comptroller of the Currency shall pay out the money in the order in which he receives notice of failure, paying all proper liabilities of one bank as afore- said before any on liabilities of a bank whose failure is subsequently announced, and in case the special fund is insufficient to pay all proper liabilities the Comp- troller of the Currency shall cause such money to be expended in paying such proper liabilities pro rata, and the amount remaining unpaid shall be made good as the special fund is replenished, and in case the special fund is entirely exhausted banks shall be cared for in order of failure as fund is renewed. Sec. 5. That to provide against a contraction of the currency by the holding of this special fund in trust, the Secretary of the Treasury is hereby empowered and directed to issue and pay out, for the general expenses of the Government, United States Treasury notes, commonly known as greenbacks, like those authorized by the law approved February twenty-fifth, eighteen hundred and sixty-two, eqiial to the amount held in said special fund, and such Treasury notes shall have all the legal- tender qualities possessed by the Treasury notes issued under said act of February twenty-fifth, eighteen hundred and sixty-two. 568 H. R. 3434. A BILL to aiithoriae the coinage of tlie staDdard silver dollar, to repeal the act of July fourteenth, eighteen hundred and ninety, pjoviding for the purchase by the United States ot silver bullion, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be coined at the mints of the United States dollars of the weight of four hundred and twelve and a half grains troy, of standard silver, as provided in the act of January eighteenth, eighteen hundred and thirty- seven, on which shall be the devices and superscriptions provided by said act; which coins, together with all silver dollars heretofore coined by the United States of like weight and fineness, shall be a legal tender at their nominal value for all debts and dues, public and private: Provided, That not more than one hundred millions of dollars shall be coined under the provisions of this act in any one fiscal year: And provided further, That when the total coinage under the act approved twenty-eighth of February, eighteen hundred and seventy-eight, entitled "An act to authorize the coinage of the standard silver dollar and to restore its legal-tender character," and under the act approved July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," with thai issued under the provisions of this act shall reach the sum of one thousand million dollars, then the coinage herein provided for shall cease and determine. Sec. 2. That in lieu of the silver dollars hereby authorized, the person or persons depositing the same with the Treasurer or Assistant Treasurer of the United States, in sums of not less than one hundred dollars, may receive therefor from the Treas- urer of the United States certificates corresponding with the denominations of the United States notes. The coin deposited for and representing the certificates hereby authorized to be issued shall be retained in the Treasury for the payment of the same, and the said certificates shall be a legal tender for all debts, public and private, as fully as the coined dollars they represent. Sec. 3. That the silver bullion now held in the Treasury of the United States, purchased under the provisions of the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion," and in excess gf the amount necessary to redeem the Treasury notes issued under the provisions of said act, shall be coined into standard silver dollars of the weight and fiueness pro- vided by this act, and covered into the Treasury as a miscellaneous receipt. Sec. 4. That saving and excepting so much of the act of July fourteenth, eighteen hundred and ninety, as provides for the legal-tender quality of the Treasury notes and silver dollars issued under its provisions, the same is hereby, repealed. Sec. 5. That the silver bullion coined under the provisions of this act shall be subject to the requirements of existing laws and the regulations of the Mint service governing the methods of determining the amount of pure silver contained and the amount of charges or deductions, if any, to be made. H. R. 3427. A BILL to protect the lawful moneys of the United States against discriminations by contracts. Be it enacted by the Senate and Rouse of Representatives of the United States of America in Congress assembled. That the United States Treasury notes, commonly called green- backs, the standard silver dollar of the United States and the gold coins of the United States shall hereafter be full and legal tender in payment of all debts, notes bonds, obligations, and contracts due or payable in the United States; and all contracts or stipulations in any note, bond or obligation for payment in any par- ticular kind of dollars shall be null and void and of no effect whatever: Provided, That contracts made before the passage of this act shall not be affected by it. n. R. 3430. A BILL to provide for the issue of fractional currency. Be it enacted by the Senate and House of Representatives of the United Stales of America in Congress assembled. That the Secretary of the Treasury is hereby authorized and directed to issue fifty millions of dollars in fractional notes of the United States, as provided by title thirty-eight. Revised Statutes. Sec. 2. That it shall be the duty of each postmaster of the United States, whose quarterly compensation as such equals or exceeds twenty-five dollars, to keep on hand a sufficient quantity and assortment of such fractional notes to supply the demand of the public therefor; and the said notes shall be delivered to a postmaster, free of 569 expense for transmission to him, under sncli regulations as may be jointly prescribed by the Secretary of the Treasury and the Postmaster-General. Sec. 3. That all acts or paris of acts inconsistent with this act are to that extent hereby repealed, H. R. 3434. A BILL to prevent contraction of the currency by a mtMrawal of national bank notes from circu- lation. Be it enacled iu ihe Senate and House of Eepreaentatives of the United States of America in CdngresB aascmhled. That within thirty days after the redemption by the United States of the circulating notes of any national banking association organized under the provisions of Title Sixty-two, National Banks, Revised Statutes, or acts amendatory thereof, the Secretary of the Treasury shall issue United States notes, as designated by section thirty-five hundred and seventy-one. Revised Statutes, of the same denominations and amount of said redeemed circulating notes ; and in each case such issue of United States notes shall be additional to the total amount of United States notes then in the Treasury and outstanding. Sbc. 2. That all acts or parts of acts inconsistent with this act are to that extent hereby repealed. n. R. 3438. A BILL to allow national banks to loan money on real estate. He it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, Tliat the seventh subdivision of section iifty-one hundred and thirty-six of the Revised Statutes of the United States be amended as follows : "Seventh. To exercise.- by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking, by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits ; by buying and selling exchange, coin, and bullion ; by loaning money on personal security or upon the security of real estate ; and by obtaining, issuing, and circulating notes according to the provisions of this title." Sec. 2. That the second subdivision of section fifty-one hundred and thirty-seven of the Revised Statutes of the United States be amended as follows: "Second. Such as shall be mortgaged to it in good faith by way of security for debts." H. R. 3633 A BILL for tbe coinage of domestic silver, the issue of certificates thereon, and for other purposes. Be it' enacted by the Senate and House of Representatives of the United States of Amei-ica in Congress assembled, That from and after the passage of this act the holder of silver bullion suitable for coinage, which bullion is the proved product of mines within the Uiiited States of America and in amount one hundred dollars or more, shall be entitled to have the same coined at any mint of the United States into standard sil- ver dollars of the weight and fineness hereinafter specified: Provided, That when- ever tTie United Kingdom of Great Britain and Ireland, France, and Germany shall open their several mints to the free and unlimited coinage of silver, then and there- after all holders of silver bullion suitable for coinage, whether the same be the prod- uct of foreign or domestic mines, shall be entitled to have the same coined under the provisions of this act. Sec. 2. That the standard silver dollars provided for in this act shall contain three hundred and seventy-one and one-fourth grains of pure silver and four hun- dred and twelve, and one-half grains of standard silver. They shall have thereon the devices and superscriptions and be in the form of standard silver dollars now coined, and shall be legal tender for all debts and demands, both public and private, except duties on imports from countries which do not admit silver to free and unlimited coinage at their respective mints ; and all duties on imports from countries refusing to admit silver to free and unlimited coinage shall be payable in gold only: Pro- vided, hoieever, That nothing herein contained shall in anywise affect contracts entered into prior to the passage of this act. Sec. 3. That whenever the market value of silver bullion suitable for coinage shall be less than the coinage value thereof, there shall be levied by and due to the Government a seigniorage for converting such bullion into standard silver dollars, which seigniorage shall equal the difference between such bullion and coinage values, and be paid by the holder of such silver. The seigniorage so earned shall be accredited to a special fund, to be known as the seigniorage fund. 570 Skc. 4. That it shall be the duty of the Director of the TTnited States Mint, -with the conciirrence of the Secretarj- of the Treasury, to ascertain and proclaim each day the true market price of such sUver bullion in the principal markets therefor in the United States, which proclaimed price shall be the valuation of silver bullion upon ■which the proper officers shall make the computation of the coinage seigniorage herein provided. Sec. 5. That all silver bullion owned by the United States Government uncoined, and against which no certificates have been issued, and all silvor bullion in the silver-seigniorage fund, shall from time to time be coined into standard silver dollars, as herein provided. Sec. 6. That any holder of standard silver dollars authorized by this act may deposit the same with the Treasurer of the United States of America, in sums of not less than ten dollars, and receive therefor certificates in equal amount and corre- sponding denomination with silver certificates now issued. The silver dollars so deposited shall be retained in the Treasury for the payment of said certificates on deui and. The certificates authorized by this act shall be a legal tender in all respects the same as the silver dollars for which they are issued. Sec. 7. That the Secretary of the Treasury is hereby authorized and directed to adopt and enforce such rules and regulations as may be necessary and proper to carry into effect each provision of this act. Sec. 8. That a sum sufficient to carry out the provisions of this act is hereby appropriated out of any moneys in the Treasuay not otherwise appropriated. Sec. 9. That so much of the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion, and the issue of Treasury notes thereon, and for other purposes," as requires the purchase of silver bullion, and all other acts and parts of acts in conflict herewith, be, and the same are hereby, repealed. H. R. 3739. A BILL to nfTord a reT)ate under prescribed conditions of tax npon notes issued by State banlcs. Be it enacted hy the Senate and Souse of Representatives of the United States of America in Congress assembled, That in case any bank chartered by any State of the United States shall furnish for notes issued by such bank such State or municipal bonds or securities as may be approved by the governor and treasurer of the said State under a law enacted by the State for that purpose, and shall file satisfactory evidence with the Comptroller of the Currency that this provision has been strictly complied with, and upon the certificate of said Comptroller of the Currency to that effect, he being satisfied, that said securities are valid, and that the intent of this act has been com- plied with, then the Commissioner of Internal Eevenue shall cause a rebate of eighty-five per centum to be made in the ten per centum tax now imposed by law on all such issue of State banks, so secured and so certified ; and said notes thus secured shall bear no tax whatever upon being paid out or received by any institution or individuals. Sec. 2. That all acts and parts of acts inconsistent with the provisions of this act, so far as they are inconsistent, shall be, and the same are hereby, repealed. H. R. 3760. A BILL to authorize tbe coinage of standard balf-doUars, and for otber purposes. Beit en acted by the Senate and Souse of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized and directed to purchase silver bullion to the amount of two and one-half million ounces per month at the current market price, and cause the same to be coined, with any silver bullion in the Treasury Department not otherwise appropriated or retained by law, into half-dollars of the standard weight and fineness now prescribed by law: Provided, That in case of any international agreement being entered into by the United States with other countries, fixing the common parity of gold and silver, then the Secretary of the Treasury is hereby authorized and directed to redeem coins issued under this act in coins of value and fineness fixed thereupon by law : And provided further, That this shall in nowise authorize any other purchase of silver bullion, except for the coinage of subsidiary pieces authorized by law, any previous law to the contrary notwithstanding. Sec. 2. That the Secretary of the Treasury is hereby authorized and directed, for the purposes set forth in section one of this act, to issue on the credit of the United States sufficient Treasury notes or obligations to make such purchase, from time to time j but no Treasury note or obligation of the United States issued after the passage of this act shall be of less denomination than five dollars. 571 Sec. 3. That the Secretary of the Treasury is hereby authorized and directed to issue I'reasury notes or obligations of denominations not less than five dollars to such amount as may be required to redeem any Treasury note or obligation of the United States of denominations under five dollars, to be redeemed on presentation in sums of one hundred dollars or more, and such notes or obligations so redeemed shall be publicly canceled and destroyed. Sbc. 4. That all acts and parts of acts inconsistent with the provisions of this act, in so far as they are inconsistent, shall be, and the same are hereby, repealed. W. R. 3835. A BILL to suspend the operation of tlie laws iraposing a tax of ten per oontnm upon notes issued during the period therein mentioned. Whoreaa certain banting associations, individuals and corporations, for the pur- pose of relieving the financial stringency which has prevailed ia all parts of the country during the last few months, have issued what have been denominated clear- ing-house certificates and other notes and forms of indebtedness which were designed and intended to provide temporary relief for evils caused by a dearth of currency, and which in many cases have been effectual to prevent greater calamities; and Whereas it has been claimed that such certificates and notes are subject to the tax imposed by law upon all notes other than national-bank notes: Therefore, Be it enacted by the Senate and House of Bepresentatives of the Dnited Stales of America in Congress asaemVled, That the operation of sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the Eevised Statutes of the United States, and sections nineteen, twenty, and twenty-one of the act approved February eighth, eighteen hundred and seventy-five, and of all other sections of said Eevised Statutes, and all acts and parts of acts imposing a penalty of ten per centum on the amount of notes of any person or of any bank or banking association used for circu- lation be, and the same hereby is, suspended, and nothing therein contained shall be so construed as to impose any tax upon any certificates or notes which may have been issued during the period between August first, eighteen hundred and ninety- three, and October fifteenth, eighteen hundred and ninety-three, and no such tax shall be collected. II. R. 4005. A BILL to provide for the coinage of silver dollars and for maintaining them at par, Be it enacted b>i the Senate and House of Representatives of the United States of America in Congress assembled, That it shall be lawful for the owner of any silver bnlliou of standard purity and fineness produced from any mines in the United S( ates to deposit the same at any of the mints of the United States and receive Iherefor its market value on the day of deposit in standard silver dollars of tlie United States. The Secretary of the Treasury shall fix, each day, the market price of silver bullion, basing it on the average market price thereof on the next preceding day in the American market, and he shall not be required to receive or have on hand for coin- age, under the provisions of this act, more than twenty-five million ounces of silver bullion at any one time. The Secretary of the Treasury shall also prescribe and enforce such rules and regulations as shall prevent purchase or coinage of any silver bullion not the product of the mines of the United States. Sec. 2. That all silver bullion deposited as hereinbefore provided shall, after payment therefor, become the property of the United States, and of said bullion there shall be coined into standard silver dollars, as provided in the act of July nineteenth, eighteen hundred and thirty-seven, as rapidly as practicable an amount sufficient to pay the purchase price thereof at market value as hereinbefore pro- vided ; and any gain or seigniorage arising from coinage under this act shall be coined into standard silver dollars, as specified, insufficient amount to redeem and replace all the United States notes and Treasury notes of the denominations of one and two dollars now outstanding, and such notes hereafter received by the Treasury shall not be reissued, but shall be destroyed. Any balance of said silver bullion remaining after the coinage hereinbefore provided for shall be sold by the Secretary of the Treasury from time to time at the market price for gold, which shall be covered into the United States 'Treasury. Sec. 3. That the Secretary of the Treasury, under such regulations as he may prescribe, is authorized and required within two years from the approval of this act to redeem and replace the one and two dollar certificates now outstanding either with silver dollars or, at his discretion, by issuing silver certificates of not less denomination than five dollars. And the one and two dollar silver certificates so redeemed and replaced shsiil not be reissued, but shall be destroyed. 572 ^ Sec. i. That in case the silver dollar at any time declines below its face value and ceases to circulate at par the Secretary of the Treasury is then authorized and directed to redeem or exchange for gold said silver dollars on presentation until they shall again be current at their face or par value; and to enable the Secretary of the Treasury to do this, and for this purpose alone, he is hereby authorized to issue and sell for gold United States three per centum bonds, interest payable semiannually in gold and the principal payable in gold in twenty years, but such issue of bonds shall not exceed ten million dollars in any one month nor be more than one hundred mil- lion dollars in all. In case said silver dollar at any time falls below par the receipt of silver bullion at the mints and the coinage of silver dollars shall at once cease and not be resumed until the silver dollars shall again be freely current at par and until the silver dollars received by the Secretary of the Treasury for gold shall have been by him again paid out and gone into circula,tion. Skc. 5. That no silver dollars coined under the provisions of this act shall be receivable for deposit under the third section of the act of February twenty-eighth, eighteen hundred and seventy-eight, and no certificates shall issue therefor. Sec. 6. That a sum sufficient to carry out the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 7. That so much of the act approved July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and issue of Treas- ury notes thereon, and for other purposes," as directs the Secretary of the Treaeury to purchase from time to time silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may he oftered in each month at the market price thereof, not exceeding one dollar for three hundred and seventy- one and twfenty-flve one-hundredths grains of pure silver, and to issue in payment for such purchases Tieasury notes of the United States, be, and the same is hereby, repealed, and all other acts or parts of acts inconsistent with the provisions of this act are hereby repealed. Sec. 8. That this act shall take effect thirty days from and after its approval. a. R. 4016. A BILL to repeal the ten per centum tax upon the circulating notes of State hanks. Be it enacted hy the Senate and House of Bepresetitatives of the United States of America in Congress assembled, That the present tax upon State bank notes be reduced to one per centnm per annum upon all such notes as bear upon either the face or back thereof the plainly printed and clearly stated agreement of the State in which the bank issuing such notes is located, to redeem said notes in legal-tender money of the United States upon presentation to some proper officer of said State. Sec. 2. That this act shall take effect on and after thirty days from its approval, and nothing in its terms shall be held to m^ke any reduction in the tax upon any note or notes intended to circulate as money which do not bear the agreement and guaranty provided for in section one. H. R. 4233. A BILL to estahlish a gold and silver currency on a hasis of interchangeahle valae. Be it enacted by the Senate and Souse of Bepresentatioes of the United States of America i7i Congress assembled, That twenty-three and twenty-two one-hundredths grains of pure gold, as established by law on February twelfth, eighteen hundred and seventy- three, is, and shall continue to be, the unit of value of the United States of America, and shall be termed a dollar. Sec. 2. That fine gold bullion, when presented in the amount of one hundred dol- lars or more, may be deposited in the Treasury of the United States, or at any coin- age mint or assay office that the Secretary of the Treasury may designate, and the depositor shall receive therefor registered Treasury notes of such denominations as he may desire, hereinafter called gold Treasury notes and hereinafter provided for, equal in amount to the number of dollars deposited. Sec. 3. That the Secretary of the Treasury shall cause to be prepared gold Treas- ury notes of the following form, i-espeotively, with such other formal additions thereto as the Secretary of the Treasury may prescribe, in such amounts as may be required for the purpose of section two, in twenty-dollar, fifty-dollar, one hundred- dollar, five-hundred dollar, one thousand-dollar, five thousand-dollar, ten thousand dollar, twenty thousand-dollar, andfifty thousand-dollar denominations, to wit: This certifies that there has been deposited iu the Treasury of the United States an amount of gold equal to twenty dollars. This note is redeemable in an amount of gold equal to twenty dollars on demand. 573 Sec. 4. That the gold Treasury notes issued under the provisions of this act shall beredeemed upon demand at the Treasury of the United States, or at any coinage mint or assay ofiSce of the United States that the Secretary of the Treasury may designate, in an amount of fine gold bullion equal in value to the number of dollars demanded. All notes so redeemed shall be canceled, registered, and destroyed. Sec. 5. That the gold bullion received under the provisions of this act, the total amount of which for the time being is hereinafter called the gold-redemption fund, shall be deposited and kept at such place or places as the Secretary of the Treasury may designate, and shall be used for no purpose other than the redemption of the gold I'reasury notes arising under the provisions of this act. Sec. 6. That fine silver bullion, when presented in the amount of one hundred ounces or more, may be deposited at the Treasury of the United States, or at any coinage mint or assay office in the United States that the Secretary of the Treasury may designate, and the depositor shall receive therefor registered Treasury notes of such denominations as he may desire, hereinafter called silver Treasury notes and hereinafter provided for, equal at the date of deposit to the net value of such silver at its market price, such price to be determined by the Secretary of the Treasury under rules and regulations prescribed in section seven of this act. Sec. 7. That the Secretary of the Treasury is directed, on each business day, to inquire into and ascertain the market price of fine silver bullion in the several coun- tries of the world with which we aie principally connected in commerce. These various market prices he shall translate at the gold par of exchange into terms of the standard of value of the United States and shall take an average from them, which average shall be the price at which the Government of the United States shall receive or deliver fine silver bullion on the following business day in exchange for the silver Treasury notes arising under the provisions of this act. In determining the world's m.irlfet price of silver, as aforesaid, no deductions, additions, or allowances for freight, insurance, or any other charge shall be made. Sec. a. That the Secretary of the Treasury shall cause to be prepared silver Treas- ury notes of the following form, respectively, and with such oth^r formal additions thureto as the Secretary of the Treasury may prescribe, in such amounts as may be required for the purpose of section six, in five-dQllar, ten-dollar, twenty- dollar, fifty- dollar, one hundred-dollar, five hundred-dollar, one thousand-dollar, five thousand- dollar, ten thousand-dollar, twenty thousand-dollar, fifty thousand-dollar denomina- tions, to wit : This certifies that there has been deposited in the Treasury of the United States an amount of silver equal to five dollars. This note is redeemable in an amount of silver equal to five dollars on demand. Sec. 9. That the silver Treasury notes issued under the provisions of this act shall be redeemed upon demand at the Treasury of the United States, or at any coinage mint or assay office in the United States that the Secretary of the Treasury may designate, in an amount of fine silver bullion equal in value, at the then prevailing market price, to the number of dollars demanded, such an amount of fine silver bullion to be determined as provided in section seven of this act. All notes so redeemed shall be canceled, registered, and destroyed. Sec. 10. That the silver bullion received under the provisions of this act, the total amountof which for the time being is hereinafter called the silver-redemption fund, shall be deposited and kept at such place or places as the Secretary of the Treasury may designate, and shall be used for no purpose other than the redemption of the silver Treasury notes arising under the provisions of this act. Sec. 11. That when the market price of fine silver, as determined by the Secretary of the Treasury, shall exceed one dollar and thirty-five cents per fine ounce, it shall be the duty of the Secretary of the Treasury to refuse to receive deposits of silver bullion for the purposes of this act. Sec. 12. That whenever the total value of the silver-redemption fund, at the pre- vailing market price, as determined by the Secretary of the Treasury under the pro- visions of section seven, shall be less than the total amount of the silver Treasury notes arising under the provisions of this act then outstanding, to the extent of two to ten, ten to twenty, twenty to thirty, thirty to forty, or forty to fifty millions of dollars or more, it shall be the duty of the Secretary of the Treasury to impose and collect a charge in each event at the rate of one-quarter, one-half, one, two, and iive per centum, respectively, upon the f^ice value of the silver and gold Treasury notes thereafter issued under the provisions of this act ; and the Secretary of the Treasury shall from time to time invest the money so arising in the purchase of fine silver bullion at the then prevailing market price, which said silver bullion shall be depos- ited with the silver-redemption fund, and when so deposited shall be a part and applicable to the purpose thereof. Whenever the total value of the silver redemp- tion fund, as determined in this section, shall equal or exceed the total amount of the outstanding silver Treasury notes issued under the provisions of this act no charge shall bo made. Sec. 13. That the gold and silver Treasury notes issued under the provisions of 574 this act shall be a legal tender in payment of all debts and shall be receivable for customs, taxes, and &1 public dues, and when received into the Treasury from these sources may be paid out in accordance with law, and such notes, when held by any national banking association, shall be counted as part of its lawful reserve. Sec. 14. That the gold and silver Treasury notes issued under the provisions of this act may be exchanged on demand, by the holder thereof, at the Treasury of the United States, and at such other place or places as the Secretary of the Treasury may designate, for an equal amount of new notes of the same character and of such denominations as he may desire. The notes so presented for the purpose of exchange shall be canceled, registered, and destroyed. Sbc. 15. That the President of the United States, upon the application of the Secretary of the Treasury, may, by proclamation, designate and appoint redemption agencies in any foreign empire, state, or country for the purpose of redeeming, by conversion or otherwise as herein provided, the notes arising under the provisions of this act. Prior, however, to the issuance of any such proclamation by the Presi- dent of the United States, the Seoretaryof the Treasury shall be in receiptofaproper bond of indemnity, the provisions of which said bond shall be such as the Secretary of the Treasury may prescribe from the firm, banking house, corporation, or other business institution with which such redemption agency is to be established, and who shall be citizens of, or, in case of corporations or companies, organized under and amenable to the laws of that country where such an agency is to be established. The notes arising under the provisions of this act shall be redeemed at such redemp- tion agency so established in the same manner and under the same regulations as here prevail, or in such a majiner and under such regulations as the Secretary of the Treasury shall prescribe as will enable them to be converted into the money of that country without loss, and when so redeemed or converted shall be canceled, regis- tered, and destroyed. The Secretary of the Treasury, by requisition upon the Sec- retary of the Navy, who is directed to cooperate, shall utilize the vessels of the United States in establishing its various redemption agencies throughout the world and in supplying them from time to time with such coined gold and silver bullion bars or coins as may be necessary to redeem the notes arising under the provisions of this act : Provided, That, in the event of war with any country where such agency is established, the obligation of the United States to redeem the notes arising under the provisions of this act at that redemption agency ceases. The Postmaster-Gen- eral of the United States is directed to devise and establish a special system of reg- istry for the purpose of enabling the owners thereof to send to or bring from such countries where such redemption agencies have been established the notes arising under the provisions of this act without charge other than a registry and a mailing free, which registry charge shall be fixed by the Secretary of the Treasury and may be changed by him from time to time, but which charge shall always be at a less rate per cputum on the par value thereof than is the aggregate rate per centum of cost of sh.ijping gold bullion of the same value to that country where such redemp- tion agency is established. In the event of the loss of the notes while in transit, which have been duly registered as herein contemplated, the Secretary of the Treas- ury is directed, upon sufficient proof of loss, which shall be made by the Postmaster- General, and upon application of the owner thereof, to issue to the owner thereof new notes of the same character and amount, taking a satisfactory bond of indem- nity from the owner thereof. A description of all notes which have been registered as herein contemplated and which have been lost while in transit shall be published at least once a year in the report of the Secretary of the Treasury. All silver or gold Treasury notes which have been registered as herein contemplated and which have been lost while in transit and for which new notes shall have been issued shall be considered as canceled. Sec. 16. That coincident, as nearly as may be, with the passage of this act, the Secretary of the Treasury, at his discretion as to duration and amount, may impose and collect a tax, not to exceed one per centum ad valorem, on all silver or silvfer Treasury notes imported to the United States, Sue. 17. That so much of the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes thereon," and so forth, as requires the monthly purchase by the Secretary of the Treasury of four million five hundred thousand ounces of silver, or any part thereof, at the market price, is hereby repealed. Sec. 18. That the Treasury notes arising under the provisions of the act of July fourteenth, eighteen hundred and ninety, entitled " An act directing the purchase of silver bullion and the issue of Treasury notes thereon," and so forth, may be ex- changed upon demand, when presented in the amount of one hundred dollars or more, for an equal amount of the silver Treasury notes arising under the provisions of the present act. An amount of fine silver bullion equal in value at the then pre- vailing market price, as determined in section seven, to the face value of the notes SO excnanged, shall be transferred from the sUver-bulUon fund of eighteen bundled 576 and ninety (■whicli silver-bullion fund includes all the silver purchased under the act of July fourteenth, eighteen hundred and ninety, and the dollars coined therefrom, which dollars shall he parted, fined, cast into bars to be coined and stamped, and returned thereto) to the silver-redemption fund, as contemplated in this act, and shall thereupon become a part, and shall be applicable to the purpose thereof. All notes so exchanged shall be destroyed. Any delioiency or surplus of said silver-bul- lion fund arising under the law of July fourteenth, eighteen hundred and ninety, in •making the exchange as above contemplated, shall be carried to the general account of the Treasury. After July first, eighteen hundred and ninety-five, the notes aris- ing under the provisions of the act of July fourteenth, eighteen hundred and ninety, shall not be a legal tender. Sec. 19. That the act of June eighth, eighteen hundred and seventy-two, entitled, "An act for the better security of bank reserves and to facilitate bank clearing- house exchanges," is hereby repealed, which said repeal shall take eft'ect on July first, eighteen hundred and nihety-five. Sec. 20. That any gain or seigniorage, not elsewhere specified arising under the provisions of this act, shall ije accounted for and paid into the silver or gold-redemp- tiou fund, as it respectively may arise. Sec. 21. That the silver and gold bullion deposited under the provisions of this act shall be subject to the requirements of existing law and the regulations of the mint service governing the methods of receipt, determining tlie amount of pure silver or pure gold contained, and the amount of charges or deductions, if any to be made. Sec. 22. That nothing in this act shall be construed to prevent the purchase from time to time, as may be required, of zinc, nickel, copper, or other base alloy or bul- lion, for the purpose of the subsidiary and other coinage, nor to affect the legal-ten- der quality, except as specifically set forth in section eighteen, of any obligation heretofore issued by the United States. Sec. 23. That the Secretary of the Treasury is authorized to prepare and to issue bonds of the United States herein provided for to the amount of fifty million dollars ; said bonds to be payable, principal and iutprest, in standard money of the United States in twenty years, with the option reserved to the United States to pay in ten years from date thereof, which said bonds shall be prepared in denominations of ODB hundred dollars and multiples thereof, and shall bear interest at the rate of two per centum per annum, payable quarterly, and shall consist of registered and coupon bonds which shall be available as a basis for national-bank note circulation under existing law. The Secretary of the Treasury, at liis discretion as to time and amount, may offer for sale said bonds herein provided for, at par, and when sold shall carry the proceeds thereof to the general account of the Treasury. Sec. 24. That the term "standard money of the United States," used in section twenty-three of this act shall be interpreted to mean gold coin of the present stand ard of weight and fineness, or an amount of pure silver bullion equivalent in value thereto, as determined by the Secretary of the Treasury under the provisions of section seven of this act. Sec. 25. That a sum sufficient to carry out the provisions of this act in all its parts, is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 26. That all acts and parts of acts inconsistent with the provisions of this act are liereby repealed. Sec. 27. That this act shall take eifect thirty days from and after its passage. H. K. 4230. A EILIi to provide for the retirement of national-bank bills and the substitution of United States notes in lieu thereof. Be it enacted hy the Senate and House of Eepresentativea of the United States of America in Congress assembled, That no national bank which may hereafter be chartered, or the charter of whicli may be hereafter renewed or extended, shall be required to transfer to the Treasurer of the United States any United States registered boiids, nor shall any such bank be permitted to issue notes to circulate as money. Sec. 2. That whenever the notes of any national bank heretofore chartered shall be retired in the manner provided by law, the Secretary of the Treasury shall cause an equal amount of United States notes to be issued in lieu thereof, and shall pur- chase therewith United States bonds. 5.76 . H. R. 4;iio. A BILL to proTide a natiosal circulating medium. Be it enacted ty the Senate and Bouse of Sepresentatives of the United States of America in Congress assemiled, That from and after the day of , eighteen hundred and ninety , it shall be the duty of the United States Treasurer to issue noninterest-bearing honds in the following denominations: One thousand dollars, two thousand dollars, five thousand dollars, ten thousand dollars, twenty thousand 'dollars, thirty thousand dollars, forty thousand dollars, and fifty thousand dollars, as may be called for from time to time. Sec. 2. That such bonds of ten thousand dollars, and all larger denominations, shall be legal tender for three years after date of issue for all dues, both public and priyate, ot equal or larger amounts, except the public debt now extant and interest thereon. And all such bonds of a larger denomination than one thousand dollars may be exchanged for those of the denomination of one thousand dollars, but no such bonds shall be issued for a less denomination than one thousand dollars. Upon transfer of such bonds from one party to another the buyer may, if he choose so to do, have them registered at any United States post-office wherever he may be, giving the number of such bond, with the date and amount and the names of seller and buyer and their post-office address, to be reported to the United States Treasurer for record,, by paying to the postmaster five cents for each bond so registered. Sec. 3. That any person owing allegiance to the United States and holding such bond or bonds of any denomination may deposit the same with the United States Treasurer and receive ninety per centum of their face value in Treasury notes, of such denomination as they may choose of not less than one dollar; and ten per centum of such bonds shall bear interest at the rate of five per centum per annnm while so deposited. Sfic. 4. That such Treasury notes shall not bear interest, biit shall be legal tender for all dues, both public and private, except interest on the public debt now extant. And any person obtaining Treasury notej in such manner may retain the same for their own use for such time as they may choose, biit not for less than two years, by paying to the United States Treasurer a tax of one-half of one per centum per annum, or such per centum only as from time to time may be found sufficient to pay the United States Treasury's expenses in connection with the same. Sec. 5. That at their own option, after retaining such Treasury notes for two years or longer, and paying the annual tax upon the same to the United States Treasurer, they, or their legal representatives, may return a like amount of Treasury notes to the United States Treasury and receive the bonds they so deposited, or should they choose so to do, after they have retained such Treasury notes for the term of ten years, and paid the annual tax upon the same to the United States Treasurer, they may then retain the same forever as their own property by so notifying the United States Treasurer, who shall then cancel and destroy such bond or bonds deposited by them as security for such Treasury notes, and shall then issue to such person, or their legal representatives, the balance of the face value of such bonds. Sec. 6. That should any person neglect to pay the annual tax upon the Treasury notes so obtained for more than six months after the same shall become due and payable the Treasurer shall declare the bonds deposited as security for such Treas- ury notes forfeited, and shall cancel and destroy the same, and shall not make fur- ther payment for such bond or bonds. Sec. 7. That all such bonds shall be Issued by the Treasurer at their face value. Sec. 8. That It shall be the duty of the United States Treasurer to purchase monthly with such bonds gold and silver bullion, for the lowest offer, but not for more than face value when coined, such amounts as when coined shall be ten million dollars, and as near as may be equal amounts in face value when coined of each kind of bullion until the amount of gold and silver coin shall be fifty dollars per capita of the population, when the Treasurer shall thereafter annually purchase and coin sufficient bullion to maintain that amount per capita near as may be: Provided alwqys, That the bullion shall be offered at a price that will be less than its face value when coined. But in no event shall a greater price be paid for the bullion than will equal its face value when coined. Such bonds may be used in payment for public works by previous agreement with contractors of such works, but the aggre- gate amount of such bonds to be used by the Government in payment for public works shall not exceed ten dollars per annum per capita of the population except in times of insurrection or invasion. Sec. 9. That all bullion so purchased shall be coined soon as practicable and shall be legal tender for all dues, both public and private, but shall not impair existing contracts. Sec. 10. That an additional amount of bullion shall be so purchased and coined semiannually as will equal the amount of national-bank bills retired. 577 Skc. 11. That each kind of money shall, be interchangeable with the others for the business needs of the people wherever the United States Treasury di&burses and receives money, but the United States Treasurer shall have authority to at any time refuse paper money in exchange for metallic money when the same is desired for shipment to foreign countries or for causing fluctuations in the relative values of the money of the United States by controlling a large part of any kind of money so as to cause premiums or discounts thereby. Any part of such bonds or Treasury notes that are to be paid and permanently retired and canceled shall be paid by taxes raised in the usual manner. A sum to carry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. H. R. 4336. A BILL to subject to State taxation national-bank notes and United States Treasury notes. Be it enacted by the Senate and Mouse of Representatives of the United States of America in Congress assembled, That all circulating notes of national banking associations and all United States legal-tender notes and all other notes and certificates of the United States payable on demand and circulating as currency shall not be exempt from tax- ation under the authority of any State or Territory : Provided, That any such taxation shall be exercised in the same manner and at the same rate that any such State or Territory shall tax other money within its jurisdiction. Skc. 2. That the provisions of this act shall not be deemed or held to change exist- ing laws in respect of the taxation of national banking associations. H. R. 4391. A BILL to provide means to retire the twenty-iive million dollars past due bonds, and a currency adequate to the present exigencies of Government, and a sound, sufRcient, and stable currency. Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled. That the Secretary of the Treasury be, and he is hereby, author- ized and instructed to issue immediately on the passage of this bill one hundred million dollars of the Treasury notes of the United States, payable in coin in denomi- nations not less than ten nor more than one thousand dollars, and said notes shall be receivable for all taxes and dues, excises, debts due to the United States, and shall be a legal tender in payment of all debts, public and private, within the United States; and the Secretary shall, every thirty days after the issue of said one hundred million dollars, issue each month the sum of five million dollars of said notes of simi- lar denominations and payable in coin, and have the same legal-tender quality as herein provided for the issue of one hundred million dollars above provided for. Sec. 2. That the Secretary of the Treasury be, and he is hereby, instructed to pay out of the money hereby provided to be issued the past due bonds of the United States now due and payable, and the current expenses and indebtedness of the Gov- ernment of the United States as the same accrues from time to time. Skc. 3. That the faith and credit of this Government is hereby pledged for the prompt payment of the notes authorized under this act when presented for redemp- tion; and to further secure the same there shall be deposited in the vaults of the Treasury of the United States one hundred millions of bonds, which the Treasurer is authorized and instructed to sell to redeem said notes, should the same be necessary, in sufficient quantities to discharge said notes. H. R. 4392. A BILL to repeal the tax on the circulation of banks other than national banks. Be-it enacted by the Senate and House of Bepresentatives of Hie United States of America in Congress assembled, That all laws and parts of laws imposing a tax on State banks and banking associations, and on the circulation of banks and banking institutions other than national banks be, and the same are hereby, repealed. H. R. 4412. A BILL to provide for the issuing of gold and silver certificates, and other purposes. Be it enacted by the Senate and House of Bepresentatives of the United States of Amer- ica in Congress assembled, That the Secretary of the Treasury is hereby directed to purchase, from time to time, gold and silver bullion, so much thereof as may be offered atthe rate of one dollar for each three hundred and seventy-one and twenty-five one- S. Bep. 235 37 578 hundredtlis grainsof pure silver, or for twenty-three and twenty-two one-hundredths grains of pure gold; and to issue in payment for such purchases of bullion silver cer- tificates for silver liullion and gold certificates for gold bullion, and said certificates to be prepared by the Secretary of the Treasury in such form and of such denomina- tions, not less than one dollar nor more than one hundred dollars, as he may pre- scribe. Sbc. 2. That the Secretary of the Treasury shall coin all the gold and silver bul- lion held in the United States Treasury, from time to time, to provide for the redemp- tion of gold and silver certificates issued under this act. Sec. 3. That whenever there shall be one hundred million dollars of gold or silver in the Treasury of or subtreasury of the United States, that for every dollar of silver so held the Treasurer shall issue two dollars in silver certificates, and for every dol- lar of gold so held in the Treasury or subtreasury of the United States he shall issue two dollars in gold certificates. Sec. 4. That the certificates issued in accordance with this provision of this act shall be redeemable on demand, the silver certificates in silver and gold certifi- cates in gold, at the Treasury of the United States, or at the oflice of any assistant treasurer of the United States, and when so redeemed they shall be issued ; but no less amount of such certificates shall be outstanding at any time than cost of the bullion purchased with said certificates, and the coin minted therefrom, then held in the Treasury ; and said certificates shall be a legal tender for all debts, public and private, except where otherwise expressly stipulated in contract dated prior to the passage of this act, and shall be receivable for customs and taxes and all public dues, and when so received shall be reissued. Sec. 5. That the bullion purchased under the provision of this act shall be subject to the requirements of existing law and the regulations of the mint service governing the methods of determining the amount of pure gold and silver contained and the amount of charges or deductions, if any, to be made. Sec. 6. That a sum sufficient to carry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. H. R. 4447. A BILL to provide money for the UBe of the people of the United States. Be it evaded hy the Senate avd House of Eepresentatives of the United States of Ameiica in Congress assembled, That the money of the United States shall consist of gold and silver coin of the denominations and values as now by law established, and Treas- ury notes, issued by the Treasurer of the United States, redeemable on demand in gold and silver coin as hereinafter set forth, of the denominations of five, ten, twenty, fifty, one hundred, and one thousand dollars. Sec. 2. That the Treasury notes which shall be issued under and by virtue of this act shall be redeemed by the Treasurer of the United States (when presented in sums capable of such redemption) with fifty per centum of gold coin and fifty per centum of silver coin of national mintage, and such redeemed notes may be reissued by him in any transactions of the Treasury Department requiring the payment of money. And whereas it is the purpose of the Government of the United States (heretofore declared by Congressional enactment) to maintain the parity of all the various forms of paper money heretofore issued by its Treasury Department now in circulation and the redemption thereof in coin without discrimination ; and whereas much labor and expense may be saved, the accounts of the Department simplified, and liability to error in the keeping thereof avoided i)y the adoption of one iu substitution of all such variant forms of paper money. Therefore it shall be the duty of the Treasurer of the United States, as rapidly as in the ordinary transactions of the Treasury Department opportunity shall permit, to retire, cancel, and destroy all the aforesaid various forms of paper money now in circulation andreplace them with the one kind and form of Treasury notes authorized by this act. Sec. 3. That whenever any citizen of the United States shall tender for coinage or sale at any mint of the United States gold and silver bullion the products of any mine or mines within the territory of the United States, of the qualities and in the conditions required by the established rules of such mint, of the aggregate value of not less than one hundred dollars, of which value not less than fifty per centum is gold bullion, which values shall be determined by and in accordance with the aver- age rate of the official quotations of the stock exchange of the city of New York during the last thirty days preceding the day of such tender, such citizen shall be entitled to receive, and it shall be the duty of the Treasurer aforesaid to cause him to be paid therefor, the full market value thereof so as aforesaid determined, together with five per centum on the sum thereof in addition thereto, iu the Treasury notes authorized by this act: Provided, That the market value of such silver bullion so as aforesaid determined shall not exceed one dollar per ounce. And it is hereby 579 expressly declared that wheneTer and so long as the martet value of such silver bullion 80 determined as aforesaid shall exceed one dollar per ounce this section, of this act shall be, and concurrently remain, inoperative and of no effect. Sec. 4. That gold and silver coin of national mintage, in eq^ual parts as near as may be (fractional parts only being in subsidiary coin), shall be full tender in dis- charge of all obligations for the payment of money not otherwise spiscified. Sec. 5. That duties on imports shall be paid in gold coin. Internal taxes levied by the Congress of the United States shall be paid in equal parts of gold and silver coin or in Treasury notes at the option of the payee. Sec. 6. That any banking institution organized or which may hereafter be organ- ized under the laws of any one of the United States, on making application therefor in conformity with the conditions hereinafter set forth, shall be entitled to receive from the Treasurer of the United States any amount of the Treasury notes author- ized by this act (not leas than fifty thousand nor more than five million dollars by any one such banking institution) upon tendering therefor fifty per centum thereof in gold coin of national mintage and fifty per centum thereof in any of the following- described securities, namely: Bonds of the United States, which shall be accounted at the face value thereof; bonds of any one of the United States, which shall be accounted at ten per centum less than the value thereof, as officially quoted by the stock exchange of the city of New York ; bonds of any city within the United States, the population whereof is not less than one hundred thousand,, which shall be accounted at fifteen per centum less than the value thereof, as quoted by said stock exchange; first mortgage bonds of any incorporated railroad company within the territory of the United States which, out of its legitimate actual earnings, is paying and for the last preceding five years has so made rtnd paid, annual dividends on its common stock, which sh^l be accounted at fifteen per centum less than the current official quotation thereof by said stock exchange, together with the corporate bond of such applicant banking institution in penal sum equal to the whole sum of the Treasury notes applied for to secure the payment of a sum equal to one-half thereof, which last-mentioned corporate bond when delivered, and its accompanying collat- eral bonded securities, duly assigned and transferred to the Treasurer of the United States, shall be held by him in escrow to secure the final redemption of such an amount of the Treasury notes as may have been exchanged therefor; and therefore, whenever any such banking institution shall elect to recover to itself the legal pos- session of such corporate bonds and accompanying collateral securities, and shall tender the restoration of lYeasury notes into the Treasury of theUnited States to the full sum for which they shall be held, it shall be the duty of said Treasurer to restore them to such banking institution by reassignment and transfer, as the case may require, without charge or undue hindrance. Sec. 7. That the banking institutions which shall have acquired Treasury notes as in the next preceding section of this act set forth shall be liable to be assessed by the Treasurer of the United States, as in his judgment occasion may require, not more than one per centum in any one year on the whole sum so by them acquired to reimburse depositors of defaulting associated banks. The moneys resulting from the payment of such assessments shall be held by the Treasurer of the United States in separate account and used only for the benefit of such aggrieved depositors accord- ing to their just claims in the order of their occurrence until fully reimbursed. Sec. 8. That any and every such banking institution so acquiring Treasury notes as in section six of this act set forth shall be subject to examination of the financial condition thereof by the Treasurer of the United States, or by his commissioned agents, at any and all times, and shall also make to him semiannual report thereof by its president and cashier, under oath, on the first Mondays of January and July in each and every year. And if upon such examination or report it shall appear that the securities pledged as in section six of this act set forth are of less value than they were when so pledged, it shall be the duty of the Treasurer of the United States to demand of the president thereof either the pledge of like additional secu- rity or the restoration into the Treasury of the United States of such an amount of Treasury notes as shall be equivalent to such lessened value. And if such hank or banking institution shall refuse, or for more than ten days neglect, to comply with the terms of such demand, it shall be the duty of the Treasurer aforesaid, and he is hereby authorized and empowered to enforce such demand by action at law as of debt. A BLLL for the coinage of silver mined in the United States. Be it enacted ty the Senate and Souse of Bepreeentatives of the United States of America in Congress assembled. That any citizen of the United States may at any time present at any mint of the United States any amount of silver bullion in lots of one hundred ounces or more, the same being the product of mines located anywhere in the United States, and it shall be the duty of the officers in charge of such mint, as speedily, as 580 practicable, to coin the said ■bullion into standard silver dollars of the present legal weight and fineness for such citizen so presenting the same. Sec. 2. That satisfactory proof shall he furnished to said officer as to such citizen- ship and that said silver is the product of mines located in the United States. Sec. 3. That the officers of said mints shall deduct from said bullion, or receive in payment as a charge for such coinage, the difference in value between the coinage value at the legal ratio and the market value of said silver bullion at date of such presentation or deposit. Sec. 4. That this law shall be and remain in force for three years from the date of its passage. Sec. 5. That the fixed purpose of the United Stdtes to maintain such coined stand- ard dollars at a parity with all other coined standard money of the United States is hereby declared and affirmed. EESOLUTIONS. n. Res. 15. JOINT EBSOLtTTION authorizing the issuing of one hnndred and twenty-five million dollars of Treasury notes under the acts of eighteen hundred and sixty-two and eighteen hundred and sixty- three. Whereas failures, bankruptcy, and business distress are witnessed throughout every section of the United btates in consequence of an inadequate volume of cur- rency to maintain equitable prices and make necessary exchanges; and "Whereas under present statute laws the Secretary of the Treasury has ample authority to issue United States notes in sufficient quantity to relieve the present financial stringency: Therefore, Resolved, by the Senate and House of Bepresentatives of the Vnited States of America in Congress assembled, That twenty-five million dollars of United States notes issued under the several acts of eighteen hundred and sixty-two and eighteen hundred and sixty-three be, and the same are hereby, declared lost or destroyed, and the Secre- tary of the Treasury is directed to credit the redemption account with said amount. That the Secretary of the Treasury at once cause to be prepared, signed, and delivered to the Treasurer of the United States one hundred and twenty-five million dollars of United States notes as authorized by the acts of eighteen hundred and sixty-two and eighteen hundred and sixty-three, the same to be credited to the general fund and to pay current expenses: Pror'ided, That the amount so issued shall not exceed four hundred and fifty million dollars, the amount authorized to be issued under the several acts of eighteen hundred and sixty-two and eighteen hun- dred and sixty-three. H. Res. 23. JOINT KESOLUTION authorizing the appointment of a commission to inquire into and report on the relative value of gold and silver, and the efl'ect thereof upon finance, trade, commerce, agricul- ture, and labor, and for other purposes. Besolved by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That a commission is hereby authorized and constituted, to con- sist of three Senators to be appointed by the President of the Senate, three Bepre- sentatives to be appointed by the Speaker of the Houseof Eepresentatives, and three experts to be selected by the President of the United States, with authority to deter- mine the time and place of meeting, and to take evidence in Washington or in any other city of the United States before the whole committee or before subcommittees, and to inquire into and report : First. On the change which has taken place in the relative value of gold and silver, and whether the change is due to the depreciation of silver or to the appreciation of gold; cause of the change, whether permanent or temporary; the efl'ect thereof upon finance, trade, commerce, agriculture, labor, and other interests of the country, and upon the standard of value in this and in other countries. Second. On the policy of maintaining the double standard in the United States, and what should be the legal ratio between silver and gold when coined. Third. On the best means of reorganizing the banking system and of restoriug confidence in commercial and financial circles, and promoting international bimet- allism. Fourth. The report of the commission shall be presented to the Senate and House of Eepresentatives not later than the first day of January, eighteen hundred and ninety-four. 581 B. Res. 37. JOINT EESOLTJTION to raise a joint committee of the two Houses to consider unestionB of finance and 80 forth. Resolved by the Senate and Mouse of Mepresentatives of the United States of America in Congress assembled, That a committee of the two Houses of CoQgress be raised, to consist of seven Senators, to be appointed by the President of the Senate, and seven Eepresentatives, to be appointed by the Speaker of the House of Representatives, who, together, shall constitute a joint select committee on finance, the chairman of which shall be chosen by the committee, by ballot, and he shall appoint a clerk to said committee. That said joint committee shall hold its sessions in the Capitol, and in such other places as a majority thereof shall direct; and may employ a stenographer and such messengers as shall be found necessary; and shall have power to direct the adminis- tration of oaths and to send for papers and persons. Nine members of said joint committee shall constitute a quorum to do business. That said joint committee shall examine into the financial and monetary condition of the Government and people of the United States with a view to devising means for the betterment thereof, and to this end shall have full jurisdiction to examine and report upon any financial or monetary question that concerns the people or the Government of the United States. That said committee shall make a special examination of the following subjects and report upon each, separately, in their recommendation to Congress, and may submit one bill or several bills to the tespective Houses to carry their recommenda- tions into effect — that is to say : First. The full or partial remonetization of l%gal-tender silver coins and the ratio of legal value that shall be established between such coins and coins of gold. Second. The revision of the laws relating to legal-tender, so as to prevent unjust discrimination in the legal-tender quality of any descriptions of money coined or issued by the United States or for the redemption of which the Government ia pledged. Third. The repeal of the taxe» upon the issues of State banks that circulate as - money, and what resxrictions upon the conduct of such banks are necessary for the public security and welfare and are within the competency of Congress to provide. Fourth. The actual cause of the present embarrassed condition of the people and the national banks, in reference to the character or the supply of circulating medium, and the consequent paralysis of trade and industry, and what further legislation is required to prevent the national banks from abusing their powers, under the la w , either by their separate dealings or in combination, concert, or conspit'acy with other banks or persons to the detriment of the Government or people of the United States. Fifth. Said joint committee may appoint subcommittees, to consist of not less than four members thereof, three members to constitute a quorum, who shall be empowered to sit in any place in the United States and to take testimony, on oath to he administered by the designated chairman of such subcommittee, to be reported to the general committee. Such subcommittees shall be appointed under the resolu- tion or order of the general committee iu such manner as they shall agree. H. Res. 63. JOINT RESOLUTION requesting the governors of the several States to cause an election to be held in their respective States, on the first Tuesday in November next, to ascertain the will of the people upon the question of the coinage of money by the United States. Whereas in the enactment of all laws the will of the majority of the people should control; and Whereas there is a divided opinion among the Congressmen of the United States now assembled in legislative session as to the will of the people upon the question of the coinage of money by the United States : Therefore, be it Resolved by the Senate and House of Eepresentatives of the United States of America in Congress assemble^ That the governors of the several States are respectfully requested to request or cause to be held an election in their respective States, on the first Tues- day iu November next, for the purpose of ascertaining the will of the people upon the question of the coinage of money by the United States. And at said election those in favor of the free coinage of both gold and silver without discriminating against either metal shall have written or printed upon their tickets: "For free coinage," and those opposed to the free coinage of both gold and silver without dis- criminating against either metal shall have written or printed upon their tjckets: "Against free coinage;" and said election shall be held and returns thereof made in 582 accordance with the laws of the respective States governing the election of repre- sentatives to the legislatures of said States, and the returns and result of said elec- tion certified to the Congress of the United States by the governors of the several States. [September 26, 1893. ] ISSUE OF TKEASDEY NOTES. Mr. Talbert, of South Carolina. Mr. Speaker, I ask to have the resolution which I send to the Clerk's desk read, and then I will ask for its immediate consideration. The resolution was read, as follows : "Whereas Congress has been in extraordinary session to do something for the relief of the people, and six weeks have elapsed without accomplishing anything; and " Whereas a discussion begins to-day on the repeal of a portion of the Federal election laws, thus preventing for that time any other action : Therefore, "Beit resolved, That immediately after the &ial vote of the House upon the above- named question, the Committee on Banking and Currency be requested to bring for- ward a report upon a bill introduced by Mr. McLaurin, of South Carolina, requiring the issue of $125,000,000 Treasury notes to be put into circulation according to exist- ing laws." EXTRACTS FROM INAUGURAL ADDRESSES, 1873 TO 1893, INCLUSIVE. 583 EXTRACTS FROM INAUGURAL ADDRESSES, 1873 TO 1893, INCLUSIVE. [Ulysses S. Grant's seoond inaugural address, March 4, 1873.] # * * « * « # My efforts in the future will be directed to the i-estoratiou of good feeling between the different sections of our common country ; to the restoration of our currency to a fixed value as compared with the world's standard of values, gold, and, if possible, to a-par with it; to the construction of cheap routes of transit throiigliout the land, to the end that the products of all may find a market and leave a living remuneration to the producer; to the maintenance of friendly relations with all our neighbors and with distant nations; to the reestablishment of our commerce and share in the carrying trade upon the ocean; to the encouragement of such manufacturing industries as can be economically pursued in this country, to the end that the exports of home products and industries may pay for our imports— the only sure method of returning to and permanently maintaining a specie basis. » * » [Rutherford B. Hayes' inaugural -address, March 5, 1877.] With respect to the financial condition of the country, 1 shall not attempt an extended history of the embarrassment and prostration which we have suffered dur- ing the past three years. The depression in all our varied commercial and manu- facturing interests throughout the country, which began in September, 1873, still continues. It is very gratifying, however, to be able to say that there are indica- tions all around us of a coming change to prosperous times. Upon the currency question, intimately connected as it is with this topic, I may be permitted to repeat here the statement made in my letter of acceptance, that in my judgment the feeling of uncertainty inseparable from an irredeemable paper cur- rency, with its fluctuation of values, is one of the greatest obstacles to a return to prosperous times. The only safe paper currency is one which rests upon a coin basis, and is at all times and promptly convertible into coin. I adhere to the views heretofore expressed by me in favor of Congressional legis- lation in behalf of an early resumption of specie payment, and I am satisfied not only that this is wise, but that the interests as well as the public sentiment of the country imperatively demand it. [James A. G-arfield's inaugural address, March 4, 1881.] • #«»### The prosperity which now prevails is without parallel in our history. Fruitful seasons have done much to secure it, but they have not done all. The preservation of the public credit and the resumption of specie payments, so successfully attained by the administration of my predecessors, have enabled our people to secure the blessings which the seasons brought. By the experience of commercial nations in all ages it has been found that gold and silver afford the only safe foundation for a monetary system. Confusion has recently been created by variations in the relative value of the two metals. But I confidently believe that arrangements can be made between the leading commercial nations which will secure the general use of both metals. Congress should provide that the compulsory coinage of silver now required by law may not disturb our mone- tary system by driving either metal out of circuation. If possible, such an adjust- 585 586 ment should be made that the purchasing power of every coined dollar will be exactly equal to its debt-paying power in all the markets of the world. The chief duty of the National Government, in connection with the currency of the country, is to coin money and declare its value. Grave doubts have been enter- tained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sus- tained by the necessities of war, but such paper should depend for its value and cur- rency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promise should be kept. The refunding of the national debt at a lower rate of interest should be accom- plished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country. I venture to refer to the position I have occupied on financial questions during a long service in Congress, and to say that time and experience have strengthened the opinions I have so often expressed on these subjects. The finances of the Government shall suffer no detriment which it may be pos- sible for my administration to prevent. [Grover Cleveland's inaagnral address, Maroli 4. 1885.] • *. * * # # # A due regard for the interests and prosperity of all the people demand that our finances shall be established upon such a sound and sensible basis as shall secure the safety and confidence of business interests and make the wage of labor sure and steady. # # * # # * » [Grrover Cleveland's inaugural address, March 4, 1893.] #*»##* jf # IManifestly nothing is more vital to our supremacy as a nation and to the benefi- cent purposes of our Government than a sound and stable currency. Its exposure to degradation should at once arouse to activity the most enlightened statesmanship ; and the danger of depreciation in the purchasing power of the wages paid to toil should furnish the strongest incentive to prompt and conservative precaution. In dealing with our present embarrassing situation as related to this subject we will be wise if we temper our confidence and faith in our national strength and resources with the frank concession that even these will not permit us to defy with impunity the inexorable laws of finance and trade. At the same time, in our efforts to adjust difi'erences of opinion we should be free from intolerance or passion, and our judgments should be unmoved by alluring phrases and unvexed by selfish interests. I am confident that such an approach to the subject will result in prudent and effective remedial legislation. In the meantime, so far as the executive branch of the Government can intervene, none of the powers with which it is invested will be withheld when their exercise is deemed necessary to maintain our national credit or avert financial disaster. EXTRACTS FROM ANNUAL MESSAGES OF THE PRESIDENT OF THE UNITED STATES, 1874 TO 1893, INCLUSIVE. 587 EXTRACTS FROM ANNUAL MESSAGES OF PRESIDENTS OF THE UNITED STATES, 1874 TO 1893, INCLUSIVE. [Message of President IT. S. Grant.] ExBCUTivjE Mansion, December 7, 1874. « # * # ■ # # # A great conflict for national existence made necessary, for temporary purposes, the raising of large sums of money from whatever source attainable. It made it nec- essary, in the wisdom of Congress — and I do not doubt their wisdom in the premises regarding the necessity of the times — to devise a system of national currency, which it proved to be impossible to keep on a par with the recognized currency of the civ- ilized world. This begot a spirit of speculation involving an extravagance and lux- ury not required for the happiness or prosperity of a people, and involving, both directly and indirectly, foreign indebtedness. The currency being of fluctuating value, and therefore unsafe to hold for legitimate transactions requiring money, became a subject of speculation within itself. These two causes, however, have involved us in a foreign indebtedness, contracted in good faith by borrower and lender which should be paid in coin, and according to the bond agreed upon when the debt was contracted — gold or its equivalent. The good faith of the Government can not be violated toward creditors without national disgrace. But our commerce should be encouraged; American shipbuilding and carrying capacity increased; foreign markets sought for products of the soil and manufactories, to the end that we may be able to pay these debts Where a new market can be created for the sale of our products, either of the soil, the mine, or the manufactory, a new means is discovered of utilizing our idle capi- tal and labor to the advantage of the whole people. But, in my judgment, the first step toward accomplishing this object is to secure a currency of fixed stable value, a currency good wherever civilization reigns; one which, if it becomes superabun- dant with one people, will find a market with some other; a currency which has as its basis the labor necessary to produce it, which will give to it its value. Gold and silver are now the recognized medium of exchange the civilized world over, and to this we should return with the least practicable delay. In view of the pledges of the American Congress when our present legal -tender system was adopted and debt contracted, there should be no delay — certainly no unnecessary delay — in fixing, by legislation, a method by which we will return to specie. To the accomplishment of this end I invite your special attention. I believe firmly that there can be no pros- perous and permanent revival of business and industries until a policy is adopted, with legislation to carry it out, looking to a return to a specie basis. It is easy to conceive that the debtor and speculative classes may think it of value to them to make so-called money abundant until they can throw a portion of their burdens upon others. But even these, I believe, would be disappointed in the result if a course should be pursued which will keep in doubt the value of the legal-tender medium of excluaage. A reviv^ of productive industry is needed by all classes; by none more than the holders of property, of whatever sort, with debts to liquidate from realization upon its sale. But, admitting that these two classes of citizens are to be benefited by expansion, would it be honest to give it? Would not the general loss be too great to justify such relief ? Would it not be just as honest and prudent to authorize each debtor to issue his own legal-tenders to the extent of his liabilities? Than to do this would it not be safer — for fear of over issues by unscrupulous creditors — to say that all debt obligations are obliterated in the United States, and now we coui- mence anew, each possessing all he has at the time ftee from incumbrance? These propositions are too absurd to be entertained for a moment by thinking or honest 689 590 people. Yet every delay in preparation for final resumption partakes of this dis- honesty, and is only in degree as the hope is held out that a convenient season will at last arrive for the good work of redeeming our pledges to commence. It will never come, in my opinion, except by positive action by Congress, or by natii)nal disasters which will destroy, for a time at least, the credit of the individual and the state at large. A sound currency might be reached by total bankruptcy and dis- credit of the integrity of the nation and of individuals. I believe it is in the power of Congress at this session to devise such legislation as will renew confidence, revive all the industries, start us on a career of prosperity to last for many years, and to save the credit of the nation and of the people. Steps toward the return to a specie basis are the great requisites to this devoutly to-be-sought-for end. There are oth- ers which I may touch upon hereafter. A nation dealing in a currency below that of specie in value labors under two great disadvantages : First, having no use for the world's acknowledged medium of exchange, gold and silver, these are driven out of the country because there is no need for their use; second,- the medium of exchange in use being of a fluctuating value — for, after all, it is only worth just what it will purchase of gold and silver; metals having an intrinsic value just in proportion to the honest labor it takes to produce them — a larger margin must be allowed for profit by the manufacturer aud producer. It is months from the date of production to the date of realization. Interest upon capital must be charged, and risk of fluctuation in the value of that which is to be received in payment added. Hence, high prices, acting as a protec- tion to the foreign producer, who receives nothing in exchange for the products of his skill aud labor, except a currency good, at a stable value the world over. It seems to me that nothing is clearer than that the greater part of the burden of existing prostration, for the want of a sound financial system, falls upon the work- ingman, who must, after all, produce the wealth, and the salaried man, who super- intends and conducts business. The burden falls upon them in two ways, by the deprivation of employment and by the decreased purchasing power of their sala^ ries. It is the duty of Congress to devise the method of correcting the evils which are acknowledged to exist, and not mine. But I will venture to suggest two or three things wMch seem to me as absolutely necessary to a return to specie payments, the first great requisite in a return to prosperity. The legal-tender clause to the law authorizing the issue of currency by the national Government should be repealed, to take effect as to all contracts entered into after a day fixed in the repealing act; not to apply, however, to payments of salaries by Government, or for other expenditures now provided by law to be paid in currency in the interval pending between repeal and final resumption. Provision should be made by which the Secretary of the Treasury can obtain gold as it may become nec- essary from time to time from the date when specie redemption commences. To this might, and should be, added a revenue sufficiently in excess of expenses to insure an accumulation of gold in the Treasury to sustain permanent redemption. I commend this subject to your careful consideration, believing that a favorable solution is attainable, aud if reached by this Congress that the present and future generations will ever gratefully remember it as their deliverer from a thialdom of evil and disgrace. With resumption, free banking may be authorized with safety, giving the same full protection to bill-holders which they have under existing laws. Indeed, I would regard free banking as essential. It would give proper elasticity to the currency. As more currency should be required for the transaction of legitimate business, new banks would be started, and, in turn, bauks would wind up their business when it was found that there was a superabundance of currency. The experience and judg- ment of the people can best decide just how much currency is required for the trans- action of the business of the country. It is unsafe to leave the settlement of this question to Congress, the Secretary of the Treasury, or the Executive. Congress should make the regulation under which banks may exist, but should not make banking a monopoly by limiting the amount of redeemable paper currency that shall be authorized. Such importance do I attach to this subject, and so earnestly do I commend it to your attention, that I give it prominence by introducing it at the beginning of this message. • » » [Message of Pr;Bsiclent TT. S. Grant.] ExKCUTivB Mansion, December 7, 187B. » • » * « f> « The report of the Secretary of the Treasury also shows a complete history of the ■workings of the Department for the last year, and contains recommendations for reforms and for legislation which I concur in, but can not comment on so fully as I should like to do if space would permit, but will confine my self to a few suggestions 691 which I look upon as vital to the best interests of the whole people — coming within the purview of "Treasury" — I mean specie resumption. Too much stress can not be laid upon this question, and I hope Congress may be induced, at the earliest day prac- ticable, to insure the consummation of the act of the last Congress at its last session, to bring about specie resumption "on and after the 1st of January, 1879," at fur- thest. It would be a great blessing if this could be consummated even at an earlier day. Nothing seems to me more certain than that a full, healthy, and permanent reac- tion can not take place in favor of the industries and iinancial welfare of the coun- try until we return to a measure of vajues recognized throughout the cizilized world. While we use a currency not equivalent to this standard, the world's reco4,nized standard, specie becomes a commodity like the products of the soil, the surplus seeking a market wherever there is a demand for it. Under our present system we should want none, nor would we have any, were it not that customs dues must be paid in coin, and because of the pledge to pay inter- est on the public d«bt in coin. The yield of precious metals would now out for the purchase of foreign productions and leave the United States "hewers of wood and drawers of water" because of wiser legislation on the subject of finance by the nations with whom we have dealings. I am not prepared to say that I can suggest the best legislation to secure the end most heartily recommended. It will be a source of great gratification to me to be able to approve any measure of Congress looking effectively toward securing "resumption." Unlimited inflation would probably bring about specie payments more speedily than any legislation looking to the redemption of the legal tenders in coin. But it would be at the expense of honor. The legal tenders would have no value beyond Battling present liabilities, or, properly speaking, repudiating them. They would buy nothing after debts were all settled. There are a few measures which seem to me important in this connection, and which I commend to your earnest consideration : A repeal of so much of the legal-tender act as makes these notes receivable for debts contracted after a date to be fixed in the act itself, say not later than the 1st of January, 1877. We should then have quotations at real values, not fictitious ones. Gold would no longer be at a premium, but currency at a discount. A healthy reac- tion would set in at once, and with it a desire to make the currency equal to what it purports to be. The merchants, manufacturers, and tradesmen of every calling could do business on a fair margin of profit, the money to be received having an unvarying value. Laborers and all classes who work for stipulated pay or salary would receive more for their income, because extra profits would no longer be charged by the capitalist to compensate for the risk of a downward fluctuation in the value of the currency. Second, that the Secretary of the Treasury be authorized to redeem, say, not to exceed two millions ($2,000,000) dollars monthly of legal-tender notes by issuing in their stead a long bond, bearing interest at the rate of 3'65 per cent per annum, of denominations ranging from $50 up to $1,000 each. This would in time reduce the legal-tender notes to a volume that could be kept afloat without demanding redemp- tion in large sums suddenly. Third, that additional power be given to the Secretary of the Treasury to accu- mulate gold for final redemption, either by increasing revenue, curtailing expenses, or both — it is preferable to do both ; and I recommend that reduction of expendi- tures be made wherever it can be done without impairing Government obligations or crippling the due execution thereof. » * » [Message of President XJ. S. G-rant, December 5, 1876.] * * * It is confidently believed that the balance of trade in favor of the United States will increase, not diminish, and that the pledge of Congress to resume specie payments in 1879 will be easily accomplished, even in the absence of much-desired further legislation on the subject. » • » [Message of President H. B. Hayes.] Washington, D. C, December S, 1877. * # • # « # w Among the other subjects of great and general importance to the people of this country, I can not be mistaken, I think, in regarding as preeminent the policy and measures which are desired to secure the restoration of the currency to that normal and healthful condition m which, by the resumption of specie payments, our internal trade and foreign commerce, may be brought into harmony with the system of exchanges which is based upon the precious metals as the intrinsic money of the 592 world. In the public judgment that this end should he sought and compassed as speedily and securely as the resources of the people and the wisdom of their Govern- ment can accomplish, there is a much greater degree of unanimity than is found to concur in the specific measures which will bring the country to this desired end or the rapidity of the steps by which it can be safely reached. Upon a most anxious and deliberate examination which I have felt it my duty to give to the subject, I am but the more confirmed in the opinion which I expressed in accepting the , nomination for the Presidency, and again upon my inauguration, that the policy of resumption should be pursued by every suitable means, and that no legislation would be wise that should disparage the importance or retard the attainment of that result. I have no disposition, and certainly no right, to question the sincerity or intelligence of opposing opinions, and would neither conceal nor undervalue the considerable difficulties, and even occasional distresses, which may attend the progress of the nation toward this primary con- dition to its general and permanent prosperity. I must, however, adhere to my most earnest conviction that any wavering in purpose or unsteadiness in methods, so far from avoiding or reducing the inconvenience inseparable from the transition from an irredeemable to a redeemable paper currency, would only tend to increased and prolonged disturbance in values, and, unless retrieved, must end in serious dis- order, dishonor, and disaster in the financial affairs of the Government and of the people. The mischiefs which I apprehend and urgently deprecate are confined to no class of people indeed, but seem to me most certainly to threaten the industrious masses, whether their occupations are of skilled or common labor. To them, it seems to me, it is of prime importance that their labor should be compensated in money which is itself fixed in exchangeable value by being irrevocably measured by the labor necessary to its production. This permanent quality of the money of the people is sought for and can only be gained by the resumption of specie payments. The rich, the speculative, the operating, the money-dealing classes may not always feel the mischiefs of, or may find casual profits in, a variable currency, but the misfortunes of such a currency to those who are paid salaries or wages are inevitable and rem- ediless. Closely connected with this general subject of the resumption of specie payments is one of subordinate but still of grave importance. I mean the readjustment of our coinage system by the renewal of the silver dollar as an element in our specie currency, endowed by legislation with the quality of legal tender to a greater or less extent. As there is no doubt of the power of Congress under the Constitution '' to coin money and regulate the value thereof," and as this power covers the whole range of authority applicable to the metal, the rated value, and the legal-tender quality which shall be adopted for the coinage, the considerations which should induce or discourage a particular measure connected with the coinage belong clearly to the province of legislative discretion and of public expediency. Without intruding upon this province of legislation in the least, I have yet thought the subject of such critical importance, in the actual condition of our affairs, as to present an occasion for the exercise of the duty imposed by the Constitution on the President of recom- mending to the consideration of Congress "such measures as he shall judge neces- sary and expedient." Holding the opinion, as I do, that neither the interests of the Government nor of the people of the United States would be promoted by disparaging silver as one of the two precious metals which furnish the coinage of the world, and that legislation which looks to maintaining the volume of intrinsic money to as full a measure of both metals as their relative commercial values will permit would be neither unjust nor inexpedient, I must ask your indulgence to a brief and definite statement of certain essential features in any such legislative measure which I feel it my duty to recommend. I do not propose to enter the debate, represented on both sides by such able dis- putants in Congress and before the people and in the press, as to the extent to which the legisft/tion of any one nation can control this question, even within its own bor- ders, against the unwritten laws of trade or the positive laws of other governments. The wisdom of Congress in shaping any particular law that may be presented for my approval may wholly supersede the necessity of my entering into these consid- erations, and I willingly avoid either vague or intricate inquiries. It is only certain plain and practical traits of such legislation that I desire to recommend to your attention. In any legislation providing for a silver coinage, regulating its value, and impart- ing to it the quality of legal tender, it seems to me of great importance that Congress should not lose sight of its action as operating in a twofold capacity and in two dis- tinct directions. If the United States Government were free from a public debt, its legislativt) dealing with the question of silver coinage would be purely sovereign 593 and governmental, under no restraints but those of constitutional power and the pubhc good as affected by the proposed legislation. But in the actual circumstances of the nation, with a vast public debt distributed very widely among our own citizens, and held in great amounts also abroad, the nature of the silver-coinage measure, as affecting this relation of the Government to the holders of the public debt, becomes an element, in any proposed legislation, of the highest concern. The obligation of the public faith transcends all questions of profit or public advantage otherwise. Its unquestionable maintenance is the dictate as well of the highest expediency as of the most necessary duty, and will ever be carefully guarded by Congress and people alike. The public debt of the United States, to the amount of $729,000,000, bears interest at the rate of 6 per cent, and $708,000,000 at the rate of 5 per cent, and the only way in which the country can be relieved from the payment of these high rates of interest is by advantageously refunding the indebtedness. Whether the debt is ultimately paid in gold or in silver coin is of but little moment compared with the possible reduction of interest one-third by refunding it at such reduced rate. If the United States had the unquestioned right to pay its bonds in silver coin, the little benefit from that process would be greatly overbalanced by the injurious effect of such payment if made or proposed against the honest convictions of the public creditors. All the bonds that have been issued since February 12, 1873, when gold became the only unlimited legal-tender metallic currency of the country, are justly payable in gold coin or in coin of equal value. During the time of these issues the only dollar that could be or was received by the Government in exchange for bonds was the gold dollar. To require the public creditors to take in repayment any dollar of leas commercial value would be regarded by them as a repudiation of the full obli- gation assumed. The bonds issued prior to 1873 were issued at a time when the gold loUar was the only coin in circulation or contemplated by either the Government or the holders of the bonds as the coin in which they were to be paid. It is far better to pay these bonds in that coin than to seem to take advantage of the unforseen fall in silver bullion to pay in a new issue of silver coin thus made so much less valu- able. The power of the United States to coin money and to regulate the value thereof ought never to be exercised for the purpose of enabling the Government to pay its obligations in a coin of less value than that contemplated by the parties when the bonds were issued. Any attempt to pay the national indebtedness in a coinage of less commercial value than the money of the world would involve a vio- lation of the public faith and work irreparable injury to the public credit. It was the great merit of the act of March, 1869, in strengthening the public credit, that it removed all doubt as to the purpose of the United States to pay their bonded debt in coin. That act was accepted as a pledge of public faith. The Government has derived great benefiit from it in the progress thus far made in refunding the pub- lic debt at low rates of interest. An adherence to the wise and just policy of an exact observance of the public faith will enable the Government rapidly to reduce the burden of interest on the national debt to an amount exceeding $20,000,000 per annum, and effect an aggregate saving to the United States of more,than $300,000,000 before the bonds can be fully paid. I respectfully recommend to Congress that in any legislation providing for a silver coinage, and imparting to it the quality of legal tender, there be impressed upon the measure a firm provision exempting the public debt heretofore issued and now out- standing from payment, either of principal or interest, in any coinage of less com- mercial value than the present gold coinage of the country. In adapting the new silver coinage to the ordinary uses of currency in the every- day transactions of life and prescribing the quality of legal tender to be assigned to it, a consideration of the first importance should be so to adjust the ratio between the silver and the gold coioage which now constitutes our specie currency, as to accomplish the desired end of maintaining the circulation of the two metallic cur- rencies, and keeping up the volume of the two precious metals as one intrinsic money. It is a mixed question for scientific reasoning and historical experience to determine how far, and by what methods, a practical equilibrium can be maintained which will keep both metals in circulation in their appropriate spheres of common use. Ai absolute equality of commercial value free from disturbing fluctuations is hardly attainable, and without it an unlimited legal tender for private transactions assigned to both metals would irresistibly tend to drive out of circulation the dearer coinage and disappoint the principal object prosposed by the legislation m view. I apprehend, therefore, that the two conditions of a near approach to equality of com- mercial value between the gold and silver coinage of the same denomination and of a limitation of the amounts for which the silver coinage is to bo a legal tender are essen- tial tomaintainingbotbin circulation. If these conditions can be successfully observed the issue from the mint of silver dollars would afford material assistance to the com- mnnity inthe transition to redeemable paper money, and would facilitate the resiunp- S. Kep. 235 38 594 tion of specie payment and its permanent establishment. Without these conditions I fear that only mischief and misfortune would flow from a coinage of silver dollars ■with the quality of unlimited legal tender, even in private transactions. Any expectation of temporary ease from an issue of silver coinage to pass as a legal tender, at a rate materially above its commercial value, is, I am persuaded, a delu- sion. Nor can I think that there is any substantial distinction between an original issue of silver dollars at a nominal value materially above their commercial value, and the restoration of the silver dollar at a rate which once was, but has ceased to be, its commercial value. Certainly, the issue of our gold coinage, reduced in weight materially below its legal-tender value, would not be any the less a present debase- ment of coinage by reason of its equaling or even exceeding in weight a gold coinage which at some past time had been commercially equal to the legal-tender value assigned to the new issue. In recommending that the regulation of any silver coinage which may be author- ized by Congress should observe these conditions of commercial value and limited legal tender, I am governed by the feeling that every possible increase should be given to the volume of metallic money which can be kept in circulation, and thereby every possible aid afforded to the people in the process of resuming specie payment. It is because of my firm conviction that a disregard of these conditions would frus- trate the good results which are desired from the proposed coinage, and embarrass with new elements of confusion and uncertainty the business of the country, that I urge upon your attention these considerations. * * * [Message of President E. B. Hayes.] ExBCUTivB Mansion, December S, 1878. In accordance with the provisions of the act of February 28, 1878, three commis- sioners were appointed to an international conference on the subject of adopting a common ratio between gold and silver, for the purpose of establishing, internation- ally, the use of bimetallic money, and securing fixity of relative value between those metals. Invitations were addressed to the various governments which had expressed a willingness to participate in its deliberations. The conference held its meetings in Paris in August last. The report of the commissioners, herewith submitted, will show its results. No common ratio between gold and silver could be agreed upon by the conference. The general conclusion was reached that it is necessary to maintain in the world the monetary functions of silver as well as of gold, leaving the selection of the use of one or the other of these two metals, or of both, to be made by each state. The coinage of gold during the last fiscal year was $53,798,980. The coinage of silver dollars, under the act passed February 28, 1878, amounted on the 23d of Novem- ber, 1878, to $19,814,550, of which amount $4,984,947 are in circulation, and the bal- ance, $14,829,603, .is still in the possession of the Government. With views unchanged with regard to the act under which the coinage of silver proceeds, it has been the purpose of the Secretary faithfully to execute the law and to afford a fair trial to the measure. In the present financial condition of the country, I am persuaded that the welfare of legitimate business and industry of every description will be best promoted by abstaining from aU attempts to make radical changes in the existing financial legis- lation. Let it be understood that during the coming year the business of the coun- try will be undisturbed by governmental interference with the laws affecting it, and we may confidently expect that the resumption of specie payments, which will take place at the appointed time, will be successfully and easily maintained, and that it will be followed by a healthful and enduring revival of business prosperity. Let the healing infiuence of time, the inherent energies of our people, and the boundless resources have a fair opportunity and relief from present difficulties will surely follow. [Message of President K. B. Hayes.] Executive Mansion, Deceniber 1, 1879. The most interesting events which have occurred in our public affairs since my last annual message to Congress are connected with the financial operations of the Government directly affecting the business interests of the country. I congratulate Congress on the sucoessful execution of the resumption act. At the time fixed, and 595 in the manner contemplated by law, United States notes began to be redeetaed in coin. Since the Ist of January last they have been promptly redeemed on presenta- tion, and in all business transactions, public and private, in all parts of the country, they are received and paid out as the equivalent of coin. The demand upou the Treasury for gold and silver in exchange for United States notes has been compara- tive small, and the voluntary deposit of coin and bullion in exchange for notes has been very large. The excess of the precious metals deposited or exchanged for United States notes over the amount of the United States notes redeemed is about $40,000,000. The resumption of specie payments has been followed by a very great revival of business. With a currency equivalent in value to the money of the commercial world, we are enabled to enter upon an equal competition with other nations in trade and production. The increasing foreign demand for our manufactures and agricultural products has caused a large balance of trade in our favor, which has been paid in gold, from the Ist of July last to November 15, to the amount of about $59,000,000. Since the resumption of specie payments there has also been a marked and gratifying improvement of the public credit. The bonds of the Government bearing only 4 per cent interest have been sold at or above par, sufficient in amount to pay oft' all of the national debt which was redeemable under present laws. The amount of interest saved annually by the process of refunding the debt since March 1, 1877, is $14,297,177. The bonds sold were largely in small sums, and the number of our citizens now holding the public securities is much greater than ever before. The amount of the national debt which matures within less than two years is $792,121,700, of which $500,000,000 bear intoresc at the rate of 5 per cent, and the balance is in bonds bearing 6 per cent interest. It is believed that this part of the public debt can be refunded by the issue of 4 per cent bonds, and, by the reduction of interest which will thus be effected, about $11,000,000 can be annually saved to the Treasury. To secure this important reduction of interest to be paid by the United States, further legislation is required, which, it is hoped, will be provided by Congress during its present session. The coinage of gold by the mints of the United States during the last fiscal year was $40,986,912. The coin.Tge of silver dollars, since the passage of the act for that purpose, up to November 1, 1879, was $45,000,850, of whicn $12,700,344 have been issued from the Treasury and are now in circulation, and $32,300,506 are still in pos- session of the Government. The pendency of the proposition for unity of action betw een the United States and the principal commercial nations of Europe to eflect a permanent system for the equality of gold and silver in the recognized money of the world, leads me to recom- mend that Congress refrain from new leg'slation on the general subject. The great revival of trade, internal and foreign, will supply during the coming year its own instructions, which may well be awaited before attempting further experimental measures with the coinage. I would, however, strongly urge upon Congress the importance of authorizing the Secretary of the Treasury to suspend the coinage of silver dollars upon the present legal ratio. The market value of the silver dollar being uniformly and largely less than the market value of the gold dollar, it is obviously impracticable to maintain them at par with each other if both are coined without limit. If the cheaper coin is forced into circulation it will, if coined with- out limit, soon become the sole standard of value, and thus defeat the desired object, which is a currency of both gold and silver, which shall be of equivalent value, dollar for dollar, with the universally recognized money of the world. The retirement from circulation of United States notes, with the capacity of legal tender in private contracts, is a step to be taken in our progress towards a safe and stable currency, which should be accepted as the policy and duty of the Govern- ment, and the interest and security of the people. It is my firm conviction that the issue of the legal-tender paper money based wholly upon the authority and credit of the Government, except in extreme emergency, is without warrant in the Constitu- tion and a violation of sound financial principles. The issue of United States notes during the late civil war, with the capacity of legal tender between private individ- uals, was not authorized except as a means of rescuing the country from imminent peril. The circulation of these notes as paper money, for any protracted period of time after the accomplishment of this purpose, was not contemplated by the framers of the law under which they were issued. They anticipated the redemp- tion and withdrawal of these notes at the earliest practicable period consistent with the attainment of the object for which they were provided. [Message of President H. B. Hayes, December 6, 1880.] * # # # =* # # The condition of the financial affairs of the Government, as shown by the report of the Secretary of the Treasury, is very satisfactory. It is believed that the pres- ent financial situation of the United States, whether considered with respect to trade, 596 currency, credit, growing wealth, or the extent and variety of our resonrces, is more favorable than that of any other country of our time, and has never been surpassed by that of any country at any period of its history. All our industries are thriving ; the rate of interest is low j new railroads are being constructed ; a vast immigration is increasing our population, capital, and labor; new enterprises in great number are in progress, and our commercial relations with other countries are improving. # # # # M # # The continuance of specie payments has not been interrupted or endangered since the date of resumption. It has contributed greatly to the revival of business and to our remarkable prosperity. The fears that preceded and accompanied resumption have proved groundless. No considerable amount of United States notes have been presented for redemption, while very large sums of gold bullion, both domestic and imported, are taken to the mints and excnanged for coin or notes. The increase in coin and bullion inthe United States since January 1,1879, is estimated at $227,399,428. There are still in existence, uncanceled, $346,681,016 of Unjted States legal-tender notes. These notes were authorized as a war measure, made necessary by the exi- gencies of the conflict in which the United States was then engaged. The preserva- tion of the nation's existence required, in the judgment of Congress, an issue of legal-tender paper money. That it served well the purpose for which it was created is not questioned, but the employment of the notes as paper money indefinitely, after the accomplishment of the object for which they were provided, was not contem- plated bythe framersofthel^wunderwhichthey wereissued. These noteslong since became, like any other pecuniary obligation of the Government, a debt to be paid, and when paid to be canceled as mere evidence of an indebtedness no longer exist- ing. I therefore repeat what was said in the annual message of last year, that the retirement from circulation of United States notes, with the capacity of legal-tender in private contracts, is a step to be taken in our progress towards a safe and a stable currency which should be accepted as the policy and duty of the Government and the interest and security of the people. At the time of the passage of the act now in force requiring the coinage of silver dollars, fixing their value and giving them legal-tender character, it was believed by many of the supporters of the measure that the silver dollar which it authorized would speedUy become, under the operations of the law, of equivalent value to the gold dollar. There were other supporters of the bill who, while they doubted as to the probability of this result, nevertheless were willing to give the proposed experi- ment a fair trial, with a view to stop the coinage if experience should prove that the silver dollar authorized by the bill continued to be of less commercial value than the standard gold dollar. The coinage of silver dollars, under the act referred to, began in March, 1878, and has been continued as required by the act. The average rate per monthto the pres- ent time has been $2,276,492. The total amount coined prior to the 1st of November last was $72,847,750. Of this amount $47,084,450 remain in the Treasury, and only $25,763,291 are in the hands of the people. A constant effort has been made to keep this currency in circulation, and considerable expense has been necessarily incurred for this purpose, but its return to the Treasury is prompt and sure. Contrary to the confident anticipation of the friends of the measure at the time of its adoption, the value of the silver dollar containing 412-^ grains of silver has not increased. During the year prior to the passage of the bill authorizing its coinage the market value of the silver which it contained was from 90 to 92 cents as compared with the standard gold dollar. During the last year the average market value of the silver dollar has been 88^ cents. It is obvious that the legislation of the last Congress in regard to silver, so far as it was based on an anticipated rise in the value of silver as a result of that legisla- tion, has failed to produce the eifect then predicted. The longer the law remains in force, requiring as it does the coinage of a nominal dollar, which, in reality, is not a dollar, the greater becomes the danger that this country will be forced to accept a single metal as the sole legal standard of value in circulation, and this a standard of less value than it purports to be worth in the recognized money of the world. The Constitution of the United States, sound financial principles, and our best interests all require that the country should have its legal-tender money, both gold and silver coin, of an intrinsic value, as bullion, equivalent to that which, upon its face, it purports to possess. The Constitution, in express terms, recognizes both gold and silver as the only true legal-tender money. To banish either of these metals from our currency is to narrow and limit the circulating medium of exchange to the disparagement of important interests. The United States produces more silver than any other country, and is directly interested in maintaining it as one of the two precious metals which furnish the coinage of the world. It will, in my judgment, contribute to this result if Congress will repeal so much of existing legislation as requires the coinage of silver dollars containing only 412^ grains of silver, and in its 597 stead will authorize the Secretary of the Treasury to coin silver dollars of equivalent value, as bullion, with gold dollarH. This will defraud no man, and will be in accord- ance with familiar precedents. Congress, on several occasions, has altered the ratio of value between gold and silver, in order to establish it more nearly in accordance with the actual ratio ot value between the two metals. In financial legislation every measure in the direction of greater fidelity in the discharge of pecuniary obligations has been found by experience to diminish the rates of interest which debtors are required to pay, and to increase the facility with which money can be obtained for every legitimate purpose. Our own recent finan- cial history shows how surely money becomes abundant whenever confidence in the exactperformauce of moneyed obligations is established. [Message of President Chester A. Arthur.] Washington, JJecemJej", 6, 1881. I approve the recommendation of the Secretary of the Treasury, that provision be made for the early retirement of silver certificates, and that the act requiring their issue be repealed. They were issued in pursuance of the policy of the Government to maintain silver at or near the gold standard, and were accordingly made receiv- able for all castoms, taxes, and public dues. About sixty-six millions of them are now outstanding. They form an unnecessary addition to the paper currency, a suf- ficient amovmt of which may readily be supplied by the national banks. In accordance with the act of February 28, 1878, the Treasury Department has, monthly, caused at least two millions in value of silver bullion to ,be coined into standard silver dollars. One hundred and two millions of these dollars have been already coined, while only aboutthirty-four millions are in circulation. For the reasons which he specifies, I concur in the Secretary's recommendation that the provision for coinage of a fixed amount each month be repealed, and that hereafter only so much be coined as shall be necessary to supply the demand. The Secretary advises that the issue of gold certificates should not for the present be resumed, and snggests that the national banks may properly be forbidden by law to retire their currency except upon reasonable notice of their intention so to do. Such legislation would seem to be justified by the recent action of certain banks on the occasion referred to in the Secretary's report. Of the 15,000,000 of fractional currency still outstanding, only about 80,000 has been redeemed the past year. The suggestion that this amount may properly be dropped from future statements of the public debt seems worthy of approval. [Hessage of President Chester A. Arthnr, December 4, 1882.] « * It # tt # It During the year there have been organized 171 national banks, and of those insti- tutions there are now in operation 2,269, a larger number than ever before. The value of their notes in active circulation on July 1, 1882, was $324,656,458. I commend to your attention the Secretary's views in respect to the likelihood of a serious contraction of this circulation, and to the modes by which that result may, in his judgment, be averted. In respect to the coinage of silver dollars and the retirement of silver certificates, I have seen nothing to alter, but much to confirm, the sentiments to which I gave expression last year. A comparison between therespective amounts of silver-dollar circulation on Novem- ber 1, 1881, and on November 1, 1882, shows a slight increase of a million and a half of dollars. But during the interval there had been in the whole number coined an increase of twenty-six millions. Of the one hundred and twenty-eight millions thus far minted, little more than thirty-flve millions are in circulation, "rhe mass of aocu- nmlated coin has grown so great that the vault room at present available for storage is scarcely sufficient to contain it. It is not apparent why it is desirable to continue this coinage, now so enormously in excess of the public demand. As to the silver certificates, in addition to the grounds which seemed last year to justify their retirement may be mentioned the effect which is likely to ensue from the supply of gold certificates, for whose issuance Congress recently made provision, and which are now in active circulation. 598 [Message of President Chester A. Arthur.^ Washington, December 4, 1S8S. # # » # * * # Immediately associated with the financial subject just discussed is the important question what legislation is needed regarding the national currency. The aggregate amount of bonds now on deposit in the Treasury to support the national bank circulation is about $350,000,000. Nearly $200,000,000 of this amount consists of three per cents, which, as already stated, are payable at the pleasure of the Government and are likely to be called in within less than four years unless meantime the surplus revenues shall be diminished. The probable eifeet of such an extensive retirement of the securities which are the basis of the national-bank circulation would be such a contraction of the volume of the currency as to produce grave commercial embarrassments. How can this danger bo obviated? The most effectual plan, and one whose adoption at the earnest practicable opportunity I shall heartily approve, has already been indicated. If the revenues .of the next four years shall be kept substantially commensurate with the expenses, the volume of circulation will not be likely to suffer any material disturbance. But if, on the other hand, there shall be great delay in reducing taxation, it will become necessary either to substitute some other form of currency in the place of the national-bank notes or to make important changes in the laws by which their circulation is now controlled. In my judgment the latter course is far preferable. I commend to your attention the very interesting and thoughtful suggestions upon this subject which appear in the Secretary's report. The objections which he urges against the acceptance of any other securities than the obligations of the Government itself as a foundation for national-bank circu- lation seem to me insuperable. For averting the threatened contraction two courses have been -suggested, either of which is probably feasible. One is the issuance of new bonds, having many years to run, bearing a low rate of interest, and exchangeable upon specified terms for those now outstanding. The other course, which commends itself to my own judg- ment as the better, is the enactment of a law repealing the tax on circulation and permitting the banks to issue notes for an amount equal to 90 per cent of the market value, instead of as now the face value of their deposited bonds. 1 agree with the Secretary in the belief that the adoption of this plan would afford the necessary relief. The trade dollar was coined for the purpose of traffic in countries where silver passed at its value as ascertained by its weight and fineness. It never had a legal- tender quality. Large numbers of these coins entered, however, into the volume of our currency. By common consent, their circulation in domestic trade has now ceased, and they have thus become a disturbing element. They should not be longer permitted to embarrass our currency system. I recommend that provision be made for their reception by the Treasury and the mints, as bullion, at a small percentage above the current market price of silver of like fineness. [Message of President Chester A. Arthur, December 1, 1884.] I concur with the Secretary of the Treasury in recommending the immediate sus- pension of the coinage of silver dollars and of the issuance of silver certificates. This is a matter to which, in former communications,! have more than once invoked the attention of the National Legislature. ' ' - • It appears that annually lor the past six years there have been coined, in compli- ance with the requirements of the act of February 28, 1878, more than 27,000,000 silver dollars. The number now outstanding is reported by the Secretary to be nearly 185,000,000, whereof but little more than 40,000,000, or less than 22 per cent, are in actual circulation. The mere existence of this fact seems to me to furnish. of itself a cogent argument for the repeal of the statute which has made such a fact possible. But there are other aud graver considerations that tend in the same direction. The Secretary avows his conviction that unless this coinage and the issuance of silver certificates be suspended silver is likely at no distant day to become our sole metallic standard. The commercial disturbance and the impairment of national credit that would be thus occasioned can scarcely be overestimated. I hope that the Secretary's suggestions respecting the withdrawal from circulation of the one-dollar and two-dollar notes will receive your approval. It is likely that 599 a considerable portion of the silver now encumbering the vaults of the Treasury might thus find its way into the currency. While trade-dollars have ceased, for the present at least, to be an element of active, disturbance in our currency system, some provision should be made for their sur- render to the Government. In view of the circumstances under which they were coined and of the fact thattliey have never had a legal-tender quality, there should be offered for them only a slight advance over their bullion value. The Secretary, in the course of his report, considers the propriety of beautifying the designs of our subsidiary silver coins and of so increasing their weight that they may bear their due ratio of value to the standard dollar. His conclusions in this regard are cordially approved. * * * ^ # * if The three per cent bonds of the Government to the amount of more than $100,000,000 have, since my last annual message, been redeemed by the Treasury. The bonds of that issue still outstanding amount to little over $200,000,000, alJout one-fourth of which will be retired through the operations of the sinking fund during the coming year. As those bonds still constitute the chief basis for the circulation of the national banks, the question how to avert the contraction of the currency, caused by their retirement, is one of constwitly increasing importance. It seems to be generally conceded that the law governing this matter exacts from the banks excessive security, and that, upon their present bond deposits, a larger circulation than is now allowed may be granted with safety. I hope that the bill which passed the Senate at the last session, permitting the issue of notes equal to the face value of the deposited bonds, will commend itself to the approval of the House of Representatives. # # * i' # ^ # The countries of the American continent and the adjacent islands are for the United States the natural marts of supply and demand. It is from them that we should obtain what we do not produce or do not produce in mifSciency, and it is to them that the surplus productions of our fields, our mills, and our workshops should flow, under conditions that will equalize or favor them in comparison with foreign compe- tition. Four paths of policy seem to point to this end. Fourthly, the establishment of an uniform currency basis for the countries of America, so that the coined products of our mines may circulate on equal terms throughout the whole system of commonwealths. This would require a monetary union of America, whereby the output of the bullion-producing countries and the circulation of those which yield neither gold nor silver could be adjusted in con- formity with the population, wealth, and commercial needs of each. As many of the countries furnish no bullion to the common stock, the surplus production of our mines and mints might thus be utilized and a step taken toward the general remone- tization of silver. [Message of President Grover Cleveland, December 8, 1885.] During the year ended November 1, 1885, 145 national banks were organized, with an aggregate capital of $16,938,000, and circulating notes have been issued to them amounting to $4,274,910. The whole number of these banks in existence on the day above mentioned was 2,727. The very limited amount of circulating notes issued by our national banks com- pared wjth the amouut the law permits them to issue, upon a deposit of bonds for their redemption, indicates that the volume of our circulating medium may be largely increased through this instrumentality. Nothing more important than the present condition of our currency and coinage can claim your attention. Since February, 1878, the Governmeiit has, under the compulsory provisions of law, purchased silver bullion and coined the same at the rate of more than 2,000,000 of dollars every month. By this process up to the present date 215,759,4.31 silver dollars have been coined. A reasonable appreciation of a delegation of power to the General Government wouldlimit its exercise, without express restrictive words, to the people's needs and the requirements of the public welfare. Upon this theory the authority to "coin money" given to Congress by the Consti- tution, if it permits the purchase by the Government of bullion for coinage in any event, does not justify such purchase and coinage to an extent beyond the amount needed for a sufficient circulating medium. 600 The desire to utilize the silver product of the country should not lead to a misuse or the perversion of this power. The necessity for such an addition to the silver currency of the nation as is com- pelled hy the silver-coinage act is negatived by the fact that up to the present time only about 50,000,000 of the silver dollars so coined have actually found their way into circulation, leaving more than 165,000,000 in the possession of the Government, the custody of which has entailed a considerable expense for the construction of vaults for its deposit. Against this latter amount there are outstanding silver cer- tificates amounting to about $93,000,000. Every month two millions of gold in the public Treasury are paid out for two millions or more of silver dollars, to be added to the idle mass already accumulated. If continued long enough, this operation will result in the substitution of silver for all the gold the Government owns applicable to its general purposes. It will not do to rely upon the customs receipts of the Government to make good this drain of gold, because the 'silver thus coined having been made legal tender for all debts and dues, public and private, at times during the last six months 58 per cent of the receipts for duties has been in silver or silver certificates, while the average within that period has been 20 per cent. The proportion of silver and its certificates received by the Government will probably increase a# time goes on, for the reason that the nearer the period approaches when it will be obliged to offer silver in payment of its obligations the greater inducement there will be to hoard gold against depre- ciation in the value of silver or for the purpose of speculating. This hoarding of gold has already begun. When the time comes that gold has been withdrawn from circulation, then will be apparent the diiference between the real value of the silver doUar and a dollar in gold, and the two coins will part company. Gold, still the standard of value, and necessary in our dealings with other countries, will be at a premium over silver; banks which have substituted gold for the deposits of their customers may pay them with silver bought with such gold, thus making a handsome profit: rich si)eculators will sell their hoarded gold to their neighbors who need it to liquidate their foreign debts, at a ruinous premium over silver, and the laboring men and women of the land, most defenseless of all, will find that the dollar received for the wage of their toil has sadly shrunk in its purchasing power. It may be said that the latter result will be but temporary, and that ultimately the price of labor will be adjusted, to the change; but even if this takes place the wage worker can not possibly gain, but must inevitably lose, since the price he is compelled to pay for his living will not only be measured in a coin heavily depreciated and fluctuating and uncertain in its value, but this uncertainty in the value of the purchasing medium will be made the pretext for an advance in prices beyond that justified by actual deprecia- tion. . The words uttered in 1834 by Daniel Webster in the Senate of the United States are true to-day : "The very man of all others who has the deepest interest in a sound currency, and who suifers most by mischievous legislation in money matters, is the man who earns his daily bread by his daily toil." The most distinguished advocate of bimetalism, discussing our silver coinage, has lately written : "No American citizen's hand has yet felt the sensation of cheapness, either in receiving or expending the silver-act dollars." And those who live by labor or legitimate trade never will feel that sensation of cheapness. However plenty silver dollars may become, they will not be distributed as gifts among the people; and if the laboring man should receive four depreciated dollars where he now receives but two, he will pay in the depreciated coin more than double the price he now pays for all the necessaries and comforts of life. Those who do not fear any disastrous consequence arising from the continued com- pulsory coinage of silver as now directed by law, and who suppose that the addition to the currency of the country intended as its result, will be a public benefit, and reminded that history demonstrates that the point is easily reached in the attempt to float at the same time two sorts of money of different excellence, when the better will cease to be in general circulation. T.h? hoarding of gold, which has already taken place, indicates that we shall not escape the usual experience in such cases. So if this silver coinage be continued we may reasonably expect that gold and its equivalent will abandon the field of circulation to silver alone. This, of course, must produce a severe contraction of our circulating medium, instead of adding to it. It will not be disputed that any attempt on the part of the Government to cause the circulation of silver dollars worth eighty cents, side by side with gold dollars worth one hundred cents, even within the limit that legislation does not run counter to the laws of trade, to be successful must be seconded by the confidence of the peo- ple that both coins will retain the same purchasing power and be interchangeable at will. A special effort has been made by the Secretary of the Treasury to increase the amount of our silver coin in oirculatiou ; but the fact that a large share of the limited 601 amount thus put out has soon returned to the puWic Treasury in payment of duties, leads to the belief that the people do not now desire to keep it iu hand; and this, with the evident disposition to hoard gold, gives rise to the suspicion that there already exists a lack of confidence among the people touching our financial processes. There is certainly not enough silver now in circulation to cause uneasiness; and the whole amount coined and now on hand might, after a time, be- absorbed by the peo- ple without apprehension; but it is the ceaseless stream that threatens to overflow the land which causes fear and uncertainty. What has been thus far submitted upon this subject relates almost entirely to con- siderations of a home nature, unconnected with the bearing which the policies of other nations have upon the question. But it is perfectly apparent that a line of action in regard to our currency can not wisely be settled upon or persisted in, with- out considering the attitude on the subject of other countries with whom we main- tain intercourse through commerce, trade, and travel. An acknowledgment of this fact is found in the act by virtue of which our silver is compulsorily coined. It pro- vides that "the President shall invite the governments of the countries composing the Latin Union, so called, and of such other European nations as he may deem advisable, to join the United States in a conference to adopt a common ratio between gold and silver for the purpose of establishing internationally the use of bimetallic money and securing fixity of relative value between these metals." This conference absolutely failed, and a similar fate has awaited all subsequent efforts in the same direction. And still we continue our coinage of silver at a ratio dififerent from that of any other nation. The most vital part of the silver-coinage act remains inoperative and unexecuted, and without any ally or friend, we battle upon the silver field in an illogical and losing contest; To give full eifect to the design of Congress on this subject I have made careful and earnest endeavor since the adjournment of the last Congress. To this end I delegated a gentleman well instructed in fiscal science, to proceed to the financial centers in Europe, and, in conjunction to our ministers to England, France, and Germany, to obtain a full knowledge of the attitude and intent of those governments in respect of the establishment of such an international ratio as would procure free coinage of both metals at the mints of those countries and our own. By my direction our consul-general at Paris has given close attention to the proceedings of the congress of the Latin Union, in order to indicate our interest in its objects and report its action. It may be said, in brief, as the result of these efforts, that the attitude of the lead- ing powers remains substantially unchanged since the monetary conference in 1881, nor is it to be questioned that the views of these governments are in each instance sup- ported by the weight of public opinion. The steps thus taken have therefore only more fully demonstrated the uselessness of further attempts at present, to arrive at any agreement on the subject with other nations. In the meantime we are accumulating silver coin, based upon our own peculiar ratio, to such an extent, and assuming so heavy a burden to be provided for in any international negotiations, as will render us an undesirable party to any future mon- etary conference of nations. It is a significant fact that four of the five countries composing the Latin Union mentioned in our coinage act, embarrassed with their silver currency, have just completed an agreement among themselves, that no more silver shall be coined by their respective governments, and that such as has been already coined and in circu- lation shall be redeemed in gold by the country of its coinage. The resort to this expedient by these countries may well arrest the attention of those who suppose that we can succeed without thobk or injury in the attempt to circulate upon its merits all the silver we may coin under the provisions of our silver-coinage act. The condition in which our Treasury may beplacedbya persistence in our present course, is a matter of concern to every patriotic citizen who does not desire \his Gov- ernment to pay in silver such of itsobligations as should be paid ingold. Norshould our condition be such as to oblige us, in a prudent management of obr aifairs, to discontinue the calling in and payment of interest-bearing obligations, which we have the right now to discharge and thus avoid the payment of further interest thereon. The so-called debtor class, for whose benefit the continued compulsory coinage of silver is insisted upon, are not dishonest because they are in debt; and they should not be suspected of a desire to jeopardize the financial safety of the country, in order that they may cancel their present debts by paying the same in depreciated dollars. Nor should it be forgotten that it is not the rich nor the money-lender alone that must submit to such a readjustment, enforced by the Government and their debtors. The pittance of the widow and the orphan and the incomes of helpless beneficiaries of all kinds would be disastrously reduced. The depositors in savings banks and in other institutions which hold in trust the savings of the poor, when their little 602 accumulations are scaled down to meet the new order of things, would, in their dis- tress, painfully reaUze the delusion of the promise made to them that plentiful money would improve their condition. We have now on hand all the silver dollars necessary to supply the present needs of the people and to satisfy those who from sentiment wish to see them in circula- tion; and if their coinage is suspended they can bo readily obtained by all who desire them. If the need of more is at any time apparent their coinage may be renewed. That disaster has not already overtaken us furnishes no proof that danger does not wait upon a continuation of the present silver coinage. We have been saved by the most careful management and unusual expedients, by a combination of fortunate conditions, andby a confident expectation tbatthe courseof the Government in regard to silver coinage would be speedily changed by the action of Congress. Prosperity hesitates upon our threshold because of the dangers and uncertainties surrounding this question. Capital timidly shrinks from trade, and investors are unwilling to take the chance of the questionable shape in which their money will be returned to them, while enterprise halts at a risk against which eare and saga- cious management do not protect. As a necessary consequence labor lacks employment, and suffering and distress are visited upon a portion of our fellow-citizens especially entitled to the careful con- sideration of those charged with the duties of legislation. No interest appeals to uB'so strongly for a safe and stable currency as the vast army of the unemployed. I recommend the suspension of the compulsory coinage of silver dollars, directed by the law passed in February, 1878. {Message of President G-rover Cleveland, December 3, 1888.] At the close of the fiscal year ended June 30, 1887, there had been coined under the compulsory-silver-coinage act $266,988,280 in silver dollars, $55,504,310 of which were in the hands of the people. On the 30th day of June, 1888, there had been coined $299,708,790; and of this $55,829,303 was in circulation in coin, and $200,387,376 in silver certificates, for the redemption of which silver dollars to that amount were held by the Government. On the 30th day of November, 1888, $312,570,990 had been coined, $60,970,990 of the silver dollars were actually in circulation, and $237,418,346 in certificates. The Secretary recommends the suspension of the further coinage of silver, and in such recommendation I earnestly concur. For further valuable information and timely recommendations I ask the careful attention of Congress to the Secretary's report. [Message of President Benjamin Harrison, December 3, 1889.] A table presented by the Secretary of the Treasury, showing the amount of money of all kinds in circulation each year from 1878 to the present time, is of interest. It appears that the amount of national-bank notes in circulation has decreased during that period $114,109,729, of which $37,799,229 is chargeable to the last year. The withdrawal of bank circulation will necessarily continue under existing conditions. It is probable that the adoption of the suggestions made by the Comptroller of the Currency, viz, that the minimum deposit of bonds for the establishment of banks be reduced, and that an issue of notes to the par value of the bonds be allowed, would help to maintain the bank circulation. But, while this withdrawal of bank notes haa been going on, there has been a large increase in the amount of gold and silver coin in circulation and in the issues of gold and silver certificates. The total amount of money of all kinds in circulation on March 1, 1878, was $805,793,807, while on October 1, 1889, the total was $1,405,018,000. There was an increase of $293,417,552 in gold cpin, of $57,554,100 in standard silver dollars, of $72,311,249 in gold certificates, of $276,619,715 in silver certificates, and of $14,073,- 787 in United States notes, making a total of $713,976,403. There was during the same period a decrease of $114,109,729 in bank circulation, and of $642,481 in sub- sidiary silver. The net increase was $599,224,193. The circulation per capita has increased about five dollars during the time covered by the table referred to. The total coinage of silver dollars was, on November 1, 1889, $343,638,001, of which $283,539,521 were in the Treasury vaults and $60,098,480 were in circulation. Of 603 the amount in the vaults, $277,319,944 were represented by outstanding silver cer- tificates, leaving $6,219,577 not fc circulation and not represented by certificates. Tlie la-w requiring the purchase, by the Treasury, of two million dollars' worth of silver bullion each month, to be coined into silver dollars of four hundred and twelve and one-half grains, has been observed by the Department; but neither the fresent Secretary Hor any of his predecessors has deemed it safe to exercise the discretion given by law to increase the monthly purchases to four million dollars. When the law was enacted (February 28, 1878) the price of silver in the market was $1.20/^r per ounce, making the bullion value of the dollar 93 cents. Since that time the price has fallen as low as 91.2 cents per ounce, reducing the bullion value of the dollar to 70.6 cents. Within the last few months the market price has somewhat advanced, and on the 1st day of November last the bullion value of the silver dollar was 72 cents. The evil anticipations which have accompanied the coinage and use of the silver dollar have not been realized. As a coin it has not had general use, and the public Treasury has been compelled to store it. But this is manifestly owing to the fact that its paper representative is more convenient. The general acceptance and use of the silver ceititicate show that silver has not been otherwise discredited. Some favorable conditions have contributed to maintain this practical equality, in their commercial use, between the gold and silver dollars. But some of these are trade conditions that statutory enactments do not control and of the continuance of which we cannot be certain. I think it is clear that if we should make the coinage of silver at the present ratio free, we must expect that the difference in the bullion values of the gold and silver dollars will be taken account of in commercial transactions, and I fear the 6ame result would follow any considerable increase of the present rate of coinage. Such a result would be discreditable to our financial management and disastrous to all business interests. We should not tread the dangerous edge of such a peril. And, indeed, nothing more harmful could happen to the silver interests. Any safe •legislation upon this subject must secure the equality of the two coins in their com- mercial uses. I have always been an advocate of the use of silver in our currency. We are large producers of that metal, and should not discredit it. To the plan which will be presented by the Secretary of the Treasury for the issuance of notes or certifi- cates upon the deposit of silver bullion at its market value, 1 have been able to give only a hasty examination, owing to the press of other matters and to the fact that it has been so recently formulated. The details of such a law require careful consid- eration, but the general plan suggested by him seems to satisfy the purpose — to con- tinue the use of silver in connection with our currency, and at the same time to obviate the danger of which I have spoken. At a later day I may communicate further with Congress upon this subject. [Message of President Benjamin Harrison, December 1, 1890.] The act "directing the purchase of silver bullion and the issue of Treasury notes thereon," approved July 14, 1890, has been administered by the Secretary of the Treasury with an earnest purpose to get into circulation at the earliest possible dates the full monthly amounts of Treasury notes contemplated by its provisions and at the same time to give to the market for silver bullion such support as the law contemplates. The recent depreciation in the price of silver has been observed with regret. The rapid rise in price which anticipated and followed the passage of the act was influenced in some degree by speculation, and the recent reaction is in part the result of the same cause and in part of the recent monetary disturbances. Some months of further trial will be necessary to determine the permanent effect of the recent legislation upon silver values, but it is gratifying to know that the increased circulation secured by the act has exerted and will continue to exert a most beneficial influence upon business and upon general values. WhUe it has not been thought best to renew formally the suggestion of an inter- national conference looking to an agreement touching the full use of silver for coin- age at a uniform ratio, care has been taken to observe closely any chaiige in the situation abroad, and no favorable opportunity will be lost to promote a result which it is confidently believed would confer very large benefits upon the commerce of the world. The recent monetary disturbances in England are not unlikely to sugges a reex- amination of opinions upon this subject. Our very large supply of gold will, if not lost by impulsive legislation in the supposed interest of silver, give us a position of advantagein promoting a permanent and safe international agreement for the free use of silver as a coin metal. The efforts of the Secretary to increase the volume of money in circulation by 604 keeping down the Treasury surplus to the lowest practicable limit have been unre- mitting and in a very high degree successful. The tables presented by him, show- ing the increase of money in oirdulation during the last two decades, and especially the table showing the increase during the nineteen months he has administered the affairs of the Department, are interesting and instructive. The increase of money in circulation during the nineteen months has been in the aggregate $93,866,813, or about $1.5Q per capita, and of this increase only $7,100,000 was due to the recent silver legislation. That this substantial and needed aid given to commerce resulted in an enormous reduction of the public debt and of the annual interest charge is matter of increased satisfaction. There have been purchased and redeemed since Mai'ch 4, 1889, 4 and 4J per cent bonds to the amount of $211,832,-450, at a cost of $246,620,741, resulting in the reduction of the annual interest charge of $8,967,609 and a total saving of interest of $51,576,706. [Message of President Benj. Harrison, December 9, 1891.] Under the law of July 14, 1890, uhe Secretary of the Treasury has purchased (since August 13) during the fiscal year 48,393,113 ouuces of silver bullion at an average cost of $1,045 per ounce. The highest price paid during the year was $1.2025, and the lowest, $0.9636. In exchange for this silver bullion there have been issued $50,577,498 of the Treasury notes authorized by the act. The lowest price of silver reached during the fiscal year was $0.9636 on April 22, 1891; but on November 1 the market price was only $0.96, which would give to the silver dollar a buUion value of 743t cents. Before the influence of the prospective silver legislation was felt in the market silver was worth in New York about 0.955 per ounce. The ablest advocates of ftee coinage in the last Congress were most confident in their predictions that the pur- chases by the Government required by law would at once bring the price of silver to 1.2929 perounce, which would make the bullion value of a dollar 100 cents and hold it there. The prophesies of the anti-silver men of disasters to result ftom the coinage of $2,000,000 per month were not wider of the mark. The friends of free silver are not agreed, I think, as to the causes that brought their hopeful predictions to nauglit. Some facts are known. The exports of silver from London to India during the first nine months of this calendar year fell oif over 50 per cent, or $17,202,730, compared with the same months of the preceding year. The exports of domestic silver bullion from this country, which had averaged for the last ten years over $17,000,000, fell in the last fiscal year to $13,797,391; while, for the first time in recent years, the imports of silver into this country exceeded theexports by the sum of $2, 745,365. In the previous year the net exports of silver from the United States amounted to $8,545,455. The production of the United States increased from 50,000,000 ounces in 1889 to 54,500,000 in 1890. The Government is now buying and pntting aside annually 54,000,000, which, allowing for 7,140,000 ounces of new bullion used in the arts, is 6,640,000 more than our domestic product available for coinage. i I hope the depression in the price of silver is temporary and that a further trial of this legislation will more favorably affect it. That the increased volume of currency thus supplied for the use of the people was needed and that beneficial results upon trade and prices have followed this legislation I think must be very clear to every- one ; nor should it be forgotten that for every dollar of these notes issued a full dol- lar's worth of silver bullion is at the time deposited in the Treasury as a security for its redemption. Upon this subject, as upon the tariff, my recommendation is that the existing laws be given a full trial and that our business interests be spared the distressing influence which threats of radical changes always impart. Under exist- ing legislation it is in the power of the Treasury Department to maintain that essen- tial condition of national finance as well as of commercial prosperity — the parity in use of the coin dollars and their paper representatives. The assurance that these powers would be freely and unhesitatingly used has done much to produce and sus- tain the present favorable business conditions. I am still of the opinion that the free coinage of silver under existing conditions would disastrously affect our business interests at home and abroad. We could not hope to maintain an equality in the purchasing power of the gold and silver dollar in our own uuirkets, and in foreign trade the stamp gives no added value to the bul- lion contained in coins. The producers of the country, its farmers and laborers, have the highest interest that every dollar, paper or coin, issued by the Government shall be as good as any other. If there is one less valuable than another its sure and constant errand will be to pay them for their toil and for their crops. The money-lender will protect himself by stipulating for payment in gold, but the laborer has never been able to do that. To place business upon a silver basis would mean a sudden and severe contraction of the currency, by the withdrawal of gold and gold notes, and such an unsettling of all values as would produce a commercial 605 panic. I can not believe that a people so strong and prosperous as onrs will promote Buch a policy. The producers of silver are entitled to just consideration, but they should not for- get that the Government is now buying and putting out of the market what is the equivalent of the entire product of our silver mines. This is more than they them- selves thought of asking two years ago. I believe it is the earnest desire of a great majority of the people, as it is mine, that a full coin use shall be made of silver just as soon as the cooperation of other nations can be secured and a ratio fixed that will give circulation equally to gold and silver. The business of the world requires the use of both metals ; but I do not see any prospect of gain, but much of loss, by giving up the present system, in which a full use is made of gold and a large use of silver, for one in which silver alone will circulate. Such an event would be at once fatal to the further progress of the silver movement. Bimetallism is the desired end, and the true friends of silver will be careful not to overrun the goal and bring in silver monometallism, with its necessary attendants, the loss of our gold to Europe and the relief of the pressure there for a larger currency. I have endeavored by the use of official and unofficial agencies to keep a close observation of the state of pubUc sentiment ia Europe upon this question, and have not found it to be such as to justify me in proposing an international conference. There is, however, I am sure, a growing sentiment in Europe in favor of a larger use of silver, and I know of no more effectual way of promoting this sentiment than by accumulating gold here. A scarcity of gold in European reserves will be the most persuasive argument for the use of silver. The exports of gold to Europe, which began in February last and continued until the close of July, aggregated over $70,000,000. The net loss of gold during thefiscal year was nearly $68,000,000. That no serious monetary disturbance resulted was most gratifying, and gave to Europe fresh evidence of the strength and stability of our financial institutions. With the movement of crops the outflow of gold was speedily stopped, and a return set in. Up to December 1 we had recovered of our gold loss at the port of New York $27,854,000, and it is confidently believed that dar- ing the winter and spring this aggregate will be steadily and largely increased. The presence of a large cash surplus in the Treasury has for many years been the subject of much unfavorable criticism, and has furnished an argument to those who have desired to place the tariff upon a purely revenue basis. It was agreed by all that the withdrawal from circulation of so large an amount of money was an embar- raesmfnt to the business of the country, and made necessary the intervention of the Department at frequent intervals to relieve threatened monetary panics. The sur- plus on March 1, 1889, was $183,827,190.29. The policy of applying this surplus to the redemption of the interest-bearing securities of the United States was thought to be preferable to that of depositing it without interest in selected national banks. There have been redeetped since the date last mention ed of interest-bearing securities $259,079,350, resulting in a reduction of the annual interest charge of $11,684,675. The money which has been deposited in banks without interest has been gradually withdrawn and used in the redemption of bonds. The result of this policy, of the silver legislation, and of the refunding of the 4J- per cent bonds has been a large increase of the money in circulation. At the date last named the circulation was $1,404,205,896, or $23.03 per capita; while. on the 1st day of December, 1891,'it had increased to $1,577,262,070, or $24.38 per capita. The offer of the Secretary of the Treasury to the holders of the 4^ per cent bonds to extend the time of redemption, at the option of the Government, at an interest of 2 per cent, was accepted by the holders of about one-half the amount, and the unex- tended bonds are being redeemed on presentation. [Message of President Beqjamin HarriBon, December 6, 1802.] The public confidence in the purpose and ability of the Government to maintain the parity of all of our money issues, whether coin or paper, must remain unshaken. The demand for gold in Europe and the consequent calls upon us are in a consider- able degree the result of the efforts of some of the European governments to increase their gold reserves, and these efforts should be met by appropriate legislation on our part. The conditions that have created this drain of the Treasury gold are in an important degree political and not commercial. In view of the fact that a general revision of our revenue laws in the near future seems to be probable, it would be better that any changes should be a part of that revision rather than of a temporary nature. During the last fiscal year the Secretary purchased under the act of July 14, 1890, 54,355,748 ounces of silver, and issued in payment therefor $51,106,608 in notes. The 606 total jiurchases since the paesago of the act have been 120,479,981 ounces, and the aggregat e o f notes issued $116,783,590. The average price paid for silver during the year was 94 cents per ounce, the highest price being $1.02f , July 1, 1891, and the lowest 83 cents, March 21, 1892. In view of the fact that the monetary cbnferfenco is now sitting and that no conclusion has yet been reached, I withhold any recom- mendation as to legislation upon this subject. The Congress has been already advised that the invitations of this Government for the assembling of an International Monetary Conference to consider the question of an enlarged use of silver were accepted by the nations to which they were addressed. The conference assembled at Brussels on the 22d of November and has entered upon the consideration of this great question. I have not doubted, and have taken occasion to express that belief, as well in the invitations issued for this conference as in my public messages, that the free coinage of silver upon an agreed interna- tional ratio would greatly promote the interests of our people and equally those of other nations. It is too early to predict what results may be accomplished by the conference. If any temporary check or delay intervenes, I believe that very soon commercial conditions will compel the now reluctant governments to unite with us in this movement to secure the enlargement of the volume of coined money needed for the transaction of the business of the world. [Message of President Grover Cleveland, December, 1893.] On the 1st day of November, 1893, the amount of money of all kinds in circula- tion, or not included in Treasury holdings, was $1,718,544,682, an increase for the year of $112,404,947. Estimating our population at 67,426,000 at the time men- tioned the per capita circulation was $25.49. On the same date there was in the Treasury gold bullion amounting to $96,657,273 and silver bullion which was pur- chased at a cost of $126,261,553. The purchases of silver under the law of July 14, 1890, during the last fiscal year aggregated 54,008,162.59 fine ounces, which cost $45,531,374.53. The total amount of silver purchased from the time that law became operative until the repeal of its purchasing clause, on the 1st day of November, 1893, was 168,674,590.46 fine ounces, which cost $155,930,940.84. Between the 1st day of March, 1873, and the Ist day of November, 1893, the Government purchased under all laws 503,003,717 fine ounces of silver, at a cost of $516,622,948. The silver dollars that have been coined under the act of July 14, 1890, number 36,087,285. The seigniorage arising from such coin- age was $6,977,098.39, leaving on hand in the mints 140,699,760 fine ounces of silver, which cost $126,758,218. Our total coinage of all metals during the last fiscal year consisted of 97,280,875 pieces valued at $43,685,178.80, of which there was $30,038,140 in gold coin, $5,343,715 in silver dollars, $7,217,220.90 in subsidiary silver coin, and $1,086,102.90 in minor coins. During the calendar year 1892 the production of preciouS metals in the United States was estimated to be 1,596,375 fine ounces of gold of the commercial and coin- age value of $33,000,000, and 58,000,000 tine ounces of silver of the bullion or market value of $50,750,000, and of the coinage value of $74,989,900. It is estimated that on the 1st day of July, 1893, the metallic stock of money in "the United States, consisting of coin and bullion, amounted to $1,213,559,169, of which $597,697,685 was gold, and $615,861,484 was silver. One hundred and nineteen national banks were organized during the year ending October 31, 1893, with a capital of $11,230,000. P'orty-six went into voluntary liquidation and 158 suspended. Sixty-five of the suspended banks were insolvent, 86 resumed business, and 7 remain in the hands of bank examiners, with prospects of speedy resumption. Of the new banks organized 44 were located in the Eastern States, 41 west of the Mississippi River, and 34 in the Central and Southern States. The total number of national banks in existence on the 31st day of October, 1893, was 3,796, having an aggregate capital of $695,558,120. The net increase in the circulation of these banks during the year was $36,886,972. The recent repeal of the provision of law requiring the purchase of silver bullion by the Government as a feature of our monetary scheme has made an entire change in the complexion of our currency affairs. I do not doubt that the ultimate result of this action will be most salutary and far-reaching. In the nature of things, however, it is impossible to know at this time precisely what conditions will be brought about by the change, or what, if any, supplementary legislation may, in the light of such conditions, appear to be essential or expedient. Of course, after 607' the recent financial pertnrbation, time is noceasary for the reestahlishment of busi- ness confidence. When, however, through this restored confidence the money which has been frightened into hoarding places is returned to trade and enterprise, a survey of the situation will probably disclose a safe path leading to a permanently sound currency abundantly sufficient to meet every requirement of our increasing population and business. In the pursuit of this object we should resolutely turn away from alluring and tem- porary expedients, determined to be content with nothing less than a lasting and coraprehensive financial plan. In these circumstances 1 am convinced that a reason- able delay in dealing with this subject instead of being injurious, will increase the probability of wise action. The Monetary Conference which assembled at Brussels upon our invitation was adjourned to the 30th day of November in the present year. The considerations just stated and the fact that a definite proposition from us seemed to be expected upon the reassembling of the conference, led me to exprshs a willingness to have the meeting still further postponed. It seems to me that it would be wise to give general authority to the President to invite other nations to such a conference at any time when there shall be a fair pros- pect of accomplishing an international agreement on the subject of coinage. EXTRACTS FROM ANNUAL REPORTS OF SECRETARIES OF THE • TREASURY, 1874 TO 1893, INCLUSIVE. 609 S. Eep. 235 39 EXTRACTS FROM ANNUAL REPORTS OF SECRETARIES OF THE TREASURY, 1874 TO 1893, INCLUSIVE. [Eeport of the Secretary of the Treasury, December 7, 1874.] RESUMPTION OF SPBCIE PAYMENT. So much has been spoten and written within the last decade, and especially at the last session of Congress, on the financial questions relating to and growing out of our currency system, that further extended discussion of the subject at this time would scarcely seem to be necessary. The opinions entertained and expressed by public men and communities of people, as well as the sense of Congress as heretofore indicated by the votes of the two Houses, must be accepted as one of the factors of the financial problem. Nevertheless the great and paramount importance of arriv- ing at an ultimate solution of the matter, and of restoring to the Government and the people a sound and stable currency, induces the Secretary to bring the subject again to the attention of Congress, and to ask that decisive steps be now taken by the law-making power for return to a specie basis. To attempt an enumeration of the complicated mischiefs which flow from an unstable or inconvertible currency would carry this report to inexcusable length, and, after all, would be but a repetition of what has been often said. No nation can long neglect the wholesome maxims, founded upon universal experience, that uphold public credit without suffering financial disturbances and bringing serious consequences upon its people. It will not be denied that the existing issue of legal- tender notes, as a circulating medium, wouldnever have been madeexcept in the great emergency of a war involving no leas an issue than the preservation of a nation. Whether the argument in support of the validity of the legal-tender acts be rested upon the war powers conferred on the Government by the Constitution or on other provisions of that instrument, it is clear that Congress could not have been induced to pass such acts under any other circumstances than in a time of the most pressing and urgent need, such as a state of war only produces. The most earnest defenders of the power to issue Government obligations and make them by law legal tender for all debts, public and private, would scarcely be found to advocate the exercise of the power except under circumstances of extreme necessity, and then only for the time of the emergency : and there is abundant evidence in the debates and proceedings of Congress, and in the statutes themselves, that it was not intended to make the legal-tender notes the permanent currency of the country. The acts authorizing the issue of such notes provided for their conversion into bonds of the United States bearing interest at the rate of 6 per centum per annum. The act of March 18, 1869, in terms declares that " the faith of the United States is solemnly pledged to the payment in coin or its equivalent of all obligations of the United States not bearing int^est, known as United States notes." The same act further affirms that " the United States solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin." The purpose of the act is well expressed in its title, which declares it to be " An act to strengthen the public credit;" and that such was the efiect of the act can not be doubted, for it is an unconditional assurance on the part of the Government, not only that its notes shall be paid in coin, but that this shall be done at the earliest practicable period. The faith of the Government could not be more clearly or abso- lutely pledged than is done by this act of Congress, to say nothing of previous legis- lation. The length of time that has now elapsed since the final overthrow of the rebellion, as well as proper regard for the faith of the nation, admonish us that initiatory 611 612 steps to-ward tie redemption of its pledges ought not to be longer postponed. It is not nnworthy of rema*k that the era of the war w ill not be closed until the period of redemption shall have been reached. It is sometimes ui^d by the advocates of a continuance of our paper circulation that, its amount now being definitely fixed by law, it is not liable to the fluctua- tions in volume which attach to a currency that may be increased or diminished at the will of the Secretary ; but this suggestion leaves out of view entirely the fact that it is of little consequence where the power to change the volume of currency rests, the difference being only in the degree of probability of its use. The exist- ence of the power at all, and the apprehension of its being called into exercise, is the evil from which mischievous consequences are likely to flow. The quality of flexibility governed by the law of trade and commerce, and which regulates the increase or diminution of the volume of the circulating medium according to the requirements of legitimate business, is of value; but that which is controlled by the legislative will and may depend upon party exigencies or the supposed necessi- ties of the Treasury, or the demand of speculative enterprises, is objectionable in the highest degree. Such a currency is liable to sudden and violent expansion or contraction, having no necessary connection with the legitimate demands of trade and commerce. In a country like ours, with varied industries and extensive commercial relations among its different sections and with other nations and peoples, stability of the cir- culating medium is indispensable to the general prosperity. Credit, which necessa- rily enters largely into commercial transactions, can only be steady and secure when it has for its foundation a stable currency. The quality of stability in money attaches only to coin, which, by common consent of mankind, is the medium of exchange, and to a paper currency representative of coin, because convertible into it at the will of the holder. The reason is obvious; for coin, besides being recog- nized throughout the world as a medium of exchange, has a high intrinsic v^ue, can be procured only by labor and in limited quantities, which can not be increased by statutory laws, nor suddenly by other means, while inconvertible paper money may be produced in indeiinite quantities at a nominal cost, a note of the highest denomi- nation costing no more than the lowest, and its volume depending solely on legisla- tive enactment. The history of irredeemable paper currency repeats itself whenever and wherever it is used. It increases present prices, deludes the laborer with the idea that he is getting higher wages, and brings a fictitious prosperity from which follow inflation of business and credit and excess of enterprise in ever-increasing ratio, until it is discovered that trade and commerce have become fatally diseased, when confidence is destroyed, and then comes the shock to credit, followed by disaster and depres- sion, and a demand for relief by further issues. A dollar legal-tender note, such as is now in circulation, is neither more nor less than the promise of the Government to pay a dollar to the bearer, while no express provision is made by law for paying the dollar at any time whatever; nor is there any existing provision for converting it into anything that stands in a tangible ratio to a coin dollar. As far as existing laws go, there is no reason why the legal-tender note of the denomination of a dollar should pass for 1 cent of gold, except so far as the Government compels creditors to accept it in discharge of obligations to pay mouey, and obliges the wealth and commerce of the country to adopt it as a m,edium of exchange. To this may be added, as an element of the value of the legal-tender dollar, the hope that the Government will sometime or other redeem its paper prom- ises according to their import. The universal use of, and reliance upon, such a cur- rency tends to blunt the moral sense and impair the natural self-dependence of the people, and trains them to the belief that the Government must directly assist their individual fortunes and business, help them in their personal affairs, and enable them to discharge their debts by partial payment. This inconvertible paper cur- rency begets the delusion that the remedy for private pecuniary distress is in legis- lative measures, and makes the people unmindful of the fact that the true remedy is in greater production and less spending, and that real- prosperity comes only from individual effort and thrift. When exchanges are again made in coin, or in a cur- rency convertible into it at the will of the holder, this truth will be understood and acted upon. It is not intended to call in question the constitutional validity of the legal-tender acts, nor the wisdom of those who, in the midst of a rebellion which taxed the utmost resources and energies of the nation, deemed the issue of such notes essential to suc- cess. Eepeated adjudications of the highest judicial tribunal of the land sustaining their validity must be accepted as conclusive of the question. All that is now meant to be asserted is that the exigencies which required the issue of sttch notes have passed away and the time has come for taking such steps as may be necessary to redeem the pledge then made. The power to do so, as well as the selection of means 613 to that end, is with Congress. The Secretary can do neither more nor less thanohey and execute such laws as Congress m.ay 6na;ct. While it seems to be very generally conceded that resumption of specie payment is essential to the honor of the Government and to the general welfare, the views of intelligent and well-informed persons as to the best method of resumption are so widely divergent, and the plans that have been suggested so multifarious, that the Secretary feels embarrassment in suggesting a plan the details of which will com- mend themselves to Congress. But there are one or two fundamental ideas under- lying the subject which, it is believed, must be the basis of any practical plan for resumption, and are, therefore, submitted for the consideration of Congress. It is obvious that there can be no resumption by the Government so long as the volume of paper currencyis largely in excess of the possible amount of coin available for that purpose which may come into the Treasury in any year and while no pro- vision is made for the conversion of this paper money into anything having a nearer relation to coin, nor is it possible for the banks or people to resume so long as the large amount of irredeemable paper now in circulation continues to be by law legal tender for all private debts with reference both to' the past and the future. While this state of things lasts gold will continue to flow from us and find employment where the natural laws of trade, unobstructed by restraining legislation, make its daily use indispensable. The Secretary, therefore, recommends Congress to provide by law that after an early and fixed day United States notes shall cease to be legal tender as to contracts thereafter made. But this provision should not apply to official salaries or to other ordinary expenditures of the Government under then existing contracts or appropri- ations. Between the day thus to he fixed and the time of final resumption a suffi- cient period should elapse to enable the people and banks to prepare for the latter by such gradual processes in business as will neither lead to violent contraction in credit and values nor suddenly increase the obligations of debtors. Thesuddeuand immediate appreciation of the paper dollar to its par value in gold is not only no necessary element of redemption, but, as far as practicable, should be avoided. If during the period of the war the legal-tender acts operated as a bankrupt law, com- pelling creditors to give acquittances upon the receipt of leas than the full amount of their debts, this is no reason why th e law for resumption should now compel debt- ors at once to pay essentially more than they have contracted to pay. The adoption of such measure as will not suddenly increase the obligations of debtors will go far to allay and disarm whatever popular opposition to resumption of specie payment may now exist, and, besides, would be but j ust to the debtor class. The day from which new contracts must be discharged in coin should be fixed sufficiently far in advance to give the people and the banks time to understand it and to prepare them- selves for it. It is believed that not many months will be necessary for that pur- pose; but, to avoid the mischiefs already indicated, this day should precede the day of final resumption by a longer period. The time should not, in the opinion of the Secretary, be extended beyond three years, and might safely be made as much less as, in the judgment of Congress, would sufficiently protect the interest of debtors and avoid the evils of too sadden contraction. The law should also authorize the immediate conversion of legal-tender notes into bonds bearing a low rate of interest, which, while inviting conversion, should not be so high as to appreciate the legal-tender notes rapidly, and thereby operate oppressively on the debtor class. As an additional indixcement to the conversion of United States notes into these bonds at a low rate of interest authority should be given for making them security for the circulation of national banks. The law should further provide the means for the redemption of such notes as may be pre- sented for that purpose when the period of resumption shall have been reached. To this end the Secretary should be avithorized to make a loan not exceeding the total amotunt of notes remaining unconverted at the time of resumption, less the surplus revenue to be made applicable to such resumption. It is probable that the gradual and continual revival of business will so far increase the revenues that a large loan will not be required for this purpose; but it is advisable that the Sec- retary be authorized to make it in order to meet the contingency of a failure of sufficient surplus revenues. Such a loan should be made by issuing bonds to run for such a time as the wisdom of Congress may suggest, and to be disposed of from time to time as the necessities of the case may require. In the opinion of the Sec- reta«y these bonds should run for a long period, and should bear interest at a rate not exceeding the lowest rate which the Government may then be paying in refund- ing its 6 per cent securities. Any substantial or useful movement for resumption necessarily involves supplying the Treasury with increased amounts of coin, either by increased revenues or an adequate loan. The present condition of the credit of the Government, which would be further enhanced by the adoption of measures for return to a specie basis, leaves no room for doubt that a loan for such purpose would 614 be readily taken at a low rate of interest. Measures should also be adopted requir- ing the banks to holfl gold reserves preparatory to resumption on their part. But the Secretary does not deem it proper to pursue the matter into further detail. If Congress shall conclude, as he earnestly hopes it will, that the time has arrived for the enactment of a law having for its object resumption of specie payments, its own wisdom will supply the necessary methods. That which is of the highest impor- tance is the adoption of the definite policy of resumption. In view of the great and pressing importance of the speediest return to specie payment consonant with steadi- ness of business and avoidance of violent and sudden contraction, discussion of mere details in advance becomes of little practical consequence. What is demanded by the best interests of the Sovernment and the people, and by the highest considera- tions of virtue and morality, is that Congress shall undo that state of things which only the necessities of war justified or required in this respect. A wise modification of existing statutes, which neither enable nor permit the executive branch of the Government to effect the restoration of a sound currency, will leave the laws of trade free to resume their operations, and many matters of detail will adjust themselves. When the Government shall have resumed specie payment it may be expected that gold will flow into the country in obedience to the law of supply and demand, the export of our gold product will greatly diminish, and the millions of gold which now constitute only a commodity of trade will resume its proper functions by becoming again a part of the circulating medium. With the adoption of the policy of resump- tion free banking may safely be allowed, and the deficit of the actual amount of coin available for circulation can be supplied by bank notes convertible into coin in lieu of an inconvertible paper currency, The business of the country has not yet recoveredfrom the disasters of the last year's financial panic, the causes of which it is by no means difficult to trace. It was the direct and immediate result of that excessive development of speculative enterprises, overtrading, and inflation of credit which invariably follow large issues of inconvert- ible paper currency. The almost boundless resources and energies of the country must compel the gradual reestablishment of business, but capital, with its accus- tomed sensitiveness to danger, is slow to return to the avenues of trade. Values are fluctuating and uncertain. Labor receives its reward in a currency that is unsteady and whose purchasing power changes almost daily. Neither the reward of labor nor the value of commodities is measured by any certain standard. The enactment of a law having for its purpose the substitution of a sound and stable medium of exchange for an irredeemable paper currency will tend to restore confidence, and thus cause a revival of industries and general business. There will be no better time in the future to enter upon the work of returning to a specie basis, and the Secretary feels that he can not too strongly urge the adoption of the measure he has indicated, or such others as will more certainly lead to the desired end. » » * # « ^ # « # « The trade dollar has been successfully introduced into the oriental markets with advantage to American commerce. A 20-cent silver coin being required for the purpose of convenience in making change, the enactment of a law authorizing the coinage of a piece of the denomina- tion is reoomended. The estimate of the Director of the Mint shows a gain in specie and bullion in the last two fiscal years of about $38,000,000, and the stock of specie in the country to be about $166,000,000. The estimated increase of coin and bullion is gratifying, being one of the evi- dences of a gradual recuperation of the country from the effects of a destructive civil strife, and in connection with an annual production of about $70,000,000 of the precious metals, affords encouragement that a stock of coin may, within a reasonable time, and with favorable legislation, accumulate to an extent suffi.cient to enable resumption of specie payments to be undertaken and maintained. There would appear to be no doubt that bullion converted into coin will, as a general rule, remain longer in the country than if left in an uncoined condition to seek foreign markets. Our policy should, therefore, be to encourage the coinage of both gold and silver. With respect to the charge made under existing laws for the coinage of gold, which in this country is the standard metal, it no doubt tends to create an adverse exchange, and causes bullion to be exported to London, where no charge for coinage of gold is made. The expediency of continuing the charge in the present financial condition of the country may well be doubted. TTie attention of Congress is invited to the explanations of the Director of the Mint in connection with the course of silver bullion. With a view to the resumption of specie payments, it is important to manufacture a large quantity of silver coin to take the place of fractional notes, and as its prep- aration at the mints will require coosiderable time, it is recommended that authority 615 be given the Secretary to commence tlie manufacture of such coinage, "beginning with the smallest denomination, and to gradually withdraw the fractional notes. The system of computing sterling exchange on the fictitious or assumed par of 4 shillings and sixpence to the dollar, and the equivalent, $4.44J to the pound, which had been in use for a long period, ceased on the 31st of December last, under the provisions of the act of March 3, 1873, which fixed the par of exchange between the United States and Great Britain at $4.86i,to the pound, that sum being the value in United States money of a standard sovereign, compared with the pure gold contained inthe standard gold dollar of the United States. The new system has many advantages over the old one, especially in simplicity, and having an absolutely correct basis. [Eeport of the Secretary of tlie Treasury, December 6, 1875.J RBSTIMPTIOK OF SPBCIK PAYMENT. The depression of business and general contraction of values which followed the financial panic of 1873 have continued to a greater or less degree in all parts of the ■country. Similar financial convulsions have occurred in other countries, and their effects are now being felt to a degree as great, perhaps, as in this country. These disastrous disturbances have been brought about in our own country by overtrad- ing, overcredit, and excessive enterprise of a speculative character, stimuMted by too great abundance of promises to pay, existing in the form of currency not based upon or convertible into the only actual money of the world and of the Constitu- tion, gold and silver. Other commercial countries which have suffered and are now suffering from financial depression have felt the influence of like causes, while in some of them the temptation to carry prosperous times to excess has, as has often happened before, led to overproduction and that superfluity of trade and credit which must inevi- tably, sooner or later, be followed by a collapse and a corresponding period of depres- sion. Although there are gratifying indications of increased activity in certain branches of business in the United States, it must he admitted that confidence has not yet been restored to the extent necessary to bring about a general revival, or to put the trade and industries of the country upon a basis of activity and permanent pros- perity. Nor is it reasonable to expect that this will be done until there shall be a nearer approach to resumption of specie payment, and consequent improvement in the character of the currency. The constant disturbance of exchange and fluctua- tion of values, the uncertainties of business, the want of confidence between individ- uals, corporations, and communities, which all experience proves to be the inevitable result of the use of a medium of exchange possessing no intrinsic value, representing no considerable amount of labor in its production, and not convertible into that which is recognized as money throughout the commercial world, are considerations which should claim the attention of every thoughtful representative of the people. However rapid may be our increase in population, wealth, and material strength we can not take the rank as a commercial or business people, to which we are entitled by superior natural advantages and the productive energies of our population, or attract to us the surplus capital of the world, so long as we have fluctuating stand- ards of value and such uncertainty in our fiscal legislation as makes the assembling of Congress and our frequent elections occasions of anxiety and apprehension not only with the holders of our securities abroad but with business men at home. Great Britain has kept the value of her pound sterling substantially unvarying for two hundred years, and, in consequence of this steadiness, it has become the basis of the transactions not only of British commerce and trade but of all the world. In all civilized countries government negotiations with foreign money- lenders are made upon this basis, and, as a general rule, the only foreign bills current all over the world are those which are expressed in pounds sterling, payable in London, which city thus becomes the great center where a true measure of property and debts can be found ; and hence the commerce of the world revolves around it and pays tribute to its commercial standard. With an unsteady and varying cur- rency, having no fixed relation to the money of the world, but always much below its par value, we can never attain that commercial independence to which our great resources and active population entitle us. Every branch of industry and all classes of people are alike interested in the restoration of a sound and stable circulating medium, the laborer and producer no lesBthan the merchaitt, bondholder, and banker. The present unequal and fluctuating cnrrenoy oppresses and injures laborers and producers, who constitute a great 616 tnajority of onr people, far more than it affects injiiriously dealers in money. The difference between gold and our paper currency is a margin upon which experienced money-dealers do business, and it is this that gives the opportunity for artificial combinations whereby values are increased or reduced at pleasure. The purchasing power of the currency is increased or diminisijed by the manipulations of large operators united for that purpose, and producers and laborers are often made to su&r without effective pow^er of resistance. Restoration of a sound and unvarying cur- rency must bring better relative wages with more constant employment, because the value of labor, as of that which it produces, will be measured by a more certain standard; and with the return of coufidence there must come activity, prosperity, larger markets, and greater demand, which, as both reason and experience prove, do not tend to lower wages or make employment less certain. The claim that the large issue of inconvertible paper currency has been beneficial to producers is, perhaps, sufficiently disproved by reference to the reports of sales ot leading articles of produce, such as wheat, corn, and pork, before and since the issue of such currency. The most trustworthy statistics show that such articles were sold in New York during the five years from 1870 to 1874, inclusive, for about the same price that they brought in the five years from 1856 to 1860, inclusive. On the other hand it is equally certain that the farmer has paid increased prices during the period from 1870 to 1874 for articles imported for consumption, upon all of which the difference between gold and currency must be paid by the consumer, who pays in the latter. Thus the producer of domestic articles is constantly sub- j ected to loss in exchanging his products for such articles as coffee, tea, sugars, and other imported goods, which enter into daily consumption. In this conijection it shonld be borne in mind that a greater volume of currency is required for the trans- action of business when it consists of inconvertible paper, which does not circulate abroad, than when the currency in general use is gold, which flows through every artery of commerce. The statistics of our foreign trade illustrate this proposition. For every imported article the consumer must pay to the importer, besides the cost in gold, increased by his percentage of profit, as much more as the difference between gold and the currency with which payment is made. This difference, commonly called the premium on gold, increases by many millions the total amount which would otherwise be required to complete all such transactions. The proper office of currency, whether it be gold or paper, is to serve as a medium of exchange for the adjustment of transactions between buyers and sellers. When it is sound and stable, receivable in all yarts of the commercial world, the amount which actually passes from hand to hand in business transactions is far below the volume of business. A small per cent thereof is adjusted by the actual handling of money. Exchanges are, for the most part, made by transfers of credits through banks and other agencies. Wherever exchanges and business transactions are con- ducted on the basis of coin, and paper convertible into it, the volume will be regu- lated by natural causes. Money, like merchandise, will go where there is a demand for it and where something of value can be obtained in exchange for it. When the financial panic of 1857 created a demand for gold in this country a ready and con- tinued supply came steadily from abroad to meet the necessities of our people and brought speedy relief. Now, the enforced use of inconvertible paper currency not only obstructs the flow of gold from abroad but drives from the country the precious metals yielded by our mines. Good and bad currency can not be retained in anything like equal proportions in a country having commercial relations with other powers and peoples. The latter will drive away the former. Gold and silver will flow steadily to those parts of the commercial world where business is done on the basis of an unvarying standard of values, and where every issue of paper is convertible into the precious metals at the option of the holder, because they are needed there. Such is the inevitable opera- tion of the law of supply and demand; and the present limited and inadequate sup- ply of coin in this country is chiefly due to this cause. Gold has become a commod- ity of trade, the price of which from day to day depends largely upon the will of those who have combined to control the market. " This presents a serious obstruction to all productive industries and commerce, and introduces into business transactions an e] ement of uncertainty, which often unsettles the most intelligent calculations, and tends to destroy confidence, without which there can be no real or permanent prosperity. Apparent but fictitious prosperity has often followed large issues of irredeemable paper currency, but no result is more certain to flow from a given cause than disaster and financial distress to follow an inflation of business and ere dit caused by excessive issues of paper currency. The philosophy which teacheS;^ by example as well as the deductions of reason establishes conclusively that there is no effective remedy for the evil but the removal of its cause; The circumstances attending the issue of the United States notes now in circula- tion impose upon the Government a peculiar obligation to provide for their speedy and certain redemption in coin. They were issued in the exercise of a power which 617 can be called into use only in a time of supreme necessity, and were paid ont for the support of an army composed of brave and patriotic citizens who had responded to the call of their country in the lionr of its extreme .peril. To suffer a promise, made at such a time and under such circumstances, to be dishonored by subsequent indiffer- ence or nonperformance, would be little better than open repudiation, and would affect injuriously our national name and credit. It is worthy of note that for the most part those who now oppose the redemption of legal-tender notes, and who ask for a further issue and continued and indefinite reissue of the notes now in circulation, were most strenuous in their opposition to such issues during the civil war. The acts authorizing such issues were denounced as in violation of sound principles of finance and not warranted by the Constitution. Their constitutional validity was resisted at every point and subjected to the test of judicial decision in almost every court in the country, both State and national. The supreme judicial tribunal of the nation upheld the acts as measures of necessity in a time of great exigency, but it has neither decided nor intimated that such power may be exercised by Congress in time of public tranquillity. Indeed, it is fairly inferable, from all the court has said in the various cases in which the question has been before it, that the issue of such notes in time of peace is not within the consti- tutional power of Congress. The language and argument of the court leave no rea- son to believe that it would sustain the claim of power to increase the volume of such issues or to reissue such as have been redeemed in obedience to law when the public eiigency no longer exists. Those who opposed such issues at a time of supreme necessity, and insist upon further issues when the emergency has passed away, put themselves in the attitude of opposing war measures in the midst of war and advo- cating them in a time of profound peace. Congress carefully confined the operation of the act to the period of necessity by authorizing " the reissue from time to time, as the exigencies of the public interests shall require." The Government is bound not only by economic considerations and proper regard for the interest of the people but by express and repeated promises to provide for the redemption in coin of all its issues of legal-tender notes. The original legal- tewjer act was regarded and treated at the time of its adoption as a temporary measure, made necessary and 'justifiable only by the exigency of war, which taxed all the resources and energies of the nation. The first act authorizing such issues (February 25, 1862) is entitled "An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States" — language that significantly expresses the views of the Congress by which it was passed. It authorized the issue of $150,000,000 legal-tender notes, and made provision for funding them in bonds issued on the credit of the Government, bearing interest in gold and payable at a future day. This was the best the Gov- ernment could do in the midst of its struggle for existence and rightful supremacy. The state of the public credit did not admit the possibility of the immediate pro- curement of a sufficient amount of coin to redeem the notes absolutely. A well- settled principle of political economy forbade the issue of paper currency without providing for its redemption, and in obedience thereto Congress made the onl^ prac- ticable provision for the redemption of the notes which it authorized to be issued and stamped with the quality of legal tender. The act of July 11, 1862, which authorized a further issue of $150,000,000, contained a like provision, and further provided that any notes issued thereunder might be paid in coin, instead of being converted into bonds, at the discretion of the Secretary of the Treasury. The notes thus authorized were issued and accepted by the people upon the assurance that they had the right to fund them in gold-bearing bonds of the United States, and this consideration undoubtedly constituted an important element of their value, and gave them a quality in aid of their circulation and free acceptance in all business transactions. In the opinion of wise and patriotic men, who, as the representatives of the people, were charged with maintaining the indissolubility and supremacy of our national Union, it was necessary to resort to this extraordinary measure for the purpose of carrying the war to a successful termination. It was, in substance and effect, a national war loan, based upon the credit of the Government and coupled with a pledge for redemption, but the period of payment was to be thereafter deter- mined when the public exigency would permit. It was not, in the minds of those who devised and consummated the scheme, that the Government was about to enter upon the issue of an irredeemable paper currency, which should permanently take the place of the world's^ measure of values. Nor was it claimed by the most earnest advocate of the measure that the Constitution had given to Congress power to issue a permanent paper currency as a substitute for, and stamped by law with, the quali- ties which, in the estimation of political economists, could exist only in the precious metals. In the light of the experience of the civilized world such a purpose would have been regarded as little better than financial madness, and its avowal by the authors of the legal-tender acts would surely have caused'the defeat of the plan for exerting the borrowing power of the Government by means of such issues. 618 But the purpose and meaning of the aete in question are not left open for forenSio discussion, having heen authoritati vely settled by the unanimous opinionof the high- est judicial tribunal known to our constitution. As soon after the termination of the war as 1868, it was argued before the Supreme Court that the legal-tender notes of the United States were issued as money, a substitute for metallic currency, and that, having been made legal tender in payment of all debts, including (with cer- tain exceptions) the Government's own, of course, when presented for payment, if similar notes, being legal tender, were offered in exchange for them, the debt would be discharged by a delivery of new notes of the same kind, and so on ad mfinituig,. To this argument the court replied : " Apart from the quality of legal-tender impressed upon them by acts of Congress, of which we now say nothing, their circulation as currency depends upon the extent to which they are received in payment on the quantity in circulation and on the credit given to the promises they bear. In other respects they resemble the bank notes formerly issued as currency. " But on the other hand it is equally clear that these notes are obligations of the United States. Their name imports" obligation. Every one of them expresses upon its face an engagement of the nation to pay the bearer a certain sum. The dollar note is an engagement to pay a dollar and the dollar intended is the coin dollar of the United States — a certain quantity in weight andfineness of gold or silver, authen- ticated as such by the stamp of the Government." This authoritative declaration of the Supreme Court defines clearly and precisely the meaning and intent of Congress in the acts which authorized the issue, and should be accepted as conclusive of the obligation and duty of the Government to provide for the payment in specie of all such issues. Nor is this all. Subsequent to this decision, and for the purpose of putting a quietus upon the mischievous discussion of the subject, Congress, on the 18th day of March, 1869, declared by public act that " the United States solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin." These provisions of the various acts of Congress, which were passed with the approval of the Executive, the clear adjudication of the Supreme Court, as well as the plainest principles of political economy and proper regard for the public wel- fare, commit the Government to the redemption in coin of the notes issued under _ the circumstances before stated. National faith and honor could not be more dis- " tinotly or unequivocally pledged to the performance of a plain duty. In view of these solemn and repeated pledges, it seems idle to resort to the con- sideration of elementary principles of finance to prove the evils of an irredeem- able paper currency. In the face of such pledges, disregard of which would bring national dishonor, and serious, if not irreparable, Injury to the public credit, it can hardly be necessary to discuss questions of expediency, or to point out the ills which the experience of the civilized world shows must follow a violation of well-known laws of political economy. It is among the first and most important functions of Government to give to its people a sound and stable currency, having a fixed relation to the standard of values in general use among nations. The true matter with which Government has to do is not so much a question of the volume as of soundness and stability of the currency. When it has established a currency of fixed and stable value, having a known rela- tion to that of other powers, and furnishing a uniform medium of exchange, the volume may and should be left to be determined by the wants of trade and business. Natural causes, aided by individual effort and enterprise, will regulate the volume of currency far more wisely and with greater safety to business than acts of Con- gress imposing artificial limits, subject to increase or diminution at every session. The existing provision of law making United States notes legal tender for all debts, both public and private, with certain exceptions relating to transactions with Government, is an artificial barrier to the use of gold and sUver, tending not only to prevent the fiow of gold toward this country, but promoting the shipment abroad of our own production of the precious metals. For this reason Congress should abolish the legal-tender quality of the notes, as to all contracts made and liabilities arising after a fixed day. The first day of January, 1879, being already fixed by law as the time when the redemption of United States notes then outstanding shall begin, it would be proper and safe to provide that such notes shall not be legal tender for contracts made, or liabilities incurred after the first day of January, 1877. Such an act would not too suddenly change the value of the notes, and would not affect injuriously either debtors or creditors, but would remove a present obstruc- tion to the retention of our gold and silver production, and create a demand for the return of gold now abroad, thus promoting final resumption by preparing the coun- try for it. In furtherance of the purpose of the act of the last Congress to provide for the resumption of specie payments, the Secretary recommends that authority be given 619 for fanding legal-tender notes into bonds bearing a low rate of interest. Such bonds Bhonld run for a longer period of time than those now authorized for refunding the interest- bearing debt, and should be made available to national banks for deposit to secure their circulation and other liabilities to the Government, and should bear a rate of interest so low as not to cause too rapid absorption of the notes. It seems probable that a bond bearing interest at the rate of 4 per cent would invite the fund- ing of sufficient amount of legal-tender notes to lessen materially the sum of gold which, in the absence of such provision, must be accumulated in the Treasury by the 1st of January, 1879, to carry out the imperative requirements of the act of Jan- uary 14, 1875. If it be apprehended that authority to the Secretary to fund an unlimited amount of notes might lead to too sudden contraction of the currency, Congress could limit the amount to be funded in any given period of time. The process being in no sense compulsory as to the holders of United States notes, and the rate of interest on the bonds being made low, it is not probable that cur- rency which could find profitable employment would be presented for redemption in such bonds. Oi^y the excess of notes above the business would seek such conver- sion. Authority to the Secretary of the Treasury to redeem and cancel two million of legal-tender notes per month by this process would greatly facilitate redemption at the time now fixed by law, and besides would have the advantage of publicity as to the exact amount to be withdrawn in any given month. Bonds issued for this purpose should be of the denomination of fifty and one hundred dollars, and any multiple thereof, in order to meet the convenience of all classes of holders of United States notes. The faith of the Government now stands pledged to resumption on and after January 1, 1879, and to the final redemption and removal from the currency of the country of the legal-tender notes as fast as they shall be presented for redemption, according to the provisions of the act of January 14, 1875. To resume on the 1st of January, 1879, without further legislation, would require the accumulation of a large amount of gold in the Treasury in order to avert the possibility of failure of the plan. Such an amount of gold can be procured with difficulty, and not without more or less embarrassing eftect upon the trade and commerce of our own and other coun- tries. The present abundance and cheapness of both currency and capital presents a. favorable opportunity for the withdrawal and redemption of a considerable part of the outstanding legal-tender notes, thereby making easy and effectual the rednmption now pledged. Such withdrawal of legal-tender notes, thus dispensing ■with the necessity for accumulating gold in the Treasury in proportion to the amount withdrawn, would tend to appreciate those remaining outstanding and make ic easier to protect and keep in circulation the silver coin now autljorized to be issued. The act last referred to is an express recognition of the duty and obligation of the Government to resume specie payment at the day therein named, and, however widely different may be the views of intelligent persons upon the means adopted by Congress, it is gratifying to know that the end sought to be reached has met the coacnrrence of the country, and that a majority of the people, wherever the matter has been publicly and fully discussed, have signified their approval of the determina- tion of Congress to be faithful to its pledges, and to relieve them of the ills of an irredeemable paper currency. The act in question not only makes express provision for resumption at a fixed date, hut commits the Government to the use of all such means as may be needful to that end. If experience shall show that the means provided by Congress need to be supplemented by further legislation for the easier and more certain accomplishment of the end, it must be assumed that Congress will not suffer the great purpose to be impeded for want of such additional legislation. The act confers large, powers on the Secretary of the Treasury, touching the issue of United States bonds iPor the pur- pose of procuring the supply of gold necessary to execute such of its provisions as go into immediate operation, and to provide for the redemption in gold of United States notes outstanding on and after the 1st of January, 1879. In this respect the power conferred on the Secretary is ample ; but if for any cause, it should be found impracticable to accumulate in the Treasury asumcient amount of gold to carry out the provisions of the act, the Secretary is left without the choice of other means to accomplish the end. It may, perhaps, be doubted whether the process of accumu- lating a large amount of gold by a given time could go on without meeting opposi- tion from the financial powers of the world. It is safe to say that so large an amount of gold as would be required to carry out the purpose and direction of the act can not be suddenly acquired. It can be done only by gradual processes, and by taking advantage of favorable conditions of the money market from time to time. The loss of interest on large sums hoarded in the Treasury for a considerable period in advance of January, 1879, is a consideration not to be disregarded, although it should not be permitted to outweigh the benefits to result from full and complete execution of the a^t. The Secretary regrets that the condition of the Treasury has been such as to ren- 620 der it necessary to make sales of gold coin from time to time to meet enrrent expen- ditures payable in currency. Such sales have been made in New York City, upon public notice, in accordance with the plan previously adopted, and have been lim- ited from month to month to the amount necessary to keep on hand a sufficiency of currency to meet probable demands upon the Treasury under existing appropria- tions. It is the desire of the Secretary to retain in the Treasury, so far as practica- ble, the gold received from customs, and sales are discontioued vrhenever the bal- ance of currency in the Treasury is sufficient to meet currency payments. * * » * # * # # « # The diminished use of silver coin in various European countries, and the increas- ing production of our silver njines, would appear to render the present a very favor- able time for procuring supplies of bullion for the manufacture of silver coin to be used in the redemption of the fractional currency. So much of the act of January 14, 1875, as relates to the purchase and coinage of silver for redemption of fractional currency has been put into ^ajtjal operation, and is now being executed as rapidly as the exigencies of the case will admit. Since the passage of the act 8,242,642 ounces of silver bullion have been purchased at an average price of 111-rt) cents per standard ounce. The mints have been put into act- ive operation and the aggregate amount of silver coin now in the Treasury is $10,000,000. The Secretary has been urged to begin the work of resumption by issuing silver coin in redemption of outstanding currency, and it has been insisted that, under the first section of the act, he has no discretion, but must issue the silver coin as fast as it can be turned out from the mints. While the act requires the coinage to proceed as rapidly as practicable, it does not, in terms, require the Secretary to issue it at once; nor does it fix the period of time when the issue must begin. For obvious reasons it has been, and yet is, impracticable to put or keep silver coin in circulation. The present depreciation of currency below gold precludes the proba- bility that silver would remain in circulation, and, therefore, it has been deemed impracticable to issue it for the present, or until, by the nearer approach of, or greater preparation for, general resumption, there shall be such an appreciation of the circulating currency of the country as would give assurance that the silver coin to be issued would not be hoarded for shipment abroad, or converted into plate and jewelry, or reduced to bullion. [Eeport of Hon. Lot M. Morrill, Secretary of tlio Treasury, December 4, 1876.] KESUMPTION OF SPECIE PAYMENTS. In March, 1869, by an act entitled "An act to strengthen the publfc credit," the faith of the United States was "solemnly pledged to the payment, in coin or its equivalent, of all the obligations of the United States not bearing interest; known as United States notes, and of all the interest-bearing obligations of the United States," and, farther, "to make provision, at the earliest practicable period, for the redemption of the United States notes in coin." By the act of January, 1875, Congress declared the purpose of resumption of specie payments on January 1, 1879, and to that end, and in execution of the pledge of the act of 1869, provided for the redemption of the United States notes" and for the issue of national-bank notes in lieu thereof, and thus, amid conflicting theories, declared, in effect, a monetary system combined of coin and national-bank notes, redeemable in coin at the demand of the holder, in harmony with the Constitution and the traditional policy of the American people. By this legislation it will be perceived that the United States is fully committed to the resumption of specie payments on a given day in January, 1879, by the method of redemption of United States notes current as lawful money and the substitution therefor of national-bank currency, the equivalent of money by its convertibility into coin on demand. The popular favor with which this enactment was hailed, looking to the consummation of an exigent measure of public necessity, was modi- fied only by an apprehension of the possible inadequacy of its terms to accomplish its end. A return to the constitutional standard of values at any time will doubt- leas, to some extent, involve a reduction in nominal prices and consequent contrac- tion of the volume of currency, but this is not of itself a necessary evil, and if it were it would be an evil incident to a vicious system, not to be cured by its contin- uance, while, the measure itself is demanded by the highest economic considerations and principles of honest dealing among men. Besides, the troubles likely to grow out of enforced resumption are believed to be greatly exaggerated. Kestoration of 621 the constitutional standard of values by resumption,^nd the extinction of irredeem- able notes current as money, and the enforcement of payment in coin on demand, of the national-hamk notes treated as the equivalent of money, are obviously alike of national obligation and public necessity. The suspension was the act of the National Government, and to theNational Government the people properly look to take the initiative in , resumption. Having, under its authority to coin money, assumed to regulate the currency of the country, and as the States are inhibited "to make anything but gold and silver coin a tender in payment of debts," and as irre- deemable and inconvertible paper currency is essentially repugnant to the prin- ciples of the Constitution and the~ traditional policy of the American people, it is ohvionsly incumbent on the Government to maintain and preserve the money standard of values of the Constitution and to enforce the obligation of payment in coin on demand, at the option of the holder, of all paper money. Now, as for a long time heretofore it has been, a large proportion of the national currency, as prescribed by the Government of the United Statesy is alike irredeemable, incon- vertible, and depreciated paper money; but it has been enforced as a substitute for the money of the Constitution — coin. The United States notes, commonly known as legal tender, regarded as a substitute for money, are an anomaly in our mon- etary system, tolerable and possible only in the exigencies of civil war — the ofl- spring of its perils and limited to its necessities. To allow their continuance as snoh, after the cause which justified their existence had ceased, is to violate the con- ditions of their inception and to sanction what was only tolerable as a necessity, by impressing upon it the stamp of legitimacy. The purport of the legal-tender note was and is a promise to pay. Its legal characteristic has been definitely settled by the Supreme Court. Justice Bradley, in speaking of it, says: " It is not an attempt to coin money out of a valueless material, like the coinage of leather or ivory or kowrie shells. It is a pledge of the national credit. It is a promise by the Government to pay dollars. The standard of value is not changed. The Government simply demands that its credit shall be accepted and received by public and private creditors during the pending exigency. * * * No one sup- poses that these Government certificates are never to be paid — that the day of specie payment is never to return. Anditmattersnotin what form they are issued. * * * Through whatever changes they pass, their ultimate destiny is to be paid." Dealing with this question. Senator Sherman, chairman of the Committee on Finance, in a recent speech in the Senate, says : "I might show you, from the contemporaneous debates in Congress, that at every step of the war the notes were regarded as a temporary loan, in the nature of a forced loan, but a loan cheerfully borne, and to be redeemed soon after the war was over. ' * * No one then questioned either the policy, the duty, or the obliga- tion of the United States to redeem these notes in coin." These notes did not and do not purport to be money, they are rather the symbolic expression of the Government's authority in its extremity to supply its needs. The quality of legal tender with which they were impressed should have been coexist- ent only with the necessities of which they were the offspring. Having served their end, they existed properly only as evidence of Government indebtedness, to be provided for as other debt obligations. Indeed, this was the logic and tbe law of the legal-tender notes in their inception and treatment as inter- preted by the provisions of the acts by which issued, by the provisions of law for their payment as a.part of the public debt, and by the judgment of the Supreme Court of the United States. At the close of th6 war they were a portion of the pub- ho debt, and they are a constituent element in our currency to-day only because the original provisions tor their funding have not been enforced and that fanciful and speculative theories have proposed their permanent incorporation into our monetary system as not incompatible with the hard money of the Constitution and the hard- money traditions of our people. That policy which tolerated the continuance of these notes as money after the close of the war must be regarded as a public mis- fortune. At that time they were, according to original design and by the logic of their existence, to be funded as an obligation of indebtednesss-^io be embodied with the public debt, aud not to be treated or tolerated as an element of the national currency. They were to pass out of the category of currency and to take theirplace with the public debt. Congress, in 1869, treated them as a portion of the public debt and pledged the faith of the nation in their redemption, as such, at the earliest praotioaible period, and the act of 1875 contemplated their redemption in January, 1879. By this latter act the policy of speedy resumption of specie payments is not only declared, but a monetary system fbr the United States clearly indicated, with pro- visions for the redemption of irredeemable paper current as money, and the issue in heu thereof of national-bank notes redeemable in. coin at the option of the holder, Md ft retnrn by that method to the metallic standard of the Constitution. It remains only to consider the adequacy of the provisions of the measure for lesuiaption in 1879 to accomplish its object. 622 As a further provision deemed essential to the purpose of resumption, it is recom- mended that in addition to the authoriiy of the Secretary of the Treasury already conferred, to provide, for redemption of legal-tender notes on and after the day provided for resumption, by the accumulation of an adequate amount of gold to meet the volume of $300,000,000 of legal-tender notes, which will then be outstanding, by the sale of United States bonds, authority be given him from time to time, as he may deem expedient and the state of the finances admit, to fund these notes into a bond bearing a rate of interest not more than H per cent, with not less than thirty years to run, with such limitations as to the amount to be so fdnded in any given period as Congress, in its discretion, may determine. A sudden accumulation of gold in amounts sufficient to meet so large a demand as that contemplated in January, 1879, is deemed impracticable; while to accumu- late in advance of that time would be attended with necessary loss of interest, would be lilcely to disturb money exchange, arid embarrass the funding of our national securities. The present time is regarded as opportune for the gradual withdrawal of these notes. It is believed they would not be greatly missed from the circulating medium, as their place will readily be supplied by the issue of national-bank notes under this act. The act of January 14, 1875, entitled "An act to provide for the resumption of specie payments," as methods of its accomplishment, requires the redemption of the outstanding fractional currency in silver coin ; the increase of the volume of gold coin by cheapening the coinage of gold buUion ; the substitution, as the business demands of the country may require, of national-bank notes for the legal-tender notes of the United States in excess of $300,000,000; and the ultimate redemption of the entire legal-tender notes on and after January 1, 1879, as they shall be pre- sented. In pursuance of these provisions the issue of subsidiary silver coin and the redemp- tion of fractional currency are successfully progressing ; $22,000,000 of silver change has been issued and $13,000,000 of fractional currency redeemed. The capacity ol the mints is believed to be equal to the coinage, in the present fiscal year, of the balance of the fractional currency outstanding, and they are now working at their full capacity. The coinage of gold bullion for the past year has been 1,949,468 pieces, of the value of $38,178,962.50 — an increase of $4,624,997.50 over the operations of the previous year, which is an increase compared with the previous year of the amount of gold operated on of $14,827,686. Legal-tender notes have been reduced by redemption and the issue of national- bank notes to the amount of $14,464,284, leaving the amount of legal tenders $367,535,716. As the demand for national-bank currency is limited, with slight proba- bility of its immediate increase, the contemplated reduction of these notes in excess of $300,000,000 prior to January, 1879, is not likely to be realized. It is believed that the larger portion of them will at that time remain outstanding. It wUl be observed that, in contemplation of the act, the Secretary is limited in the issue of silver coin by the sum of fractional currency to be redeemed by it and a reduction of the legal tenders to the amount in excess of $300,000,000. Besides this he is required to make adequate preparation and provision for the redemption, in coin, of legal-tender notes outstanding at the prescribed period of resumption. • It is apparent that the silver coin may be substituted for the fractional currency and the gold coin increased, while there is little probability of retiring the entire amount of legal tenders in excess of the $300,000,000. It will be observed that it is incumbent on the Secretary to prepare to provide for the redemption of all legal-tender notes which may be pre- sented on and after that date, and that the means at his command, to this end, are the surplus revenues existing at that time not otherwise appropriated, and the pro- ceeds of the issue, sale, and disposal of certain descriptions of United States bonds at par in coin to the extent necessary to carry this act into effect. This involves the necessity of the accumulation of coin to the amount of the actual demand for redemp- tion of these notes on that day and any day thereafter. There will likely be at that time not less than $300,000,000 outstanding, and probably no inconsiderable amovmt in excess of that sum. Here, it will be seen, is an imperative requirement of the Secretary to redeem in coin, on a given day, the legal-tender notes amounting to $300,000,000, and author- ity to prepare and provide for it. He may sell United States bonds to obtain the needful coin to the extent necessary to carry this act fully into effect. The act con- templates the accumulation of the needful amount of coin against the day of resump- tion, but, as the necessary amount on a given day is determinate only at the option of the holdiars of the notes to be redeemed, the amount to be provided for is neces- sarily uncertain, and, as it will depend upon events or a condition of things over which he has little or no control, impossible for him to determine. He is author- ized, if in his judgment deemed necessary, to carry the act into effect, to accumulate an amount of gold equal to the entire amount of the legal tenders outstanding on 623 that day; but this, if it were not morally impossible, would be so inexpedient, as a financial measure, that it is not to be presumed to have been contemplated by Con- gress, and so not incumbent on the Secretary. Still he is expected and required to meet the demand of redemption by the accumulation of coin adequate in amount, at his discretion, with no certain data for his guidance in the exercise of it. What is essential for him to know, in order to the performance of the duty, is what amount of notes will certainly be presented for redemption on the 1st of January, 1879. As this is clearly not attainable, he is left to deal with what is probable, determinable upon the condition of such general causes as will be litely to attend that event. It would not be difficult in the present state of monetary affairs to make a probable estimate of the amount required if the redemption were to take place in January next; and it is probable that accumulation of an amount of coin equal to a moiety of the sum total of these notes would be an ample preparation ; but, while it is to be hoped that the credit of our bonds may not be less in 1879, it may not be known that in other respects the situation will favor such result. It is, how- ever, deemed probable in any supposable condition of monetary affairs that, if no inconsiderable reduction of the volume of these notes should be made in anticipa- tion of the redemption of 1879, the preparation required by accumulation of coin for demands of January, 1879, and immediately thereafter, must be at least an equal pro- portion of the sum total of the notes outstanding. As to the surplus revenues as a measure of redemption such is the present and probable future of these revenues and the demands upon them that it is not deemed at all probable that any consid- erable sum not otherwise appropriated could be devoted to this end. In this con- nection, however, it is proper to observe that now, for the first time in many years, owing to the large reduction of currency payments, the sales of gold, to obtain the equivalent currency therefor, are no longer necessary, and thus a considerable accumulation of gold may be anticipated from the surplus from the customs revenue. By the act of January 14, 1875, the limitation upon the issue of national-bank notes was repealed and the volume of currency left to be determined by the business demands of the country. The Secretary of the Treasury was required to retire of legal-tender notes 80 per cent of the sum of national-bank notes then issued in excess of $300,000,000. The amount of additional currency issued since the passage of this act is $18,080,355, and legal-tender notes to the amount of $14,464,282 have been retired. By the act of June 20, 1874, national banks might withdraw their circulation in whole or in part by depositing lawful money with the Treasurer and withdraw a proportional amonnt of the bonds; and it was made the duty of the Secretary to retire legal tender notes to the extent of 80 per cent of the bank notes thereafter issued. Under this act $52,853,560 of legal-tender notes have been deposited in the Treasury, and $37,122,069 of bank notes, accordingly, have been redeemed and destroyed. The amount of legal-tender notes outstanding November 1, 1876, was $367,535,716. The amount of said notes on deposit for the purpose of retiring circulation was $20,910,946. The amount of national-bank notes in circulation on that day was $29,143,464 less, and of legal tender $14,464,284 less, than on January 14, 1875— a total decrease in circulation, under the operation of the act, of $43,607,748. From these facts, as well as from the large accumulations of money at the money centers and the lack of demand for it, it is apparent that the volume of currency is largely in excess of the real demand of legitimate business, and that a portion of the legal tenders might be gradually withdrawn without embarrassment to the business of the country. In the interest of permanent redemption, and as a means of maintaining the same, it is deemed important also,' if not quite indispensable, that provision should be made requiring the national banks to gradually provide coin in such ratio as the Secretary of the Treasury may direct, and to hold the same as a part of their legal money reserve, so that said reserve on the 1st day of January, 1879, shall be equal in amount to the entire reserve required by law. To the same end, as the fractional currency is withdrawn, it is deemed expedient that not only the vacuum caused thereby in the matter of change should be made good, but that, as additional change, the volume of silver should be increased to the amount of at least $80,000,000 and silver made a legal tender to the amount of $10 in all cases, except the obligations ' of the Government of the United States and the customs dues. PAYMENT OF GOVERNMENT OBLIGATIONS IN COIN. The report of the Director of the Mint shows that, notwithstanding the silver dol- lar occupied in law prior to April 1, 1873, the position of an unlimited legal tender, gold has, for many years past, been the money of payment in this country. It appears that but a comparatively small sum in silver dollar pieces was ever •Joined, and that it at no time constituted an appreciable part of the circulation. 624 ' This was due to the fact that silver was more valuable as huUlon than its stamped or legal-tender value in the form of dollars. Since the fall of silver propositions for the revival of the silver dollar have been made, and the position which it would occupy with reference to unexpired coin obligations, should its coinage with unlim- ited tender be again authorized, has been the subject of considerable discussion. The question whether the pledged faith of the United States to pay its obligations in coin would justify their payment in the silver dollar is of no small importance as affecting public securities of the United States. In any discussion of the question itmust beconcededintheoutsetthatthesilver dollar was the unit ofvalue, having the quality of legal tender for all sums and in all cases, and that the terms of the United States obligations do not exclude payment therein, and Jhat the act of 1869, in which is the pledge of payment in coin, does not, in terms, discriminate against silver. These provisions are broad enough, in terms, to include payment in either gold or silver, and compels an inquiry into the history, production, issue, and sub- sequent treatment of these obligations, and the relative condition of gold and silver coin as money of payment in order to a correct interpretation of the meaning of the language "payment to be made in coin." Not long after the close of the civil war, which gave rise to these obligations, doubts arose as to the kind of money in which these securities were payable and which led to the passage of the act of 1869, entitled " An act to streugthen the public credit," and it was intended to dispel all hesitation or doubt as to the purpose of the Gov- ernment upon the question, and by which the faith of the United States was pledged to the payment in coin of all its obligations except those expressly otherwise pro- vided for. This legislative action was in harmony with that of the executive admin- istration. What, then, was intended and understood to be intended by this pledge of the Gov- ernment ? Was it that the public securities were to be paid in gold coin or in silver, or might be in either f It will not be questioned by anyone conversant with the question at that time that the popular impression, not to say general conviction, was that the pledge was for payment in gold. This belief may have been obtained from the fact that the interest on this class of obligations, payable in coin, had uniformly been paid in gold, that the customs receipts had been set apart to this end, and that these were paid in gold, and that the silver dollar had, as money of payment, theretofore gone into general disuse, especially in all large transactions, and should scarcely be consid- ered as contemplated in any measure having for its object .to provide for payment of sums so ample as the interest on the public debt, at that time amounting to the sum of $130,000,000. This view of the subject receives no inconsiderable support also in the legislation of Congress in 1873, by which the legal-tender quality of the silver coin was limited to $5. By force of the laws of trade, quite independent of those of Congress, the legal-tender silver dollar had actually disappeared from cir- culation as money, and, although not abolished by act of Congress, it did not, as a matter of fact, exist for commercial purposes, and did not enter into inoney payments. The object and intent of the act of 1873 was confessedly to give to gold the preced- ence in the statutes of the country it held in the commercial world practically, and to declare the gold dollar in law to be what it was in fact — the representative of the money unit. Gold had for many years been treated as the principal money of coin payments in legislation and in the transactions of the Treasury Department. By the act of 1863 the Treasury was authorized to receive deposits of gold coin and bullion and to issue certificates therefor redeemable in gold coin, thus indicat- ing that its obligations called for payment in gold and not in silver. This provision, it will be seen, is in consonance with the fact that our foreign exchanges for many years have been made upon the gold basis, and thus it is apparent that the general understanding has been of late years, for the consideration stated, that the money of coin payments was gold, and an obligation to pay in coin required payment in gold coin. As was contemplated by Congress in the policy declared in 1869, the public securi- ties then dejjressed immediately arose to par in gold, and have since maintained an enviable position at the money centers of the world. The 5-20 6 per cent bonds, then selling at 88 cents on the dollar, soon arose to par in gold coin, and have since borne the average premium of 5 per cent at home and abroad. At the present time the borrowing power of the Government is something less than 4^^ per cent. Its 4J per cent bonds, on short time, are readily taken at par in gold, and sold at a premium in this country and in Europe. If no disturbing element enters into our present monetary system, affecting the present policy of the Government, it is believed that it will be found practicable, at no remote period, to fund the national debt into a 4 per cent bond having from thirty to fifty years to run, and this at an annual sav- ing in the interest of the public debt of $2.5,800,000, a sum' which, if invested in a sinking fund at 4 per cent annually, would pay off the present national funded debt in a fraction over thirty years. 625 It Is a matter of deep public concern that a policy so beneficent in resnlts and advantageons to the future should receive no detriment from conflicting interests, policies, or theories. Whatever may be thought of the right to pay these public securities in cheaper money, it will remain true that it is lawful to pay them in gold coin, that the belief that they were to be so paid has a practicable value in the probable reduction of the public debt equal to one-fourth of the amount of the annual interest thereon. It is respectfully submitted that the coin payment to which the faith of the nation wa« pledged in 1869 was gold and not silver, and that any other view of it, what- ever technical construction the language Inay be susceptible of, would be regarded as of doubtful good faith and its probable effect ptejudicial to the public credit. ISSUE OF SILVBR COIN. Immediately upon the passage of the act of April 17, 1876, the Department, through its several independent-treasury offices, began to issue, in redemption of the out- standing fractional currency, the subsidiary silver which has been coined under the, authority of the resumption act of January 14, 1875. To further relieve the pressing demand throughout the country for money of small denominations, the silver coin in the Treasury, previous to the passage of the act above mentioned, was also issued in payment of currency obligations of the Government. Under the authority for the issue of silver coin granted by the act of July 22, 1876, the Department, in addition to redeeming fractional currency, whenever presented for that purpose, has also issued silver coin in exchange for legal-tender notes as rapidly as the coinage at the mints would permit. From the date first mentioned, to and including October 30, 1876, there has been issued of silver coin, as aboved stated, $22,096,712.16, of which amount there has been issued for fraetional currency redeemed and destroyed $12,953,259.43. The demand for silver coin for circulation, though growing less urgent, still con- tinues fully equal to the capacity of the mints to supply it. Until this demand shall have ceased the coinage will be continued as rapidly as practicable to the limit authorized by law. [Keport of the Secretary of the Treasniy, Decemher 3, 1877.] RESUMPTION OF SPECIE PAYMENTS. By the resumption act approved January 14, 1875, the Secretary of the Treasury is required to redeem legal-tender notes to the amount of 80 per centum of the sum of national-bank notes issued, and to continue such redemption, as circulating notes are issued, until there shall l>e outstanding the sum of $300,000,000 of such legal- tender United States notes and no more. In obedience to this act there have been issued since March 1, 1877, to national banks, $16,123,995 of circulating notes and there have been redeemed, retired, and canceled $12,899,196 of United States notes, leaving outstanding on the first instant the sum of $351,340,288. ' By the same act it is provided that, on and after the first day of January, 1879, the Secretary of the Treasury shall redeem, in coin, the United States legal-tender notes then outstanding, on their presentation for redemption at the office of the assistant treasurer of the United States in the city of New York, in sums of not less than $50. ''And, to enable the Secretary of the Treasury to prepare and provide for the redemption in this act authorized or required, he is authorized to use any surplus revenues, from time to 'time, in the Treasury not otherwise appro- priated, and to issue, sell, and dispose of, at not less than par, in coin, either of the descriptions of bonds of the United States described in the act of Congress approved July 14, 1870, entitled 'An act to authorize the refunding of the national debt,' with like qualities, privileges, and exemptions, to the extent necessary to carry this act into full effect, and to use the proceeds thereof for the purposes afore- said." In obedience to this provision the Secretary has sold at par, for coin, $15,000,000 H per cent bonds, or $5,000,000 during each of the months of May, June, and July last, and has sold $25,000,000 at par, in coin, of 4 per cent bonds, or $5,000,000 for each of the montlis of August, September, October, November, and December. Of the coin thus received $4,000,000 have been sold for the redemption of United States notes and the residue is in the Treasury. The surplus revenue has also, under the same authority, been applied to the redemption of the residue of United States notes S, Eep. 235 iO 626 tiot redeemed hj the sale of coin as above stated, and the balance isheld in the Treasury in preparation for resumption. These operations, aided greatly, no doubt, by the favorable condition of our for- eign commerce, have advanced the market value of United States notes to 97| per cent, or within nearly 2} per cent of coin. They have also conclusively demon- strated the practicability of restoring United States notes to par, in coin, by the time fixed by law, and that without disturbing either domestic or foreign trade or commerce. Every step has been accompanied with growing business, with the advance of public credit, and the steady appreciation of Uniteil States notes. The export of bullion has been arrested and our domestic supply has accumulated in the Treasury. The exportation of other domestic products has been largely increased, with great advantage to all industries. The course adopted under the resumption act, as herein -set forth, if pursued, will probably be followed with like favorable results, and a sufficient fund for the maintenance of resumption will doubtless accumulate in the Treasury at or before the date fixed by law. The provision for free banking has aided this process by allaying imaginary fears that would other- wise have been aroused by the withdrawal of United States notes. * The Secretary can not too strongly urge the firm maintenance of a policy that will make good the promise contained in the United States notes when issued — a promise repeated in the act "to strengthen the public credit," approved March 18, ,1869, and made definite and effective by the resumption act. Dishonored notes, less valuable than the coin they promise, though justified by the necessity which led to their issue, should be made good as soon as practicable. The • public credit is injured by failure to redeem them. Every holder who was com- pelled by law to receive them has ^)een deprived of a part of his just due. Now, when our national resources are ample, when the process of appreciation is almost complete, when the wisdom of the existing law has been demonstrated, it is the dictate of good policy and good faith to continue this process of preparation, so that at or before the time fixed by law every United States note will have equal purchas- ing power with coin. To reverse this policy in the face of assured success will greatly impair the public credit, arrest the process of reducing the interest on the public debt, and cause anew the financial distress our country has recently suffered. The resumption act contemplates the reduction by the 1st day of January, 1879, of the amount of United States notes to $300,000,01)0, by the cancellation of finch notes to the extent of 80 per cent of the circulation issued to national banks. The amount of circulation so issued may not be sufficient to accomplish the reduc- tion contemplated. The Secretary, therefore, recommends that authority be given to gradually fund into 4 per cent bonds all United States notes in excess of $300,000,000, fhe bonds to be issued at par for coin or its market equivalent in United States notes. This will be in harmony with the declared object of existing law, and will open an - easy way by which the people may invest their savings in a public security. Or the reduction of United States notes to the maximum of $300,000,000 may "be accom- plished if Congress will authorize the coinage of the silver dollar, to be exchanged for United States notes on the demand of the holder, such notes to be retired and canceled. Existing laws do not clearly define whether United States notes, when redeemed after January 1, 1879, may be reissued. The first section of the resumption act plainly provides for the permanent substitution of silver coin for the whole amount of fractional currency outstanding Section 3 j)lainly provides for the permanent reduction of United States notes to an amount not exceeding $300,000,000. No dis- tinct legislative declar.ition is made in the resumption act that notes redeemed after that limit is reached shall not be reissued, but section 3579 of the Revised Statutes of the United States provides that "when any United States notes are returned to the Treasury they may be reissued, from time to time, as the exigencies of the public interest may require." The Secretary is of the opinion that, under this section, notes, when redeemed after the 1st of January, 1879, if the amount outstanding is not in excess of $300,000,000, may be reissued as the exigencies of the public service may require. Anote redeemed with coin is in the Treasury and subject to the same law as if received for taxes, or as a bank note when redeemed by the corporation issuing it. The authority to reissue it does not depend upon the mode in which it is returned to the Treasury. But this construction is controverted, and should be settled by distinct provisions of law. It should not be open to doubt or dispute. The decision of this question by Congress involves, not merely theconstruction of existinglaw, but thepublicpolicy of maintain- ing in circulation Xjnited States notes, either with or without the legal-tender clause. These notes are of great public convenience; they circulate readily; are of universal credit ; are a debtof the people without interest ; are protected by every possible safe- guard against counterfeiting, and, whenredeemableincoinatthedemandoftheholder, form a paper currency as good as has yet been devised. It is conceded that a certain amount can, with the aid of an ample reserve in coin, be always maintained in oiroula- 627 tion. Should not the benefit of this circulation inure to the people, rather than to cor- porations, either State or national? The Government has ample facility for the col- lection, custody, and care of the coin reserves of the country. It is a safer custo- dian of such reserves than a multitude of scattered banks can be. The authority to issue circulating notes by banks is not given to them for their benefit, but for the public convenience and to enable them to meet the ebb and flow of currency caused by varying crops, productions, and seasons. It is indispensable that a power should exist somewhere t« issue and loan credit money at certain times and to redeem it at others. This function can be performed better by corporations than by the Gov- ernment. The Government can not loan money, deal in bills of exchange, or make advances on property. The Secretary ventures to express the opinion that the best currency for the peo- ple of the United States would be a carefully limited amount of United States notes, promptly redeemable on presentation in coin, and supported by ample reserves of coin, and supplemented by a system of national banks organized under general laws, free and open to all, with power to issue circulating notes secured by United States bonds deposited with the Government, and redeemable on demand in United States notes or coin. Such a system will secure to the people a safe currency of equal value in all parts of the country, receivable for all dues, and easily convertible into coin. Interest can thus be saved on so much of the public debt as can be conven- iently maintained in permanent ciroulation, leaving to national banks the proper business of such corporations, of providing currency for the varying changes, the ebb and flow of trade. The legal-tender quality given to United States notes was intended to maintain them in forced circulation at a time when their depreciation was inevitable. When they are redeemable in coin this quality may either be withdrawn or retained with- out affecting their use as currency in ordinary times. But all experience has shown that there are periods when, under any system of paper money, however carefully guarded, it is impracticable to maintain actual coin redemption. Usually contracts will be based upon current paper money, and it is just that, during a sudden panic or an unreasonable demand for coin, the creditor sifiould not be allowed to demand payment in other than the currency upon which the debt was contracted. To meet this contingency it would seem to be right to maintain the legal-tender quality of the United States notes. If they are not at par with coin it is the fault of the Gov- ernment and not of the debtor, or, rather, it is the result of unforeseen stringency not contemplated by the contracting parties. In establishing a system of paper money designed to be permanent, it must be remembered that heretofore no expedient has been devised, either in this or other countries, that in times of panic or adverse trade has prevented the drain and exhaustion of coin reserves, however large or carefully guarded. Every such sys- tem must provide for a suspension of specie payment. Laws may forbid or ignore such a contingency, but it will come; and when it comes it can not be resisted, but should be acknowledged and declared, to prevent unnecessary sacrifice and ruin. In our free Government the power to make this declaration will not be willingly intrusted to individuals, but should be determined by events and conditions known to aU. It is far better to fix the maximum of legal- tender notes at $300,000,000, sup- ported by a minimum reserve of $100,000,000 of coin, only to be used for the redemp- tion of notes not to be reissued until the reserve is restored. A demand for coin to exhaust such a reserve may not occur, but, if events force it, its existence would be known and could be declared, and would justify a temporary suspension of specie payments. Some such expedient could no doubt be provided by Congress for an exceptional emergency. In other times the general coimdence in these notes would maintain them at par in coin, and justify their use as reserves in banks and for the redemption of bank notes. COINS AND COINAGB. The Secretary calls the attention of Congress to the report of the Director of the Mint. The general management of the mints and assay offices and the amount, accuracy, and perfection of their work are highly satisfactory. The coinage of gold and silver, their relative value to each other, and their legal-tender qualities are now the subjects of discussion and legislation in all civilized countries. These ques- tions are especially important to the United States, now in transition from an irre- deemable paper currency to a mixed currency redeemable in coin, and will justify the Secretary in a fuller presentation of these topics than is usual in his annual report. The resumption act of January 14, 1875, provided for the exchange and substitu- tion of silver coin for fractional currency. To facilitate this exchange, the joint resolution approved July 22, 1876, provided that such coin should be issued to an 628 amount not exceeding $10,000,000 for an equal amount of legal-tender notes. It also provided that the aggregate amount of such coin and fractional currency out- standing should not exceed, at any time, $50,000,000. That limit would have been reached sometime since if the -whole amount of fractional currency issued and not redeemed had been held to bo '' outstanding." It was well known, however, that a Yer.y large amount of fractional currency issued had been destroyed, and could not be presented for redemption, and could hardly be held to be " outstanding," The Treasurer of the United States, the Comptroller of the Currency, and the Direc- tor of the Mint concurred in estimating the amount so lost and destroyed to be not less than $8,083,513. As it was evidentthat Congress intended to provide an aggregate issue of $50,000,000 of such coin and currency in circulation, the Secretary directed the further issue of silver coin equal in amount to the currency estimated to have been lost and destroyed. It is submitted that the limitation upon the amount of such fractional coin to bo issued in exchange for United States notes should be repealed. This coin is readily taken, is in great favor with the people, its issue is profitable to the Government, and experience has shown that there is no difficulty in maintaining it at par with United States notes. The estimated amount of such coin in circulation in the United States in 1860, at par with gold, was $43,000,000. Great Britain, with a population of 32,000,000, maintains an inferior fractional coin to the amount of $92,463,500* at par with gold, and other nations maintain a much larger per capita amount. The true limit of such coin is the demand that may be made for its issue, and if only issued in exchange for United States notes there is no danger of an excess being issued. By the coinage act of 1873 any person may deposit silver bullion at the mint to be coined into trade-dollars of the weight of 420 grains troy upon the payment of the cost of coinage. This provision was made at a time when such a dollar was worth in the market $1.02-i'[^in gold, and was designed for the use of trade in China, where silver was the only standard. By the joint resolution of July 22, 1876, passed when the trade-d'oUar in market value had fallen greatly below one dollar in gold, it was provided that it should not be thereafter a legal tender, and the Secretary of the Treasury was authorized " to limit the coinage thereof to such an amount as he may deem sufficient to meet the export demand for the same." Under these laws the amount of trade-dollars issued, mainly for exportation, was $30,710,400. In October last it became apparent that there was no further export demand for trade- dollars, but deposits of silver bullion were made, and such dollars were demanded of the mint for circulation in the United States, that the owner might secure the differ- ence between the value of such bullion in the market and United States notes. At the time, the mints were fully occupied by the issue of fractional and other coins on account of the Government. Therefore, under the authority of the law referred to, the Secretary directed that no further issues of trade-dollars should be made until necessary again to meet an export demand. In case another silver dollar is author- ized, the Secretary recommends that the trade-dollar be discontinued. The question of the issue of a silver dollar for circulation as money has been much discussed and carefully examined by a commission organized by Congress, which has recommended the coinage of the old silver dollar. With such legislative pro- vision as vrill maintain its current value at par with gold, its issue is respectfully recommended. A gold coin of the denomination of one dollar is too small for con- venient circulation, while such a coin in silver would be convenient for a multitude of daily transactions, and is in a form to satisfy the natural instinct of hoarding. Of the metals, silver is of most genera] use for coinage. It is a part of every sys- tem of coinage even in countries where gold is the sole legal standard. It best measures the common wants of life, but, from its weight and bulk, is not a con- venient medium in the larger exchanges of commerce. Its production is reasonably steady in amount. The relative marlcet value of silver and gold is far more stable than that of any other two commodities — still, it does vary. It is not in the power of human law to prevent the variation. This inherent difficulty has compelled all nations to adopt one or the other as the sole standard of value, or to authorize gn alternative standard of either, or to coin both metals at an arbitrary standard, and to maintain one at par with the other by limiting its amount and legal-tender quality and receiving or redeeming it at par with the other. It has been the careful study of statesmen for many years to secure a bimetallic currency not subject to the changes of market value and so adjusted that both kinds can be kept in circulation together, not alternatiag with each other. The growing tendency has been to adopt, for coins, the principle of "redeemability" applied to different forms of paper money. By limiting tokens, silver, and paper money to the amount needed for business^ and promptly receiving or redeeming all * As estima/ted by Mr. ITreemantle, deputy master of the Boyal Mint, December, lili. 629 that may at any time be in excess, all these forms of money can be kept in circula- tion, in large amounts, at par with gold. In this -way tokens of inferior intrinsic value are readily circulated, but do not depreciate below the paper money into which they are convertible. The fractional silver coin now in circulation, though the silver of which it is composed is of less market value than the paper money, passes readily among all classes of people and answers all the purposes for which it was designed. And so the silver dollar, if restored to our coinage, would greatly add to the convenience of the people. But this coin should be subject to the same rule, as to issue and convertibility, as other forms of money. If the market vftlue of the silver in it were less than that of gold coin of the same denomination, and it were issued in unlimited quantities, and made a legal tender for all debts, it would demonetize gold and depreciate our paper money. The importance of gold as the standard of value as conceded by all. Since 1834 it has been practically the sole coin standard of the United States, and since 1815 has been the sole standard of Great Britain. Germany has recently adopted the same standard. France and other Latin nations have suspended the coinage of silver, and, it is supposed, will gradually either adopt the sole standard of gold or provide for the convertibility of silver coin, on the demand of the holder, into gold coin. In the United States several experiments have been made with the view of retain- ing both gold and silver in circulation. The Second Congress undertook to estab- lish the ratio of fifteen of silver to one of gold, with free coinage of both metals. By this ratio gold was undervalued, as one ounce of gold was worth more in the markets of the world' than fifteen ounces of silver, and gold, therefore, was ex- ported. To correct this, in 1837 the ratio was fixed at sixteen to one; but sixteen ounces of silver were worth in the market more than one ounce of gold, so that silver was demonetized. These difficulties in the adjustment of gold and Silver coinage were fully consid- ered by Congress prior to the passage of the act approved February 21, 1853. By that act a new and it was believed a permanent policy was adopted to secure the simultaneous ciroalation of both silver and gold coins in the United States. Silver fractional coins were provided for at a ratio of 14.88 in silver to one in gold, and were only issued in exchange for gold coin. The right of private parties to deposit silver bullion forsuch coinage was repealed, and these coins were issued from bullion purchased by the treasurer of the mint, and only upon the account and for the profit of the United States. The coin was a legal tender only in payment of debts for all sums not exceeding five dollars. Though the silver in this coin was worth in the market 3.13 cents-on the dollar less than ^old coin, yet its convenience for use as change, its issue by the Government only m exchange for, and its practical convert- ibility into, gold coin maintained it in circulation at par with gold coin. If the slight error in the ratio of 1792 prevented gold from entering into circulation for forty-five years, and the slight error in 1837 brought gold into circulation and ban- ished silver until 1853, how much more certainly will an error now of nine per cent cause gold to be exported and silver to become the sole standard of value f Is it ■worth while to travel again the round of errors, when experience has demonstrated that both metals can only be maintained in circulation together by adhering to the policy of 1853? The silver dollar was not mentioned in the act of 1853, but from 1792 until 1874 it was worth more in the market than the gold dollar provided for in the act of 1837. It was not a current coin contemplated as being in circulation at the passage of the act of February 12, 1873. The whole amount of such dollars issued prior to 1853 was $2,553,000. Subsequent to 1853, and until it was dropped from our coinage in 1873, the total amount issued was $5,492,838, or an aggregate of $8,045,838, and this was almost exclusively for exportation. By the coinage act approved February 12, 1873, fractional silver coins were author- ized similar in general character to the coins of 1853, but with a slight increase of silver in them, to make them conform exactly to the French coinage, and the old dollar was replaced by the trade-dollar of 420 grains of standard silver. Much complaint has been made that this was done with the design of depriving the people of the privilege of paying their debts in a cheaper money than gold, but it is manifest that this is an error. No one then did or could foresee the subsequent fall in the market value of silver. The silver dollar was an unknown coin to the people, and was not in circulation even on the Pacific slope, where coin was in com- mon use. The trade-dollar of 420 grains was substituted for the silver dollar of 412| grains because it was believed that it was better adapted to supersede the Mexican dollar in the Chinese trade, and experiment proved this to be true. Since the traderdollar was authorized $30,710,400 have been issued, or nearly four times the entire issue of old silver dollars since the foundation of the Government. Had not the coinage act of 1873 passed, the United States would now be compelled to suspend the free coinage of silver dollars, as the Latin nations did, or to have silver as the sole coin standard of value. 630 Since February, 1873, great changes have occurred in the market value of silver. Prior to that time the silver in the old dollar was worth more than a gold dollar, while at present it is worth about 92 cents. If by law any holder of silver bullion might deposit it in the mint and demand a full legal-tender dollar for every 412J grains of standard silver deposited, the result would be inevitable that as soon as the mints could supply the demand the silver dollar would, by a financial law as fixed and invariable as the law of gravitation, become the only standard of value. All forms of paper money would fall to that standard or below it, and gold would be demone- tized and quoted at a premium equal to its value in. the markets of the world. For a time the run to deposit bullion at the mint would give to silver an artificial value, of which the holders and producers of silver bullion would have the sole benefit. The utmost capacity of the mints would be employed for years to supply this de- mand at the cost of and without profit to the people. The silver dollar would take the place of gold as rapidly as coined, and be used in the payment of customs duties, causing an accumul;i.tion of such coins in the Treasury. If used in paying the iilterest on the public debt, the grave questions already presented would arise with public creditors, seriously affecting the public credit. It is urged that the free coinage of silver in the United States will restore its market value to that of gold. Market value is fixed by the world, and not by the United States alone, and is affected by the whole laass of silver in the world. As the enormous and continuous demand for silver in Asia has not prevented the fall in silver, it is not likely that the limited demand for silver coin in this country, where paper money is now and will be the chief medium of exchange, will cause any con- siderable advance in its value. This advance, if any, will be secured by the demand for silver bullion for coin to be issued by and for the United States, as well as if it were issued for the benefit of the holder of the bullion. If the financial condition of our country is so grievous that we must at every hazard have a cheaper dollar in order to lessen the burden of debts already contracted, it is far better, rather than to adopt the single standard of silver, to boldly reduce the number of grains in the gold dollar or to abandon and retrace all eff'orts to make United States notes equal to coin. Either expedient will do greater harm to the public at large than any possible benefit to debtors. The free coinage of silver will also impair the pledge made of the customs duties, by the act of February, 1862, for the payment of the interest of the public debt. The policy thus far adhered to, of collecting these duties in gold coin, has been the chief cause of upholding and advancing the public credit and making it possi- ble to lessen the burden of interest by the process of refunding. In view of these considerations, the Secretary has felt it to be his duty to ear- nestly urge upon Congress the serious objections to the free coinage of silver on such conditions as will demonetize gold, greatly disturb all the financial operations of the Government, suddenly revolutionize the basis of our currency, throw upon the Government the increased cost of coinage, arrest the refunding of the public debt, and impair the public credit, with no apparent advantage to the people at large. The Secretary believes that all the beneficial results hoped for from a liberal issue of silver coin can be s,ecured by issuing this coin, in pursuance of the general policy of the act of 1853, in exchange for United States notes, coined from bullion purchased in the open market by the United States, and maintaining it by redemp- tion, or otherwise, at par with gold coin. It could be made a legal tender for such sums and on such contracts as would secure to it the most general circulation. It could be easily redeemed in United States notes and gold coin, and only reissued when demanded for public convenience. If the essential quality of redeemability given to United States notes, bank bills, tokens, fractional coin, and currency main- tains them at par, how much easier it would be to maintain the silver dollar, of intrinsic market value, nearly equal to gold,, at par with gold coin, by giving to it the like quality of redeemability. To still further secure a fixed relative value of silver and gold, the United States might invite an international convention of com- mercial nations. Even such a convention, while it might check the fall of silver, could not prevent the operation of that higher law which places the market value of silver above human control. Issued upon the conditions here stated, the Secre- tary is of opinion that the silver dollar will be a great public advantage^ but that if issued without limit, upon the demand of the owners of silver bullion, it will be a great public injury. [Eeport of the Secretary of the Txeasuiy, December 2, 1878.] • •«*»•• EBSUMPTION OF SPECIE PAYMENTS. The important duty imposed on this Department by the resumption act approved January 14, 1875, has been steadily pursued during the past year. The plain purpose 631 of the act is to secure to all interests aud uU classes the benefits of a sound cnrrelicy, redeemable in coin, with the least possible disturbance of existing rights and con- tracts. Three of its provisions have been substantially carried into execution by the gradual substitution of fractional coin for fractional currency, by the free coinage of gold and by free banking. There remains only the completion of preparations for resumption in coin on the 1st day of January, 1879, and its maintenance thereafter upon the basis of existing law. At the date of my annual report to Congress in December, 1877, it was deemed necessary as a preparation for resumption to accumulate in the Treasury a coin reserve of at least 40 per cent of the amount of United States notes outstanding. At that time it was anticipated that under the provisions of the resumption act the volume of United States notes would be reduced to $300,000,000 by the 1st day of January, 1879, or soon thereafter, and that a reserve in coin of $120,000,000 would then be sufficient. Congress, however, in view of the strong popular feeling against a con- traction of the currency, by the act approved May 31, 1878, forbade the retirement of any United States notes after that date, leaving the amount in circulation $346,681,016. Upon the principle of safety upon which the Department was acting, that 40 per cent of coin was the smallest reserve upon which resumption could pru- dently he commenced, it became necessary to increase the coin reserve to $138,000,000. At the close of the year 1877 this coin reserve, in excess of coin liabilities, amounted to $63,016,050.96, of which $15,000,000 were obtained by the sale of 4J per cent and $25,000,000 by the sale of 4 per cent bonds, the residue being surplus revenue. . Subsequently, on the 11th day of April, 1878, the Secretary entered into a contract with certain bankers in New York and London — the parties to the previous contract of June 9, 1877, already communicated to Congress — for the sale of $50,000,000 H per cent bonds for resumption purposes. The bonds were sold at a premium of l| per cent and accrued interest, less a commission of one-half of 1 per cent. The con- tract has been fulfilled, and the net proceeds, $50,500,000, have been paid into the Treasury in gold coin. The $5,500,000 coin paid on the Halifax award have been replaced by the sale of that amount of 4 per cent bonds sold for resumption purposes, making the aggregate amount of bonds sold for these purposes $95,500,000, of which $65,000,000 were 4^ per cent bonds and $30,500,000 4 per cent bonds. To this has been added the surplus revenue from time to time. The amount of coin held in the Treas- ury on the 23d day of November last in excess of coin sufficient to pay all accrued coin liabilities was $141,888,100, and constitutes the coin reserve prepared for resumption purposes. This sum will he diminished somewhat on the Ist of January next by reason of the large amount of interest accruing on that day in excess of the coin revenue received meanwhile. In anticipation of resumption, and in view of the fact that the redemption of United States notes is mandatory only at the office of the assistant treasurer in the city of New Tork^ it was deemed important to secure the cooperation of the associated banks of that city m the ready collection of drafts on those hanks and in the payment of Treasury drafts held by them. A satisfactory arrangement has been made by which all drafts on the banks held by the Treasury are to be paid at the clearing-house and all drafts on the Treasury held by them are to be paid to the clearing-house at the office of the assistant treasurer in United States notes; and after the 1st of January United States notes are to be received by them as coin. This will greatly lessen the risk and labor of collection, both to the Treasury and the banks. Every step in these preparations for resumption has been accompanied with increased business and confidence. The accumulation of coin, instead of increasing its price, as was feared by many, has steadily reduced its premium in the market. The depressing and ruinous losses that followed the panic of 1873 had not diminished in 1875, when the resumption act passed ; but every measure taken in the execution or enforcement of this act has tended to lighten these losses and to reduce the pre- mium on coin, so that now it is merely nominal. The present condition of our trade, industry, and commerce, hereafter more fully stated, our ample reserves, and the gen- eral confidence inspired in our financial condition seem to justify the opinion that we are prepared to commence and maintain resumption from and after the 1st day of January, A. D. 1879. ' The means and manner of doing this are left largely to the discretion of the Secre- tary, but, from the nature of the duty imposed, he must restore coin and bullion, when withdrawn in the process of redemption, either by the sale of bonds or the use of surplus revenue, or of the notes redeemed from time to time. The power to sell any of the bonds described in the refunding act continues after as well as before resumption. Though it may not be often used, it is essential to enable this Department to meet emergencies. By its exercise it is anticipated that the Treasury at any time can readily obtain coin to reinforce the reserve already accumulated. United States notes must, however, be the chief means under exist- ing law with which the Department must restore coin and bullion when withdrawn in process of redemption. The notes when redeemed must necessarily accumulate 632 in the Treasury until their superior use and convenience for circulation enables the Department to exchange them at par for coin or bullion. The act of May 31, 1878, already referred to, provides that vrhen United States notes are redeemed or received in the Treasury under any law, from any source what- ever, and shall belong to the United States, they shall not be retired, canceled, or destroyed, but shall be reissued and paid out again and kept in circulation. The power to reissue United States notes was conferred by section 3579, Revised Statutes, and was not limited by the resumption act. As this, however, was ques- tioned. Congress wisely removed the doubt. Notes redeemed are like other notes received into the Treasury. Payments of them can be made only in consequence of appropriations made by law, or for the pur- chase of bullion, or for the refunding of the public debt. The current receipts from revenue are snffloient to meet the current expenditures as well as the accruing interest on the public debt. Authority is conferred by the refunding act to redeem 6 per cent bonds, as they become redeemable, by the proceeds of the sale of bonds bearing a lower rate of interest. The United States notes redeemed under the resumption act are, therefore, the principal means provided for the purchase of bullion or coin with which to maintain resumption, but should only be paid out when they can be used to replace an equal amount of coin withdrawn from the resumption fund. They may, it is true, be used for current purposes like other money, but when so used their place is filled by money received from taxes or other sources of revenue. In daily business no distinction need be made from moneys from whatever source received, but they may properly be applied to any of the purposes authorized by law. No doubt coin liabilities, such as interest or principal of the public debt, will be ordinarily paid and willingly received in United States notes, but, whqn demanded, such payipents will be made in coin ; and United States notes and coin will be used in the purchase of bullion. This method has already been adopted in Colorado and North Carolina, and arrangements are being perfected to purchase bullion in this way in all the mining regions of the United States. By the act approved June 8, 1878, the Secretary of the Treasiuy is authorized to constitute any superintendent of a mint, or assayer of any assay ofiSce, an assistant treasurer of the United States to receive gold coin or bullion on deposit. By the legislative appropriation bill approved June 19, 1878, the Secretary of the Treasury is authorized to issue coin certificates in payment to depositors of bnllion at the several mints and assay offices of the United States. These provisions^ intended to secure to the producers of bullion more speedy payment, will necessarUy bring into the mints and Treasury the great body of the precious metals mined in the United States, and will tend greatly to the easy and steady supply of bullion for coinage. United States notes, when at a par with coin, will be readily received for bullion instead of coin certificates, and with great advantage and convenience to the pro- ducers. Deposits of coin in the Treasury will, no doubt, continue to be made after the 1st of January, as heretofore. Both gold and silver coin, from its weight and bulk, will naturally seek such a safe deposit, while notes redeemable in coin, from their supe- rior convenience, will be circulated . instead. After resumption the distinction between coin and United States notes should be, as far as practicable, abandoned in the current aifairs of the Government; and therefore no coin certificates should be issued except where expressly required by the provisions of law, as in the case of silver certificates. The gold certificates hitherto issued by virtue of the discretion conferred upon the Secretary will not be issued after the 1st of January next. The necessity for them during a suspension of specie payments is obvious, but no longer exists when by law every United States note is, in effect, a coin certificate. The only purpose that could be subserved by their issue hereafter would be to enable persons to convert their notes into coin certificates, and thus contract the currency and hoard gold in the vaults of the Treasury without the inconvenience or risk of its custody. For convenience. United States notes of the same denomination as the larger coin certificates will be issued. By existing law customs duties and the interest of the public debt are payable in coin, and a portion of the duties was specifically pledged as a special fund for the payment of the interest, thus making one provision dependent upon the other. As we can not, with due regard to the public honor, repeal the obligation to pay coin, we ought not to impair or repeal the means provided to procure coin. When, hap- pily,-our notes are equal to coin, they will be accepted as coin, both by the public creditor and by the Government ; but this exception should be left to the option of the respective parties, and the legal right on both sides to demand coin should be preserved inviolate. The Secretary is of the opinion that a change of the law is not necessary to authorize this Department to receive United States notes for customs duties on and after the let day of January, 1879, whUe they are redeemable and are redeemed on 633 demand in coin. After resumption it -vrould seem a useless inconvenience to reqtiiro payment of such duties in coin rathei than in United States notes. The resumption act, by clear implication, so far modifies previous laws as to permit payments in United States notes as well as in coin. The provision for coin payments was made, in the midst of war, when the notes were depreciated and the public necessities required an assured revenue in coin to support the public credit. This alone justi- fied the refusal by the Government to take its own notes for the taxes levied by it. It has now definitely assumed to pay these notes in coin, and this necessarily implies the receipt of these notes as coin . To refuse them is only to invite their presenta- tion for coin. Any other construction would require the notes to be presented to the assistant treasurer in New York for coin, and, if used in the purchase of bonds, to be returned to the same officer, or, if used for the payment of customs duties, to be carried to the collector of customs, who must daily deposit in the Treasury all money received by him. It is not to 130 assumed that the law requires this indirect and inconvenient process after the notes are redeemable in coin, on demand of the holder. They are then at a parity with coin, and both should be received indis- criminately. If United States notes are received for duties at the port of New York, they should be received fop the same purpose in all other ports of the United States, or an unconstitutional preference would be given to that port over other ports. If this privilege is denied to the citizens of other ports, they could make such use of these notes only by transporting them to New York and transporting the coins to their homes for payment; and all this not only without benefit to the Government, but with a loss in returning the coin again to New York, where it is required for redemption purposes. The provision in the law for redemption in New York was believed to be practical redemption in all parts of the United States. Actual redemption was confined to a single place from the necessity of maintaining only one coin reserve and where the coiu could be easily accumulated and kept. With this view of the resumption act, the Secretary will feel it to be his duty, unless Congress otherwise provider, to direct that after the 1st day of January next, and while United States notes are redeemed at the Treasury, they be received the same as coin by the officers of this Department in all payments in all parts of the United States. If any further provision of law is deemed necessary by Congress to authorize the ■ receipt of United States notes for customs dues or for bonds, the Secretary respect- fully submits that this authority should continue only while the notes are redeemed in coiu. However desirable continuous ledemption maybe, and however confident we may feel in its maintenance, yet the experience of many nations has proven that it may be impossible in periods of great emergency. In such events the public faith demands that the customs duties shall be collected in coin and paid to the public creditors, and this pledge should never be violated or our ability to perform it endangered. Heretofore the Treasury, in the disbursement of currency, has paid out bills of any denomination desired. In this way the number of bills of a less denomination than $5 is determined by the demand for them. Such would appear to be the true policy after the 1st of January. It has been urged that, with a view to place in circulation silver coins, no bills of less than $5 should be issued. It would seem to be more just and expedient not to force any form of money upon a public creditor, but to give him the option of the kind and denomination. The convenience of the public, in this respect, should be consulted. The only way in which moneys of dif- ferent kinds and intrinsic values can be maintained in circulation at par with each other is by the ability, when one kind is in excess, to readily exchange it for the other. This principle is applicable to coin as well as to paper money. In this way the largest amount of jnoney of different kinds can be maintained at par, the dif- ferent purposes lor which each is issued making a demand for it. The refusal or neglect to maintain this species of redemption inevitably effects the exclusion from circulation of the most valuable, which thereafter, becomes a commodity, bought and sold at a premium. When the resumption act passed, gold was the only coin which by law was a legal tender in payment of all debt. That act contemplated redemption in gold coin only. No silver coin of full legal tender could then be lawfully issued. The only silver coin provided was fractional coin, which was a legal tender for $5 only. The act approved February 28, 1878, made a very important change in our coinage system. The silver dollar provided for was made a legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. The amount of this coin issued will more properly be stated hereafter, but its effect upon the problem of resumption should be here considered. The law itself clearly shows that the silver dollar was not to supersede the gold dollar; nor did Congress propose to adopt the single standard of silver, but only to 634 create a bimetallic standard of silver and gold, of equal Talne and equal purchasing power. Congress, therefore, limited the amount of silver dollars to be coined to not less than tiwo millions nor more than four millions per month, but did not limit the aggregate amount nor the period of time during which this coinage should con- tinue. The market value of the silver in the dollar, at the date of the passage of the act, was 93i cents in gold coin. Now it is about 86 cents in g(^ld coin. If it was intended by Congress to adopt the silver instead of the gold standard, the amount provided for is totally inadequate for the purpose. Experience, not only in this country, but in Europoau countries, has established that a cer- tain amount of silver coin may be maintained in circulation at par with gold, though of less intrinsic btillion value. It was, no doubt, the intention of Con- gress to provide a coin in silver which would answer a multitude of the purposes of business life, without banishing from circulation the established gold coin of the country. To accomplish this it is indispensible either that the silver coin be limited in amount, or that its bullion value be equal to that of the gold dollar. If not, its use will be limited to domestic purposes. It can not be exported except at its com- mercial value as bullion. If issued in excess of demands for domestic purposes, it will necessarily fall in market value, and, by a well-knownpripciple of finance, will become the sole coin standard of value. Gold will be either hoarded or exported. When two currencies, both legal, are authorized without limit, the cheaper alone will circulate. If, however, the issue of the silver dollars is limited to an amount demanded for circulation, there will be no depreciation, and their convenient use will keep them at par with gold, as fractional silver coin, issued under the act approved February 21, 1853, was kept at par with gold. The amount of such coin that can be thus maintained at par with gold can not be fairly tested until resumption is accomplished. As yet pajjer money has been depre- ciated, and silver dollars being receivable for customs dues have naturally not entered Into general circulation, but have returned to the Treasury in payment of such dues, and thus the only effect of the attempt of the Department to circulate them has Ijeen to diminish the gold revenue. After resumption these coins will cir- culate in considerable sums for small payments. To the extent that such demand will give employment to silver dollars their use will be an aid to resumption rather than a hindrance, but if issued in excess of such demand they will at once tend to displace gold and become the sole standard, and gradually, as they increase in, number, will fall to their value as bullion. Even the fear or suspicion of such an excess tends to banish gold, and, if well established, will cause a continuous drain of gold until imperative necessity will compel resumption in silver alone. The seri- ous effects of such a radical change in our standards of value can not be exaggerated ; and its possibility will greatly disturb confidence in resumption, and may make necessary larger reserves and further sales of bonds. The Secretary, therefore, earnestly invokes the attention of Congress to this sub ject, with a view that either during the present or the next session the amount of silver dollars to be issued be limited, or their ratio to gold for coining purposes be changed. Gold and silver have varied in value from time to time in the history of nations, and laws have been passed to meet this changing value. In our country, by the act of April 2, 1792, the ratio between them was fixed at 1 of gold to 15 of silver. By the act of June 28, 1834, the ratio was changed to 1 of gold to 16 of silver. For more than a century the market value of the two metals had varied between these two ratios, mainly resting at that fixed by the Latin nations, of 1 to 15^. But we can not overlook the fact that within a few years, from causes frequently discussed in Congress, a great change has occurred in the relative value of the two metals. It would seem to be expedient to recognize this controlling fact — one that no nation alone can change — by a careful readjustment of the legal ratio for coinage of 1 to 16, so as to conform to the relative market values of the two metals. The ratios heretofore fixed were always made with that view, and, when made, did conform as near as might be. Now that the production and use of the two metals have greatly changed in relative value, a corresponding change must be made in the coinage ratio. There is no peculiar force or sanction in the present ratio that should make us hesi- tate to adopt another when in the markets of the world it is proven that such ratio is not now the true one. The addition of one-tenth or one-eighth to the thickness of the silver dollar would scarcely be perceived as an inconvenience by the holder, but would inspire confidence and add greatly to its circulation. As prices are now based on United States notes at par with gold, no disturbance of values would result from the change. It appears that the recent conference at Paris, invited by us, that other nations will not join with us in fixing an international ratio, and that each country must adapt its la ws to its own policy. The tendency of late among commercial nations is to the adoption of a single standard of gold and the issue of silver for fractional coin. We may, by ignoring this tendency, give temporarily-increased value to the 635 Btores of silver held in Germany and France until our market absorbs them, but by adopting a silver standard as nearly equal to gold as practicable, we make a mar- ket for our large production of silver, and furnish a full, honest dollar that will be hoarded, transported, or circulated, without disparagement or reproach. It is respectfully submitted that the United States, already so largely interested in trade with all parts of the world, and becoming, by its population, wealth, com- merce, and productions, a leading member of the family of nations, should not adopt a standard of less intrinsic value than other commercial nations. Alike interested in silver and gold, as the great producing country of both, it should coin them at such a ratio and on such conditions as will secure the largest use and circulation of both metals without displacing either. Gold must necessarily be the standard of value in great transactions, from its greater relative value, but it is not capable of the division required for small transaction ; while silver is indispensable for a mul- titude of daily wants, and is too bulky for iise in the larger transactions of busi- ness, and the cost of its transportation for long distances would greatly increase the present ratio of exchange. It would, therefore, seem to be the best policy for the present, to limit the aggregate issue of our silver dollars, based on the ratio of 16 to 1, to such sums as can be clearly maintained at par with gold, until the price of silver in the market shall assume a definite ratio to gold, when that ratio should be adopted, and our coins made to conform to it ; and the Secretary respectfully recommends that he be authorized to discontinue the coinage of the silver dollar when the amount outstanding shall exceed $50,000,000. The Secretary deems it proper to state that in the meantime, in the execution of the law as it now stands, he will feel it to be his duty to redeem all United States notes presented on and after January 1, next, at the office of the assistant treasurer of the United States, in the city of New York, in sums of not less than $50, with either gold or silver coin, as desired by the holder, but reserving the legal option of the Government ; and to pay out United States notes for all other demands on the Treasury, except when coin is demanded on coin liabilities. It is his duty as an executive officer to frankly state his opinions, so that if he is in error Congress may prescribe such a policy as is best for the public interests. * ' # # # * # # It is manifest, from the proven capacity of the several mints, that our coinage facilities are ample for all purposes. The present production of bullion from the mines of the United States appears to approximate $100,000,000 in value. All the gold bullion produced in the country contains more or less silver, and the greater portion of the silver bullion from our mines contains a percentage of gold, making it difficult to determine with accuracy the proportion of each. It is safe, however, to state that the production of the two metals, calculated at their coining rates, is nearly equal. During the year 1877 and the first few months of the present year trade dollars to the amount of probably 4,000,000 pieces were placed in circulation in the States east of the Rocky Mountains, with a full knowledge on the part of the parties engaged in the business that the coin was not a legal tender. This coin is in no sense money of the United States which the Government is bound to redeem or care for. The Government stamp upon it is to certify to its weight and fineness for the convenience of dealers in silver bullion. It is precisely like any other silver bullion assayed at any assay office or mint. The limited legal- tender quality originally given to it was taken away before any of the coins were put into domestic circulation, and it should not now be given any value or a tribute at the expense of the public that is not incident to any other silver bullion. The Government has received no benefit from this coinage, and has neither received it nor paid it out. The whole connection of the Government with this bullion was to perform the mechanical work of assaying and dividing it into convenient form for the merchant, at his cost and for his benefit, for exportation only. Recent advices from our minister to China indicate that a considerable amount of trade dollars is now being hoarded in that empire, and will be returned to us if a discrimination is made in their favor over other bullion. No distinction can be made between trade dollars in the United States and those out of the United States, but if redeemed at all they must all be redeemed alike. The bullion in 35,853,360 trade dollars outstanding can now be purchased from our miners for $31,256,050. It would be a manifest injustice to deprive them of our market for their bullion in order to discriminate in favor of bullion coined for exportation and held chiefly in foreign countries. • • • 636 pieport of the Secretary of the Treasury, Deoembei:, 1, 1879.] • « 4f # # « • RESUMPTION OF SPECIE PAYMENTS. At the date of my last annual report, December 2, 1878, the preparation for the resumption of specie payments, provided for by the act approved January 14, 1875, had been substantially completed. On the 1st day of January, 1879, the day fixed for the resumption of specie payments, the reserve of coin, over and above all matured liabilities, was $133,508,804.50. Previous to that time, in view of resumption. United States notes and coin -were freely received and paid in private business as equivalents. Actual resumption commenced at the time fixed by law, without any material demand for coin and without disturbance to public or private business. No distinction has been made since that time between coin and United States notes in the collection of duties or in the payment of the principal or interest of the public debt. The great body of coin indebtedness has been paid in United States notes at the request of creditors. The total amount of United States notes presented for redemption from January 1 to November 1, 1879, was $11,256,678. But little coin has been demanded on the coin liabilities of the Government during the same period, though the amount acpruing exceeded $600,000,000. Meantime coin was freely paid into the Treasury, and gold bullion was deposited in the assay oflSce and paid for in United States notes. The aggregate gold and silver coin and bullion in the Treasury increased during that period from $167,558,734.19 to $225,133,558.72, and the net balance available for resumption increased from $133,508,804.50 to $152,737,155.48. In accordance with the position taken in the last annual report. United States notes have been received since January 1 last in payment of duties on imports. To meet the local demand for coin in places other than New York City, persons applying have been paid silver coin for United States notes, the coin being delivered to them on established express lines free of expense; and for some time gold and silver coin has been freely paid out at the several subtreasuries upon current obliga- tions of the Government. There has been, however, but little demand for coin, and United States notes and the circulating notes of national banks have been received and paid out at par with coin in all business transactions, public or private, in all parts of the country. The specie standard, thus happily secured, has given an impetus to all kinds of business. Many industries, greatly depressed since the panic of 1873, have revived, while increased activity has been shown in all branches of production, trade, and commerce. Every preparation for resumption was accompanied with increased busi- ness and confidence, and its consummation has been followed by a revival of pro- ductive industry unexampled in our previous history. It is made the duty of this Department to maintain resumption, and for this pur- pose, in addition to the use of surplus revenue and the fund for resumption purposes, the Secretary is authorized to issue, sell, and dispose of,> at not less than par in coin, either 4, 4^, or 5 per cent bonds of the description set out in the refunding act, approved July 14, 1870. This act is based upon the idea that all the necessary expend- itures of the Government appropriated for by Congress, will be met by the current revenues, leaving the surplus revenues and the reserve fund available for resumption. It is also provided by that act that the amount of United States notes to be redeem- able on demand in coin shall be gradually reduced to the sum of $300,000,000. The act approved May 31, 1878, increases the maximum of United States notes, upon which resumption is to be maintained, to the sum of $346,681,016, the amount out- standing at the date of the passage of the act. It also provides as follows : "And when any of said notes may be redeemed or be received into the Treasury under any law from any source whatever and shall belong to the United States, they shall not be retired, cancelled, or destroyed, but they shall be reissued and paid out again and kept in circulation." This act must be construed in connection with the provision of the Constitu- tion, that "no money shall be drawn from the Treasury but in consequence of appro- priations made by law." The reserve fund created by the resumption act could not without further legislation be applied to the payment of current appropriations. Nor is it to be presumed that Congress vvill omit to provide ample revenues to meet such appropriations. Therefore, under existing law the notes received into the Treasury in exchange for coin will always be available for the purchase of or exchange for coin or bullion. Any United States notes in the Treasury may be exchanged for coin under the authority of section 3700, Revised Statutes. When notes can not be used at par for that purpose they must necessarily remain in the Treasury. To avoid all uncer- tainty, it is respectfully recommended that by law the resumption fund be specific- ally defined and set apart for the redemption of United States notes, and that the notes redeemed shall only be issued in exchange for or purchase of coin or bullion. 637 The great conTeiQieiice and easy transportation of notes has thus far enabled the Treasury to exchange them for com or bullion at all the centers of production of gold and silver in this country, and also to pay for large sums of foreign coin at the assay office in New York without any material draft on the resumption fund ; and it is believed that this voluntary exchange will in ordinary times furnish the Treasury with ail the coin necessary. .It would be only in an emergency not easy to foresee, and not likely to arise, that the power to sell bonds for resumption purposes would be exercised, but it should be preserved to meet any extraordinary demand for ttie redemption of notes which might possibly occur. The Secretary is, therefore, of opinion that the provisions of existing law are ample to enable the Department to maintain resumption even upon the present vol- ume of United States notes. In view, however, of the large inflow of gold into the country and the high price of public securities, it would seem to be a favorable time to invest a portion of the sinking fund in United States notes, to be retired and can- celed, and in this way gradually to reduce the maximum of such notes to the sum of $300,000,000, the amount fixed by the resumption act. The Secretary respectfully calls the attention of Congress to the question whether United States notes ought Still to be a legal-tender in the payment of debts. The power of Congress to make them such was asserted by Congress durhig the war, and was upheld by the Supreme Court. The po-wer to reissue them in time of peace, aftet they are once redeemed, is still contested in that court. Prior to 1862, only gold and silver were a legal-tender. Bullion was deposited by private individuals in the mints and coined in convenient forms'and designs, indicating weight and fineness. Paper money is a promise to pay such coin. No constitutional objection is raised against the issue of notes not bearing interest to be used as a part of the circulating medium, The chief objection to the emission of paper money by the Government grows out of the legal-tender clause, for without this the United States note would be meas- ured by its convenience in use, its safety, and its prompt redemption. In war, and during a grave public exigency, other considerations may properly prevail ; but it would seem that during peace, and, especially, during times of prosperity and sur- plus revenue, the promissory note of the United States ought to stand like any other promissory note. It should be current money only by being promptly redeemed in coin on demand. The note of the United States is now received for all public dues, it is carefully limited in amount, it is promptly redeemed on demand, and ample reserves in coin are provided to give conlidenjce in and security for such redemption. With these conditions maintained, the United States note will be readily received and paid on all demands. While they are maintained, the legal-tender clause gives no additional credit or sanction to the notes, but tends to impair confidence and to create fears of overissue. It would seem, therefore, that now and during the main- tenance of resumption, it is a useless and objectionable assertion of power, which Congress might now repeal on the ground of expediency alone. When it is consid- ered that its constitutionality is seriously contested, and that from its nature it is subject to grave abuse, it would now appear to be wise to withdraw the exercise of such power, leaving it in reserve to be again resorted to in such a period of war or grave eme|f ency as existed in 1862. The Government derives an advantage in circulating its notes without interest, and the people prefer such notes to coin, as money, for their convenience in use and their certain redemption in coin on demand. This mutual advantage may be secured without the exercise of questionable power; nor need any inconvenience arise from the repeal of the legal-tender clause as to future contracts. Contracting parties may stipulate for either gold or silver coin or current money. In the absence of an express stipulation for coin, the reasonable presumption would exist that the parties contemplated payment in current money, and such presumption might properly be declared by law and the contract enforced accordingly. The Secretary, therefore, respectfully su'bm'its to Congress whether the legal-tender clause should not now be repealed as to all future contracts, and parties be left to stipulate the mode of payment. United States notes should still he receivable for all dues to the Government, they should be properly redeemed on demand and ample provision made to secure such redemption. The gold coinage since 1862, about which time it disappeared from circulation, has been principally in double-eagles, but during the last year over 9 per cent of the gold coins struck were in pieces of smaller denomination. The coinage of eagles and of half-eagles will be continued until the demand for small gold coin is sup- plied. The coinage of standard silver dollars has been kept fully up to the requirements of law, notwithstanding the difficulty experienced in procuring silver bullion for the mints at San Francisco and Carson, at market rates. 638 The amount of silver coin of less than a dollar provided for by law having been executed, the coinage of this money has been suspended. The demand for minor coins, particularly for the 1-cent piece, has been pressing. The bullion production from the mines of the United States for the last year is estimated by the Director to be nearly $80,000^000, the proportions of gold and silver being about equal. The year's total production is less than that of the preceding year, caused by a diminution in the yield of the mines of Kevada, which was not compensated by increased production in other places. The Director estimates the coin in the country on October 31, 1879, at $305,750,497 of gold, and $121,456,355 of silver. The bullion in the mints and New York assay ofiBce at that date awaiting coinage amounted to $49,931,035 of gold, and $4,553,182 of silver, making the total amount of coin and bullion $481,691,069. The estimating of the specie in the country at any given time is always difficult; but this estimate appears to have been carefully prepared from coinage reports and statistics of recoinage, export, and import. The amount of gold and silver annually used in the arts and manufactures forms no inconsiderable factor in estimating the production of the mines or the specie available for circnlation, and an attempt has been made to arrive at the amounts so used from the recoMs of the New York assay office, which furnishes the principal part of the metals consumed for these purposes, and ttom reports of the manufacturers. The general result, while incomplete in details, indicates that the total consumption for purposes other than coinage is in excess of estimates heretofore made. In the last annual report the Secretary stated: "It would seem to be the best policy for the present to limit the aggregate issue of our silver dollars, based, on the ratio of 16 to 1, to such sums as can clearly be maintained at par with gold, until the price of silver in the market shall assume a definite ratio to gold, when that ratio should be adopted and our coins made to conform to it; and the Secretary respectfully recommends that he be authorized to discontinue the coinage of the silver dollar when the amount outstar.ding shall exceed $50,000,000." He again respectfully calls the attention of Congress to the importance of further limiting the coinage of the silver dollar. The market value of the bullion in this coin has been during the past year from 10 to 16 per cent less than the market value of the bullion in the gold dollar. The total amount of silver dellars coined to November 1, 1879, under the act of February 28, 1878, was $45,206,200, of which $13,002,842 was in circulation, and the remainder, $32,203,358, in the Treasury at that time. No effort has been spared to put this coin in circulation. Owing to its limited coinage it has been kept at par ; but its free coinage would soon reduce its current value to its bullion value, and thus establish a single silver standard. The inevitable result would be to exclude gold coin from circulation. It is impossible to ascertain what amount of silver coin, based upon the ratio of 16 of silver to 1 of gold, can be maintained at par with gold, but it is manifest that this can only be done by the Government holding in its vaults the great body of the silver coin. It would seem that nothing would be gained by an unlimited coinage unless it is desirable to measure all values by the silver standard. The Secretary can not too stw.r;.ii.- , , . silver certificates, and for a law authorizi. iji April last, on the day tpjwhich it circulation. WJM»* understood that it efl;e|0lied The international monetary conference met ' '•''•"=^- ' <' ■ i ' had adjourned, and adjourned again sine die. It any important practical result. GOLD CERTIFICATES. Vsiyce'been.-jHcepM'M Under the act of the last session of Congress, gold certificates . and have been issued, as is shown in this table : . ..^ - Denominations. Gold certifi- cates ready for issue. ■^al^.certi^- ^aweucjl catt- Novi, ./ 27, 18b. Twenty-dollar ~ I'iity-dollar One hundred-dollar. . . Five hundred-dollar . . One thousand-dollar . , Five thousand-dollar Ten thousand-dollar.. $3, 920, 000 9, 000, 000 7, 600, 000 10, 000, 000 12, 000, 000 20, 000, 000 80, OOO, 000 $2, 240, 000 2, 200, 000 3, 000, 000 • 5,050,000 4, 300, 000 4, 500, 000 10, 000, 000 Total. 138, 520, 000 31, 290, 000 [Keport of the Secretary of the Treasury, December 3, 1883.] STANDARD SILVER DOLLARS. On November 1, 1883, under the act of February 28, 1878, there had been a coinage of standard silver dollars amounting to $156,720,949. There were in the Treasury at that date $116,386,017. There were then in circulation and in the mints on account of profits on the coinage not yet deposited in the Treasury, $40,334,932. There were in circulation on November 1, 1882, $35,383,786. The coinage between the Ist of November, 1882, and the same date in 1883, ha,d increased $28,391,069. The amount in circulation for the same time had increased $4,136,321, tJaus keeping up the great disproportion between the amount ready to be supplied and the demand for ttiem, heretofore noted in the reports of this Department. THE TRADE DOLLAR. Here I am speaking of " the trade dollar," the debased coin to which the attention haa been drawn by public clamor and discussion. Doubtless the legislative purpose 648 in creating it was to make a piece of money that would find favor with Asiatic people, and not for use at home. That purpose was not made known, however, hy the letter of the law under which it issued from the mint. The act of 1873, under which the coinage of it began, has these words: "The silver coins of the United States shall he a trade dollar ; a half-dollar, or fifty -cent piece ; a quarter-dollar, or twenty-flve-cent piece pa dime, or ten-cent piece." The act further declares that the relative proportion of pure metal and alloy in the trade dollar, and the devices and legends upon it, shall be the same as those of the other coins of the United States. That act, and a later one of 1877, made it a crime to counterfeit any of onr coins, and as the trade dollar was declared to be a coin, made it a crime to counterfeit it. The act of 1873 made the silver coins of the United States, and hence the trade dollars, a legal tender at their nominal value for any amount not over $5. Thus the reading of the laws taught the people that the trade dollar was a coin of their sovereignty, and for the redemption of which, at an unabated value, their Government was bound. The real legislative purpose, is to be blindly sought for in tradition or in the record of Congressional discussion, and is indicated in the joint resolution of 1876, which took away from this coin the legal-tender quality of it, and held down the coinage of it to the call for it for exportation. It is plaiij that a busy people, finding this coin afloat in the channels of business, styled a coin of the United States, would readily believe that it was an authentic issue of the Government, and to be redeemed by the Government, the same as other money put out by it. From time to time, however, as it suits scheming men and the occasion fits, a hue and cry is raised against it, it is discredited in the marts, and unwary holders suffer loss or incon- venience. As it is a coin of the United States, having the image and superscription thereof, sanctioned as such by penalties upon the counterfeiting of it, and once dignified as a legal tender in payment of debts and dues, it should be restored to its first state, or called in at its nomiiial value and melted. And why not? First, it has been claime,d oflicially that ii did not go into home circulation until after the passage of the joint resolution above spoken of whereby the legal-tender quality of it was taken from it. Hence, it is said, it is no duty to our people to redeem- it at more than the value of it as silver bullion. Secondly, on the other hand, it is asserted that the act of 1878 gave back to it the legal-tender quality. That act declares that " there shall be coined * • * silver dollars * * * of four hundsed and twelve and one-half grains, t * * which, with all silver dollars heretofore coined * * * of Mice weight and fineness, * * * shall be legal tender » * » ." As the trade dollar is greater in weight and as great in fineness as the silver dollar thus author- ized, and as the greater includes the less, it is argued that the phrase " of like weight and fineness " takes in the trade dollar, makes it again a legal tender for debts and dues, and that there needs but a declaration thereof by this Department to put it in the same rank and acceptability a? the standard silver dollar, and so there is no need of redeeming it. The first of these conditions is too technical and close for use in dealing with so practical a matter, and one in which the prime action and con- tinued sUent sufferance of the Government has been so misleading. The second of these contentions is not well founded. The phrase "of like weight and fineness," may properly be said to take in only silver dollars issued under the acts of 1792 and 1837. They contained exactly the same amount of pure metal as the dollar author- ized by the act of 1878, and had no distinctive name, such as the trade dollar. This Department has been and still is of the opinion that a correct legal interpretation of that act, in connection with the joint resolution of 1876, denies to the trade dollar a legal-tender quality. It is possible to make an estimate of the amount that would come to the Treasury for redemption if authority were given therefor. The whole issue of the coin has been $35,960,446. Some of that has disappeared in manufactured articles; it is esti- mated from one to two millions. It is calculated that five-sixths thereof went abroad in the beginning, and it is believed that but a small part of that has come back, and that there is now held by our people but from five to eight millions. Of that which remained abroad there is good authority for saying thatmuohof it found its way from China to India and into the melting pot at the mint in Calcutta, and has been there cast into the coin of that country. The overweight and value of the trade dollar by the side of the Mexican and Spanish dollar, with which it was cocurrent in China, brought much of it to the crucible there. It is understood in business circles that in China, silver coin is used by weight and not by count save in a. few ports, where Mexican dollars and a few other coins are taken by tale. It is the practice of Chinese bankers, so it is reported, to stamp with their own mark the coin which they take and pay out. The coin thus defaced, soon comes to the state and repute of bullion, and the presumption is that our trade dollars have, many of them, been so treated and so suffered. Bear in mind, too, that from time to time for some years past, until of a compara- tively late date, there has been inducement to reship this coin from China hither, 649 ■ M'" because it has been free in circulation "in most parts of tlie land and for most of the time at a par with gold and silver money. There is reason to belieye, then, that besides the sum of it in the hands of our own people an embarrassing amount will not come upon us from abroad. A thorough and effective redemption of it can be brought about in this way : Let authority be given by Congress to the Treasury Department to barter for trade dollars at their nominal value, and melting trade dollars to recoin them into stand- ard sUver dollars, counting the trade dollars got in this way as a part of the silver bullion which the act of 1878 empowers and directs to be bought and coined monthly. Should the trade dollars have been so abraded in use as to have lost a material part of their original weight, which is not much to be apprehended, a deduction might be made from the price and fractional paynients made in subsid- iary and minor silver coin. The agitation of this matter has led out some objections to the redemption above suggested. As the standard silver dollar, because of its unlimited legal-tender quality, it is said, that thus to enable the holders of the trade dollars to get them for standard dollars would be to raise the trade dollars in popular esteem and in practical value to a par withstandard dollars, and thus to keep them afloat rather than to bring them in, and thus, also, to swell the volume of legal-tender silver money in circulation by so much as is the sum of the trade dollars in the hands of the people. This effect may be prevented by setting a bound to the time during which the exchange may be made. If a law authorizing the exchange should run but for a twelve- month holders of the coin would haste to rid themselves of it, and at the end of the time little of it would be found at large, and that little would fall backto itsbullion value and cease to disturb in the way apprehended. It is not proposed to increase by this means the coinage of the standard silver dollar, but as the trade dollars are taken in to count them as so much silver bullion and make them meet by so much the direction to buy silver bullion for dollar coinage. Nor is the fear well grounded that there would be caused a large influx of trade dollars from abroad, to a cost to the Government in the redemption of more than the value of them as bullion. It has been stated above that there is cause for belief that much which has gone abroad has put off its character of a coin of the United States, and so is not able in that guise to'come back for exchange. If, however, a serious apprehension is felt that it will return in embarrassing volume, the time for the exchange might have a narrower limit, and instead of a twelvemonth a quarter of a year be the period fixed. This Department would rather see all the trade dollars that are afloat anywhere brought in and made bullion of, even at a cost to the Gov- ernment, if thus we may be rid of a discredited and debased coin; but if this may not be, it still will wish that those in the hands of our people be redeemed in the mode recommended, with safeguards against foreign holders. If it be urged that, what- ever be the sum redeemed, there will be a loss to the Treasury in recoining the trade dollars as bullion into standard dollars rather than in purchasing bullion in the market at ruling rates and coining it under existing law, it may be answered that the excess of sUver in the one over that in the other will be nearly, if not fully, enough to pay the cost of the manipulation; and again, that the seigniorage or profit now got from buying bullion at, for example, 99'8 per standard ounxje, and issuing the same in nominal dollars at the rate of, say, 116:i^r per standard ounce, is only a seeming total profit of the dift'erence ; for in the redemption of the coin, which must be looked for and provided for as to sooner or later come, the Government must, as a rule, take it back at the same nominal value at which it was put forth. If it be apprehended that by the proposed exchange the sum of the standard dol- lars will be enlarged and more of them will be forced into circulation to the inflation of the currency, the disturbance of the relative bearing of executory contracts and thejostlingof values, it is to be said that a desirable part of the plan suggested guards from an increase of the monthly purchase of silver bullion and of the coinage , of the standard dollar. That part is that as the trade dollar is taken in for the standard dollar paid out the former be counted as so much silver bullion, and by so much abate from the purchase in the market under the act of 1878. And if the receipt of the trade dollars by the exchange in any month shall be, when treated as bullion, more in sum than would be a purchase of two millions' worth of bullion, then the excess thereon can be carried forward from month to month, so far as need be, to keep within the direction of the act of 1878 for monthly purchase. And this would be more or less likely to come into play as the limit of time for redemption is shorter or longer. If, indeed, no limit of time was fixed, or it was made as long as a twelvemonth, this Department could be empowered to refuse redemption in one mouth of a sum more than enough to meet the requirement of that act and still make full redemption of all that is likely to be brought in therefor. If it be said that much of this coin, discredited and practically debasedy is in the hands of speculators who have taken it at a discount, and that they would profit by legislation which would increase the actual value of it, while it may not be denied 650 that la,meiitably tliia'is' too "far the case, still it is to lie answered that sachi is the' luck brought by all debased coin when at last it is fairly redeemed. Speculufotts' will make a depreciation and following appreciation. A law for a fair redemption must have, with its good, the evil of helping some to gain who will deserve it. The fault is not much mol-e with the speculative trader than with the legislation that has given him the chance for ignoble gain. His profit is a light incident, calling slightly for attention, because of the great general good to come fi-om calling in a ;di8oredited coinage. Besides, leave this coin unredeemed, and by and by, when ' public attention is at a lull again, it will be once more set afloat at nominal value to be in fullness of time once more discredited and lowered in purchasing power, to the harm of good people. Moreover, the information which I have ffom practical ■ and reliable men, who are at the sources of knowledge on this head, is that those 1 known as trades folk, and most of the working people not in straits, uncompelled 1 by necessity to part with the trade dillar at a loss, have held it during panics, look- i ing and waiting for action by the Government ; and that the amount stored by ''brokers is a small part of what is in domestic ownership, the larger part being held ^Dy th>ose who took them at full face for labor and in traffic in legitimate and honor- iSaole dealing. It is best, once for all, to call it in au'd put it o«it of possible use. tShis 'Department does not recommend that a legal-tender quality be again given to tt'heltEade dollar, to the sudden increase of the legitimate silver money of the country, TWttith ttJhe iinconvenience and incongruity of two dollars circulating together, of the BaBBeinie'tail,'8if nuequaJieal value, and of different devices, yet of equal value in pay- jmieirftwfifieWs and of purchase of property. It recommends that authority be given iiov the j-ednam'ptiau lOf the triade 4allar in the standard silver dollar, dollar for dollar Oi£ nominal value, fer tihe recodnage of the metal so received into a standard silver itigllar to accord with the law for thait coin, and for a red\iction of the amount of stis er bullion resulting from the exchange from the quality of bullion required to be got by monthly purchases for the purpose of coinage under the act of 1878. In the judgment of this Department, that legislation is safe and is demanded by the char- acter of this issue and by the need of the people for relief from the confusion and . exposure to recurring loss pftused by its presence in the monetary system of the i-country. SILVER CERTIFICATES. ■JUie amount of silver certificates outstanding November 1, 1883, wtis $99,,579,141 ; the amorant outstanding at the same date in 1882 was $73,607,710; there was held by the TreasMy on the 1st of November, 1882, $7,987,260, and on the same date in 1883, .$14,2a,7«0,. These figures show an increase of the silver certificates in the hands of the people of $19,713,931. Figures given above show a like increase of silver dollars of $4,136,321. Yet it is apparent that any demand that is likely to arise for silver dollars, or for the silver certificates based upon them, may be readily met without further immedi- ate coinage of the dollars or preparation of the certificates for issue. It is also „a Tjparent that to keep up an aiiwlBSS pnrcbase of silver bullion, at the rate of over ,1^1^000,000 each year, is a needless use of public money and of the taxing power to • - swrply" them, incurring a needless loss of the interest on the sum thus expended and - - the^xptinse of the manipulation. Apart from any consideration of the policy under- - lying the coinage at all of the standard silver dollar, as now authorized, it would seemjSifeat stn operation of the Treasury and its mints, for which there is no immediate calV«Sight be at least temporarily suspended. Thff Department makes no further comment upon these facts, but refers to its two 1 last annual reports for its views upon the continued coinage of silver dollars and the i issue ol^siiYei-' certificates and for its recommendations thereupon. ,f g # * * « • /[Keport of the Secretary of the Treasury, December 1, 1884.] , # ....* # # * # * 'While, however, the puWic debt is in this satisfactory condition, there are some •amfSal dangers ahead whioli can only be avoided by changes in our financial leg- fin '^^liju. The most imminent of these dangers, and the only one to which I now ask islai. '■«ui){|^flni lOf Congress, arisesfrom the continued coinage of silver and the Inoreas- the atv, <(4gj^(i(tiion qfiit by silver, certificates. I believe that the world is not in a ing repre^ -v^J (neycir will be, for the depionetization of one-third of its metallic condition, l V«(ljii igold atid silver are absplutely necessary for a circulating medium ; money; that-L - esMSi ihe disused without materially increasing the burden of debt, and that neithei u4 fliC(ts[o(p ftaXep by these nations to place and keep silver Not only is there now no 651 'on an equality with gold, according to existing standards, but it has been by the treatment it has received from European nations greatly lessened in cbmmercinl value. For many years the silver dollar was more valuable than the gold dollar in the United States, and although there were fluctuations in their comparative value, the advantages arising feom their joint use much more than counterbalanced the incon- venience and loss occasioned by these fluctuations. Various causes in combination have produced the present .depression of silver, but the main causes have been the inoonaiderate action of Germany in demonetizing it and throwing upon the market the large amount, which, up to that time, had constituted her metallic currency, and the restrictions upon its coinage by other European nations. In 1872 the silver dollar, as it had been for a long period, was more valuable than the gold dollar. In 1874 the decline commenced, and it has been continued until the silver dollar is worth only about 85 cents in gold, and further depreciation is prevented by its having been made receivable by the United States for all public dues and the coinage at the rate of $28,000,000 a year. We now hold $147,573,221. 89in silver. The amount is so large as to become burdensome, and additional vaults must be soon con- structed if the coinage is to be continued. But this is a matter of small importance compared with the danger to which the national credit and the business of the country are exposed by the large amount of silver in the Treasury, which must be increased by further coinage, and especially by the issue of silver certificates. These certificates amount to $131,556,531, and they may be increased to $184,730,829 by the silver against which certificates have not been issued. Like silver, they are only prevented from great depreciation by being receivable for all public dues, in which respect they have an advantage over the United States notes, which are not by law reiceivable for customs duties ; but although they are thus prevented from depreciation, the f£|,ct exists that a large part of our pa,per currency based on coin is worth only about 85 cents on the dollar. But this is not all ; the certificates, being receivable for duties, prevent gold from coming into the Treasury. The Treasurer, in his report, after referring to the fact that the Treasury is a mem- ber of the New York Clearing-House, and to the act of Congress of July, i882, which prohibits banking associations from being members of any clearing-house in which silver certificates are not receivable for clearing-house balances, and the resolution of the associated banks nominally complying with that act, remarks: •■' Notwithstanding this formal declaration of compliance with law, neither stand- ard silver dollars nor silver certificates have been or are now offered in settlement of balances at the clearing-house, and the Treasury has refrained from taking any steps to enforce the receipt of either of these descriptions of funds,- which have therefore not been used in payment of obligations presented through the clearing-house. # # * * # * # "As a consequence of the inability of the Treasury, under the existing practice, to use either the silver dollars or the silver certificates in its settlements with the New York Clearing- House, where by far the greater part of its disbursements is made, the available gold ran down from $155,429,600, on January 1, 1884, to $116,479,979, on August 12, 1884, while the silver dollars and bullion on hand not represented by silver certificates outstanding increased during the same period from $27,266,037 to $48,603,958. "As a temporary expedient to Htop this drain of gold from the Treasury, the assist- ant treasurer at New York was directed to use in payments to the clearing-house United States note's to the extent of one-half of the payments. But the amount of these notes in the Treasury, which at the time of the commencement of this mode of payment had accumulated beyond its needs, has now become so much reduced that ■they are no longer available for such payments to any considerable extent. " If a return to the former practice of making payments entirely in gold or gold ■ certificates shall result in a continuous loss of gold to the Treasury, not made up to a sufficient extent by receipts of gold from other sources, the question must soou arise for the decision of the Department as to whether it will continue to make in gold or its representative the payments now made through the clearing-house, or use in its payments the silver dollars or their representative certificates in some pro- portion to the relation which silver dollars in the Treasury, not held for certificates ■ outstanding, bear to the available assets, and to an extent similar to that in which they are used at other offices of the Treasury. "In ascertaining what this proportion is, itis to be considered that of the $134,670,790 iin gold coin and bullion now owned by the Government, $95,500,000 was obtained by ithe sale of bonds tinder the resumption act. /'Ifit beheld that this amount is available for no other purposethan the redemp- tion of United States notes, the gold which may be used for ordinary payments is $39,170,790, compared with $46,831,660 in silver dollars, including bullion available for the same purposes. " Or, if it be held that the provision in section 12, of the act of July 12, 1882, sus- 652 pending the issue of gold certificates whenever the amount of the gold coin and bul- lion iu the Treasury reserved for the redemption of United States notes falls below $100,000,000, is by implication a requirement that this sum shall be held for the redemption of notes, then the balance of gold which may be used for ordinary pay- ments is $34,670,790." It is evident from these extracts, and it will be rendered still more evident by an examination of the entire report, that silver certificates are taking the place of gold, and that a panic or an adverse current of exchange might compel the use in ordinary payments by the Treasury of the gold held for the redemption of the United States notes, or the use of silver or silver certificates in the payment of its gold obligations. As $95,500,000 of the gold in the Ti-easury was obtained by the sale of bonds for resumption purposes, it was doubtless the intention of the eminent gentleman under whose administration of the Treasury specie payments were resumed that at least this sum should be held in reserve for the redemption of United States notes, and not used for any other purpose. It is understood that he went further than this, and very properly entertained the opinion that an amount of gold equal to 40 per cent of the outstanding United States notes should be held for their protection. A. government which engages in banliing by furnishing a paper circulating medium must be governed by the rules which prevail with prudent bankers, and be con- stantly be prepared to meet such calls as may be ^made upon it. Many persons regard legal-tender notes as being money, and hold that no means should be provided for their redemption. That this is a delusion will be proven when- ever there is a large demand for gold for export. They are not money, but merely promises to pay it, and the Government must be prepared to redeem all that may be presented or forfeit its character for solvency. The following is an analysis of the statement of the liabilities and assets of the Ti'easury of the United States, October 31, 1884: Total assets. Liabilities. Available assets. $222,536,360.43 32, 477, 750. 00 $120, 343, 320. 00 255, 014, 110. 13 147, 573, 221. 89 30,814,970.00 $134,670,790.43 Standard silver dollars and silver bullion 131,550,531.00 178,388,191.89 33,942,1'!'1.85 85,000.00' 46,831,600.89 17,855,000.00 Certificates of deposit (act of June 8, 1872) Less certificates of deposit outstanding 34,027,171.85 10,171,655.48 15, 742, 439. 63 16,172,171.85 10, 171, 655. 48 15,742,439.63 National-bank notes Total 493, 343, 569. 28 209, 764, 851. 00 15, 211, 420. 30 3,714,015.24 26,622,292.53 52,345,429.69 7, 205, 799. 71 223,588,718.28 The liabilities chargeable against the avaiKable as- sets were : For Post-Ofdco Department account Tor disbursing officers' balances and other Tor funds held for redemption of national-bank 105,098,957.47 Total 493,313,569.28 374,'853, 80S. 47 118,489,760.81 Add assets not available for paymeuts— ^Fractional silver coin 29, 346, 757. 24 817, 888. 44 387,895.14 Paid obligations held in the cash 30,552,640.82 Cash balance, as per debt statement 149,042,301.63 694,710.31 Add "unavailable funds," Treasurer's statement.. Balance, including bullion fund. Treasurer's 149,737,011.94 Total assets and liabilities 523,896,110.10 374,853,808.47 ^ ' 653 From this statement it is seen that there is no surplus gold in the Treasury, and that the reserve has been trenched upon; that there is no plethora of any kind except of silver dollars, for which there is no demand. After giving the subject careful consideration, I have been forced to the conclu- sion that unless both the coinage of silver dollars and the issue of silver certificates are suspended there is danger that silver, and not gold, may become our metallic standard. ,This da»ger may not be imminent, but it isof so serious a character that there ought not to be delay in providing against it.- Not only -would the national credit be seriously impaired if the Government should be under the necessity of using ^ver dollars or certificates in payment of gold obligations, but business of all kinds -would be greatly disturbed; not only so, but gold -would at once cease to be a circulating medium, and severe contraction would be the result. The United States is one of the most powerful of nations — its credit is high, its resources is limitless; but it can not prevent a depreciation of silver unless its eiforts are aided by .leading nations of Europe. If the coinage of silver is continued in despite of the action of Germany in demonetizing it and the limitation of its coin- age by what are known as the Latin nations, there can be but one result : silver wiU practically become the standard of value. Our mines produce large amounts of silver, and it is important, therefore, that there should be a good demand for it at remunerative prices for the outlays in obtaining it. The suspension of its coinage might depress the market price of silver for a time, but the ultimate effect would doubtless be to enhance it. The metal which oriental nations and some western nations use exclusively for coin— and all nations to some extent — which costs, in the labor and capital required to extract it from the mines, more than its standard vahie as coin, can not be permanently degraded by artificial means. The production of gold.i8 diminishing; that of silver has practically reached its maximum, and there are strong indications that from this time the yield of both gold and silver mines will speedily decline, At the same time the demand for both for coinage and in manufactures will increase. The very necessities of the commercial world will pre- vent a general and continued disuse of either as money. The European nations which hold large amounts of silver must sooner or later come to its rescue, and the suspension of coinage in the United States would do much to liring about on their part, action in its favor. But whatever might be the effect of the suspension of the coinage upon the commercial valug of silver, it is very clear that the coinage can not be continued without detriment to general business and danger to the national credit. The coinage of silver dollars under the act of February 28, 1878, has now reached the very large amount of $184,730,829, being an increase of $28,009,880 for the year ending November 1, 1884. The amount of these dollars in actual circulation is $41,326,736. The increase in the circulation for the year has only been $1,260,346, against an increase of $4,136,321 for the previous year. These figures of themselves are an insuperable argument against the continued coinage of silver dollars. The Treasury would be relieved, in a measure, from the burden of the silver now held in the Treasury by a withdrawal from circulation of the one and two dollar notes. This would not be a gain to the Treasury, but it would be a gain to the country by increasing the amount of silver in circulation. The amount of one-dollar notes in circulation is $26,763,097.80; the amount of two- dollar notes in circulation is $26,778,738.20. Congress would, I think, act wisely in putting an end to their circulation. Nor do I hesitate to express the opinion that the country would be benefited if all five-dollar notes should be gradually retired and the coinage of half and quarter eagles should be increased. If this should be done, the circulating medium of the United States below $10 would be silver and gold, and we should be following the example of France, in which there is an immense circulation of silver coin, which in all domestic transactions maintains a parity with gold. The substitution of gold and silver for small notes would be productive of some inconvenience, but this would be temporary only. If the five-dollar notes should be withdrawn, the Treasury would be relieved from the burden of silver in its vaults, and it would not be long before the coinage of silver might be resumed. EECOINAGB AND IMPROVEMENT OF SUBSIDIAKY COIN. Thei^Secfetary, invites attention to the pressing necessity for ^he recoinage of the subsidiary silver coins of the tJnited States. The decreased intrinsic value of these coins, owing to the marked decline in the price of silver, renders it advisable to increase their weight so that they will correspond to fractional subdivisions of the silver dollar. The fractional silver coins of the United States were first authorized by the act of April 2, 1792, and were of full weight, being fractional portions of the dollar of 416 grains. As the silver doUar and its fractional parts were somewhat overvalued in 664 that act, tho weight of tlio dollar was changed by the act of January 18, 1837, to 412-5 grains, and the fineness from 892-4 to 900, the weight of the fractional silver coins being changed propoj-tioually. As the bullion value of tliese coins was still greater than their face value, it was found necessary, in order to keep them in the country for domestic use, to make them subsidiary to the silver dollar of that day. The act of February 21, 1853, therefore, reduced the weight of a dollar in fractional coin from 412*5 grains to 384 grains. In the reorganization of the coinage laws, by the act of February 12, 1873, the weight of the fractional silver coins was again changed so as to correspond with the metric system, that law providing that a half-dolliir should weigh 12-5 grams, which made the weight of one dollar in subsidiary silver 385-8 grains. This is the law at the present time. As stated above, prior to 1873 the bullion value of the silver in the fractional silver coins exceeded the nominal value of the coins, but, owing to the decline in the price of that metal, the value of the silver in two half-dollars of the present coinage, or of one dollar in any fractional silver coined under existing law, is now only about 78 cents. This would seem to be out of any just proportion to the face value of the coins. It is estimated that there are In the country at this time some $75,000,000 of frac- tional silver coins of the various weights and finenesses authorized by tho acta stated above. Nearly $30,000,000 of them are held in the Treasury, and are practi- cally unavailable as an asset. A large portion of them is in badly abraded condition, baving been in circulation for a long period of years. To inisrease their bullion value so as to bring them up to the same weight proportionately as the silver dollar would require about 4,000,000 ounces of silver. The reasons Which existed at the time for making fractional silver coins subsidiary to the dollar have ceased to exist, and, as the price of silver is now lower than at any time since the summer of 1879, the present would seem a most favorable opportunity for ^accomplishing the needed improvement in these coins. The work could be eflfected by the mints during the next five years, in connection with the regular coin- age authorized by law without an increase of force or interference with such regular coinage. The tendency of all nations is to improve and beautify the designs on thefr coins, and especially to make them uniform in weight as far as practicable. There is not only a marked diversity in weight among our coins of the same nominal value, but they are characterized by a great variety and exceeding inelegance of design and a lack of artistic merit. Should Congress authorize their recoinage, a much-needed opportunity would be furnished for rendering tliem more creditable as well as more useful to the country. THE TRADK-DOLLAR. The Secretary suggests that the existence of the anomalous trade-dollars should be no longer tolerated. Originally coined for purposes of foreign trade, and given a legal-tender quality in this country, they have not only been deprived of that quality by law, but have also ceased to perform the function for which they were created. Some millions of them, variously estimated at from six to ten, are held in various parts of the country, awaiting the action of Congress. Although intrinsically more valuable than the standard dollar, their bullion value is only about 86 cents. If it be considered unfair or impracticable to accomplish their surrender at their bullion value merely, a small advance on that value might be offered for them. The.offer should not remain open longer than one year. The bullion realized from them will be available for the ordinary coinage of the Government, but, if the present silver law is to remain in force, such bullion should be counted as a part ot that now required to be purchased each month. [Report of the Secretary of the Treasury, December 7, 1885.] CURRENCY REFORM. Currency reform is first in the order of importance and of time, and fitly precedes other reforms, even taxation reform, because it will facilitate all other reforms, and because it can not safely be deferred. The coinage act of 1878 is overloading the mints with unissued, the subtreasuries with returned silver dollars, and will una- voidably convert the funds of the Treasury into those depreciated and depreciating coins. 655' The disorders of our cuirenoy chlefl^yr arise from the operatibfloftVcreMaoftiiBnlsi; 1. The act of Fehruar;^ 28, 1878, *hich has been construed as'ai'permaiieiitt appuoi- prlation for perpetual Treasury p-utchases of at least $24,000,000 -worth ctf silVenperr annum, although from causes mostly f6*6i^ that metal is now of mutuah'l4'»t(d falli- ing value, which must be manufactured into coins of unlimited legal tendra:. audi issued to the people of the United States as equivalents of our monetary unit. - 2. The act of May 31, 1878, -which indefinitely postponed fulfilment of the solemm pledge (March 18, 1869) not only of "redemption" but also of "payment" of all thee obligations of the United States not hearing interest, legalized as $346,000,000 paper • money of unlimited legal tender, and required the -postredemption issue and reissue > of these promises to pay dollars, as equivalents of our monetary unit. But these t-wo evils, which are each a separate menace to the public tranquility ' and injurious to the public morals and the public faith, do not double the difficul- ties of a reform of the currency. Their concurrence may even assist Congress to ■ provide the people of the United States with a better currency than the best now possessed by any niition ; — a curreucy in which every dollar note shall be the repre- ■ sentative certificate of a coin dollar actually in the TreasUBy and payable on demand; a curreucy in which our monetary unit coined in gold' (^$550,000,000) and its equivalent coined in silver ($215,000,000) shall not be suffered to'fart company. Such a reform of the whole currency of the United States (se1?fei»g aside the national-bank notes, which are diminishing and well secured) can bejuiidertaken iiud finished subject to the following conditions: ■jHi; CONDITIONS OF CURRENCY .RBFOEM. 1. Without sioct or disturbance to the industries, the business enterprise; the domestic trade, or foreign commerce of the country. 2. Without degrading the United States monetary unit of value to a cheaper dol- lar, and without raising the United States monetary unit of value to a costliers- dollar. 3. Without loss to any who now hold the promise of the United States to pa.y ai dollar. 4. Without reduction of the present volume of the currency, or hindrance to its' free increase hereafter when every dollar Aote shall be the certificate of a coin dollar in the Treasury payable on demand. 5. Without pause in the reduction of the public debt, bftt paying more than three- fifths of all that part of the debt now payable at the opti^MK otf the United States prior ■ to September, 1891. 6. Without increase of taxation. 7. Without the sale of any silver bought and coined since February, IB78". 8. Without the disuse of the 215,000,000 coined silver dollars of unlimibed IfegaH tender, or any fall or discount in their present received value ; and without the dis- use of the 550,000,000 coined gold dollars of unlimited legal tender, or any rise orr premium on their present received value. 9. Without prejudice to the adoption hereafter of an international bimetaliicf, union, with free coinage of both metals for all comers, at a fixed ratio of weights, , into coins of unlimited legal tender. 10. Without the coins of the two metals parting company from each other, what-- ever may be the temporary fall, if any, in the market price of silver bullion after .- stopping Treasury purchases. ' Iwould most respectfully commend to the consideration of Congress the question' ■whether such a reform of the currency ought not now to be endeavored: whether ' these are not among the prudent and just conditions of its reform, and whether" such a reform might not be promoted, with immediate advantage to all ourindustries and trade, by repeal of the clause requiring Treasury purchases of silver bullion, and repeal of the act making compulsory Treasury issues and reissues of the legal- tender notes. TREASURT PURCHASES AND COINAGE OF SILVER. It is with deference suggested that there are several points of agreement which may be reached, and differences of opinion removed or narrowed, by a preliminary understanding as to the use of terms. <• We are all paper-money men if it but be understood that our paper money shall be a representative paper money,, a certificate that actual coin is honestly borrowed and safely stored by the Treasury, dollar for dollar, and payable to its owner on demand. No one disputes the superior convenience of paper money. Its use in large multiples without increase of weight, its economy in saving the heavy and irreparable loss of the precious metals by abrasion, are indisputable advantages over other kinds of money. 656 • Demonetization may signify legal disuse of either metal as coin. Gold is demone- tized in India. But where is silver demonetizedf There are varying degrees of its use in different nations. Nowhere is it entirely disused. Nowhere is it then demone- tized if demonetization means legal disuse. It is used in England for fractional coins of a limited legal tender. It is used in France, Germany, and the United States for fractional coins, and also for larger coins of an unlimited legal tender. It is used in India and Mexico for fractional coins, and for coins of an unlimited legal tender, and of these the coinage is free to all owners of silver. In speaking of the demonetization of silver, the degree of its disuse should be specified by those who would avoid being understood to recommend free coinage to private silver owners, which nowhere now coexists with the use of gold as a part of -the currency. Eveaybody is a two-metalist, and wishes the use of silver in fractional coins of at least a limited legal tender. Bimetallists desire a larger use of silver for coins of nnlimited legal tender: but they also wish the use of gold in coins of un- limited legal tender. If, however, a gold coin and a silver coin must each be received for a dollar, and are both an unlimited legal tender in number, some ratio in their weights must also be fixed by law. Yet no law can cross national boun- daries as commerce does ; so that any nation having a ratio not the same as the ratio of other nations traded with, is liable to be drained, in time, of one of its two metals. Thus bimetallism in any nation depends upon a fortunate balance of demands for the two metals from without, such as France enjoyed from 1785 to 1871; or else upon concurrence with a sufficient number of other nations in coining the unit of value in the two metals at one and the same ratio of weight. Bimetallism is essentially an international affair; but it doest not exist; thefortnnate balance in Europe was upset by Germany, and the international agreement, twice attempted, has failed. In but one way now can any nation retain m use coins of both metals which are both unlimited legal tender; namely, by stopping the coinage of the metal unacceptable to other nations. France has done so. The United States must likewise stop coining silver. Stop, wait, negotiate. And whether negotiations shall succeed or fail, there is still no other way than to stop where we are, namely, at the point where a risk begins to appear of difficulty in retaining silver in our home circulation in full equivalence with our gold unit of value which has an international circulation. SILVER — GOLD. Silver in fractional coins is the most convenient desirable metal for use in the payment of petty* sums. These are the bulk of human transactions where money passes. It has no rival. Who does not deem it indispensable? Silver can not profitably be discarded from large use by any civilized nation in the world, even where, as in Great Britain and the Scandinavian countries, it is used only for frac- tional ceins, made legal tender for small sums, and gold alone is cut into coins of unlimited legal tender. Silver alone is coined by some nations; is the monetary metal of enormous Asian population. We know little of China, but computing what they fairly may as to the rest of the world, the statisticians all agree that silver is 54 per cent of the monetary metals of mankind. Gold, however, is indispensable also, though its high value makes it impossible to be used anywhere as small change. Gold is fairly computed to be about 46 per cent of the two monetary metals of mankind. Gold is the standard of value in the for- eign commerce, not only of the United States, but also of every nation in Europe. Foreign exchange is calculated as between the different gold coins. Gold is the standard in the domestic trade of England and of Germany, and of all the countries which, like France, have been bimetallic, but which have now ceased from silver coinage in order to prevent the fall of silver already coined as legal ten- der for all sums. Gold is, in fact and by law, the standard of value in the domes- tic trade of the United States, and has been since March, 1873, under the act of Congress making 25'8 troy grains of standard gold onr monetary " unit of value," • which, as will be explained below, had theretofore been safely and justly placed alike in coins of gold and coins of silver. Gold is 66 per cent of the metallic circulation of the United States at the present moment; ail though it may need explaining that with free coinage for everybody's silver into full legal-tender silver dollars, the people of the United States asked for only 8,045,038 in eighty years, but that Congress required the coinage of 215,000,000 in about eight years. Gold is the standard of value in nations from which we in the United States took 87 per cent last year of all our imports and to which we sent more than 92 per cent of all our exports. And with most of the countries having silver as a standard, or in nearly exclusive use, where we do the small remainder of onr foreign trade, set- tlements are effected by the gold standard through sterling bills on London. 657 Gold ftom the mines of all the world has doubled in quantity within 35 years; sil- ver about doubling in the last 100 years. Gold, like silver, is a principal product of mines in the United States, which have yielded of the two precious metals : Tor the last 40 years. . For the last M years . . Lately as i years ago . Last year Gold. Per cent. 72 50+ 50+ Silver. Per cent 28 SO- SO— 61+ Who, then, would propose the disuse of gold or ask the enactment or the contin- uance of laws likely to promote the expulsion of gold or its use at a premium instead of as the standard of value, to whioh,by stopping the coinage of silver now, the legal-tender Value of the 215,000,000 silver dollars already coined may be held up and made to conform until these troubles be overpast? But our 215,000,000 silver dollars are here and can not be expected sensibly to decrease, as our gold may. Nobody will export or melt them. The reasons are plain. They will not flow abroad, for the legal-tender 0[uality given them by act of Congress can not procure their reception elsewhere; not in Germany, just as her legal-tender laws, applied to her equally depreciated 400,000,000 or 506,000,000 silver marks in thalers of unlimited legal tender, can not promote their reception here or in France; not in France, just as her legal-tender laws, applied to her 600,000,000 5-franc pieces of unlimited legal tender, can not promote their reception here or in Germany. Ceasing to coin more, our 215,000,000 silver doUnrs will remain. Nobody will melt them, since the silver melted is worth 20 to 25 per cent less than the silver minted, while they remain a legal tender for all sums. Therefore no silver to be used in the arts or industries or for exportation will be drawn from this stock. It is not to be expected that Congress will withdraw from these 215,000,000 silver dol- lars their full tender quality; it is not to be expected that Congress will redeem and melt them and sell the metal. The fact then is that we can not but be two- metalHsts. MBTALLISM — MONO AND BI. But do not bimetallists and monometallists agree. more than they differ, so far as the known facts of our situation oblige us to be concerned with them? Both demand mints, which are public institutions for the exclusive manufacture of bull- ion into coins, open, on the rule of first come first served, to all persons bringing any amount of the one received metal, or, in the other case, both of the received metals, all such persons having the right to receive back their metal cut into coins of specified weight, ijneness, size, and inscription, consisting of the monetary unit itself, and its multiples (and its fractious), and being full tender by law in payment of all sums due and payable, the said monetary unit, if bimetallic, in coins of silver and in coins of gold having a uniform ratio of weight. The metal minted and the metal melted having thus an equal value in fact, men of both schools regard the monetary mass of either gold or silver, or, in the other CMe, of both' gold and silver, as consisting at any moment, actually, of the whole metallic coinage of the world (gold, $3,300,000,000; silver, $2,200,000,000), plus poten- tially all extant stores of the one metal, or, in the other case, of the two metals. This ^Zus enlarges enormously the great sum to nearly the bulk of the product of all mines of the one or the two metals in all past time, computed at not far from the half of, in the other case the whole of, $16,540,000,000. Not to be varied in amount by legislation, its immense superiority appears as a kind and amount of wealth suited to be the standard measure of all wealth, for it is a mass of which the annual incre- meiit (four years ago being $205,000,000, divided about equally between silver and gold, and last year being from both metals $220,000,000), however large or variable, IS a petty percentage — say Ij'i^o per cent. This relation between the small annual increment and the huge accumulation of the precious metals by mankind in all time is a circumstance of the last importance, especially if all the economists are right in computing the total wealth of the world, stored, saved, and consuming, to be of less value at any moment than five times the world's gross income for the one previous year. If the facts of our own monetary situation have been correctly ascertained and stated above, then it is now obvious that gold and silver monometallism may, with- out prejudice to their high rank as monetary theories, be set aside at once as theories practically inapplicable at the present moment for the guidance of the United States. Silver monometallism, though current in India and Mexico, has few advo- S. Eep. 235 42 658 cates among ub, and, at any rate, is inadmissible. Gold monometallism has some able advocates among us, but, at any rat;e, is inadmissible. We are in the presence of 550,000,000 full tender dollars of gold and 215,000,000 full tender silver dollars, the latter number now practically irreducible. As metallists of both schools condemn all efforts by laws to manufacture a legal- tender equivalent of any nation's monetary unit out of the paper record of a promise to pay that unit, it here suffices to allude to that episode in our history before show- ing what the procedure of the Congress of the United States has been in making our monetary unit reside in coin, formerly of two metals, latterly of one metal, and the relation of the bimetallic theory and practice thereto, and to our immediate problem, the silver-dollar coinage. Indeed, the disparity between the two (285 : 100= 100: 35) in July, 1864, when Congress tried to comi)el their equality, is comment enough, from a financial point of view, upon the legal-tender laws of February 25, 1862, July 11,1862, March 3, 1863, and the law of May 31, 1878; though I can not myself bfeUeve the voters of the several States will ever decide that their Federal Government holds as sovereign a power to issue and reissue Treasury notes and make them a legal tender in payment of private debts, as it has to coin money and borrow it. THE MONETA.EY UNIT OF THE UNITED STATES. A complete history of the United States coinage laws would include many unim- portant as well as important details. Eeference is here made only to those parts which in every principal coinage law have prescribed either a single unit of values or what weight of fine gold should be equal to what weight of fine silver in the monetary unit and its multiples, so that the least imperfect equivalence, the utmost attainable stability therein, might be had, and every exchange of product or ser\'ice pass under a convenient and just staudard and measure of value. A table given on page xxili is an analysis of the history of the United States mon- etary unit, including every coinage act that has dealt with the unit from 1789 until now. Setting aside the exigencies and the - errors of the war period, when paper expelled coin, that history is a record of proud integrity, of uniform good faith. Congress has established justice, and maintained it in a chief article and instru- ment of justice — the monetary unit. The good faith dictating every change is demonstrable. Marked by errors from the first act to the last, none of them is an error without excuse. Perhaps the worst error of all is in the act of 1834 changing the ratio, when Congress omitted to be guided by its ablest living adviser, the most eminent of my predecessors in this office, Albert Gallatin, the friend and peer of Jefferson and Madison, their counselor in finance, the originator of the Ways and Means Committee, during three Presidential terms Secretary of the Treasury, and the originator of its present system and best traditions. It wfll first be convenient to indicate what the table does not show. It makes on account of subsidiary coinage — that is, the coinage of silver for small change, dis- paraged and not full tender. Such facts and metric changes in them are irrelevant to the monetary unit. It makes no account of alloys, but deals only with the weights of pure gold and pure silver. These alloys have changed, are decimal, of minor importance, and irrelevant. It makes no account of the trade-dollar, the history of which here would be confusing and irrelevant. It makes no account of the deduc- tions from full legal tender proportional to loss of weight by abrasion or otherwise. It makes no account of changes from gratuitous to compensated coinage, which, though capable of great importance, not actually having been, may be neglected. It does not show what things haye had at any time the full legal-tender quality conferred upon them whilst not an embodiment of the monetary unit — ^for example, silver dollars of the present coinage. It does not show what things have had at any time a full legal-teuder quality conferred upon them by the Supreme Court, but only a limited legal-tender quality conferred by Congress — for example. United States notes which were not made legal tender from private citizens to collectors for duties on imports, nor from the Treasurer of the United States to private persons for inter- est on the public debt. It does not show the six or more different certificates, notes, demand notes, ptc, which, being received at the offices of the United States or else- where by law or custom, are a part of our currency, but not in immutable equiva- lence with the monetary unit. 659 Periods between dates when ooinaeeactsof the United States took effect. Coinage of their gold into dollars, free to all. Coin gold dollar and its mul- tiples an nulimited or full legal tender. The United States •monetary unit. Coinage of their silver into dollars, free to all. Coin silver dollar an unlimited or full legal 'tender. Satio of weight of monetary unit in pure gold to ratio of weight of monetary unit in pure silver. Satio of same weights in I*ranc8 all the while, and in the great coinages of Europe now. 2d of Apr., 1792, to Ulst of July, 1834. 31stofJuly,1834, tolSthof JaL., 1837. 18th of Jan., 1837, to 1st of Apr., 1853. let of Apr., 1853, to l.st of Apr., 1873. Ist of Apr., 1873, to 20th of June, 1874. 20th of June, 1874, to 28th of Feb., 1878. 28th of feb., 1878, to Dec, 1383. Free coin- age. ...do ...do ...do ...do ...do ...do Full ten- der. ...do.... ...do--., --.do.--, -.-do---- -. do.... ...do...- Fiingold, Pure sil- troy ver, troy grains, grain*. 24 -75 = 371 -25 23 20 = 371-25 23 -22 = 371 -25 23 '22= 371 -25 23-22 23-22 23-22 Free coin- age. ...-do ..-do ...do Not free - . ...do ...do Full ten der. ...do-... -.-do.... ..do.. )1 :16 -002) (1:16+ i ;i:15-98l 11:16— 1:16— .do. Limited to- $5, sec. 3586, E.S. Full ten- der. 1:15-5 1:15-5 1:15-5 1:15-5 1:15-5 1:15-5 1:15-5 The history of the monetary unit shows that from 1792 to 1873 that unit was embodied by law in either metal. The arrangement is such as is now called bime- tallic. From 1873 till now, gold has been made by law the sole embodiment of our "unit of value." But what is most notable is not that historical fact. Most notable is the fact exhibited from 1792 to 1885 in a variety of historical circumstances — the seeking after perfect equivalence in contemporaneous and successive coin embodi- ments of the monetary unit. Equivalence in the contemporaneous coin embodiments of our monetary unit was the purpose of the coinage laws of 1792, 1834, 1837, and 1853. Equivalence in the successive coin embodiments of our monetary unit was the purpose of the coinage laws of 1834, 1837, 1853, 1873, and 1878. During the time when the 391'25 troy grains of fine silver continued to be a coin embodiment of the monetary unit, there was no appreciable fluctuation in its value as compared with the mass of commodities, services, and savings measured thereby. Slight variations in the gold coin, therefore, made solely for the purpose of retain- ing both metals in use, and for reaching a more perfect equivalence in order to retain both metals in use, are only confirmations added to proof in the uniformity (371 '25) from 1792 to 1873. During the time when 23'22 grains of pure gold have been either a concurrent or the single coin embodiment of our monetary unit, there has been no demonstrable fluctuation in its value as compared with the mass of commodities, services, and savings measured thereby. Whatever may be speculated, it is not within the wit of man to name any monetary unit more stable. THE COINAGE LAWS FROM 1792 TO 1878. 1792. — Pure gold 24-75 ^371 "25 pure silver; ratio 1:15. Equivalence was the purpose avowed in the celebrated Mint Report of Hamilton, and intended in the adoption of his ratio and recommendation by the Second Congress. And if the orig- inal error shortly disclosed, or disclosed by later requirements of gold for England's resumption, can at all be traced to a defective appreciation of the effect produced by the legal-tender impartment to coin, concurrent with commercial causes in the nature of demand, upon the rating of either metal, it is to be observed that the mas ■ terly paper of Hamilton has an excuse not shared hy later documents in which that effect is sometimes equally overlooked, and sometimes strained to cover all the cru- dities of a proposed "flat money." 1834.— Pure gold23-20 = 371 ■25puresilver; ratio 1 :16+. Equivalence contempora- 0U8, equivalence successive, was the practical object of the change in the ratio of the two metals made in 1834. An error in the ratio had expelled gold coin ftom the 660 country, as an error in our proceeding may do now. Senator Benton said "the extinction is complete." In order, therefore, to recover the expelled metal so as to embody in two metals again the monetary unit, it was necessary to change the ratio, and to change it by a change in the grains of the metal not then possessed, and thereafter to be attracted and coined, rather than of the grains in the metal then coined and in daily use. For one adequate reason, not to mention causes contributory, viz, the preponderant coinage of boih metals by France, whose mints were then open, like our own, to all comers, at a fixed ratio, (1 :15'5), more favorable to the owners of gold than our own ratio, (1 :15), the United States had lost their gold circulation both in domestic trade and foreign commerce. The profit in exporting gold was palpable. The Congress of 1834, therefore, sought to recall gold and to keep gold while also retaining silver. Nothing else but equivalence in the two forms of the monetary unit could retain both. But their object was to retain both, and if the commerce of the world had had the same geographical limits as the laws of the United States the statute of 1834 would have retained both; but bimetallism is nothing if not international, and the failure was disastrous. The ratio of 1834 sufficed to expel silver, as the ratio of 1792 sufficed to expel gold. Overlooking the advice, the experience, the expert knowledge of Gallatin, Con- gress in 1834 adopted a ratio as far from correct on the one side as the ratio of 1792 had been om the other side. For the ratio of 1 : 15 the United States substituted the ration of 1: 16. Again, as before, the preponderant coinages of France (not to men- tion those of other nations of Europe), whose mints were then open, like our own, to, all comers at a fixed ratio (1 : 15'5), being now more favorable to the owners of silver than our new ratio, 1 : 16'002, the United States began to lose their silver circula- tion. The profit in exporting silver was palpable. The act of 1834 has been described as contriving inequivalence in the monetary unit, and then cited as a precedent of financial integrity. The precedent is mis- understood. That Congress sought a just equivalence and not an unjust disparity in the search for the lost metal, is proved by the fact that they lost the other metal in that search. The weight of fine metal in one coin embodiment of the monetary unit was not altered then or ever afterwards, as its tabular history shows, nor was the weight of the fine metal in the other reduced to obtain a profitable disparity. It was reduced to obtain a just equivalence, and reduced infelicitously so much as to fall on the other side. From 1:15 the Congress passed over the unvalued but controlling ratio of 1:15'5 on to the ratio of 1 :16'002. But there was no change in the actual value of either metal to a less real value at that time, nor until forty years after, when Germany, seeking to substitute her silver circulation for the gold part of the circulation of France, after 1873, constrained France, in 1876, to close her open nrints to silver, and put an end to her bimetallism at the prevalent ratio of 1 :15'5, which had, by the two errors of Congress, drained the United States first of one metal and then of the other. Gold then was not, like silver now, bought and coined by the Treasury into dollars which foreign circumstances had made of inferior value to the same quantity of metal at an earlier date. Neither metal, in fact, varied measurably from a steady value, or from that equivalence in the commercial world and in the law of France upheld at the ratio of 1 :15'5. 1837.— Pure gold 23-22=371 -25 pure silver; ratio 1:16— . The only change to be noted under the law of 1837 is the putting a trifle more gold into one form of the monetary unit in order to conform the alloy to a decimal system. It is of no impor- tance. 1853.— Pure gold 23-22 = 371-25 pure silver ; ratio 1 : 16— . The weights of the fine metal in either form of the monetary unit and the ratio of their weights remain the same under the act of 1853. Equivalence contemporaneous, equivalence successive, are still maintained. But the silver metal which could not be kept at home while the French mints were coining both metals at a ratio more attractive than ours to the owners of silver, by about 3 per cent, was needed imperatively, at least for frac- tional coins, and although the fact lies outside the scheme of the foregoing table, it is important and should be noted. The law was successful for thatlimited purpose, and three years later the legal-tender quality which had been of necessity conferred upon foreign silver coins was withdrawn and ended. And now it should be observed that from 1853 to 1873, as from 1792, free coinage and full legal tender were given to both metals, whoever brought them seeking to obtain either form of the monetary unit. The law of 1853, which established a subsidiary coinage for small change, did not withdraw the right from any owner of silver to have his metal cut into dollars of an unlimited legal tender. Indeed, 5,538,948 such dollars were coined in those twenty years. But why no more ? And why did so many of these stream abroad even before the day of paper came? The French mint and its ratio again explain. And why did not in pairs the silver half dollars authorized by the act of 1853, coined at a ratio of 14-88 : 1, operate even more effectually than from 1792 to 1834 the 661 silver whole dollar, coined at a ratio of 13 : 1 had, to expel gold ? If 15 : 1 did it -while Frauce was coining at 15'5 : 1. more effectual still might seem to have been 14-88 : 1, offering more than 3 per cent profit. The first break in the custom of free coinage had occurred. Free coinage was not given, or such would have been the effect upon gold. The coinage of silver at 14-88 :1 was confined to small purchases of silver bullion made by the treasurer of the mint, and no deposits for the fractional coins were there- after received. But the coining was free of the full-tender silver dollar. 1873.— Pure gold 23-22. " That the gold coins of the United States shall be a one- dollar piece, which at the standard weight of twenty-five and eight-tenths grains, shall be the unit of value." » * * (Sec. 14J But such it had been for thirty- six years, though not till now alone in that office. Free coinage of a fall-tender silver dollar was all. that was withdrawn by the act of 1873, or changed, omitting the things mentioned above as excluded here, being quite irrelevant to the silver question. The right withdrawn was a right long unused, and it was a right long unused because it was a right unprofitable to any owner of silver in the United States. The unlimited legal-tender quality of any silver dollar still existing, unmelted, unexported, in the cabinets of collectors or the strong boxes of hoarders, whether the dollar of 1792 or the dollar of 1834 (which differed only in the proportion of alloy, not in the quantity of pure metal, 371-25 grains, as the table shows), was not withdrawn. These two facts may profitably be compared with the bubbles blown about them since the time after the passage of the act of 1873 when, by the ending of bimetallic minting in France, in Europe, in the world (the last French mint certificates were issued in July, 1876), and the fall of silver, the free coinage of full-tender silver dol- lars of 371 -25 grains at a legal equivalence with the 23 '22 grains pure gold then made without protest, and now remaining without change the sole coin embodiment of our monetary " unit of value," had become for the first moment since 1834-1873 a highly profitable transaction for the silver miners (less than 100,000) of the United States, but not for the people (more than 50,000,000) of the United States. The charge that Congress was furtively seduced into passing the act of 1873 is thus a manifest error. But m its relation to the passage of the act of 1878, it is not super- fluous to mention that the coinage act of 1873 was read in the Senate more than once, in the House at least once, was printed by order of Congress thirteen times, was con- sidered in the committees of both Houses during five different sessions, and the debates upon it occupy 144 columns of the Congressional Globe. The act of 1873 made no change in the two-metallism established in the United States when the infe- licity of the bimetallic ratio of 1834 induced the subsidiary coinage of 1853. 1874. — Pure gold 23-22. The revision of the Statutes of the United States was adopted the 20th of June, 1874. Silver-mine owners were still far from getting sight of their approaching interests if silver farther fell ; but the revisers made section 3586 to read: "The silver coins of the United States shall be a legal tender at their nominal value for any amount not exceeding five dollars in any one payment." If six silver dollars of the coinage of 1792 or of 1834 werein company with one another anywhere, which may be doubted, and if the affirmance of a five-dollar legal tender, which was obviously intended to relate to fractional coins alone, operated a negation unexpressed upon the unlimited legal-tender quality, theretofore conferred, of silver coins not fractional which had almost ceased to exist, then the revisers of the stat- utes may be held to have made a change in the law without warrant, and also with- •out importance. 1878.— Pure gold 23-22. The coinage act of 1878 left standing the monetary " unit of value" embodied and established by the act of 1873 in 23-22 troy grains of fine gold (25-8 standard). It is unjust to ascribe to the Forty-fifth Congress, which passed that act, an alteration in our monetary unit. They still maintained its strict equivalence, even its identity, with one of the bimetallic forms of that unit estab- lished more than forty years before, the sole form of that unit as established five years before. Noting the extreme fall in the metal which had also been its embodiment from 1792 to 1873 they let the unit of value alone. More thfan that, Congress recognized in the second proviso of the act of 1878 the actual and the legal disparity between the coin which they required to flow from the mints and the coined monetary unit in the Treasury which was represented by gold certificates. Congress gave a full legal- tender quality to this silver coin, but not also the free coinage to all comers which the history of our monetary unit shows to have been its uniform concomitants from the first establishment of that unit to the present hour. But Congress also explicitly recognized its inferiority to the gold certificates upon which they had never bestowed the legal-tender quality. Moreover, Congress did not diminish the weight of the precious metal in the silver dollar. They required it to be coined of the same num- ber of troy grains of pure silver (371-25) as had been put in every coin of that name and metal when, as from 1792 to 1873, it was one embodiment of our monetary unit with free coinage for all comers and full legal tender. 662 THE MONETAKY UNIT INVARIABLIB. This analysis of our coinage laws and explanation of their history yield light for guidance now. Ordained " to establish justice," the Constitution itself is but- tressed by this first century of constancy in the Congress to a continuous and just equivalence in the su ocessiVo coin embodiments of the monetary unit for a standard and measure of value. The precedent stands, and will stand for centuries to come, the admiration, the pride, the rule of law and of duty for many generations of self- governing freemen. It is for us to pass on unimpaired this high tradition of finan- cial integrity. But of justice as of liberty, eternal vigilance is the price. Our 215,000,000 silver dollars are by law full legal tender. Sharing that function with the monetary unit itself, the honor of the country, not less than its interests, is involved in the preservation of their equivalence with that unit wherever our citizens dwell and our laws run. Equivalence in foreign trade, for the reasons above indicated, is for the present quite impracticable. Equivalence in domestic trade is practicable. But that equivalence ie now imperiled by the continuing coinage and increasing number of the silver dollars. This is much more than a deliberate judgment of the Secretary of the Treasury. It is attested to him from the centers of trade. in all parts of the country, as much from the South as the North ; as much from the West as the East. Not alone our able statesmen and instructed economists and financiers advise the stopping of the silver coinage now, but wherever our fellow-citizens are concen- trated in commercial cities and towns, the business classes engaged in the trade, the enterprises and manufactures of those centers, and the still larger masses of work- ingmen employed by them, urge the stopping of the silver coinage now. It is these classes which are always first to perceive such perils to industry and trade and the consequences they entail. To their judgment in such a matter even the acts of Con- gress touching commerce and currency are finally appealed. For it is their inter- ests first, and afterward the interests of the agricultural classes, which are endan- gered. Every business man from day to day must form his separate judgment of any medium of exchange which he may be obliged by law to take in his next bar- gain. Twenty years ago the gold dollar was not kept from a premium, to-morrow the silver dollar cannot be kept from a discount, in disregard of their appraisal. ONE-MKTALLISM OR TWO-MBTAXLISM— OUR ONLY CHOICE. The choice before Congress is not between silver monometallism and gold mono- metallism. Both are inadmissible. The choice before Congress is not between bimetallism and either gold or silver monometallism. The latter are not admissible, and bimetallism is only possible with the co-operation of other nations, which is not now to be had. For, although France holds the same friendly attitude, and would be followed by some of her associates of the Latin Union, England now, as in 1878 and 1881, is unwilling to depart from her mintage of gold aloue into coins of unlim- ited legal tender, and Germany now, as in 1881, regards the concurrence of England in an international bimetallic union as a sine qua non. Such being the facts estab- lished upon abundant testimony, official and unofiicial, gathered by the Department of State, it becomes plain that the choice of Congress is only in fact between stop- ping the coinage of silver dollars or risking by further coinage the inequivalence of those dollars with our monetary unit, risking the fall of the value of 215,000,000" silver dollars from their legal domestic rating to their commercial international value, which is 20 per cent less, and involving such a disuse in our domestic trade of 550,000,000 dollars of gold coin, as whengold was ejected by paper during the war. The only choice before Congress, therefore, is the choice between one-metalism and two-metallism. The silver dollar can not be kept in equivalencewiththe gold dollar if the coinage of silver continues. The gold dollar can not be kept in fall domestic circulation if the silver dollar is suffered to fall. Coining more necessi- tates its fail. Doubtless some may hope that more silver dollars can be coined and yet their equivalence with the monetary unit not be lost. It is respectfully sub- mitted that there is no compensation for that risk, and that a judgment so accord- ant of the great business classes who carry on the exchanges of the country must he accepted as a final estimate of that risk. A HEAVIER DOLLAR. Nor should it be forgotten that every silver dollar coined hereafter at our present ratio would be, as the coining of every dollar since 1878 has been, a direct hindrance to the international bimetallic union then avowed as the object of our legislative policy. This obj ection is fatal also to the proposal to put more silver into the dollar 663 tlinn 3'71'25 grains of flue metal (412-0 standard). But that scheme is an admission of the stability of our present monetary unit, an express assertion of our duty to make ever^ fnll-tender substitute for that unit its acceptable equivalent. Another decisive criticism upon the proposal is that it implies the necessity of fiirther pur- chases and coinage of silver, which necessity does not exist, and proposes a remedy for "the continuance of a danger which does not need to be prolonged. Stopping the coinage now is a perfect remedy for the evil which the business classes have measured, judged, and desire to see averted. They do not wish its recurrence in a varied form. Increasing the weight of silver in the dollar assumes the present dollars to be inca- pable of continued equivalence with the monetary unit, when, in fact, by stopping further coinage they can beheld in our domestic exchanges to that equivalence, and the chance retained that the several great powers which are also sustaining the full- tender use of depreciated silver, by local national law, may come to " pool their issues," and so restore silver to international currency. Such union nowseems hope- leas, while we continue to mitigate the difficulties of other nations by taking off the market half the product of our own mines, which is nearly half the product of the world. Is it not worth while to try the results of an altered situation after so many years of failure? Is it not worldi while to see what can be done when the United States shall have put an end, by stopping the coinage, to the charge that they are moved by selfish interests, and trying to market their silver; when the United States, by stopping coinage, shall have put themselves npon an equality with the other gold and silver using nations who have all stopped silver coinage ; and when the United States shall thus be able to negotiate for open mints and ftee coinage to all comers, with tho large offer to join in Jfree coinage to all in place of no coinage, rather than with the lesser oiier of free coinage to all, iii place of the coinage oJ Treasury purchases of $24,000,000 worth of silver. The coinage of a heavier dollar would obstruct the success of such an experiment. The coinage of silver not being free to all comers, but being exclusively a coinage of Treasury purchases of silver, there is no reason for making a heavier dollar, whether the purchases are to continue or to be stopped. Treasury purchases of silver are anomalous, unprecedented except in the case of subsidiary coin, and a hindrance to the restoration of a sound currency. If the silver dollar is full tender, but not of free coinage, its currency is confined within the country where the laws run which make it ft3l tender. It can not be forced across the Atlantic or Pacific, except as metal. Legal-tender laws do not cross national boundaries. The silver dollar of 371.25 grains within our boundaries can be kept equivalent to our monetary unit of value if no more are coined ; and the metal in it will not fluctuate more from the. datum line of 23.22 grains flne gold than the metalin a 500-grain silver dollar would, though it may fluctuate a little farther oflf. If the silver of our dollar is to be dealt with as a commodity, it cannot be kept in equivalence with the coin monetary unit any more than it can be kept in equivalence with some other commodity than itself. The proposal to make a heavier dollar, like the proposal to make unlimited legal- tender silver bullion certificates on a variable commercial ratio of the metal with gold money, is a proposal to treat silver as a commodity. If the silver of our dollar is to be dealt with as a part of the monetary metal of the world to which the full legal-tender power of leading governments is to be applied, 371.25 grains of fine sil- ver can be made equivalent with 23.22 grains of fine gold as eflfectually as 500 grains of flne silver can. STOPPING THE COINA&E WILL NOT AFFECT PKICES. An adequate sense of the magnitude of the actual coin-money stocks of the world, which join with the potential money existing in uncoined gold and silver, and with all their numberless equivalents, substitutes, and representatives, to measure prices, not to mention growing economies in the use of money, by checks, bills of exchange, book-credits, clearing-houses, postal orders, telegraphic transfers, etc., which operate in the same direction, enforces the lessons of experience as to the impotence of any nation's legislation to aflect prices, if prices are measured by a stable monetary unit. Changing the measure changes nothing except the owner- ship of the property of the cheated ones. It does not change prices measured hon- estly. But the lessons of experience can not be completely learned in a moment. For the general range of prices of the hundred chief commodities of civilized man's use has been more than a third of a century in completing the last leisurely cycle of its rise and faU. The range of prices is lower to-day than since the discovery of gold in California. The redistribution of populations in the two hemispheres since then is vastly more ascribable to legislative contrivance than is the low level of prices. Prices in the United States are the record of the fluctuations of commodities and currencies in the markets of the world. They arenot merely domestic fluctuations. Odessa and India 664 appear in the price of wheat at Chioago. Our legislation chiefly concerns 55,000,000 people, but prices are the outcome of twelve or iif teen hundred million people's affairs. Yet we are occasionally told that the present general fall of prices has been caused and can be counterpoised by the variation of a few hundredths of I per cent in the ratio of our own silver-coin stock to the mass of the monetary metals of the world — by the transfer of more silver from mines in Nevada to vaults in New York. Man's inventious and industries are hammering down the prices of all the products of man's labor. If one New England town by one week's labor can shoe all the feet in Cincinnati, Chicago, and St. Louis for a year, when a year's work was too little one decade ago, how shall not the price of shoes go down? Everywhere the effort is to obtain shelter, clothing, food, and the ornaments of these necessities of life at a smaller expense of mental energy and bodily toil. The history of inventions is the record of permanent reductions of the cost of getting man's necessities. This reduced cost makes possible the enlargement of the comforts of all, a higher and higher standaad of life for the poor. How shall the reduced cost not appear in dropping prices? But things on hand bought to sell fall while held. To the trading classes a fall of prices when comprised in too brief periods can not but bring some measure of distress; when contimied for too long periods, can not but entail a general depression of trade. But when it is neither sudden nor prolonged enough to throw large numbers out of employment, the great mass of working men and women find in lower prices almost unmixed good. Wages are always at once exchanged, with some deduction for saving, and if prices are lower the same wages buy more. Even where reduced prices necessitate reduced wages (and on the whole, even in Europe, the return to labor grows more and more) the' wage-receiver gets the advantage of wages being slow to move, as he gets the dis- advantage of their being the last to move when from a degradation of the unit of value, or its legal equivalent, prices measured by that unit going up, the same wages buy less. To keep the unit of value stable is the true limit of legislative control oyer prices. A POORER DOLLAR REDUCES THE WAGES OF LABOR. A large proportion of our workingmen of mature years have had an instructive experience that lowering the value of any so-called dollar, legal-tender of payment for their wages, is a lowering that is compensated to everybody else before compen- sation reaches them. It is a low^ering that lifts the prices of all commodities before it lifts the rate of their wages. A cheaper dollar for workingmen of the United States means a poorer dollar. The daily wages of our workingmen and working- women are by far the largest, by far the most important, aggregate of wealth to be affected by the degradation of the dollar, or of any legal-tender equivalent of the dollar. All other aggregates of wealth, the accumulations of capitalists, which can only obtain profitable use by being turned over daily in the wages of workmen and the employment of the captains of their industry, all other aggregates of wealth which remain unemployed in the payment of wages of the day, the month, the year, are not to be compared in their sum to this gigantic sum. It is this gigantic sum, the wages of labor, which is assailed by every policy that would make the dollar of the fathers worth less than its worth in gold. The debt of the United States, large as it is, is a wart beside that mountain. If by defrauding our fellow-citizens who, directly or indirectly, through the savings banks, hold those promises to pay a dollar on demand or in due season ; if by letting the silver dollar fall below the gold dol- lar, we could take a third off the burden of the public debt, much less than $10 a head would thus be saved to the people of the United States. How long would $10 apiece pay our working men and women for the loss of a third off every dollar of their wages? How long before they could get their wages raised enough to buy as much as before ? TAXATION REFORM. In another commimication which accompanies this, my first annual report, I have endeavored to present a full and complete exposition of the existing condition of the customs service, of the rules and regulations that I have established to secure a just, faithful, and impartial appraisement of imported merchandise, together with my reasons for making such rules and regulations, and of the legislative measures which are now needed for improving that portion of the revenues. The revision and changes of rates of duty made in 1883 have already disclosed, in practical execution, defects which are commended to the early attention of Congress. Besides the reforms which are desirable for the effective administration of any sys- tem of taxation levied through imported merchandise, and are indispensable for the administration of customs laws which, like our own, are a chaos rather than a sys- tem, I venture to hope that in due season it will bo the pleasure of Congress to con- sider some other reforms upon which, as is requisite, all parties may agree, and that 665 are of a different scope. Like oni- currency laws, our tariff laws are a legacy of war. If its exigencies excuse their origin, their defects are unnecessary after twenty years of peace. They have been retained without sifting and discrimination, although enacted without legislative debate, criticism, or examination. A horizon- tal reduction of 10 per cent was made in 1872, but was repealed in 1875, and rejected in 1884. They require at our custom-houses the employment of a force sufficient to examine, appraise, and levy duties upoij more than 4,182 different articles. Many rates of duty begun in war have been increased since, although the late Tariff Com- mission declared them " injurious to the interests supposed to be benefited," and said that a "reduction would be conducive to the general prosperity." They have been retained, although the long era of falling prices, in the case of specific duties, has operated a large increase of rates. They have been retained at an average ad valo- rem rate for the last year of over 46 per cent, which is but 2i per cent less than the highest rate of the war period, and is nearly 4 per cent more than the rate before the latest revision. The highest endurable rates of duty, which were adopted in 1862-64 to off-set inter- nal taxes upon almost every taxable article, have in most cases been retained now from fourteen to twenty years after every such internal tax has been removed. They have been retained while purely revenue duties upon articles not competing with anything produced in the thirty-eight States have been discarded. They have ' been retained upon articles used as materials for our own manufactures (in 1884 adding $30,000,000 to their cost), which, if exported, compete in other countries against similar manufactures from untaxed materials. Some rates have been retained after ruining the industries they were meant to advantage. Other rates have been retained after effecting a higher price for a domestic product at home than it was sold abroad for. The general nigh level of rates has been retained on the theory of countervailing lower wages abroad, when, in fact, the higher wages of American labor are at once the secret and the security of our capacity to distance all competi- tion from " pauper labor," in any market. All changes have left unchanged, or changed for the worse, by new schemes of classification and otherwise, a complicated, cumbrous, intricate group of laws which are not capable of being administered with impartiality to all our merchants. As nothing in the ordinary course of business is imported unless the price hpre of the domestic, as well as of the imported, article is higher by the amount of the duty and the cost of sea-transit than the price abroad, the preference of the tax-payer for duties upon articles not produced in the United States is justified by the fact that such duties cost him no more than the Treasury of his country gets. As for duties affecting articles that are also produced in the United States, the first to be safely discarded are those upon materials used by our own manufacturers, which now sub- ject tiiem to a hopeless competition at home and abroad, with the manufacturing nations, none of which taxes raw materials. It is not to be doubted that in any reform which shall finally receive the approval of the two Houses of Congress, they will maturely consider and favorably regard the interests which can only gradually and carefully be adjusted, without loss, to changes in the legislative conditions for their advancing prosperity. ' With this view, I have invited, in some two thousand circular letters to our manufacturers and merchants, their enlightened cooperation in the improvement of our fiscal policy, and the replies received will hereafter be submitted to the consideration of Congress. [Ttepott of the Secretary of the Treasury, December 6, 1886.] THE SILVER QUESTION. Since the date of ray last annual report, the attitude of an important government toward the silver qnestion has been changed. The matter is of consequence, and requires detail. Last December the results of our special mission to the governments of France, Germany, and Great Britain had just been obtained, and were as follows : The French Government remained of the same mind as when it had united with the Government of the United Statesin calling the International Monetary Conference of 1881. The German Government deemed the cooperation of Great Britain in any change a sine qua non. The Government of Great Britain, administered by the same party and principal persons then as now, saw no reason to depart from thie position held by that Government at the International Monetary Conferences of 1878 and 1881. The position which the delegates of the British Government were instructed to take at each of those conferences had been adverse to the object sought by the United States. That object was the opening of the mints of the governments of the United States of America and of the leading European States to the free coinage of both 666 gold aud silver into unlimited legal-tender money at a ratio fixed by international agreement. Thus, at the International Monetary Conference of 1878, the British delegates had led Mods. Leon Say, the first French delegate, and a majority of the conferees to declare that silver, like gold, of course, must be kept a monetary metal, but each state or group of states must act for itself in the choice and the minting. An inter- national ratio being pronounced undebatable since the bimetallic states did not undertake an unlimited coinage of silver, the British delegates further declared their hope that every state would not prefer gold, -while insisting upon Great Britain keeping to her own prelerences, and that a fixed ratio was " utterly impracticable." These declarations, of course, frustrated the object of the United States in calling the international monetary conference of 1878. During the next three years the powerful polemic of Mons. Henri Cernusohi revo- lutionized the opinion of leading men in Europe aud terminated the dependence of France upon Great Britain. The Government of France joined the Government of the United States in calling the next International Monetary Conference, held at Paris in 1881. The object of the United States, now supported by the invaluable concurrence of "the greatest among the great metallic powers," was again the same — the opening of 'the mints of a group of such powers to the free coinage of gold and silver, at a ratio fixed by international agreement, into unlimited legal- tender money. The delegates for Great Britain declared that their monetary system since 1816 had rested on gold as a single standard ; that this system had satisfied all the needs of the country without giving rise to the difficulties manifest elsewhere under other systems, and for these reasons it had been accepted by the governments of all parties and by the nation. The Government of Great Britain, therefore, could not take part in a conference as supporting the principles proposed, and her dele- gate was not permitted to vote. This declaration, of course, frustrated the object in assembling the International Monetary Conference of 1881, for the Government of Germany, following the lead of Great Britain, was resolved to retain a monetary system like hers. I am informed by the Secretary of State that the above declaration of 1881, in respect to the support given by the Governments of all parties to the present mone- tary system of Great Britain, was in the summer of 1885 reiterated to our special com- missioner, Mr. Manton Marble, not more clearly by the highest oflioials than by the most eminent characters of the opposite party who had just resigned the seals of office. In January of the present year, however, before the return of those opponents to office, a correspondence was opened between two departments of the British exec- utive (by the India office with the Treasury'), which marked the point of a new depar- ture. NEW GOLD AND SILVER COMMISSION IN GKEAT BRITAIN. The first letter from the then Secretary of State for India ended as follows: " Lord Randolph Churchill ♦ * * desires at the same time most earnestly to press upon my Lords the importance of making every endeavor that is possible to bring about, by international agreement, some settlement of the question how the free coinage of silver may be revived, and the comparative stability of the relative value of gold and silver, which is so essential for the regular course of trade, and which is of vital importance to India, may be secured." This urgency was supported by a telegram from the Government of India, saying : "We are of opinion that the interests of British India imperatively demand that a determined effort should be made to settle the silver question by international agreement. Until this is done, we are drifting into a position of the most serious financial embarrassment, in regard to the consequences of which, not only as regards our financial position, but in respect of measures of taxation in relation to our rule in British India, it is impossible not to be seriously apprehensive." The rejoinder (May 31) of the Treasury, then for a brief while under the direction of Mr. Gladstone's government, maintained the position traditional in both parties^ supporting the same by the authority of Lord Randolph Churchill's associate and predecessor, Sir Stafford Northcote, and closing as follows : "It is obvious that her Majesty's Government could take no measures for summon- ing or cooperating in a new monetary conference until they had previously deter- mined what policy they should initiate or consent to. The whole subject is under- stood to be under consideration of the Royal Commission on the Depression of Trade, but my Lords can find nothing in the correspondence and information before them which should induce them to depart from the instructions given to the representa- tive of this country at the conference of 1881." The third report, last summer, of the said Royal Commission, of which Lord Iddes- leigh CNorthcote) is chairman, after reference to every cause for the changed rela- tive value of the two meta|ls, except the first cause, to which I shall presently allude, ended by recommending a special gold and silv«r commission. 667 ft By the return of the Tory party to power in the elections of July, that recom- mendation fell into the hands of those who had made it. In September the Eoyal Gold and Silver Commission was created, as a petition signed by 243 members of the House of Commons had requested that it should be — "To inquire whether it ia possible to suggest any remedies within the power of the legislature or the Government hy itself or in concert witli other powers, which would bo effectual in removing or palliating the evils or inconveniences thus caused, without injustice to other interests and without causing other evils or inconveni- ences equally great. Lastly, if the commission are of opinion that this is possible, they should state the precise form which such remedies should take, and the manner in which they should be applied." But the return of the Tory party to power was signalized by a new distribution of cabinet offices. The First Lord of the Treasury (Iddesleigh) and the Chancellor of the Exchequer (Hicks-Beach), who had successively held the leadership of the House of Commons, and whose opinions had been cited by Mr. Gladstone's government for a rebuke to the India Office, were translated to other functions; whereas the former Secretary of State for India, who, in January, had urged every endeavor for an international agreement to revive the free coinage of silver, took the chancellorship of the exchequer and the leadership of the House of Commons. In tbat place and office Lord Randolph Churchill announced, on the 7th of September, the members of the Gold and Silver Commission. Its chairman, a vice-president of the Bimetallic League, and one of its expert members, the financial secretary of the Government of India, are known \>y those who concern themselves with the views of thinkers on this subject to share in the belief that an international agreement to open the mints of leading governments to the free coinage at a fixed ratio of both gold and silver into a limited legal-tender money would suffice to restore the relative value of the two metals to their old stability. Whatever may be the conclusions of this commission, whatever the prosperity of those conclusions with cabinets or parliaments, its appointment and character mark a change in the attitude of the British Government toward that belief, at least from indifference to considerate attention. The change is important. Nevertheless, weighty are the words of Mr. Gladstone's government, reiterated last May: "An entire change in public opinion must take place before a change of monetary policy in this country could be seriously contemplated." While men of light and leading may strive to form public opinion in a matter of critical importance to the general prosperity, but so recondite that not one Englishman in a hundred thousand is capa- ble to form a judgment on it, and so repellent that not half the capable will try, yet, even for agreement among the competent, silence among the incompetent, and faith among the masses, time will be necessary. Moreover, in Great Britain as else- where, it has been the fashion to discredit, as the mere schemes of currency-mongers or of ignorant inflationists, a bimetallic theory of money long prevalent in the sne- cessful practice of nations, but which owes both its scientific statement and authority to a generation later than that which could but conceive an Anglo-centric monetary system. Apart from prejudice, wont and use will make it difficult, like the change to the modern theory of the planetary movements, for a generation born and bred since 1816 to interpret the function of money from a universal instead of an insular point of view. I am, therefore, far from supposing that the recent heavy fall of silver compared with gold, and its effects upon Indian finance and English trade, have dispelled an illusion prevalent in great Britain for seventy years, or that the changed attitude of her present government amounts to a candid confession that the act of a British Parliament in 1816 was the fount and origin of the present great disturbance of the monetary peace of the world, which her persistence in error has aggravated and prolonged. THE BRITISH GOLD-STANDARD ILLUSION — ORIGIN OF THE MONETARY DISLOCATION. The illusion consists in seeing the standard measure of commodity, prices through- out Great Britain, in the gold exclusively coined by her mints, instead of in the sil- ver and gold of the world. The illusion is extraordinary, for it has not been denied hy her greatest economists that prices are an expression (in terms of any national monetary unit embodied in coin) of the relation between the quantities of the two metals and of commodities. Nor has it been imagined that London prices expressed the relation between the quantities of gold only and of commodities, Calcutta prices the relation between the quantities of silver and of commodities, Paris prices the relation, on a third and different scale, between the quantities of the two metals and of commodities. The fact, too, is apparent, that prices are one, though expressed in many languages, the language of each nation's monetary unit, which unit may here be embodied in gold 668 « alone, or there in silver alone, or elsewhere in both silver and gold, in pounds ster- ling, dollars, rupees, francs, marks. Nevertheless, it is supposed that in 1816 Great Britain did have a choice among standards, got the best, and, holding up the same by her independent act and authority ever since in her world-wide commerce, that gold alone has been her stan- dard measure of prices, "satisfying all her needs without giving rise to the difficul- ties manifest elsewhere among other systems." What Great Britain did by the act of 1816 was to close, then and thereafter, her mints to the free coinage of silver into full legal -tender money, leaving them open for the free coinage of gold alone into full legal-tender money. In fact, Great Britain's monetary standard, then as before and thereafter, which measured and scored all commodity prices for herself and the trading nations of both hemispheres, consisted of all the gold and silver of the world. Its prevalence was in this wise : One nation or more gave free coinage to silver alone into full legal-ten- der money, another nation or more gave free coinage to gold alone into full legal- tender money, another coined both metals into full legal-tender money, and, fixing the different weights of the two metals which should have the same debt-paying and purchasing power, kept in use so large coined stocks of both as to make her ratio prevalent. Gold, therefore, had in its proportion as much paying power wher- ever silver alone had free coinage as where both were coined. Silver, therefore, had in its proportion as much purchasing power where gold alone had free coinage as where both were coined. The two metals were thus joined practically in a universal money, and the general range of prices which it measured was identical, other tbings being equal, m Great Britain and elsewhere. In otherwords, the sil- ver coinage which England shirked in 1816 was elsewhere done; the free coinage at a fixed ration into full legal-tender money, which she had previously proffered, both to all the gold and all the silver anywhere mined or melted, was elsewhere actively maintained for sixty years. She neither had a different standard nor a sin- gle gold standard; she was merely a factor in the general equilibrium of monometal- lic coinages, which France, by a bimetallic coinage, had power to keep stable. The dependence of Great Britain was absolute at the time her independence was most vaunted. Thus Great Britain's exclusion of silver from mintage into unlimited legal-tender money in 1816 did not at once promote the disuse of that metal in international transactions, not even those in which her merchants and bankers were themselves concerned, nor did it disturb the ratio of weight at which the two metals were given and received as of equal value; nor did it affect that range of prices, the resultant of the world's industries and exchanges measured against the extant "aggregate of the two monetary metals, eo long as great mints were elsewhere open and ready to coin both into money that was equally a lawful tender in fulfillment of every con- tract or payment of debt created in the daily course of those industries and exchanges; nor until 1873 did Great Britain's pursuit of an illusory standard finally disclose its pregnant mischief. CRISIS AND COUESK OF THE MONETARY DISLOCATION. The mischief pregnant in Great Britain's silver boycott of 1816 leaped to light when Germany, in 1873, imitated that imperial blunder. Of the growth of British commerce, one uninfluential circumstance, one mere concomitant (her exclusion of silver from mintage into full legal-tender coins) was deemed a cause. Called by the illusory name of the single gold standard, vaunted by Great Britain herself as " a monetary system under which she has enjoyed much prosperity," and thus accred- ited as a partial secret of the greatness of her commercial empire, it obtained the admiration of a rising power, then more exercised in the military than the indus- trial arts, an d but recently consolidated into political unity after a gigantic war. Equipped with the ransom paid into the Imperial Treasury by a rich but vanquished power, the statesmen of Germany determined, at any cost, to possess her of the gold fetich. Closing her mints to the further coinage of silver, retiring from circulation her silver theretofore exclusively coined and seeking to effect its substitution through the open mints of France for the gold of France, throwing large quantities of silver upon the English market at short intervals and in unknown amounts for sale, Ger- many, by her legislation of 1871-'73, thus conceived in the likeness of Great Britain's legislation of 1816, and, together therewith, immediately caused a great monetary disturbance. France, in presence of the silver flood from Germany, distrusted the power of her open mints alone to maintain the ratio of the two metals under free coinage of both, as almost alone she had done during the immensely greater inundation of gold from the new mines of California and Australia; and first restricting her mintage (which neither defeated the purpose of Germany, as prompt closure would have done, nor 669 deprived it of importance as continued free coinage -would have done), at last closed her mints altogether to the further free coinage of silver for the public into money of unlimited legal tender; and thus, at last, was subverted the monetary peace of the world. Since that date nowhere in the world has the mint of any great government which coined either metal into full legal-tender money coined the other metal into full legal-tender money at any ratio. Thus was ended for a time that legal fusion, so to speak, of the two metals into one monetary measure, which the free coinage of both, and the legal-tender quality imparted to both in a fixed ratio, had made a practically complete fusion. Thus was ended the prevalence of an ancient acceptable bimetallic standard and measure of commodity prices — the mass of the two monetary metals, fused by free coinage, a fixed ratio, and the full legal-tender power, into one metal money and price measurer. Thus began the confusion of two unconjoined monometallic measures, throughout a world all knit together in commercial unity. Thus began the great monetary dislocation. Displaced for a time was the world's normal use of one common standard of prices. The superiority of gold and silver joined, as a thing in kind and amount, of all things best suited to be that standard, appears, as I have said, " first, in this, that it is an amount not to be varied by legislative wisdom ; second, that it is an amount not to be considerably varied by any single generation of men, for that the annual increment is too small in proportion to the total mass, already huge, which slowly grows from age to age. That total mass, by its hugeness, its invariableness, its indestructibility, is a miracle among measures. Standing over against the vast aggregate of human commodities, mostly perishable, which sinks and swells with seedtime and harvest as the seasons change, and of which the unconsumed and more or less imperishable part is so small, the monetary metals of the world are the most trustworthy attainable measure of value. What has followed that.displacement? Beginning in 1873 and continuing through minor fluctuations until now, there has been a demonstrated fall in the prices of the chief marketable commodities of man's use more than countervailing the deniou- strated rise of prices, from 1848 to 1865, which followed the addition of $1,900,000,000 to the world's previous stock of gold. Gold being merchandise in countries giving free coinage into unlimited legal- tender money to silver alone, and silver being merchandise in countries giving free coinage into unlimited legal-tender money to gold alone, and the fixity of price of either metal t^s having ceased (becoming as impossible as fixity of price for wheat or iron) in any country where the other metal alone has free coinage, it has also occurred that the price of silver, measured by the same measure as the falling prices of commodities since 1873, has fallen in closely parallel or following; fluctuations as far. (Appendix C.) CONDITIONS OF MONETARY ORDER. The essential conditions of that old monetary order in their last analysis seem to be these : 1. Mints open to the public for the free coinage of gold. 2. Mints open to the public for the free coinage of silver. 3. Coined gold a full legal tender. 4. Coined silver a full legal tender. 5. Mints open to the public for the free coinage of silver and of gold. 6. Rated equivalence of both metals in such coinage, fixed by States powerful enough to make and keep it prevalent. These conditions, it is obvious, operate everywhere the inclusion of the uncoined metals as potential money with the coined metals as actual money — enlarging the great measure. They render more than trivial, they nullify any variations in the petty increment from the mines, or in the pettier decrement from abrasion, loss, or nonmonetary uses. Tliey enable us to map past errors with precision, and to test the policy of steps by any nation toward a restoration of the monetary order. These joint conditions were the security that changes In prices should be due for every commodity to special and natual causes, and not a monetary cause, and should be due to no change in the whole monetary measure or unit of measure, but in every case to the varying cost of production as man's inventions and industries more easily subdued the matter and the forces of nature, or to other such secular and intrinsic circumstance of fluctuation. Obviously these conditions would have been violated by adoption of the proposal of Chevalier and Cobden. Had the right of free monetizatiou been withdrawn from the owners and mi ners of gold as it has been recently withdrawn from the owners and miners of silver by nations previously giving the right to both, it must be 670 believed that the purchasing power of gold, compared to that of silver, would have been similarly diminished, and that instead of a silver question a gold question would now be perplexing legislatures and statesmen. In either event, there could but be a world-wide monetary dislocation, causing ever-falling prices and a long depression of trade. These joint conditions of the existence as of the restoration of the monetary order exhibit in a befitting light the main features of our own monetary history and the debates which have ranged around " demonetization " and the acts of 1873 and 1878. UNITED STATES MONETARY HISTOKY — ACTS OF 1873 AND 1878 ALIKE AND IRRELE- VANT. The act of 1873, we are told, " demonetized" the standard silver dollar ; the act of 1878, we are told, remonetized it; and that, we are told, is the whole of the matter. In fact, those two acts are so nearly identical that a common authorship might be suspected. The fate is odd which apportions blessing and cursing inversely to both. The act of 1873 has been denounced and praised for demonetizing silver, which it did not do. It retired no silver coin from circulation. It caused no coin to be sold as bullion. It withdrew the full legal-tender quality from no sUver coined. It did limit monetization to Treasury purchases for fractional coin. The act of 1878 has been praised and denounced for remonetizing silver, which it did not do. It did limit monetization to Treasury purchases for nonfractional coin. The act of 1873 took a sure way to keep all our fractional silver coin at home. The act of 1878 took a sure way to keep all our nonfractional silver coin at home. The two acts" are aiso alike in missing the point of the monetary difficulty and escaping detection of their own true character. The act of 1878 is only singular in both mistaking the true object and also missing what is aimed at. The method of the two acts is identical. Exportation would only be possible at a loss on the silver coined under either act. In both acts monetization is denied except to Treasury purchases. The door of the Mint is shut to the public by both acts. Both acts are innocent of a share in causing the monetary dislocation, although the act of 1878 helps to prolong it. In 1873 we had not escaped the paper-money plague, and our resumption of the use of the two metals and current redemption of paper did not begin till the mone- tary dislocation was far advanced. By the act of 1878 the monetary dislocation could be neither ca^ed nor cured. Its limited monetization since 1878 has absorbed more silver than th"total amount demonetized by Germany since 1873. It does not counteract the monetary disloca- tion. The monetary stock of the four leading powers, who all in 1878 had neither too much nor less than enough, is now greater than then by the aid of the United States, thus confuting the money-famine theories. Still it does not redress the monetary dislocation. The action of the United States in 1834, changing the ratio from 15 to 16, had fore- stalled the act of 1873; To open our mints for the coinage of silver at 16 to 1 of gold, while France was coining silver at 15^ to 1 of gold, was, so to say, equivalent to closing our mints to the coinage of silver at all. Two ratios cannot live together face to face, as Sir Isaac Newton, master of the mint, explained nearly two centuries ago. In the money world from that year the United States became a gold mono- metallic power, and such they have ever since remained, both when they did intend to and wheli they did not. Albert GaUatin was, perhaps, the only man in the United States at that time competent to give advice upon a ratio or coinage difficulty, and Congress rejected his advice. But the error of the United States was the outcome of ignorance, not, like Great Britain's error, the outcome of an illusion also ; and 1834 was the date, not at which ois-Atlautio demonetization of silver began, but the date at which its monetization was nullified by an ill-judged ratio. The arguments that anything newly injurious to silver was done by the act of 1873, are arguments offered only by those who are not quite familiar with their subject. The act of 1878 is public confession that by the closure of the French mint to the free coinage of sil- ver, our act of 1873, not then a necessity, was become a necessity in that particular, and so was never repealed, but merely enlarged and confirmed. It was enlarged by adding to discretional Treasury purchases of silver for the mintage of fractional coin, compulsory Treasury purchases of silver for the mintage of nonfractional coin. It was confirmed on the point of withholding free coinage of silver. Our whole monetary history, bearing always the marks of good faith, is not less instructive. It may be comprised in four chapters : 1. 1792 to 1834, when we had aplenty of silver, but managed by act of Congress (April 2, 1792) to shunt all our gold into European mints. 2. 1834 to 1862, when we had a plenty of ^old, but managed by another act of Con- gress (July 31, 1834) to shunt all our silver into European mints. 671 3. 1862 to 1878, when, by three acts of Congress (February 25 and July 11, 1862, and March 3, 1863), except the gold required &r customs taxes, we managed to shunt both our gold and silver abroad. 4. 1878 to date, when by act of Congress (February 28, 1878) we have managed to dam up the major part of our silver product against the possibility of exportation. EFFECT ON COINAGE, OF LEGAL-MNDER FUNCTION. The enhancemen* of value of both metals, due tp their general employment as legal-tender money, is great, though immeasurable. - That enhancement in large degree survives the monetary dislocation which consists in the disjoining of the two metals, one or the other of them being now mere merchandise in every country in the world. For while no nation or group of nations possessing a suflcient stock of both metals now conjoins the two moneys into one money by the free coinage of both metals at a fixed ratio Into one common purchasing power and price-measurer, as they were long conj oined, silver still has free coinage into full legal-tender money in India, Central and South America, gold still has free coinage into full legal-tender money in Europe and here. The enhancement of one metal is sometimes decried by those who overlook their own share in the enhancement of the other. In England, official warnings as to the "results of any attempt artificially to enhance the gold price of silver" have been spoken and thought logical, as if some such impossibility were attempted as putting up permanently the gold price of wheat or some other article of mere meiichandise. It was affirmed by Mr. Gladstone's government in 1881 that " it has been the policy of this country to emancipate commercial transactions as far as possible from legal control, and to impose no unnecessary restrictions upon the interchange of com- modities. To fix the relative value of gold and silver by law would be to enter upon a course directly at variance with this principle, and would be regarded as an arbi- trary interference with a natural law not justified by any pressing necessity." Too much honor can not be rendered to the principle, but here it is not fairly in ques- tion. Prior to 1816, Great Britain had always fixed the relative value of gold and silver by law, and in 1816 entered upon a course in which, being joined in 1873 by Germany, the outcome was the subversion of their ancient, fixed, and prevalent rela- tive value in law, which must be at least as objectionable as fixing it anew — a course that meanwhile continued to enhance the value of one of the metals in relation to all commodities, which must be as "arbitrary" as interfering with the relative value of the two metals to one another. The "natural law" should be named and described, if possible, which underwent no "arbitrary interference" when England made of gold alone a legal-tender metal in 1816, and of silver alone a legal tender metal in India in 1834, but which would not escape " arbitrary interference " if now, as before 1816, both gold aud silver were to be enhanced in current use and value by laws of Great Britain conferring in accord Vith other nations upon both metals when coined the quality of being a legal tender in payment of debt. THE SILVER TROUBLE UNIVERSAL — REMEDY INTERNATIONAL. That "constitutions grow and are not made" has no better illustration in the his- tory of our civilization than this unconscious growth and uncontrived accordance of human societies, imperfect yet effectual, in the founding, and keeping fairly stable a general legal-tender money. It was not born of philanthropy, nor cradled in trea- ties. It is the growth of centuries out of that increasing commerce between all the races of mankind, which is slowly but surely, more than all political contrivances, establishing their union, enlarging their freedom, and promoting tbeir peace. To this character of its origin aud growth I recur, because it may justify the opinion which I entertain, that a joint agreement to open mints would so soon vindicate its own sufficiency and prove to be the interest of every concurring power, as to abolish under this head every fear or need of " entangling alliances.'' It was a natural and nuforced constitution of the world's monetary system which the unwise laws of a few separate nations have sufficed to dislocate and disorder, and which wiser laws by accordant nations may now restore. Once restored, the conditions of a subse- quent dislocation, even if attempted as a weapon of deliberate war against one mem- ber of the group, will be found upon reflection almost inconceivable, and in any event suicidal. Compliance with the duty imposed by law upon the head of this Department would have been defective, it will now be seen, had I ever regarded the subject thiis far discussed as one of sectional or national limits, or such as usually occupy the time and tax the energies here devoted to the public service. It is of larger scope. Not by our choosing, nor by anybody's choosing, it is an interuatinal ques- tion. Nor can we safely shut from the range of our scrutiny a^nd j-eljeotjon, besides 672 the policies and interests of foreign States, the semicivilized and most numerous races of men, whose continuous absorption of silver for centuries, their more recent and increasing absorption of gold (of which $125,000,000 have been received and retained in India alone during seven recent years)j are factors to be duly ■weighed, and the chances of change. It is this monetary dislocation of the world in which our own silver question is included as an inseparable though fractional part, and in which even our surplus problem is deeply enmeshed. Most watchful care and prudence can alone safeguard the Interests of our beloved land and people. Careful perusal of the instructive debates at the last session of Congress leads me to review the four policies which then received marked attention. 1. Free coinage of silver. 2. Conferences. 3. Continued purchases of silver. 4. Stopping purchases of silver. SHALI, THE UNITED STATKS GIVE FREE COINAGE TO SILVER NOWf I. The free-silver coinage prescription for the monetary dislocation satisfies but one of the several indispensable conditions which I have set forth above in fuU detail. While it is an indispensable condition, of permanent restoration that the free mone- tization of silver shall be equally complete as of gold, yet were it now given to silver in this actual moment of dislocation, the practical result would \»e to withdraw the same from gold. That would be a change without advantage in any respect, and in every respect with disaiivantage. In the first place, it would bring us to the Asiatic silver basis. This has been commended in some quarters. There is, however, no such public desire. The preponderance of public opinion seems overwhelming iu favor of the joint use of both metals. No party and no administration could survive or would deserve to survive the deliberate or the unforeseen and unprevented change to a silver basis. But the proof is simple that the free coinage of silver now would at once entail a silver basis. Offered By the open mint to both metals, free coinage of silver for silver owners into legal-tender dollars would stop the use of the mint for free coinage of gold by gold owners. It would stop the simultaneous circulation of gold and silver dollars. The gold dollar would be at a premium, and be exported. Throughout the United States it would make the use of silver in legal- tender payments exclusive, apart from the greenbacks, which would first be used if possible to empty the Treasury of gold, and then wouldceaseto signify by " dollar" anything else than the debt of a silver coin — not at all the monetary unit once embod- ied in equivalent coins of the two metalg. Thus the free coinage of silver now, or, what is the same thing, the Asiatic silver basis, would but shift our lameness to the other foot. It would neither restore nor tend to restore the world-wide use of thb two metals in a rated equivalence, which is the cure for the monetary dislocation, as their disjoined use has been its cause. But the change to the other foot would be disadvantageous, not a matter of indifference. Now we make a limping use of both metals, as is possible since the difificulty is with respect to tlie less precious metal, which we manage, by the legal-tender power and the receipt for taxes, to hold in some general use along with the other. Then, how- ever, we could keep in use but one, not the t^o — not even by legal-tender laws, or penal laws. Thus the free-silver-coinage prescription and the silver-basis prescrip- tion are alike — amputation of an uninjured leg to cure temporary lameness in the other. Avoiding repetition of what I had the honor to say last winter iu reply to the inquiries of the House of Eepresentatives (see Appendix H), I will add but one sug- gestion, which should be fatal to the free-silver-eoinage proposal. As our limited silver coinage paralyzes, so our free silver coinage at this moment would destroy, the power of the United States to promote the restoration of silver to its old and equal place in the monetary order. SHALL THE UNITED STATES PROPOSE MORE CONFERENCES? II. More conferences, further diplomatic correspondence are proposed. I venture to think, with all due deference to those who are responsible for a decision, that the time for -another conference has not arrived, and that the moment for diplomatic interference is not perfectly felicitous. Our information is recent and authentic, and is contained (Senate Ex. Doc. No. 29) in the letters of our ministers accredited to Great Britain, France, and Germany, there published, and in the correspondence and action of the English Government which are summarized above. The continental powers await the action of Great Britain, whose reluctance defeated the object of both conferences called at the instance of the United States, 673 and to whom again, almost within a twelvemonth, she haa turned a deaf ear. If it suited the dignity of the United States again to besiege the attention of European States, or again to make advances where they have been so lately repulsed, it would not suit our interests so to do when it is certain that the inquiry upon which Great Britain has suddenly entered at the instance and insistanoe of her great dependency, India, and of her own accord, is entered upon, with an exclusive regard to her own interest. And of Great Britain's interests the United Stages have no call to become advisers or guardians. A considerable chapter in the record of both the monetary conferences is occupied by disclaimers, on the part of the United States, of any special or interested views — disclaimers not more just in fact than they are con- vincing, by their necessity, of the natural distrust which zeal may inspire among jealous and equal States. No interference can now advance its object if an inward change indeed be tating place where outward change has been so long persistently refused and resisted. A conference will be profitable not until after any reluctant St ate has placed herself in substantial accord with former conferees whose concur- rent purpose she has long known and twice frustrated. In short, it is now for Great Britain to make propositions to other powers. And, as not at the instance of united powers, so not at the instance of any one of them will she abandon her cherished isolation. It will be abandoned, if ever, solely because it is generally perceived in Great Britain to concern the vital interests of Great Britain so to do. Under no cir- cumstances will Great Britain alone open her mint to the free coinage of silver. When, if ever, she perceives her interest to lie m retracing the error of 1816, she has the means of apprising other powers of a change in her opinions. Conferences and treaties would then be in order to a practical result. SHALL THE UNITED STATES BOY MORE THAN $250,000,000 OF SILVER? III. To go on as we are is the least creditable of all the courses open to our choice. The Treasury silver purchase is defended by nobody, approved by nobody; even every vote for the free coinage of silver is a vote that the Treasury silver purchase shall cease, an assertion that it ought to cease. It has thrown away the opportunity to let loose abroad the silver we have kept, stamped and stored, and it has discarded the power to reduce by as much the foreign stocks of gold, two arguments that would have had an intelligible cogency. It is a policy which, if now prolonged by our hopes, may easily be so protracted thereafter by astute delays and dilatory proceedings and by the time taken for nego- tiation itself as to force an Asiatic silver basis for America. It is thus, at least, the remission of all control of the silver qnestion to adverse, if not to hostile, interests. It deprives the United States of perfect equality of position (noncoinago) in nego- tiation with foreign powers. It is an expense and a taxation demonstrated by experience to be of no avail for any useful end. Needless as a tax, our silver purchase is also a disturbance in the Treasury, which threatens the currency without relieving the taxpayer. It is heap- ing up a heavy load of silver coin needing to be kept, but increasingly difficult to keep, in domestic commercial equivalence with our monetary unit. Of that unit the silver coins can never be a true embodiment as the gold coins are, by any other means than those which preserve to the gold coin its function as such an embodi- ment, viz, open mints to the silver of the world and a full legal-tender qiiality in the payment of debt, imparted by law to any possible output of silver coin, thus ensuring to the unminted metal an equal value with the monetized coin. It is therefore glutting our currency with depreciated metal, while also impeding the only means of reversing that depreciation and restoring its value. It has been as futile as costly. It neither gives nor has had a tendency to give an international currency to the silver of these 250,000,000 coins. It increases by one the number of nations burdened with the task of holding a depreciated metal at its old level in their bimetalic monetary units. There is a single difference. When the mon- etary dislocation began, the people of other nations had large stocks of silver coin subject to depression; we had none. We created one and are daily adding to it. To the feebleness of self-defeat in the exercise of our influence abroad it thus unites the injury of a costly inflation at home. It is not merely the abdication of our actual power to hasten a solution of the international problem which will restore silver to its former use and value ; it is the taxation of an otherwise overtaxed people $24,000,000 per annum to delay and defeat that solution, besides being a use of the proceeds of that taxation to disorder our domestic currency, jeopard the stability of our unit of value, and accumulate a surplus which on the one hand presses the Treas- ury towards a silver basis, and on the other hand tempts Congress beyond a frugal expense. It blocks every avenue, not only to monetary but to fiscal and tax reform. 8. Eep. 235 43 674 SHAI,L THE UNITED STATES PEOMOTB CURE OF MONETARY DISLOCATION. IV. To stop the purchase of silver is our only choice, our duty, and our interest. It Wiil stop a wasteful and injurious expense, and the taxation which defrays it. It will commence and promote reform in the snm and themethods of Federal taxa- tion. It will recover to the Uiiited States an equality of position (noncoinage) with for- eign powers, which will give ns due influence in negotiation. It will induce negotiation, and negotiation to the end of relief, not for the purpose of delay. Stopping the purchase and coinage of silver is the first step and the best which the United States can take in doing their great part to repair, the monetary disloca- tion of the world. Its origin was foreign; its remedy is international. The time is ripe for this powerful Commojiwealth to enter decisively upon that international • transaction. The ripe moment must not he let slip. After becoming entangled in negotiation, we should not be free, as now, to act, first for own advantage, and then for the promoting of our own deliverance and the world's deliverance from this world-wide trouble. Depressing industry and trade, it affects private prosperity everywhere. But its influence upon government finances is a separable injury and varies in different States according to the fiscal and currency systems which it dis- turbs. In England the dejjression is serious, but the disordered finances of her largest dependency, India, are the point of trouble which touches the Government of Great Britain. In France and Germany the depression is general, but the fiscal problem is the maintenance of an enormous but not enlarging stock of coined silver lately depreciated nearly 30 per cent, at par with gold while keeping both in use. In the United States -the depression of trade is great, caused by the natural unwil- lingness of those whose savings are little as of those whose capital is large, to risk its loss in falling priTces and the hazard of a silver basis, thus contracting every- where, not money, of which there is a superabundance, but the employment of sav- ings as capital, by means of money, in organizing industry aud keeping labor busy. But the trouble meanwhile caused to the Government finances is different. Here, too, as in France and in Germany, there is need of holding an enormous and also enlarging stock (larger now than that of France relatively to our commercial and banking habits) of coined silver, lately depreciated 30 per cent, at par with gold, while keeping both in use. To stop the purchase and coinage of silver is for this our local trouble also the first and best step. To increase our stock is to increase the difficulties of the Treasury, illegitimate and abnormal difficulties, which ought never to be imposed upon the freasury of any democratic government, and which ought not to be increased. Its mission is to coin the two metals into money for the public — as much as everybody asks. It has no fitness for coining for itself and keeping the coinage. Its proper business as a fisc is to receive the people's revenue from taxes in good money which it has coined for them, and to expend that money as Congress bids, keeping no sur- plus at all beyond what insures punctual payments. A Treasury surplus is standing proof of bad finance — of bad laws, if such have made it necessary. If to manufacture and store or distribute coin of a depreciated metal could stop its depreciation, or relieve the depression of trade, or improve the money circulation, or call out into use for the employment of labor more of loanable capital, or arrest ~ the droi) in prices, then the Treasury trouble aud the tax burden would have some offset. But it does the reverse. It inspires the owners, the borrowers, and the em- ployers of capital, who organize work for working men to do, with an utterly incur- able distrust. It is a reasonable distrust, which every man who has earned and saved five dollars that he would like to employ or lend as capital, knows as well as those who have saved thousands of dollars from their earnings. Every wage-earner, too, knows as well as they that silver inflation has not stimulated and does not stimu- late iudiistry or trade. Silver has never been as low as this year (42 pence), though the Treasury has bought and stamped $250,000,000 of it in the last eight years. Prices of all commodities range lower than in any previous year of the nineteenth century. CONSEQUENCES OP STOPPING SILVBE PUECHASES. To stop the purchase of silver will enable the Treasury, while the monetary system is restoring to its normal conditions, to maintain with certainty and greater ease the present stock of silver coin at par with gold in all our fiscal and local nses, to the great relief from distrust of the owners and employers of cai>ital, and so to the greater relief and increasing employment of labor — the first fi'uits of sound finance and the first condition of prosperity. To stop the purchase of silver of course will cause a new fall in the London mar- ket. Speedier and more assured will then be the day of its final restoration to its 675 former place in the money of the world. It is the recent heavy fall which has opened eyes that were blind and ears that were deaf. But a fall of silver, if the expense and influx to the Treasury are stopped, will not enhance the trouhle of the Treasury or increase the difficulty of the duty which the laws impose to keep the silver circu- lation at par with gold within our own .iurisdiction. Of course, compulsory employ- ment of a money temporarily and locally inferior, in funded-debt payments, or in daily expense of any sort, means compulsory acceptance, and would force the inferi- ority to appear, whereas its skillful employment and an optional acceptance, which the laws of Congress do not forbid, will prevent that inferiority from appearing in our domestic trade which nothing can disguise in our foreign exchanges. No prospective fall in the purchasing power of the metal can be so Larassingto the Treasury as the perpetual inpour of a coin made full legal tender for its face, yet not worth its face, which the Treasury is expected to employ like gold as if it were worth its face. To stop the purchase of silver will thus arrest the growth of that standing shame in our finance, the Treasury surplus. It will put us in the way of abolishlug the same altogether, not by cheating our creditors, shaving our pensioners, or crippling ' our wage earners, hut by enabling the Treasury to hold the silver doilar firmly in a local parity with the gold dollar until we can unite with the leading powers in restor- ing and establishing their permanent equivalence. It is a direct consequence of the monetary dislocation that wheat of India, which there fetched 3 rupees per quintal fourteen years ago, and there fetches 3 rupees per quintal to-day, can be sold in London (cost of transport apart) for as little as tlie gold price of 3 silver rupees of India in London to-day — a fall of 25 per cent. Tliis fall has caused, of course, a corresponding fall in the price of EnglisL and Irish home-grown wheat in London. This lowered price of wheat in London has had to be met by a lower price of the American wheat surplus sold in London. The price of our surplus wheat deter- mines the price of the whole wheat crop of 4;he United States. So that the monetary dislocation has already cost our farming population, who number nearly one-half the total population of the United States, an almost incom- putable sum, a loss of millions upon millions of dollars every year, a loss which they will continue to suffer so long as Congress delays to stop the silver purchase, and by that act to compel an international redress of the monetary dislocation. Another year's delay in stopping the silver purchase is the loss of remunerative prices upon another wheat crop of the United States ; is another year's stimulus to India's competition for the foreign markets of our agricultural product, and a reduc- tion of our ability to hold that market against any competition in the world (meas- ured by a common money). Wliile our war-tariff taxes, prolonged after twenty years of peace, have been chok- ing off our manufactures from successful competition in foreign markets with the products of nations which do not tax raw materials, we have deemed foreign markets for the surplus produce of our farms as sure as seedtime and harvest. Our command of them at least we have deemed unassailable. They are in peril. It is for Congress to consider whether a policy which does not prevent the loss of 25 per cent off of our silver output to a few thousand mine owners, but prolongs the loss to many million farmers of 25 per cent off the price of their annual wheat crop, should not now be abandoned and the only policy adopted which promises to restore the former prosperity of both. If the law were repealed which makes compulsory Treasury purchases of silver, and if that repeal were accompanied by the declaration of Congress that the United States now hold themselves in readiness to unite with France, Germany, and Great Britain in opening their mints to the free coinage of silver and gold at a ratio fixed by international agreement, it is the deliberate judgment of the undersigned that before the expiration of another fiscal year this international monetary dislocation might be corrected by such an international concurrence, the two'monetary metals restored to their old and universal function as the one standard measure of prices for the world's commodities, the depression of trade and industry relieved, and a general prosperity renewed. I respectfully recommend to the wisdom of Congress the unconditional repeal of the act of February 28, 1878, accompanied by such a declaration. REDUCE TAXES — PAY GREENHACK DEBT WITH SURPLUS. 1 therefore respectfully recommend : 1. Repeal of the clause in the act of February 28, 1878, making compulsory Treasury purchases of silver, for the reasons heretofore given and in order to reduce surplus and unnecessary taxation $24,000,000 a year. 2. Further reduction of surplus taxation, beginning in a manner which will be suggested below, close down to the necessities of the Government economically aeuninistered. 676 3. Repeal of the act of May 31, 1878, making compulsory post-redemption issues and reissues of United States legal-tender notes, thus facilitating — 4. Gradual purchase and payment of $346,681,016 outstanding promissory notes of the United States ,with the present and accruing Treasury surplus, issuing silver certificates in their room, and gold certificates if aeed he, ■without contraction of the present circulating volume of the currency, these notes (called greenbacks) heing now the only deht due and payable before 1891 except the three per cent bonds, which are probably all to be called and paid, early in the ensuing fiscal year. The extraordinary conjunction of opportunity and necessity making practicable so complete a reform in our currency and so large a reform in our taxation, will, perhaps, excnse a reference to the conditions and the method of their execution which were set out in my last annual report, or any repetition of what I have already had the honor to suggest in respectfully urging upon Congress the easy provision of a better currency lor the people of the United States than the best now possessed by any nation, — "a ouirency in which every dollar note shall be the representati\5e certificate of a coin dollar actually in the Treasury and payable on demand ; a currency in which our monetary unit, coined in gold, or its equivalent, coined in silver, shall not be suflVjred to part company." The act making compulsory post-redemption issues and reissues of United States notes and the act making compulsory Treasury purchases of silver are each a sepa- rate menace to the public tranquillity, are each injurious to the public morals, the public faith, and the public interest. But they do not double our difficulties. On the contrary, the repeal of both acts, and the use of the Treasury metal surplus in the substitution of coin certificates for greenbacks, will convert our worst kind of paper currency into the best kind — indefinite promissory notes of deht made legal tender will be converted into representative certificates of coin, held subject to demand. As the competency of the Federal Government to make its debts a legal tender of payment for the debts of its citizens, one to another, has, in these latter days, been affirmed, despite an absolute consensus of opinion to the contrary among its founders and statesmen of all parties from 1789 to 1861, it seems to me in this conflict of legal opinions a duty to recur to the unquestioned conclusions of a sound finance. COIN, NOT PROMISES, FIT FOB LEGAL TENDBIS. When the union of the States was formed in 1789, and the present Constitution ordained, the last and first avowed objects of its framers were to secure liberty and to establish justice. Political philosophy as yet has framed no higher ideal. Jus- tice was their endeavor, and the Constitution, like the laws passed by the early Con- gresses, in which many of its framers sat, shows a fixed purpose to avert known perils to justice. Among the chief instruments and means of justice is a least imperfect, least varia- ble, coin monetary unit ; the standard of all exchanges and lawful tender of pay- ments. The framers of the Constitution were fresh from a bitter experience of the calamities consequent upon stretching the legal-tender quality from coin to promises to pay coin. So they built high a double barrier against that calamity. They lim- ited the Federal Government to certain and delegated powers. They defined some and prohibited other certain powers to the States. And, lest the residue of unpro- hibited or undelegated powers which completed the round sum of sovereignty, should be implied into tUe Fedei>al Government they reserved them explicitly to the States respectively, or to the people. Then to the Federal Government they gave many powers, but not this power to make the Treasury notes of the United States a legal tender in the payment of private debts. Then to the States they explicitly prohib- ited all future exercise of a similar power — theretofore at most grievous cost exercised by them amid the struggles of foundation or the throes of revolution. Nor in any one- of the fifteen amendments which have enlarged the federal powers, over slavery, rep- resentation, citizenship, and the voting franchise, has there been enlargement of the power at first bestowed upon the United States, and vested in their Congress as the power to " coin money, regulate the value thereof, and of foreign coin." And while thus were refused in the Convention, and withheld in the Constitution, any warrant to amplify, or excuse for abusing, tno power so specified and granted, it was also ordained that thereafter "no State shall » » * emit bills of credit; make any- thing but gold and silver coin a tender in payment of debts ; pass any * * * law impaii'ing the obligation of contracts * * *." Under the last clause of the eighth section of the Constitution, the power thus granted was by the Second Congress in the coinage law of 1792, as necessarily and properly executory of that power, wisely and fully exercised. It was exercised without abuse, without pretension to some sovereign power inherited, but as a specific power delegated to the Federal Govern- ment and vested in the Congress. 677 Itwasexercisednotin relation to any power to borrow money; for money, besicles bein g one kind of wealth, is also that kind which is a standard and measure ot the value of all kinds of wealth ; and to change the standard, in the act of borrowing, from coin to the promise to pay coin, would have been not borrowing merely, but also cheat- ing or enriching the lender. If such power be indeed a sovereign power, legitimate and heritable, it is of the least precious patrimony reserved in the sovereignty of the people, for it was prohibited to the States,, and never delegated to the United States. The Congress of 1792 fixed the monetary unit of the United States in coin, gave it the name dollar, made it the unit of the money of account in their offices and courts, named also its multiples and fractions, and then, opening their mint free to all comers, affixed the full legal-tender quality to all gold and silver there coined. Congress might, under its also granted power "to borrow money," have received the loan of all the coined gold and silver dollars that their owners would lend, for borrowing is not taking, by force of law or license, against the will of the lender. It is taking because the consent of the borrower to receive concurs with the consent of the lender to convey. In return for each and all of those coins it might have emitted its promises to pay on demand. That would' have been the exercise of its granted power to borrow money. At further need it might have agreed to pay from its constant receipt of taxes (for the longer loan of money which its own constantly outgoing expenditure and the residue of still unborrowed money would provide) money in principal sums and as interest, giving therefor its time obligations. That would have been the exercise of its power to borrow money. But the power to change the unit of value in money so borrowed or so loaned has no relation, legiti- mate or logical, with such or any power to borrow money. It is not derivable ftom the borrowing power. It is a power illegitimate and irrelevant both to the lending and to the borrowing power. The latter is a power to use the credit which a gov- ernment has from men's faith in its honor and its laws. The power to raise or depress the monetary unit of value is a power to destroy men's faith in the honor of a government and its laws. The power to force into the circulation an unfit repre- sentative of, a false equivalent of, a debt of, that monetary unit of value, as its namesake and equal in exchange, is a power to destroy men's faith in the honor of a government and its laws. Their sense of betrayal, and their perception of the fact, are expressed by the nonequivalence in exchange often disclosed between the undebased coin and the debased coin, between the coin and the promise to pay con- verted into a legal tender, between the coin undepreciated and the depreciated coin, according as in any of these ways the monetary unit has been the instrument or the memorial of that duplicity. But such proceedings found no precedent, such opinions as are here controverted found no believer, no defender among the lawyers, statesmen, or people in the first seventy-two years of this Republic. Not until after 1861, when a great danger had beclouded most men's perceptions of financial as wcill as constitutional law, was a legal-tender money made out of the debts of the United States. Not until the infection spread was it ever deliberately argued that any repre- sentative ofthe unit of value could justly be suffered to be made, or to abide, in perma- nent depreciation and disparity therewith. ' But whether or not a nonequivalent of the coin dollar may bo made a lawful dol- lar, and whether or not post-redemption issues and reissues of such promises can be lawfully made, after twenty-one years of peace have superseded any real or imagined exigency of war, certain it is that every argument of policy now-forbids the continu- ance of that legalized injustice. Had it ever been conferred, the Federal Government should be stripped of so dangerous a power. No executive and no legislature is fit to be trusted with the control it involves over the earnings and the savings of the people. Noearthly sovereign or servant is capable of a just exercise of such authority to impair and pervert the*obligation of contracts. To apply the present and the unavoidably accruing proceeds of our surplus taxa- tion during the next five years in payment of the only portion of the public debt beyond the vanishing 3 per cents, which is now due or will be payable, except at a high premium, before the 4J per cents of 1891 mature, besides being a large measure of currency reform, will also diminish and finally dissipate the objectionable and invidious influence of the Treasury upon the money market and upon the business of the country. Skillful administration of the Department in respect to its incomes and outgoes may reduce to a minimum that influence, which can not but be consid- erable while its receipts average $1,000,000 a day. But it is in no way for the public advantage, it is a distinct interference with private property, and it is an improper trust to be imposed upon -any officer of the Government, when the most prudent, faithful, and intelligent exercise of his judgment, and the wisest use of the power he is tompelled to accept, can not fail to promote the pecuniary advantage or involve the pecuniary disadvantage of this or that group of his fellow-citizens. It is no defense of the condition of things which has grown up since the war, and which has 678 gradually converted the Treasury into such an overshadowing fiscal power, invoked at every commercial crisis, to say that we are becoming accustomed to it. Theso illegitimate and unwarrantable encroachments of governmental influence should be restricted and abridged, with constant and inflexible purpose to restore the simplicity, compel the frugality, and limit the authority of Federal as of all our governmentaldnstitutions. Of these the true function is to guard our individual liberties, not to confine them, not ta supersede them, not to direct them. Even mon- archies are slowly discarding other functions. Democracies have no use for their cast-ofl' trappings. It is liberty which has enlightened the world, not the necessary evil of legislatures, laws, courts, armies, and police, which with our taxes we pay to guard that liberty from aggression. During the fiscal year ended June 30, 1886, there were coined under the compul- sory silver-coinage act of 1878, 29,838,905 silver dollars, and the cost of the silver used in such coinage was $23,448,960.01. There had been coined up to the close of the previous fiscal year undertlie provisions of the law 203,882,-554 silver dollars, and on the 1st day of December, 1886, the total amount of such coinage was $247,131,549. The Director of the Mint reports that at the time of the paissage of the law of 1878 directing this coinage, the intrinsic value of the dollars thus coined was 94J cents each, and that on the 31st day of July, 1886, the price of silver reached the lowest stage ever known, so that the intrinsic or bullion price of our standard silver dollar at that date was less than 72 cents. The price of silver on the 30th day of November last was such as to make these dollars intrinsically worth 78 cents each. These diiferenoes in value of the coins represent the fluctuations in the price of sil- ver, and they certainly do not indicate that compulsory coinage by the Government enhances the price of that commodity or secures uniformity in its value. Kvery fair and legal eff'ort has been made by the Treasury Department to distrib- ute this currency among the people. The withdrawal of United States Treasury notes of small denominations, and the issuing of small silver certificates have been resorted to in the endeavor to accomplish this result, in obedience to the will and sentiments of the representatives of the people in the Congress. On the 27th day of November, 1886, the people held of these coins, or certificates representing them, the nominal sum of $166,873,041, and we still had $79,464,345 in the I'reasury — as against about $142,894,055 so in the hands of the people, and $72,865,376 remaining in the Treasury one year ago. The Director of tlie Mint again urges the necessity of more vault room for the purpose of storing these silver dollars which are not needed for circulation by the people. X have seen no reason to change the views expressed in my last annual message on the subject of this compulsory coinage ; and I again urge its suspension on all the grounds contained in my former recommendation, reinforced by the significant increase of our gold exportatiqps during the last year, as appears by the comparative statement herewith presented, and for the further reasons that the more this currency is distributed among the people the greater becomes our duty to protect it from dis- aster ; that we now nave abundance for all our needs ; and that there seems but lit- tle propriety in building vaults to store such currency when the only pretence for its coinage is the necessity of its use by the people as a circulating medium. # * * * « .. # [Eeport of the Seoretaxy of tlie Treasury, Deoemter 6, 1887.] STANDARD SILVER DOLLARS. One of the most interesting facts shown by the foregoing statements is the decrease in the number of standard silver dollars owned by the Government and the increased use of the same money by the people in the form of silver certificates. The five, two, and oue dollar certificates furnish a convenient currency, and it is evident that the future use of the silver dollar will be almost exclusively in that form. It is waste to coin and store any more silver dollars at present. There is no func- tion which those that are coined after this time will probably ever perform, except to lie in Government vaults and be a basis upon which silver certificates can be issued. It is seldom that any one wishes to have his silver certificate exchanged for the silver dollar itself, consequently a limited number of coined dollars will perform the work of redeeming certificates. The $214,000,000 which are now in the Treasury will more than suffice to redeem, as they may be presented irom time to time, the silver certifi- cates that have already been issued or that can be issued against all the dollars which will be coined for years to come under the present law. The law should be so amended as to authorize the Secretary of the Treasury to issue certificates against the coining value of the bullion bought and to coin only such number of dollars as he might deem expedient hereafter. This would not restrict in the least degree the use of the silver dollar as currency. The certificates 679 would be equally secure whether represcuting coined dollars lying m vaults, or rep- resenting bullion also lying in vaults, and whicb could be coined into dollars. The bullion should be melted into the form of very heavy bars, which could not be easily stolen or lost. In this form the silver could be easily and quicklv moved, and counted. More than a dozen men were occupied for several weeks last summer, when the late Treasurer turned over the office to the present iaonmbeut, in counting the coin which is in the vaults at Washington. Safety, economy, and convenience would be promoted if this recommendation were adopted. Safeguards for silver money. It would be a neglect of duty did I not call the attention of the Congress to certain safeguards which ought to be thrown about the standard silver dollar to protect from possible loss the people among whom it and its representative, the certificate, are so universally distributed. Provision should be made against a time when there may be more of that form of money than is required for the business of the country. The first symptom of this will be increasing ownership of silver by the Government. This increase will take place because the Government pays to the people that kind of currency which they wish to have and receives from them that kind which they wish to pay; conse- quently the Government will accumulate the form of money which the public least desires. If the Government held no funds save those needed for its daily expenses it would perform no different function toward currency when it had once coined or printed it than does an individual who receives and pays out money; but the two great trust funds — that for the redemption of United Stites notes ($100,000,000) and that for the redemption of national-bank notes, at present more than $100,000,000, ail d whatever surplus there may be from time to time — form, as it were, a reservoir which takes and holds that kind of currency which the people reject. Were it not for this great Government reservoir a redundancy of any form of currency would be shown either by its exportation to countries where it was needed or by its deprecia- tion here. The silver dollar can not be exported because the silver of which it is made is worth less than 75 cents, and that would be its value for exportation. The Government has bought silver bullion and coined it into about $280,000,000, of which it has put in circulation among our people about $230,000,000, making an apparent profit thereby of over $35,000,000; it has always kept those dollars and their certificates as valuable as they were when ifpaid them out, by receiving them in payment of taxes ; but sometitaes it has been obliged to receive them in gTeater amounts than the people were willing to take th»m; this was notably the case in 1884,1885, and 1886, when they so accumulated that at the end of July, 1886, there were $93,959,880 of them in the Treasury. During those years these fiinds in the Treasury formed the reservoir which held the silver dollars that the people did not want, and thus prevented those which they did want, and still held ($146,000,000,) from going to a discount, or, in other words, from becoming worth less to the people than they were when the Government originally paid them out of its Treasury. The foregoing ta,ble8 show that during the sixteen months ended November 1, 1887, this Department was able to pay out at par and keep in circulation $10,464,905 of the coined silver dollars, and $72,597,732 of their representatives, the certificates, in addition to the amounts of each in circulation July 1, 1886. If the Department had been able to print enough certificates, doubtless the whole of this increased use of silver would have been in the form of certificates, and few, if any, coined dollars would have been paid out. On the contrary, many of those out would have been returned, and certificates taken in their place. There should always be in the Treasury enough silver beside that held against outstanding certificates toeuable the Government to at once supply any demand for it on the part of the people ; but all held in the Treasury in excess of that amount is absolutely useless for any purpose, and is in fact a menace to the silver which the peop'le hold and also to the United States notes and national-bank notes — to the whole circulating medium, except gold ; therefore it would be the part of wisdom to prevent any accumulation of silver in the Treasury beyond a sufficient reserve needed to meet any demand which may "be made for it. This can be done by fixing the amount of such reserve, and providing that when it is exceeded by say $5,000,000, the purchase of bullion shall cease until the amount held by the Government again equals such reserve. Another plan, somewhat similar to that recommended by my predecessor in his last annual report, would be to provide that when the reserve was exceeded, an amount of United .States notes equal in value to such excess should be - oabceled, if enough of them were in the Treasury ; but if not, then the purchase of bullion to cease until the maximum reserve should be reached. This would create a vacuum in the circulating medium which would be filled by silver. The amount of United States notes would be gradually reduced until the whole were extinguished; 680 silver dollars or silver certificates would take the place of United States notes as they were retired. This plan would make our currency more uniform and as secure as now. Neither of these plans, if adopted, would diminish the actual or potential use of silver as currency by a dollar. In my judgment, it would be promoted thereby. Our people will never consent that the money which is in every one's pocket shall become of less value than it was when the Government paid it to them, if it be ia the power of the Government to make it good. The trade-dollars have been practically redeemed in gold under act of Congress, although they were held by but few persons, were intrinsically worth more than the standard dollar, and had far less equitable claim for redemption than would the standard dollar. If ever the time comes when the standard dollar goes- to a dis- count, the people, in the pockets of almost every one of whom will be found more or less of those dollars, will emphatipally demand that they, too, shall be redeemed in gold or made as good as when issued, and that the purchase of silver bullion stop. If the plan above suggested" were now adopted, they wotild probably never go to a discount— ^surely not except under altogether extraordinary circumstances ; and yet the public would have a supply of them limited only by the need and demand of the people for them. I recommend that a law to the above effect be enacted. [Eoport of tlie Secretary of the Treaaury, December 3, 1888.] SILVER COINAGE. The ownership of silver by the Government again was largely decreased, in spite of the increase of the total stock of silver dollars in the country, by the coinage of sixteen months. During the past few years the decrease of circulation caused by the cancellation of national-bank notes, and by the deposit of money with the Treasurer by the banks to redeem their notes when presented for that purpose, has been but little exceeded by the increased circulation of silver certificates and of standard silver dollars ; thus silver seems to have filled the vacuum caused by the retirement of national-bank circulation. The circulating medium in small denomi- nations has been largely converted into silver certificates. And, finally, business has largely increased in the South and in portions of the country where there are few banking facilities. All of tMfese causes have cooperated to postpone any evil effects which might arise from a continued and excessive coinage of the silver dol- lar. But the danger still exists and should be guarded against. This can be done by the adoption of the recommendation of my last report, viz., by fixing the maxi- mum of silver which shall belong to the Government, and by providing that when it was exceeded by $5,000,000, the purchase of silver bullion should cease until the amount owned by the Government should be again reduced to such maximum, or by canceling tJnitfed States notes to the amount of the excess over the maximum, pro- vided the Government held the notes ; if not, then by ceasing the purchase of bul- lion. Such plan, if adopted, would provide a safety valve which would be self- operative, and would assure the country against ans' possible danger from silver; for as soon as it exceeded the amount which would be absorbed in the business of the country, it would begin to flow into the Treasury in payment of taxes, and would be there held until business called for it, and when the Government's owner- ship fell below the maximum, the purchase of the bullion would again begin. Thus the country's business demand would regulate the country's silver circula- tion, and there would be little danger of depreciation in the value of the silver dol- lar as compared with the gold dollar. I venture to predict that if some such safe- guard is not adopted, and if thereby the silver dollar is suffered at some time to lose a part of its purchasing power, that the people will demand the absolute stoppage of the silver bullion purchase, and furthermore, the use by the Government of the whole or a portion of the silver-coinage profijts foj" the redemption of the silver dol- lars which are held by them. It is to be hoped that before such crisis is reached that the nations of the world will have agreed upon some standard of bimetallism which will forever maintain a fixed ratio between gold and silver, but in the mean- time there is no occasion to burden ourselves with a stock of silver which may be troublesome. COIN CERTIFICATES. The system of coin circulation by means of certificates has certain conveniences and advantages, but it is a costly form of money. Last year the cost of the $105,000,000 silver certificates issued was about $421,000, and as more and more of 681 ttese certificates are converted into smaller denominations tliis cost is likely to in- crease. There are also certain dangers connected with it; for example, in time of ■war, the possession hy the Government of snoh vast stores of the precious metals might prove embarrassing, and, at a time when the Government was in financial need, the temptation to spend the coin held against outstanding certificates might prove too strong. The loss by the abrasion of the coin, if it was in circulation, would not equal the cost of the certificates. On the whole I think it maybe said that the currency of the country would be more safe and more economical if the coin were in actual circulation instead of being held by the Government on pledge against outstanding certificates, as is now the case. But whatever may be thought about the wisdom of the certificate system, there can be no doubt that with it the further coinage of gold and silver, except subsidiary coin, is not necessary or wise. Far more gold and silver coins are now in the possession of the Government than probably ever will be needed for the redemption of certificates. Future accumula- tion of the precious metals should be only in the form of bullion, which can be kept more safely and counted more easily than the coin. If this suggestion was adopted all but one of our mints might be closed, and large, useless expense be saved annually. I earnestly call the attention of the Congress to this subject. » * * # * # » [Eeport of the Secretary of the I'reasnry, December 2, 1889.] ■SIl-VEE. The continued coinage of the silver dollar at a constantly increasing monthly quota, is a disturbing element in the otherwise excellent financial condition of the country, and a positive hindrance to any international agreement looking to the free coinage of both metals at a fixed ratio. Mandatory purchases by the Government of stated quantities of silver, and man- datory coinage of the same into full legal-tender dollars, are an unprecedented anomaly, and have proved futile, not only in restoring the value of silver, but even in staying the downward price of that metal. Since the passage of the" act of February 28, 1878, to November 1, 1889, there have been purchased 299,889.416.11 standard ounces of silver, at a cost of $286,930,633.64, from which there have been coined 343,638,001 standard silver dollars. There were in circulation on November 1 of the present year Ii0,098,480 silver dol- lars, less than $1 per capita, the remainder, 283,539,521, being stored away in Gov- ernment vaults, of which $277,319,944 were covered by outstanding certificates. The price of silver, on March 1, 1878, was 54-|-| pence, equal to $1.20429 per ounce fine. At this price $2,000,000 would purchase 1,660,729 ounces of fine silver, which would coin 2,147,205 standard silver dollars. At the average price of silver for the fiscal year ended June 30, 1889 (42.499 pence), equivalent to $0.93163 per ounce fine, $2,000,000 would purchase 2,146,755 fiije ounces, out of which 2,775,628 standard silver dollars could be coined. The lower the price of silver, the greater the quantity that must be purchased, and the larger the number of silver dollars to be coined, to comply with the act of February 28, 1878. No proper effort has been spared by the Treasury Department to put in circulation the dollars coined under this law. They have been shipped, upon demand, from the mints and sjibtreasuries, free of charge, to the nearest and most distant localities in the United States, only to find their way back into Treasury vaults in payment of Government dues and taxes. Surely the stock of these dollars which can perform any useful function as a circulating medium must soon be reached if it has not been already, and the further coinage and storage of them will then become a waste of public money and a burden upon the Treasury. It is freely admitted that the predictions of many of our wisest financiers, as to when the safe limit of silver ■coinage would be reached, have not been fulfilled, but it is believed that the principles on which their apprehensions were based are justi- fied by the laws of trade and finance, and by the universal experience of mankind. While many favorable causes have cooperated to postpone the evil effects wliich are sure to follow the excessive issue of an overvalued coin, the danger none the less exists.. The silver dollar has been maintained at par with gold, the monetary unit, mainly by the provisions of law which make it a full legal tender, and its representative, the silver certificate, receivable for customs and other dues^ but the vacuum created by the retirement of national bank circulation, and the policy of the Government in not forcibly paying out silver, but leaving its acceptance largely to the creditor, have materially ai&d its free circulation. 682 The extraordinary growth of tifs country in population and wealth, the uiipre- cedented development in all kinds of business, and the unswerving confidence of the people in the good faith and financial condition of our Government, have been pow- erful influences in enabling us to maintain a depreciated and constantly depreciated dollar at par with our gold coins, far beyond the limit which was believed possible a few years ago. But the fact must not be overlooked that it is only in domestic trade that this parity has been retained; in foreign trade the silver dollar possesses only a bullion value. Causes of the depreciation of silver. From the year 1717 to 1873 the ratio between gold and silver was remarkably con- stant, being 15'13 to 1, iu the former year, and 15'92 to 1 in the latter year. During this long period of one hundred and fifty years there were slight fluctuations in the ratio, but not enough to cause any serious inconvenience. Even during the period of the immense production of gold, from 1848 to 1868, when $2,757,000,000 of gold was prodviced and only $813,000,000 of silver, the change in the ratio was only about 1*6 per cent. The legislation of Germany in 1871-'73, immediately following the Franco-Gernian war, adopting the single gold standard for that Empire, withdrawing rapidly from circulation silver coins which prior to that time had formed almost exclusively the circulating medium, and throwing large quantities of silver at short and uncertain intervals upon the market, was the initial factor of the great monetary disturbance which destioyed the legal ratio between gold and silver that had existed for half a century. France and her monetary allies, Belgium, Switzerland, Italy, and Greece, alarmed at the immense stock of German silver which was sure to flow into their open mints, immediately restricted, and soon afterward closed their mints to the coinage of full legal-tender silver pieces. This action only hastened the catastrophe. The other nations of Europe were not slow to follow the example of Germany and France. In 1873-'75 Denmark, Norway, and Sweden adopted the single gold stand- ard, making silver subsidiary. In 1875 Holland closed her mints to the coinage of silver. In 1876, Russia suspehded the coinage of silver, except for use in the Chi- nese trade. In 1879 Austria-Hungary ceased to coin silver for individuals, except a trade coin known as the Levant thaler. The result has been, that while prior to 1871 England and Portugal were the only nations of Europe which excluded silver as full legal-tender money, since tie mone- tary disturbance of 1873-'78 not a mint of Europe has been open to the coinage of silver for individuals. It has been charged that the act of February 12, 1873, revising the coinage system of the United States, by failing to provide for the coinage of the silver dollar, had much to do with the disturbance in the value of silver. As a matter of fact the act of 1873 had little or no effect upon the price of silver. The United States was at that time on a paper basis. The entire number of silver dollars coined in this coun- try from the organization of the Mint in 1792, to that date was only 8,045,838, and they had not been in circulation for over twenty-five years. Moreover, immediately upon the passage of that act, the United States entered the market as a large purchaser of silver for subsidiary coinage, to take the place of fractional paper currency, and from 1873 to 1876 purchased for that coinage 31,603,905.87 standard ounces of silver, at a cost of $37,571,148.04. Starting in 1878 with no stock of silver dollars, this country, standing alone of all important nations in its eiforts to restore the former equilibrium between gold and silver, has, in the brief period of eleven years, added to its stock of full legal-tender money 343,638,001 dollars of a depreciated and steadily depreciating metal. What has been the eft'ect upon the price of silver? The value of an ounce of fine silver, which on March 1, 1878, was $1.20, was on November 1, 1889, $0.95, a decline in eleven years of over 20 per cent. In 1873, the date at which purchase of silver for subsidiary coinage commenced, the bullion value of the silver dollar, containing 371.25 grains of pure silver, was about li cents more than the gold dollar ; on March 1, 1878, the date of the com- mencement of purchases for the silver dollar coinage, it was $0.93, while to-day its bullion value is 72 cents in gold. In other words, there has been a fall of over 28 per cent in the value of silver as compared with gold in the last sixteen years, and of over 20 per cent since we commenced purchases in 1878. The downward move- ment of silver has been continuous, and with uniformly accelerated velocity, as will appear from the following table: 683 Average price of silver in London each fiscal year, 1873-1S89, and value of an ounce of fine silver, at par of excliaiige, with decline expressed in percentages each year since 1S7S. Tear. Price in Value of a Decline Loudon, fine ounce, from 1873. 1873 1874 1876 1876 1877 1878 1879 1880 1881 1882 1883 1884 1886 1886 1887 1888 d. 59. 2500 68. 3125 56. 8760 52. 7500 54. 8125 54. 3107 60. 8125 62. 4375 61.9375 61.8125 51.0230 60. 7910 49. 8430 47. 0380 44. 8430 43. 6760 42. 4990 Dollars. 1. 29883 1. 27827 1. 24676 1. 16634 1. 20166 1. 10950 1. 113S7 1. 14064 1. 13862 1. 13023 1.11826 1. 11339 1. 09202 1. 03112 . 98301 . 96741 . 93163 Ter cent. 1-0 4-1 U-1 7-5 8-3 li-2 11-5 12-3 12-5 43-9 14-3 15-9 20-6 24-3 26-3 28-3 Indian council bills. In view, of the almost unanimous conciuTence of the leading commercial nations of the world in excluding silver from coinage as full legal-tender money, it would seem unnecessary to look further for the causes of its depreciation, despite the largo purchases upon the part of this Government. There has, however, been one cause, which probably more than any other, except hostile legislation, has depressed the market value of silver, namely, the sale of Indinn council bills. About 1867 a diminution in the flow of silver to the east was clearly marked. This was due to the use of bills of exchange, called "council bills," sold by the India Council of the Government of India residing in London. These bills of exchange, which are claims for certain sums of silver, are bought by merchants wishing to make jiayments in India, silver being the standard and only legal tender in that empire; so that just as the expenses of the Indian Government rose, and, in conse- quence, the number of council bills offered for sale in London increased, the expor- tation of silver to India was saved. In 1868-69 the sale of these bills amounted to £3,705,741, in round numbers $18,000,000, whereas in 1888-'89 there was realized from the sale of these bills £14,223,433, about $70,000,000. In some years their sale has risen as high as $90,000,000. The average amount realized annually from the sale of council bills, for the fifteen English ofiflcial years, 1875-1889, has been £13,756,882, or $67,000,000, while the annual shipments of silver to India for the same period have averaged £7,176,446,- or $35,000,000. The following table exhibits the net imports of silver into India, and the amount realized from the sale of Indian council bills, each year, from 1875 to 1889 : Table showing the net imports of silver into British India, and the amount of council hills sold, during the fifteen English official years (ending March 31 of each year) 1874-75 to 1S88-'S9. Tears. Net imports of silver. Amount of council bills sold. 1874-75 £4, 640, 000 1, 650, 000 7, 200, 000 14, 680, 000 3, 970, 000 7, 870, 000 3, 890, 000 6, 380, OOO 7,480,000 6, 410, 000 7, 260, 000 11, 610, 000 7, 160, 000 9, 310, 000 9, 247, 000 10, 841, 614 12, 389, 61S 12ri95, 799 10, 134, 465 13, 948, 565 16, 261, 810 15, 239, 677 W, 412, 529 re, 120, 621 1875-'76 , ie76-'77 1877-78 1878-79 1879-'80 1880-'81 1881-'82.., . 1882-83 188j-'84.. 17, 699, 805 13, 758, 909 ]884-'85 1885-'86 , 10, 523, 505 liB86-'87 11, 157, 213 188»-'88 15,045,883 14,223,433 1888-'89.. Total 107, 047, 000 206, 363, 231 7,176,466 13,756,882 684 These $50,000,000 to $90,000,000 of council bills, payable in silver, annually thrown upon the market affect the price of silver as w^ould the sale of so much bullion. That tliese council bills hang like an incubus upon the price of silver can not be doubted, and they must enter largely into any inquiry as to the causes of deprecia- tion, and into any estimate of the probable advance of that metal. Increased product. While the demand for silver has been cut off by the closing of the mints of Europe to its coinage, and the usual demand upon the part of India reduced by the sale of council bills, the annual product of silver has largely increased. The world's product of silver in 1878 was estimated at $95,000,000 (coining value), of which $45,200,000 was the product of the United States. In 1888 the world's product of silver was estimated at $142,000,000 (coining value), of which the United States contributed $59,195,000. These figures show an increase during the last decade in the world's product of silver of about 50 per cent, and an increase in the silver product of the United States of over 30 per cent. In view of these facts, while it is evident that the primary cause of the decline in the price of silver was adverse legislation by the principal countries of Europe, vir- tually ostracising silver, it is also true that the fall has been hastened by an increased supply falling upon a market for which there was a reduced demand. Boyal Commission. The Royal Commission, appointed by the British Government in 1886 to inquire into the recent changes in the relative value of the precious metals, adopted the fol- lowing statement, without division : "We are of opinion that the true explanation of the plienomena which we are directed to investigate is to be found in a combination of causes, and can not be attributed to any one cause alone.- The action of the Latin Union in 1873 broke the link between silver and gold, which had kept the price of the former, as measured by the latter, constant at about the legal ratio, and when this link was broken the silver market was open to the influence of all the factors which go to affect the price of a commodity. These factors happen, since 1873, to have operated in the direction of a fall in the gold price of that metal, and the frequent fluctuations in its value are accounted for by the fact that the market has become fuUy sensitive to the other influences to which we have called attention above." Joint use of gold and silver as money. It is unquestionably true that, in this country, public sentiment and commercial and industrial necessity demand the joint use of both metals as money. It is not proposed to abandon the use of either gold or silver money; the utilization of both metals as a circulating medium and as a basis for paper currency is believed to be essential to our national prosperity. We can not discard either if we would without invoking the most serious consequences. But the unprecedented change in the market value of the two metals within the last sixteen years, and the steady depre- ciation of silver in the face of the large purchases on the part of this Government, arouse grave apprehensions and cause great difficulties. With a stock of 343,638,001 silver dollars, sharing equally with our gold coins the functions of full legal-tender money, as well as $76,600,000 silver coins of limited tender, and an annual product of silver from our mines, approximating $60,000,000 (coining value), it would not be for the interests of this growing country, nor would it be wise public policy, to discontinue the use of either metal as money. Yet it is equally true that two widely different and constantly varying standards, for the measurement of values, are impossible in any permanent, well ordered, financial system. While our circulation now embraces gold and silver coin, and four kinds of paper money, there is in reality since 1873 but one standard. Section 3511, Revised Statutes, provides that " the gold coins of the United States shall be a one dollar piece, which at the standard weight of 25'8 grains shall be the unit of value." * » * Our legal-tender notes have behind them, in the vaults of the Treasury, a reserve of $100,000,000 in gold provided as a guarantee for their redemption. Our bank cur- rency is based upon United States bonds, the principal and interest of which are payable in gold. Our gold certificates are expressly made redeemable in gold coin. it may be said that our standard silver dollars, and the certificates based upon them, constitute an exception. They are an anomaly, the standard is nominally silver, but in reality it is gold. The bullion from which these dollars are coined is 685 ptirchased at its market price in gold. They are made a legal-tender, and are receiv- able for customs and other dues. The faith and power of the Government are, therefore, pledged to make them equal to their face value; and so long as their num- ber is kept within safe and proper limits they will, in this country, at least, be maintained at par with gold. The honor, as well as the interests of the country, are involved in the preservation of this parity. Equivalence between our gold and sil- ver dollar in foreign trade is impossible at the present price of silver, but equiva- lence in domestic trade is practicable so long as the coinage of the silver dollar is kept within proper limits. Up to this time they have been maintained at par by force of governmental author- ity and by the confidence of the people in the good faith and financial power of the United States. Gold is the real standard for the measurement of values, and will remain so until 8Ui)planted by its great rival, silver; or until some international agreement shall be entered into between governments strong enough to establish and maintain a fair ratio of value between the two metals. Force applied through legislative action may for a time control the laws of trade, ■ but eventually those laws, stronger than legislators, will assert their power. There are, doubtless, persons who would banish silver from circulation and rely wholly upon gold, while others would make silver the only standard, and by adopt- ing the cheaper metal drive the dearer out of circulation, if not out of the country ; but an overwhelming preponderance of public sentiment demands that both metals be utilized. The problem, therefore, presented for our consideration, and which demands the action of Congress, is not which metal shall we use, but " how shall we use both?" Solutions which have ieen proposed. Various solutions of this problem have been proposed, among which the following may be mentioned: First. An international agreement fixing a ratio iettveen silver and gold, and opening the mints of the leading nations of the tvorld to the free coinage of both metals- at the ratio so established. In such concert of action, if it could be secured, is the final and satisfactory solu- tion of the Silver problem. The policy of promoting it was instituted by the United States in 1878. The proposition was made to the European nations, and was fully set forth and justified in two international conferences. Unfortunately, some of the most powerful nations are not yet ready to act. Public sentiment, even in those countries, seems to be steadily moving in that direction, but thus far no substantial results have been achieved. It is believed by many persons, well informed on the subject, that eventually the evils and embarrassments of the present condition of affairs will become so intoler- able, as to force the most reluctant nations into an agreement for the remonetization of silver upon some fair ratio. It has been proposed, by persons of the highest finan- cial standing, to hasten this result, by stopping the purchase of silver by the United States, and by throwing an additional 30,000,000 ounces annually upon the market, to precipitate so sudden and great a fall in its price as to create serious financial dis- turbance throughout the world, and thus compel a speedy international adjustment ' of the silver question. This policy might prove the shortest way of reaching the desired result, but it would probably be attended by commercial and industrial dis- asters in this country as well as abroad, which conservative statesmanship should seek to avoid. Some other less dangerous solution should be found if possible. The modification of this proposal, fixing a date in the future for suspension in case no cooperation in the maintenance of silver on the part of other nations should be forthcoming, reduces the danger, but does not entirely remove it. Second. The present policy of purchasing and coining ^3,000,000 worth of silver per month. This is now approved by nobody. The so-called silver men oppose it, because it does not go far enough to meet their wishes ; opponents of a silver coinage denounce it, because thej deem it unwise and dangerous to increase the issue of a coin whose nominal value is far in excess of its bullion value. Third. Increased purchases and coinage of silver to the maximum of ^4,000,000 worth yer month, now authorized by law. This policy is proposed by many as a means of increasing our circulation, which they assert is deficient by reason of the retiremeut of national-bank notes; and also as a means of enhancing the value of silver by absorbing the world's surplus prod- uct. Both of these objects may be far better secured, as will be shown hereafter, by another method which posaeases all the advantages of iucreased coinage, and involves none of its dangers. 686 The argument has been strongly urged that by reason' of that rapid retirement of national-bank notes, a severe contraction of our cnrreiicy has been effected, which is paralyzing our industries, crippling our commerce, and depressing the price of all kinds of property. The facts, however, do not sustain this argument. Since March 1, 1878, there has been no contraction, but on the contrary a very large expansion of our currency, as will appear from the following statement taken from the books of the Treasury : Comparison letween March 1, 1878, and Octoler 1, 1889. In circulation Mar. 1, 1878. In circulation Oct. 1, 1889. Decrease. Increase. Gold coin $82, 530, 163 $375, 947, 715 57, 554, 100 52, 931, 352 116, 676, 349 276, 619, 715 325,510,758 199, 779, Oil $293,417,652 57,554,100^ Subsidiary silver 53,573,833 44, 364, 100 $642,481 Gold oertiflcatea . .' 72,311,249 276,619,7;15 14,073,787 Silver certificates 311,436,971 313, 888, 740 National-bank notes , 114,109,729 Total 805, 793, 807 1, 405, 018, 000 114,752,210 713,976,403 599,224,193 From the above statement it will be seen that the— Total increase of circulation of all kinds has been $713, 976, 403 Total decrease 114,752,210 Net Increase 599,224,193 The net expansion since March 1, 1878, has, therefore, been $599,224,193. The average net increase per month has been $4,342,204, $52,106,451 per annum. The total net increase has been a little over 74 per cent, while the increase in population has been about 33 per cent. In 1878 the circulation was about $16.50 per capita, and in 1889 it was about $21.75 per capita. The increase each year, in the ditferent kinds of money, is exhibited in the follow- ing table : The amount and kinds of money in actual circulation on certain dates from 1878 to 1889 Tear. Date. Total oircula- ' tion. Gold coin. Standard sil- ver dollars. Subsidiary silver. 1878 Mar, 1 $805, 793, 807 862, 579, 754 1, 022, 033, 685 1, 147, 892, 435 1, 188, 762, 363 1, 236, 650, 0'.i2 1, 261, 500, 924 1, 286, 630, 871 1, 264, 889, 561 1, 353, 485, 690 1, 384, 340, 280 1, 405, 018, 000 $82,530,163 123, 698, 157 261,320,920 328, 118, 146 358, 361, 966 346, 077, 784 841,485,840 348, 268, 740 364, 894, 699 391,090,890 377, 329, 865 375,947,715 $53,573,833 54, 088,-747 1879 Oct.l $11,074,230 22,914,075 32,230,038 33,801,231 39, 783, 527 40,322,042 46, 275, 710 60,170,793 60, 614, 524 67,969,356 57, 554, 100 1880 Oct.l 48, 368, 543 1881 Oot.l 47, 869, 327 1882 Oct.l Oct 1 - . 47, 163,'; 50 48, 170/263 45,344,717 51, 328, 206 1883 1884 Oct.l 1885 . . -Oct 1 1880 Oct.l 48, 176, 838 60, 414, 706 1887 Oct 1 1888 Och.l 52, 020, 075 52,931,352 Date. Gold certifi- cates. Silver cer- tificates. United States notes. * Kational- bank notes. 1878 1S79 1880 1881 1882 1883 1884 1885 1886 1887 1888 18S9 Mar. 1 Oct.l. Oct. 1. Oct.l. Oct.l. Oct. 1. Oct.l. Oct. 1- Ocl.l. Oct.l. Oct.l. Oct. 1. $44, 364, 100 14, 843, 200 7,480,100 5, 239, 320 4, 907, 440 66, 014, 940 87, 389, 660 118, 137, 790 84, 691, 807 97, 984, 683 134, 838, 190 116, 675, 349 $1,176,720 12, 203, 191 62, 590, 160 63, 204. 780 78, 92i; 961 96, 491, 251 93, 656, 716 95, 387, 112 154, 354, 826 218, 561, 601 276, 619, 715 $311, 327, 329, 327, 325. 321, 326, 318, 310, 329, 306, 325, 436, 971 747, 762 417, 403 655, 884 272, 858 356, 596 786, 143 736, 684 161, 935 070, 804 052, 063 610, 758 $313; 888, 740- • 329, 950, 933 340, 329, 453 354, 199, 540 366, 060, 348 347, 324, 961 324,750,271 311, 227, 028 301,406,477 269, 955, 257 237, 578, 2(0 199, 779, Oil •Includes outstanding cloaring-house cortificatesof tlieactof JuneS, 1872. 687 The statement, therefore, that this country is suffering a paralysis from severe contraction, does not seem to be sound, nor do the facts appear to justify a largely increased coinage of silver dollars for the purpose of expanding the currency. As to the other proposition, that increased coinage would enhance the value of silver by absorbing the world's surplus product, it is a matter of grave doubt whether the purchase of an additional $2,000,000 worth of silver per month would have the effect of materially and permanently increasing the i^rice of silver. That an increase of price would temporarily occur, if this Government should adopt such a policy, seems probable, but whether it would be maintained is a matter of conjecture — dependent upon conditions which no one can foresee. If the purchase of 299,889,416 ounces of silver, in the brief period of eleven years, did not even stay the downward tendency in price, but, in the face of this immense quantity purchased, silver declined over 20 per cent in value, what assurance have we that doubling the amount to be purchased and coined would materially and per- manently enhance the price of silver, much less restore the former equilibriumf Such a policy would, on the other hand, be attended by great dangers, and would widen the gap between the legal ratio in coinage of this country and European coun- tries, and thus increase the difficulties in the way of an international settlement. Every silver dollar coined at the ratio of 16 to 1 (aotiially 15-98 to 1) is an additional obstacle in the way of the adoption of any practical ratio by international agree- ment, which is the only final solution of the silver question. For this reason, if for no other, future accumulations of silver should be only in the form of bullion. The purchase of $4,000,000 worth of silver a month, at the present price of silver, would mean the coinage of 5,600,000 silver dollars monthly, to be stored away in Treasury vaults. It may be said that certificates would be issued on these dollais, and that they would be a popular form of currency, but the fact is that at no time since the coinage of the silver dollar was commeivced has the full amount of silver dollars held by the Treasury been covered by outstanding certificates. The substi- tution of the silver certificate for the cumbersome and inconvenient silver dollar, while it has tended to popularize it, and give it a circulation otherwise impossible, and to extend its uselulness, and postpone the evil day so often prophesied, has added nothing to its value, and has relieved the dollar from none of the dangers inherent in the effort to keep an overvalued coin at par with gold. These certifi- cates rather add to the perils of such a financial policy by temporarily popularizing , it, and by increasing and intensifying, through jiostponemect, the evil results whicii inevitably await upon its enlargement and continuance. The coinage of 5,600,000 silver dollars a month would tax the present mint organ- ization to its utmost capacity, and would practically suspend the coinage of gold. True, this might be obviated by enlarged facilities, but as the coinage of $2,000,000 worth a m(jpth has more than met the demand for certificates, the argument that this additional coinage would soon be owned by the people in the shape of certifi- cates is not sustained by the history of the past nor by the demands of the present. If the issue of silver dollars, or the certificates which represent them, should become so numerous as to endanger the free circulation of gold, and its represent- atives, gold certificates and leg^-tender notes, the dues of the Government would soon he paid in silver ; and as heretofore the interest and principal of the obligations of the Government have been paid in gold, it wouldonly be a question of time when the specie reserve in the Treasury would change from gold to silver to such an extent as to force the Secretary to pay out silver. Just so long as_the Government does not forcibly pay out silver, but leaves its acceptance to the option of the creditor, no one is forced to receive it unless he thinks he can dispose of it at its face value, and in this way the number of silver dollars in circulation is limited to actual require- ments. But if more than siifScieut to satisfy business needs are issued, they accumu- late in the hands of merchants and in banks, and, unless the Government redeems them, they must depreciate. The Secretary of the Trea.sury, in whom is lodged the discretionary power to pur- chase and coin $4,000,000 worth of silver per month, concurs in the opinion of all his predecessors since 1878, of both political parties, that there is a limit beyond which it is not safe to go in the coinage of full legal-tender dollars, the nominal value of which is far in excess of the bullion value, and he has therefore confined his purchases to the amount required by law. Fourth. Free coinage of standard silver dollars. This may be called the '^heroic" remedy. To open our mints to free coinage for depositors, when 412^ grains of standard silver are worth in the markets of the world only 72 cents, would be to say to everybody at home and abroad, bring us 72 cents worth of silver and by the magic of our stamps and dies we will transmute it into 100 cents. Free coinage of silver, while it is an in^lispensable condition of permanentrostoration, Were it bestowed by this country at a time when the metal value of the silver in the full legal-tender dollar is 28 cents less than its nominal value, would simply have the effect, 688 by opening the mints to the free eoinage of silver into legal dollars, to close them for the free coinage of gold. No doubt ourmints would find ample employment. If they were now open to the free coinage of silver we should not need them for the coinage of gold, because gold would command a premium and become a commodity to be hoarded or shipped abroad and not a coin for circulation i*t home. It would stop the simulta- neous circulation of gold and silver. Our customs dues would be paid only ip silver ; our legal-tender notes would be used to draw the gold from the Treasury, and would then represent only a debt in silver, and we should be compelled to go into the market and purchase gold to meet our obligations or pay them in silver dollars. Eich and powerful as the United States is, we are not strong enough nor rich enough to absorb the silver of the world without placing our country wholly upon the Asiatic silver basis. This policy would in no wise tend to restore the desired equilibrium between gold and silver nor to promote their joint use as money. Nor would it meet the hopes and expectations of those who desire an increase of our circulating medium. The amount of gold and gold certificates owned by the people and in actual circu- , lation, exclusive of $187,572,386 owned by the Treasury on November 1, 1889, was $496,622,300. Free coinage of silver dollars would, as already stated, very soon put this, large amount of gold at a premium, and cause it to be hoarded or exported, and thus retire it from circulation. Even if we should coin 100,000,000 standard silver dollars a year, it would be five years before enough of them could be put in circulation to equal the gold thus ban- ished, and by the time 500,000,000 silver dollars, in addition to our present stock, could be circulated their depreciation from the gold standard might require one or two hundred millions more to do the same amount of work now done by gold. It is difficult to conceive of a method by which a more swift and disastrous, con- traction of our currency could be produced. It is within the memory of all that for several years prior to 1879 gold was not in circulation as money, but when resumption took place the hidden treasures, which had so long been banished from actual use, at once ilowed into the channels of busi- ness and produced the most substantial and satisfactory conditions of prosperity. The free coinage of silver dollars, under existing circumstances, would be to reverse the results achieved by resumption. Fifth. The coinage of silver dollars containing a dollar's worth of bullion. This has been with many a favorite solution of the problem under discussion. They say, "We have no objection to the coinage of silver if you will only make an* honest dollar by putting into it enough silver to make it equal in value to a gold dollar." This proposition, while apparently "honest," is thoroughly impracticable and impolitic. As the price of silver varies almost daily, the amount of silver to be put into the silver dollar, to make it of equal value to the gold dollar, would have to be changed constantly. While the divergence between the dollar of gold and the dollar of silver would not be so great, the relative value of the two dollars would, in reality, be as fluctuating and uncertain as it is now. The present silver dollar is inconveniently large and heavy for actual use as money, and to increase its weight from 412| to 556 grains (which at the present price of silver would be the equivalent of the gold dol- lar) — that is, to increase its bulk 35 per cent, would make it simply intolerable. Another objection is that the coinage of a heavier dollar would be a new obstruc- tion to any international ratio. The paramount objection to this plan, however, is that it would have a decided tendency to prevent any rise in the value of silver. Seizing it at its present low price, the law would in effect declare that it must remain there forever, so far as its uses for coinage are concerned. Sixth. Issue certijicatea to depositors of silver bullion at the rate of ^1 for 412^ grains of standard silver. This proposition is a recognition of the inexpediency of coining silver dollars to pile away in the Treasury vaults while their paper representatives are doing the work of circulation. To this extent it is an improvement on the last four proposi- tions, inasmuch as it would save the useless expense of coinage and be more con- venient for storage. It would also be a step in the way of an international agree- ment by stopping further silver coinage at a ratio different from that almost uni- versal in European countries. This proposition practically amounts to free coinage of silver for deuositors, and is open to iill the serious objections and dangers which have been urged against that heroic remedy. Measure recommended. Issue Treasury notes against deposits of siliser bullion at the market price of silver when deposited, payable on demand in such quantities of silver bullion as will equal in value, at the date of presentation, the number of dollars expressed on the feao of 689 the notes at the market price of silver or in gold at the option of the Government, or in silver dollars at the option of the holder. Eepeal the compulsory feature of the present coinage act. The Secretary desires to call special attention to this proposition, believing that in the application of its principles will he found the safest, surest, and most satis- factory solution of the silver problem as it is now presented for the action of this country. . In explaining the proposed measure at this time it is intended to deal only with its general features, hut, if desired, a hill emhracing the details helievedto he neces- sary to its satisfactory operation will be prepared and submitted for the considera- tion of Congress. The proposition is hriefly this : To open the mints of the United States to the free deposit of silver, the market value of the same (not to exceed $1 for 412. 5 grains of standard silver) at the time of deposit to be paid in Treasury notes; said notes to he redeemable in the quantity of silver which could be purchased by the number of dollars expressed on the face of the notes at the time presented for payment, or in gold, at the option of the Government, and to be receivable for customs, taxes, and all public dues; and when so received they may be reissued; and such notes, when held. by any national banking association, shall be counted as part of its lawfn reserve. The Secretary of the Treasury should have discretionary power to suspend tempo- rarily the receipt of silver bullion for payment in notes when necessary to protect the Government against combinations formed for the purpose of giving an arbitrary and fictitious price to silver. If the price of silver should advance between the date of the issue of a note and its payment the holder of the note would receive a less quantity of silver than he deposited, but he would receive the exact quantity of silver which could be bought in the market with the number of |;old dollars called for by his note at the date of payment. If the .price should decline he would receive more silver than he depos- ited, hut he would receive the quantity of silver which could be purchased with the iiumher of gold dollars called for by his note at the time he presented it for payment. The advantages of retaining the option to redeem in gold are three-fold : First. It would give additional credit to the notes. Second. It would prevent the withdrawal and redeposit of silver for speculative purposes. Third. It would afford a convenient method of making change when the weight of silver bars does not correspond with the amount of the notes. So far as the issue of the notes is concerned the. plan is very simple. If a depos- itor brings a hundred ounces of silver to the mint, and the market price of silver at that date as determined by the Secretary of the Treasury, is 95 cents an ounce, he would receive in payment Treasury notes calling for $95. Various methods of redeeming the proposed notes have been considered, but the plan recommended seems preferable. They might be redeemed wholly in silver buUiou of the same weight as that deposited ; that is to say, if an owner of silver had deposited a hundred ounces he might receive back a hundred ovmces. The objection to this plan of redemption is that it would subject the notes to all the fluctuations which might occur in the price of silver, and from lack of steadi- ness and certainty of value they might not circulate freely as money. Another plan which has been suggested is to redeem them in lawful money of the United States, dollar for dollar. This is practically a purchase of the bullion at its market price, the Government becoming the owner of it on the issue of the notes. This method has some features which commend it, but on the whole it does not seem logical or desirable that the notes should be redeemed in a currency which is cer- tamly no better, if as good, as themselves. Moreover, it does not seem expedient to pile up in the vaults of the Government a large quantity of silver bullion which can not be made available for the redemption of the very notes which are based upon it. True, the Government might coin the bullion into standard silver dollars and use the resulting coin for the redemption of the notes, which would be quite satis- factory when the silver dollar becomes equal in value to the gold dollar, but at present it would not appear to be either just or desirable to issue a note on a deposit of a hundred cents' worth of silver and redeem it with a dollar containing only 72 cents' worth of silver. Advantages of the proposed measure. Among the obvious advantages of the measure proposed the following may be briefly stated : First. It would establish and maintain through the operations of trade a conven- ient and economical use of all the money metal in the country. S. Eep. 235 44 690 Second. It would give us a paper ourreuoy not subject to nndueor arbitrary infla- tion or contraction nor to fluctuating values, but based, dollar for dollar, on bul- lion at its market price, and having behind it the pledge of the Government to main- tain its value at par, it would be as good as gold and would remain in circulation, as there could be no motive for demanding redemption for the purposes of ordinary business transactions. Third. By the utilization of silver in this way a market would be provided for the surplus product. This would tend to the rapid enhancement of its value, until a point be reached where we can with safety open our mints to the free coinage of sil- ver. Fourth, ^he volume of absolutely sound and perfectly convenient currency thus introduced into the channels of trade would also relieve gold of a part of the work which it would otherwise be required to perform. Both of the causes last men- tioned, it is confidently believed, would tend to reduce the difference in value between the two metals and to restore the equilibrium so much desired. It would furnish a perfectly sound currency to take the place of retired national-bank notes, and thus prevent the contraction feared from that source. Fifth. It would meet the wants of those who desire .i larger volume of circulation, by the introduction of a currency, which, being at all times the equivalent of gold, would freely circulate with it, and thiis avoid the danger of contraction, which lurks in the policy of increased or free coinage of silver, by reason of the hoarding or exportation of gold. Sixth. It should not encounter the opposition of those who deprecate inflation, for, though the volume of currency may be somewhat increased, the notes would be limited to the surplus product of silver, and each dollar thus issued would be abso- lutely sound, and would represent an amount of bullion worth a dollar in gold. Seventh. It would be far more advantageous to silver producers than increaed coinage under existing law, for in both cases bullion would be paid for at its market value, and under the plan proposed a much larger amount could be used with safety ; and while increased coinage would arouse the fears and encounter the opposition ot a very large and powerful class of people, it is believed that this measure would meet with their acquiescence. Eighth. There would be no possibility of loss to the holders of these notes, because in addition to their full face value in bullion they would have behind them the pledged faith of the Government to redeem them in gold, or its equivalent in silver bullion. Ninth. The adoption of this policy, and the repeal of the compulsory coinage act, would quiet public apprehension in regard to the over-issue of standard silver dollars, and the present stock could therefore be safely maintained at par. Tenth. This plan could be tried with perfect safety, audit is believed with advan- tage to all our interests. Should it prove a successful and satisfactory plan for utilizing silver as money, other nations might find it to their interest to adopt it without waiting for an international agreement, and should concerted action be deemed desirable, it could then be more readily secured. By this method it is believed that the way would be paved for the opening of the mints of the world to the free coinage of silver and the restoration of the former equilibrum of the money metals. Possible oijections and critioims. I may here conveniently note and answer in brief some of the objections which may be made to this proposition : First. Possibility of loss to the Government by a further depreciation in the value of silver bullion. This danger is exceedingly remote. On the other hand, there is every reason to believe that a profit to the Government would be realized by the adoption of this measure. First, from the almost certain rise in the value of the silver on deposit, which would inure to its advantage; and second, from the destruction and permanent loss of notes which would never be presented for redemption, the bullion represented by them th«n becoming the property of the Government. But even if a loss arise by reason of a further decline in the value of silver, this would not be a valid objection to the measure proposed, for the reason that the Gov- ernment, having assumed control of the currency of the country, is bound, at what- ever cost, to supply a ciroulating medium which is absolutely sound. This duty has been fully recognized in the case of our legal-tender notes, by the sale of 4 and H per cent bonds, Amounting to $95,500,000, in order to provide that amount of gold, which now lies in the Ti easury, as a reserve for their redemption. We have already paid out over $40,000,000 interest on these bonds, as a portion of the cost of main- taining the outstanding $346,000,000 of United States notes, and we are still paying over $4,000,000 a year for that purpose. 691 Second. It might be suggested that to issue Treasury notes on unlimited deposits of hullion would place the Government at the mercy of comhinations organized to arbitrarily put iij) the price of silver for the purpose of unloading on the Treasury at a fictitious value. This danger may be averted by giving the Secretary of the Treasury discretion to suspend temporarily the receipt of silver and issue of notes in the eveut of such a combination, and he might be authorized, uiider proper restrictions, to sell silver, if necessary, retaining the gold proceeds for the redemption of the notes. The existence of sucli authority, even if never exercised, -would prevent the forma- tion of any effectual combination of this kind, for the reason that a combination to control the silver product of the world would be. very expensive, requiring immense capital, and could not bo successfully undertaken in the face of the power lodged with tlie Secretary to defeat it. This method of guarding against eombiuations and corners would be far better than the proposition to fix tlie price at which notes should be issued at the average price ol silver during any considerable antecedent period of time, as the latter would tend to prevent the normal rise in value, which is desired and anticipated from the adoption of this method. Third. If it be objected to on the ground that it would degrade silver from its position as money, and reduce it to the level of a mere commodity, the reply is that silver bullion is now a mere commodity. This policy would at once give tosilver, through its paper representative, therank and dignity of money in the most convenient and least expensive way in which it can possibly he ntilized. The issue of notes based on bullion, as proposed, would have the effect of crowning it with the dignity of money as effectually as could the dies and stamps of a United States mint. Instead of degrading silver, this plan would tend to restore it to its former ratio with gold. Fourth. It might be urged against this plan that it would open a tempting field for speculation by offering to speculators an opportunity, when silver had tempo- rarily fallen hut was likely to advance, to withdraw from the Treasury and hold for a rise the silver bullion covered by notes ; or, when there might be a possibility of a depression, to deposit it, wait for a fall in price, and then have their notes redeemed in an increased quantity of silver. The answer to this objection is that the danger is by no means great, but should it prove so, the judicious exercise by the Secretary of the Treasury of his option to redeem in gold (either coin, bullion, or certificates) would effectually prevent the successful culmination of such speculative operations. Fifth. Unless the amount of silver biallion be limited, may not this policy result in an undue and dangerous increase in the volume of otfr currency ? May we not bo flooded with the world's excess of silver ? Fears of too large a volume of absolutely sound currency are not entertained to any considerable extent by our people. The dangers from such an expansion are not apparent, nor are they serious. It is only inflation from overissue of doubtful or depreciated dollars that affords substantial grounds for apprehension. As to the objection that we may be flooded with the world's silver, tKe proposed, law itself, and the statistics in regard to the present product and the uses of silver, furnish a complete reply. Treasury notes would only be issued at the average price of silver in the leading financial centers of Europe and the United States, so that there could be no possible motive for shipping it from abroad. Why should anyone pay the cost of transporting silver from Europe to exchange for our Treasury notes at the same price it would command in gold at home? Probably we should receive some of the surplus product of Mexico ; but, as will be presently shown, the amount would not be dangerously large. It would not come from South America, because it would command the same price in gold in London that it would in notes in New York, and nearly all the product of South America goes, in the shape of miscella- neous ores and base bars, to Europe for economical refining. As the last objection raised is of vital importance, it may properly be considered somewhat in detail. The silver product of the world, for the calendar year 1888, was estimated to have been approximately ilO,000,000 ouuces, divided among producing countries as fol- lows : CountrieB — Fine onnceB. United States 45,800,000 Mexico 32,000,000 South America 17,000,000 Europe 10,000,000 Australia and Japan 5, 200, 000 Total 110,000,000. 692 The commercial value of the above product, based upon the average price of sil- ver for the same year (94 cents an ounce), was $103,400,000, and the coining value $142,000,000. It is necessary to use the coining value in this connection, because it is proposed to deal with coinages which are usually reported at their nominal value. The silver coinages of the world, officially reported to the Director of the Mint, through our foreign representatives,- for the year 1888, aggregated $149,737,442. Included in this aggregate are 26,658,964 Mexican dollars, and the sum of $28,000,000 officially reported as recoinages, that is, domestic or foreign coins remelted during the year. What amount of old jewelry, plate, etc., was used for coinage purposes is not known, aside from the United States. Deducting the coinage of Mexican dollars and the amount of the recoinages, say $54,000,000, leaves the amount of new silver employed in coinage about $95,000,000. The new silver used in coinage in 1888 was approximately distributed as follows ; Coinage (less recoinage), 1888. CouutrieB — Coining value. By the United States $32,300,000 By India 35,000,000 By Japan 1 10,000,000 By other countries (principally colonial and subsidiary coinages).. 17, 700, 000 Total .• 95,000,000 The product of new silver for the same year was, approximately, $142,000,000 (coin- ing value), leaving about $47,000,000 of new silver for use in the arcs and industries, for Mexican coinage not remelted, and unaccounted for. Deducting for recoinages — that is, for domestic and foreign coins used over, say $4,000,000 — the value of the new silver used annually in coinage by the United States and India may be placed at $67,000,000. Since the suspension of silver coinage by the States of the Latin Union in 1875, the only nations which have executed full legal-tender silver coinages of any con- siderable value have been the United States and India. While it is true that the mints of Mexico have been open to the coinage of. full legal-tender silver dollars, and that the number of Mexican dollars coined annually from new bullion amounts to about $25,000,000, this coinage can not be considered as adding materially to the world's stock of coin, for the reason that the bulk of the Mexican dollars coined are' soon melted down and used in other coinages, or absorbeii in Asiatic trade. The conversion of bullion into Msxicaii dollars is only a convenient way of utilizing it for Eastern trade. The mints of Japan ares till open to the coinage of full legal-tender yens, or dol- lars, and they coined during the year 1888 over $8,000,000, and in the year 1887 over $9,000,000 in silver yens. Some full le^al-tender coinage is executed annually by Austria-Hungary, both in silver trade corns (Maria Theresa thalers), for circulation in the Levant, and silver florin and 2-florin pieces for domestic trade, the value of the former being for the year 1887 about $3,175,000 and for 1888 about $1,100,000, and of the latter about $8,000,000 in 1887 and $4,000,000 in 1888. Some full legal-tender silver coinage is executed annually by France for its pos- sessions in Cochin China and in Africa and some by Holland for its foreign posses- sions* With these exceptions, the silver coinages of the world consist almost exclu- sively of subsidiary pieces, struck for change purposes by European and South American countries. Of the silver coinage of Mexico it would be safe to say that from $5,000,000 to $10,000,000 remains annually in existence as coin, either in Mexico or China. It would be a low estimate to say that at least $10,000,000 worth of silver is exported annually to China, Asia, and Africa, exclusive of any portion which goes into the coinage of British India. Soetbeer, the eminent German statistician, in an unpublished article recently received from him by the Director of the Mint, places the exportation of new silver annually to Asia and Africa, exclusive of what goes into Indian coinage, at from 400,000 to 500,000 kilograms, or from $16,000,000 to $20,000,00(T He estimates the amount used annually in the subsidiary coinages of Europe and American States at from 300,000 to 400,000 kilograms of new silver, or from $12,000,000 to $16,000,000. The amount of new silver used annually in the arts and industries is not known even approximately. In this country the consumption is very large, approximating $5,000,000 annually. An estimate of $10,000,000 for the rest oifthe world is not con- sidered excessive, when the amount of silver plate, watch cases and jewelry manu- factured in France, Great Britain, Germany, and Switzerland, and the enormous use of silver for ornaments in India, as reported by writers and travelers, is considered. In a table prepared by the Director of the Mint, from reports of foreign gov- ernments, as to the value of the precious metals employed annually in the Indus- 693 trial arts, eleven leading countries, including the United States, reported a use of $21,000,000 in silver. This, of course, includes coin melted down and old material reused, as well as new bullion. Soetbeer places the annual consumption of new silver in the industrial arts at 500,000 kilograms, say $20,000,000. From the above figures the annual product and consumption of silver may be stated approximately as follows : Annual product (coining v.alue) $142, 000, 000 Disposition : Eequired by India 35, 000, 000 Coinage of full legal-tender silver by Austria and Japan (average) 10, 000, 000 Eequired for subsidiary coinages of Europe and South America and colonial coinages 16, 000, 000 Amount annually exported to China, Asia, and Africa (other than I used in Indian coinage) 10, 000, 000 Annual coinage of Mexican dollars, not melted 5, 000, 000 Amount used in the arts and manufactures (estimate) 15, 000, 000 Surplus product 51,000,000 Total 142,000,000 From the above it will be seen that the annual surplus product of silver, which would probably be deposited at the mints of the United States, approximates $51,000,000 (coining) value, corresponding to 39,445,312 fine ounces, worth, at the present market price of silver ($0.96), $37,867,500. At the present price of silver- $4,000,000 will purchase 4,166,666 fine ounces, or for the year 50,000,000 fine ounces, an excess of 10,551,688 fine ounces above the esti- mated surplus. There is in fact no known accumulation of silver bullion anywhere in the world. Germany long since disposed of her stock of melted silver coins, partly by sale, partly by recoinage into her own new svibsidiary coins, and partly by use in coining for Egypt. Only recently it became necessary to purchase silver for the Egyptian coinage executed at the mint at Berlin. It is plain, then, that there is no danger that the silver product of past years will be poured into our mints, unless new steps be taken for demonetization, and for this improbable contingency ample safeguards can be provided. Nor need there be any serious apprehension that any considerablepart of the stock of silver coin of Europe would be shipped to the United States for deposit for Treas- ury notes. ' There is much less reason for shipping coin to this country than bullion, for while the leading nations of Europe have discontinued the coinage of full legal-tender sil- ver pieces, they have provided by law for maintaining their existing stock of silver coins at par. In England, Portugal, and the states of the Scandinavian Union, there is no stock of silver coin except subsidiary coins, required for change purposes, the nominal value of which is far in excess of the bullion value. Germany has in circulation about $100,000,000 in old silver thalers, but ten years have passed since the sales of bullion arising under the anti-silver legislation of 1873 were discontinued. It is safe to say there is no stock of silver coin in Europe which is not needed for business pur- poses. The states of the Latin Union, and Spain which has a similar monetary system, are the only countries in Europe which have any large stock of silver coins, and the commercial necessities of these countries are such that they could not afford, with- out serious financial distress, to withdraw from circulation silver coins which are at par with their gold coins, to deposit them at our mints for payment of the bullion value in notes. 694 The following table exhibits the stock of gold and silver in European banks at a late date, and the notes issued against them : Stoek of precious metals in European ianhs and iank notes outstanding. [Compiled from the London Economist.] Bankfi. Bank of England Bank of France Imperial Bank of Germany Austro-Hungarian Bank . . . Netherlands Bank Bank of Spain * National Bank of Belgium* Bank of Eussia Total Gold. £19, 519, 659 51, 930, 000 26, 7i6, 000 5, 442, 000 5, 308, 000 4, 000, 000 2, 600, 000 30, 049, 000 145, 694, 659 Silver. £60, 247. 000 11, 000, 000 16, 005, 000 5, 984, 000 5, 663, 000 1, 306, 000 2, 919, 000 93, 094, 000 Notes in circu- lation. £25, 119. S5. 43, 17, 28, 14, 96, 204, 740 837, 000 665, 000 642, 000 725, 000 966, 000 108, 000 142, 000 * Gold and silver not divided, but estimated from best authorities, agreeing substantially with the division given by the Commercial and Financial Chronicle and the Financial and Kining Eecord. In view of these facts, there would seem to be no sufiScient reason for limiting the amount of silver bullion, which may be- deposited for Treasury notes, and there are strong reasons against such limitation. If deposits were limited to $4,000,000 worth per month, the amount of silver received might be somewhat smaller than under the proposed measure, which fixes no limit, but the difference in the quantity deposited would hardly compensate, in my judg- ment, for the effect which the restriction would have on the silver market. Such a restriction would have a decided tendency to prevent the normal rise in price, because it might leave a surplus even of our own product, counting that which comes from Mexico to this country, and the mere fact of there being a limit to the amount that the United States would receive and issue notes upon, would be a constant menace to the price of silver. Moreover, the limitation to $4,000,000 worth a month would necessitate a distribution of the amount which would be received at the different mints of the "United States each month, so that when the full amount of the quota fixed for any one institution was full, no farther deposits could be received that month, and the result might be to throw a large stock on the market in such localities, which, of itself, would have a tendency to depress the price. If, however, any limitation be thought necessary, it would seem preferable to restrict deposits to the product of our own mines, or the mines of this continent, or to deposits of new bullion, as distinguished from foreign coin and foreign melted coin, rather than to limit the amount to be received to a specific quantity or value. He is a dull observer of the condition and trend of public sentiment in this country who does not realize that the continued use of silver as money, in some form, is cer- tain. No measure can be presented to which it may not be possible to find objec- tions. This one is suggested with a view to promoting the joint use of silver and gold as money, and with the full confidence that it will secure all the advantages hoped for, from any of the plans proposed, without incurring their real or appre- hended dangers. [Eeport of the Secretary of the Treasury, December 1, 1890.] In my judgment, the gravest defect in our present financial system is its lack of elasticity. The national-banking system supplied this defect to some extent by the authority which the banks have to increase their circulation in times of stringency, and to reduce when money becomes redundant; but, by reason of the high price of bonds, this authority has ceased to be of much practical value. The demand for money in this countr.y is so irregular that an amount of circula- tion which will be ample during ten months of the year will frequently prove so deficient during the other two months as to cause stringency and commercial disas- ter. Such stringency may occur without any speculative manipulations of money, though, unfortunately, it is often intensified by such manipulations. The crops of the country have reached proportions so immense that their movement to market, in August and September, annually causes a dangerous absorption of money. The lack of a sufficient supply to meet the increased demand during those months may entail heavy losses upon the agricultural as well as upon other business interests. Though financial stringency may occur at any time, and from many causes, yet nearly all of the great commercial crises in our history have occurred during the months named, and unless some provision be made to meet such contingencies in the future, like disasters may be confidently expected. 695 I am aware that the theory obtains, in the minds of many people, that if there were no surplus in the Treasury, a sufficient amount of money would he in circulation, and hence no stringency would occur. The fact is, however, that such stringency has seldom been produced by Treasury absorption, but generally by some sudden or unusual demand for money entirely independent of Treasury conditions and opera- tions. The financial pressure in September last, which at one time assumed a threat- ening character, illustrates the truth of this statement. There was at that time no accumulation of money in the Treasury from customs or internal-revenue taxes, nor from any other source that could have affected the money market. On the contrary, the total disbursements for all purposes, including bond purchases and interest pre- payments, during the last preceding fifty-three days, had been about $29,000,000 in excess of the receipts from all sources. The total apparent surplus on September 10, when the money stringency culmi- nated, was $99,509,220.53. Of this amount $24,216,804.96 was on deposit in the hanks, and presumably in circulation among the people, and $21,709,379.77 was frac- tional silver, which had been in the Treasury vaults for several years, and was not available for any considerable disbursements. Deducting the sum of these two items, viz, $45,926,184.73, left an actual available surplus of only $53,583,035.80. The amount of the bank-note redemption fund then in the Treasury, which had been transferred to the available funds by the act of July 14, 1890, was $54,000,000, being substantially the amount of the available surplus on September 10, 1890. This bank-note fund had been in the Treasury in varying amounts for many years. In August, 1887, it was $105,873,095.60, which had been gradually reduced by dis- bursements to the amount above named. It is apparent, therefore, that the financial stringency under discussion was not produced by the absorption of money by the Treasury, but by causes wholly outside of Treasury operations. At the time when the financial pressure in September reached its climax, the extraordinary disburse- ments for bond purchases had substantially exhausted the entire ordinary Treasury accumulations, and but for the fact that Congress had wisely transferred the bank- note redemption fund to the available cash, there would have been no money at command in the Treasury by which the strained financial conditions could have been relieved and threatened panic and disaster averted. Had this fund been in the banks instead of the Treasury the business of the country would have been adjusted to the increased supply, and when the strain came it would have been impossible for thiB banks to meet it. The Government could not have withdrawn it from the banks without compelling a contraction of their loans, and thus diminishing their ability to give relief to their customers. The more recent financial stringency in November, immediately after the disburse- ment of over $100,000,000 for the purchase and redemption of bonds within the pre- ceding four months, furnishes another forcible illustration that such stringencies are due to other causes than Treasury operations. CIRCULATION. The following tables exhibit the comparative amounts of the various kinds of money in actual circulation at several different periods. I have chosen the census years 1870, 1880, and 1890, because of the convenience afforded for comparing the amount of circulation with population. The various sums stated in the tables are all exclusive of money in the Treasury. They represent, as nearly as is possible, the exact amounts of the several kinds of money in actual circulation among the people at the periods named. Table No. 1. — Comparative statement showing the changes in circulation during twenty years from Oatoher 1, 1870, to October 1, 1S90. In circulation Oct. 1, 1870. In circulation Oct. 1, 1890. Decrease. Increase. $78, 985, 305. 00 $386, 939, 723. 00 62,132,454.00 56,311,846.00 158,104,739.00 309, 321, 207. 00 7, 106, 500. 00 340, 006, 726. 00 177, 250, 514. 00 $307, 954, 418. 00 62, 132, 454. 00 Subsidiary silver and fractional 38, 988, 995. 00 28, 611, 000. 00 17, 322, 851. 00 120, 593, 739. 00 309, 321, 207. 00 Treasnry notes, act July 14, 1890. 7, 106, 600. 00 329, 489, 221. 00 294, 337, 479. 00 11, 416, 505. 00 $117, 080, 965. 00 Totals 770, 312, 000. 00 1, 498, 072, 709. 00 117, 086, 965. 00 844, 847, 674. 00 Net increase $727,760,709 Average net increase per montii ^i 032,336 CircuJation per capita ib 1870 Circulation per capita in 1890 19. 978 23. 969 696 ■ ■ Table No. 2. — Comparative statement showing the changes in circulation during ten years from Oetoher 1, 1880, to October 1, 1890. In .circulation Oct. 1, 1880. In circulation Oct. 1, 1890. Decrease. Increase. $261,320,920.00 22, 914, 075. 00 48, 368, 543. 00 7, 480, 100. 00 12,203,191.00 $386,939,723.00 62, 132, 454. 00 56,311,846.00 158, 104, 739. 00 309, 321, 207. 00 7, 106, 500. 00 340,905,726.00 177 250 514 00 $125, 618, 803. 00 39,218,379.00 7, 943, 303. 00 150, 624, 639. CO 297, 118, 016. 00 7, 106, 500. 00 329,417,403.66 340,329,453.00 11, 488, 323. 00 .liifia OTH QSQ nn Totals '. 1,022,033,685.00 1,498,072,709.00 163, 078, 939. 00 649, 117, 903. 00 Net increase $476,039,024 Average net increase per montli 3,966,992 Circulation per capita in 1880 ;-- 20.377 Circulation per capita in 1890 23.969 Table No. 3. — Comparative statement showing the changes in circulation during period from March 1, 1889, to October 1, 1890. . In circulation Mar. 1,1889. In circulation Oct. 1, 1890. Decrease. Increase. $379,497,911.00 57, 581, 904. 00 51,944,751.00 130, 210, 717. 00 246,628,953.00 $386,939,723.00 62,132,454.00 56, 311, 846. 00 158,104,739.00 309, 321, 207. 00 7, 106, 500. 00 340, 905, 726. OC 177,250,514.00 $7,441,812.00 4,550,550.00 4,367,095.00 27,894,022.00 62,692,254.00 7,106,500.00 23,525,221.00 Treasury notes act July 14, 1890 317, 380, 505. 00 220, 961, 155. 00 $43, 710, 641. 00 1,404,205,896.00 1,498,072,709.00 43, 710, 641. 00 137,677,454.00 Incroase of circulation per capita in nineteen months, about $1.51. Net increase $93,866,813 Average net increase per montii.. 4,940,358 Table No. 4. — Comparative statement showing the changes in drculaiion during penod from March 1, 1885, to October 1, 1886. In circulatiou Mar. 1, 1885. In circulation Oct. 1, 1886. Decrease. lucreaae. $334,268,447.00 40, 686, 187. 00 44, 802, 220. 00 112, 683, 290. 00 111, 467, 951. 00 327,954,194.00 314,886,770.00 $364, 894, 599. 00 60, 170, 793. 00 48, 176, 838. 00 84,691.807.00 95, 387; 112. 00 310,161,935.00 301, 406, 477. 00 $30,626,152.00 19,484,606.00 3,374,618.00 $27, 991, 483. 00 16, 080, 839. 00 17, 792, 259. 00 13,480,293.00 Totals 1, 286, 749, 059. 00 1, 264. 880, 561. 00 75, 344, 874. 00 53,485,370.00 Decrease of circulation per capita in 19 montlis, about 40 cents. Net decrease $21,859,498 Averae;e net decrease per month. 1,150,500 697 Table No. 5. — Comparative statement showing the changes in circulation during period • from July 1 to October 1, 1890. In circulation July 1, 1890. In circulation Oct. 1, 1890. Decrease. Increase. $374, 396, 381. 00, 56,166,356.00 54, 069, 743. 00 131, 380, 010. 00 297,210,043.00 $386, 939, 723. 00 62, 132, 454. 00 56,311,846.00 158,104,739.00 309,321,207.00 7,106,500.00 340,905,726.00 177, 250, 514. 00 $12, 543, 342. 00 5, 966, 098. 00 2, 242, 103. 00 26, 724, 720. 00 12, 111, 164. 00 7, 106, 500. 00 334, 876, 826. 00 181, 619, 008. 00 6, 028, 900. 00 .$4, 368, 494. oi) Totals 1,429,718,376.00 1, 498, 072, 709. 00 4,368,494.00 72, 722, 827. 00 Net increase $68,354,333 Average' net increase per month ■- 22,784,778 Table No. 1 shows that during the last twenty years the net aggregate increase of money in actual circulation among the people was $727,760,709. Average monthly increase during that period, $3,032,336. Per capita increase, $3,991. Table No. 2 shows that for the last ten years the aggregate increase has been $476,039,024. Average monthly increase for same period, $3,966,992. Per capita increase, $3,592. Table No. 3 shows that for the period of nineteen months from March 1, 1889, to October 1, 1890, the aggregate increase has been $93,866,813. Average monthly increase on same period, $4,940,358. Per capita increase, about $1.50. Table No. 4 shows that for the corresponding period of nineteen months from March 1, 1885, to Octoloer 1, 1886, the aggregate decrease in circulation among the people was $21,859,498. Average monthly decrease for same period, $1,150,500. Pet capita decrease, about 40 cents. Table No. 5 shows that for the period of three months, from July 1 to October 1, 1890, the aggregate increase of circulation in actual use among the people was $68,354,333. Average monthly increase for the same period of three months, $22,784,778. These various changes in the amounts, in actual circulation among the people, were caused partly by the additions of new kinds of money, partly by the retire- ment of certain other kinds, and sometimes, very largely, by the policies pursued by the Treasury Department. The policy of hoarding, in order to show a very large surplus, accounts mainly for the heavy decrease of circulation shown from March, 1885, to October, 1886. The opposite policy of keeping the surplus as low as practica- ble by the purchase of United States bonds, and thereby saving interest, and at the same time returning the money to the channels of trade, largely accounts for the remarkable increase in circulation during the last nineteen months, as shown in tables Nos. 3 and 5. This fact will be more readily understood by the statement that from March 4, 1885, to October 1, 1886, the total amount disbursed in redemption of bonds was $79,026,200, while for a corresponding period from March 4, 1889, to October 1, 1890, the total amount disbursed in the redemption and purchase of bonds was $239,799,091. In my last annual report I presented, for the consideration of Congress, a plan for the utilization of the silver product of the United States. The measure proposed was briefly this : To purchase, at the market price, the sil- ver bullion product of our mines and smelters, and to issue, in payment, legal-tender notes, redeemable in a quantity of silver bullion equivalent in value, at the date of presentation, to the face of the notes, or in gold, at the option of the Government, or in silver dollars, at the option of the holder. This measure was suggested with a view to promote the joint use of gold and sil- ver as money, to increase the volume of paper currency by the annual addition of an amount equal to the value of our silver product, to provide a home market for the American product of silver, and, by so doing, enhance the value of that metal, until a point were reached where we could with safety open our mints to the free coinage of both metals at a fixed ratio. A bill embodying, with some modifications, the measure suggested was favorably reported in the House of Eepresentatives of the Fifty-first Congress from the Com- mittee on Coinage, Weights, and Measures, and was adopted by the House. 698 The bill was amcudcd in the Senate by the substitution of a free-coinage measure. As the result of a conference between the two bodies, a bill was passed, and approved by the President, July 14, 1890, the essential provisions of which are : The monthly purchase by the Government of 4,500,000 ounces of silver, at the market price, to be paid for in legal tender notes, redeemable in coin, and the repeal, after July 1, 1891, of tlje mandatory coinage of silver dollars. The material points of difference between the measure recommended and the one adopted by Congress, are that the new silver law limits the purchases of silver ti 4,500,000 per month, without distinction as to domestic and foreign production, instead of taking the entire silver bullion product of the United States as proposed, and omits the bullion redemption feature. Immediately on the passage of the law new forms of legal-tender notes were designed, in denominations of one, two, Hve, ten, twenty, fifty, one hundred, and one thousand dollars, and were engraved and printed at the Bureau of Engraving and Printing. Owing to the fact that the purchases under the act were to commence thirty days after its passage, it was necessary that the larger denominations of notes should be engraved first, but, at this time, a sufficient supply of the smaller denom- inations of notes are being received, and it will be the policy of the Department to pay out small notes, as far as practicable, in the purchase of silver. Eegulations were also prepared inviting offers for the sale of silver for considera- tion at the Treasury Department, at 1 o'clock p. m., on Mondays, Wednesdays, and Fridays of each week, and the effort has been to distribute the purchases as nearly as possible throughout the month. Under the operations of this law, the amount of silver purchased from August 13, 1890, to December 1, 1890, aggregated 16,778,185 fine ounces, costing $18,671,075, an average of $1.1128 per fine ounce. The price of silver advanced rapidly after the passage of the new law; indeed, the immediate effect of the law had been largely anticipated in the advance in price prior to its passage. On the 1st of Jaly, 1890, the price of silver was $1,046. To July 14 the price had advanced to $1.08; to August 13, $1.13, and to September 3, $1.21, the highest point reached. Since that date there has been a decline, with some fluctuations, to the present time, the price falling as low as $0.97. Notwithstanding the fact that the advance in the price of silver following the passage of the law has not been maintained, the Secretary ventures to express the belief that the new silver act is a great improvement over the law repealed, and that its beneficial results will eventually commend it to general approval. As yet the period of time has been too brief to really test the merits of the law, and the permanent effect which it will have on the price of silver. , One thing is certain, that it has been the means of providing a healthy and much needed addition to the circulating medium of the United States. The amount of Treasury notes issued on purchases of silver bullion from August 13 to November 23, 1890, has been $18,807,000. It must be apparent to any careful observer of the movement of silver, that the recent violent fluctuations in price are mainly due to speculative operations in the large surplus of from 8,000,000 to 10,000,000 ounces, which has not been absorbed by Treasury purchases. This downward tendency has been materially assisted by a severe and almost constant stringency of the money market. This surplus was accu- mulated, in the first instance, by the withholding from the market, by producers and speculators, for some months prior to the passage of the new silver act, of the current product of American silver, in the hope of securing a better price. It has been maintained and augmented both by importations of foreign silver and by a falling oft' in the export of domestic silver, the latter occasioned doubtless by the fact that in the purchases of silver under the new silver law, the Treasury Depart- ment has paid, as a rule, a price considerably in excess of the price of silver in Lon- don. The imports into the United States of foreign silver from May 1 to November 1 of the present year have exceeded the exports, of domestic silver by some $7,750,000, while for the corresponding period of last year the exports exceeded the imports by some $7,860,000, a difference of $15,610,000, an amount in excess of the value of the present visible stock of silver on the American market. So, too, in regard to the movement of silver from San Francisco to the Orient; not one ounce of silver bullion has been shipped since the 1st of May, against an average export for prior years of from $5,000,000 to $10,000,000. So that the present surplus stock of silver may, at any time, be augmented by imports or diminished by exports, and, as the current product of silver from our mines does not differ very widely from the monthly pur- chases by the Government, it is probable that the existing surplus will remain for some time an impediment to the permanent and steady advance of silver. Even if the present surplus should be purchased by the Government, importations from abroad might at any time accumulate an additional stock of silver, the manipula,- 699 tion of which by speculators would result in wide iluctuations in price. Had the law provided for the purchase of only the product of the United States, this surplus would have been absorbed ere this, and as none would have been imported for spec- ulative purposes no surplus would have been accumulated. The withdrawal of the entire silver product of our mines and smelters, which amounts to nearly one-half of the world's annual output of silver, would probably soon create a shortage abroad, and this in turn would cause a steady and permanent advance in price. LEGISLATION. The attention of Congress is respectfully requested to the act of May 26, 1882, authorizing the exchange of gold bars for gold coin, free of charge, at the coinage mints and at the United States assay ofHce at New York. I am of the opinion that this act has facilitated the movement of gold from this country, and have the honor to recommend its repeal, or that it be so modified as to make the exchange of gold bars for gold coin discretionary with the Treasury Department, and to allow the imposition of a small charge equivalent to the cost of manufacturing the bars, when the bars are intended for export. [Eeport of the Secretary of the Treasury, Decemljer 7,1801.] CIRCULATION. This important subject has been unusually prominent since the last annual report. The stringency in the money market during the summer and autumn of 1890 was relieved by the prompt and effective measures of my predecessor, and happily dis- appeared without producing the grave consequences which were feared by the pub- lic ; but its existence, and the widespread apprehension which it caused, induced a revival of the erroneous idea that the volume of money in circulation was not only inadequate to the needs of the country, but was very much less per capita than dur- ing the so-called flush times which followed the civil war. The "circulation statement" which has been published by the Department monthly since April 1, 1887, contains in tabular form full information on this subject for the dates specified, and has proved to be a valuable addition to the regular reports of the Department ; but in the absence of the statements in the same form for the pre- ceding years a comparison by the people has been impracticable, and the mistaken opinion that there has been a severe contraction of the money volume found ready acceptance. The fact became apparent through letters which were received from all sections of the country, and more complete information on the subject was accordingly supplied by means of a statement which was printed in August last, and has been sent by mail to those who ask for it. The tables therein published appear in their appropriate place in this report,* and are reproduced without change, except as to the table for July 1, 1891, which displays the revised figures for that date, including bullion in the Treasury. By the revision of these figures the amount of money per capita July 1, 1891, has been found to be $23.41 instead of $23.45. The amount of money in circulation has been very largely increased since the close of the fiscal year. The amount July 1, 1891, was $1,497,440,707, and the amount per capita was $23.41. The return of gold to the United States, the operation of the silver act of July 14, 1890, and disbursements by the Treasury on account of the 4J- per cent loan, pensions, etc., have enlarged the volume to $1,577,262,070, and the per capita amount to $24.38. The amount of each kind of money in the United States, including bullion in the Treasury and the amounts in circulation December 1, 1891, are shown in the subjoined table: * See Table J p. civ. 700 December 1, 1891. [Popxilation, 64,680,000; circulation per capita, $24.38.] General stock coined or is- sued. In Treasury. Amount in cir- culation. $677, 774, 595 461,205,960 77,235,022 161, 852, 139 324,274,918 72, 959, 652 346,681,016- 10, 135, 000 172, 993, 607 $271,843,193 398,508,756 14, 389, 585 19,202.170 S. 401, 308 1, 976, 366 13, 316. 707 370, 000 4, 841, 750 $405, 931, 402 Standard silver dollars, iucladingbtllion in Treasury 02,697,204 02, 845, 437 142, 649, 969 320, 873, 610 70, 983, 286 333, 364, 309 9, 765, 000 National bank notes - 168, 151, 853 2, 305, 111, 909 727, 849, 839 1, 577, 262, 070 [Report of the Secretary of the Treasury, December 5, 1892.] One of the embarrassmenta to the Treasury, in the opinion of the Secretary, is the inability, with the limited amount of cash on hand above the one-hundred-million reserve, to keep up a sufficient gold supply. When the demand comes for the exportation of gold the Treasury is called upon to furnish it. If this demand should prove to be as large the coming year as it has been for the past two years, gold in the Treasury would be diminished to or below the reserve line. The status of this reserve and its amount have recently been subjects of discus- sion. In the bank act of 1882 Congress gave expression to its belief that $100,000,000 in gold was a suitable reserve ; by providing tiat whenever the amount of gold in the Treasury should fall below that sum the issue of gold certificates should cease. In 1885 the then Secretary of the Treasury adopted the practice of reporting $100,000,000 of the gold in the Treasury as a "reserve for the redemption of United States notes," and recently the majority of the Judiciary Committee of the present House of Eepresentatives expressed the opinion that under existing law the main- tenance of this reserve is obligatory. But, if $100,000,000 in gold was a suitable or necessary reserve in 1882 and in 1885, it would seem clear that a greater reserve is necessary now. It should be remem- bered that since 1882 we have added to our silver circulation the sum of $259,016,182 in standard silver dollars coined under the old silver act of 1878. These dollars are nearly all outstanding, and largely represented by silver certificates. We have also increased the legal-tender paper circulation by issuing about $120,000,000 of the Treasury notes authorized by the act of July 14, 1890, and to this we are adding about 4,000,000 each month in payment of silver bullion piirehased. It is true that silver certificates are not redeemable in gold, and that the Treasury notes of 1890 are redeemable in coi n ; but since it has been declared to be the estab- lished policy of the United States to maintain the two metals, silver and gold, on a parity with each other, it is obvious that this large addition to our circulation has increased the possible charge upon our gold reserve. In view, therefore, of these increased and increasing liabilities, the reserve in the Treasury for the redemption of the Government obligations should, in my opinion, b e increased to the extent of at least 20 per cent of the amount of Treasury notes issued and to be issued under the act of July 24,1890. As will be seen by the estimates submitted, the receipts of the current and the next fiscal year are not likely, if present conditions continue, to fall below expendi- tures. Yet in view of the fact that the surplus for this year will be small, upon the basis stated, with the probability of a falling off in receipts for causes mentioned, I think the revenues should be so increased as to enable the Treasury Department to maintain a gold reserve of not less than $125,000,000, and to maintain a comfortable working balance in the Treasury cash. As a general revision of our customs laws is now probable, I do not feel at liberty to suggest any special method for increasing the revenue, though I should otherwise think.that an additional tax on whisky, which could be coUected without additional cost, would furnish an easy method. MONETARY CONFERENCE. As early as the month of April, 1891, investigation was begun by this Department to ascertain the state of public sentiment in Europe regarding the propriety of an 701 agreement to hold a monetary conference of representatives of tlie leading nations on tlie subject of tlie money uses of silver. Upon the ascertainment that the leading nations were favorably disposed to the holding of such a conference, the United States addressed an invitation, through the State Department, to the governments of Europe, of Mexico, and Turkey. All of the countries to which this invitation was addressed accepted it. Upon conference with the governments named, after considerable delay, occasioned by a variety of causes, Brussels, Belgium, was agreed upon as the place, and Novem- ber 22, 1892, as the time for the conference to assemble. For this country five commissioners were appointed, as follows : Hon. Wm. B. Allison of Iowa, Hon. John P. Jones of Nevada, Hon. James B. McCreary of Ken- tucky, Mr. Henry W. Cannon of New York, and E. Benjamin Andrews of Rhode Isl- and. By usage the American minister, Mr. Terrill, was added. This conference is now in session; as yet little is known as to what its action may be beyond the general fact that the subject of the better use of silver as a money metal is receiving its earnest attention. Whatever may be the outcome of the conference, it is safe to predict that a clearer idea will be had of the views and purposes of the countries represented. [Report of the Secretary of the Treasury, December 19, 1893.] COINS AND COINAGE — PRECIOUS METALS. The report of the Director of the Mint gives in detail the operations of the mints and assay offices during the year, together with statistics and inquiries in relation to the financial condition of our own and foreign countries. The value of the gold deposited at the mints and assay offices during the year was $50,839,905.53. Of this sum $46,449,841.50 were composed of original deposits and $4,390,064.03 were redeposits. Of the amount deposited $33,286,167.94 was classed as of domestic production, $8,541,027.11 foreign gold coin and bullion, $3,830,176.02 old material, and worn and uncurrent domestic gold coins $792,470.43. The deposits and purchases of silver during the year aggregated 65,822,135'19 fine onnoes, the coining value of the same in silver dollars being $85,103,366.67. Of this sum $73,666,045.23 was of domestic production and $2,901,180.96 foreign bullion and coin; and of worn and uncurrent silver coin, $6,913,179.96; old plate, etc., $753,426.46, and redeposits, $869,534.06. The amount of silver purchased under the act of July 14, 1890, during the year was 54,008,162-59 fine ounces, costing $45,531,374.53, and the average price $0.8430. The total amount of silver jiurohased under the act of July 14, 1890, from August 13, 1890, to November 2, 1893, inclusive, was 168,674,590'46 tine ounces, costing $155,- 930,940.84, the average price per ounce being $0.9244. Of the silver purchased under this act, consumed in coinage during the year, there were 4,133,029-56 fine ounces, costing $3,784,417.64, and the number of silver dollars coined was $5,343,715. The seigniorage on this coinage was $1,559,297.36. The coinage during the year consisted, of 97,280,875 pieces, valued as follows: Gold $30,038,140.00 Silver dollars '. 5,343,715.00 Subsidiary silver 7,217,220.90 Minor coins 1,086,102.90 Total 43,685,178.80 The total amount used in the coinage of silver dollars under the act of July 14, 1890, has been 27,911,259-48 fine ounces, costing $29,110,186.61. The total number of silver dollars coined was 36,087,285. The total seigniorage was $6,977,098.39, leaving a balance on hand at the mints of 140,699,760 fine onnoes. costing $126,758,218. The total amount of silver purchased by the Government from March 1, 1873, has been as follows : Fine ounces. Cost. Under the act of 1873 , 5, 434, 282 31, 603, 906 291, 272, 018 168, 674, 682 •6, 018. 921 $7, 152, 564 37,571,148 Under the act of 1875 308, 279, 260 1,55 931 002 Under the act of 1890 Total 503, 003, 809 516, 623, 010 '■ Trade dollars. 702 The. price of silver July 1, 1892, was 88 cents, the highest price attained during the fiscal year. The closing price on June 30, 1893, was 65 cents, a difference of 23 cents per ounce. The average price for the year was 84^ cents. Late In June, India closing her mints to the coinage of silver, the price declined rapidly from 38|d. to SOJei., which was equal to a decline of 8ld., or about 17 cents. The production of gold arid silver in the world was estimated to have been: Gold $138,861,000 Silver 196,458,800 THE world's coinage. Information received as to the coinage of gold and silver by the various countries of the world for the calendar year 1892 shows the amount to have been : Gold $167,917,337 Silver 143,096,239 METALLIC STOCK OP MONEY IN THE UNITED STATES. The metallic stock of money in the United States, consisting of coin and bullion, on July 1, 1893, was estimated at $1,213,559,169, of whicli $597,697,685 was gold, and $615,861,484 silver. USB OF GOLD AND SILVER IN THE ARTS AND MANUFACTURES. The value of the gold and silver used in the industrial arts in the United States during the last calendar year, based upon the best information obtainable, was approximately, gold, $16,616,408; silver, $9,106,540. Of the gold $10,588,703 and of the silver $7,204,210 were new bullion. CONDITION OF THE TREASURY. During the first five months of the present fiscal year the expenditures of the Gov- ernment have exceeded its receipts to the amount of $29,918,095.66. There has been not only a decrease of receipts, but also an increase of expenditures during this period as compared with the corresponding five months of the last fiscal year. The reve- nues from customs have fallen off $23,589,829.74; from internal taxes, $7,866,667.96, and from miscellaneous receipts, $324,152.39. The expenditures on account of the War Department in the execution of contracts made during the last fiscal year have increased $6,162,132.42; on account of the Navy Department, for the same reason, ijhe increasehaabeen $1,912,289.31; on account of Indiana, $538,078.55, andonaccount of interest, $69,450.25 ; but there have been feduotions in some other branches of the public service to the amount of $6,352,206, as compared with the corresponding period last year. The result of these changes is that on the first day of December, 1893, the actual net balance in the Treasury, after deducting the bank note 5 per cent redemption fund, outstanding drafts and checks, disbursing officers' balances, agency accounts, and the gold reserve, was only $11,038,448.25, and of the total amount held $12,347,- 517.80 was in subsidiary silver and minor coins. It may be safely assumed that the worst effects of the recent financial disturbances, and consequent business depression, have been realized, 'and that the conditions will be much more favorable hereafter for the collection of an adequate revenue for the support of the Government ; but it can scarcely be expected that the receipts during the remainder of the fiscal year will exceed the expenditures for the same time to such an extent as to prevent a very considerable deficiency. I have, therefore, esti- luated a probable deficiency of $28,000,000 at the close of the year, and if Congress concurs in this view of the situation it will be incumbent upon it to make some pro- vision for raising that amount as soon as practicable by taxation or otherwise. On account of the difficulty of securing such a sum within the jtime it will be required by the imposition and collection of additional taxes, I recommend that the third section of the act to provide for the resumption of specie payments, approved Janu- ary 14, 1875, which confers authority upon the Secretary of the Treasury to issue and sell certain descriptions of United States bonds, be so amended as to authorize him to issue and sell, at not less than par in coin, bonds to an amount not exceeding $200,000,000, bearing a lower rate of interest and having a shorter time to run than those now provided for, and that he be permitted to use^ from time to time, such part of the proceeds as may be necessary to supply any deficiencies in the public revenues 703 that may occur during the fiscal years 1894 and 1895. The section referred to proTidea that: " To enable the Secretary of the Treasury to prepare and provide for the redemption in this act authorized and required, he is authorized to use any surplus revenues from time to time in the Treasury not otherTvise appropriated, and to issue, sell, and dis- pose of at not leas than par in coin, either of the descriptions of bonds of the United States described in the act of Congress approved July 14, 1870, entitled 'An act to authorize the refunding of the national debt.'" The bonds authorized by the act of July 14, 1870, are described as follows: (1) Bonds not exceeding in the aggregate $200,000,000 in such form as the Secre- tary may proscribe, and of denominations of $50, or some multiple of that sum, redeemable in coin of the then standard value, at the pleasure of the United States, after ton/years from the date of their issue, and bearing interest pay able semiannually in such coin at the rate of 5 per cent per annum. (2) Bonds not exoeedihg in the aggregate $300,000,000, the same in all respects as those above described, but payable at the pleasure of the United States after fifteen years from the date of their issue, and hearing interest at the rate of 4^ per cent per annum. * (3) Bouds not exceeding in the aggregate $1,000,000,000, the same in all respects, but payable at the pleasure of the United States after thirty years from the date of their issue, and bearing interest at the rate of 4 per cent per annum. In the present condition of the public credit nothing less than the existence of a great and pressing financial emergency would, in my opinion, justify the issue and sale of any of these classes of bonds. On the first class the interest would amount, at the maturity of the bonds, to one-half the principal; on the second class it would amount to more than two-thirds of the principal, and on the third class it would exceed the principal by 20 per cent. If any one of these methods of raising money were now presented as an original measure for consideration in 'Congress, I am sat- isfied it would not receive the approval of that body or of the people. Whatever may have been their merits nearly a quarter of a century ago, when the credit of the Government was to a certain extent impaired by the existence of a large inter- est-bearing public debt and the general use of a depreciated paper currency, not then redeemable in any kind of coin, our financial standing is now so high that our public obligations, bearing any of the rates of interest authorized by the law referred to, would have to be sold at a premium so great as to prevent large classes of our people, who might otherwise invest in them, from becoming purchasers. The United States 4 per cent bonds, payable in 1907, are now selling at a rate which yields investors less than 3 per cent upon their cost, and I am confident that a bond, bearing interest at the rate of 3 per cent, payable^quarterly, and redeemable at the option of the Government after five years, could he readily sold at par in our own country. If the authority now existing should be so modified as to empower the Secretary of the Treasury to issue the bonds in denominations or sums of $25 and its multiples they could be readily disposed of through the subtreasuries and post-ofiices without the agency or intervention of banks or other financial institutions and without the payment of commissions. Such bonds would affordtothe people at large an oppor- tunity to convert their surplus earnings into a form of security which, while it would be perfectly safe, would not only increase in value by reason of accumulating interest, but be at all times available as a means of procuring money when needed; and the experience of this and other countries justifies the confident belief that such a plan would be popular and successful. In ease Congress should not consider it advisable to authorize the Secretary to use, for the purpose of supplying deficiencies in the revenues, any part of the proceeds of the bonds herein suggested, I recommend that he be empowered to execute from time to time, as may be necessary, the obligations of the Government, not exceeding in the aggregate $50,000,000, bearing a rale of interest not greater than 3 per cent and payable after one year from date, and that he be permitted to sell them at not less than par, or use them at not less than par, in the payment of public expenses to such creditors as may be willing to receive them. The condition of the Treasury is such that unless some available mea-ns are promptly provided bylaw for supplying the growing deficiency, the public service will be seriously impaired and jiensioners and other creditors subjected to great delay and inconvenience. Congress alone has the power to adopt such measures as will relieve the present situation and enablethe Treasury to continue the punctual payment of all legitimate demands upon it, and I respectfully but earnestly urge thsit immediate attention be given to the subject. The necessity for the extension of the power of the Secretary to procure andmain- tain a larger resei've for the redemption of United States currency must, I think, be evident to everyone who has given serious thought to the subject. At the date of the resumption of specie payments, January 1, 1879, the only form of currency, except coin certificates, which the Government was required or authorized by law 704 to redeem in coin on presentation, was tlio old legal-tender notes, tlieu and now amounting to $346,681,016, and it was considered by the Secretary of the Treaenrj that a coin reserve of $100,000,000 would constitute a sufficient basis for the main- tenance of that amount of currency at par. The correctness of this conclusion was shown by the fact that, so long as there was no material increase in the volume of paper redeemable by the Government, the reserve remained unimpaired and no serious disturbances occurred in our monetary system; but under the act of July 14, 1890, additional Treasury notes have been issued to the amount of $155,930,940, of which there are now outstanding $153,318,224, thus making the direct Government obligations in use as currency amount to the sum of $499,999,240, all of which the Secretary of the Treasury is now required by law to redeem in coin on presentation. Besides this, there have been coined under authority of law $419,332,550 in legal- tender silver, upon which certificates have been issued to the amount of $334,138,504; and as Congress, iu the act of July 14, 1890, declared it to be " the established pol- icy of the United States to maintain the two metals on aparity with each other upon the present legal ratio, or such ratio as may be provided by law," an additional reason now exists for cojif erring upon the Secretary unquestionable authority to pro- vide for such contingencies as may arise. • Under these circumstances it is, in my opinion, necessary not only that he should be clothed with full authority to procure and maintain an ample reserve in coin, but that the purposes for which such reserve is to be held and used should be made as comprehensive as the duty imposed upon him by the law. The existence of such authority in a cons^ntly available form would of itself inspire such confidence in the security and stability of our currency that its actual exercise might never become necessary; but the futility of declaring a specific policy and withholding the means which may become necessary for its execution is too apparent to require comment. Largely on account of apprehensions as to the ability of the Government under the legislation then existing to continue the current redemption of its notes in coin and maintain the parity of the two metals, the shipments of gold from this country during the fiscal year 1893 reached, as already stated in this report, the unprecedented amount of $108,680,844, nearly all of which was withdrawn from the public Treasury by the presentation of notes for redemption. During the three months next preceding the 7th day of March, 1893, when a change occurred in the administration of the Treasury Department, the withdrawals of gold from the Treasury for export amounted to $34,146,000, and during the eight months wliich have elapsed since that time such withdrawals have amounted to $36,259,650, or $2,113,650 more than during the preceding period of three months. The amount of free gold in the Treasury on the 7th day of March, 1893, was $100,982,410, or $982,410 in excess ^f the lawful reserve ; but by mating exchanges of currency for gold with the banks in diflferent parts of the country the amount was increased to $107,462,682 on the 25th of that month. Notwithstanding the most strenuous efforts by the Department to maintain the hundred million dollar reserve intact, the presentation of notes for redemption to procure gold for shipment abroad continued to such an extent that on the 22d day of April, for the first time since the fund was established, it became necessary to use a part of it, and it was reduced to $95,432,357, but it was afterwards increased by exchanges of currency for gold, so that on the 10th day of August It had been fully restored, and there was on hand $103,683,290 in free gold. By October 19, however, it had been diminished by redemptions of currency and otherwise to the sum of $81,551,385, which is the low- est point it has ever reached. So long as the Government continues the unwise policy of keeping its own notes outstanding to circulate as currency, and undertakes to provide for their redemption in coin on presentation, it will be, in my opinion, essential for the Secretary of the Treasury to possess the means, or to have the clear and undoubted authority to secure the means, which may from time to time become necessary to enable him to meet such emergencies as the one which has recently occurred in our financial affairs. Under existing legislation the Treasury Department exercises to a larger extent than all the other financial institutions of the country combined the functions of a bank of issue, and while the credit of the Government is so strong that it may not be necessary to maintain at all times the actual coin reservewhichexperiencehas shown to be requisite in the case of ordinary banking companies, still it would be manifestly imprudent, to say the least, not to adopt such precautionary measures as would enable the Government in times of unusual monetary disturbance to keep its faith with the people who held its notes and coins by protecting them against the disastrous effects of an irredeemable and depreciated currency. While the laws have imposed upon the Treasury Department all the duties and responsibilities of a bank of issue, and to a certain extent the functions of a bank of deposit, they have not confeired upon the Secretary any part of the discretionary powers usually possessed by the executive heads of institutions engaged in conduct- ing this character of financial business^ He i8 bound by mandatory or prohibitory 706 provisions in the statutes to do or not do certain things, -withonl; regaidto the oir- cumstauces which may exist at the time he is required to act, and thus he is allowed uo opportunity to take advantage of changes in the situation favorable to the inter- ests of the Government, or to protect Its interests from injury when threatened by adverse events or influences. He can neither negotiate temporary loans to meet casual deficiencies nor retire and cancel the notes of the Government without sub- stituting other currency for them when the revenues are redundant or the circula- tion excessive, nor can he resort, except to a very limited extent, to toy of the expe- dients which in his judgment may be absolutely necessary to prevent injurious dis- turbances of the financial situation. These considerations emphasize the necessity for such legislation as will make the Department more independent of speculative interests and operations and enable it to maintain the credit of the Government upon a sound and secure basis. Whatever objections may be urged against the maintenance of a large coin reserve, procured by the sale of interest-bearing bonds, it must be evident that this course can not be safely avoided unless the Government abandons the policy of issuing its own notes for circulation and limits the functions of the Treasury Department to the collection and disbursement of the public revenues for purely public purposes, and to the performance of such other administrative duties as may be appropriate to the character of its organization as a branch of the executive authority. To the extent that it is required by law to receive money on deposit, and repay it, or to issue notes and redeem them on demand, it is engaged in a business which can not be conducted without having at all times the ability to comply promptly with its obligations. Its operations necessarily affect, beneficially or otherwise, the private financial affairs of all the people, and they have a right to be assured by appropriate legislation that their confidence in the integrity and power of the Government has not been misplaced. CURRENCY LEGISLATION. The recent repeal of so much of the act of July 14, 1890, as required the Secre- tary of the Treasury to purchase silver bullion and issue Treasury notes in pay- ment for it, makes such a radical change in the policy of the Government respecting the currency of the country that, until its effects are more fully developed, I do not consider it advisable to recommend further specific legislation upon that subject. As already shown in this report, the amount k)f money in the country, outside of the Treasury, on the 1st day of December, 1893, was $112,404,947 greater than the amount outstanding on the Ist day of November, 1892. This vaat increase in the volume of outstanding currency, notwithstanding the enormous exports of gold idiiring the year, is the result of several causes, among which may be mentioned the essue of Treasury notes for the purchase of silver bullion, the excess of public bxpenditures over receipts, the additional circulation called for by the national aanks during the late financial stringency, and the large imports of gold, which amounted during the months of July, August, September, and October, 1893, to the rum of $55,785,526. That the amount of money in the country is greater than is equired for the transaction of the business of the people at this time is conclusively shown by the fact that it has accumulated, and is still accumulating, in the finan- cial centers to such an extent as to constitute a serious embarrassment to the banks in which it is deposited, many of which are holding large sums at a loss. This excessive accumulation of currency at particular points is caused by the fact that there is no such demand for it elsewhere as will enable the banks and other insti- tutions to which it belongs to loan it to the people at remunerative rates, and it will continue until the business of the country has more fuUy recovered from the depressing effects of the recent financial disturbances. Money does not create business, but business creates a demand for money, and until there is such a revival of industry and trade as to require the use of the cir- culating medium now outstanding, it would be hazardous to arbitrarily increase its volume by law, or to make material changes in its character by disturbing in any manner the relations which its different forms now bear to each other. In the mean- time, it will be the duty of all who have power to influence the course of events or to assist, by legislation or otherwise, in the solution of the grave questions presented by the altered condition of our monetary system, to carefully consider the whole subject in all its aspects, in order that it may be permanently disposed of by the adoption of a simple and comprehensive system, which will, as far as possible, relieve t^e Government from the onerous obligations now resting upon it, and at the same time secure for the use of the people a currency uniform in value and adequate in amount. The unsatisfactory condition of our currency legislation has been for many years the cause of much discussion and disquietude among the people, and although one gieat disturbing element has been removed, there still remain such Inconsistencies S. Rep. 235 45 706 in the laws and such differences between the forms and qualities of the Tarions kinds of currency in use 'that private business is sometimes obstructed and the Treasury Department is constantly embarrassed in conducting the fiscal operations of the Government. There are now in circulation nine different kinds of currency, all except two being dependent directly or indirectly upon the credit of the United States. One statute requires the Secretary of the Treasiu'y to redeem the old legal- tender notes in coin on presentation, and another compels him to reissue them, so that, no matter how often they are redeemed, they are never actually paid and extinguished. The act of July 14, 1890, provides that the Treasury notes issued in payment for silver bullion shall be redeemed in gold or silver coin at the discretion of the Secretary, and when so redeemed may be reissued ; but the same act also pro- vides that no greater or less amount of such notes shall be outstanding at any time than the cost of the silver bullion, and the standard silver dollars coined therefrom then held in the Treasury purchased by such notes, and consequently, when these notes are redeemed with silver coined from the bullion purchased under the act, they can not be reissued, but must be retired and canceled, for otherwise there would be a greater amount of notes outstanding than the cost of the bullion and coined dol- lars "then held in the Treasury." In this manner notes to the amount of $2,625,984 have been retired and canceled since August last, and standard silver dollars have taken their places in the circulation. If redeemed in gold coin, the notes might be lawfully retired or reissued in the discretion of the Secretary ; but the condition of the Treasury has been, and is now, such that practically no discretion exists, for the reason that the necessities of the public service and the requirements of the coin reserve compel him to reissue them in defraying the expenditures of the Government or in procuring coin to replenish that fund. One of the principal difficulties encountered by the Treasury Department results from the indisposition of the public to retain standard silver dollars and silver cer- tiiicates in circulation. It requires constant effort on the part of the Treasury officials to prevent the certificates especially from accumulating in the subtreasnries to the exclusion of legal-tender currency. Why this should be the case is not easily understood, for, although these certificates are not legal tender in the payment of private debts, they are, by the acts of 1878 and 1886, made receivable for all public dues, and by the act of May 12, 1882, national banks are authorized to hold them as part of their lawful reserves. With the policy of maintaining equality in the exchangeable value of all our currency firmly established, and the further accumu- lation of silver bullion arrested, there is no substantial reason why the silver certifi- cate should not be as favorably received and as liberally treated by the public as any other form of note in circulation ; and, for the purpose of creating a greater demand for their permanent use in the dally transactions of the people, I have directed that, as far as the law permits, and as rapidly as the opportunity is afforded, the amount of such certificates of denominations less than $10 shall be increased by substituting them for larger ones to be retired, and that the small denominations of other kinds of currency shall be retired as they are received into the Treasury and larger ones substituted in their places. There are now outstanding United States legal-tender notes to the amount of $67,944,941 in denominations less than $10; Treasury notes issued under the act of 1890 of denominations less than $10, $64,688,489, and national-bank notes, $63,381,916. There is express authority in the act of August 4, 1886, to substi- tute small silver certificates for larger ones, and the Secretary of the Treasury also has power to make such changes as he may deem proper in the denominations of the Treasury notes issued under the act of July 14, 1890, but Congress, in the sun- dry civil appropriation act approved March 3, 1893, provided that no part of the money therein appropriated to defray the expenses of the Bureau of Engraving and Printing should be expended for printing United States legal-tender notes of larger denominations than those retired or canceled. As the law now specifically desig- nates the denominations in which national-bank notes shall be issued, they can not be changed without further legislation, and consequently during the present fiscal year, at least, the $64,688,489 in small Treasury notes are the only ones that can be lawfully retired to enlarge the use of small silver certificates. I am of the opinion that if this policy can be carried out to the extent of supplying the country with small silver certificates to an amount sufficient to conduct the ordinary cash trans- actions of the peoploj and if, during the same time, certificates of the largest denom- inations were issued m the places of others retired, so as to encourage ttie national banks to hold them as parts of their lawful reserves, the existing difficulties would be removed, and ultimately a larger amount of such currency than is now in circu- lation could be conveniently and safely used. « The Treasury now holds 140,699,760 fine ounces of silver bullion, purchased under the act of July 14, 1890, at a cost of $126,758,218, and which, at the legal ratio of 15'988 to 1, would makti 181,914,899 silver dollars. The act provided that after the flxat day of Jvly, 1891, the Secretary of the Tiewuiy Bhould coin as much of the 707 bullion purchased under it as might he necessary to provide for the redemption of the notes, and that any gain or seigniorage arising trom such coinage should he accounted for and paid into the Treasury. Jt is plain from this, and oth^ provisions of the act, that so much of the huUion as may be necessary, when coined, to provide for the redemption of the entire amount of notes outstanding is pledged for that purpose, and can not be lawfully used for any other; but it was decided by the late Attorney-General, and by my predecessor in office, that the so-called gain or seignior- age resulting from the coinage as it progressed constituted a part of the general assets of the Treasury, and that certificates could be legally issued upon it, not- withstanding the act of 1890 is silent upon the latter subject. The coinage of the whole amount of this bullion, which -vt ould employ our mints, with their present capacities, for a period of about five years, would, at the existing ratio, increase the silver circulation during the time named $55,156,681 firom seignior- age, besides such additions as might be made in the meantime by the redemption of Treasury notes in standard silver dollars. In order that the Department might be in a condition to comply promptly with any increased demand that may be made upon it by the public for standard silver dollars or silver certificates, or that it might take advantage of any favorable opportunity that may occur to put an additional amount of such currency in circulation without unduly disturbing the monetary situation, I have caused a large amount of bullion to be prepared for coinage at New Orleans and San Francisco, and have ordered the mints at those places to be kept in readiness to commence operations at any time when required. APPENDIX. FIFTY-THIRD CONGRESS, SECOND SESSION. SUMMARY OF CONGRESSIONAL PROCEEDINGS ON THE BILL (H. E. No. 4956) DIRECTING THE COINAGE OF THE SILVER BULLION HELD IN THE TREASURY, AND FOR OTHER PURPOSES. 709 SUMMARY OF PROCEEDINGS ON H. R. 4956. A BILL DIRECTING THE COINAGE OF THE SILVER BULLION HELD IN THE TREASURY, AND FOR OTHER PURPOSES. CONGRESSIONAL RECORD INDEX TO PROCEEDINGS. Page. Introduced bv Mr. Blond and referred to tlie Committee on Coinage, "Weights, and Measures . . 518 Reported back „ 2416 Debated in the House 2416, 2441, 2445, 2448, 25M 2630, 268S, 2738, 2776, 2804, 2834, 2875, 2918, 2936, 2963, 2975, 3005, 3006, 3047, 3066, 3095 Amended and passed House 3107 Debated and placed on table in Senate 3207 Debated in in the Senate 3236, 3276, 3281, 3283, 3342, 3405, 3478, 3511, 3689, 3631 Passed Senate 36iS Examined and signed 3703,3780 Vetoed by the President 4100,4101 Reconsidered and rejected 4220 Senate Committee on Finance. — Messrs. Voorhees, McPherson, Harris, Vance, Vest, Jones of Arkansas, Morrill, Sherman, Jones of Nevada, Allison, Aldrich. House Committee on Coinage, Weights, and Measures. — Messrs. Bland, Tracey, Kilgore, Epes, Stone of Kentucky, Allen, Bankhead, Rayner, Harter, Coffeen, MoKeiglian, Charles W. Stone, Johnson of North Dakota, Diagley, Sweet, Hager, Aldrich, and Rawlins. IN THE HOUSE. [January 3,1894.] Introduced hy Mr. Bland and referred to the Committee on Coinage, Weights, and Measures. [February 7, 1894.] Mr. Bland. Mr. Speaker, I desire to present a privileged report. I am instructed by the Committee on Coinage, Weights, and Measures to report to the House the hill which I send to the desk, with tne recommendation that it do pass; and I move that the House now resolve itself into Committee of the Whole on the state of the Union for its consideration. The Speaker. The Clerk will report the bUl. # . The Clerk read as follows : A BILL (H. E. 4956) directing the coinage of the silver bullion held in the Treasury, and for other purposes. Beit enacted, etc.. That the Secretary of the Treasury shall immediately issue silver certificates of the same denominations and monetary functions as is now provided by law for silver certificates, in fhe amount equal to the seigniorage of the silver bulUon purchased under the provisions of the act of July 14-, 1890, entitled " An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," to wit : The sum of $55,156,681. That such silver certificates shall be immediately available for the payment of the current expenditures of the Government, and all laws relating to silver certificates, as far as practicable, shall be applicable to the silver certificates herein authorized. That said seigniorage shall be coined as fast as possible into legal-tender standard silver dollars and the coins held in the Treasury for the redemption of the silver certificates. Sec. 2. That the remainder of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast as is practicable, and the coin held in the Treasury for the redemption of the Treasury 711 712 notes issued in the purohaae of gaid 'bullion. That as fast as the bullion shall be coined for the redemption of said notes, the notes shall not be reissued, but shall be canceled and destroyed in amounts equal to the ooiti held at any time in the Treas- ury, and silver certificates may be issued on such coin in the manner now provided by la-w. Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect the provisions of this act. [February 8, 1894.] The House resolved itself into Committee of the Whole, Mr. Hatch in the chair. The Chairman. The House is in Committee of the Whole on the state of the Union, for the purpose of considering the bill which the Clerk will read. The Clerk read as follows : A BILL (H. E. 4956) directing the coinage of the silver bullion held in the Treasury, and for other purposes. Be it enacted, etc., That the Secretary of the Treasury shall immediaj^ely issue silver certificates, of the same denominations and monetary functions as is now provided by law for silver certificates, in the amount equal to the seigniorage of the silver bullion purchased under the provisions of the act of July 14, 1890, entitled " An act directing the purchase of silver bullion ami the issue of Treasury notes thereon, and for other purposes," to wit, the sum of $55,156,681. That such silver certificates shall be immediately available for the payment of the current expenditures of the Government, and all laws relating to silver certificates, as far as practicable, shall be applicable to the silver certificates herein authorized. That said seigniorage shall be coined as fast as possible into legal-tender standard silver dollars and the coins held in the Treasury for the redemption of the silver certificates. Sec. 2. That the remainder of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast as is practicable, and the coin held in the Treasury for the redemption of the Treasury notes issued in the purchase of said bullion. That as fast as the bullion shall be coined for the redemption of said notes, the notes shall not be reissued, but shall be canceled and destroyed in amounts equal to the coin held at any time in the Treas- ury, and silver certificates may be issued on such coin in the manner now provided by law. Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect the provisions of this act. [February 12, 1894.] The Spkakbr. The gentleman from Missouri [Mr. Bland] asks to have read and printed in the Record a proposed amendment to the coinage bill. The proposed amendment was read, as follows : " That the Secretary of the Treasury shall immediately cause to be coined as fast as practicable the silver bullion held in the Treasury, purchased under the act of July 14, 1890, entitled ' An act directing the purchase of silver bullion and the issu- ing of Treasury notes thereon, and for other purposes,' to the amount of the gain or seigniorag«of such bullion, to wit : The sum of $55,156,681 of such coin or the silver certificates issued thereon shall be used in the payment of public expenditures, and the Secretary of the Treasury may, in his discretion, if the needs of the Treasury demand it, issue silver certificates in excess of such coinage: Provided, That said excess shall not exceed the amount of the seigniorage as herein authorized to be coined." [February 14, 1894.] Mr. BowKRS, of California, submitted as a portion of his remarks the following amendment : "Sbc. 4. That all first, second, and third class post-offices are hereby designated as postal savings bank offices, at which lawful money of the United States may be "deposited as hereafter provided. Sec. 5. That any person of the age of 12 years or over may deposit at such offices any sum of lawful money of the United States, not less than $5 nor more than $200 on the same day : Provided, That no fractions of a dollar shall be received for deposit, nor shall any depositor have standing to his credit more than $1,000, exclusive of interest, within the year following his first deposit, nor more than $2,000, exclusive of interest, to his credit at any time thereafter, nor shall any sum in excess of $2,000 be received for deposit from one person in any year.- 713 "Sec. 6. That upon the receipt of any deposit at such an office the postmaster shall deliver to the depositor a postal savings hank pass hook, in ■which he shall enter the amount of the deposit and certify it hy his official stamp, and in -which hook succeeding deposits shall he entered and certified in like manner. "Sec. 7. That any depositor -wishing to withdraw all or any part of his deposits may apply to the postmaster, -who shall furnish him -with a hlank form of applica- tion for -withdra-wal, which, when properly filled out and signed, the postmaster shall forward to the Postmaster-General at Washington, who, upon its receipt, shall draw a check upon the Treasury for the amount, and forward the same to the depositor, under cover to the postmaster who forwarded -the application, and hy him shall he delivered to the depositor. "Sec. 8. That every depositor shall forward his deposit pass hook to the Post- master-General in an envelope, which will he furnished him at the postoffioe, once in each year, namely, on the anniversary of the first deposit made, for examination and entry of amount of interest found due. "Sec. 9. That interest at the rate of 3 per cent per annum shall he computed, allowed, and entered in the pass hook to the credit of the depositor once in each year, upon the average amount on deposit for the year preceding: Provided, That if in any case, it shall he found that the total sum of interest for the year be less than half a dollar, then no interest shall be allowed or entered upon the passbook; but if the interest shall be found to be more than half a dollar and less than $1, then the interest due shall he entered on the pass hook as $1, and in no case shall fractions of a dollar be entered upon pass books or hooks of account of the postal savings bank department, it being the intent of this act that a dollar shall be the unit of all accounts of the postal savings bank department. "Skc. 10. That no sum of money deposited under this act shall, while in the hands of any postmaster, or while in the course of transmission to or from the Postmaster- General, at any time be liable to demand, seizure, or detention under any legal pro- cess against the depositor thereof. "Sec. 11. That the postmasters and other officers of the Post-office engaged in the receipt or payment of deposit shall not disclose the name of any depositor, or the amount deposited or withdrawn, except to the Postmaster-General, or to such of his officers as are appointed to assist in carrying into operation the provisions of this act. " Sec. 12. That all moneys received for deposit under this act shall he forwarded to the Postmaster-General, or to such United States depository as he may direct, as often as once each week, and daily irom such offices as he may designate ; and all moneys so forwarded shall he paid into the Treasury and shall he credited to an account to he called "the post-office savings hank" account, and all sums with- drawn on account of depositors shall be charged to such account. " Sec. 13. That postmasters of postal savings bank offices shall make daily reports to the Postmaster-General of all sums received hy them for deposit, giving particu- lars of each deposit on blanks to he furnished them, and upon receipt of such reports the Postmaster-GeneraJ shall transmit to the depositor, under cover to the postmas- ter making the report, an acknowledgment of such deposit. Such acknowledgment shall be conclusive evidence of the claim of the depositor to the repayment of the deposit on demand, with any interest that may have been allowed and entered, and until such acknowledgment is received the entry by the proper officer in the depos- itor's pass hook shall he conclusive evidence of the title as respects the deposits made. "Sec. 14. That the Postmaster-General may, with the advice and appro-^al of the Secretary of the Treasury, designate such United States depositories as may he con- venient for the postal savings bank offices and for the Treasury, where deposits authorized by this act may he made hy postmasters. " Sec. 15. That any depositor having had standing to his credit for six months the sum of $100 dollars or more may make application to the Postmaster-General that United States bonds be issued to him in lieu of such deposit : thereupon, the amount specified by the applicant being $100, or a multiple thereof, shall be transferred to the general fund of the Treasury, and bonds of the denomination of $100 each shall he issued to the depositor in lieu thereof, one bond for each $100 transferred. All such bonds shall he of the denomination of $100; shall he due and payable twenty years after date ; shall be dated July or January 1 of the year issued, and shall bear interest at the rate of 4 per cent per annum, which interest shall become due and payable on the 30th day of June of each year ; and such bonds shall he known as United States postal savings bonds, and the words ' United States postal savings bonds ' shall he printed upon the face of each of said bonds. " Sec. 16. That the Postmaster-General may, in his discretion, requixe an addi- tional bond of any postmaster of a postal savings bank office, provided such bond shall not be excessive or unreasonable in amount. "Sec. 17. That the Postmaster-General with the consent and approval of the Secretary of the Treasury, shall make the necessary regulations and prepare the 714 necessary instructions for carrying this act into effect, inclndingregulations regard- ing the deposits and withdrawal of deposits by minors and trustees, and the final disposition of deposits of deceased persons, and such regulations and instructions shall be binding on all persons to the same extent as if such regulations formed part of this act, and the Postmaster-General may, with the approval of the Secretary of the Treasury, change such regulations from time to time as may be found necessary to secure the best administration of this act; and the Postmaster-General shall transmit to Congress on the first day of each sessiona copy of all regulations made and in force and of alL changes made subsequent to his last report, and the reasons for such changes. "Sec. 18. That the Postmaster-General shall cause to be prepared and printed all necessary books and blanks required to carry this act into effect, and the Secretary of the Treasury shall cause to be prepared the required bonds. " Sec. 19. That the Postmaster-General shall, as soon as practicable after the end of each month, make a report to the Secretary of the Treasury of all moneys received and paid during the preceding month, and the total amount of deposits at the end of each month, and such report shall be published by the Secretary as soon after the close of the month as is practicable. The Postmaster-General shall make an annual report of the total amount of deposits received and paid, and the total amount due depositors for each year ending June 30; also, of all expenses incurred and such other particulars and recommendations as he shall deem necessary. Such annual report shaU be transmitted to Congress upon the first day of each regular session. "Sec. 20. That the Postmaster-General is hereby authorized to appoint a superin- tendent of the postal savings bank department, who shall be paid a salary not exceeding $5,000 per year, and who, under the Postmaster-General's direction, shall have charge of the postal savings bank business, and the Postmaster-General shall appoint such number of clerks for said department as may be found necessary to execute this law. "Sec. 21. That this amendment shall take effect and be in force on and after the 1st day of July, 1894." * # ,f # # * » Mr. Bland. I ask unanimous consent that the pending coinage bill, with the pro- posed amendments, be printed in the Record, and also in bill form. There was no objection. The bill, as originally reported, is as follows : A BILL i Bower, N.C. Eielder, Hnlick, Brattan, Eletoher, Hull, Brosius, Eunk, Ikirt, Bnndy, Gardner, Johnson, Ind. Bomes, Gear, Johnson, N. Dak. Burrows, GeiSBcnliainer, Jsy;, Cadmus, Gillet.N'.T. Kiefer, Caldwell, Gillett, Mass. Laoey, Campbell, Graham, Lapbam, Gannon, 111. Grosvenor, Lawson, Capehart, Chjckering, Clulds, Grout, Lefever, Haeer, Hainer, Linton, Lockwood, Clarke, Ala. Haines. Hall, Minn. Loud, Cobb, Mo. Loudenelager, Gockran, Harmer, LucaSj Cogswell, Harris, Maguire, Mahon, Coombs, Harter, Cooper, Wis. Hangen, Maish, Price, Eeilly, Eicharda. Eicbardson, Mich. Eicbardson, Tenn. Eitchie, Eobbins, ' Eussell, Ga. Sayers, Settle, Shell, Sibley, Simpson, Snodgrass, Somers, Springer, Stalliugs, Stockdale, Stone, Ky. Strait, Swansou, Sweet, Talbert, S. 0. Talbott,Md. Tate, Taylor, Ind. Terry, Tucker, Turner, Ga. Turner, Ya. Tyler, weadock, Wells, "Wheeler, Ala. Whiting, Williams, HI. Williams, Miss. Wise, Woodard, The Speaker. Eyan. Marvin, N.Y. McCall, McCleary, Minn. McDowell, McGann, MoKeighan, McLaurin, Meikl^ohn, Mercer, Millikrai, Moon, Morse, Murray, Northway, Oates, Payne, Pendleton, W.Va. Perkins, Phillips, Pickler, Post, Powers, Eandall, Eay, Eayner, Beed, Beybnm, Booertson, La. Bobinson, Pa. Busk, Bussell, Conn. Sobermerhorn, Scra.nton, 718 Shaw, Storer, Sherman, Straus, Siekles, Stroug, Sipe, Tarsney, Smith, Tawney, Sperry, Taylor, Tenn. Stephenson, Thomas, Stevens, Tracoy, Stone, C. W. Turpin, Stone, W. A. Updegraff, Van Voorhis, N. T. Vau Voorliis, Ohio Wadsworth, Walker, "Wanger, "Warner, "Washington, "Waugh, "Wever, "Wheeler, HI. WTiite, "WilsoD, Ohio "Wilson, "Wash. Wilson, W. Va. Wolverton, Woomer, , Wright, Mass. Wright, Pa. At the conclusion of the second call, The Speaker said: The Clerk -will call my name. The Clerk called the name of the Speaker, and the Speaker voted " aye." The Speakbk. On this question the ayes are 166, and the noes 13. The resolution is agreed to. [Applause.] The Clerk will report the pending bill under the special order. The Clerk read as follo"WS : " Be it enacted, etc., That the Secretary_ of the Treasury shall immediately issue silver certificates of the same denominations and monetary functions as is now pro- vided by law for silver certificates, in the amount equal to the seigniorage of the silver bullion purchased under the provisions of the act of July 1,4, 1890, entitled 'An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,' to wit, the sum of $55,156,681. That such silver certificates shall be immediately available for the payment of the current expendi- tures of the Government; and all laws relating to silver certificates, as far as prac- ticable, shall be applicable to the silver certificates herein authorized. That said seigniorage shall be coined as fast as possible into legal-tender standard silver dol- lars and the coins held in the Treasury for the redemption of the silver certificates. " Sec. 2. That the remainder of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast as is practicable, and the coin held in the Treasury for the redemption of the Treas- ury notes issued in the purchase of said bullion. That as fast as the bullion shall be coined for the redemption of said notes, the notes shall not be reissued but shall be canceled and destroyed in amounts equal to the coin held at any time in the Treasury, and silver certificates may be issued on such coin in the manner now provided by law. " Sec. 3. That a sufiicient sum of money is hereby appropriated to carry into effect the provisions of this act." The Speaker. The House will please be in order. The bill is now before the House for consideration for two hours. The gentleman from Missouri [Mr. Bland] is recog- nized to oifer an amendment. Mr. Blamd. I submit the substitute for the bill which I send to the Clerk's desk. The Speaker. The Clerk will report the substitute. The Clerk read as follows : Strike out all after the enacting clause, and insert : " That the Secretary of the Treasury shall immediately cause to be coined as fast as possible the silver bullion held in the Treasury, purchased under the act of July 14, 1890, entitled 'An act directing the purchase of silver bullion and the issuing of Treasury notes thereon, and for other p\irpose8,' to the amount of the gain or seign- iorage of such bullion, to wit: The sum of $55,156,681, and such coin or the silver certificates issued thereon shall be used in the payment of public expenditures, and the Secretary of the Treasury may, in his discretion, if the needs of the Treasury demand it, issue silver certificates in excess of such coinage : Provided, That said excess shall not exceed the amount of the seigniorage as herein authorized to be coined. "Sec. 2. After the coinage provided for in the first section of this act, the remainder of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be coined into legal- tender standard silver dollars as fast as possible, and the coin shall be held in the Treasury for the redemption of the Treasury notes issued in the pur- chase of said bullion; that as fast as the bullion shall be coined for the redemption of said notes, the notes shall not be reissued, but shall be canceled and destroyed in amounts equal to the coin held at any time in the Treasury derived from the coinage herein provided for, and silver certificates shall be issued on such coin in the manner now provided by law : Provided, That this act shall not be construed to change exist- ing law relating to the legal-tender character or mode of redemption of the Treasury notes issued under said act of July 14, 1890. That a sufficient sum of money is hereby appropriated to carry into effect the provisions of this act." Mr. Bland. Mr. Speaker Mr. Bykum. I make the point of order that amendments to the bill are in order before the substitute. 719 The Speaker. Amendments to the bill will be voted upon before any vote is taken upon the substitute, of course. The Chair recognizes the gentleman from Ohio [Mr. Outhwaite] to oifer an amendment. Mr. OuTHWAiTE. I'he amendment I offer is simply to strike out the second section of the substitute. Mr. Cannon, of Illinois. I desire to offer an amendment to the substitute, to strike out the second section. The Speaker. That is the amendment of the gentleman from Ohio [Mr. Outh- waite]. Mr. Cannon, of Illinois. I understood his amendment to be to strike out the second section of the original bill. The Speaker. What was the amendment of the gentleman from Ohio [Mr. Outh- waite] ? Mr. OuTHWAiTE. I moved to strike out the second section of the substitute. Mr. Springer. The gentleman from Illinois [Mr. Cannon] is in order to move to strike out the first section of the original bill. The Speaker. That was not his motion. Mr. OUTHWAITE. I desire to strike out the second section of the bill or the sub- stitiate, whichever is agreed to. As I understand it, I would like to have the amend- ment pending to the original bill if the substitute should not be adopted. Mr. Richardson, of Tennessee. I suggest to the gentleman from Ohio [Mr. Outh- waite] that the second section of the substitute is not the same as the second section of the original bill. Mr. OuTHWAiTB. I will change my amendment. I move' to strike out the second section of the original bill. Mr. Cannon, of Illinois. Mr. Speaker The Speaker. The Chair will state the question. The gentleman from Missouri offers an amendment in the nature of a substitute which has just been read. The gentleman from Ohio [Mr. Outhwaite] offers an amendment to the original text, as the Chair understands. ' Mr. Outhwaite. Now, Mr. Speaker, I make the same motion in regard to the sub- stitute. The Speaker. The Chair can not recognize the gentleman to make two motions, because other members ought to have an opportunity to offer amendments. Mr. Outhwaite. I would like to have that amendment pending. The Speaker. The gentleman has an amendment pending. Mr. Outhwaite. I will adhere to my motion to strike out the second section of the substitute, and trust that some one will submit an amendment to strike out the sec- ond section. The Speaker. The Chair would like to recognize some gentleman from the minor- ity of the committee to offer an amendment, if it is desired. Mr. Bland. The gentleman from Pennsylvania [Mr. Charles W. Stone] can offer an amendment. Mr. Johnson, of North Dakota'. I wish to offer an amendment to the substitute. The Speaker. There is one amendment pending, and there can be no more amend- ments pending to the substitute. Mr. Johnson, of North Dakota. Then I offer an amendment to the original bill. Mr. Hartman. I desire to offer an amendment to the original bill. The Speaker. The amendment of the gentleman from North Dakota will be read. The Clerk read as follows: Add to section 1 the following : " The Secretary of the Treasury shall afford to holders of standard silver dollars the same right and facilities as to redemption and exchange as now accorded to the holders of silver dimes, quarter dollars, and half dollars." Mr. Bland. I make the point of order that that relates to subsidiary coinage and is not in order in this bill. This bill provides for the coinage of standard silver dollars and the issue of certificates. That is a proposition to change the law in regard to the subsidiary coin. Mr. Johnson, of North Dakota. No, sir; I beg the gentleman's pardon; not at all. It simply proposes to put the holder of the silver dollar on the same footing as the holder of dimes and quarters as to redemption and exchange. It does not propose to change the law as to the subsidiary coinage, but simply gives the holder of the standard silver dollar the same right as the holder of subsidiary coin. Mr. Bland. It has always been held in Committee of the Whole, in consideration of a proposition relating to the subsidiary coinage, that we could not add to it one relating to the coinage of standard silver dollars. The Speaker. As at present advised, the Chair will hold that it is in order. The Chair will look further into the matter. The gentleman from New York [Mr. Straus] desires to offer an amendment. Mr, CAsnKON, of lUinois. I desire to offer an amendment, if it is in order. 720 The Speaker. Of course the gentleman knows there are only a certain number of amendments that can be pending at one time, but the House can vote them out of the way, so that other amendments can be offered. The order does not at all con- template that the House shall wait until the end of the two hours before voting upon the amendments, if the House desire to do so. Mr. Cannon, of Illinois. Have all the amendments been offered that are in order at this time under the rule ? The Speaker. The Chair will ascertain and find out. There is a substitute offered, and an amendment to the substitute, and one amendment to the original bill. The Chair recognized the gentleman from New York [Mr. Straus] to offer an amendment, which the Clerk will report, and see whether it is in order as an amend- ment to the amendment. The Clerk read as follows : "That the Secretary of the Treasury be, and he is hereby, authorized to issue from time to time coupon and registered bonds of the United States in denominations of $20 and multiples of that sum, payable in coin after five years from date, and bear- ing interest at-a rate not exceeding 3 per cent per annum, payable quarterly in coin, and to sell and dispose of the same at not less than par in coin; and the proceeds of such bonds shall be paid into the Treasury and held and used for the purposes now authorized by law." Mr. Beed. That is not in order. Mr. Bland. I make the point of order that it is not germane. The Speaker. It does not seem to the Chair, after some reflection on this ques- tion — because it is only fair to say that the Chair had notice of the amendment — it does not seem to the Chair that the amendment is germane. The pending propo- sition is a proposition to coin the seigniorage in the Treasury and also the fund of bullion that is contained therein belonging to the United States. This proposition to deal with a bond issue the Chair does not believe is germane either to the amendment or to the text of the original bill. Therefore, the Chair must sustain the point of order against the amendment. The Chair now recognizes the gentleman from Illinois [Mr. Cannon] to offer an amendment to the amend- ment. » # » * # *» * The Speaker. The gentleman from niinois [Mr. Cannon] offers an amendment, as the Chair understands, to the amendment of the gentlemen from North Dakota. It will be read. The Clerk read as follows : "That any owner of silver bullion may deposit the same at any coinage mint or at any assay office in the United States that the Secretay of the Treasury may designate, and receive therefor Treasury notes hereinafter provided for, equal at the date of deposit to the net value of such silver, at the market price, such price to be deter- mined by the Secretary of the Treasury under rules and regulations prescribed, based upon the price current in the leading silver markets of the world. " Sec. 2. That the Secretary of the Treasury shall cause to be prepared Treasury notes in such amounts as may be required for the purpose of the above section, and in such form and denomination as he may prescribe : Provided, That no note shall be of a denomination less than $1 nor more than $1,000. "Sec. 3. That the notes issued under this act shall be a legal tender in payment of all debts, public and private, except when otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues, and when received into the Treasury may be reissued, and such notes, when held by any national banking association, shall be counted as yart of its lawful reserve. " Sec. i. That the notes issued under the provisions of this act shall be redeemed upon demand at the Treasury of the United States or at the office of an assistant treasurer of the United States, by the issue of a certificate of deposit for the sum of the notes so presented, payable at one of the mints of the United States, in an amount of silver bullion equal in value, on the date of said certificate, to the num- ber of dollars stated therein, at the market price of silver, to be determined as pro- vided in section 1; or such notes may be redeemed in gold coin, at the option of the Government : Provided, That upon demand of the holder such notes shall be redeemed in silver dollars. "Sec. 5. That when the market price of silver, as determined by the Secretary of the Treasury, shall exceed $1 for 371.25 grains of pure silver, it shall be the duty of the Secretary of the Treasury to refuse to receive deposits of silver bullion for the purposes of this act : Provideei, That when the market price of silver, as determined in accordance with section 1 of this act, is $1 for 371.25 grains of pure silver, it shall be lawful for the owner of any silTer bullion, the deposit of which for notes is herein provided for, to deposit the same at any coinage mint of the United States, to be 721 formed into standard silver dollars for his benefit as provided in the act of January 18, 1837. ''Sec. 6. That it shall be lawful for the Secretary of the Treasury, with the approval of the President of the United States, to suspend, temporarily, the receipt of silver bullion for Treasury notes at any time when he is satisfied that through combinations or speculative manipulations of the market the price of silver is arbi- trary,- nominal, or fictitious. "Sec. 7. That the silver bullion deposited under this act, represented by Treasury notes which have been redeemed in gold coin or in silver dollars, maybe coined into standard sUver dollars or any other denomination of silver coin now authorized by law, for the purpose of replacing coin used in the redemption of the notes. . " Sec. 8. That any gain or seigniorage arising from the coinage which may be executed under the provisions of this act shall be accounted for and paid into the Treasury as provided by existing law. " Sec. 9. The silver bullion received under the provisions of this act shall be sub- ject to the requirements of existing laws, and the regulations of the mint service, governing the methods of receipt, determining the amount of pure silver contained, and the amount of charges or deductions, if any, to be made. " Sec. 10. That nothing in this act shall be construed to prevent the purchase, from time to time, as may berequired, of silver bullion for the subsidiary silver coin- age, nor to affect the legal-tender quality of the standard silver dollar. "Sec. 11. That a sum sufBicient to carry out the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise ppropriated. " Sec. 12. That this act shall take effect thirty days from and after its passage." Mr. Bland. Mr. Speaker, it has been very difficult to hear the reading of this propo- sition on account of the confusion in the House, and I do not know that I get at its whole purport. But it seems to me it is hardly germane to this bill, which provides for the coinage of the silver bullion in the Treasury. This proposition of the gen- tleman from Illinois, so far as I can gather its purport, proposes to deposit bullion and issue certificates therefor to be redeemed in gold or silver when demanded Mr. Cannon, of Illinois. It gives the Government the option to redeem in gold or in silver bullion at its then value. A Membar. At its gold value. / Mr. Cannon, of Illinois. Yes, sir. Mr. Bland. This bill provides for the coinage of silver now in the Treasury into standard dollars, to be paid out in redemption of outstanding notes when demanded by the holders. It does seem to me that this amendment is not germane to the meas- ure under consideration. I shall have to make a point of order on the original amendment and on the amendment to the amendment. • »•*»** The Speaker. The Chair is not familiar with, and has not been able to carefully consider, all of the provisions of this proposed amendment; but it is a well-estab- lished rule that if any part of an amendment is out of order, or is not germane, that fact taints the character of the whole ; and the Chair thinks that in order to author- ize an amendment to the pending proposition, the gentleman must have his amend- ment in such shape that no part of it is out of order. Now it is clear to the Chair Mr. Hartman. Mr. Speaker The Spbakbk. The Chair cannot be interrupted. It is clear, to the Chair that the first proposition contained in the amendment is out of order and not germane. Whereas the pending bill proposes to deal with the silver now in the Treasury, this is a proposition to permit all holders of silver to take it to the Treasury and have it coined under a free-coinage proposition, a proposition dealing with silver which is outside of the Treasury; and therefore the Chair does not think it in order, and so holds. • • * » • » * Mr. Abbott. I desire to offer an amendment to the amendment of the gentleman from North Dakota [Mr. Johnson]. The Speaker. The gentleman will send it up. The amendment was read as follows : Amend the biU (H. R. 4956) by striking out all after the enactiug clause and insert the following : "That the Secretary of the Treasury is hereby authorized and required to transfer to the several mints of the United States and cause to be coined into legal-tender standard silver dollars, and into such minor silver coins as he may deem advisable, at least 2,000,000 ounces per month of the silver bullion purchased under the provi- sions of the act entitled 'An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,' approved July 14, 1890, and a sum sufficient to earry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated, S. Eep. 235 4=6 722 "Second. Thatafterthepassageof thisact the Secretary of tlie Treasury is directed that whenever the Treasury coin notes issued in accordance with the provisions of »the said act of July 14, 1890, or whenever the silver certificates issued by virtue , of any act of Congress authorizing the issue of such certificates on the deposit of silver dollars are presented for redemption, to redeem such notes and certificates in either gold or silver: Provided, That in case the amount of coined gold in the Treas- ury exceeds the amount of the coined silver the Secretary of the Treasury shall redeem such notes and certificates in gold coin, hut in case the silver coin in the Treasury exceeds the amount of gold coin, such notes and certificates shall X>6 redeemed in silver coin. "Third. That the Secretary of the Treasury is authorized and directed to issue Treasury coin notes in amount equal to the gain or seigniorage of the silver bullion purchased under the provisions of said act of July 14, 1890, and such Treasury notes shall be immediately available for the payment of the current expenditures of the Government: Provided, That hereafter no Treasury notes of less denomination than $5 shall be issued, "Fourth. That upon the deposit in the Treasury of any gold or silver coin the Sec- . retary of the Treasury shall issue Treasury coin notes to the nominal amount of such deposit, and all laws authorizing the issue of gold and silver certificates are hereby repealed, and all laws in conflict herewith are hereby repealed." * # * # # « * Mr. Nbwlands. Mr. Speaker, I understand that under the rules of the House no further amendment can be offered until one of the pending amendments is disposed of. In that event I shall ask permission to' introduce an amendment to the first section, as follows : "No silver certificates. Treasury notes under the act of 1890, United States notes commonly called greenbacks, or national-bank notes shall hereafter be issued of a denomination less than $10." # « « * « • • Mr. Haetman. Is an amendment for the free coinage of silver now in order? I did not understand the statement of the Chair. The Speaker. It is not. No other amendment is in order, because the previous question is ordered. The Clerk wUl first report the amendment of the gentleman from North Dakota [Mr. Johnson]. The Clerk read as follows : Add to section 1 the following words : " The Secretary of the Treasury shall afford to holders of standard silver dollars the same rights and facilities as to redemption and exchange as are now accorded to the holders of silver dimes, quarter dollars, and half dollars." The Speaker. To this the gentleman from Texas [Mr. Abbott] offers an amend- ment, on which the vote will first be taken. The Clerk will now report the amend- ment of the gentleman from Texas [Mr. Abbott]. The Clerk read as follows: Amend the bill (H. E. 4956) by striking out all after the enacting clause and insert the folio wing : " That the Secretary of the Treasury is hereby authorized and required to transfer to the several mints of the United States and cause to be coined into legal-tender standard silver dollars, and into such minor silver coins as he may deem advisable, at least 2,000,000 of ounces per month of the silver bullion purchased under the pro- visions of the act entitled ' An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,' approved July 14, 1890, and a sum sufficient to carry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. " Second. That after the passage of this act the Secretary of the Treasury is directed that whenever the Treasury coin notes issued in accordance with the pro- visions of the said act of July 14, 1890, or whenever the silver certificates issued by virtue of any act of Congress authorizing the issue of such certificates on the deposit of silver dollars are presented for redemption, to redeem such notes and certificates in either gold or silver : Provided, That in case the amount of coined gold in the Treasury exceeds the amount of the coined silver, the Secretary of the Treasury shall redeem such notes and certificates in gold coin, but in case the silver coin in the Treasury exceeds the amount of gold coin, such notes and certificates shall be redeemed in silver coin. " Third. That the Secretary of the Treasury is authorized and directed to issue Treasury coin notes in amount equal to the gain or seigniorage of the silver bullion purchased under the provisions of said act of July 14, 1890, and such Treasury notes shall be immediately available for the payment of the current expenditures of the Government : Provided, That hereafter no Treasury notes of less denomination than $5 shall be issued. 723 " Fourth. That upon the deposit in the Treasury of any gold or silver coin the Secretary of the Treasury shall issue Treasury coin note's to the nominal amount of such deposit, and all laws authorizing the issue of gold and silver certificates are hereby repealed, and all laws in conflict herewith are hereby repealed." it * "ft ^6 # # •* The Speaker. The question is on this amendment to the amendment offered by the gentleman from Texas [Mr. Abbott] . ' The question was taken ; and the amendment to the amendment was rejected. The Speaker. The question now is on the amendment of the gentleman from North Dakota [Mr. Johnson], which the Clerk will report. The Clerk read as follows : Add to section 1 the following words : " The Secretary of the Treasury shall afford to holders of standard silver dollars the same rights and facilities as to redemption and exchange as are now accorded to the holders of silver dimes, quarter dollars, and half dollars." The question was taken on the amendment of Mr. Johnson of North Dakota, and the Speaker announced that the " noes" seemed to ha^e it. Mr. Tkacey. Division, Mr. Speaker. I think that is a good amendment. The House divided; and there were — ayes 71; noes 156. Accordingly the amendment was rejected. The Speaker. There is a substitute offered by the gentleman from Missouri [Mr. Bland] . The question is upon the amendment to that substitute offered by the gen- tleman from Ohio [Mr. Outhwaite]. The Clerk will first report the substitute. The Clerk read as follows : Strike out all after the enacting clause and insert: " That the Secretary of the Treasury shall immediately cause to be coined as fast as possible the silver bullion held in the Treasury, purchased under the act of July 14, 18S,0, entitled 'An act directing the purchase of silver bullion and the issuing of Treasury notes thereon, and for other purposes,' to the amount of the gain or seignior- age of such bullion, to wit: The sum of $55,156,681, and such coin or the silver cer- tificates issued thereon shall be used in the payment of public expenditures, and the Secretary of the Treasury may, in his discretion, if the needs of the Treasury demand it, issue silver certificates in excess of such coinage: Provided, That said excess shall not exceed the amount of the seigniorage as herein authorized to be coined." The Speaker. Section 2 of the substitute, which the Clerk is now about to read, is the section which the gentleman from Ohio [Mr. Outhwaite] proposes by his amendment to strike out. He proposes to strike out the section which the Clerk will now report. The Clerk read as follows : " Sec. 2. After the coinage provided for in the first section of this act, the remain- der of the silver bullion purchaseJ in pursuance of said act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast as possible, and the coin shall be held in the Treasury for the redemption of the Treasury notes issued in the pur- chase of said bullion; that as fast as the bullion shiiU be coined for the redemption of said notes the notes shall not be reissued, but shall be canceled and destroyed in amounts equal to the coin held at any time in the Treasury derived from the coin- age herein provided for, and silver certificates shall be issued on such coin in the manner now provided by law : Provided, That this act shall not be construed to change existing law relating to the legal-tender character or mode of redemption of the Tteaaury notes issued under said act of July 14, 1890." The Speaker. The gentleman from Ohio proposes as an amendment to strike that section out. Mr. BLAJifD. 1 understand that following that is a provision providing that a particular sum of money be appropriated. The Speaker. The amendment of the gentleman from Ohio dpesnot reach to that. The amendment of the gentleman from Ohio is to strike from the substitute the second section, which has just been read. The question was taken on the amendment of Mr. Outhwaite, and the Speaker announced that the noes seemed to have it. Mr. Outhwaite. Division. The House divided; and there were— ayes 64, noes 139. Mr. Outhwaite. I should like to have tho yeas and nays on that. The yeas and nays were ordered. 724. The question was taken; _and there Tvere — yeas 130, nays 144, not voting 78 ; as follows : YEAS— 130. Adama, Ky. Davey, Hull, Price, Apsley, De Forest, Johnson, Ind. Kandall, Avery, Dingley, Johnson, N. Dak. Eay, Babcock, DoUiTer, Johnson, Ohio Eitchie, Baldwin, Draper, Joy, Eobinson, Pa. Barnes, Dunn, Kiefer, Busk, Barwig, . Dunphy, Kribbs, Eyan, Kelden, Durborow, Lacey, Schennerhom, BeltzUoover, Erdman, Lapham, Shaw, Berry, Everett, Lockwood, Sherman, Blair, Fielder, Loudenslager, Sickles, Breclcinridgti, Ark. Funston, Lynch, Somers, Breckinridge, Ky. Gardner, liagner. Sperry, Brickner, Gear, McAleer, Stevens, Brosius, GeissenbaiTier, McCall, ' Stone, C. "W. Bynum, Gillet, N. Y. McClearv. Minn. Stone, W.A. Cadmns, Goldzier, MoBttriok, Storer, Campbell, Gorman, McGaun, Straus, Caruth, Gresbam, McKaig, Strong, Catcliings, Griffin, Meiklejohn, Talbott, Md, Causey, Hager, Mercer, Tawney, Chickering, Hainer, Meyer, - Traoey, Clancy, Haines, Mntchler, Tan Voorhis, Ohio Clarke, Ala. Hall, Minn. O'Neil, "Walker, Cobb. Mo. Hare, Outhwaite, "Warner, Cogswell, Harter, Page, Wells, Compton, Hayes, Patterson, Wheeler, 111. Coomba, Henderson, HI. Tayne, Wilson, Ohio Cornish, Hitt, Pendleton, Tex. Wise, Covert., Hooker, N. Y. Pendleton, W. Ta. Wooraer, Cummings, Curtis, N. T. Hopkins, 111. Perkins, Wright, Mass. Hopkins, Pa. Phillips, Daniels, Hnlick, Pigott, NAYS— 144. Abbott, Crawford, Kilgore, Post, Aitken, Culberson, Kyle, Eeilley, Alderson, Curtis, Eans. lane. Eichards, Alexander, Davis, Latimer, Eichardaon, Mich. Allen, De Armond, Layton, Eichardson, Tenn. Arnold, Denson, Lester, Bobbins, Bailey, Dinsmore, Lisle, EusseU, Ga. Baker, Eang. Dockery, Livingston, Sayers, Bankhead, Donovan, Lucas, Settle, Bell, Colo. Doolittle. Maddox, Shell, BeU, Tex. Edmunds, Maguire, Mallory, Sibley, Black, Ga. Ellis, Ky. Simpson, Snodgraaa, Black, lU. Ellis, Oregon, Marsh, Bland, Bnloe, Marshall, Springer, Boatner, Epes, Martin, Ind. Stallings, Boen, Fithian, McCreary, Ky. Stockdale, Bowers, Cal. ' Forman, McCulloch. Stone, Ky. Branch, Fyan, McDannold, Strait, Bretz, Geary, McDearmon, Swanaon, Broderick, Goodnight, McKeighan, Sweet, Brookshire, Grady, MoMillin, Talbert, S. 0. Brown, Hall, Mo. MoNagny, Tate, Bryan, Hammond, McEae. Taylor, Ind. Bunn, Hartman, Meredith, Terry, Cabanisa, Hatch, Money, Tucker, Camjnetti, Heard, Montgomery, Turner, Ga. Caiinon, Cal. Hender.son, N. C. Morgan, , Turner, Ta. Clark, Mo. Hepburn, Moses, Turpin, ' Cobb, Ala. Homiann. Murray, Tyler, "Weadock, Cockrell, Holman, Ifeill, Cotteen, Hooker, Miss. ITewlands, Wheeler, Ala. Conn, Hudson, Paschal, Whiting, Cooper, Fla. Hunter, Paynter, Williama, HI. Cooper, Ind. Hutcheson, Pearson, Williams, Miss. Cooper, Tex. Jones, Pence, Wilson, Wash. Cox, Jiem, Pickler, NOT TOTING— 78. Wooodard. Adanss, Pa. Caldwell, Graham, Ifcirt, Aldrich, Cannon, 111. Grosvenor, Lawson, Baker, N. H. Capehart, Grout, Lefever, Bartholdt, Cbjlds, Harmor, Linton, Bartlett, Cockran, Harris, Loud, Bingbam, Cooper, Wis. Haugen, Mahon, Blancbard, Cousins, Heiner, Marvin, N.Y. Bontelle, Grain, Henderson, Iowa McDowell, Bower, N. C. Dalzell, Hendrix, McLaurin, BrattHU, English, Hicks, Millikeu, Bundy, Fletcher, Hilbom, Moon, Bnmes, Fnnk, Hines, Morse, Burrows, GiUett, Mass. Houk, Northway, 725 Oate!), Powers, Qoigg, Kayner, Seed, Eeybum, Bobertson, La. Bnssell, Conn. Scranton, Sipe, Smith, Stephenson, Tarenoy, Taylor, 'Xenn. Thomas, TJpdegraff Van voorhis, If. T, "Wadsworth, "Wan gar, Washington, "Wangh, ■Wever, "White, "Wilson, "W. Ta. "Wolverton, "Wright, Pa. Mr. OUTHWAITE. Mr. Speaker, I will ask for a recapitulation of the vote. The vote "was recapitulated. The Spjsaker. On this question the yeas are 130, the nays are 144. The noes have it, and the amendment is not agreed to. [Applause on the Democratic side.] The question now is on the substitute offered by the gentleman from Missouri for the original bill. , The Speakbk. The question is on agreeing to the substitute proposed by the gentleman from Missouri. The question was taken; and the Speaker announced that the ayes seemed to have it. Mr. Tracet. Division. The House divided ; and there were — ayes, 165; noes, 14, . Mr. Tracet. Tellers, Mr. Speaker. Mr. Bland. Let us have the yeas and nays. The yeas and nays were ordered. The question was taken; and there were — yeas 172, nays 94, not voting 86; as fol- lows: YEAS-173. Abbott, Crawford, Kem, Post, Aitken, Culberson, Kilgore, Kribbs, Price, Alderson, Cmnmings, Beilly, Alexander, Curtis, Kans. Kyle, Bichards, Allen, T)avey, Xacey, Eichardson, Mich. Arnold, Davis, Lane, Bichardson, Teun. Bailey, DeArmond, Latimer, Eitoble, Baker, Kan». Den son. Layton, Bobbins, Bankhead, Dinsmore, Lester, Busk, Bell, Colo. Dockery, Lisle, Buasell, Ga. Bell, Tex. Donovan, Livingston, Sayers, Black, Ga. Doolittle, Lucas, Settle, Black, lU. Dnrborow, Maddox, Shell, Bland, Edmunds, Maguire, Mallory, Sibley, Boatner, Ellis, Ky. Sickles, Been, Ellis, Oreg. Marsh, Simpson, Bowers, Cal. Enloe, Marshall, Snodgraas, Branch, Epes, Martin, Ind. Springer, Breckinridge, Ark. Erdman, MoCrearv, Ky. Stallings, Breckinridge, Ky. Fithuin, MoCnlloch, Stockdale, Bretz, Forman, McDannold, Stone, Ky. Broderick, Funston, McDearmon, Strait, Brookshire, Eyan, McGann, Strong, Brown, Geary, Goodnight, McKeiglian, MoMiifin, Swauson, Bryan, Sweet, Bnnn, Gorman, MoNagny, Talbert, S. C. Bynum, Grady, Gresham, McBae, Talbott, Md. Cabaniss, Meredith, Tate, Oaminetti, Hall, Mo. Money, Taylor, Ind. Gannon, Cal. Hammond, Montgomery, Terry, Carnth, Hare, Morgan, Tucker, GatcbinsB, Clark, Mo. Hartman, Moses, Turner, Ga. Hatch, Murray, Turner, Va. Clarke, Ala. Hayes, ITeill, Turpin, Cobb, Ala. Heard, Newlanda, "Weadock, Cockrell, Henderson, N". C. Paschal, Cofleen, Hermann, Patterson, "Wheeler, Ala. Compton, Holman, Paynter, Whiting, Conn, Hooker.Miss. Pearson , Williams, 111. Cooper, Fla. Hudson, Pence, Williams, Misa. Cooper, Ind. Hunter, Pendleton, Tex. Wilson, Wash. Cooper, Tex. • Hutcheson, Pendleton, "W. Ta. Wise, Coi, Jones, Pickler, irATS-94. Woodard. Adams, Ky. Burrows, Fletcher, Hopkins, Pa. Hulick, Adams, Fa. Caldwell, Fnnk, Aldricji, Campbell, Chickering, Gear, HnU, Apsley, Babcock, Geisaenbainer, Johnson, Ind. Clancy, Gillet, N. X. Johnson, N. Dak. Barnes, Cogswell, Goldzier, Johnson, Ohio. Barwig, Belden, Coombs, Griffln, Kiefer, Cousins, Haines, Lapham, Beltzboover, Curtis, K. T. Harmer, Lockwood, Berry, Dingley, Dolliver, Draper, Harter, Loudenslager, Bingham, Henderson, lU. Hitt, Lynch, Magner, Mabon, Bontelle. Dunn, gooker, IT. T. Bnuias, Dnnpby, Hopkins, 111. MoAle«r, 72G McCall, McEttriok, McKaijs;, Meikl^oliiif Mercer, Meyer, Mutctaler, O'NeU, Oatliwaite, Page, Avery, Baker, IT. H. Baldwin, Bartholdtt Bartlett, Blan chard, Bpwer, N, C- Brattan, Brickner, Bundy, Burnes, Cadmus, Caunon, HI. Capehart, Causey, Childs, Cobb. Mo. Cockrau, Cooper, AVia. Cornish, Covert, Ci'ain, Perkins, Stevens, "W"aiiger, Philips, Pigoft, Stone, C. W. "Waugh, Stone, AV. A. "Wells, Eandall, , Storer, "W"ever, Eay, Tawney, "Wheeler, 111. Eoblnson, Pa. Thomas, "Wilson, Ohio. Schermevhorn, Updegraff, "Van voorhis, Ohio. "Woomer, Soranton, Wright, Mass. Shaw, "Wadsworth, Sherman, "Walker, NOT VOTING— 86. Dalzell, Hinea, Eeybnm, Daniels, De Forest, Houk, Eobertson, La. Ikirt, Bussell, Conn. English, Joy, Eyan, Everett, Lawson, Sipe, Ei elder. Lefever, Smith, Gardner, linton, Somers, Gillett, Mass. Loud, Sperry, Graham, Marvin, K.T. Stephenson, Grosvenpr, McCleary, Minn. Straus, Grout,' McDowell, Tarsney, "Harger, McLaurin, Taylor, Tenn. Hainer, Milliken, Tracey, Van "Voorhis, N. Hall, Minn. Moon, Harris, Morse, "Warner. Haugen, Iforthway, "Washington, Heiner, Gates, "White, Heuderson, Iowa Payne, Vrilaon,"W.Va. Hendrix, Powers, "Wolverton, Hepburn, Qnigg. "Wright, Pa. Hicks, Eayner, Hilbom, Beed, So the substitute was agreed to. The Spkaker. The question now is on the engrossment and third reading of the- amended bill. The bill was ordered to be engrossed and read a third time; and it was ac- cordingly engrossed and read the third time. Mr. Tra-Cey. Mr. Speaker^ I move that the bill be recommitted to the Committee on Coinage^ Weights, and Measures without instructions. The question was taken on the motion of Mr. Tracey, and the Speaker declared that the *'n6es*' seemed to have it, Mr. Tracey. I ask for a division. The House divided; and there were — ayes 72, noes 160. Mr. Tracey. I ask for the yeas and nays. The yeas and nays were ordered, 72 members voting in favor thereof. The question was taken ; and there were — yeas 132, nays 168, not voting 52 ; as follows ; Adams, Ky. Adams, Pa. Aldrich, Apsley, Arery, Baker, N.H, Baldjpin, ^Barnes, ^Barwig, Belden, Eeltzh cover, Biugham, Blair, Boutelle, Brickner, Brosius, Burrows, Cad mu8, Caldwell, CampbelL Caunon, III, Causey, Chickering, Clancy, Cobb,Mo. Cogswell, Coombs, Cooper, "Wia. Cornish, Cousifls, Covert, Curtis, K.T. Danielis,. TEAS 132. Davey, Hulick, De Eorest, HuU, Dingley, Johnaon, Ind. Dolliver, Johnson, H. Dak. Draper, Joy, Dunn, Kiefer, Dunphy, Lapham, Erdman, Loukwopd, Everett, Loudenslager, Eielder, Lynch, Magner, Eietcher, Eunk, Mahon, Gardner, MoAleer, Gear, McCall, Geissenhalner, McCleary, Minn. Gillet N.X. MoEttriok, Goldzier, Meikl^ohn, Griffin, Mercer, Grout, Meyer, Hager, Mutchler, Hainer, O'Neil, Haines, Outhwaite, Hall, Minn. Page, Harmer, Payne, Harter, Perkins, Haugen, Phillips, Pigott Hayes, Heiner, Eandall, Henderson, HI. Hitt, Hooker, IT. T. Eay, Eeed, Hopkins, IU. Eeybum, EoDinson, Pa. Hopkins, Pa. Busk, Byan, Scnermerhom, Soranton, Shaw, Slierman, Sickles, Somers, Sperry, Stephenson, Stevens, Stone, C. W, Stone, W. A, Storer, Straus, Strong, Tawney, Thomas, Tracey, Updegraff, Van Voorhis, Ohio IVadsworth, "VTalker, "Wanger, "Warner, ^augli, "SVells, "Wever, "Wheeler, HL "White, "Wilson, Ohio "Woomer, "Wright, Mass. 727 Abbott, Altken, Alderson, Alexander, Allen, Arnold, Bailey, Baker, Kans. Bankhead, Bell, Colo. Bell, Tex. Beriy, Black, Ga. Black, IlL Bland, Boatner, Boen, Bowers, Cal. Branch, Breckinridge, Ark. Breckinridge, Ky. Bretz, Broderick, Brookshire, Brown, Bryan, Bnnn, Bynnm, Cabaniss, Caminetti, Gannon, Cal. Camth, Catchlngs, Clark, MO. Clarke, Ala. Gobb,Ala. Cockrell, Gofieen, Compton, Conn, Cooper, !Fla. Cooper, Ind. Babcock, Bartholdt, Bartlett, Blanchard, Bower, N. 0. Brattan, Bundy, Bnrnes, GapehaiT, Ghllds, Cockran, Crain, Dalzell, Cooper, Tex. Cox, Crawford, Culberson, Cumrainga, Curtis, Kans. Daris, Be Armond, Benson, Bin sm ore, Bookery, Donovan, Doolittle, Burborow, Edmunds, Ellis, Ky. Ellis, Oreg. Enloe, Epes, Fithian, Forman,) Fonston, 3Pyan, Geary, Goodnigbt, Gorman, Grady, Gresnam,] Hall, Mo. Hammond, Hare, Hartman, Hatch, Heard, Henderson, M". C. Hepburn, Hermann, HoluLan, Hooker, Miss. Hudson, Hunter, Hutoheson, NOT EngliBb, Gillett, Mass. Graham, Grosvenor, Harris, Henderson, Iowa Hendricks, Hicks, Hilbom, Hines, Houk, Hurt, Lawson, NATS— 16S. Johnson, Ohio Jones, Kern, Kjlgore, Kribbs, Kyle, Lacey, Lane, Latimer, Layton, Lester, Lisle, Livingston, Lucas, Maddox, Maguire, Mafiory, Marsh, Marshall, Martin, Ind. McCreary, Ky. McCulloch, McDannold, McBearmon, McGann, McKaig, ' McXeignan, McMilSn, McNagny, MjcHae, Meredith, Money, Montgomery, Morgan, Moses, Neill, Newlands, Paschal, Patterson, Paynter, Pearson, Pence, VOTING— 52. Lefever, Linton, Lond, Marvin. N. T. McDowell, McLaurin, Milliken, Moon, Morse, Murray, Northway, Oates, Powers, Pendleton, Tex. Pendleton. W. T». Pickler, Post, Heilly, Kichards, Eichardson, Mich. Bichardson, Tenn. Hitchie, Kobbins, Bussell, Ga. Siiyers, Settle, Shell, Sibley, Simpson, Snodgrass, Springer, Stalliugs, Stockdale, Stone, Ky. Strait, Swan son. Sweet, Talbert, S. C. Talbott, Md. Tate. Taylor, Ind. Terry, Tucker, Turner, Ga. Turner, Va. Turpin, Tyler, Weadock, "Wheeler, Ala. Whiting, Williams, 111. Williams, Miss. Wilson, Wash. Wise,* Woodard. Price, Eayner, Kooertson,La. Hussell, Conn. Sipe, Smith, Tarsney, Taylor, Tenn. Van Yoorhis, N. T. Washington, Wilson, W.Va. Wolverton, Wright, Pa. So the motion to recommit was rejected. The question then recurring on the passage of the hill, there were on a diTision (called for by Mr. Compton) — ayes 154, noes 34. Mr. Teacey. I call for the yeas and nays. The yeas and na.ys were ordered. The question was taken; and there were— yeas 168, nays 129, not voting 56; as follows : Abbott, Aitken, Alderson, Alexander, Arnold, Bailey, Baker, Sana. Bankhead Bell, Colo. Bell, Tex, Berry, Black, Ga. Black, 111. Bland, Boatner, Boen, Bowers, Cal. Branch, Breckinridge, Breckinridge, Bretz, Broderick, Brookshire, Brown, Bryan, ' Bunn, Bynum, Cabaniss, Caminetti, Cannon, Cal. Caruth, Catchings, Clark, Mo. Clarke, Ala. Cobb, Ala. Cockrell, TEAS— 168. Ark Coffeen, Ky. Conn, Cooper, Fla. Cooper, Ind. Cooper, Tex. Cox, Crawford, Culberson, Curtis, Kans. Darey, Davis, De Armond, Denson, Dinsmore, Dockery, Donovan, Doolittle, Burborow, Edmunds, Ellis, Ky. Ellis, Oregon Enloe, Epes, Fithian, Forman, Funston, Fyan, Geary, Goodnight^ Gorman, Grady, Gresnam, Hall.Mo. Hammond, Hare, ' Hartman. 728 E9.tch, Maguire, MaHory, Patterson, Stockdale, Heard, Paynter, Stone, Ky. Henderaon.N. C. Marsb, Pearson, Strait, Hepburu, Marshall, Pence, Swan son. Hermann, Martin, Ind. Pendleton, Tex. Sweet, Holman, McCleary, Minn. Pendleton, W. V». Talbert, S. C. Hooker, Miss. MoCreary, Ky. Pickler, Tate, Hudson, McCuUocb, McDannold, Post, Taylor, Ind. Hunter, Price, Terry, Hutcheson, McDearmon, KeiUy, Tucker, Jones, McGann, Elichards, Turner, Ga. Kern, Kilgore, Kritbs, McKeighan, McMillln, Ecchardson, Mich. Eiohardson, Tenn. Turner, Ta. Turpin, McNagny, Eilohie, Tyler, Kyle, McRae, Eobbina. Weadock, Lacey, Meredith, Eussell, Ga. Wheeler, Ala. Lane, Money, Savers, White, Latimer, Montgomery, Settle, Whiting, Layton, Morgan, SheU, Williams, 111. Lester, Moses, Sibley, WllliamB, Miss. Lisle, Murray, Simpson, Wilson, Wash. Livingston, H-eill, Snodgrass, Wise, Lucas, Newlands, Springer, Woodard, Haddox, Paschal, Stallings, NATS-129. The Speaker. Adams, Ky. De Forest, Johnson, IN*. Dak. Schermerhom, Aldrich, Dingley, Johnson, Ohio. Scran ton. Apsley, Bolhver. Joy, Shaw, ATery, Draper, Keifer, Sherman, Babcock, Dunphy, Lapham, Sickles, Baker, N.H. Erdman, Lockwood, Somers, Barnes, Everett, Loud, Sperry,' Earwig, Fielder, Loudenslager, Stephenson, Belden, Fletcher, Lynch, Magner, Manon, Stevens, Beltzhoover, Funk, Stone, C. W. Blair, Gardner, Stone, W.A. Boutelle, Gear, McAleer, Storer, Brickner, Geissenhainer, Gillet, N.T. McCaU, Straus, Brosius, McBttriek, Strong, Burrows, Goldzier, McKaig, Talbott,Md. Cadmus. GrifSn, Meiklejohn, Tawney, CaldweU, Grout, Mercer, , Tracey, Oampbell, Hager, Meyer, Updegraff, Tan Voorhis, Ohio Cannon, 111. Haaner, Mutchler, Causey, Haines, O'Keil, Wadsworth, Chickering, Harmer, Onthwaite, Walker, Clancy, Barter, Page, Wanger, Cobb, Mo. Haugen, Payne, Warner, Cogswell, Hayes, Perkins, Waugh, Compton, Hemer, Phillips, Wells, Coombs, Henderson, HI. Pigott, Wever, Cooper, "WlB. Hitt, Quigg, Wheeler, 111. Cornish, Hooker, N.T. Eandall, Wilson, Ohio, Cousins, Hopkins. 111. Bay, Woomer, Covert, Hopkins, Pa. Hulick, Eeed, Wright, Mass. Curamings, Curtis, if. Y. Eeybum, Eobinson, Fa. Hull, Daniels, Johnson, Ind. Eyan, NOT VOTING— 56. Adams, Pa. Grain, Honk, Eayner, Allen, Dalzell, Ikirt, Eobertson, La. Baldwin, Dunn, Lawson, Eusk, Eartboldt, English, Gillett, Ma«s. Lefever, Eussell, Conn. Bartlett, Linton, Sipe, Bingham, Graham, Marvin, N.T. Smith, Blanchard, Grosvenor, McDowell, Tarsney, Bower, S. 0. Hall, Minn. McLaurin, Taylor, Tenn. Brattan, Harris, Milliken, Thomas, Bundy, Henderson, Iowa Moon, Van Voorhis, N.T. Burnes, Hendricks, Morse, Washington, Capebart, Childs, Hicks, Northway, Wilson, W. Va. Hilborn, Gates, Wolverton, Cockran, Hines, Powers, Wright, Pa. So the bill was passed. Mr. Kyan. I ask for a recapitulation of the vote. The vote having been recapitulated — The Speaker. On this question the yeas are 168 and the nays 129. , So the bill is issed. [Loud applause on the Democratic side.] On motion of Mr. Bland a motion to reconsider the last vote was laid on the table 7.29 IN THE SENATE. fMarcli 5, 1894.] Eeceived from the House, read the first time by its title, and laid on the table. * * # # « H * ' Mr. Stewart. I give notice of an amendment which I intend to submit to the bill, which I ask may be read and lie on the table. * * # * « « • The Vice-President. The proposed amendment will be read. The Secretary. It is proposed to add to the bill the following sections: "Sec. 3. That the silver coins of the United States shall be composed of standard silver. That of the silver coins the dollar shall be of the weight of 412J grains ; the half dollar of the weight of 206J grains; the quarter dollar of the weight of lOSJ grains; and the dime, or tenth part of a dollar, of the weight of 41J; grains. And that dollars, half dollars, quarter dpUars, and dimes shall be legal tenders of f)ay- meut, according to their nominal value, for any sum whatever. "Sec. 4. That silver bullion brought to any mint of the United States for coinage shall be received and coined by the proper officers for the benefit of the depositor : Provided, That it shall be lawful to refuse, at the mint, any deposit of less value than $100 and any bullion so base as to be unsuitable for the operations of the mint. "Sec. 5. That the depositor of silver bullion at any mitt of the United States for coinage, shall, as soon as the coinage value thereof can be determined, receive therefor, at his option, such coinage value in silver coin or silver certificates of the description now provided by law; and such silver certificates and all other silver certificotes heretofore or hereafter issued by the United States shall be a legal ten- der in payment of all debts, public and private." [Maxch 7, 1894.] Read the second time. Mr. Sherman. I desire to enter a motion to refer the bill to the Committee on Finance, if it has already been taken up. Mr. Harris. The bill has been read a second time by title, apd I ask unanimous consent that it be taken up for consideration. Mr. Sherman. Before that is done, I move that the bill be referred to the Com- mittee on Finance. * w # * ^ « « The Presiding Officer. The question recurs on the motion of the Senator from Ohio [Mr. Sherman] to refer the pending bill to the Committee on Finance. Mr. Stewart. On that motion I ask for the yeas and nays. The yeas and hays were ordered, and the Secretary proceeded to call the roll. The result was announced — yeas 6, nays 50; as follows: YEAS-6. Davi3, Gallinger, Aldrich, Allen, Allison, Bate, Berry, Butler, Call, Carey, Coclcrell, Coke, Daniel, Dolph, Buooia, Blackburn, Brice, Caffery, CamdeD, Cameron, Chandler, Colquitt, CulXom, Morrill, Shermaji, Palmer, ISTATS— 50. Tanlkner, Lindsay, George, lodge, Manderson, Gibson, Gordon, Martin, Hale, Mills, Hansbrough, MitcbeU, Oreg. Harris, Pasco, HaTFley, Peffer, Hoar, Perkins, Htmton, Pettigrew, Irby, Piatt, Jones, Ark. Power, Kyle, Pngh, NOT VOTnsrG-29. Dixon, MoMiUan, Frye, MoPherson, Gorman, Mitchell, Wia. Gray, Morgan, Hiegins, Hlfl, MuiBiJiy, Proctor, JoneH, Ner. Smith, McLaurin, Tance, Vilai. Qtiay, Bansom, Koach, Shoup, Sqnire, Stewart, Stockbridge^ Teller, Turpie, Voorhees, ■Wolcott. Test, ■Washburn, White, Cal. ■White, La. 'W^on. So the Senate refused to refer the bill to the Committee on Finance. The Presiding Officer. The Chair is informed that the pending bill has not 730 been read at length, as in Committee of the Wiole. The Secretary will therefore read the bill at length. The Secretary read the bill, as follows: "Be it enacted, etc., That the Secretary of the Treasury shall immediately cause to be coined as fast as possible the silver bullion held in the Treasury, purchased under the act of July 14, 1890, entitled ' An act directing the purchase of silver bullion and the issuing of Treasury notes thereon, and for other purposes,' to the amount of the gain or seigniorage of such bullion, to wit : The sum of $55,156,681, and such coin or the silver certificates issued thereon shall be used in the payment of public expenditures ; and the Secretary of the Treasury may, in his discretion, if the needs of the Treasury demand it, issue silver certificates in excess of such coinage : Pro- vided. That said excess shall not exceed the amount of the seigniorage as herein authorized to be coined. " Sec. 2. After the coinage provided for in the first section of this act, the remain- der of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be coined into legal-tender standard silver doUars as fast as possible, and the coin shall be held in the Treasury for the redemptieu of the Treasury notes issued in the purchase of said bullion. That as fast as the bftllion shall be coined for the redemp- tion of said notes, the notes shall not be reissued, but shall be canceled and destroyed in amounts equal to the coin held at any time in the Treasury, derived from the coinage herein provided for, and silver certificates shall be issued on such coin in the manner now provided by law: Provided, That this act shall not be construed to change existing law relating to the legal-tender character or mode of redemption of the Treasury notes issued under said act of July 14, 1890. " Sbc. 3. That a sufficient sum of money is hereby appropriated to carry into effect the provisions of this act." The Presiding Officer. The bill is before the Senate as in Committee of the Whole, and open to amendment. If there be no amendment, the bill will be reported to the Senate. The bill was reported to the Senate without amendment. The Presiding Officer. The bill is in the Senate, and open to amendment. If there be no amendment, the question is. Shall the bill be ordered to a third reading, and read the third time? If there be no amendment, the question is. Shall the bill be ordered to a third reading? [Puttipg the question.] The ayes have it. The Presiding Officer. The bill will be read a third time. The bill was read the third time. The Presiding Officer. The bill has been read the third time, and the question now before the Senate is on the passage of the bill. Mr. Allison. Then I move a reconsideration of the vote whereby the bill was passed to a third reading. [Mafoli 4, 1894.] The Presiding Officer. The question is on the motion of the Senator from Iowa rMr. Allison] to reconsider the vote whereby the bill was ordered to a 'third reading. [Putting the question.] The noes appear to have it. Mr. Quay and Mr. Aldrich called for the yeas and nays ; and they were ordered. The Secretary proceeded to call the roll. The result was announced — yeas 28, nays 45 ; as follows : Aldrich, Allison, Brice, Caffery, Carey, Chandler, Cullom, Allen, Bate, Berry, Blackbnm, Blanchard, Butler, Call, Camden, Cookrell, Cote, Colq^uitt, Daniel, YEAS— 28. Davia, Lodge, McMiUan, Dolph, ]Frye,, Gallinger, ■ McPherson, Handerson, Hale. Mitchell, Wis. Hawley, Morrill, Hoar, Palmer, NATS— 45. Bnhois, Mills, . Faullmer, Mitchell, Oreg. Gibson, Morgan, Gordon. Murphy, Hansbrough, Pasco, Harris, Peifer, HIU, Perkins, Irby, Pettigrew, Jones, Ark. Power, Ky]e, Pugh, Lindsay, Bansom, Martin, Eoach. Proctor, Quay, Smith, Stockbrf&ge, Vilas, "Washburn, "Wilson. Shoup, Squire, Stewart, Teller, Turpi e, Test, Voorhees, "White, "Wolcotfc. 731 HOT VOTING— 12. Cameron, Gorman, Bnnton, Hatl, Dixon, Gray, Jones, NcT. Shennaiif George, Higgins, MoLaurin, Yance. So the Senate refused to reconsider the vote by which the hill was ordered to a third reading. Mr. Harris. TJnder the consent rule agreied upon some days since the Senator from Nebraska [Mr. Mandersdn] has now the right, if he chooses to exercise it, to move to commit the bill. Mr. Mandbrson. Understanding that it is no violation of the unanimous consent rule, I move that the bill be committed to the Committee on Finance with instruc- tions to amend the bill so as to provide that the silver certificates which are to be issued by the first section shall be issued only in anticipation of or in lieu of the seigniorage provided to be coined. The Prksiding Officer. The question is on agreeing to the motion of the Sena- tor from Nebraska [Mr. Manderson] to commit the bill with instructions. Mr. Manversok. On that question I ask for the yeas and nays. The yeas and nays were ordered, and the Secretary proceeded to call the roll. • «««««* The roll call having been concluded, the vote was announced — yeas 27, nays 44 ; as foUows: XEAS— 27. Aldrich, AUison, Brioe, Caffery, Carey, Chandler, Cullom, Allen, Bate, Berry, Blackburn, Blan chard, Butler, Call, Camden, Cockrel^ Coke, Colquitt, Cameron, Baniel, Dixon, George, Davis, liOdge, McHiUan, Proctor, Dolpli, Smith, Prye, McPherson, Stockbridge, Gallinger, Manderson, Vilas, Hale, Mitchell, Wis. Washbnm, Hawley, Morrill, Wilson. Hoar, Palmer, U-AYS-44. I>n})ois, Martin, Qnay. Hansom, Tanlkner, Mills, Gibson, Mitchell, Oregon Roach, Gordon, Morgan, Shonp, Hansbrough, Murphy, Stewart, Harris, PasiJo, Teller, Hill, Peffer, Turpie, Irby, Perkins, Vest, Jones, Ark. Pettigrew, Voorheea, TSipe, Lindsay, Power, White, Pugh, Woloott. NOT VOTING— 14. Gorman, Jones, Nev. Squire, Gray. McLaurin, Vance. Higgins. Piatt, Hun ton. gherman. So the Senate refused to commit the bill to the Committee on Finance. [March 15, 1894.] The Presiding Officer. The bill before the Senate having been ordered to a third reading, and read the third time, the question is, Shall the bill pass? Mr. Gallinger. On that question 1 ask for the yeas and nays. The yeas and nays were ordered; and the Secrptary proceeded to ,9,all the roll. as follows: Allen, Bate, Berry, Blackburn, B^anchard, Bntleir, Gall, Cockrell, Coke, Colquitt, Darnel, g been concluded, the result was an nounced — ^yeas 44, nays 31; XEAS-44. Dnhois, MoLiinrJn, Suay," Bansom, Faulkner, Martin, George, Mills, Eoaoh, Gordon, Mitchell, Oregon, Sboup, Hanshrongh, Morgan, Stewart, Harris, Pasco, TeJlpr, Hunton, Peft'er, Turpie, Irby, Perkins, Vest, Jones, Ark. Pettigrew, Voorheea, Kyle, Lmdsay, Power, White, P,ogh, Vf^oloptt. 732 M-ATS-31. ATflriob, Dolph, Lodge, MoMiUan, Allison, Gallinger, Brice, McPherson, Oaffery, Gibson, Manderson, Carey, Gorman, Mitchell, Wis. Chandler, Hale, Morrill, CuUom, Hawley, Murphy, Davis, Eiggins, Palmer, NOT TOTING— 10. Camden, Gray, Jones, Nev. Cameron, HiU, Sherman, Dixon, Hoar, Sqnire, So tlie bill was passed. [March 17, 1894.] Signed by the Speaker of the House. [March 19, 1894.] Signed by the Vice-President. Piatt, Proctor, Smith, Stockbridge, Tilas, ■Waahbom, Wilson. Yanoa. IN THE HOUSE.' [March 30, 1894.] The veto message of the President was laid before the House .and read, (is follows: To the House of Bepresmtatives : I return without my approval House bill numbered 4936, entitled " An act direct- ing the coinage of the silver bullion held in the Treasury, and for other purposes." My strong desire to avoid disagreement with those in both Houses of Congress who have supported this bill would lead me to approve it if I could believe that the public good would not be thereby endangered, and that such action on my part ■would be a proper discharge of official duty. Inasmuch, however, as I am unable to satisfy myself that the proposed legislation is either wise or opportune, my concep- tion of the obligations and responsibilities attached to the great of&ce I hold forbids the indulgence of my personal desire, and inexorably confines me to that course which is dictated by my reason and judgment, and pointed out by a sincere purpose to pro- tect and promote the general interests of our people. The financial disturbance which swept over the country during the last year was unparalleled in its severity and disastrous consequences. There seemed to be almost an entire displacement of faith in our financial ability and a loss of confideuce in our fiscal policy. Among those whoi attempted to assign causes for our distress it was very generally conceded that the operation of a provision of law then in force which required the Government to purchase monthly a large amount of silver bullion and issue its notes in payment therefor, was either entirely, or to a large extent, respon- sible for our condition. This led to the repeal, on the Ist day of November, 1893, of this statutory provision. We had, however, fallen so low in the depths of depression, and timidity and apprehension had so completely gained control in financial circles, that our rapid recuperation could not be reasonably expected. Our recovery has, nevertheless, steadily progressed, and though less than five months have elapsed since the repeal of the mischievous silver-purchase requirement, a wholesome improvement is unmis- takably apparent. Confidence in our absolute solvency is to siich an extent rein- stated and faith in our disposition to adhere to sound financial methods is so far restored as to produce the most encouraging results both at home and abroad. The wheels of domestic industry have been slowly set in motion and the tide of foreign investment has again started In our direction. Our recovery being so well under way, nothing should be done to check our con- valescence ; nor should we forget that a relapse at this time would almost surely reduce us to a lower stage of financial distress than that from which we are just emerging. I believe that if the bill under consideration should become a law it would be regarded as a retrogression from the financial intentions indicated by our recent repeal of the provision forcing silver-bullion purchases ; that it would weaken, if it did not destroy, returning feith and confidence in our sound financial tendencies, and that as a consequence onr progress to renewed business health would be unfor- tunately checked and a return to our recent distressing plight seriously threatened. 733 This proposed legislation is so related to the currency conditions growing out of the la* compelling the purchase of silver by the Government, that a glance at sucli conditions and a partial review of the law. referred to may not he unprofitable. Between the 14th day of August, 1890, when the law became operative, and the Ist day of November, 1893, when the clause it contained directing the purchase of silver was repealed, there were purchased by the Secretary of the Treasury more than 168,000,000 ounces of sUver bullion. In payment for this bullion the Government issuedita Treasury notes of various denominations, amounting to nearly $156,000,000, which notes were immediately added to the currency in circulation among our people. Such notes were by the law made legal tender in payment of all debts, pjiblio and private, except when otherwise expressly stipulated, and were made receivable for customs, taxes, and all public dues, and when so received might be reissued. They were also permitted to be held by banking associations as a part of their lawful reserves. * On the demand of the holders these Treasury notes were to be redeemed in gold or silver coin in the discretion of the Secretary of the Treasury ; but it was declared as a part of this redemption provision that it was " the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio or such ratio as may be provided by law." The money coined ftom such bullion was to be standard silver dollars, and after directing the immedi- ate coinage of a little less than 28,000,000 ounces, the law provided that as much of the remaining bullion should be thereafter coined as might be necessary to provide for the redemption of the Treasury notes issued on its purchase, and that " any gain or seigniorage arising from such coinage shall be accounted for and paid into the Treasury." This gain or seigniorage evidently indicates so much of the bullion owned by the Government as should remain after using a sufficient amount to coin as many stand- ard silver dollars as should equal in number the dollars represented by the Treasury notes issued in payment of the entire quantity of bullion. These Treasury notes uow outstanding and in circulation amount to $152,951,280, and although there has been thus far but a comparatively small amount of this bullion coined, yet the so- called gain or seigniorage, as above defined, which would arise from the coinage of the entire mass, has been easily ascertained to be a quantity of bullion sufficient to make when coined 55,156,681 standard silver dollars. Considering the present intrinsic relation between gold and silver the mainten.ance of the parity between the two metals, as mentioned m this law, can mean notliing less than the maintenance of such a parity in the estimation and confidence of the people who use our money in their daily transactions. Manifestly the maintenance of this parity can only be accomplished so far as it is affected by these Treasury notes, and in the estimation of the holders of the same, by giving to such holders, on their redemption, the coin, whether it is gold or silver, whicn they prefer. It follows that while in terms the law leaves the choice of coin to be paid on such re- demption to the discretion of the Secretary of the Ti-easury, the exercise of this dis- cretion, if opposed to the demands of the holder, is entirely Inconsistent with the effective and beneficial maintenance of the parity between the two metals. If both gold and silver are to serve us as money, and if they together are to sup- ply to our people a safe and stable currency, the necessity of preserving this parity is obvious. Such necessity has been repeatedly conceded in the platforms of both political parties and in our Federal statutes. It is nowhere more emphatically rec- ognized than in the recent law which repealed the provision under which the bullion now on hand was purchased. This law insists upon the " maintenance of the par- ity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts." The Secretary of the Treasury has therefore, for the bestjof reasons, not only promptly complied with every demand for the redemption of these Treasury notes in gold, but the present situation, as well as the letter and spirit of the law, appear plainly to justify, if they do not enjoin upon him, a continuation of such redemption. The conditions I have endeavored to present may be thus^summarized : First. The Government hag purchased and now has on hand sufficient silver bul- lion to permit the coinage of all the silver dollars necessary to redeem, in such dol- lars, the Treasury notes issued for the purchase of said silver bullion and enough besides to coin, as gain or seigniorage, 55,156,681 additional standard silver dollars. Second. There are outstanding and now in circulation Treasury notes issued in payment of the bullion purchased amounting to $152,951,280. These notes are legal tender in payment of all debts public and private except when otherwise expressly stipulated; they are receivable for customs, taxes, and all public dues; when held by banking associations they may be counted as part of their lawful reserves, and they are redeemed by the Government in gold at the option of the holders. These advantageous attributes were deliberately attached to these notes at the time of 734 their issue ; they are fally understood by our people to whom such notes have been distributed as currency and have inspired confidence in their safety and value", and have undoubtedly tlius induced their continued and contented use as money, instead of anxiety for their redemption. Having referred to some incidents which I deem relevant to the subject, it remains for me to submit a specific statement of my objections to the bill now under consid- eration. This bill consists of two sections, excluding one which merely apxjropriates a sum sufficient to carry the act into effect. The first section provides for the immediate coinage of the silver bullion in the Treasury which represents the so-called gain or seigniorage, or which would arise from the coinage of all the bullion on hand, which gain or seigniorage this section declares to be $55,156,681. It directs that the money so coined or the certificates issued thereon shall be used in the payment of public expenditures, and Jjrovides that if the needs of the Treasury demand it, the Secre- tary of the Treasury may in his discretion issue silver certificates in excess of such coinage, not exceeding the amount of seigniorage in said section authorized to be coined. The second section directs that as soon as possible after the coinage of this seign- iorage the remainder of the bullion held by the Government shall be coined into legal-tender standard silver dollars and that they shall be held in the Treasury for the redemption of the Treasury notes issued in the purchase of said bullion. It pro- vides that as fast as the bullion shall be coined for the redemption of said notes, they shall not be reissued but shall be canceled and destroyed in amounts equal to the coin held at any time in the Treasury derived from the coinage provided for, and that silver certificates shall be issued on such coin in the manner now provided by law. It is, however, especially declared in said section that the act shall not be con- strued to change existing laws relating to the legal-tender character or mode of redemption of the Treasury notes issued for the purchase of the silver bullion to be coined. The entire hill is most unfortunately constructed. Nearly every sentence presents uncertainty and invites controversy as to its meaning and intent. The first section is especially faulty in this respect, and it is extremely doubtful whether its lan- guage will permit the consummation of its supposed purposes. I am led to believe that the promoters of the bill intended in this section to provide for the coinage of the bullion constituting the gain or seigniorage, as it is called, into standard silver dollars; and yet there is positively nothing in the section to prevent its coinage into any description ctf silver coins now authorized under any existing law. I suppose this section was also intended, in case the needs of the Treasury called for money faster than the seigniorage bullion could actually be seined, to permit the issue of silver certificates in advance of such coinage; but its language would seem to permit the issue of such certificates to double the amount of the seigniorage as stated, one-half of which would not represent an ounce of silver in the Treasury. The debate upon this section in the Congress developed a^ earnest and positive dif- ference of opinion as to its object and meaning. In any event, I am clear that the present perplexities and embarrassments of the Secretary of the Treasury ought not to be augmented by devolving upon him the execution of a law so uncertain and confused. I am not willing, however, to rest my objection to this section solely on these grounds ; in my judgment, sound finance does not commend a further infusion of silver into our currency at this time unaccompanied by further adequate provision for the maititenance in our Treasury of a safe gold reserve. Doubts also arise as to the meaning and construction of the second section of the bill. If the silver dollars therein directed to be coined are, as the section provides, to be held in the Treasury for the redemption of Treasury notes, it is suggested that, strictly speaking, certificates can not be issued on such coin "in the manner now provided by law," because these dollars are money held in the Treasury for the express purpose of redeeWing Treasury notes, on demand, which would ordinarily mean that they were set apart for the purpose of substituting them for these Treasury notes. They are not, therefore, held in such a way as to furnish a basis for certifi- cates accbi'ding to any provision of existing law. If, however, silver certificates can properly be issued upon these dollars, there is nothing in the section to indicate the characteristics and functions of these certifi- cates. If they were to be of the same character as silver certificates in circulation under existing laws they would at best be receivable only for customs, tnxes, and all public dues; and under the language of this section it is, to say the least, extremely doubtful whether the certificates it contemplates would be lawfully received even for such purposes. Whatever else may be said of the uncertainties of expression in this bill, they Cettainly ought not to be found in legislation afleutiug subjects so important and 735 ■far-reaching as our finances and currency. In stating other and more important reasons for my disapproval of this section, I shall, howevef, assume that under its provisions the Treasury notes issued in payment for silver bullion will continue to be redeemed as heretofore in silver or gold at the option of the holders ; and that if when they are presented for redemption, or reach the Treasury in any other manner, there are in the Treasury coined silver dollars equal in nominal value to such Treasury notes, then and in that case the notes will bedestroyed, and silver certifi- cates to an equal amount be substituted. I am convinced that this scheme is ill advised and dangerous.' As an ultimate result of its operation Treasury notes which are legal tender for all debts, public and private, and which are redeemable in gold or silver, at the'option of the holder, will be replaced by silver certificates which, whatever may be their character and descrip- tion, will have none of these qualities. In anticipation of this result, and as an immediate effect, the Treasury notes will naturally appreciate in value and desira- bility. The fact that gold can be realized upon them, and the further fact thattheir destruction has been decreed when they reach the Treasury must tend to their with- drawal from general circulation to bo immediately presented for gold redemption, or to be hoarded for presentation at a more convenient season. The sequel of both operations will be a large addition to the silver cnrrency in our circulation and a corresponding reduction of gold in the Treasury. The argument has been made that these tilings will not occur at once, because a long time must elapse before the coin- age of anything but the seigniorage can be entered upon. If the physical effects of the execution of the second section of this bill are not to be realized until far in the future, this may furnish a strong reason why it should not be passed so much in advance ; but the postponement of its actual operation can not prevent the fear and loss of confidence and nervous precaution which would immedi- ■ ately follow its passage and bring about its worst consequences. I regard this sec- tion of tlie bill as embodying a plan by which the Government will be obliged to pay out its scanty store of gold for no other purpose than to force an unnaturaladdi- tion of silver money into the hands of our people. This is an exact reversal of the policy which safe finance dictates if we are to preserve parity between gold and silver and maintain sensible bimetallism. We have now outstanding more than $338,000,000 in silver certificates issued under existiij,!!; laws. They are serving the purpose of money usefully and without ques- tioii. bur gold reserve, amounting to only a little more than $100,000,000, is directly charged with the redemption of $346,000,000 of United States notes. When it is proposed to inflate our silver currency it is a time for strengthening our gold reserve instead of depleting it. I can not conceive of a longer step toward silver mono- metallism than we take when we spend our gold to buy silver certificates for circu- lation, especially in view of the practical difficulties surrounding the replenishment of our gold. This leads ine to earnestly present the desirability of granting to the Secretary of the Treasury a better power than now exists to issue bonds to protect our gold reserve when for any reason it should be necessary. Our currency is in such a confused con- dition and our financial affairs are apt to assume at any time so critical a position that it seems to me such a course is dictated by ordinary prudence. I am not insensible to the arguments in favor of coining the bullion seigniorage now in the Treasury, and I believe it could be done safely and with advantage, if the Secretary of the Treasury had the power to issue bonds at a low rate of interest under authority in substitution of that now existiug and better suited to the pro- tection of the Treasury. I hope a way will present itself in the near future for the ad.i ustment of our mone- tary affairs in such a comprehensive and conservative manner as will accord to silver its proper place in our currency; but in the meantime I am extremely solicitous that whatever action we take on this subject may be such as to prevent loss and dis- couragement to our people at home, and the destruction of confidence in our finan- cial management abroad. , Gbovek Cleveland. Executive Mansion, March S9, 1S94. [April 4, ISM.] ' Mr. Bland. Mr. Speaker, I call up for present consideration the seigniorage bill and move that it pass, the objections of the President to the contrary notwithstand- ing. The Speaker. The bill will be read. 736 The Spbakter. The question is, Will the House on reconsideration pass the bill, the objections of the President to the contrary notwithstanding? On this the Consti- tution requires that the yeas and nays be entered upon the Journal. The Clerk will call the roll. The question being taken, there were — yeas 144, nays 114, not voting 95; as fol- lows : TEAS-144. Aitken, Cox, Lane. Piokler, Alderson, Crawford, Latimer, Post, Alexander, Culberson, Lawson, Eichards, Ohio. AUon, Curtis, Kans. Laytim, Bichardson, Mich. Arnold, Davis, Lester Bichardsou, Tenn. Bailey, De Armond, Livingston, Ritchie, Baker, Knns. Dinsmore, Magnire, MaUory, Bobbins, Bankhead Dockery. Bussell, Ga. Bell, Colo. Doolittle, Marsh, Sayers, Bell, Tex. Bdmunds, Marshall, Shell, Black, Ga. Ellis, Oregon. Martin, Ind. Sibley, Bland, Enloe, McCleary, Jlinn. Simpson, Snodgrass, Boatner, Epes, McCreary, Ky. Boon, Tunston, McCuUoch. Springer, Bower, N.C. Geary, MoDannold, SiaUings, Bowers, Cal. Grady, MoDearmon, Stockdale, Branch, Gresham, McGann, Stone, Ky. Ereckinridffe, Ark. Hall, Mo. McLaurin, Strait, Bretz, Hammond', McMillin, Sweet, Broderick, Hare, MoNagny, Talbert, S. C. Brookahire, Harris, McBae, Tate, Brown. Hartman, Meredith, Taylor, Ind. Cabaniss, Hatch, Money, Terry, Caminetti, Henderson,!^. C. Montgomery, Tucker, Cannon, Gal. Hepburn, Moon, Turner, Ga. Capehart, Hermann, Morgan, Turner, Va. CatchingB, Clark, Mo. Holman, Moses, Tyler, Hooker, Miss. Neill, "W"a8hington, Clarke, Ala. Hudson, Gates, Wheeler, Ala. Cobb, Ala. Hunter, O'Neill, Mo. Whiting, Cockrell. Hutcheson, Paschal, Williams, HI. Coffeen, Ikirt, Patterson, WiUiams, Miss. Conn, Jones,- Paynter, WUson, Wash. Cooper, F1.1. Kilgore, Pence, Wise, Cooper, Ind . Kyle, Pendleton, Tex. Woodard, Cooper, Tex. Lacey, Pendleton, W. Va. NATS— 114. The Speaker. Adams, Pa. Cummings, Curtis, N. Y. Hitt, Bay, Apsley, Hopkins, HI. Bayner, Avery, Davey, Hulick, Eeed, Baboook, Baker, N.H. De Forest, Hull, Eeybum, Dingley, Johnson, N. Dak. Bussell, Conn. Baldwin, Dunn, Kiefer, Byan, Bartlett, Dunphy, Kribbs, Schermerhom, Barwig, EngU8li,K.J. Erdman, Lefever, Sherman, Belden, Lockwood, Sickles, Berry, Everett, Loudenslager, Smith, Blair, Fletcher, Lynch, Mdrvin,N.Y. Stephenson, Brickner, Punk, Stone, C. W. Brosius, Gari^ner, MoAleer, Straus, Burrows, Gear, McEttriok, Talbott,Md. Bynum, Geisaenhainer, MoKaig, Tawney, Cadmus, Goldzier, Meiklejohn, Thomas, Campbell, Gorman, Mercer, Tracey, Turpin, Cannon, 111. Grout, Meyer, Miiliken, Caruth, Grow, tTprtegraff, Causey. Hager, Morse, -Walker, CMckering, Hamer, Mutch ler. Wanger, Childs, Haines, North wav. Warner, Clancy, Cobb, Mo. Hall, Minn. O'Neill, Mass. Wells, Harter, Ontliwaite, Wever, Cockran, Hayes, Payne, Wilaou.Ohio Coombs, Henderson, 111. Perkins, Wolverton, Cornish, Hendrix, Phillips, Wright, Maad. Cousins, Hicks, Pigott, Q"igg. Covert, Hines, NOT VOTING— 95. Abbott, Black, m. Burnes, Daniels, Adamsi Ey. Boutelle, Caldwell, Dpnson, Aldrich, Brattan, Cogswell, DoUiver, Barnes, Breckinridge, Ky. Compton, Donovan, Bartlioklt, Bryan, Cooper, Wis. Draper, Durborow, Heltzhotiver, Bundy, Grain, BlnghaiUi Bmui, . Dalzell, Ellis, Ky. 737 English, Cal. Fielder, Fithian, Forman, Fyan, aUlet, N. Y. Gillett, MasA. Goodnight, Graham, Griffin, Grosvenor, Harm or, Haugon, Heard, Heinor, JUndersoD, Iowa. Hooker, K". Y. Hoptins, Pa. Houk, Johnson, Ind. Johnson, Ohio Kem, Lapham, Xiinton, liisle. Loud, Lucas, Haddox, Hagner, Mahon, McCall, McDowell, MoKpighan, Murray, Newlands, Stone, W. A. , Page, Storer, Pearson, Strong, Powers, . Swanson, Price, Taraney, Baiidall, Taylor, Tenn. Eeilly, Van Toorhis, N. Y. Koberteon, La. Van Voorhis, Ohio Robinson, ]?a. Wadsworth, Eaak, Waiigh, ■Weaclook, Scranton, Settle, Wheeler, 111. Shaw, White, Sipe, Wilson, W. Va. Somers, WooiTier, Sperry, Wright, Pa. Stevens, So (two-thirds not voting ia the affirmative) the bill was not repassed. S. Eep. 235 4=7 INDEX TO BOUND CONGRESSIONAL RECORD OP DEBATE ON SILVER AND BANK CIRCULATION, FIFTY-THIRD CONGRESS, SECOND SESSION. SENATE. Aldrich, Nelson W 2059,2063,2064,2242,2243,2245-2247, 3207, 3208, 3237, 3344, 3353, 3407, 3540-3543, 3545, 3555, 3556, 3558, 3560-3562, 3592, 3835, Allen, "William V 744,745,907,1365,1367,1368,1504,1922, 1975-ly7i), 2120, 2121, 2239, 2241, 2242, 2246, 2465, 2906, 2907, 3S43, 3544, 3549, 3581, 3896 Allison, William B 1216, 1217, 1970-1978, 2010-3020, 2064, 2241, 2249, 3353, 3405, 3478, 3561, 3632, 3635, 3833-3839 Bate, "William B 2122 Berry, James H 2019 Butler, Matthew G : 2463-2465,3541,3542 Gall, Wilkinson 2021,2022,2465,2466 Carey, Joseph M 2245 Cookrell, Francis M 3205,3277.3278,3692,4013,4398 Daniel, John W ; 1980,2068,2240,2241,2465 Dolph, Joseph N 2010, 2022, 2067-2071, 2462, 3205, 3516, 3563-3581, 4397, 4398, 5549, 5.550 Dubois, Ered T 2020,2021,2463,3283,3631,4277 Faulkner, Charles J 3208,3340,3352,3333,3406,3541 Gallinger, Jacob H 4396,4.^97,7751 tieorge, James Z 3541,3642,3647,3591-3593,3595,3667-3673,3836,3838 Gorman, Arthur P > ' 1217, 1218, 1923, 2019, 2057-2064, 2465, 3207, 3208, 4397, 4398 Gray, George - '..i. / 2122 He le, Eugene 2243,2244,3206,3208,3276,3277 Harris, Isbam G 2017-2020,2067,2068,2071,2120,3236,3237, 3276, 3279, 3284, 3334, 3335, 3342, 3352, 3353, 3405-3408, 3478, 3643, 3645, 3589, 3593-3595 Hawley, Josoph K 1927,2065,2066,2122,3633 Higgins, Anthony 3349,3632 Hoar, George E 744, 745, 1011, 1922, 1923, 1976, 20.i7, 2062, 2063, 2120, 2122, 2124, 2244, 2246-2248, 2907, 3285, 3351-3353, 3479, 3518, 3551, 3552, 3556, 3561, 3835, 3837, 3838, 3897' Lindsay, William 3516,3533-3563,7835 MoPherson, John K - 3567,3561,3562,4342,4343 Manderson, Charles F 3343,3344,3405,3406,3594,7761 Mitchell, John H, (Oregon) 3541, 3545, 3546, 3690, 3631-3633, 3719, 3837 Morgan, John T 3406 Morrill, Justin S-.J 2463,3284,3286 Palmer, John M 2907,3281,3282 Peffer, William A 490, 034, 2120, 2121, 2262, 2465, 2466, 3549, 4181, 4214, 4335, 4346, 6443, 7761 Pettigrew, R. E 3635 Piatt, Orville H - ^ 1975,2121,2906,3540,3544,3551 Quay, Matthew S 2463 Sherman, John 1849-1853,1923-1926,2012,2067-2060, 2120, 2122, 2242, 2463, 3270-3278, 3286, 3287. 3342, 334i-3347, 3896, 4018, 4274, 4341-4343, 4398 Squire, Watson C 3836,3837 Stewart, William M 159-162, 1013, 1305, 1819, 1976, 1 980, 1981, 2013-2016, 2121, 2462, 2463, 2467, 2906, 2907, 3207, 3208. 3230, 3241, 3279, 3282, 3285, 3406, 3511-3516, 3541, 3342, 3560, 3072, 3721, 3834, 3838, 4012, 4013, 4178, 4842, 6441, 6442. 6548, 5550, 7538-7540 Teller, Henry M 216-1218, 1852-1855, 2017, 201B, 2061, 2241, 2242, 2245, 2464, 2465, 3240-3243, 3340, 3539 3547-:i553, 3562, 8589-3593, 3834, 4273-4276, 5441, 5445 Vilas, William F 1976, 2123, 2237-224U, 2-i 64, 3408, 3478, 3539-3553, 3670, 3671, 3673 Voorhees, Daniel W 1926, 1979-1083, 2012, 2060, 20B3, 3205, 3206, 3284, 7690 Washburn, William D 2121 Woloott, Edward O 4339-4343,4396,4397 HOUSE OF EEPRESENTATIVES. Abbott, Jo 3099,3101,3185 Allen, J. Mm 3060,3181-3186 Bailey, Joseph W 2634,2635,2838,2639 Bankhead. John H 2040,2845-2849 Bell, Charles K. (Texas) 2630-2636 Bingham, Henry H 2745,6896 Blair. Henry W 2741 Bland, Eichard P 2448-2452,2506- 251 0, 2542-3645, 2042, 2689, 2738, 2739, 2742, 2745, 2747, 2758, 2759, 2766, 2768, 3012, 3014, 3049, 3052, 3053, 3096, 3098, 3099, MO.i, 3104, 3231, 3232, 3333, 4220, 4221, 9399 Boatner, Charles J : 3450,3012,6381,6634.6036,6804,8504,8505 Boon, H.E 7659 Bowers, William W 2687,3049,6803 Breckinridge, Clifton E. (Arkans.is) 2608,2509 Broderick, Case 6817,7009 Brookshir6,Blijah V 2847,2848 Brosius, Marriott 2688, 2757, 2761, 8496-8500, 8503, 8557, 8648.18648 Bryan, William J 2673,2674,2740,2746,3055,3056,6818,7128 Cabaniss, T. B..-- 6891 Campbell, Timothy J 6821,6822 Cannon, Joseph G. (Illinois) 3060-3053, 3098, 6809, 6821, 8497, 8498, 8524, 8525, 8542 Cannon , Marion (California) .t 7340 Catchijigs, Thomn.s C j 3012,6801 Cobb, James E. ( Alabama) 4391, 6755 CflOkran, W. Bourke ,,,., , 2507,2508,6896,6897 738 739 Coffeen, Honry A 6822,7354 Conn, C. G , 7010 Coombs, William J 2507,2640,6822 Cox, Nicholas N 2450,2451,2532, 3051 , 3052, 5455, 0472, 6524, 6568, 6633, 6634, 6700, 6705, 7006, 8499, 8500, 8504, 8505, 8521 Cummiiigs, Amos J ; 3103 Dalzell, John 6750, 69'.)8-7004 Davis, John 7112 Benson, William H ; 2530,2545,2640,3021-3028 Dingley, Nelson, jr 3103,3104,6801,6802,6899 Dunn, John T 3100 Ellis, William T :> 7006 Enloe, Benjamin A 2449,2452,2529,2530,2761-2753,6650,6810 Everett, William 6823 Fithian, George W 3014,3034,3037 Gear, John A 6706,6823,7286 Goodnight, I. H 2754,3031 Grosvenor, Charles H 8498,8499,8523,8524,8536,8537 Hainer,E.J 7271 Hall,O.M. (Minnesota) 2753 Hall, U. S. (Missouri) 3233, 6896, 8196-8408, 8500, 8505, 8521-8523, 8526, 8527, 8643, 8(145, 8646, 8048 Harter, Michael D 2510,2541-2546,6817,0823,6824,7277-7284 Haitman, Charles S , 3102 Heanl,JohnieceB of money; to ^ive to all sorts of current money equal qualities of legal tender, and to prohibit and prevent discriminations in favor of gold coin or bullion as money. Be it enacted iy the Senate and Souse of Bepresentatives of the United States of America in Congress asseftniled, That all coins of metal and all pieces of paper prepared and issued under authority of Congress to be used as money, and which are so used, including all coins of metal and all pieces of paper circulating as money — United States notes, Treasury notes, gold certificates, silver certificates, national-banknotes, and other paper, if there be any, so U8e.d as money — shall hereafter be equally and interchangeably full legal tender in the payment of all debts and demands of what- soever nature, pubUc and private, except as hereinafter provided, and shall be receivable for taxes and all public dues : Provided, That all alien persons and others trading in the ports of the United States as importers, or agents or factors of foreign manufacturers, importers, and traders shall pay all dues from them to the United States with gold coin or bullion, according to legal standards of weight and value as established from time to time by Congress. Sec. 2. That all silver coins of value less than one dollar shall be legal tender in payment of all debts and dues, subject to the provisions of section one of this act to the extent of twenty-five dollars; and all subsidiary coins of metal, other than silver, shall be legal tender to the extent of five dollars, subject to the foregoing proviso. Sec. 3. That hereafter all contracts for the payment of money shall be payable, at the option of the debtor, in any sort of current money, whether of metal or paper ; and all contracts for payment in gol4 or any other kind or class of property, when the intent and meaning of the parties to the contract are that such property is to take the place of money in order to evade the provisions of this act, the intent whereof is to prohibit and prevent discriminations in favor of gold or gold coin in payment of debts, shall be void, and shall not be enforceable in any court. Sec. 4. That all acts and parts of acts in conflict with provisions of this act are hereby repealed. Sec. 5. That this act shall take effect and be in force on aud after the first day of the first calendar month after its approval by the President. 8. 12S4. A BILL providing for the coinage of silver dollars, the retirement of small denominations of gold and paper money, and for other purposes. Beit enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That the seigniorage or profit fund which has resulted from the coinage of silver bullion under the Acts of February twenty-eighth, eighteen hundred and seventy-eight, and July fourteenth, eighteen hundred and ninety, or which would result from the coinage of such bullion, shall be coined into silver dol- lars of standard weight and fineness, with full legal-tender quality, at the rate of not less than two million dollars per month, and such dollars shall be covered into the Treasury. Sec. 2. That when all the seigniorage or profit-fund bullion specified in the first section of this act have been coined as therein directed, it shall be the duty of the Secretary of the Treasury to purchase each month silver bullion, at the market value, in quantities sufficient to coin not less than two million dolla,rs each and every month ; and he is hereby directed to coin the said bullion .monthly, as fast as pur- chased, into standard silver dollars, and a sum sufficient to carry into effect the pro- visions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. Sec. 3. That when any paper circulating notes or certificates, of whatsoever char- acter, of denominations less than ten dollars, issued under authority of the United States, except national-bank notes or certificates, redeemable only in silver dollars, shall be received at the Treasury or any subtreasury, they shall not be reissued, but shall be assorted, counted, and recorded, and immediately destroyed, in accordance with existing provisions of law : aud as rapidly as said notes or certificates are destroyed they shall be replaced by an equal amount of like notes or certificates of denominations not less than ten dollars. Sec. 4. That hereafter no national-bank note shall be issued of a less denomina- tion than ten dollars, and all such national-bank notes, when received at the Treas- ury or any subtreasu''/, shall be destroyed in accordance with law ; and the national banking associations whose notes are destroyed under the provisions of this section 745 shall be respectively required to substitute notes of denominations not less than ten dollars in lieu of those destroyed. Sec. 5.1 That from and after the passage of this act the coinage of the two-and-one- half-doUar gold piece and the five-dollar gold piece is hereby prohibited, and the coins above named shall not be struck or issued by the Mint of the United States ; and such coins, when received at the Treasury or any subtreasury, shall be with- drawn from circulation and recoined into eagles and double eagles, in accordance with law. Sec. 6. That the President of the United States is hereby authorized to appoint five commissioners to an international conference, to be held at a place to be here- after designated, with a view to secure, internationally, a fixity of r^tive value between gold and silver as money by means of a common ratio between those metals, with free mintage at such ratio, and for compensation of said commissioners, and for all reasonable expenses connected therewith, to be approved by the Secretary of State, including the proportion to be paid by the United States of the joint expenses of such conference, eighty thousand dollars, or so much thereof as may be necessary, is hereby appropriated out of any money in the Treasury not otherwise appropri- ated. a. 13S8. A BILL increasing the circulating medium, and for other purpoaea. Be it enacted hy the Senate and House ofBepresentatives'of the United States of America in Congress assembled, That the unit of value in the United States of America shall be the dollar; and from and after the passage and approval of this act standard sil- ver, as now defined by law, shall be coined at the several mints of the United States into dollars, half-dollars, quarter-dollars, and dimes at the ratio of sixteen grains ()f standard silver to one grain of standard gold, under the same conditions as to mint- age and other charges as are now, or may hereafter be, in force with reference to the coinage of gold ; and it shall be the duty of the Secretary of the Treasury, without unnecessary delay, to cause all uncoined silver bullion owned by the Government of the United States to be coined into standard silver dollars. Sec. 2. That, it being the policy of this Government to retire and extinguish its bonded and interest-bearing indebtedness as rapidly as the same matures, the Secre- tary of the Treasury is hereby authorized and directed, within six months from and after the passage and approval of this act, to commence the retirement of all national-banknotes; and whenever a national-bank note shall come into the pos- session of the Government of the United States of America in the ordinary course of business, the Secretary of the Treasury shall replace the same with a legal-tender Treasury note of the same denomination, identifying on its face in appropriate words and figures the national-bank note in lieu of which it is issued, and he shall then destroy said national-bank note by causing the same to be burnt to ashes, mak- ing a note of the fact of destruction on a book to be kept for that purpose. Sec. 3. That the Secretary of the Treasury is hereby further authorized, required, and directed, by an appropriate rule for that purpose to be promulgated by him, to call in and cause to be surrendered to the Treasury Department, monthly, not less than three million dollars of the national-bank notes now outstanding and replace the same with legal-tender Treasury notes of the United States of America, in the same manner as is prescribed in the preceding section of this act, at the same time causing said national-bank notes thus surrendered to be burnt to ashes and a note of the fact to be entered upon an appropriate book kept for that purpose; and he shall continue calling in and destroying the national-bank notes now in existence and the replacement of the same with legal-tender Treasury notes until all national-bank notes now in existence are taken out of circulation, destroyed, and replaced with legal-tender Treasury notes. Sec. 4. That the legal-tender Treasury notes issued under the provisions of this act shall be redeemable in gold and silver coin, and in the redemptioif thereof the Secretary of the Treasxiry shall not discriminate against either metal, but shall redeem said legal-tender Treasury notes as nearly as may be practicable in equal parts of gold and silver. SeO. 5. That all money coined, and all legal-tender Treasury notes issued, under the provisions of this act, shall be a full legtu tender in payment of all debts, public and private, any note or provision in any contract or obligation to the contrary not- wi'thstanding. Sec. 6. That no national banking association shall hereafter be permitted to issue liny bank note or notes or other evidence of debt to circulate as money. All acts or parts of acts in any manner conflicting with this act are hereby repealed. 746 8. 1566. A BtXitj anthoTizing and directing the issne of an increased Tolnme of oolistltntional legal-tendef money by repealing all laws that have been enacted relating to the coinage or use of silTer since January first, eighteen hundred and seTenty-three, and to re-enact all laws relating to silver and in force previous to that date, by authorizing and directing the issue of United States legal-tender notes, and to prohibit the further issue of United States interest-bearing bonds. Be it enacted by the Senate and House of Sepresentatives of the United States of America in Congress assembled, That as the founders of this Government gave both gold and silver equal privileges as to their coinage, and alike becoming constitutional legal-tender money of the United States, and as the Supreme Court of the United States, on March third, eighteen hundred and eighty-four, decided that "United States legal-tender notes, commonly known as greenbacks, when issued by direction of Congress to meet the requirements of the Government or the necessities of the people, are," also, "constitutional logal-tehder money of the. United States," and as such requirements and necessities now exist, therefore it is hereby enacted that all laws or parts of laws that prevent the free coinage of silver on equal terms with gold, or in any other way deprives silver of its former rights of being a full legal- tender money of the United States, and which have been enacted since January iirst, eighteen hundred and seventy-three, are hereby repealed, and that all laws relating to the coinage of silver that were in force previous to that date are hereby re-en- acted. Sec. 2. That the Secretary of the Treasury be, and he is hereby, authorized and directed to have prepared five hundred million dollars in noninterest-bearing United States legal-tender notes, in convenient denominations for use as money among the people, fifty million dollars of which legal-tender notes said Secretary is hereby directed to have ready to put in circulation within sixty days and the entire five hundred million dollars within six months from the passage of this dct. Sec. 3. That the United States legal-tender notes authorized and directed to be issued bv this act shall be a full legal tender in payment of all debts, public and private, except those which special laws now provide shall be paid in coin, and when any of said legal-tender notes are not in actual circulation they shall be counted as lawful money in the Treasury, and be paid out to meet the current daily expenses of the Government, and for the other uses herein provided for. And when any of said legal-tender notes have been paid out and again returned to the Treasury they shall be reissued, and when injured, defaced, or worn out they shall be replaced with others of like denomination and character, and it shall be the duty of the Secre- tary of the Treasury to redeem said United States legal-tender notes, when so requested by their holders, in the lawful money of the United States, at any time after ten years from the passage of this act, and the Secretary of the Treasury is hereby pro- hibited from issuing any more United States interest-bearing bonds until after all of the constitutional legal-tender money of the United States authorized and directed to be issued by this act has been paid out and is in actual circulation among the people. Sec. 4. That the Secretary of State, the Secretary of the Treasury, the Secretary of War, the Secretary of the Navy, the Secretary of the Interior, the Postmaster- General, the Attorney-General, and the Secretary of Agriculture, respectively, is hereby directed, immediately after sixty days from the passage of this act to com- mence and to press to speedy completion all public work and improvements which the law provides shall be done under the direction of his Department, and to pay for all work performed and material furnished under contracts made through his Depart- ment by authority of law, and to pay all outstanding debts or obligations heretpfore created through his Department under authority of law by drawing his warrants on the Secretary of the Treasury to meet such payments at any time after sixty days from the passage of this act. Sec. 5. That it shall be the duty of the Secretary of the Treasury to pay all war- rants drawn on him in accordance with the provisions of the preceding section of this act, and to pay all other current expenses of the Government, as soon as there is a sufficient amount of United States legal-tender money in the Treasury available for such purposes after the passage of this act. Sec. 6. That the sum of one hundred thousand dollars is hereby appropriated, and made immediately available, or so much thereof as may be required, to prepare and to get ready for use the first fifty million dollars of legal- tender notes authorized and directed to be issued under this act, which notes shall bear the date of the pas- sage of this act, and the manner of their payment ; and all expenses connected with the preparation and issue of said legal-tender notes shall be carried on and paid for under the direction of the Secretary of the Treasury, according to the provisions of this act. Sec. 7. That this act shall take effect immediately. * 747 8. 1814. A BILL to provide for the free and unlimited coinage of silver. Be it enacted hy the Senate and Souse of Representatives of the United States of America in Congress aasemUed, That the silver coins of the United States shall he composed of standard silver. Tliat of the silver coins the dollar shall be of the weight of four hundred and twelve and one-half grains ; the half-dollar of the weight of two hundred and six and one-fourth grains; the quarter-dollar of the weight of one hundred and three and one-eighth grains ; and the dime or tenth part of a dollar, of the weight of forty-one and a quarter grains. And that dollars, h^f-doUars, quar- ter dollars, and dimes shall be legal tenders of payment, according to their nominal falne, for any sum whatever. Sec. 2. That silver bullion brought to any mint of the United States for coinage shall be received and coined by the proper officers for the benefit of the depositor : Provided, That it shall be lawful to refuse, at the mint, any deposit of less value than one hundred dollars and any bullion so base as to be unsuitable for the operations of the mint. ' Sec. 3. That the depositor of silver bullion at any mint Of the United States for coinage shall, as soon as the coinage value thereof can be determined, receive there- for, at his option, such coinage value in silver coin or silver certificates issued thereon equal in amount to sucu coinage value and of the description now provided bylaw; and such silver certificates and all other silver certificates heretofore or hereafter issued by the United States shall be a legal tender in payment of all debts, public and private. 8. 1933. A BILL to repeal sections tWrty-fonr hundred and twelve and thirty-four hundred and thirteen of the Revised Statutes, and for other purposes. Be it enacted iy the Senate and House of Bepresentatives of the United States of America in Congress assenibled, That sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the Revised Statutes be, and the same are hereby, repealed. Sec. 2. That from and after the passage of this act no State bank, banking asso- ciation, other than national banks, no corporation, person, or partnership shall issue or emit any note, bill, certificate, or other paper, in any form or similitude, to be used or circulated as money. And all and every such note, bill, certificate, or other paper, in any form or similitude whatever, issued or emitted by any State bank, banking association, other than national banks, corporations, person, or partnership be, and the same is hereby, declared null and void. Sec. 3. That every State bank, banking association, other than national banks, every corporation, person, or partnership who shall offend against the provisions of this act shall forfeit and pay for each and every oft'ense a sum not exceeding one thousand dollars. 8. 1986. A BILL to repeal section thirty -four hundred and twelve of the Eevised Statutes of the United States, relating to the payment of the tax of ten per centum on the notes of State hanks. Beit enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That section thirty-four hundred and twelve of the Eevised Statutes of the United States, relating to the payment of the taxes of ten per centum on the amount of notes of State banks used for circulation, be, and the same is hereby, repealed. 8. 3029. A BILL to authorize the free coinage of silver ; to coin the gold and silver bullion now owned and held by the United States Government; to provide for the payment of the interest-bearing debt of the United States ; to take up the national-bank notes. United States Treasury^ notes of all kinds, gold and silver certificates, both coin and bullion, and aU other nouinterest-bearing indebtedness or the United States now outstanding; to repeal the act of July fourteenth, anno Domini eighteen hundred and ninety, known as the silver-bullion purchase act; to repeal all laws providing for the issue of Treasury notes, gold and silver certificales, either coin or bullion, or other certificates; to repeal all laws foi^the reinnding of the national debt; to repeal the national banking act; to repeal all tariff and internal-revenue laws, and for other purposes. Be it enacted by the Senate and House of Bepresentatives of the United States of Amer- ica in Congress assembled, Tha.t the Secretary of the Treasury be, and he is hereby, authorized and directed to coin all the silver bullion of the required fineness pre- sented at the Treasury, any subtreasury, Government mint, or assay office, for the benefit of the person or persons presenting the same, as provided bylaw for the 748 coinage of gold and silver bullion in force prior to the year eighteen hundred and seventy-three, and for the purpose of carrying this act into effect the mint laws in force prior to the year eighteen hundred and seventy-three are hereby reenacted. Sec. 2. That the Secretary of the Treasury is hereby authorized and directed to coin the gold and silver bullion now owned and held by the United States Govern- ment as rapidly as possible, and call in the interest-bearing obligations of the United States, and pay off the same at par value and accrued interest with the gold and silver coin herein provided for, and he is hereby directed to call in within thirty days after the passage of this act two hundred and fifty million dollars of the inter- est bearing bonds of the United States bearing the highest rate of interest, and pay the same at par value and accrued interest out 6f any gold and silver coin now in the Treasury, any. subtreasury, mint, or Government depository, and thereafter to call in not less than twelve and one-half million dollars monthly of the interest- bearing bonds of the United States until all of said interest-bearing bonds shall have been called in, paid off, and canceled and destroyed ; and tor the purpose of carrying into effect the provisions of this section all the gold and silver coin now held for the redemption of greenbacks. Treasury notes, gold and silver certificates, both coin and bullion, is hereby released and made available; said (bonds shall be canceled and destroyed as rapidly as the same shall be paid off. Sec. 3. That the Secretary of the Treasury be, and he is hereby, authorized and directed to have engraved and printed (coined) a sufficient amount of paper money to take np all national-bank notes. United States Treasury notes of all kinds, gold and silver certificates, both coin and bullipn, and all other certificates of indebted- ness issued by the United States and now outstanding, and shall call in all of said national-bank notes. United States Treasury notes of all kinds, gold and silver cer- tificates, both coin and bullion, and all other certificates of indebtedness so issued and now outstanding as rapidly as possible, and exchange at par value therefor the paper money herein provided for, and shall cancel and destroy said notes, certificates, and other evidences of indebtedness as fast as the exchange herein provided for shall have been made. The Secretary of the Treasury is further authorized and directed to issue from time to time a sufficient amount of said paper money herein provided for, in addition to the amount necessary to redeem the aforementioned notes and certificates, to pay, and shall pay, all salaries of officers, wages of Govern- ment employes, appropriations made by Congress for whatsoever purpose, in main- taining or carrying on the General Government of the United States. The pa^er money herein provided for shall be issued in denominations of one, two, five, ten, twenty, fifty, one hundred, five hundred, and one thousand dollars, and said paper money provided for in this act is hereby made a legal tender at its face value, in pay- inent of all debts, dues, and demands of whatsoever kind, both public and private, within the United States of America, and shall have said legal- tender clause printed on the face of each note. ' Skc. 4. That there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, a sufficient sum of money to carry this act into effect. Sec. 5. That the act of July fourteenth, anno Domini eighteen hundred and ninety, and known as the silver-bullion purchase act, is hereby repealed. Sec. 6. Thatthenationalbanking act of eighteen hundred and sixty-three, together with all acts amendatory thereof and supplemental thereto, are hereby repealed. Sec. 7. That all acts providing for the issue of United States Treasury notes, gold and silver certificates, both coin and bullion, or other certificates, and all laws pro- viding for issuing or refunding interest- bearing bonds, or other evidences of indebt- edness of the United States, are hereby repealed. Sec. 8. That all tariff and internal-revenue laws are hereby repealed. S. 2115. A BILL to provide for the regelated free coinage of silver bullion into standard dollars of the United States, and for the preservation of the parity of value of the various kinds of coined money of the United States. Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That any owner of silver bullion the product of mines or refineries located in the United States may deposit the same at any mint of the United States, to be formed into standard dollars of the present weight and fineness, for his benefit, as hereinafter stated; but it shall be lawful to refuse any deposit of less value than one hundred dollars or any bullion so base as to be unsuitable for the operation of the mint : Provided, however, That there shall be delivered or paid to the person depositing such silver bullion only such number of standard silver dollars as shall equal the oommcu-cial value of said silver bullion on the day of deposit, as ascertained and deterriiiued by the Secretary of the Treasury; the differ- ence, if any, between the mint or coin value of said standard silver dollars and the 749 BotamorcLal value of the silver Ijullion thus deposited shall he retained by the Gov- ernment as seieuiorage, and the gain or seigniorage arising from such coinage shall be accounted for and paid into the Treasury. The amount of such seigniorage or gain shall be retained in the Treasury as a reserve fund in silver dollars, or such other form of equivalent lawful money as the Secretary of the Treasury may from time to time direct, for the purpose of maintaining the parity of value of every silver dollar issued under the provisions of this act with the gold dollar issued by the United States : Provided, That the deposits of silver bullion for coinage into silver dollars under the provisions of this act shall not exceed the sum of four mil- lion dollars per month : Provided further, That the coinage of silver dollars provided for in this act shall not be further continued when the aggregate amount of lawful money of all kinds in the United States shall equal the sum of forty dollars per capita of the population of the United States; but such coinage may at any time be resumed wlxenever the aggregate amount of lawful money in the United Sfatos shall fall below forty dollars per capita, to the end that the aggregate amount of lawful money in the United States may approximately equal, and be kept equal to, the sum of forty dollars per capita, and no more : Provided further. That the Secre- tary of the Treasury may, in his discretion, cause to be coined two silver half dol- lars of the present weight and fineness in lieu of each of tlie standard silver dollars to be coined under the provisions of this act; and all the provisions of this act shall be equally applicable in maintaining every two such half dollars at a parity with the gold dollar issued by the United States. Sec. 2. That the said silver dollars and silver half dollars shall be a legal tender in all payments at their nominal or coin value, RESOLUTIONS. [January 9, 1894.] INCREASE or GOLD COIN. Mr. Allen. I submit a resolution, and ask that it be printed and lie on the table. The resolution was read as follows: lieeolved, Tliat the Secretary of the Treasury be, and he is hereby, directed to inform the Senate from what source or sources the gold coiu in this country outside of the Treasury of the United States was increased to the amount of $86,869,48^ during the fiscal year 1893, as expressed in his recent report for that year, and if derived from different sources, give the sources respectively from which derived and the amount thereof. [January 29, 1894.] ISSUE AND SALE OP BONDS. Mr. Stewart. I submit a resolution, and ask that it may go over until tomorrow morning. The resolution was read as follows : Resolved, That, in the judgment of the Senate of the United States, the Secretary of the Treasury is not at this time clothed, under existing laws, with any legal authority to issue and sell the bonds or other interest-bearing obliga/tions of the Government. [As amended by Mr. Qnay.] Resolved, That, in the judgment of the Senate of the United States, the Secretary of the Treasury is not at this time clothed, undt^r existing laws,, with any legal authority to issue and sell the bonds or other interest-bearing obligations of the Government, except to provide for the redemption of the legal-tender notes pre- sented at the subtreasury of the United States in the city of New York; and that the money derived from the sale of bonds issued under that act can not be lawfully applied to any other purpose. [Eebrnaiy 1, 1894.] REDEMPTION OF CURRENCY — GOLD RESERVE. Mr. Allen. I submit a resolutioii, and ask for its present consideration. The resolution was read as follows : Resolved, That the Secretary of the Treasury be, and he is hereby, directed to inform the Senate what amount, if any, of the different kinds of paper money or currency issued by the Government has been redeemed since .January 14, 1875, to this date, classifying such money or currency, giving the amounts, respectively, by years of such redemption, and what portion of such currency or money thus redeemed, if any, was destroyed, and what portion was reissued, giving the amounts and classes 750 by years, respectively. Also, by what right or authority the so-called gold reserve now maintained in the Treasury was established, when established, and under what authority it is now maintained. [February 1, 1894.] ISSUE AND SALE OP BONDS. Mr. Peffer. I submit a resolution, and ask that it may be read and printed and lie over until to-morrow, under the rule. The resolution was read as follows : Beaolmd, That the Secretary of the Treasury be, and he is hereby, directed to inform the Senate how many offers have been presented for the purchase of bonds proposed to be issued and sold in his notice under date of February 17, 1894, giving the names and places of business of the persons and firms, and companies or corpora- tions making such offers, for what amounts, and at what prices the offers were made, also the names and places of business of the persons to whom the said bonds have been sold, in what amounts to each and at what price; also when the offers of each and all of the bidders were received at the Department. [February 21, 1894.] ! LEGAI, STATUS OP SILVER CKRTIFICATES. Mt. Allen. I submit a resolution, and ask unanimous consent for its present con- sideration. The resolution was read as follows: Resolved, That the Attorney-General be, and he is hereby, directed to famish the Senate with complete copies of any opinions furnished by him to the Secretary of the Treasury relating to silver certificates and of all correspondence between the Treasury Department and the Department of Justice in relation thereto. [February 22, 1894.] PERMANENT FINANCIAL SYSTEM. Mt. Martin. I submit a resolution, which I ask shall be read, printed, and lie on the table for the present. The resolution was read as follows : Whereas it is manifest that the framers of the Constitution of the United States intended that gold and silver should at all times constitute the principal currency of this country, and to that end it was clearly pro vided in the Constitution that Con- gress shall coin money and regulate the value thereof and of foreign coins ; and Whereas the continued and unrestricted coinage and use of both gold and silver without discrimination against either metal has been from the foundation of the Government, and still is, the settled policy of the United States : Therefore, be it Resolved, That the Senate Committee on Finance be, and hereby is, instructed to formulate and report to the Senate at the earliest possible moment, a bill or bills pro- viding for a permanent American financial system which shall include the free, unre- stricted, and unlimited coinage and use as money of both gold and silver upon the basis and ratio of 16 of silver to 1 of gold. [March 28, 1894.] ISSUE OF BONDS. Mr. Peffer. T sxibmit a resolution, which I ask to be read and ordered printed, and that it lie over under the ruler The resolution was read and ordered to lie on the table and be printed as follows : Resolved,- That the Committee on Finance be, and it is hereby, instructed to pre- pare and report as soon as practical a bill to repeal .all laws authorizing or permit- ting the Secretary of the Treasury to issue bonds or other interest-bearing obliga- tions of the Government, and to prohibit any and all such issufes in future without express authority by act of Congress first had and obtained. [June 19, 1894.] PUBLIC SAVINGS BANKS. Mr. Peffer. I submit a resolution, which I ask may be read, printed, and lie over. The resolution was read and ordered to lie over, and to be printed as follows : Resolved, That the Committee on Post-Offices and Post-Eoads be, and it is hereby, directed to prepare and report, as soon as practicable, a bill providing for the estab- lishment of a system of public savings banks, to be conducted under the surveil- lance Qf public officers in connection with the Post-Office Department. 751 HOUSE BILLS. H. R. 4477. A BILL for the coinage of silver mined in the TTnited States. Be it enacted iy the Senate and House of Bepresentatives of the United States of America, in Congress assembled. That any citizen of the United States may at any time present at any minj ot the United States any amount of silver bullion in lots of one hundred ounces or more, the same being the product of mines located anywhere in the United States, and it shall be the duty of the officers in charge of such mint, as speedily as practicable, to coin the said bullion into standard silver dollars of the present legal weight and fineness for such citizen so presenting the same. Sec. 2. That satisfactory proof shall be furnished to said officer as to such citizen- ship and that said silver is the product of mines located in the United States. Sec. 3. That the officers of said mints shall deduct from said bullion, or receive in payment as a charge for such coinage, the difference in value between the coinage value at the legal ratio and the market value of said silver bullion at date of such presentation or deposit. Sec. 4. That this law shall be and remain in force for three years from the date of its passage. Sec. 5. That the fixed purpose of the United States to maintain such coined standard dollars at a parity with all other coined standard money of the United States is hereby declared and affirmed. B. B. 4664. A BILL to provide for the free and nnlimited coinage of silver and gold at the present ratio and upon eqaal terms. Be it enacted hy the Senate and House of Bepresentatives of the United States of America in Congress assembled, That on and after the passage of this act the mints of the United States shall be opened to the coinage of both silver and gold, upon the same terms as existed prior to eighteen hundred and seventy- three : Provided, however, That all silver and gold coined hereafter for the account of the owners shall not have any legal-tender function, and instead of being stamped "one dollar," "five dollars," "ten dollars," and so forth, it Shall be stamped "ten dimes," "fifty dimes," "one hundred dimes," and so forth, and on the reverse side of every piece of such coin shall bear the words " Not a legal tender." Sec. 2. That nothing in this act shall be construed as taking away the legal- tender function of any silver or gold already coined, or which may hereafter be coined upon the account of the United States. Sec. 3. That all laws or parts of laws in conflict with this act shall be, and hereby are, repealed. H. R. 4896. A BILL to provide for the free and unlimited coinage of silver and gold at the present ratio and upon equal terms.^ Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assembled, That on and after the passage of this act the mints of the United States shall be opened to the coinage of both silver and gold, upon the same terms as existed prior to eighteen hundred and seventy- three : Provided, however, That all silver and gold coined hereafter for the account of the owners shall not have any legal-tender function, and instead of being stamped "one dollar," "five dollars," "ten dollars, "and so forth, it shall be stamped "ten dimes," "fifty dimes," " one hundred dimes," and so forth, and on the reverse side every piece of such coin shall bear the words "Not a legal tender." Sec. 2. That nothing in this act shall be construed as taking away the legal- tender function of any silver or gold already coined. Sec. 3. That all laws or parts of laws in conflict with tUis act shall be, and hereby are, repealed. 762 II. R. 493«. AN ACT directing the coinage of the silver bullion held in the Treasury, and for other purposes. Be it enacted by the Senate and House of Bepresentatioea of the United States of Americu in Congress assembled, That the Secretary of the Treasury shall immediately cause to be coined as fast as possible the silver bullion held in the Treasury, purchased under the act of July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and the issuing of Treasury notes thereon, and for other purposes," to the amount of the gain or seigniorage of such bullion, to wit: The sum of fifty-five million one hundred and fifty-six thousand six hundred and eighty-one dollars, and such coin or the silver certificates issued thereon shall be used in the payment of public expenditures, and the Secretary of the Treas- ury may, in his discretion, if the needs of the Treasurjr demand it, issue silver cer- tificates in excess of such coinage : Provided, That said excess shall not exceed the amount of the seigniorage as herein authorized to be coined. Skc. 2. After the coinage provided for in the first section of this act, the remain- der of the silver bullion purchased in i)ursuance of said act of July the fourteenth, eighteen hundred and ninety, shall be coined into legal-tender standard silver dollars as fast as possible, and the coin shall be held in the Treasury for the redemption of the Treasury notes issued in the purchase of said bullion. That as fast as the bullion shall be coined for the redemption of said notes, the notes shall not be reis- sued but shall be canceled aud destroyed in amounts equal to the coin held at any , time in the Treasury, derived from the coinage herein provided for, and silver certifi- (?ates shall bo issued on such coin in the mannernow, provided by law : Provided, That this act shall not be construed to change existing law relating to the legal-tender character or mode of redemption of the Treasury notes issued under said act of July fourteenth, eighteen hundred and ninety. Sec. 3. That a sufficient sum of money is hereby appropriated to carry into efl'ect the provisions of this act. Passed the House of Representatives March 1, 1894. Attest : James Eerrj Clerk. Bt. R. 4960. A BILL to provide a national onrrenoy. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there is hereby created in the Treasury Department a commission, which shall consist of the Secretary of the Treasury, the Treasurer of the United States, and the Comptroller of the Currency, and shall be known as the national-currency commission. The Secretary of the Treasury shall be the president, the Treasurer of the United States shall be the treasurer, and the Comptroller of the Currency shall be the secretary of the commission. It shall be the du^ of this com- mission to execute and carry into effect the provisions of this act and to perform such other duties as may be required of it by law. It shall meet at least once in each month, shall keep a record of its proceedings, and shall prescribe rules for its government and for carrying this act into effect, which rules, not being in conflict with any act of Congress, shall have the same force and effect as if prescribed by law. Sec. 2. That the national-currency commission shall cause to be engraved and printed, at the Bureau of Engraving aud Printing, national-currency notes of the denominations of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, of such designs as said com- mission may approve and in such amounts as may be necessary to meet the require- ments of this act. . Such national-currency notes shall be a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues, and when so received may be reissued, unless as otherwise provided in this act: and such notes, when held by any national-banking association, may be counted as a part of its lawful reserve. Sec. 3. That the said currency notes issued in accordance with the provisions of this act shall be redeemable on demand, in coin, at the Treasury of the United States, or at the oifioe of any assistant treasurer of the United States ; and when so redeemed may be rei.ssued, except as is otherwise expressly provided in this act. Seo. 4. That national-currency notes which are authorized to be issued by this act shall be issued in the first instance in the manner heroin provided : Any bank, bank- ing association, or corporation having banking powers, organized in pursuance of 753 the laws of the United States or of any State or Territory, or in pursuance of the laws in force in tlie District of Columbia, being solvent, and whicli has a capital stock of which at least twenty-five thousand dollars have been paid up in cash, may, upon complying with the provisions of this act, receive natioual-cnrrency notes upon the deposit with the national-currency commission of the bonds herein- after required and provided for and subject to all the provisions of this act. But no bank shall receive such currency notes in excess of the capital stock of such bank actually paid up in cash, pr in excess of the par value of the bonds of the United States or in excess of ninety per centum of the par value of bonds other than those of the United States, which may be deposited. Sec. 5. That no bonds shall be received on deposit by the national-currency com- mission, as security for the national-currency notes which may be issued to any bank herein authorized to receive the same, except such as are herein provided for: rirst. The bonds of the United States, and bonds the principal and interest of which have been guaranteed by the United States; and any bank making a deposit of such bonds shall be entitled to receive national-currency notes to the amount of the par value of such bonds. Second. The bonds of any State of the United States which have been coutinuT ously for two years preceding the date of their deposit at par in the market and the interest upon which has at no time since the issue thereof been in default. Third. The bonds of any county or parish of any State, or the bonds of any city or town in the United States, which had at the last preceding census of the United States a population of not less than five thousand, and which bonds have been for two years preceding their deposit at par in the market and the interest upon which has at no time been in default. All such bonds must have been issued in pursuanc* of law and for municipal purposes exclusively ; and must be, in the opinion of the national-currency commission, ample and valid security for the purposes for which they are deposited ; and the several States in which they are issued must have made the necessary provisions for the payment of the principal and interest thereon. Sec. 6. That the national-currency notes issued under the provisions of this act shall not he subject to the payment of the tax often per centum imposed by sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the Revised Statutes of the United States, and by sections nineteen, twenty, and twenty-one of the act approved February eighth, eighteen hundred and seventy-live, on the amount of notes of any State bank or State banking association which may be authorized by the laws of the several States to issue circulating notes, nor to any tax under the laws of the United States, except as provided in this act ; nor to the payment of any tax under the laws of any State or Territory, or any municipality in the United States ; nor siiall the bonds deposited for their security, while they remain on deposit with the national-currency commission, be subject to the pay- ment of any such tax. Sec. 7. That the national-currency commission shall have the right to reject any bonds offered for deposit as provided in this act. Sec. 8. That any bank making a deposit of bonds as provided herein, other than bonds of the United States or bonds the principal and interest of which have been guaranteed by the United States, shall be entitled to receipe, on depositing the same with the national-currency commission, national-currency notes to the amount of ninety per centum of the par value of such bonds, but the bank depositing such bonds other than national bonds shall first guarantee the payment of the principal and interest of the same. Sec. 9. That if at any time any bonds deposited with the national-currency com- mission under the provisions of this act should be depreciated to the amount of five per centum, or if the interest thereon should not be paid as provided in such bonds, or if the said commission should be of the opinion that any bonds so deposited were not ample security for th^ purpose for which they were deposited, said commission shall notify the bank depositing the same to deposit other or additional bonds, or to return to the commission national-currency notes equal to ninety per centum of the estimated depreciation of said bonds, in order that the currency notes outstanding may not at any time exceed ninety-five per centum of the market value of the bonds, other than national bonds, which may be held as security therefor. Sec. 10. That the United States shall have a first lien upon all the assets of any hank making deposit of bonds and receiving national-currency notes under the pro- visions of this act,' to the extent of indemnifying the United States for any loss which may be sustained by reason of the depreciation of bonds deposited or by' reason of any loss which the United States may sustain in disposing of the same; and the said national-currency commission is authorized to institute proper proceed- ings, in the name of the United States, in the courts of the United States, to enforce the provisions of this act. Sec. 11. That the national-currency notes issued under tlie provisions of this act shall be known as Series A, B, and C. The banks to which such notes are issued S. Eei3. 235 -i8 754 Bliall pay a tax to the United States at the rates per annum herein indicated upon the amount of such notes issued to them, respectively; that is to say, upon the issues of notes of Series A they shall pay a tax of one per centum, upon the issues of Series B they shall pay a tax of two per centum, and upon the issues of Series C they shall pay a tax of four per centum. The notes of Series A issued to any bank shall not exceed in amount fifty per centum of ^ts capital stock; and the notes of Series B may be issued to any bank to an amount equal to twenty-five per centum of the capital stock thereolj and the notes of Series C may be issued to any such bank to a like amount. Sec. 12. That in case any bank depositing such bonds shall fail to comply with any demand of the national-currency commission to deposit additional security as provided in this act, or shall fail to comply with any rules or regulations of the commission in reference to such bonds so deposited, such bonds shall be forfeited to and become the property of the United States; and said commission is authorized to dispose of the same at public or private sale under such rules and regula- tions as said commission may have prescribed. And the proceeds realized from the sale of such bonds shall be held as a special fund for the redemption or retirement of the amount of outstanding national-currency notes for the security of which they were deposited. If such bonds should realize an amount in excess of the national- currency notes for which they were deposited and in excess of the cost of their sale, such excess shall be paid to the bank which deposited them. If snch bonds should not realize an amount equal to the amount of currency notes issued thereon and the cost of disposing of such bonds, the said commission is authorized and required to pro- ceed to collect such deficiency ifrom the bank depositing them in the proper tribunals of the United States, or in such manner as said commission may determine. Sec. 13. That any bank having deposited bonds with the national-currency com- mission as herein provided shall be entitled to have such bonds or any portion thereof returned tckit in the manner hereinafter provided; that is to say, whenever any such bank shall deposit with said national-currency commission national-currency notes, national-hank notes, or any Treasury notes issued by the United States bonds to the amount deposited for security of a like amount of national-curreijcy notes shall be returned to said bank. The United States currency notes so deposited shall be can- celed or retired from circulation, and the national-ibank notes and Treasury notes so deposited shall be held as a special fund, and shall be exchanged and substituted for a like amount of any national-currency notes which may be paid into the Treas- ury of the United States at anytime; and, when so exchanged for national-currency notes, such currency notes shall be cameled or retired from circulation and the national-bank notes and Treasury notes shall be again issued and put in circulation. Whenever any bank shall deposit national-currency notes, national-bank notes, or any Treasury notes as provided herein, the tax upon a like amount of national-cur- rency notes theretofore issued to such bank shall thereafter be remitted, and such remission shall be made upon the outstanding series bearing the highest rate of interest. Sec. 14. That the faith and credit of the United States are hereby pledged to the redemption in coin, on demand, of the national-currency notes issued in pursuance of this act ; and, to enable .the LFnited States to so redeem such currency notes, or to retire the same from circulation, the amount of currency deposited by any bank and the proceeds of the sale of any bonds which may be disposed of as provided in this act shall be held as a special fund for such redemption ; and, in addition to such special fund, and to better enable the said national currency commission to prepare and provide for the redemption of such national-currency notes in this act authorized or required, it is authorized to use any surplus revenues from time to time in the Treasury of the United States not otherwise appropriated; and should such revenue be insufficient, to issue, sell, and dispose of, at not less than par in coin, either of the descriptions of bonds of the United States, described in the act of Congress approved July fourteenth, eighteen hundred and seventy, entitled "An act to authorize the refunding of the national debt," with like qualities, privileges, and exemptions to the extent necessary to carry this act into full effect, and to use the ' proceeds thereof for the purposes aforesaid : Provided, That the bonds issued in pur- suance of this act shall hear a rate of interest not exceeding four per centum per anuum, and shall be payable at the pleasure of the United States after five years ftom their issue. Sec. 15. That whenever national-currency notes have been issued to the extent of fifty million dollars, as provided in this act, the said national-currency commission is authorized and required to issue bonds of the United States, as provided in this act, to the extent of twenty per centum of the national-currency notes so issued, and shall hold the proceeds thereof as a special fund for the redemption of national-cur- ]oncy notes, as herein provided; and whenever any additional amount of national- currency notes to the extent of fifty million dollars shall be issued, there shall be a like issue of bonds to a like amount, so th.it at all times there shall be a special fund adequate for the redemption of such currency notes as maybe outstanding. When- 755 ever, by the retirement from circulation of such currency notes, this special fund for their redemption shall exceed twenty per centnra of the amount of such currency notes outstanding, the excess may bo used by Siiid national-currency commission for the purchase or redemption of any outstanding bonds of the United States. If, at any time, the special redemption fund herein provided should be reduced to an amount equal to ten per centum of the outstanding currency notes, the said national- _ onrreucy commission is hereby authorized and required to sell bonds, as herein pro- ' vided, to an amount which will be necessary to maintain the reserve at twenty per centum of outstanding currency notes. The currency notes redeemed in coin uiider. the provisions of this act shall be reissued. Sbc. 16. That the Secretary of the Treasury is hereby authorized to detail any of the officers or employees in the Treasury Department to perform any duties wliich may be required of them by the national-currency commission ; and the said national- currency commission is authorized to use the Treasury of the United States and tlie Bubtroasuries thereof for the safe-keeping of the bonds and moneys of whicli said commission may have custody and control as provided in this act. But said national- currency commission shall keep separate books and Accounts of all its transactions. Sbc. 17. That the national-currency commission is authorized and directed to make the necessary and proper regulations to secure the speedy and frequent redemp- tion of the national-currency notes issued under this act and of all other United States paper currency, including all United States notes, gold certificates, silver certificates, and Treasury notes of eighteen hundred and ninety, and all national- bank notes which have become soiled, impure, unclean, or otherwise unfit for use, when presented in sums of not less than one hundred dollars, and for the prepara- tion and issue of new United States paper currency in place of such as shall ha^e been redeemed on account of having become soiled, impure, unclean, or otherwise unfit for use, and for the transportation of such national-currency notes, ITnited States paper currency and of such national-bank notes to the Treasury of the United States or any of the snbtrfeasuries thereof, and for the transportation of the new national or United States currency or new national-bank notes in return for the United States currency or national-bank notes which have become so unfit for circu- lation: Provided, That all national-bank notes which are redeemed because they have become unfit for use shall be disposed of and replaced as now provided by law, except that the expenses of all transportation shall be paid out of the Treasury oi* the United States. Sec. 18. That all the provisions of "An act to provide a national currency, secured by a pledge of United States bonds, and to provide for the circulation and redemp- tion thereof," approved June third, eighteen hundred and sixty-four, which may now be in force, and all the provisions of Title LXII of the Eevis'ed Statutes, entitled "National banks," and all amendments thereof relating to the examination of bonds which may be deposited to secure circulating notes, to the custody of such bonds, to the printing, denominations, and form of circulating notes, to the plates and dies, to the destroying and replacing of worn-out and mutilated notes, and all the, pro- visions of sections fifty-two hundred and eight, fifty-two hundred and nine, fifty- two hundred and ten, fifty-two hundred and eleven, fifty-two hundred and twelve, and fifty-two hundred and thirteen of the Revised Statutes, in so far as they are appli- cable, shall be in force and applicable to the national- currency notes issued under this act, and to the banks and banking associations to which such national-currency notes may be issued, and to the officers, clerks, and agents of such banks and bank- ing associations. And the provisions of sections fifty-one hundred and eighty-seven, fifty-one hundred and eighty-eight, fifty-one hundred and eighty-nine, fifty-four hundred and fifteen, fifty-four hundred and thirty, fifty-four hundred and thirty- one, fifty-four hundred and thirty-two, fifty-four hundred and thirty -three, and fifty- four hundred and thirty-four of the Revised Statutes of the United States prescrib- ing penalties for issuing circulating notes to unauthorized persons, for imitating sucli notes, and for defacing the same, and for counterfeiting obligations of the United States, so far as they are not inconsistent with the provisions of this act, are hereby made applicable to the notes issued under the provisions of this act. Skc. 19. That the national-currency commission shall report to Congress annually, at the beginning of each session, all its transactions which may be of interest to the public; and shall from time to time furnish Congress, or either House thereof, such information as may be required by it. n. R. 40S8. A BILL to provide for the coinage of the silver bullion now owned by the United States, and for etber purposes. Whereas it appears by the report of the Secretary that there is now in the Treas- ury one hundred and forty million six hundred and ninety-nine thousand seven hundred and sixty fiae ounces of silver bullion belonging to the United States, pur- 756 chased under the act of July fourteenth, eighteen hundred and ninety, at a cost of one hundred and twenty-six million ^even hundred and lifty-eight thousand two hundred and eighteen dollars, and which if coined at the ])re8eut legal ratio would make one hundred and eighty lOne million nine hundred and fourteen thousantl eight hundred and ninety-nine dollars; aud Whereas the said bullion is pledged for the redemption of all the outstanding ■notes given therefor, and the income of the United States from all sources is insuf- ficient to.pay its expenses : Therefore, Be it enacted by tlie Senate and ffouae of Bepreaentatives of the United States of America in Congress assembled, That all of the silver bullion now owned by the United States shall be coined as speedily as practicable into standard silver dollars of the weight and fineness now prescribed by law, which shall be a legal tender in payment of all debts, public and private : Provided, That one-seventh part of said bullion may be coined into half dollars, quarter dollars, and dimes, in the proportion directed by the Secretary of the Treasury, and to contain the amounts of pure silver and alloy as now prescribed by law for such coinage. Sisc. 2. That the Secretary of the Treasury shall set apart forty millions of the dollars coined as aforesaid for the redemption of the notes now outstanding which were paid out for the purchase of sairoTide for the retirement of United States legal-tender and national-bank notes of small denominations, and the issue of coin certificates in lieu ot gold and silver certificates and Treasuiy notes issued under the act of July fourteenth, eighteen hundred and ninety, and for other pur- poses. Be it enacted hy the Senate and House of Bepresentatives of the United States of America in Congress assembled, That hereafter no United States note shall be issued of a denomination less than ten dollars nor more than five hundred dollars, and the denominations higher than fifty dollars shall not exceed in value one-fourth of the value of the total amount outstanding at any time ; and not more than one-fourth in value of the amount of circulation issued to national banks outstanding at anytime shall be of less denomination than ten dollars, and no national-bank note hereafter issued shall be of a higher denomination than one hundred dollars. The Secretary of the Treasury is directed to make the changes in the denomination of the legal- tender notes and national-bank notes needed to comply with the provisions of this act whenever said notes are received at the Treasury for any purpose. Sec. 2. That hereafter coin certificates shall be substituted for silver certificates and gold certificates and Treasury notes Issued under the act of .July fourteenth, eighteen hundred and ninety, wherever any such currency is authorized to be is8ue4 771 under existing laws; and all gold and silver certificates and Treasury notes issued under said act of July fourteenth, eighteen hundred and ninety, now outstanding shall he retired, when they are received for any purpose at the Treasury or any sub- treasury of the United States, and coin certificates of the denominations hereby pro- vided for issued in their stead ; and the. Secretary of the Treasury is hereby author- ized and required to issue coin certificates as herein provided on all the surplus silver and gold coin and gold bullion held at any time by the United States in excess of one hundred million dollars in value of gold coin, and the Secretary of the Treas- ury shall issue coin certificates in lieu of all the Treasury notes issued under the act of July fourteenth,eighteen hundred and ninety, now in circulation as above pro- vided, and shall also further issue coin certificates on the silver bullion now owned by the United States not covered by said Treasury notes until all of such bullion is covered by coin certificates not exceeding one dollar for three hundred and seventy- one and one-fourth grains of pure silver; and it shall be the duty of the Secretary of the Treasury to pay out the coin certificates herein provided for in discharge of all the obligations of the United States except such as have been heretofore made payable expressly in gold and silver coin. Sec. 3. That any person or persons may deposit gold or silver coin of the United States in the sum of ten dollars, or any multiple thereof, with the Treasurer of the United States, or with any assistant treasurer at any United States subtreasury, and demand coin certificates of like amount therefor.. It shall be the duty of the Treas- urer of the United States, upon the receipt of said money or of any original certifi- cate of deposit issued by any United States assistant treasurer afany United States subtreasury, stating that there has been deposited therein, by any person or corpor- ation, gold coin or standard silver dollars of the United States in the sum of ten dol- lars or any multiple thereof, to order payment of a like amount in coin certificates, at the counter of any United States depository designated by the depositor, in such denominations as he may request in writing, of not less than one dollar nor more than five hundred dollars, subject to the limitations hereinafter provided, which shall be redeemable in either gold or silver coin, at the option of the United States; and all the certificates hereby authorized, when received at the Treasury in any form or for any purpose, shall be reissued, or new certificates of the same denomina- tion substituted for such as are returned because of being mutilated or defaced, as now provided by law in regard to the notes of the United States. No coin certifi- cates shall be issued of a denomination greater than five hundred doUais, and at least two-thirds in value of such certificates outstanding at any time shall be of denomi- nations not exceeding fifty dollars. Sec. 4. That it shall be the duty of the Secretary of the Treasury to cause a suffi- cient number of coin certificates of thevarious denorainatioijs hereby authorized to be prepared and distributed among the United States depositories to enable them to comply with the provisions of this act; and the sum of fifty thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to enable him to prepare and distribute said certificates. Skc. 5. That this act shall take effect ninety days after its passage, except as to the fifty thousand dollars appropriated in section four, and as to that appropriation it shall take effect on the passage of this act, and said sum shall be immediately available. H. R. 6967. A BILL to stop the interest on national debt, and for other purposes. Be it enacted iy the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That the Bureau of Engraving and Printing, by the design and direction of the Secretary of the Treasury of the United States, shall pre- pare plates and print therefrom currency bills of the United States of America in the denominations of one dollar, two dollars, five dollars, ten dollars, twenty dol- lars, fifty dollars, and one hundred dollars, equal to the fulj amount of the bonded indebtedness of the United States of America. These currency biUs are to state upon their face that they are fall legal tender for their face value for all dues of the United States or citizens thereof, and are receivable for all duties and taxes due the United States of America, and are convertible at face value into coin of both silver and gold of the mintage of the United States of America at their face value, and are in every respect a full legal tender for any and all duties to and from the United States of America and between its citizens. Sec. 2. That all outstanding bonds of the United States of America now extant must be presented at the United States Treasury within ninety days from the pas- sage of this bUl by a two-thirds vote of the House and Senate of the United States of America, there to be exchanged, dollar for doUar, for the currency bills of the United States. 772 Sec. 3. That all bonds of the United States of America failing to be presented ■within the ninety days allowed by this bill will be debarred payment forever. Sec. 4. That all payments of pension, twelve months after the passage of this act by a two-thirds vote of the House and Senate of the United States of America, shall be made and met by an annual issue of currency bills from said plates, printed annually, equal to the total footings of the annual amount due in pensions, and no pension' shall be paid out of any other moneys the United States of America may have on hand. Sec. 5. That the Secretary of the Treasury shall, immediately upon the passage of this bill by a two-thirds vote of the House and Senate of the United States of America, proceed to put this bill and its provisions into effect, and shall issue a call and advertise for ninety consecutive days that all bonds of the United States of America extant must be presented at the Treasury of the United States to be con- verted into, or exchanged for, United States currency bills, dollar for dollar, and no more. Sec. 6. That failing to comply with the provisions of this bill to issue currency bills of the United States of America, equal to the full amount of all United States bonds extant, and for an annual issue of said bills equal to amount due as pensions by the United States, the Secretary of the Treasury shall be impeached and removed from office. ST. R. 7047. A BILL to authorize the appointment of a cnrrency commission. Be it enacted 'by the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That a commission is hereby created, to be known as the "United States Currency Commission." Sec. 2. That the President of the United States shall, by and with the advice and consent of the Senate, appoint fifteen commissioners, one of whom, the first named, shall be president of said commission: notmore than sevenof the said commissioners shall be directly and actively engaged in the business of banking; not less than two of the said commissioners shall be appointed from each of the geographical divisions of the United States, to wit : The north Atlantic division, the south Atlantic division, the northern central division, the southern central division, a,nd the western divi- sion ; and as far as practicable the various leading opinions on the currency ques- tion shall be represented in the membership of said commission. Sec. 3. That the said commissioners shall receive as compensation for their serv- ices each at the rate of ten dollars per day, when engaged in active duty, and their actual traveling and other necessary expenses; and the commissioners shall have authority to employ stenographers and two messengers ; and the Secretary of the Treasury is hereby authorized to assign from among the officers and employees of the Treasury Department throughout the United States, from time to time, such per- sons may be necessary to assist the commission, which persons as shall be allowed their actual traveling and other necessary expenses. The foregoing compensation and expenses to be paid by the Secretary of the Treasury out of any moneys in the Treasury not otherwise appropriated. Sec. 4. That it shall be the duty of the said commission to take into consideration and thoroughly investigate the past and present condition of the currency of the United States, with a view to the determination of the question as to the best and most practicable form or forms of currency (both metallic and paper) for the United States, with special reference to the volume, terms and conditions of issue, extent of circulation, and provisions for redemption. To this end it shall take testimony and collect and collate statistics and other data relating to -the issue and use of bank notes (both state and national"), the issue and circulation of notes of the Treasury of the United States, as well as the issue and cancellation of gold and silver coins, together with such other information as it may deem necessary for the object in view. Sec. 5. That the said commission shall have its principal place of meeting in the city of New York, New York, but committees composed of any one or more of the members thereof shall also hold sessions and take testimony in the following-named cities: Boston, Massachusetts; Baltimore, Maryland; New Orleans, Louisiana; Cin- cinnati, Ohio ; Memphis, Tennessee ; Saint Louis, Missouri; Minneapolis, Minnesota ; Saint Paul, Minnesota ; Kansas City, Missouri ; San Francisco, California; Philadel- phia, Pennsylvania; Atlanta, Georgia; Galveston, Texas ; Dallas, Texas ; Louisville, Kentucky; Chicago, Illinois; Omaha, Nebraska; Denver, Colorado; Portland, Ore- gon ; and such other trade centers as the commission may deem expedient. Sec. 6. That the said commission shall make a final report of the result of its nvestigatioils to the President, to be transmitted to C ongress, together with the tea- 773 timony taken in the course of the same, not later than the thirty-first day of Decem- ber, eighteen hundred and ninety-four; and the testimony taken and statistics obtained shall, from time to time, be transmitted to the Secretary of the Treasury to be printed and distributed to the members of Congress. . H. B. 7067. A BILL to amend the laws applicable to national banks, and for other parposes. Se it enacted hy the Senate and Souse of Bep^-eaentativea of fke United States of America in Congress assembled, That the Secretary of the Treasury be, and he is hereby, authorized and directed to coin into standard silver dollars, as rapidly as practicable, such amount of the silver bullion now in the Treasury, purchased under the Act of July fourteenth, eighteen hundred and ninety, as will produce in said dollars fifty- five million one hundred and fifty-six thousand five hundred and thirty-seven dol- lars.^and the said standard silver dollars shall be deposited in the Treasury of the Uliited States and become a part of the general cash in the Treasury, and they shall h a ve all the qualities of the standard silver dollars coined under the Act of Fe bruary twenty-eighth, eighteen hundred and seventy-eight. Sec. 2. That the Secretary of the Treasury be, and he is hereby, authorized to issue and sell, at not lessthan par, in such denominations, not less than twenty dol- lars, and under such regulations as he may prescribe, bonds of the United States bearing interest, in coin, at the rate of three per centum per annum, payable quar- terly, and redeemable, in coin, at the Treasury of the United States, after five years, and to use the proceeds for the purpose of maintaining a parity between gold and silver at the ratio provided by law; and the Secretary of the Treasury may also issue the bonds herein described in exchange for any outstanding bonds of the United States bearing a higher rate of interest: Provided, That the three p*er centum bonds shall be issued at not less than par: And provided further, That the bonds received in exchange shall be surrendered at a valuation not greater than the equiv- alent of said three per centum bonds at par. Skc. 3. That from and after the enactment of this statute there shall be no tax levied or collected by the United States upon the circulating notes of banks doing business under State authority. Sec. 4. That from and after the enactment of this statute the tax on the circulating notes of national banks shall be one-fourth of one per centum per annum. Sue. 5. That from and after the enactment of this statute any national bank shall be entitled to receive and issue its circulating notes to an amount equal to the par value of its bonds deposited with the Treasurer of the United States as security therefor : Provided, That in case of default in the redemption of said notes they shall constitute a first lien on all the assets of the bank in default. Sec. 6. That all acts and parts of acts inconsistent with the provisions of this act are hereby repealed, and a sum necessary to carry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appro- priated. H. B. 7211. A BILL to provide a more miifomi interconvertible national currency, for coining the silver bullion in the Treasury, and for other purposes. Be it enacted by the Senate and House of Eepreseatativee of the United States of America in Congress assenibled, That the Secretary of the Treasury is hereby authorized and directed to retire, cancel, and destroy, whenever received into the Treasury, all the silver certificates outstanding issued under the acts of February twenty-eighth, eighteen hundred and seventy-eight, August fourth, eighteen hundred and eighty- six, and March third, eighteen hundred and eighty-seven; also the gold certificates issued under the act of March third, eighteen hundred and sixty-three, and July twelfth, eighteen hundred and eighty-two, and the Treasury notes issued under the act of July fourteenth, eighteen hundred and ninety, and he shall cause to be issued in lieu thereof United States Treasury notes of such form and denominations as he shall deem expedient, payable to the bearer on demand at the Treasury in standard coin of the United States. Said notes when so issued shall belong to the general fund in the Treasury and be available for the payment of current expenses and appro- priations. The United States Treasury notes hereby authorized shall be receivable in payment of all taxes, internal duties, excises, debts, and demands of every kind due to the United States, and all demands against the United States, except where otherwise expressly stipulated in the contract, and shall be a legal tender for all debts within the United States, except where contracts heretofore made were, by their terms, expressly payable in gold. Said United States Treasury notes shall, on 774 demand of the holder, be redeemed iu the standard coin of the United States, if presented in sums of fifty dollars, or any multiple thereof, and when so redeemed shall be reissued and become a part of the general fund of the Treasury, and shall be available for the payment of current expenses and appropriations. Sec. 2. That as fast as any of the Treasury notes issued for the purchase of silver pursuant to the act of July fourteenth, eighteen hundred and ninety, and any of the certificates referred to in section one of this act are retired and canceled a like amount of coin held under the provisions of the existing laws for the redemption of such notes and certificates shall be covered into the Treasury and become available for the payment of current expenses and appropriations. The Secretary of the Treasury shall cause to be coined, as rapidly as conveuient, all the gold and silver bullion now belongin'g to the Government into standard coin of the United States. Fifty per centum of the full reserves now required by law to be kept in national banks shall hereafter be kept iu and consist of standard silver dollars. Sec. 3. That a gold reserve fund,' consisting of standard gold coin equal to fifteen per centum of the amount of all legal-tender Treasury notes outstanding, including the so-called greenbacks, shall be set apart for the redemption of said Treasury notes, and a reserve fund of standard silver dollars in like amount and for the like pur- pose shall be created. The gold and silver reserve funds shall, as neax as possible in each, equal fifteen per centum of the Treasury notes outstanding and may be reenforced at any time from the standard coin that may be received into the Treas- ury not specially dedicated to other purposes. Sec. 4. That if at anytime either the gold or the silver reserve fund shall fall below six per centum of the amount of notes outstanding, the Secretary of the Treasury is authorized to replenish the delinquent reserve fund with the standard coin of its kind by the sale of bonds bearing the lowest. rate of interest at which the bonds can be negotiated for at par in the kind of coin needed. Bonds authorized by this act shall not i>e for a longer term than twenty years, and shall be payable after five years from the date of their issue. Sec. 5. That a sum of money sufficient to carry into effect the provisions of this act is hereby appropriated out of the general fund of the Treasury of the United States. Sec. 6. That this act shall be carried into effect as soon after its approval as is consistent with the ability of the Secretary of the Treasury to provide suitable and necessary arrangements therefor. H. R. 7S30. A BILL to provide a nniform national currency, and to provide for the circnlation and redemption thereof. Be it enacted by the Senate and Souse of Bepresentatives of the United States of America in Congress assembled, That section three hundred and twenty-four. Revised Statutes, be amended so it will read : " Sec. 324. There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regula- tion of a hational currency, secured by United States bonds or a deposit of lawful money, the chief officer of which bureau shall be called the Comptroller of the Currency, and shall perform his duties under the general direction of the Secretary of the Treasury." Sec. 2. That section fifty-one hundred and fifty-nine. Revised Statutes, be amended by adding at the end of the section: "or in lieu of bonds, shall pay into the Treasury of the United States in lawful money an amount equal to the circulat- ing notes to be received by said association, for which amoulit of money the Treas- urer shall sign a certificate of deposit, payable to the respective association (not negotiable or assignable), bearing a rate of interest of two per centum; payable semiannually, on the first day of .January and July in each year. The said certiificate of deposit to be payable in lawful money, and to be retained in the custody and safe-keeping of the Treasury of the United States, for the sole purpose of securing the redemption and payment of the circulating notes issued to said association." Sec. 3. That any association formed under the provisions of the national-bank act, or any association authorized by any State or Territorial law to carry on the business of banking, upon the delivery of bonds as prescribed in said national-bank act, or upon a deposit of lawful money as herein provided, the association making the same shall be entitled to receive from the Comptroller of the Currency circulat- ing notes as provided by sections fifty-one hundred and seventy-two and fifty-one hundred and seventy-three, Revised Statutes, of said national-bank act, equal in amount to the money deposited or to the par value of the bonds delivered. And so much of section flfty-one hundred and seventy-one, Revised Statutes, as restricts or limits the amount of circulating notes to be issued is hereby repealed. Sec. 4. That all acts or parts of acts requiring any banking association to keep five per centum of its circulation in the Treasury of the United States as a redemption 775 fund, and all acts or parts of acts requiring such association to keep a percentage of their capital or of their circulating notes as a reserve fund is hereby repealed. Sec. 5. That all restrictions as to the amount of money any association receiving circulating notes from the Comptroller of the Currency may loan to any one indi- vidual, firm, or company (except ofBcers of the association) are hereby repealed. Skc. 6. That any association may retire any portion of its circulation in the man- ner provided for the retirement of circulating notes by the national-bank act: Pro- vided, That not more than one-tenth of its outstanding circulation snail be retired at any one time, and the Interval between the times of retirement shall be not less than thirty days. Sec. 7. That in lieu of all taxes by the Government of the Union, every associa- tion receiving circulating notes under this act, or under the national-bank act, shall pay to the Treasurer of the United States, in the months of January and July, a duty of threp-fourths of one per centum each, half year upon the amount of its capital stock beyond the amount invested in United States bonds. No taxation shall be imposed upon the circulating notes herein provided for by any State or municipal authority, but the shares of stock and the real estate owned by said asso- ciation shall be subject to local taxation the same as they would be under the national-bank act. H. R. 7373. A BILL to provide for the free coinage of the standard silver dollar, and for other purposes. Be it enacted by the Senate and House of Bepresentatives of the United States of America in Congress assenibled, That on and after the passage of this act the mints of the United States shall be opened to the coinage of both gold and silver, and that there shall be coined dollars of the weiglit of four hundred and twelve and a half grains troy of standard silver, as provided by the act of January eighteenth, eighteen hundred and thirty-seven, and upon the same terms as existed prior to the demone- tization act of eighteen hundred and seventy-three : Provided, That the coinage of silver dollars provided for in this act shall not exceed four and one-half million dol- lars per month: Provided further , That the coinage of silver dollars shall be discon- tinued when the total amount of lawful money in the United States shall have reached the sum of forty dollars per capita of the total population of the United States as shown by the last census, and such coinage shal^ again be promptly resumed whenever the total amount of money in the United States shall have fallen below forty dollars per capita as sl^own by the latest census report. Skc. 2. That all gold and silver coins of the United States shall be a legal tender for all debts, public and private, at their nominal value, and the same be inter- changeable at the Treasury at the will of the holder, and the faith and .credit of the Governinent of the United States is hereby pledged to maintain this interchangeable relation of said coins. Sec. 3. That international balances shall be accepted in silver by the United States from only such of the great commercial nations as shall have opened their mints to the coinage of silver into legal-tender money and are therefore willing to accept silver in turn from the United States when the balances are reversed. Sec. 4. That a person or persons depositing with the Treasurer or Assistant Treasurer of the United States silver dollars hereby authorized, in sums of not less than one hundred dollars, may receive therefor from the Treasury of the United States certificates corresponding with the denominations of the United States notes, and the coin deposited therefor shall be retained in the Treasury for the payment of the same and the certificates so issued against deposited coin shall be a legal tender for all debts, public and private. Sec. 5. That the Secretary of the Treasury shall cause to be paid to the national banks one-half the interest as it accrues to them on their bond deposit in silver coin. Sec. 6. That all laws or parts of laws that are in variance or conflict with the provisions of this act shall be, and the same are hereby, repealed, 776 [Senate Mis. Doc. 33, Eii'ty-tliird Congress, second session.] Letter from the Secretary of the Treasury relative to the necessity for issuing ionds in order to replenish the coin reserve and meet publiu expenses. Mr. Voorliees, from the Committoe on Finance, presented the following letter from the Secretary of the Treasury submitting statement showing the actual condition of the Treasuify on the 12th day of January, 1894, together with draft of hill. Treasury Depaktmbnt, January IS, 1894. Dear Sir : In compliance with your verbal request I have the honor to submit, for the consideration of the Finance Committee of the Senate, statements showing the actual condition of the Treasury on the 12th day of the present month, and an estimate of the receipts and expenditures during the remainder of this month and the month of February. It will be seen from these statements that there is an urgent necessity for such immediate action as will replenish the coin reserve and enable this Department to continue the payment of public expenses and discharge the obligations of the Gov- ernment to pensioners and other lawful creditors. When my annual report was prepared it was estimated that the expenses during the current fiscal year would exceed the receipts to the amount of about $28,000,000, and I asked Congress for authority to issue and sell bonds, or other forms of obliga- tions, to an amount not exceeding $50,000,000, bearing a low rate of interest and having a reasonably short time to run, to enable the Secretary of the Treasury to supply such deficiencies as might occur in the revenues. The estimate then made was based upon the assumption that the worst effects of our financial disturbances had already been realized and that there would be a substantial increase in the revenues for the remainder of the year. While it was not believed that the defi- ciency then actually existing would be supplied by increased revenues in the future, it was hoped that no additional deficiency would occur; but the receipts and expend- itures during the month of December, and up to the 12th day of the present month, show that the estimate of a deficiency of $28,000,000 at t£ie close of the year was much too low. The actual receipts and expenditures during each month of the year, and the monthly deficiencies, have been as follows : , Receipts and expenditwres fiscal year 1894. Beceipts. Expenditures. Excess of expenditures. 1893, July August September Actual for three months October November December 1894. January (12 days) Total $30,905,776.19 23,890,885.30 24,583,766.10 $39,675,888.60 33, 305, 228. 48 '25,478,010.17 $8,770,112.41 9,414,343.18 80, 870, 621. 90 24, 558, 394. 97 23,979,400."81 i3i7ia, 027. 00 10, 369, 939. 37 SI"!?; 98,430, .,^,588,?92.34 *■ 31,302,026.41 30,058,260.51 16, 263, 655. 11 , 560, 072. 69 5, 035, 397. 37 7. 322, 625. 60 7, 746, 233. 51 5, 893, 715. 77 162,085,384.06 205, 643, 428. 99 43, 568, 044. 94 If the same average monthly deficiencies should continue, the total difi'erence between receipts and expenditures on the 30th day of July next will be $78,167,532. According to the best estimate that can be made, the total receipts during the pres- ent montJ], and the month of February, will be $41,900,000, and the total expenditurcg will be $60,300,000, showing a deficiency during the two months of $18,400,000; hut this does not include any payments on account of the sugar bounty, claims for which to the amount of nearly $5,000,000 have already been presented, and are now under investigation in the Department. The assets of the Treasury, and the current liabilities in excess of certificates and Treasury notes outstanding, were as follows on the 12th day of the present month : 777 ASSETS. Gold : $74,108,149 Silver dollars and bullion 8, 092, 287 I'ractional silver coin 12, 133, 903 United States notes 5, 031, 327 Treasury notes of 1890 2,476^000 National-bank notes 14, 026, 735 Minor coin 988,625 Deposits in banks 15,470,863 Total cash assets 132,327,889 LIABILITIES. Bank note 5 per cent fund 7, 198, 219 Outstanding checks and drafts 5, 653, 917 Disbursing officers' balances 28, 176, 149 Post-Office Department account : 3, 897, 741 Undistributed assets of failed national banks 1, 927, 727 District of Columbia account 142,613 Total agency account 46, 996, 366 Gold reserve 74,108,149 Net balance : 11,223,374 Total liabilities 132,327,889 It will appear from this statement that the coin reserve has been reduced to $74,108,149, and it is evident from the condition of the Treasury that the Depart- ment will have no means to defray the ordinary expenses of the Government unless a large part of the payments are hereafter made out of that fiind. If this is done, the coin reserve will be reduced by the Isfi of February to about $66,601,864, a sum wholly inadequate for the purposes for which it was created. On, account of this critical condition of the Treasury, I have consiSered it my duty, in addition to the earnest recommendations contained in my annual report, to appear twice before your committee and after full 'explanations of the situation urge prompt legislative action on this subject. With the permission of the coinmit- tee, I have prepared and presented for its consideration a bill which, if promptly passed, would, in myopinion, meet all the requirements of the situation by provid- ing the necessary means for defraying the public expenses and replenishing the coin reserve to such an extent as to assure the'maiatenance of the parity of all forms of United States currency. , While this proposed measure of relief has not yet been disposed of or considered by the committee, the great differences of opinion which are known to exist in both branches of Congress concerning the propriety of granting additional or amended authority to issue bonds in any form or for any purpose render it doubtful whether new legislation upon the subject can be secured in time to provide the means which are imperatively demanded in order to preserve the credit, and honor of the Govern- ment. Authority to issue and sell bonds for the purpose of maintaining specie pay- ments was expressly conferred upon the Secretary of the Treasury by the act of Jan- uary 14, 1875, but it has not been exercised since 1879, and on account of the high rate of interest provided for, and the length of time such bonds would have to run, I have not been satisfied that such an emergency has heretofore existed as would clearly justify their issue. But the necessity for relief at this time is so urgent, and the prospect of material improvement in the financial condition of the Govern- ment is so problematical, that unless authority to issue and sell shorter bonds or other obligations, bearing a lower rate of interest than that specified in the existing law, is granted by Congress at a very early day, I shall feel constrained by a seuse of public duty to exercise the power already conferred, to the extent at least of pro- viding an adequate coin reserve. If this action should be taken. Congress ought, nevertheless, to provide promjjtly for the deficiency in the revenue during the current fiscal year, and I will from time to time advise your committee of the condition of the Treasury, in order that this subject may receive due consideration. I have the honor to be, yours, very respectfully, Hon. D. W. VooKHEES, Chairman Committee on Finance, U. S. Senate. J. G. Caklisle, iSearetary. 778 XS ACT to amend section three of "An aet to provide for tbe resmnption of specie payments, " approved January fonrteenth, eighteen hundred snd seventy^flve. Be it enacteH iy the Senate and House of Representatives of the United States of Amer- ica in Congress assemhled. That section three of " An act to provide for the resnmption of specie payments," approved January fourteenth, eighteen hundred and seventy- five, be, and the same is hereby, so amended that in lieu of the descriptions of bonds therein authorized, the Secretary of the Treasury is hereby authorized to issue from time to time, as he may deem necessary, and in such form as he may prescribe, cou- pon or registered bonds of the United States, in denominations of twenty-five dol- lars and multiples thereof, redeemable in coin at the pleasure of the United States after years from date, bearing interest at a rate not exceeding three per centum per annum, payable quarterly in coin, and to sell the same at not less than par in coin ; and the proceeds of such bonds shall be held and used to maintain the parity of all forms or money coined or issued by the United States, but the Secretary of the Treasury is hereby authorized to use from time to time such part of such pro- ceeds as may be necessary to supply deficiencies in the public revenues daring the fiscal year eighteen hundred and ninety-four. Sec. 2. That a sura sufficient to carry the provisions of this act into effect is .hereby appropriated out of any money in the Treasury not otherwise appropriated. [Senate Ex. Doc. Xo. 38, Fifty-third Congress, second session.] Letter from the Secretary of the Treasury, in answer to the resolution of the Senate of Feb- ruary Z, 1894, calling for information as to the number of offers for the purchase of bonds proposed to be issued and sold in the notice of January 17, 1894, loiih the names and places of business of tlfose making the offers and of those to whom sales have been made, the amount to each and at what prices, and when the offers were received, and trans- mitting a statement showing the facts called for. Tebasuky Department, February 7, 1894. Sir : In response to Senate resolution dated the 2d instant, as follows : "Resolved, That the Secretary of the Treasury be, and he is hereby, directed to inform the Senate how many offers have been presented for the purchase of bonds proposed to be issued and sold in his notice under date January 17, 1894, giving the names and places of business of the persons and firms and companies or corpora^ tions making such offers, for what amount and at what prices the offers were made; also the names and places of business of the persons to whom the said bonds have been sold, in what amount to each, and at what prices ; also when the offers of each and all of the bidders were received at the Department," Xhave the honor to transmit herewith a statement showing the names of subscribers offering 117.223 for the bonds whose subscriptions were accepted, their addresses, the respective dates of the receipt of their subscriptions, the amount thereof, and the amount of bonds allotted to each subscriber at that price. I also inclose a statement showing in the same way the offers to purchase at a higher price than 117.223 which were received and accepted, and a list of offers which were not con- sidered. Among the latter the offers, amounting in the aggregate to $50,000,000, received from C« L. Riker were not considered because that gentleman's financial standing, as stated to this Department, did not warrant the belief that he would be able to complete his subscription; and the offer of Clarence T. Walker for $3,000,000 was laid aside because he gave only a temporary address and an effort made by the Department to communicate with him with a view of obtaining his permanent address was unsuccessful. The bid of -the Central Trust Company of New York was conditional. The remaining offers, which were not considered, constitute all that were received after 12 o'clock, noon, on the 1st instant. Proposals received later than the 1st instant are not included in any of these statements. Respectfully, yours, J. G. Carlisle, Secretary. The President of the Senate. 779 SubsoripUont to B per cent loau of 1904. — Price, 117. i Date of receipt. Subscriber. Eesiflenc6. Amount. ^«//„'enl^ Allotment. 1891. Jan. 19 19 19 20 18 31 22 20 20 24 -25 27 25 27 27 26 29 28 29 29 31 30 31 31 31 31 31 31 31 22 31 31 Feb. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 J 1 1 1 1 1 1 B.B.TUden lownseod, Be^mond & VoorMs. Fanny Nolan D.B. Freeman John A. Jones American Exchange Na- tional Bank. Stanley & Hume . * Henry G-. Trevor A. H. Ainswortb Independence National ' Bank. "Wm. Wagner Evening Tost Publishing Co. Irvin H. Bright Traders' National Bank... Jas. F. Bussell Bay State Trust Co Virginia Erwin H.C.White Merchants' National Bank . W. E. Hazeltine E.W.Town8end Hawley I. White German - American S a v- ings Bank. Silas Wf aver Chase National Bank Gallatin National Bank. . . National Park Bank Manhattan Trust Co National City Bank Drovers' and Mechanics' National Bank, Seaboard National Bank . . B. E. Tilden J.W.Free C. F. Spurgin Hanover National Bank . . Bank of Manhattan Co Importers' and Traders' National Bank. Merchants' National Bank . Kuhn, Loeb & Co Naumburg, Lauer & Co... Bank of America Yermilye & Co '. 1j. von Hoffman & Co Continental National Bank. A. Grover J. and W. Seligman & Co. . Mechanic. ' National Bank. Miiller, Schall & Co TTnger, Smithers & Co Speyer & Co Heidelbach, Ickelheimer &Co. White & Hartshorns Morton, Bliss &Co Chemical National Bank.. Baring, Magonn & Co Hallgarten cfe Co Wm. H. Stuart New York Life Insurance and Trust Co. liazard Frires Metropolitan Trust Co S. B. McLean Schafer Bros BroTm Bros. & Co United States Trust Co. .. People's Bank Bank of New York Na- tional Banking Associa- tion. State Trust Co National Citizens' Bank ■ ■ Chicago, 111 - New York .. .do. East Saginaw, Mich . Washington, D. C New York Wichita, Elans... New York Lamed, Kans Philadelphia, Pa. do .... New York . Tamaqua.Pa Lowell, Mass Washington, D. C Boston, Mass Painted Post, K. T North Bennington, Vt . San Diego, Cal Prescott, Ariz Salmon Falls, K. H North Bennington, Vt . Burlington, Iowa East Greenwich, New York do B.I. do do do Baltimore, Md . New York Chicago, 111 New York Kinsley, Kans. New York do do .do. .do. .do . .do. .do. .do. .do. .do . .do. .do . -do. .do. .do. .do. , do do do do , do Richmond, Me. New York .do . .do. -do. .do. .drf . .do . .do . .do .do. .do . $12, 000 1,000 4,000 10, 000 300 2,500,000 10, 000 50, 000 1,000 200, 000 1,000 25, 000 200 10, 000 1,500 100, 000 5,000 5,000 50, 000 10, 000 SO 5, iJOO 10, 000 20, 000 500, 000 400, 000 1,000,000 250, 000 1,000,000 50, 000 200, 000 10,000 1, 00(1 800 1, 500, 000 500, 000 1, 000, 000 500, 000 1, 600, 000 100, 000 500, 000 500, 000 700, 000 250, 000 25, 000 1, 000, 000 500, 000 100, 000 500, 000 1, 000, 000 300,000 200, 000 500, 000 1, 000, 000 250, 000 250, 000 1,000 1, 000, 000 1, 000, 000 250, 000 144,000 100, 000 1, 000, 000 2, 500, 000 200, 000 500, 000 250, 000 100, 000 $639 S3 213 533 16 133, 275 533 2,665 S3 10,662 53 11 533 80 5,331 266 286 2,665 633 2 266 533 1,066 26,655 21,324 53, 310 13, 327 53,310 2,665 10, 662 633 S3 43 79,965 26, 655 53, 310 26, 655 79, 965 5,331 26, 655 26, 655 37, 317 13,327 1,333 63, 310 26, 655 5,331 26, 655 58, 310 16,993 10, 662 26, 655 53, 310 13, 327 13, 327 63 53, 310 S3, 310 13, 327 7,677 6,331 S3, 310 133, 275 10, 662 26, 656 13,327 5,331 $11, 350 950 3,800 9,450 300 2, 366, 700 9,450 47, 350 950 189, 350 960 %,650 200 9,460 1,400 94, 660 4,760 4,760 47, 350 9,450 50 4,750 9,460 18, 950 473. 350 378, 700 946. 700 236, 650 946,700 47, 350 189, 350 9,460 950 750 1,420,050 473, 350 946, 700 473, 350 1, 420, 050 94, 650 473, 350 473, 350 662, 700 '236, 650 23, 650 946. 700 473, 350 94, 660 473, 350 946, 700 284, 000 189, 350 470, 350 946, 700 236, 650 236, 650 950 946, 700 946, 700 236, 650 136, 300 94, 550 946, 700 2, 366, 700 189, 350 473, 350 236, 650 94,550 780 Subscription to 5 per cent loan of 190i. — Priee, 117.SSS — Continued. Date of receipt. Subscriber. ■ Eesidence. Amount. Less 5.331 per cent. 1 Allotment. 1894. Feb. 1 Grirard Life Insurance, Annuity find Trust Co. Kidder, Peabody & Co.... Mrs. Harriet Kelly Crerman National Bank A.J.Burhler Philadelphia, Pa $50,000 1,000,000 1,000 25,000 100 2, 000, 000 50,000 50, 000 1, 000, OOO 500,000 2,500,000 3,000,000 1,000,000 500, 000 580,000 200, 000 600,000 200, 000 1, 000, 000 30, 000 100, 000 25, 000 300, 000 200, 000 100,000 2,600 1, 000, 000 1, 000, 000 $2, 665 53,310 S3 1,333 21 106, 620 2,665 2,«65 53,310 26, 655 133, 275 169,930 53,310 26,;655 26, 666 10, 662 26, 665 10,662 53,310 1,509 5,331 1,333 15.993 10,662 5,331 138 63,810 53,310 $47, 350 1 946, 700 1 Baltimore, Md 950 1 23, 650 400 1 Washington, D. C New York 1 Parmers' Loan and Trust Co. . Plienix National Bank 1, 893, 400 1 do 47 350 1 Sixtb National Bank do 47, ■^m 946 700 1 Central National Sank do 1 do 473, 350 2, 366, 700 2, 8411, 050 946, 700 1 do 1 New York Life Insurance Co. National Bank of Com- merce. New York Security and Trust Co. Fifth Avenue Bank do 1 do 1 do 1 do 473, 350 189,350 473, 350 189,350 946, 700 1 1 Hercliants' "^ationalBank. J.D.Probst &Co Middletown, Ohio -.. New York.. ..- ' 1 do do .....'. 1 B. L.Day & Co Hudson River Bank Bank of State of New York . Bolognesi, Hartiield & Co. 1 1 do 94, 650 23, 650 284, 000 189, 350 94, 650 2,450 946,700 946, 700 1 do -- 1 do 1 Brooklyn Trust Co do 1 Eochester Trust and Safe Deposit Co. W.JTNeil Rochester, N.Y Jan. 19 Butchel, Ohio Feb. 1 Fourth National Bank I. & S. Wormser .......... New York 1 do ... 42, 996, 850 2,292,151 40, 704, 700 Teeastjry Department, Washington, D. C, February 3, 1894. The allotment of bonds to subscribers bidding 117.223, amounting in the aggre- gate to $40,704,700, is hereby approved. J. G. Carlisle, Searetary. Subscriptions to 6 per cent loan of 1904. — Price, 117. S24 to ZOO. Date. Subscriber. Kesidence. Amount. Coupon. Regis- tered. Price. 1894. Jan. 31 Third National Bank. . . T.M.Moseley Cincinnati, Ohlol West Point, Miss Philadelphia $100, 000 1,000 100, 000 50,000 ■ 500, 000 250, 000 300, 000 50, 000 500,000 250, 000 250, 000 25, 000 300 .2, 000 10,000 1,000 50 15, 000 100 20, 000 10, 000 1,500 100,000 100 6, 000 100, 000 $100, 000 1,000 117 224 23 Feb. 1 Sailer & Stevenson Eutaw Savings Bank . . . People's Trust Co A. J . Mayer - $100, 000 50, 000 600, 000 117 225 1 1 Brooklyn ' 117 225 1 117 2^5 1 L. von E'ofiinan & Co . . . do 300, 000 50, 000 500,000 117 225 1 Eutaw Savings Bank . . . American Exchange National Bank. Kidder, Peabody & Co.. Lee, Higginson & Co ... 117. 225 Jan. 31 New York 117 2'^5 Feb. 1 1 do 117 228 Jan. 31 Central National Bank. Mrs. Mattie J. Berry E. J.Hardtner Springfield, Mo 25, 000 300 2,000 10, 000 1,000 """is," ooo" 23 Athens, Ohio........... 117 23 26 Pineville, La 117 23 26 31 Daniel W. Cosgrove J. B. Tower 117. 237 19 New York 50 117 24 20 First National Bank. . . . C. J. Cooper Milford, Del 117 25 20 ( )xford, N. C 117 25 22 People's Trust Co B. E. Tilden, trustee .... Farmmgton, Me 20, 000 10, 000 600 100, 000 100 5,000 117. 25 26 117. 25 26 Harpers Forrv, W. Va. . Herkimer, N.Y Baltimore 1,000 117. 25 117 25 27 Morris Mark 27 L.J. J^ederer 117 ''6 30 Van Sohaiok&Co First National Bank. . . . New York 117 25 31 San Francisco, Cal ioo.ooo 117. '25 781 aubsmptions to 5 per cent loan of 1904.— Price, 117 Mi to ^(3, 334 2, 119, 740 17, 565, 000 79, 221, 195 4,991,121 74,230,074 840 79, 520, 424 745, 800 9, 369, 820 15,165,000 58, 706 840 745, 800 68,706 104, 860, 590 710 109, 764, 714 9,368,480 12, 519, 879 20,210,000 46, 557 710 180, 000 46,557 151,910,340 227, 267 545 85, 948, 236 25,455,980 20, 005, 140 27, 820, 000 20, 629 545 950, 000 20, 629 159, 250, 530 971, 174 79, 520, 424 9, 369, 820 15,165,(?00 104, 055, 244 109, 764, 714 9, 368. 480 12,519,879 20,030,000 85,948,236 25,455,980 20, 005, 140 26, 870, 000 158, 279, 356 785 Kind. Kedeemed. Destroyed. Beissued. Demand notes ■ United States notes . - Gold certiiicates Silver certificates Currency certificates. Fractional currency. . Total. Demand notes United States notes . . Grold certificates Silver certificates Currency ceitificates . Fractional currency. . Total. Demand notes United States notes - . Gold certificates Silver certiiicntes Currency certificates . Fractional currency. . Total., Demand notes United States notes . . Gold certificates Silver certificates Currency certificates . Fractional currency . . Total. Demand notes United States notes . . Gold certificates Silver certificates Currency certificates. Fractional currency. . Total. Demand notes United States notes . . Gold certificates Silver certificates Currency certificates. Fractional currency. . Total. Demand notes United States notes Treasury notes of 1890 . Gold certificates Silver certificates Currency certificates — Fractional currency — Total . Demand notes United States notes Treasury notes of 1890. Gold certiiicates Silver certificates Currency certificates. . . Fractional currency — Total . 1885. 1886. 1889. 1890. 1892. S, Eep. 235- -50 $490 84, 493, 153 21, 069, 520 20, 990, 049 39, 500, 000 ' 15, 888 15, 886 $84, 493, 153 21,069,520 20, 990, 045 39, 500, 000 166, 069, 094 16, 376 505 63, 000, 000 10, 188, 895 28, 623, 971 58, 825, 000 10. 088 505 9, 148, 895 23, 923, 971 11, 175, 000 10, 088 63, 000, 000 1, 040, 000 4, 600, 000 47, 650, OOO 160, 548, 459 44,258,459 116, 290, 000 315 74, 068, 000 9, 687, 428 22, 286. 525 37, 490, 000 7,123 316 9, 68^, 428 74, 068, 000 9, 090, 000 7,123 22, 286, 525 28, 400, 000 143, 539, 391 18, 784, 866 124, 754, 525 223 ' 63, 652, 000 64, 623, 667 21, 947, 378 24, 555, 000 24, 321 223 24,321 63, 652, 000 64, 623, 667 21, 947, 378 24, 555, 000 174, 802, 689 24,544 174, 778, 045 365 59, 450, 000 67, 249, 698 40, 614, 026 30, 320, 000 5,953 365 59, 460, 000 67, 249, 698 40, 614, q26 30, 320, 000 197,639,942 197, 633, 624 410 78, 132, 000 46, 565, 673 55, 669, 996 28, 286, 000 5,180 410 4, 80S, 000 5,180 78, 132, 000 45, 555, 573 56, 569, 996 23, 480, 000 207, 548, 158 4, 810, 600 792, 000 624, 000 601,560 728, 666 050, 000 3,831 6, 081, 550 70, 792, 000 1, 624, 000 63, 520, 000 71, 728, 566 28, 06U, 000 240, 800, 332 5, 085, 766 235,714,566 66, 264, 000 8, 646, 770 66, 387, 500 92, 966, 881 64, 160, 000 4,217 4,217 66, 264, 000 8, 646, 770 66, 387, 500 92, 956, 881 64, 160, 000 298, 419, 368 4,217 786 Kind. Kedeemed. Destroyed. Beissued. Demand uotes United States notes Treasury notes of 1890. . Gold certifioates Silver certificates Currency certificates Fractional currency 1893. Total . 3894(torebruaiy 2). Demand notes United States notes Treasury notes of 1890 Gold certificates Silver certificates - Currency certificates - - Fractional currency Total . $91,116,000 41,759,950 76, 828, 740 110, 628, 800 60, 650, 000 2,958 $63, 7S2, 740 656, 800 18, 015, 000 2,958 $91,116,000 41, 759, 950 13, 070, 000 109, 972, 000 42, 635, 000 380, 980. 448 82,427,498 56, 780, 000 27, 117, 000 17, 047, 420 72, 065, 000 14, 210, 000 1,722 16,947,420 1,722 56, 780, 000 27, 117, 000 100, 000 72, 005, 000 14, 210, 000 187, 221, 142 16, 949, 142 170, 272, 000 The $100,000,000 gold coin heretofore maintaiued in the Treasury was accumulated under the following provision of the act approved January 14, 1875, commonly called the resumption act : " And on and after tlieiirst day of .January, anno Domini eighteen hundred and Beventy-niue, the Secretary of the Treasury shall redeem in coin the United States legal-tender notes then outstanding, on their presentation for redemption at the office of the assistant treasurer of the United States In the city of New York, in sums of not less than fifty dollars. And to enable the Secretary of the Treasury to prepare and provide for the redemption in this act authorized or required, he is authorized to use any surplus revenues from time to time in the Treasury not otherwise appro- priated, and to issue, sell, and dispose of, at not less than par in coin, either of the descriptions of bonds of the United States described in the act of Congress approved July fourteenth, eighteen hundred and seventy, entitled 'An act to authorize the refunding of the national debt,' with like qualities, privileges, and exemptions, to the extent necessary to carry this act into full effect, and to use the proceeds thereof for the purposes aforesaid. And all provisions of law inconsistent with the provi- sions of this act are hereby repealed." This fund is not mentioned in any statute of the United States, except in the pro- viso contained in section 12 of the act approved July 12, 1882, entitled "An act to enable national banking associations to extend their corporate existence, and for other purposes," which is as follows : "Provided, That th" Secretary of the Treasury shall suspend the issue of such gold certificates whenever the amount of gold coin and gold bullion in the Treasury reserved for the redemption of United States notes falls below one hundred millions of dollars." The fund was accumnlated subsequently to the passage of the resumption act by the application of surplus revenues and the sales of bonds. The first sale of bond* for this purpose was made in the mouth of May, 1877, and the proceeds of all bonds then and thereafter disposed of were deposited in the Treasury, but no separate account of this fund has at any time been kept in the books of the Department. In the monthly debt statemen t issued on the 1st day of April, 1885, there appeared, for the first time in the list of "liabilities," the following statement: " Held for redemption of United States notes, acts of January 14, 1875, and Julv 12, 1882, $100,000,000." And since that time this, or a substantially similar entry, has been contained in all the monthly debt statements. The authority under which the fund is now maintained is the same as that under which it was originally established. Eespeotfully, yours, J. G. Caklisle, Secretary. 787 [Senate Ex. Doc. 48, Fifty-third ConsresB, second session.] Letter from the Att^>rney-General, in response to the Senate resolution of February SI, 1894, transmitting a copy of a letter from the Acting Secretary of the Treaswry with respect to silver certificates and the reply of the Attorney-General thereto. Dkpabtment of Justice, February SS, 1894. Sir: In response to the resolution of the Senate of the 2l8t instant, directing the Attorney-General "to furnish the Senate with complete copies of any opinions fur- nished by him to the Secretary of the Treasury relating to silver certificates, and o£ all correspondence between the Treasury Department and the Department of Justice in relation thereto," I have the honor to transmit herewith copy of letter bearing date the 17th instant from Hon. W. E. Curtis, Acting Secretary of the Treasury, and copy of the Attorney-General's reply thereto, bearing date the 20th instant. Very respectfully, KiCHARD Olnet, Attorney- General. The PRESIDENT OT THE SENATE. Treasury Department, February 17, 1894. Sir : I have the honor to request your opinion as to whether silver certificates, authorized by section 3 of the act of February 28, 1878, are lawful money within the meaning of the statutes as set forth in section 4 of the act of June 20, 1874, and sec- tion 9 of the act of July 12, 1882, which provide for the deposit of lawful money in the Treasury for the withdrawal of the circulating notes of national banks. Kespeotfnlly, yours, W. E. Curtis, Acting Secretary. The Attorney-General. Department op Justice, February SO, 1894, Sir : I have the honor to acknowledge your favor of the 17th instant, requesting my opinion upon the question whether silver certificates authorized by section 3 of the act of February 28, 1878, are lawful money within the meaning of section 4 of the act of June 20, 1874 (18 Stat. L., chap. 34,3), and section 9 of the act of July 12, 1882 (22 Stat. L., chap. 290). Silver certificates are just what they purport to be on their face and by their terms — that is, they attest the fact that the United States has on deposit so many silver dol- lars which will be paid to the holder upon the presentation and surrender of such certificates. If they can be regarded as money at all, it is only because the United States agrees to receive them "for customs, taxes, and all public dues," and only-to that extent and for those specific purposes. In my opinion they are not "lawful money" within the meaning of the statutes above referred to, to wit: Section 4 of the act of June 20, 1874 (18 Stat. L., chap. 343), and section 9 of the act of July 12, 1882 (22 Stat. L., chap. 290). EespeotfuUy, Eichard Olney, Attorney- General. The Secretary of the Treasury. 788 (Senate Ex. Doc. 91, Fifty-third Congreas, second Beeaion.] Letter from the Secretary of the Treasury, in reeponse to the Senate resolution of March S8, 1894, relative to the currency and the productions of India, Russia, and the Argen- tine Bepuilio during certain years. Treasury Dbpartmknt, May 7, 1894. Sir: I have the honor to acknowledge the receipt of the following resolution adopted by the Senate March 28, 1894 : " In the Senate of the United States, March Z8, 1894. " Besolved, That the Secretary of the Treasury "he, and he is hereby, directed to send to the Senate, at his earliest convenience, answers to the following inquiries accord- ing to the best information now in his Department : , " First. Whether any change has been made in the weight, fineness, or otherwise, in the legal-tender value of the coined silver money used by the people of India, Kussia, or the Argentine Eepublic, for the transaction of their domestic business ; and if so when and to what extent, and by what authority of law, during the past twenty years. " Second. Whether prices for the chief products of said countries, like wheat, cot- ton, etc., have advanced or declined in their prices, when exchanged in their home markets for the legal-tender silver or paper money in common use among their peo- ple, and if so, how much during the past twenty years. " Third. Whether the production, export, or the manufacture of the products of said countries have increased or decreased, and if so, how much, in the quantity and value of each, during the past twenty years, using their annual reports to ascertain amounts produced, exported, and manufactured, and their legal-tender silver and paper money to ascertain their home prices for the four years between 1872 and 1877, as compared with like averages between 1888 and 1893, as a basis on which to answer these inquiries." To the above I respectfully submit the following replies : Answer to first inquiry: (1) India. — There has been no change in the weight, fineness, or legal-tender power of the silver coins of India during the last twenty years, or, indeed, since the law of August 17, 1835, which established the present monetary system of that country, with the single silver standard, went into force on September 1^ 1835. That law provided that the company rupee, a name which it introduced, should weigh a new East India tola, or 180 grains, H or .916J fine^that is — that it should contain 165 grains of pure silver. The act of the Governor-General of India, in council of June 26, 1873, did not change the weight, fineness, or legal-tender power of the rupee, although it closed the Indian mints to the ftee coinage of silver from and after the date of Its passage. Silver may, however, still be coined in India, on Government account, and the Gov- ernment holds itself ready to furnish new rupees to individuals . in exchange for gold, at the rate of 1 silver rupee for IGd. in gold, or 15 rupees for 1 pound sterling. (2) Sussia. — Twenty years ago, and up to the 1st of January, 1886, the monetary system of Russia was that established by the law of June 20 (old style), correspond- ing to our 2d of July, 1810. Under this law, Kussia had the silver standard, the ruble containing 20.7315 grams, or 319.9286 grains, with a fineness of .868,\, or a fine weight of 17.9961 grams, or 277.7161 grains. The coinage of sUver, however, was suspended in Russia by the law of September, 1876. The law of December 17, 1885, which went into force on the fiirst day of 1886, introduced the double standard, and made the weight of the silver ruble 19.90 grams, or 307.0968 grains, with a fineness of .900, and its fine weight, therefore, 17.9961 grams, or 277.7161 grains, the same as it had been under the law of 1810. No silver was coined, however, on private account, under the new law. Its coinage on private account continued suspended. The actual currency of the country since 1854 has been paper " credit rubles," which are sometimes also called "silver rubles." (3) Argentine Repuilic. — Twenty years ago, and up to 1881, the Argentine Eepublic had a very incoherent monetary system. The peso fuerte, of 100 centavos, divided into 8 reals, was the unit of account. But that unit was represented, at least in the provinces of Buenos Ayres and Corrientes, only by paper money of various kinds, that fluctuated in value. Apart from this paper money, and from the metallic piasters which still circulated to a liipited extent in the other provinces of the Eepublic, commercial operations were carried on in foreign coins. Ill 1875 the Congress of the Eepublic decreed the coinage of national money based on the gold peso fuerte, or pataca, fineness .900, weighing If grams and divided into centimos. It was intended that this coinage shoiUd embrace : In gold, 789 5, 10, and 20 piaster pieces ; in silver, a piece of 1 piaster, .900 fine, of the legal weight of 25 grams, with decimal divisions of a proportional weight. The ecoriomio conditions of the country, however, were such that th« law of' 1875 could not be carried out. The monetary law of November, 5, 1881, retained as the unit the gold piaster, divisible into centimes, but lowered its weight to "1.6189 grams, that is, exactly the weight of the French 5-franc gold pieces. Sliver was made legal tender only to the amount of 10 pesos. Practically, there- fore, the country has, legally, the gold standard. The actual money, however, is a depreciated paper, fluctuating greatly in value. The following table shows the weight and fineness of the silver coins of the Argentine Kepublic up to 1881 and thereafter: Weight and fineness of the silver coins of the Argentine BepuiUo. Coins. Griams. Grains. Fineness (thousandths). Fine weight, grains. (1) Under the Argentine Confederation (accord- ing to assays) ; Peso of Cordoba Quarter peso of Cordoba Peso of 1838 and 1839 (average) (2) Pieces of the provinces of Kio de la Plata : Peso of 18^, worstsamples Peso of 1828, better samples Peso of 1828, beat samples ■- '.. Half peso of 1815 Halfpeso of 1813-1816 (3) Silver coins under the law of 1881 : Peso SOcentavos 20centavo8 lOcentavos 5centavos 26. 0670 6. 7000 26. 6972 24. 6226 27. 0860 26. 6324 13. 2838 6. 3503 25. 0000 12. 5000 5. 0000 2. 5000 1.2500 402. 265 103. 394 411.991 379. 975 417. 991 410. 991 204. 995 97.997 385. 800 192. 900 77. 160 38. 580 19. 290 .900 .800 .915 .800 .886 .900 .900 .900 .900 .900 362. 039 82. 715 376. 971 327. 539 334. 392 337. 834 182. 036 347.220 173. 610 69.444 34. 722 17. 361 Answers to the second inquiry : \ (1) As to India, — In India the rupee price of such important articles as rice, wheat, linseed, and gunny bags has risen during the last twenty years. The rupee price of other important articles has fallen, as, for instance, of raw cotton, cotton yam, hides, indigo, opium, and tea. Three other articles of minor importjinoe have also fallen in price during tlie last twenty years. The following index-number tables show the extent of the rise or fall in the prices of the above articles for the periods mentioned, their prices in March, 1873, being taken to represent 100: I. — Table aihovmg the course of the prices of the articles which have risen during the years 1887-189$, as compared with their price in March, 187S. Articles. 1S73 (March). 1887. 1888. 1889. 1890. 1891. 1892. Wheat: 100 100 100 100 100 100 100 100 100 97 83 103 106 97 101 137 118 98 100 88 110 115 104 95 153 141 125 103 89 131 144 112 112 192 203 126 90 81 144 154 111 100 197 186 113 93 87 147 143 103 97 126 115 93 118 103 Eice: 162 Sffi^:;;;"::;:::::::::::;:;:::;;:: 169 LiuBsedi: 110 Calciitta 112 l»icked - 236 231 132 790 I. — Table showing the courte of the prioea of the ariioles which have fallen dwri/ng the years 1887-1892, as compared with thei/r price in March, 187S. Articles. », 1873 (Maxcb). 1887. 1888. 1889. 1890. 1891. 1892. Cotton: 100 100 100 100 100 100 100 100 85 69 76 87 70 84 90 55' 95 74 77 76 82 85 100 50 93 79 77 7« 93 91 98 62 95 74 77 72 76 83 88 50 84 70 77 65 86 81 87 50 75 Yarns, 20*8 . 65 T cloth 77 66 Indiso, Gfood. 74 89 Opium, Malwa 88 41 III. — Table showing the course of the prices of certain articles of minor imporance whxeh have fallen during the period 1876-189S, as compared with that price in March, 187S. Articles. 1873 (HLmah), 1876. 1881. 1886. 1891. 1892. Saltpeter Shellac, middling. Silk, rawSardah.. 100 100 100 85 95 94 See rieport of Indian curreney committee, pp. 161, etc. (2) As to Russia. — I find that the average prices of some of the principal articles of Russian production during the years 1873-1877, as compared with their average price during the period 1887-1891 have fallen, while those of others haverisen. The prices which have fallen are those of wheat, rye, barley, oats, yarn, leather, and raw wool. Those which have risen are the prices of maize, pease, groats, flour, flax, and hemp. The following table shows how the credit-rouble prices of the articles above men- tioned fluctuated during the years 1873-1877, and 1887-1891, the last year for which I find data at present attainable. ' The prices in the table are wholesale export prices. IV. — Table showing the prices of some of the principal articles of Russian production during the periods 187S-'77 and 1887-'91. Articles. 1873. 1874. 1875. 1876. 1877. Rubles. Bublet. SuiUs. Sublet. BubUt. 11.55 10.56 10.41 11.02 12.06 6.67 7.68 7.02 7.08 8.40 6.20 6.36 5.99 .6.13 6.82 4.12 4.45 4.80 4.76 5.14 6.29 7.13 6.71 4.76 5.47 7.79 9.57 8.40 8.67 7.82 8.36 8.03 1.90 9.54 16.36 9.95 12.46 14.15 10.93 11.78 4.50 4.83 4.89 4.81 5.63 2.96 3.48 3.70 3.49 4.55 26.45 25.04 37.16 6.01 6.93 10.83 12.42 12.72 13.23 10.73 10.99 10.77 9.83 10.13 16.70 Average, 1873-'77. Com and wheat per chetvert- - Kye do Barley do Oata do Maize do Pease ' do — Groats do Flcmr do Hax per pood. . Hemp do Yarn do Leather, untanned do Wool, raw do BubUs. 11.12 7.37 6.30 4.65 6.07 8.45 8.83 11.85 4.93 3.64 20.12 11.99 11.68 Articles. 1887. 1888. 1889. 1890. 1891. Average, 1887-'91. Com and wheat per chetvert Eye do... Barley do... Oats do... Maize do.. Pease do.. Groats do-- ITlour do.. Flax per pood Hemp do... Tarn do.. Leather, untanned do. . . ■Wool, raw do... Bvblea. 10.72 6.30 5.92 '4.00 6.49 9.66 12.67 15.33 5.66 5.06 5.14 10.22 8.82 Bvibles. 10.40 5.68 5.95 3.75 6.64 9.89 11.61 14.89 6.39 5.10 4.37 11.60 10.51 BvhUt. 10.13 6.90 6.76 3.87 7.34 9.10 12.88 18.37 5.16 5.08 4.64 12.86 10.89 Bubles. 9.84 6.00 6.06 4.16 7.27 9.00 12.00 17.42 4.71 5.00 4.22 11.80 8.69 B^ihles. 10.56 7.90 6.96 4.15 6.95 9.08 14.17 16.84 4.27 4.82 3.50 9.97 7.61 Bublet. 10.33 6.36 6.13 3.99 6.94 9.33 12.65 16.37 6.02 6.01 4.35 11.29 9.81 791 (3) As to the Argentine EepnbUc. — I fiud uo official data at hand of the prices of the principal articles of Argentine prodiiction as far back as twenty or even ten years ago. But even if the prices of the principal products of that country ten or twenty years ago were readily attainable they could not well be compared with their prices to-day, for the reason that the present currency of the Republic is very different from what it was a decade or two decades ago, as has been intimated in my answer to the first inquiry. OOMMEKCLAX, STATISTICS. Replying to the last paragraph of the resolution, I have caused to he prepared in the Bureau of Statistics the trade figures of the principal -articles of import and export constituting the foreign commerce of the three countries named. These figures aire taken from the official returns of the respective countries, and are as complete in their scope as a general survey of the matter will permit. By taking the leading articles a more definite result is reached. The aggregate of quantities and values of articles of lesser importance will not modify the conclusions obtained from a study of the principal items. The commercial statistics of British India in full detail are published from year to year under the direction of that Government. To reprint them for a period of twenty years would be a task involving so much labor and expense that I have judged a summary to be better adapted to meet the question of the Senate. A very full study of the relation of trade figures to prices and the fall in the market value of silver was made by the Herschel Commission on Indian Currency, and is, therefore, at the command of the Senate. Yours, respectfully, J. G. Carusle, Secretary. The Pkesidbnt of the Sbnatb of the United States. Imports into Bussia. Articles. Agricultural ma- diinery. Books, maps, en- gravmgs, eto. .Year, 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 Qnan titles. Poods. Values. Uubles. 1, 426, 365 . 2, 102, 167 711, 366 875, 085 1, 042, 828 ■ 1, 522, 203 1, 546, 479 2, 809, 004 3, 1.51, 960 1, 628, 885 1, 231, 130 3, 641, 435 961, , 150, ., 354, 1, 1, 2, 2, 831, 629 Articles. Books, maps, en- gravings, eto. Cement and lime . Tear. 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1894 1885 1886 1887 1888 1889 189tl 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 Quantities. Foods. 1, 082, 971 1, 217, 271 2, 807, 121 3, 370, 543 3, 721, 240 3, 360, 069 3, 780, 723 4, 601, 768 5, 608, 802 4, 808, 246 8, 677, 871 5, 040, 284 8,411,217 8,258,642 Values. MubleSf 2, 897, 480 3i 471, 402 3, 930, 019 3, 491, 227 4, 026, 216 5,113,494 4, 051, 000 3,213,000 4, 892, 000 4, 639, 000 4, 758, 000 2, 800, 000 2,877,000 2, 059, 000 2, 148, 000 2, 163, (100 2, 065, 000 2. 247, 000 541, 485 108, 637 1, 403, 562 1, 685, 275 1, 860, 618 2, 230, 997 1, 723, 683 2, 479, 373 2, 784, 229 2, 127, 626 1, 188, 283 1, 917, 848 2, 518, 515 3, 076, OOO 792 Imports into Musaia — Continued, ArticleB. Year. Quantities. Values. Articles. Year. Quantities. Values. Poods. Miibles. Poods. Subles. Cement and lime 1881 4, 973, 046 1, 007, 000 Coffee 1887 317, 000 386, 000 i, 079, 000 1882 6, 908, 995 1, 684, 000 1888 6, 169, 000 1883 6, 840, 000 1,906,000 1889 355, 000 4, 809, 000 1884 7,104,000 2, 925, 000 1890 388, 000 6,673,000 , 1885 6, 881, 000 2,001,000 1891 345, 000 5, 230, 000 1886 5, 560, 000 1, 474. 000 Cotton; 1887 6,541,000 1, 699, 000 Eaw 1867 2, 635, 991 38, 039, 858 1888 5, 719, 000 1, 273, 000 1868 2,398,336 35, 974, 998 1889 5,330,000 1,263,000 1869 2, 973, 634 35,683,614 1890 6, 990, 000 1, 424, 000 1870 2, 606, 827 31,269,937 1891 6,278,000 1,266,000 1871 4,002,143 48,025,715 Chemicals and 1867 949, 629 2, 887, 097 1872 3,393,001 48,882,260 drugs. 1868 1,610,147 3,713,794 1873 3,393,946 37,561,076 1869 1, 206, 546 3, 112, 764 1874 4,454,768 S3, 962, 560 1870 1, 661, 887 4,233,185 1875 4,980,687 52,562,277 1871 1,968,158 5,095,376 1876 4, 538, 879 38,948,706 1872 2, 139, 146 6,252,249 1877 3,679,556 35,323,637 1873 2, 533, 400 10, 772, 364 1878 6,330,433 67,893,517 1874 2,569,230 9,718,676 1879 6,720,065 60, 004, 028 1875 2,676,441 13,804,087 1880 4,886,660 51,951,000 1876 2, 806, 670 6, 499, 538 1881 8,217,308 84,499,000 1877 1, 893, 017 5, 249, 132 1882 6, 710, 200 72,417,000 1878 3,136,685 20, 667, 602 L883 8,090,000 93,864,000 1879 3, 357, 182 22,078,719 1884 6, 277, 000 76, 176, 000 1880 3, 460, 679 18, 532, OOC 1885 6, 378, 000 66, 967, 000 1881 3,419,823 18,043,000 1886 7, 248, 000 71,986,000 1882 4,013,733 26, 907, 000 1887 10, 065, 000 96, 536, 000 1883 4,385,000 15, 322, 000 1888 6,890,000 68,248,000 1884 4, 936, 000 15, 734, 000 1889 8, 620, 000 83, 509, OOQ 1885 4,624,000 13,694,000 1890 7; 995, 000 79,121,000 188'6 4, 830, 000 12,821,000 1881 7, 131, 000 69, 397, 000 1887 4, 687, 000 4, 933, 000 12,133,000 ' 11, 665, 000 Yam 1867 162, 850 4,742,946 4, 343, 311 1888 1868 139, 746 1889 5,164,000 12, 6.55, 000 1869 164,972 5,192,662 1890 4,916,000 12, 091, 000 1870 204,744 6, 654, 373 1891 3, 899, 000 11, 053, 000 1871 258, 582 8,290,779 Coal and cote 1867 49, 000, 962 2, 450, 050 1872 304, 653 12,607,979 1868 35, 217, Oil 1,760,857 1873 314, 962 13,643,396 ' 1869 48, 992, 931 7, 348, 928 1874 331, 938 13,475,864 1870 51,569,996 7, 73,'), 497 1876 359, 116 15, 296, 983 1871 75, 550, 746 11, 332, 610 1876 330, 594 14, 472, 678 1872 64,782,628 10,598,208 1877 157,803 5, 987, 040 1873 50,854,034 10, 503, 918 1878 503, 614 18,768,181 1874 63, 283, 746 8, 947, 901 1879 874,619 30, 428, 300 1876 63,490,753 8,719,859 1880 668,419 20,785,000 1876 91, 424, 939 12, 446, 692 1881 380,626 14, 267, 000 1877 90,367,840 12,989,405 1882 356, 148 15,224,000 1878 111, 113, 041 17,059,213 1883 228, 000 10, 438, 000 1879 90, 665, 908 12, 855, 308 1884 167, 000 8, 542, 000 1880 117, 264, 780 17, 606, 000 1885 172, 000 7, 775, 000 1881 109, 274, 000 14, 761, 000 1886 169,000 7, 690, 000 1882 106,574,000 16, 478, 000 , 1887 219, 000 9; 644, 000 1883 138, 310, 000 18, 137, 000 1888 263,000 10,225,000 1884 116, 760, 000 15, 965, 000 1889 271, 000 9, 837, 000 1885 111,502,000 15,451,000 1890 228,000 8,609,000 1886 113, 467, 000 13, 458, 000 1891 148, 000 4,868,000 1887 95, 710, 000 11, 314, 000 12, 960, 000 1867 3,957,560 3,234,932 4,064,743 4,406,183 4,862,043 7,312,041 6, 646, 820 6, 113, 538 6,483,714 5, 184, 138 2, 037, 420 4,649,414 6,990,469 6, 027, 000 1888 106, 456, 000 of. 1868 1889 126, 327, 000 15, 132. 000 1869 1890 10«, 122, 000 12,429,000 12,036 000 1870 1891 106,081,000 1871 Coffee 1867 407, 193 4,479,128 3,497,195 6, 133, 297 1872 1868 317, 928 1873 1869 466, 664 1874 1870 440, 461 4, 845, 082 1875 1871 492, 132 5, 413, 458 1876 1872 447, 680 4, 970, 866 1877 1873 1874 409, 470 443, 065 6,034,264 6, 415, 598 6,638,110 1878 1879 1876 457, 396 1880 1876 500, 589 5, 617, 074 1881 4,712,000 1877 1878 287, 038 447, 221 3,211,317 6,704,782 1882 1883 6,446,000 3,890,000 1879 472,448 6, 840, 401 1884 ,^^,,,, 3, 395, 000 1880 1881 600, 064 424, 431 7,129,000 6, 107, 000 1885 1886 2, 977, 000 2, 318, 000 1882 1883 1884 1885 1886 608, 877 387, 000 606, 000 470,000 466,000 7, 626, 000 6, 641, 000 8, 619, 000 7, 429, 000 6,061,000 1887 1888 1889 1890 1831 1,843,000 1, pl9, 000 2,134,000 1,9)3,000 1,706,000 793 Imports into Hussia — Contimied. 4jcticles. Year, Engines, niacliin- ery, and parts. Fisli: Ifem'ng salt- ed in baiTe^. Fruit and veget- ables. Fura.. 1807 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1836 1887 1888 1889 1890 1891 1867 1S68 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 18l(l 1882 1884 1885 1886 1887 1888 1889 1890 1891 1867 1863 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1865 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 Quantities. Pooda. 1, 923, 827 2, 489, 199 1, 970, 448 2, 199, 849 2, 063, 475 2, 447, 222 2, 930, 342 2, 511, 044 1,928,111 3, 219, 8114 2, 507, 139 4, 016, 769 1, 418, 671 1, 896, 211 1, 857, 000 1,590,000 1,376,000 1, 566, 000 1, 363, 000 1, 647, 000 2, 092, 000 1, 941, 000 2.121,000 Barrels. 337, 928 326,652 320, 016 328, 199 283, 871 502,935 359, 855 430, 430 432, 622 364, 694 2U, 878 427, 275 336, 504 607, 670 244, 584 Poods. 4, 253, 000 5,878,000 4, 967, 000 4, 889, 000 5, 146, 000 4, 617, 000 5, 969, 000 5, 431, 000 4, 683, 000 \'iilnea. Rubles. ' 15, 022, 071 16,321.206 16, 022, 932 21, 827, 889 16, 0:<6, 426 16, 280, 827 18,148,085 17,266.856 31, 826, 605 19, 904, 937 20, 363, 712 43, 178, 858 29, 522, 563 45, 816, 000 15, 134, 000 20, 914, COO 19, 729, 000 16, 849, 000 11, 938, 000 14, 451, 000 13, 258, 000 16, 090, 000 19, 486. 000 18. 030, 000 18, 776, 000 3, 186, 997 3, 109, 865 3, 200, 160 3,281,990 2,838,710 5, 283, 409 4, 249, 978 5, 095, 600 4, 832, 255 4, 037, 127 2, 955, 638 5,362,449 4, 347, 087 6, 302, 000 6,822,000 3, 073, 000 6,875, 8,644, 6,021 6,921 6,675 8,001 7,622 6, 439 5,249, 6, 560, 7, 239, 6, 722, 8, 474. 11, 331, 10, 478, 9, 767, 10, 266, 12, 367, 5, 626, 9,094, 11. 137. 10, 422, 10, 525, 12, 017, 11,840, 11, 915, 10, 106, 9,'041, 6, 244, 5, 884, 6, 764, 5, 941, 5,441, 2, 178, 1,859 000 000 000 000 (100 000 000 uoo 000 634 896 397 484 213 775 560 119 390 688 012 917 369 OOO 000 000 000 000 000 000 000 000 000 000 000 897 911 ,167 409 Articles. Furs. Glass and glass- ware. Year. Quantities. Indigo. Iron: Pig. 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1374 1875 1876 1877 1878 1879 1880 1881 1882 1833 1884 1885 1886 1887 1888 1889 ,1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 187B 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1673 1874 1875 Poods. Values. 48, 171 49, 203 47, 029 40,997 59,657 53, 417 44,725 53, 421 4$, 246 42, 481 35, 772 47, 171 48, 723 36,742 54, 900 45, 934 43, 000 46,000 42,000 32, 000 35, 000 60, 000 53, 000 65, 000 42, 000 1,134,274 1, 863, 194 1, 934, 057 1,834,110 2, 923, 305 1, 624, 547 2) 334, 657 2, 795, 215 3,508,069 Rubles. 3,782,173 3, 656, 082 3, 099, 216 3, 955, 686 4, 840, 358 4, 219, 747 2, 690, 008 6, 537, 015 4, 726, 613 4, 064. 000 3, 909, boo 6, 404, 000 8. 048, 000 7, 639, 000 4, 074, 000 8, 378, 000 3,616,000 4, 172, 000 4, 654, 000 4, 669, 000 4, 042, 000 1, 118, 667 1, 185, 872 1, 078, 972 1, 347, 506 1,704,822 2, 554, 371 3, 006, 871 3, 032, 375 3,496,087 3, 179, 422 1, 23?, 896 2, 812, 556 3, 789, 360 4, 142, 000 2, 526, 000 3, 328, 000 3. 049, 000 2, 757, 000 2, 717, 000 2, 387, 000 1, 716, 000 1, 302, 000 1, 746, 000 1, 590, 000 1, 624, 000 5, 198, 698 '5,301,376 6, 113, 851 5, 329, 663 7,742,415 4, 595, 363 6, 083, 678 6, 008, 714 4, 803, 509 4, 684, 879 4,871,827 5, 083, 392 4, 849, 628 4, 098, 000 6, 205, 000 5, 702, 000 5, 624, 000 6, 306, 000 4, 995, UOO 3, 654, 000 3, 791, OOO- 6, 975, 000 6, 507, 000 6, 639, 000 4, 818, 000 850,708 li 397, 397 1,160,435 1, 100, 463 1,753,982 1,011,306 1,422,704 1, 553, 460 2, 439, 420 794 Imports into liugsia — Coutinued. Ai-ticles. Year. Quantities. Values. Articles. Year. Qnantitiee. Yalnes. Iron — Continued. Poods. Sublea. Iron — Continued. Poodt. nubia/. Piif .. 1876 2, 905, 032 1, 816, 526 Steel, other 1880 2, 393, 607 15, 201, 000 ■^*o"*" 1877 3,229,269 1,850,946 than rails. 1881 630, 341 1,934,000 1878 6,395,697 4, 485, 618 1882 281,055 1, 166, 000 1870 11,317,642 6,844,497 1883 231, 000 957, 000 1880 14,^87,296 9, 055, 000 1884 339, 000 1,4150,000 1881 14,293,486 9,200,681 1885 268,000 1, 120, 000 1882 13,363,362 9,657,000 1886 607, 000 2,319,000 1883 14, 491, 000 9,626,000 1887 580, 000 1,895,000 1884 17, 330, 000 11, 243, 000 1888 562,000 2, 226, 000 1885 13,509,000 8,729,000 1889 860, 000 2, 970, 000 1886 14,510,000 8, 212, 000 1890 847.000 2, 840, 000 1887 8, 785, 000 5,543,000 1891 665; 000 2,741,000 1888 4, 541, 000 2, 499, 000 Lead 1867 511, 719 1, 535, 158 1889 6, 363, 000 3,938,000 1868 388, 073 2, 064. 218 1890 7,569,000 4,839,fl00 1869 755, 269 2,265,807 1891 4, 586, 000 2,837,000 1870 841,426 2,524,278 Bods, sheet, etc 1867 11,484,730 15, 433, 071 1871 585, 986 1,757,956 1868 7, 221, 705 9, 952, 862 1872 708, 730 2, 075, 615 1869 2,611,042 4,446,766 1873 921,266 2,370,859 1870 4, 196, 624 6, 460, 596 1874 1, 041, 110 2, 933, 061 1871 6,909,031 10,423,385 1875 948, 306 2,051,775 1872 4, 70S, 630 8, 645, 251 1876 1,492,485 3, 330, 168 1873 6,339,176 11,205,626 1877 1, 120, 266 3,121,365 1874 6, 441, 612 9, 745, 809 1878 1, 238, 160 3,737,552 1875 7,248,616 12, 241, 304 1879 1,178,319 3.645,534 1876 6,990,837 11, 762, 963 1880 1,009,315 2, 949, 000 1877 4, 526, 698 8,048,316 1881 1,111,381 2,877,000 1878 7,179,449 12, 100, 066 1882 958, 362 2,327,000 1879 8, 403. 069 14, 065, 251 1833 1, 123, 000 2, 391, 000 1880 9,419,527 17, 100, 000 1884 1,107,000 2, 340, 000 1881 6.485,971 11,960,000 1885 6B8, 000 1, 733, 000 1882 6, 708, 893 13,223,000 1886 812,000 1,8.33,000 1883 '6,472,000 14, 053i 000 1887 1, 076, 000 2, 421, 000 1884 4, 871, OUO 10,368,000 1888 1,146,000 2,658,000 1885 3,878,000 8, 616, 000 1889 1, 179, 000 3, 067, 000 1886 4, 025, 000 8, 799, 000 1890 1,263,000 3, 093, 000 1887 2,798,000 5, 717, 000 1891 1, 123, 000 2, 888, 000 1888 3, 263, 000 6, 910, 000 'Lace, cotton 1867 1,065 525,517 1889 4,513,000 4,805,000 9, 049,000 1868 863 425,837 1890 9, 423, 000 1869 4,500 . 834,388 1891 3, 124, 000 6, 509, 000 1870 4,341 841, 320 Bails 1867 (a) (a) (a) (a) 1871 5,984 7,347 1, 247, 414 1, 524, 122 1868 1872 1869 12, 705, 960 12, 705, 960 1873 8,201 1, 946, 983 1870 13,939,401 13, 939, 401 1874 9,396 2,146,265 1871 6, 981, 786 6,981,786 1875 9,943 1, 926, 473 1872 6, 002, 167 7,285,541 1876 7,346 1,343,697 1873 7, 119, 175 9, 628, 360 1877 2,888 626,676 1874 5, 224, 596 5,803,310 1878 6,864 1,464,445 1875 3,548,523 4, 040, 779 1879 8,584 1,527,425 1876 1, 631, 899 1,984,654 1880 8,300 1, 346, 000 1877 1,029,084 998,574 1881 6,878 1,171,000 1878 347, 824 460, 564 1882 8,963 1, 860, 000 1879 169, 106 234, 013 1883 7,,400 1, 546, 000 1880 282,538 478, 000 1884 5,60fl 1, 326, 000 1881 58,278 154,415 1885 6,800 1,091,000 1882 85, 114 156,000 1886 8,000 1, 132, 000 1883 39, 000 109, 000 1887 6,000 881,000 1884 11,000 30,000 1888 4,000 793, 000 1885 37,000 47, 000 1889 2,000 548,000 1886 23, 000 59, 000 1890 2,000 403, 000 1887 6,000 10, 000 1891 2,000 520, 000 1888 9,000 22, 000 Linen, manufac- 1867 3, 533, 980 1889 14,000 33,000 tures of. 1868 4, 018, 757 1890 44,000 97, 000 1869 2, 804, 123 3,466,247 4,260,247 6, 162, 941 1891 27, 000 71, 000 1870 . Steel 1867 194, 060 182,900 924,047 1871 1868 868, 772 1872 1869 154,842 735, 496 1873 5,745,368 7, 603, 336 1870 223,110 1,059,765 1874 1871 812, 355 3, 858, 692 1875 6, 680, 864 / 1872 276, 913 1,367,336 1876 5, 388, 958 Steel, other 1873 1874 209,193 421, 910 1, 339, 115 2,184,902 1877 1878 6,107,814 9, 088, 226 thonraila. 1875 1876 1877 1878 1879 1,198,880 641, 366 671,383 1,091,613 1,712,825 4, 064, 103 4,172,951 4,348,295 7, 263, 680 10,690,435 1879 1880 1881 1882 1883 7,814,178 7, 376, 000 5, 673, 000 3,950,000 2,918,000 (a) Included in rods, sheets, eto. 795 Imports into Eiiasla — Continuecl. Articles. Vear. Qnantities. Values. Articles. Year. Quantities. Values. Poodt. Kubles. Oil — Continued. Poods. Subleg. L'i 11 Bii, Tnanufac- 1S84 3, 823, 000 Other than 1890 646,000 . 654,000 5,714.000 turc's of. 1886 4,] 54, 000 mineral. 1891 5, 790, 000 1886 3, 937, 000 2, 113, 000 Plants and seeds . . 1867 120, 797 2, 778, 244 1837 1808 134,612 3, 096, 076 1888 1, 608, 000 1869 251, 902 4, 030, 427 1889 1890 1891 1, 682, 000 1,300,000 1,007,000 1870 1871 1872 281,496 321,629 392, 948 4, 603, 945 6, 146, 071 2, 163, 664 \TAtn1 TtrnTTiQ 1867 14, 709, 268 1873 328, 837 970, 486 .llLVtAlX W MfX W0 *■■■■*• 1808 17,865,330 1874 385, 000 1, 218, 472 1869 29, 106, 640 1875 455, 859 1,489,084 1870 25,651,941 18,277,J80 1876 495, 588 2, 041, 350 1871 1877 479,213 2, 080, 949 1872 20, 363, 629 1878 503,034 2, 130, 749 1873 30, 352, 567 1879 593, 223 2,208,433 1874 26, 922, 205 1880 672, 366 2,419,000 1875 28,021,777 1881 808,403 2, 406, 000 1876 1877 1878 26, 924, 518 17, 193, 604 27, 039, 322 1882 1883 1884 906, 324 ' 935, 000 1, 314, 000 3, 217, 000 3, 962, 000 4, 334, 000 1879 1880 1881 21,244,031 IS, 419, 000 24, 837, 000 1885 1886 1887 1, 956, 000 3, 535. 000 1, 915, 000 6, 690, 000 8,619,000 4, 867, 009 1882 29,687,000 1888 1,692,000 4,965,000 ]883 22, 437, OOO 1889 1, 791, 000 4, 630, 000 1884 1885 1886 20, 409, 000 14,708,000 16, 285, 000 Rice 1890 1801 1867 2, 101, 000 2,062,000 347, 683 4,943,000 4, 608, 000 1, 251, 659 1887 11,878,000 1868 345, 717 1,244,598 1888 13, 752, 000 1869 442,835 1, 594. 199 1889 1600 1891 14,625,000 14,487,000 13, 908, 000 1870 1871 1872 1873 267, 318 615, 293 296, 788 718, 058 962, 340 2,215,050 1,706,221 Dili 1, 927, 606 Potrolenm, etc. 1867 553, 497 2,209,976 1874 735, 235 1,812,296 1868 792, 000 3, 168, 001 1875 621, 373 1,687,225 1869 1,099,472 4,397,891 1876 633, 583 1, 733, 070 1870 1, 440, 971 5, 763, 885 1877 264, 400 656,237 1871 1, 720, 420 6, 881, 685 1678 506, 625 1,569,721 1872 1,798,273 5,647,233 1879 593,759 3, 1165, 307 1873 2,716,381 10, 313, 607 1880 936, 527 3, 518, 000 1874 2,532,395 8,018,802 1881 760, 102 2,797,000 1875 2, 660, 996 7, 590, 023 1882 804, 517 2, 940, 000 1876 2,678,931 9,157,934 1883 785, 000 3, 989, 000 1877 1,722,688 5, 749, 641 1884 791, 000 3, 130, 000 1878 2, 004, 067 7,112,617 18S5 669,000 3, 458, 000 1879 1, 719, 890 4, 965, 977 1886 376, 000 1,434,000 1880 1,445,558 4,072,000 1887 79,000 328, 000 1881 1, 213, 182 3, 847, 000 1888 104, 000 312, 000 1832 1,046,817 2,766,000 1889 123, 000 380, 000 1883 459,000 1, 226, 000 1890 110,000 396, 000 1884 376,000 738, 000 1891 131,000 427, 000 1885 1886 142, 000 41, 000 389, 000 Salt, table 1867 11, 426, 829 2,284,603 128,000 1868 10, 266, 863 2,262,687 1887 15,000 56, OOO 1869 11, 288, 670 4, 514, 311 1883 12, 000 55,000 1870 10, 453, 720 4,181,460 1889 14,000 50,000 1871 11,832,334 4, 732, 924 1890 8,000 31, 000 1872 11,712,536 7,140,120 1891 19, 000 66, 000 1873 12,407,558 7,372,915 Other than 1867 975,273 7, 318, 113 1874 12, 145, 976 7, 212, 689 Uiiueral. 1868 1,088,383 8, 167, 580 1875 11, 826, 170 6, 913, 138 1869 1,112,880 9,950,431 1876 17,279,925 8, 351, 584 1870 1, 228, 197 10, 910, 503 1877 6, 180, 850 3, 440, 439 1871 1,481,074 13,120,788 1878 10,057,170 6, 346, 863 1872 1, 625, 718 14, 092, 673 1879 9, 949, 821 6,554,752 1873 1,491,974 13,807,064 1880 9, 059, 770 6,161,000 1874 1,621,755 14,743,450 1881 11, 368, 798 7, 129, 000 1875 1,867,305 12, 426, 662 1882 10, 390, 747 6, 675, 000 1876 1,928,601 11,449,931 1883 9, 470, 000 5,852,000 3,2^4,000 1877 1.036,763 8, 690, 132 1884 5, 330, 000 1878 1,339,252 13, 930, 193 1885 2:648,000 1, 120, 000 1879 1, 467, 981 15, 109, 274 1886 1,407,000 631, 000 1880 1,524,198 14,553,000 18S7 887, 000 293, 000 1881 1,274,750 12,300,000 1888 706, 000 228, 000 1883 1,399,496 14. 236, 000 1889 1,405,000 421, 000 1883 1,548,000 16,763,000 1890 1,060,000 289, ootr 1881 1,471,000 15, 317, 000 1891 832, 000 233, 000 1885 1,117,000 10, 913, 000 Silk: 1886 938, 000 705, 000 9, 217, 000 Haw, thro'wn. 1867 15, 290 5, 107, 664 1887 8,213,000 etc. 1868 11, 867 4, 385, 103 1883 607, 000 7,194,000 1869 1-4,806 5,441,799 1889 679,000 6.344,000 1870 20,968 7,263,694 796 Imports into Russia — Continued. Articles. Year. Quantities. Valaed. Articles. Year. Quantities. Values. Silk— Continued. Poods. Itubles. Poodi. llublei. Eaw, thrown. 1871 15, 756 6,663,601 Tobacco, in leaves 1876 509,968 17, 594, 219 etc. 1872 16, 696 6, 507. 527 and stalks. 1877 82, 562 1,288,429 1873 15,030 8, 053, 319 1878 84,627 4, 384, 489 1874 15, 955 7, 639, 480 1879 99,495 4, 237, 144 1875 18,292 9,367,611 1880 143,354 8, 663, 000 1876 16, 076 7, 955, 865 1881 72,612 4,297,000 1877 10,227 3,237,717 1882 95,196 5, 234, 000 1878 27, 390 11, 906, 955 1883 86,000 4,402,000 1879 34,224 14, 055, 178 1884 80,000 4, 257, 000 1880 30, 712 11, 025, 000 -1885 76,000 3,930,000 1881 25, 786 10,857,000 1886 76,000 3, 603, 000 18162 25, 596 10,643,000 1887 70,000 2, 931, 000 1883 27, 000 10,671,000 1888 54,000 2, 004, 000 1884 27, 000 9, 981, 000 1889 62, 000 2,566,000 1885 28,000 7,089,000 1890 59, 000 2, 127, 000 1886 27, 000 6, 940, 000 1891 1 52, 000 1,916,000 1887 29,000 7,894,000 11, 156, 000 10,474,000 Watches, docks, etc. 1807 1, 302, 017 1, 685, 717 1,673,492 1889 41, 000 1869 39, 000 45, 000 1, 783, 546 1891 9,007,000 5,012,567 5,422,540 4,001,796 4,020,446 6, 251, 811 7,120,462 5, 689, 584 6. 661, 266 6, 664, 354 4, 579, 434 1, 747, 066 1871 2,084,342 5, 685, 987 1867 1872 of. 1868 1873 6,224,023 5, 097, 346 1869 1874 1870 1875 6, 067, 790 3,069 223 1871 1876 1872 1877 1,753,781 5, 082, 711 5,765,145 1873 1878 1874 1879 1875 1880 4, 782, 000 1876 1881 6, 440, 000 5, 16:t, 000 1877 1882 ' 1878 3, 046, 785 3, 132, 385 1883 3,676,000 3, 786, 000 1879 1884 1880 8. 488, 000 2, 252, 000 1885 2, 336. 000 1881 1886 2, 135 000 1882 2, 208, 000 1887 1, 891, 000 1883 2, 216, 000 1888 2,427 000 1884 2, 246, 000 1889 3, 467, 000 1885 1, 965, 000 1,599,000 1,380,000 1,362,000 1, 859, 000 1,765,000 1, 375, 000 14, 345, 575 1890 1886 1891 2,797,000 675,571 706 102 1887 "Wearing apparel, ready-made. 1867 1888 1868 1889 1869 1, 298, 396 1890 187» 1, 270. 830 1,733,791 2, 093, 724 1891 1871 Tea 1867 4<'5, 587 1872 1868 515, 807 15, 895, 149 1873 1, 977, 980 2,181,717 2, 481, 727 1869 673, 983 17, 424, 101 1874 1870 513, 036 16, 464, 014 1875 1871 690, 240 20, 067, 510 1876 1,897,473 1, 324, 290 1872 790, 443 35, 163, 064 1877 1873 729, 988 32, 948, 370 1878 2,730,020 2, 134, 580 2,501,000 1, 999, 000 2,386,000 2,809,000 3, 160, 000 3,166,000 2, 041, 000 1,060,000 578, 000 619, 000 1874 720, 579 21,398,355 38, 603, 861 1879 1875 794, 121 1880 1876 942, 976 39, 375, 553 1881 1877 373, 686 16, 126, 604 1882 1878 741, 023 35, 615, Oil 1883 1879 865, 701 40, 581, 008 1884 1880 1, 146, 041 63, 648, 000 1885 1881 626, 339 87, 410, 000 , 1886 1882 838, 030 48, 091, 000 1887 1883 907, 000 62, 447, 000 1888 1884 989, 000 56, 898, 000 1889 1885 769, 000 29, 244, 000 1890 569, 000 1886 924,000 36, 693, 000 1891 545,000 1887 607, 000 16,163,000 ■Wine: 1888 695,000 14,407,000 lu casks 1867 606, 646 5, 599, 818 1889 702, 000 14, 320, 000 1868. ' 695,490 5, 840, 098 1890 835, 000 17,079,000 1869 677, 229 5,688,691 1891 744,000 IS, 364, 000 1870 719, 860 6, 046, 822 Toljaoco, In leaves 1867 141. 983 2, 981, 673 1871 876,964 7,366,484 and stalls. 1868 122, 022 2,662,483 1872 1,096,467 9,449,432 1869 185,425 3, 893, 939 1873 1,069,409 11, 642, 663 1870 173, 506 3,643,635 1874 958,051 11,075,487 1871 181, 979 3,821,561 1875 1,028,130 12,811,963 1872 220,639 8,845,289 1876 1,542,618 13,402,611 1873 225, 094 4,453,297 1877 294,833 2,635,363 1874 231,640 6, 946, 446 1878 724,226 7,450,199 1S75 253,007 7,639,344 1£79 '898,573 9,667,569 797 Importa4mto B/assia — Contioined. Articles. "Wine — OontiiiTied, In casks Sparkling . Wool: :^aw and yam Manxifactiirea of. Xear. 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1883 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1878 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 Qnantities. Poods. 1, 144, 677 689, 691 826, 901 828, 000 889, 000 530, 000 431, 000 379, 000 364,000 891, 000 514, 000 510, 000 Sottles. 813. 652 884, 612 999,220 1,033,824 1, 079, 247 1, 195, 970 1,191,940 1,159,383 1, 123. 552 1, 570, 914 189, 277 562, 424 749, 639 1, 100, 359 359, 864 572, 847 612, 000 609,000 437, 000 454, 000 444,000 423, 000 447, 000 520, 000 484, 000 Poods. 196, 823 138. 410 295, 311 349. 653 380. 411 383, 662 470,441 6B6, 057 648, 532 443, 367 355, 182 794, 561 979, 127 821, 754 747, 658 807, 916 610, 000 603, 000 626, 000 550, 000 504, 000 786, 000 702,000 557, 000 454, 000 "Values. Itubles. 14,936,000 9, 819, 000 11, 140, 000 14, 519, 000 15, 728, 000 6, 902, 000 6, 279, 000 4,577,000 4, 317, 000 4,447,000 6, 239, 000 5,725,000 1,220,329 1,326,925 1,498,830 1, 550, 740 1,618,870 2, 784, 834 3, 277, £54 3,099,887 2,559,212 3,459,778 476, 947 1, 494, 512 2, 165, 309 3, 087, 000 1, 371, 000 2, 460, 000 2, 448, 000 2, 469, 000 2, 187, 000 1,473,000 1,586; 000 1,432,000 1, 670, 000 1, 959, 000 1,521,000 8,542,695 9, 759, 974 11, 097, 046 13, 086, 022 13,810,629 15, 161, 663 13, 282, 227 16,468,323 19, 775, 260 12, 725, 406 11, 526, 607 24, 487, 205 29, 694, 183 24, 405, 000 24, 052, 000 18, 717, 000 22,431,000 18, 607, 000 21,449,000 18,555,000 23, 051, 000 24, 571, 000 20, 938, 000 20, 686, 000 15, 993, 000 6, 195, 822 6, 133, 355 9, 019, 566 8, 556, 684 10,109,705 14, 199, 542 12, 752 234 Articles. Wool— Continued. Manufactures of. Total merchandise, European frontier. Total bullion and specie, European frontier. Tear. 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 Quantities. Poods. Values. RtthUs. 13, 329, 49'.! 16, 120, 057 12, 635, 560 6, 536, 367 10, 536, 940 12, 331, 290 12, 103, 000 7, 711, 000 8, 964, 000 6, 520, 000 5, 467, 000 4,628,000 3, 682, 000 2, 680, 000 2, 308, 000 3, 277, 000 3,325,000 3, 361, 000 232, 791, 000 239, 892, 000 319, 375, 000 309, 130, 000 344, 570, 000 407, 657, 000 412, 476, 000 440, 153, 000 498, 886, 000 442, 789, 000 291,461,000 557, 715, 000 548, 212, 000 578,334,000 476, 134, 000 518, 363, 000 513, 709, 000 486,251,000 381, 403, 000 373, 913, 000 ii41,080,000 330, 570, 000 ' 371,562,000 357, Oil, OOO 320, 818, 000 Gold ^rubles. 33, 229, 000 38, 835, 000 2, 310, 000 2, 283, 000 7, 168, 000 12, 969, 000 19, 898, 000 15, 981, 000 6, 786, 000 4, 1)46, 000 10,236,000 16, 086, 000 13, 874, 000 11, 399, 000 8, 876, 000 9, 149, 000 5, 927, 000 5, 320, 000 5, 902, 000 5, 803, 000 4, 736, 000 29, 519, 000 9, 349, 000 20, 663, 000 77,463,000 798 Mn^orted from Buasia. Articles. Tear. Quantities. Vahies. Articles. Tear. Quantities. Values. Animals: Horses. . Other. Brandy and com spirit. Bristles. 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1886 1886 1887 1888 1889 1890 1891 1867 1668 1869' 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 \m No. 4,427 10,041 19,418 20, 029 10, 632 13, 432 18, 986 24, 7U 33,343 42, 195 370 15, 648 32, 970 22, 331 23,577 39, 295 4S, 000 40, 000 33, 500 25, 600 20, COO 41, 072 36, 788 43, 099 54, 974 276, 829 356, 491 426, 399 486, 670 533, 745 703, 692 806, 251 606, 493 748, 976 810, 778 1, 055, 384 1, 420, 247 1, 116, 129 1, 140, 575 674, 478 1, 013, 434 2, 970, 000 2, 723, 000 i, 862, 000 3,016,000 4, 383, 000 5, 390, 000 6, 813, 000 5, 871, 000 6, 498. 850 Poods. 81, 504 68, 790 175, 027 647, 516 499, 325 655, 763 707, 100 1, 939, 075 1, 505, 621 1,367,409 1, 700, 509 1, 175, 108 1,905,479 1,495,120 623, 489 1, 838, 586 87,680 90,506 89, 490 86,112 98,607 SfiibleB. 354, 160 803, 280 1, 262, 170 1, 301, 885 691, 080 914, 131 1, 606, 510 1, 906, 373 2, 113, 143 2, 859, 524 35, 835 1, 150, 850 2, 327, 021 1, 576, 000 1, 671, 000 2, 733, 000 3, 609, 000 3, 412, 000 2,744,000 2, 785, 000 2, 570, 000 4, 573, 000 4, 354, 000 4, 149, 000 5, 206, 000 3, 938, 251 6, 181, 995 7, 608, 172 7, 216, 643 6, 358, 264 10, 159, 755 10, 667, 544 7, 664, 906 9, 624, 295 11, 766, 633 15, 724, 367 16, 793, 184 14, 546, 725 13, 497, 000 10, 026, 000 14, 853, 000 12, 290, 000 10, 337, 000 11, 368, 000 8, 528, 000 9, 399, 000 8, 135. 000 8, 388, 000 6, 411, 000 10, 306, 000 342, 817 288, 918 350, 054 1, 295, 032 998, 650 2,009,870 2, 722, 666 6, 690, 519 4, 383, 717 2, 355, 027 4, 424, 720 2, 190, 450 4, 684, 954 3. 846, 000 1, C44, 000 6, 619, 000 10, 235, 000 5, 869, 000 7, 900, 000 8, 985, 000 8, 775, 000 7, 813, 000 5, 773, 000 5, 744, 000 5, 344, 000 3, 033, 729 3, 131, 506 8, 949, 000 8, 611, 200 9,860,700 Bristles. Butter. Caviar.. Breadstufih: Wlieat.. 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 18S8 1889 1890 1891 1867 1868 1869 1870 1871 1872 1873 1874 1876 1876 Foods. 111, 560 120, 629 101, 526 133, 933 114, 753 139, 836 140,983 lis, 336 130, 993 123,460 131, 469 145, 000 163, OOO 137, 000 139, 000 150, 000 163, 000 168,000 156, 000 161, 000 146, 959 192,366 211, 678 167, 666 237,401 144, 075 112, 925 156, 945 163, 051 181, 586 185, 663 174, 110 198, 953 187, 651 155,826 214, 907 290, 000 210, 000 227. 000 267, 000 307, 000 383, 000 425, 000 293, 000 416, 000 100, 112 116, 017 132, 710 136, 405 128, 367 140, 111 164,224 106, 989 96, 903 92, 299 57, 569 124, 877 201, 746 185, 223 374,245 226, 016 251, 000 304, 000 155, 000 168, 000 186, OOO 230, 000 242, 000 199, 000 238, OOO Ohetoerts. 8, 612, 391 6,754,452 6, 366, 816 9, 649, 728 11, 526, 404 9, 847, 839 6, 957, 164 8. 122. 799 9. 528, 583 JRublee. 6, 722, 222 2, 688 111 3, lOi; 459 4, 134, 488 3, 592, 136 3,531,644 4, 547, 816 3, 349, 428 4,415,000 4, 069, 000 5, 879, 000 5,] 26, 000 5, 099, 000 5, 520, 000 6, 016, 000 7, 218, 000 9, 223, 000 10, 991, 000 9, 073, 000 7, 816, 000 1,080, 147 1, 413, 879 1, 693, 124 1, 341, 328 1, 899, 208 1, 007, 538 1, 030, 096 1, 394, 674 1, 662, 534 1, 531, 644 1, 580, 096 1,648,561 1, 872, 269 1,779,000 1, 567, 000 2, 126, 000 3, 418, 000 2, 732, 000 1, 977, 000 2, 301, 000 3, 128, 000 4, 139, 000 4,640,000- 3, 085, 000 4,148,000 580, 757 523, 829 972,270 931, 326 747, 576 1, 224, 916 1, 282, 793 1, 105, 365 1, 052, 994 984, 515 1, 001, 767 1, 672, 745 1, 87U, 343 2, 158, 000 2, 233, 000 3, 592, 000 3, 160, 000 3,416,000 1, 494, 000 1,760,000 2, 044, 000 2,44)3,000 2, 879, 000 2, 495, 000 2,319,000 61,147,976 47, 956, 008 63, 668. 160 96, 497, 280 1115. 264, 040 i 99, 954, 655 I 80,407,958 ' 85, 864, 588 I 99,267,013 |101,78P,8W 799 Exported from Russia — Continued. Articles. Tear. Quantities. Values. Articlee. Tear. Qnantitles. Values. Brea >.......■...■ 1868 1889 11, 210, 000 57, 901, OOO 1869 3, 129, 154 10,482,665 1890 12,093,000 56,963,000 1870 3, 285, 123 11, 005, 160 1891 11, 300, 000 48, 381, 000 1871 3,651,924 12,233,942 Tow 1867 1868 543, 501 936, 175 1, 331, 577 2,293,628 1872 1873 3, 790, 080 3, 776, 270 11,956,881 11, 190, 477 1869 1,067,266 2, 668, 164 1874 3, 808, 892 13, 295, 655 1870 1,130,959 2,827,397 1875 154,855 11, 681, 236 1871 40, 428 1, 828, 645 18l?6 2, 673, 563 9,348,029 1872 775, 530 . 2,808,403 1877 3,392,383 15,467,204 1873 610, 545 1,762,186 1878 3, 034, 250 15, 777, 449 1874 691, 549 2, 040, 695 1879 3, 660, 199 18,078,018 1875 639,641 2,052,997 1880 3,826,996 17, 533, 000 1870 1,591,882 4, 673, 070 1881 4,S40,257 17,449,000 1877 1, 622, 112 4, 183, 701 1882 3,*6,566 16, 964, 000 1878 1, 161, 779 4,147,292 1883 3, 745, 000 17, 671, 000 1879 1,281,713 4,442,715 1884 2,851,000 13,752,000 1880 1, 530, 587 5,254,000 1885 3,056,000 12, 925, 000 1881 1, 856, 313 6, 909, 000 1886 2,343,000 11,410,000 1882 1,506,349 5, 453, 000 1887 3,837,000 19, 413, 000 1883 1,487,000 6,402,000 1888 8, 296, 000 16,832,000 1884 1, 668, 000 6, 076, 000 1889 4,044,000 20, 566, 000 1885 1, 911, 000 5, 821, 000 1890 3, 282, 000 16,222,000 1886 1,487,000 4,448,000 1891 3, 395, 000 16,396,000 1887 1,841,000 5, 442, 000 Tarn 1867 385,833 1, 643, 332 1888 1, 845, 000 5,773,000 1868 311,971 1,247,884 1889 1,225,000 4,279,000 1869 216. 899 867, 696 1890 1,145,000 3, 680, 000 1870 290, 071 1,100,284 801 Expwte■•••■ 1868 1869 1,461,300 1,425,655 1,188,086 799, 895 841, 490 752,576 795, 516 1,247,349 1,424,598 1,628,406 1, 435, 561 1,446,015 1,239,385 1890 1891 23, 420 35,273 328 440 472, 188 459, 525 386, 130 1870 1892 38, 652 31) 140 1871 18936 1872 Tin 1868 99 856 1873 1869 146,075 156, 377 ^ 1874 1870 ,/ 1875 1871 141, 742 1876 ""ioi'.m 112,559 121,886 118,252 106, 558 1872 116, 209 1877 1873 80 064 1878 1874 i"'"""" I47I 765 1879 1875 140, 001 1880 1876 36,'l59' 169; 236 1881 133,280 1,647,641 1877 37,296 180,794 1882 122,626 1,414,384 1878 48,671 222,157 1883 167,597 1,870,494 1879 34,989 181,740 1884 179, 183 2, 140, 491 1880 20, 840 98,848 1885 180, 114 2, 014, 909 1881 30,987 177, 383 1886 174,660 1,934,888 1882 26,977 169,715 1887 164,019 1, 782, 990 1883 42,718 277,306 1888 216, 079 2,447,395 1884 38, 988 235,417 1889 200, 140 2,515,179 1885 41, 177 1:22,464 1890 180,420 2, 414, 317 1886 36, 826 221, 813 1891 193,828 2, 562, 307 1887 38,357 267, 878 1892 184, 024 2, 321, 284 1888 , 20,940 169, 278 1893» 179, 536 2,436,071 1839 33,693 255, 648 Owt. 1390 39,841 284, 553 Spelter 1868 204, 259 192, 806 1891 41,984 278, 302 1869 1892 38,830 264, 331 1870 137, 046 18936 37, 603 298, 034 1871 122, 206 Owt. 1872 123,791 121,917 49,623 47,464 Lead 1868 1873 1869 1874 1870 i 1875 1871 1876 1877 1878 1879 1880 1881 1882 M.'iis' 06, 69.^ 130,280 129, 661 127, 138 148 893 . 82,651 143, 720 179,453 156,547 144, 360 1872 ]"' 1873 1874 1875 1876 166^701 136,235 1877 135', 880 1878 52,' 757' 97,'ii6 1883 127, 383 125, 669 1879 66, 463 111, 598 1884 132,647 128,066 1880 73, 499 106, 296 1885 113, 248 101, 015 1881 56, 782' 93, 105 1886 149,131 136,459 1882 67, 381 96,497 1887 180, 201 184, 008 1883 73, 583 101, 104 1888 134,327 148, 195 1884 82, 564 105, 696 1889 64, 706 84,614 1885 104, 324 117, 163 1890 83.889 113,477 1886 76, 555 85, 413 1891 111,944 177,436 1887 95, 283 119, 773 1892 118, 851 192, 614 1888 111,990 150,409 1893li 115, 782 185,877 1889 113, 130 158, 863 lona. 1890 105, 433 153, 490 gteel 1868 1869 1870 >ive of 83,371 111, 937 166,377 1891 1892 18936 103, 039 122, 568 113,076 147,906 170, 908 165,707 oExclui frontier tra cIb. i Subject to correction. 806 Imports (a) into British India — Continued. Principal articles. Years end- iug lvra,T. 31— Quantities. Values. Principal articles. Years end- ing Mar. 31— Quantities. Values. 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 18fi6 1887 1888 1889 1890 1891 1892 1893c 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1S80 1881 1882 1883 1884 1885 1880 1887 1888 • 1889 1890 1891 1892 1893c 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 Cult. £ 351,452 337, 610 331, 186 305, 320 349, 224 351,474 372, 867 363, 627 6713, 838 661, 059 858,797 975, 835 1, 048. 832 920, 182 1,053,083 1, 087, 186 1,033,931 1, 103, 321 1,191,882 1,179,474 1,504,436 1, 588, 103 1,596,565 1, 476, 070 1, 771, 793 1,862,054 2, 464, 966 1,591,813 1,217,334 1,466,068 516, 996 327, 466 439, 339 538, 962 599, 770 691. 908 907, 002 1, 046, 832 1,033,049 1,117,765 1, 079, 609 1, 116, 434 1, 633, 283 1, 592, 620 2,018,065 1, 436, 124 2, 677. 603 2, 493, 239 1,821,337 2,001,853 1, 484, 173 1,032,939 677,473 720, 270 750, 095 715, 892 913, 916 828, 703 835, 354 755,771 690, 934 430, 890 401, 366 593, 612 762, 532 665, 517 569, 067 615, 184 623, Oil 649. 233 696,048 768, 987 796, 521 882, 130 Salt M90 1891 1892 1893c 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893c 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 188? 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893c 1868 1869 1870 1871 1872 1873 1874 -1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 Tont. 410,808 395.243 373, S53 360, 008 Founds. 1, 627, 996 1,959,951 2, 016, 726 2,328,854 1, 790, 591 1,9,W,910 2, 282, 758 2,469,255 2,457, 244 1. 461, 069 2,102,930 1,813,999 2, 005, 020 2, 511, 802 1, 760, 595 2,386,150 2,210,893 1,831,702 1, 732, 5.59 1,737,891 2, 598, 597 2, 045, 569 2, 360, 467 2, 406, 2.19 2,701,069 2, 292, 848 894, S32 Silk law 779 034 627, 953 576, 951 566, 583 730, 934 Silk ^oods 901, 117 895, 563 651, 695 659, 480 786, 914 872, 927 694, 888 451, 895 678, 069 567, 241 683, 235 ,1,067,018 749, 211 • 1, 074, 156 969, 575 747, 563 721, 917 793, 376 1 174 321 Railway materials. 905, 939 1, 067, 045 1,015,068 1,264,003 1,016,080 423, 598 486, 518 466,693 425, 527 4S0,948 660, 646 608, 374 — '. 710,478 708, 866 584 789 804 883 837, 890 1,350,384 1, 211, 706 977, 768 1, 201, 348 1, 273, 354 1 109 043 1, 333, 735 1, 743. 818 1, 682, 166 'Xona. 245,286 266, 566 272, 818 227, 610 306, 839 276,847 279,246 277, 085 365, 252 298, 776 254,231 274,180 352, 238 373, 376 357.224 338, 065 383, 090 412,839 363, 088 417,442 423,897 398, 810 1 Salt 1, 778, 114 1, 386. 362 1, 760, 696 ■ 1, 801, 671 426, 267 286, 756 297, 381 222, 170 201,744 216, 381 150,562 179, 126 395,988 432, 989 488,884 509, 043 526, 328 542, 861 607, 138 610,854 657,109 602, 165 45, 203, 984 36,690,768 35, 797, 216 29; 994, 944 31,893,232 36, 690, 240 26,149,088 25,659,648 28,534,053 29,368,458 33, 123, 137 36,816,063 33, 444. 205 37,906,762 34,776,134 33, 463, 96 J 37,405,271 39, 749, 713 ol^^xclusire of frontier trade. ( Inclusive of dried fruits, etc., from 1876 to 1893. * Subject to correction. See Fruits and Yegetablea. 807 Imports (a) into British India — Continued. FrlQoipal articles. Years end- ing Mar. 31— Spioes . Spirits.. ' Sugar, eta . Qaantities. Tea., 1886 1887 1888 1889 1800 1891 1892 18936 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1881 1885 1886 1887 1888 1880 1890 1891 1892 1893i> 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 .1884 1885 1886 1887 1888 1889 1890 1891 1892 18936 1868 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 aEzclusive Powadt. 52, 727, 670 38, 587, 464 43, Oil, 198 61, 788. 845 52,830,819 51, 637, 169 58, 543, 588 48, 510, 623 QaUone, 601, 610 681,182 713, 437 461 323 671,626 723, 609 608, 824 674,987 704, 874 654, 627 737,714 692, 384 814, 334 848. 238 842, 739 849, 169 894,420 857, 970 936, 984 1. 064, 386 1, 084, 487 1, 119, 367 1,100,413 1, 055, 984 X 010, 247 1,057,221 Owt. 434, 306 525, 985 572, 134 440, 684 . 562, 559 342, 450 435, 570 395, 715 613, 151 258, 105 475,105 923, 381 652,009 986, 321 775, 982 672, 672 736, 909 1, 6)6, 874 1, 171, 186 1, 749, 565 1, 808, 479 1, 617, 710 1, 723, 112 2, 931, 901 2,213,125 1,959,818 Poundt. >2, 526, 840 2, 029, 054 1, 068, 567 1, 140, 552 2,025,129 2, 465, 761 1, 828, 571 1, 701, 475 2,771,204 1, 756, 300 2, 323, 033 1, 825, 345 2, 534, 518 Values. 718, 679 663, 845 931, 518 855, 228 852, 350 813, 115 797, 196 623.633 455, 174 549, 819 564, 378 385, 900 560, 485 553, 884 488, 597 553, 833 603, 476 622, 184 647, 661 540, 785 659, 120 663, 184 610, 827 674, 969 682, 098 629, 632 667, 693 770, 599 743,305 730, 027 673, 742 665, 144 655, 606 681, 635 536, 884 653, 611 715, 553 555, 801 709, 779 440. 146 558, 978 516, 564 895, 927 403, 556 798, 036 1, 480, 881 1, 068, 788 1, 611, 157 1, 243. 756 1,086,961 1, 148, 370 2, 140, 838 1,458,097 2, 080, 540 2, 113, 617 1, 790, 939 2, 200, 049 3, 399, 886 2, 561, 996 2, 625, 683 253, 364 201, 987 166, 522 114, 055 202, 513 246,576 182, 859 169, 982 247, 666 140, 110 190, 611 130, 518 212, 062 Principal articles. Years end- ing Mar. Si- Tea.. 'Woolen goods. "Wines and liq^uenrs 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 18936 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Quantities. Pownda. 3, 322, 407 2, 845, 212 2, 751, 085 3, 065, 170 3, 874, 412 4, 005, 637 4, 214, 342 3,623,872 4, 767, 004 5, 382, 851 4, 470, 008 6, 353, 017 6, 022, 883 Total value of prin- cipal and ottier articles of mer- ciiandise. 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 18936 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 Values. £ 271,309 199, 691 193, 052 ■ 237, 614 325,548 304, 259 324,260 260, 418 317, 937 363, 681 325, 141 443, 161 443, 336 601,957 764. 173 696,713 583, 22U 514, 194 719, 530 668, 911 557, 585 869, 760 811, 652 782, 781 878, 042 927, 876 1, 299, 130 1, 121, 232 984, 873 1, 217, 053 1, 234, 340 1, 391, 862 1, 528, 865 1, 715, 755 1,561,950 1,456,235 1, 818, 213 1, 762, 032 1, 523, 343 476, 406 574, 040 648, 3^9 433, 337 495, 783 611, 864 476, 19B 476, 610 520, 544 410,744 436, 020 414. 174 392, 731 435, 316 410. 112 384, 570 401, 278 336, 070 328, 022 333, 121 344,842 340. 113 326, 837 336, 754 339, 573 309, 400 35, 705, 783 35, 990, 142 32, 927, 520 34, 469, 119 32,091,850 31, 874, 625 33, 819, 828 36, 222, 113 38, 891, 656 37,440,631 41,464,185 of frontier trade. & Subject to correction. 808 Imports (a) into British India — Continued. Principal articles. Tear end- ing Mar. 31— Quantitiea. Values. Principal articlea. Tear end- ing Mar. 31— Quantities. Taluei. Total value of prin- cipal and other articles of juer- duutdise. Total bullion and specie. Gold. 1879 1880 1881 1882 1803 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893!) 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1880 1891 1892 1893EI 1868 1869 1870 1871 1872 1873 Pounds. £ ^00, 594 166, 003 116, 770 113, 374 095, 711 279, 348 703, 072 655, 865 777, 351 004, 612 440, 467 197, 489 975, 370 432, 383 278, 622 775, 374 165, 954 954, 807 444, 823 573, 813 556, 585 792, 634 141, 047 300, 722 436, 120 355,459 056, 749 656, 395 988, 214 322, 781 453, 157 877, 964 888, 198, 477, 801 053, 319 825,856 844,960 459, 501 934,486 722, 662 009, 810 775, 924 176, 976 690, 400 782, 574 673, 778 622, 371 Total bullion .and specie— Cont'd. Gold Silver. . 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1S75 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 Pounds. £ e48',g0g 089, 236 836,381 443, 712 578, 927 463, 050 050, 393 672, 058 856,302 095,135 4fi9,457 778, 172 091,541 833, 558 236, 053 119, 088 071,027 500, 832 118, 929 999, 450 978, 978 264,407 662,249 000,035 934, 214 143, 726 051, 811 464, 341 992, 408 776, 532 593, 699 605, 002 316, 156 466, 389 358, 022 408, 506 110, 025 386, 260 219, 761 589, 803 725, 872 388,474 433, 654 a Exclusive of frontier trade. b Subject to corrections. Exports from British India. Principal articles. Year. Quantities. Values. Principal articles. Year. Quantities. Values. Omt. £ Omt. £ Coffee 1868 296, 332 761, 345 Coffee 1886 376,702 374,951 1,364,742 1,514,777 1869 426, 685 1,121,032 1887 1870 322, 152 870,189 1888 275,583 1,539,725 1871 30l,9ii5 809,701 1889 367,186 1,894,467 1872 507, 296 1,380,410 1890 241,688 1,500,008 1873 375, 887 1,146,219 1891 235,016 1,463,787 1874 367, 132 1,499,-496 1892 316, 197 2, 023, 740 1875 312,874 1,807,919 1893 299,387 2,082,439 1876 373,499 1,633,395 Coir, and manufac- 1868 ■ 90, 700 66,790 1877 304,168 1,353,688 tures of. 1869 216,439 140,460 1878 298, 687 1,3a, 638 1870 171,.627 151,401 1879 342, 268 1,548,481 1871 103, 264 92, 751 1880 361, 037 1, 633; 032 1872 130,441 121,385. 1881 370,713 1,602,594 1873 183, 715 169, 982 1882. 351,981 1, 400, 729 1874 163,235 164,232 1883 364, 008 1,419,131 1875 153, 132 137, U% 101, 70? 1884 351,910 1,470,301 1876 111, 476 1885 342,682 1,287,977 1877 176,684 190,270 809 Exports from British India-^ContiiiaeA. Frinsipal articles. Coir, and mann- faotniies of. Cotton, raw . Cotton twist and yam. Cotton manufac- tuieB. Year. 1878 1879 1880 1881 1882 1883 1881 188S 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1871) 1880 1881 1882 1883' 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1.876 1877 1878 1879 1880 Quantities. Owt. 141, 024 189, 782 132,670 129, 913 230, 299 173, 209 176, 930 239, 379 207, 224 220, 969 186, 405 212, 072 278,362 245, 373 318, 547 296, 598 5, 482, 643 6, 228, 846 4, 953, 879 5, 157, 160 7, 225, 411 4,412,629 4, 499, 698 6, 600, 086 5, 010, 785 4, 657, 914 3. 460. 568 2. 966. 569 3, 948, 476 4, 541, 548 5, 629, 644 6, 170, 173 5, 987, 278 5, 069, 713 4, 191, 604 5, 435, 862 5, 374, 856 5, 331, 581 6, 321, 378 5, 924, 987 4, 429, 679 4, 789, 201 Values'. £ 148, 595 187, 726 117, 110 104, 741 192, 248 162, 129 156, 526 215, 004 184, 631 199,184 166, 537 186, 883 247 210 265, 260 20, 092 20, 149 19,079 19, 460 21, 272 14, 022, 13, 212, 15, 257 13, 280 11, 746 9,387 7,914, 11,145 13,241 14,941 16, 065 14, 401, 13, 295, 10, 782 13, 475 14,413 16, 045 18, 713, 16. 533 10, 763 12, 743 175 128; 122 159 121, 137 181 203, 324 425 744 937 1. 163, 946 1,330 1, 410, 737 1, 874, 464 2,013 2, 606, 617 2,841,555 3, 418, 008 4, 146, 731 6, 318, 61.4 6, 840, 114 8, 627, 165 5, 884, 698 6, 864, 305 1, 269, 683 1, 211, 638 1, 176, 138 1, 260, 766 1, O70, 214 1.279,626 1, 414, 197 1, 426, 539 1, 380, 577 1, 509, 472 1, 660, 288 1, 644, 126 1.573,970 601 657 407 431 670 825 138 899 430 858 241 342 959 184 354 091 453 744 423 758 902 124 021 962 644 679 305 843 668 679 775 183 619 247 469 936 173 817 376 726 791 678 061 Principal articles. Year. Cotton manufac- tures. Dyes (other than lac). Grain: Whoat. Hides and sMns . 1881 1882 1883 1834 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1889 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1876 1876 1877 1878 1879 1880 1881 Quantities'. Owt. 299, 385 276, 481 78, 208 248, 522 637, 090 394, 010 1, 755, 954 1, 073, 655 2,510,768 6, 686, 604 6, 373, 168 1, 056, 720 2, 201, 516 7, 444, 375 19, 901, 005 14, 193, 763 21,001,412 15, 850, 881 21, 068, 924 22, 263, 624 13, 538, 169 17, 611, 408 13, 802, 209 14, 320, 496 30, 306, 700 14, 973,453 No. 9,487,464 11, 104, 039 13, 675i 997 16, 300, 150 20, 044, 607 22, 996, 617 19, 297, 061 18,162,851 19, 444, 133 19, 804, 121 Oliit. 906, 972 809, 322 958, 723 812, 590 Values. £ 1,777,975 1, 914, 549 2, 093, 146 2, 326, 018 2. 080. 017 2,248,973 2,436,344 2, 798, 854 2, 872, 631 2, 733, 369 2, 869, 769 3, 081, 167 3, 080i 064 1, 922, 272 3, 080, 861 3, 342, 686 3, 404, 661 3, 966, 869 3, 692, 329 3, 724, 68;', 2, 790, 55ii 3, 015, 463 3,249,47!! , 3,879,630 3, 360, 621 3, 225, 131 3, 793, 399 4, 720, 671 4, 171, 433 4, 913, 683 4, 416, 124 4, 610, 366 4, 341, 88' 4, 696, 71i: 4, 696, 019 4, 561 '457 3, 661, 747 3,997,552 4i964,'67« 101, 308 98, 760 32,924 103, 833 235, 645 167, 690 827, 606 *»1, 451 906, 331 1, 967, 640 2, 873, 765 620, 138 1, 124, 267 3, 277, 942 8, 869, 562 6, 088, 814 8,895,811 6. 316. 018 8, 006, 331 8, 625, 986 6, 562, 373 7, 523, 280 5, 792, 615 6,042.426 14, 382, 002 7, 440, 384 988,282 1, 262, 898 1,691,330 2, 020, 819 2, 625, 925 2, 921, 910 2, 618, 358 2, 677, 767 2, 944, 933 3, 000, 552 3.757,480 3, 097, 561 3, 738, 465 3,735,646 810 Exports from British India — Continued. Principal articles. Year. Hides and sliins - Jewelry and pre- cious stones and plate. Jute, raw . Jtite.manufactures (including gun- nies). 1882 1883 1884 1885 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1881 1885 1888 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 Quantities. Ciot. 815, 490 866, 450 916,318 1,010,869 J, 106, 891 '^91,«» 883, 740 848, 550 785, 346 826, 778 873, 704 873. 142 2, 057, 442 3, 363, 648 3, 361, 852 3, 754, 083 6, 133, 813 7, 080, 912 6, 127, 279 5, 493, 957 5, 206, 570 4, 533, 255 5, 450, 276 6, 021; 382 6, 680, 670 5, 809, 815 7, 510, 314 10, 348, 909 7, 017, 985 8, 368, 686 7, 782, 435 8, 306, 708 9, 638, 117 10, 553, 143 10, 265, 904 11, 985, 967 8, 532, 430 10, 537, 612 Values. £ 3, 950, 052 4, 444, 946 4, 666. 788 4, 936, 509 5, 336, 229 iS,14S,3S7 4, 860, 380 4, 746, 007 4, 524, 362 4,-69S, 772 5, 186, 738 5, 591, 935 95, 652 40, 139 • 37, 779 42, 653 53, 999 54, 161 50, 822 90, 825 80, 888 48, 370 108, 208 68, 080 68. 970 ' 54,068 63, 208 65, 177 58, 920 68, 070 63, 268 50. 971 52, 994 69, 529 52, 886 56, 525 54, 726 59, 334 1, 309, S37 1, 891, 899 1, 984, 495 2, 577, 55? 4, 117, 308 4, 142, 548 3,436,015 3, 246, 882 2, 805, 340 2, 636, 647 3, 518, 114 3, 800, 426 4, 370, 032 3, 934, 030 5, 030, 302 5, 846, 926 4, 592, 635 4, 661, 368 4, 355, 362 4, 869, 815 6, 040, 379 7,897,154 8, 639, 861 7, 602, 010 6, 848, 494 7, 944, 223 291, 555 187, 642 205, 923 344, 752 188, 859 189, 541 201, 669 238, 640 489, 181 719, 478 771, 127 1,098,434 1,195,362 1, 130, 672 1, 097, 689 1, 487, 831 1, 334, 231 Principal articles. Jute, manufactures (including gun- nies). Lac. Oils. Opium. . Year. 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 Quan1;ities. Owt. Chests. •87, 13!l 74. 955 88, 683 86, 518 93, 364 82, 908 88, 727 94, 746 88. 350 130, 775 92, 822 91, 200 105, 507 92, 190 89, 338 91, 798 91, 963 86, 578 87. 956 Values. £ 1, 543, 870 1,130,808 1,151,858 1, 746, 360 2, 571, 504 2, 791, 262' . 2, 481, 961 2, 513, 194 3, 237, 994 188, 954 227, 176 253, 800 190, 825 278, 945 203, 680 257, 653 254, on 755; 747 536, 979 362,244 300, 072 371, 717 578, 321 719, 698 699, 113 556, 738 599, 982 589, 773 520, 675 501, 898 401, 146 488, 518 781, 449 751, 247 784, 951 . 213,991 380, 081 325, 030 177, 222 416, 186 335, 600 282, 899 354, 259 426, 290 .362,960 374, 678 544, 163 583, 613 598, 341 494, 083 443, 764 520, 474 564, 746 412, 198 472, 719 ■ 490,101 459, 038 557, 681 586, 943 618, 994 619, 663 12, 330, 799 10, 695, 654 11, 693, 330 10, 783, 863 13,365,228 11,426,280 11,341,857 11, 956, 972 11, 148, 426 12,404,748 12, 374, 505 12, 993, 985 14, 323, 314 13, 600, 148 12, 432, 142 11,481,379 11, 294, 460 10,882,606 10,735,518 811 Exiports from, British India — Continued. Principal strtiolea. Year. Quantities. Values. Principal articles. Tear. Quantities. Value?. Ohesta. * ■ bios. £ Opiiuli - 1887 95,839 11,077,669 Seeds 1889 15,672,172 9, 564, 217 1888 ■ 90, 098 10, 067, 764 1890 15,798,271 10, 631, 247 1889 87,789 10,508,082 1891 14, 801, 857 9, 346, 991 1890 85, 168 10, 115, 938 1892 19,165,688 12,310,641 1891 85, 753 9, 261, 815 1893 16, 610, 989 11, 633, 374 1892 1803 87, 658 75, 384 9, 562, 261 9,255,014 Silt raw....... .... 1868 1869 2, 226, 201 2, 463, 937 1, 653, 229 1, 362, 381 Owt. 1870 2, 594, 701 1, 561, 512 Bice (including 1868 12, 697, 983 3, 647, 008 1871 2, 280, 169 1, 351, 346 paddy). 1860 15, 377, 073 4, 210, 925 1872 1, 987, 867 1, 130, 709 1870 10, 614, 644 3.020,276 1873 2, 373, 939 1,305,487 1871 16, 087, 813 4, 203, 851 1874 2, 392, 230 1, 235, 699 1872 17,311,285 4, 499, 161 1875. 1, 730, 769 796, 676 1873 23,293,956 5, 761, 030 1876 1,417,313 452, 370 1874 20, 245. 385 5, 549, 798 1877 1,568,490 835,748 1876 17, 392, 938 4, 765, 3^4 1878 1, 658, 005 750,439 1876 20, 416, 032 6, 311, 005 1879 1,534,715 623,871 1877 19, 911, 334 5,815,221 1880 1,673,203 604, 287 1878 18,428,625 6, 950, 386 1881 1, 609, 606 618,287 1H79 21, 250, 232 8, 978, 051 1882 1, 274, 511 443,427 1880 22,166,308 8,402,756 1883 1,523,245 596, 838 1881 27, 268, 051 9,057,159 1884 1, 733, 187 871,555 1882 28, 888, 436 8, 308,175 1885 1,709,286 ■609, 322 1883 31,258,288 8,476,327 1886 1, 523, 224 365, 617 1884 27, 040, 330 8, 363^280 1887 1, 708, 529 620, 363 188S 22, 051, 826 7,192,325 - ^ 1888 1,734,386 622,894 188'6 28,222,598 9, 247, 126 1889 2,233,746 561, 495 1887 26,879,272 8,836,827 1890 2. 206, 023 673,769 1888 28, 533, 057 9,391,686 1891 1,905.909 661, 093 ^ 1889 23, 144, 641 7,916,408 1892 1,782,438 566,125 1890 27,098,906 10,110,482 1893 1,929,374 654,799 1891 34,963,341 33,166,029 27, 938, 325 329, 986 •397, 019 490 118 12, 877, 739 13 385,971 Silt ?ooda 1868 97, 344 1892 \J±XO^ g\/U\AO ■■■■■■«>• 1869 145, 784 1893 12', 391, 894 256, 301 310, 758 1870 142, 062 Saltpeter -. 1868 1871 16Q, 425 1869 1872 164, 825 1870 394, 870 440, 554 1873 199, 804 1871 482, 940 432, 210 1874 239, 885 1872 397,251 536, 314 1875 265, 487 1873 518 982 1876 260, 811 1874 451 197 464, 974 501, 468 348. 956 1877 238. 394 1875 653', 330 415 091 1878 168, 738 1876 1879 195, 897 1877 466, 218 389, 002 382,405 509, 372 352, 995 354, 860 399, 565 381,706 379, 002 361,766 469, 797 1880 248, 825 1878 1881 260, 256 1879 1882 250, 535 1880 1883 306, 928 1881 351,728 1884 315, 376 1882 369, 437 388,766 464, 410 426, 000 370, 200 376, 091 364 016 1885 359, 465 1883 1888 366, 102 1884 491, 668 451 917 1887 356, 693 1885 J888 1889 425,824 1886 402, 174 397, 572 '386 396 362, 989 . 1887 1890 318, 479 1888 1891 267, 858 1889 420 503 401, 801 411, 276 1892 250, 939 1890 1891 422i 229 399, 690 1893 268, 942 380, 059 Pounds. 1892 ' 389, 185 443,931 365, 618 Spices .- 1868 160, 847 1893 438, 940 1869 'i7,'384,'i28" 185, 483 Seeds 1868 1869 4, 108, 542 3,984,541 2,160,572 1, 994, 888 1870 1871 19, 351, 360 22,OT9,458 174, 635 204, 385 1870 4,379,784 2. 308, 942 1872 33; ,602, 352 304, 7)2 1871 6,737,674 3; 522, 806 1873 16,421,552 171, 376 1872 6,12i,765 2, 728, 788 1874 26, 868, 304 238, 217 1873 2, 779, 243 1, 508, 339 1875 17. 059, 952 197, 891 1874 4,433,270 2,361,451 1876 25. 266, 851 380, 552 1875 6, 074, 756 3,235,950 1877 18, 247, 955 307, 280 1876 10,607,404 6, 462, 388 1878 14,306,269 247, 804 1877 9, 683, 169 6, 319, 447 1879 23, 382, 834 397, 364 1878 12, 187, 618 7,360,683 1880 18, 661, 301 . 326,694 1879 7,211,790 4,683,512 1881 17, 671, 838 368, 771 1880 7,246,182 4,781,466 1882 15, 144, 303 286, 698 1881 10, 303, 778 6, 392, 186 1883 20, 947, 105 417, 391 1882 10,482,512 6, 064, 732 1884 18, 514, 377 400, 930 1883 13, 147, 982 7, 205, 924 1885 32, 767, 190 514, 580 1684 17, 357, 884 10, 086, 088 1886" 25, 422, 848 628, 667 1885 18, 269, 931 10,752,854 1887 33,321,707 706, 661 1886 17, 319, 898 9, 975, 129 1888 28,703,565 743, 563 1887 15, 906, 515 9, 222, 870 1889 28j933,734 734, 622 1888 16,081,801 9,399,190 1890 28, 198, 322 580, 903 812 Exports from BritUh Iridic — Continued. Principal articles. Year. Qaimtities. Tallies. Principal articles. Year. Quantities. Values. Poundt. £ Pounds. £ 1891 26,958,198 25,348,498 523 809 "Wool, raw 1868 16, 580, 575 611,590 1892 439 157 1869 20,392,634 641,803 1893 27,349,568 Owt. 545 089 1870 1871 , IB, 327, 836 19,432,838 472,614 670, 647 Sugar, etc 1868 S'3, 187 -128 703 1872 24, 250, 904 906, 698 1869 460,051 410 974 1873 20,821,652 861, 626 1870 385,638 327 3^ 1874 20,981,198 966,832 1871 345, 300 295 076 1875 21,443,135 965,919 1872 419,282 347 635 1876 24,138,636 1,109,740 1873 671,659 542 395 1877 24, 568, 131 1, 102, 913 1874 337,465 281 743 1878 23,612,983 966,845 1875 559,267 394 384 1879 27,791,684 1, 109, 702 1876 507,403 377 387 1880 28,666,862 1, 187, 799 1877 1,144,467 999 503 1881 25,748,131 1,170,624 1878 908,212 850 567 1882 26,757,352 1,042,246 1879 368,546 350 42b 1883 26,380,327 , 1,002,833 1880 373, 342 289 U99 1834 25. 236, 180 983, 002 1881 644,531 607 055 1885 25,630,173 993,869 1882 988,341 723 640 1886 31, 328, 347 1,206,113 1883 1. 428, 360 989 069 1887 33,749,121 1, 342, 807 1884 1, 777, 157 1,179 720 1888 36, 084, 143 1,494,837 1885 1,261,059 791 362 1889 35,117,816 1,588,280 1886 1,331,103 730 825 1890 38, 272, 528 I, 779, 164 1887 1,144,718 702 020 1891 34,133,059 1,593,003 1888 1,195,804 648 869 1892 35,656,479 1,644,704 1889 1, 183, 203 751 044 1893 37,116,699 1,714,296 1890 1, 615, 996 985,309 1, 137, 186 1,^64,900 1,184 615 791 w oolen manutac- 1863 329, 313 304,357 265,395 1891 221 tures. 1869 1892 70 L 045 1870 1893 835 995 1871 1873 198, 106 353, 586 229, 502 211,616 217,202 232, 274 223, 324 1868 7,811,429 11,480,213 12,754,022 13,232,232 17,460,138 17,920,439 729 714 1873 1869 983 ■ft? 1874 1870 1,080 1,139 1,482 1 690 515 1875 1871 1876 1872 186 1877 1873 926 •1878 1874 19,442,279 21,392,760 24,561,826 27,925,400 33. 656, 715 34,800,027 38, 405, 632 46. 918, 539 1,754 618 1879 202, 289 162,229 230, 601 227,692 183,348 156,609 150 823 1875 1,963 2,183 2,620 3,061 3,170 3,072 3,099 560 1880 1876 881 1881 1877 140 1882 1878 867 1883 1879 118 1884 1880 244 1885 1831 887 1886 116,980 131,945 169, 728 199,498 176, 160 169, 280 173,090 178, 629 1882 49,255,342 68,233,345 60,473,113 65, 147, 897 69, 666, 116 80, 557, 329 88, 982, 346 3 662 859 1887 1883 3,738 4,134 4,137 4,397 4,883 5,302 842 1888 1884 221 1889 1885 351 1890 1886 177 1887 143 1892 1888 446 1893 ..1 90,339,868 105, 609, 633 110,194,819 123,518,069 118,131,184 5,473 5,445 5,504 6,283 6,620 Total valneof prin- cipal and other 50,874,056 53,062,165 52,471,376 65,336,186 63,209,282 55,260,763 54, 996, 010 66, 359, 240 58, 091, 496 61.013 891 1890 488 294 1869 1891 1870 1892 870 1871 1872 Timber wood, and 1868 128 178 1873 1869 286 1874 1870 156 123 1875 1871 266 1876 1872 326 030 3877 1873 386 1878 65,222,328 60,937,613 67,212,363 74, 580, 602 81,968,451 83, 485, 123 88,176,090 83, 255, 292 83,881,264 88, 470, 117 90, 643, 655 97,049,532 103,460,398 100, 227, 347 1874 415 904 1879 1875 366 399 1880 1876 471 627 1881 ' 1877 373 878 1882 1878 1883 1879 321 868 1884 1880 340 1885 1881 645 831 1886 1882 666 717 1887 1883 672 477 1883 1884 582 686 1889 1885 582 712 1886 614 891 1891 1887 302 607 1892 108, 173, 591 106,574,671 1,571,946 1888 474 005 1893 1889 664 093 Total bullion and 1868 18SP 874 711 specie. 1869 1, 395, 580 1, 042, 353 iM 557 RM 1870 1892 614 379 1871 2,220 765 1893 695 269 1872 1,476,094 81-3 MxporiB from British Jmdia— Continued. Principal articles. Tear. Qnantlties. Talues. Principal articles. Tear Qnantitles. Values. Xotal bullion and 1873 1874 1S75 1876 1877 1878 1879 1880 1881 1882 1883 1884 1886 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 Pounde. 1,298,079 1,914,071 1,625,309 2,200,236 4, 029, 898 2,210,996 3,982,228 2, 035, 148 1, 440, 141 1, 099, 747 1,042,059 1,010,307 1, 970, 630 1,108,238 1,720,516 1,604,924 1,784,347 1,906,322 1,213,179 3,286,686 6, 968, 924 166,4.'>7 17,624 98,283 500,453 8,434 79, 009 266, 169 215,701 291,250 1,236,362 1,110,798 2,359,223 299,889 16, 859 12,408 164, 264 6,952 Total bnllion and specie— Cont'd. Gold . ... 1885 1886 1887 1888 1889 1890 1891 1892 1893 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 :1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 Founds. : .specie. a 106, 236 328, 606 666, 493 243,672 305, 164 455,724 864,660 1, 706, 137 Silrer 1,405,489 1, 377, 966 944, 070 1,720,312 1, 467, 660 1,219,070 1,647,902 1, 409, 608 1,908,986 2, 793, 636 1, 100, 198 1,623,005 1, 735, 269 1,423,582 1, 087, 339 877,796 1, 003, 366 1,864, 394 779, 632 1,064,023 1,331,062 1,479,193 1,450,698 1,268,518 1,681,549 6oM ^ Imports into Argentine Bepublio. Articles. Tear. Quantities. Values. Articles. Tear. Quantities. Values. Kilat. Dollwra. Dozens. Dollars. Olive oil, not in 1876 1877 1878 1879 2,149,304 2,601,680 2,446,023 3,181,810 687,242 750,891 691, 172 977,002 OUve oil, in bottles. 1889 1890 1891 1892 bottles. 1880 2, 933, 344 912, 870 LiUrs. 1881 2,576,100 806, 936 Spirits, distilled. 1876 7,750,160 1,067,549 1882 3,460,216 3,366^502 1, 069, 713 and licLuors, in 1877 9,346,016 1, 203, 320 1883 1,067,098 caslLS. 1878 8, 533, 198 1,18.5,887 1884 4, 263, 579 1, 372, 833 1879 8,084,741 1,073,404 1885 6,462,014 1,373,548 1880 9, 048, 477 1, 072, 768 1886 4,351,629 1, 507, 914 1881 9,068,116 1,116,880 1887 6, 646, 026 1,976,109 1882 6,158,672 785, 730 1888 4,898,097 1, 667, 379 1883 7,546,170 1,091, 618 1889 6,631,788 2,121,981 1884 9, 689, 344 1,071,784 1890 5,111,828 1,686,965 1885 3, 697, 642 575, 241 1891 2,742,676 905, 088 1886 661,429 210, 227 1892 6,967,666 1,969,293 1887 345,483 115, 860 Boztna. 1888 1, 036, 514 188,420 Olive oil, in bottles. 1876 18,763 54,120 1889 242,001 39, 658 1877 13,777 31,697 1890 426,161 68, 2ii9 1878 14,447 37, 041 1891 59, 980 11, 121 1879 15,674 43,174 1892 65,087 10, 184 1880 13, 983 37, 147 Dozens. Dollars.' 1881 8,244 20,854 Spirits, distilled. 1876 255, 134 751, 426 1882 28,325 74, 703 and liquors, in 1877 232,537 703,277 1883 6,243 18,561 bottles. 1878 227,289 720, 140 1884 4,397 12,856 1879 208, 518 694, 638 1885 4,264 12, 970 1880 132, 735 532, 062 1886 7,203 21, 621 1881 117, 341 511,625 1882 155,362 211, 620 567, 928 1888 18S3 959,505 *Ifational money. 814 Imports into Argentine Me^hUc — Continned. Articles. Year. Quantities. Talues. Articles. Tear. Quantities. Values. ' Dozem. Dollars. ' Animals— Cont'd. Dozms. SoUa/r: Spirits, distilled, 1884 1885 303, 054 197,478 1,282,041 945, 623 f Cattle 1878 1879 39 53 8; 122 and liquors, in I 11,302 bottles. 1886 129, «78 707, 996 1880 807 33,090 1887 30,306 138,720 1881 4, 784 68, 115 1888 19, 736 86, 710 1882 17, 571 142,248 1889 30, 183 127, 192 1 1883 51, 040 218,167 1890 11,688 58, 639 1884 3,544 150. 812 1891 3,374 16,204, \ 1885 2,007 42,631 1892 3,806 19,576 1886 1,463 67, 058 KUos. 1887 942 156, 393 Wire for hoops 1876 5,426,398 461, 330 1888 •4,527 93, 145 1877 5, 162, 618 499,462 1889 628 35,748 1878 5, 499, 158 404, 670 1890 362 91, 294 1879 9,688,574 620, 046 1891 103 17,400 1880 13,447,570 796, 116 1892 85 24,185 1881 21, 847, 157 1,332,950 KUos. 1882 14, 434, 179 1,180,323 Rice 1876 6, 386, 966 7, 774, 130 557 162 1883 19,727,103 1, 328, 484 1877 593,804 1884 22,323,080 1, 584, 512 1878 7,832,497 636, 819 1885 22, 359, 663 1, 514, 374 1879 8, 067, 153 703,018 1886 19,855,561 1,294,282 1880 9, 238, 931 803, 019 1887 35,145,425 1, 863, 420 1881 10,218,984 938,604 1888 28,323,076 1, 515, 368 1882 7,922,302 819, 289 1889 39, 414, 060 1, 983, 194 1883 10,600,191 1,111,389 1890 10, 205, 369 571, 132 1884 12,268,014 1, 170, 306 1891 21,846,753 1,168,577 1885 12, 656, 741 1,097,715 1892 41.118,837 2,226,648 1886 11,378,432 1,007,456 Animnla: Nurnber. 1887 16,099,471 1,448,941 Asses.. 1876 1888 13, 593, 796 15, 924, 311 17, 579, 478 11,836,362 1,291,410 1, 433, 191 1, 582, 152 946,909 1877 1889 1878 1890 1879 26' 2,'i76 1891 1880 5 1,308 1892 15, 220, 221 1,217,613 1881 1 21 Sugar, brown 1876 6,619,136 1, 026, 632 1882 9 1,343 1877 9,779,566 1,466,376 1883 32 2,000 1878 7,598,050 1,353,205 1884 28 3,656 1879 6,408,841 949,478 1885 16 440: 1880 7, 439, 307 1,008,438 1886 5 640 1881 6,805,756 999, 631 1887 20 650 1882 5, 733, 004 832, 678 1888 9 1,010 1883 3, 066, 310 " 461, 939 1889 1884 4,347,900 936, 983 616, 257 128,088 1890 ii' 340 1885 1891 8 630 1S86 2,189 284 1892 1876 1877 1878 1879 1880 1881 8 3 2 14 7 4 65 500 3,100 372 1,245 3,410 1,860 14, 231 Sugar, refined 1887 1888 1889 1890 1891 1892 1876 Horses 'i2,'6i2,'662' "2,"37i,'625 1882 1,764 32, 230 1877 11, 413, 227 2, 071, 222 1883 1,679 81, 486 1878 13,019,409 2,381,810 1884 885 69, 151 1879 14, 898, 691 2, 810, 223 1885 487 21,708 1880 11, 547, 818 2,093,964 1886 857 24, 910 1881 17, 568. 704 3, 046, 744 1887 - 1,506 102, 744 1882 14,745,172 2, 949, 156 1888 990 86, 986 1883 20, 068, 524 3,875,476 1839 647 73, 138 1884 28, 695, 445 5, 334, 852 1890 535 224, 672 1885 17, 983, 161 3,324,093 1891 121 83, 394 1886 18, 242, 831 3, 466, 136 1892 187 32,065 1887 22,912,687 4,363,407 Sheep 1876 13 40, 300 413 1888 18, 637, 660 33,030,677 3, 541, 152 6,276,810 1877 8 1889 1878 179 12, 932 1890 26, 427, 779 5, 021, 375 1879 430 12,080 1891 11, 19e, 912 2,127,785 1880 133 9,061 1892 18, 324, 045 3, 481, 572 1881 2,028 30,406 Sugar, candy 1876 2,079,707 256, 287 1882 9,298 75, 060 1877 2,078,465 263,867 1883 84, 257 54,968 1878 1, 578, 433 203, 426 1884 24, 698 145, 721 1879 1,621,065 200,666 1885 15,466 62. 411 1880 1, 641, 022 190, 863 1886 18, 716 61, 863 1881 1,921,004 237,374 1887 48, 816 129, 020 1882 1, 929, 770 225, 663 1888 3,351' 61,245 1883 883, 996 98, 261 1889 19, 479 43, 107 1884 ■ 1,966,772 234,640 1890 1,030 81,410 1885 117, 401 13,903 1891 1,909 46, 920 1886 10, 161 1,296 1892 82, 982 312,0)6 1887 18, 066 2,349 Pattle ....,.,.. 1876 4 1,757 1888 764,903 99,440 1877 1889 1, 435, 329 186,691 815 Imports into Argentine JRepubUe — Continued. Articles. Year. Quantities. Talaes. Articles. Tear. Quantities. Values. Kilos. Dollars. SecloUtera. Dollars. ■ Sngar, candy 1890 3,113,249 404,750 Coal 1886 268, 073, 260 2,770,471 1891 1,636,721 212, 773 1886 215, 122, 300 2,151,223 1892 1,447,581 188, 205 1887 407,986,617 4,079,866 Candle, stearine . . 1876 408,619 146, 009 1888 333,798,649 3, 337, 985 1877 460, 131 152, 569 1889 658, 054, 486 ,6,616,141 1878 528, 959 162, 040 1890 514, 582, 061 6,146,820 1879 650,110 203,420 1891 350,680,989 3, 608, 809 1880 488, 820 123, 376 1892 520,771,418 5,207,713 1881 474, 133 101,650 Kilos. 1882 486, 367 183,271 Coke 1876 110, 082 2,212 1883 748,004 210, 184 1877 67, 128 1,388 1884 1,108,520 323,328 1878 1,412,843 10,644 1885 353,999 100, 264 1879 9, 484, 178 121, 387 188'6 436, 738 65, 511 1880 16, 983, 872 197, 794 1887 708,401 212,520 1881 10, 606, 083 133, 208 1883 589, 508 176,852 1882 932, 533 27, 552 1889 407, 510 122, 203 1883 1, 687, 543 28,688 1890 678, 339 203,411 1884 721, 048 12, 258 1891 72, 927 21, 878 1885 440, 261 7,485 1892 144,944 43, 486 1886 705,412 11, 992 Cocoa and choco- 1876 45,882 28, 126 1887 1,104,318 18,773 late. 1877 64,396 34, 258 1888 2, 007, 481 34, 1?7 1878 72,385 34,698 1889 2,610,340 44,031 1879 115, 139 60,356 1890 1,816,380 30, 872 1880 113, 562 47,982 . 1891 2,982,462 50, 694 Ito 130,412 53,498 1892 1,366,868 23,227 1882 103,315 65, 058 Tin, in blocks, etc.. 1876 -13, 530 8,719 1883 146, 031 75,217 1877 12,502 6,179 1884 152, 770 96, 130 1878 14, 672 6,102 1885 212,740 121,758 1879 22,925 10,628 1S86 259, 148 152,793 1880 38, 736 15,485 1887 281,074 162, 492 1881 39,630 15,454 1888 319, 707 210, 293 1882 13, 158 , 32,794 1889 442,099 113, 491 1883 43,893 18,248 1890 312,482 178,371 1884 64,878 24,545 1891 122,586 35, 361 1885 158, 075 40, 263 1892 173,341 83,074 1886 145,288 58,614 Coffee.............. 1876 1877 1, 245, 097 1,288,525 324,861 388, 023 1887 1888 43, 613 62, 105 17,445 26,084 1878 1, 401, 202 436, 009 1889 74, 124 31, 133 1879 1,456,381' 461, 177 1890 133, 387 56, 025 1880 1, 804, 784 515, 209 1891 36,885 15,492 1881 1,886,553 656, 302 1892 61,232 ,21,517 1882 1, 784, 048 448, 954 Grots. 1883 1, 746, 612 603, 568 Phosplioiic matches 1876 362, 303 449, 257 1884 2, 275, 350 691,227 1877 320, 213 397, 065 » 1885 2,439,476 750, 964 1878 292.766 363,031 1888 2, 931. 488 878, 124 1879 403, 500 500, 341 1887 3, 026, 214 876, 688 1880 300,965 373, 197 1888 3,175,349 918, 920 1881 279, 620 .346,731 1889 2, 746, .524 803, 183 1882 276,670 321, 401 1890 3,151,550 846, 781 1883 375, 390 315,425 1891 1,864,605 630,946 1884 249, 249 187,090 1892 2, 664, 679 747, 618 Kilos. Lun6 .>............ 1876 1877 3,019,955 4,166,409 18, 860 25,211 1880 1886 115, 076 76,821 82, 076 '28, 224 1878 1,137,892 13, 299 1887 149, 430 66, 605 1879 1880 1881 1882 1883 1884 902, 1M8 504,87Ji 42,374 3,928 319,151 941, 302 4,837 2,019 169 1888 1889 " 1890 137 1891 4,617 6,378 1892 Flour and starch .. 1876 "5,624,"62i' "'"■429,'923 1885 378. 853 2,567 1877 2, 581, 924 235, 485 Sectoliters. 1878 1, 437, 728 151, 532 1886 9,796 7,422 1879 2,619,951 268, 486 1887 10,852 7,922 1880 6, 611, 273 456, 168 1888 9,217 6,728 1881 ■ 4, 674, 529 335, 691 1889 7,330 6,350 1882 3, 067, 950 324, 829 1890 8,703 6,357 1883 3, 290, 271 319, 736 1891 2,316 2,085 1884 6, 094, 276 397, 160 1892 1876 1877 1885 1886 1887 852, 858 1, 377, 437 1, 002, 538 143, 732 Coal 'u,mo,Vu 64, 114, 258 '""639,362 823,428 235, 240 170, 481 1878 58,945,372 698,5(1 1888 934, 902 165, 441 1879 65, 745, 775 690,474 1889 972, 416 163,312 1880 62,823,268 648, 177 1890 1,112,485 208, 419 1881 89,293,462 892, 935 1891 364, 075 71, 869 1882 105, 873, 208 1,058,732 1892 611, 663 120, 299 1883 111,438,079 1, 114, 381 Iron and steel, nn- 1876 6,409,600 398, 043 ^m ;3?,494,5^ 1,384,945 fliflJWftotwr^*. }?77 .?,885,18? 663,84) 816 Imports into Argentine Republic — Oontinued. Articles. Tear. Quantities, lvalues. Articles. Year, Quantities. Values. KUoi. boUars. Kilot. Dollar: Iron and steely nn- 1878 8,448,646 530)783 Cigarettes' of all 1887 7,248 ix,m ■mauufactured. 1879 7,832,263 406, 778 1888 12,629 17,938 1880 9, 080, 648 524,658 1889 8,921 16,977 1881 12,470,818 754, 574 1890 3,144 5,923 1882 16, 329, 91S 942,800 1891 1,258 2,440 1883, 22,721,857 1,408,362 1892 202 404 1884 34,761,185 2,153,725 Cigars of all kinds . 1876 71, 395 86,384 .1885 33,483,837 3,384,984 1877 44,236 56,836 1886 45, 942, 652 2, 689, 005 1878 59, 091 75, 939 1887 36,471,357 1,544,622 1879 45,163 50,902 1888 67, 332, 546 2,947,049 1880 47,223 60.678 1889 89, 220, 712 3, 165, 836 1881 1,253,628 339,^51 1890 24, 326, 100 970,342 1882 103, 954 143, 738 1891 12,363,077 518,976 1883 108,674 209,673 1892 28, 634, 017 1,163,227 1884 156, 632 253, 300 Tin plate, nmnann- 1876 313, 135 50, 980 1885 192,063 320,183 1877 • 269,544 37,794 1886 153, 995 253, 313 1878 456, 922 69,823 1887 257,200 344,901 1879 474,321 52.063 1888 301,468 378, 190 1880 436, 677 42,653 1889 342,654 422,446 1831 883, 286 92,931 1890 478, 833 595)425 1882 727, 005 75,630 1891 32, 200 42, 048 1883 964,315 95, 142 1892 25,501 33,058 1884 975, 483 96,294 Copper and bronze. 1885 1,919,449 199,797 unmanufactured. 1876 8,353 5,-299 1886 1,804,126 180,413 1877 7,262 4,009 1887 1, 729, 842 155,.688 1878 27,192 18,077 1888 1,390,821 111, 265 1879 20,408 6,685 .1889 1, 922, 137 151, 628 1880 16,828 8,589 1890 1,959,476 157, 389 1881 22, 146 11,137 1891 1,398,298 114,684 1882 24,729 12,664 1892 1,337,163 124, 378 1883 149, 404 35,229 Litert. 1884 60,040 28,365 Beer, in caslis ]876 35, 317 5,127 1885 59,214 33, 617 1877 47, 655 7,183 1886 141, 801 70,300 1878 21,670 2,961 1887 71,949 23,730 1879 6,612 972 1388 131,996 46,198 1880 33,863 5,488 1889 116,732 49,027 1881 24,657 3,188 1390 65,644 27,530 1882 18,865 2,937^ 1391 39,363 16,531 1883 60, 712 15,409 1892 61,333 25,760 1884 91,249 15,394 Coca (a drug) 1876 49,749 39,216 1885 95,299 39,538 1877 48,687 38,275 1886 100, 343 16,657 1878 37,432 34,004 1887 S2,i812 8iS7S 1879 22,245 22,593 1888 524, 792 90,213 1880 26, 123 23, 912 1889 647,456 ,110, 007 1881 41,504 38,200 1890 92,738 15,760 1882 48,518 47, 363 1891 3,290 559 1883 132,205 47,629 1892 25 i 1884 62,419 43,642 Dozens. 1885 59, 695 38,588 Beer, in bottles.... 1876 125,244 253, 199 1886 63,515 44,396 1877 62, 209 126, 638 1887 75,226 37, 613 1878 , 87, 692 , 187,555 1888 44,236 31. 000 1879 64,30? 132, 559 1889 79, 186 55,i660 1880 90,309 219,786 1890 57,633 40,362 1881 140, 100 327, 930 1891 44,624 31,238 1882 157, 611 391,640 1892 60,742 42,519 1883 241,660 349,547 569,457 Mineral oil 1876 3,364,225 290, 047 1884 810,323 1877 4,814,557 477,748 1885 204, 896 461,978 1878 4,639,025 428,420 1886 218, 531 508,083 1879 4, 279, 779 442,612 1887 28Q,.997 ,654,723 1880 5,695,651 413, 762 1888 249, 701 581,793 1831 . 9, 027, 953 431, 956 1889 462,245 1,077,032 1882 6,951,532 502,785 1890 320,626 747, 059 1883 5,078,844 666, 682 1891 17, 963 41,864 1884 7,635,043 1,002,226 1892 3,829 8,919 1885 5,161,799 476, 452 M. 1886 12,856,830 3, 214, 207 (Mgarettes of all kiud*. 1878 15,519 27,703 1887 17,869,719 1,340,229 1877 7,484 14,071 1888 14, 124, 976 706, 249 1878 11, 316 18, 377 1889 18,165,516 908,306 1879 8,762 17, 090 1890 16, 677, 677 833, S77 1880 «,211 12, 574 1891 10,354,212 517,710 1881 3,763 11, 137 1892 16,100,303 806,017 1882 3,007 8,054 Hop*. 1876 42,256 18,023 1883 2,133 8,230 1877 46,836 24,620 1881 1878 64,230 23,456 82,024 9,697 "'mo'a.'" 1879 1885 4,377 B,607 1830 15,810 7,333 use 6t>siae St 489 1881 32,450 17,287 817 Importa into Argentine BepuMio — Continued. Articles. Tear. Hops ■ Playing cards . Lead, nnmanu- &£tured. Cheese. Salt, common. 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1876 1877 1878 1879 1880 1881 1882 1833 1881 1885 1886 1887 1888 1889 1890 1891 1892 1876 1877 1878 1879 1880 1881 1882 1883 1884, 1885 1886, 1887 1888 1889 1890 1891 1892 a876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Quantities. KUoa, 27, 928 23, 361 14, 070 31, 398 54, 609 34, 988 63, 766 56, 773 77, 019 43, 868 42, 615 Grosa. 3,218 2,382 5,920 3,773 4,562 5,683 3,843 4,949 6,118 3,737 1,226 2,726 2,232 2,507 2,245 83 10 Kilos. 44,485 45,539 63, 510 42, 466 251, 201 320, 895 263, 445 626, 704 579, 391 743, 122 675, 297 951, 301 869, 282 1, 829, 855 4, 789, 096 61, 624 1, 347, 039 398, 334 381, 223 595, 052 335, 564 568, 111 644, 163 764, 074 751,148 1, 043, 170 1, 009, 104 1, 052, 615 1, 697, 961 1, 578, 917 , 1,654,077 1, 188, 655 154,452 317, 684 44, 017, 057 47, 317, 757 39, 669, 363 33, 389, 099 32, 762, 744 24, 669, 108 29, 550, 283 22, 437, 336 50, 075, 707 SectolB. 474, 994 470, 845 348, 981 391, 779 603, 829 731, 735 512, 640 622, 273 Values. Dollars. 14, 626 11, 029 14, 304 21, 893 38, 226 17, 493 31, 883 28, 390 38,554 21, 874 21, 306 19, 165 17, 049 27, 074 33, 660 39, 985 46, 281 38, 409 51, 950 62, 872 33, 414 18, 389 40, 890 33, 480 37, 605 33, 675 1,245 160 525 077 008 119 534 800 494 667 041 507 204 334 708 612 789 368 174, 698 162, 995 303, 851 828 459 439 977 427 236 322 740 4, 10, 6, 27, 33, 27, 48, 53, 72, 65, 76, 67, 160, 338, 5, 145, 254, 249, 367, 418, 601, 595, 628, 1, 073, 629 998, 214 Articles. Year. 76, 158, 379, 444, 331, 332, 211, 275, 185, 149, 307, • 204, 678 291, 922 216, 368 242, 903 374, 401 453, 675 317, 820 385, 807 Tobacco, unmanu- factured. Tea. Boof tiles. Cotton textures. Quantities. Cotton textures. 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1376 1377 1378 1879 1880 1881 1882 1883 1884 1885 1886 1387 1388 1389 1890 1891 1892 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1838 1889 1890 1891 1892 1876 1877 1878 1879 1880 1881 1882 1888 1384 1835 1886 1887 1888 1889 1890' 1891 1876 1877 1378 1879 1880 1881 1882 1883 1884 1885 1886 Kilos. 1, 694, 029 3, 412, 599 2, 281, 586 2, 635, 072 2,439,661 2, 507, 250 3, 729, 9B9 4, 660, 901 3, 276, 402 3, 858, 330 6,061,258 4, 962, 258 3, 598, 141 4,482,351 7, 037, 091 3, 221, 662 6,463,793 195, 199 312, 870 195, 915 307, 564 280, 806 283, 948 256, 259 370, 029 495, 759 309, 394 487, 275 624, 789 668, 618 459, 296 508, 338 264, 026 814, 791 M. 2,217 3,569 2,744 1,904 2,596 3, 030 3,050 2,975 4,866 3,974 6,595 5,303 2,109 1,393 2,090 791 464 KUoB. 1, 485, 664 3, 211, 604 2, 992, 192 4, 760, 170 5, 501, 299 6, 393, 587 6, 967, 438 7, 785, 420 7, 731, 650 7,455,703 6, 277, 485 7, 181, 859 6, 890, 609 6, 379, 441 6, 866, 004 5, 637, 935 13, 643, 299 Meter. 43,469,033 19, 232, 278 28, 379, 241 32, 805, 500 11, 210, 100 7, 663, 012 9, 757, 068 10, 880, 958 11, 511, 691 3, 262, 802 1,654,196 Values. Dollars. 657, 941 1, 012, 965 - 803, 020 719, 829 715, 519 678, 602 826, 710 1,015,298 845, 140 964, 281 1,253,948 1, 145, 003 1, 045, 288 1, 090, 896 1, 678, 341 390, 304 589, 103 196, 272 305, 883 195, 616 312, 044 283, 701 281,954 228, 403 366, 692 495, 759 309, 394 487, 275 624,789 668, 618 459, 296 508, 388 264, 026 814, 791 83,549 129, 498 96,206 73, 406 96,880 125, 096 129, 865 109, 976 174, 945 183, 594 329, 813 265, 150 105, 450 69, 9C0 104, 600 39, 550 23,200 1, 133, 416 2, 255, 703 2, 220, 867 4, 022, 224 4, 510, 674 6, 536, 534 5, 826, 550 6, 702, 179 6,571,448 6, 438, 339 3, 688, 715 5, 078, 595 5, 052, .507 4, 975, 607 5, 675, 105 4, 644, 806 11, 383, 969 4, 239, 012 1, 956, 346 2, 842, 115 3, 619, 980 1, 366, 434 1, 166, 515 1, 163, 892 644, 896 1, 362, 736 317, 304 8U.SS1 S. Rep. 235 52 818 Imports into Argentine Eepublio — Continued. , Articles. Tear. Quantities. Values. Articles. Year. Quantities. Values. Meters. Dollars. Sq. nijeters. Dollars. Cotton tGxtiii'os 1887 (rlfl.nn TpiTiflnxr 1879 164,343 71, 139 79,714 38, 461 67, 102 89,648 114,945 136 746 V/^JUi^vXA %i*J^VL^d-VU m m M 1888 \JI .I440I9, TT .LXIUU IT .... . 1880 ' 1889 1881 170; 579 209, 545 225 192 1890 1882 1891 1883 1892 1884 2721904 521,058 ""kUos."' 1885 159,' 862 Wool textures 1876 1886 444,.306 198, 347 243,071 291, 911 176, 160 1877 1887 526^ 905 588,417 414, 122 1878 1888 1879 36," 397' "' 145,' 269 1889 1880 45, 023 162,040 1890 , 402,182 186, 204 1881 76, 800 244. 556 1891 182, 920 86, 382 1882 74, 114 232, 171 1892 378,407 161, 068 1883 90, 077 215, 276 Kilos. 1884 80, 001 258,847 Yerba paraguaya (Paraguay lea). 1876 1, 607, 368 565, 655 1SS5 933, 647 2, 085, 436 1877 •2,815,190 435, 875 1886 287, 712 740,083 1878 2, 828, 135 433, 634 1887 439, 276 1, 079, 284 1879 3, 061, 030 533, 633 1888 84:6, 503 967, 835 1880 4, 951, 656 649, 078 1889 3^9,406 965,762 1881 5,173,277 714, 193 1890 291, 194 844, 859 * 1882 6, 179, 524 860, 645 - 1891 2^3,475 572,325 1883 6,293,108 781, 761 1892 455, 086 1,222,123 1884 6,314,887 876,865 Meiers, 1885 4,355,849 761, 378 Wool textures. ^... 1876 l,2(i6,333 259, 883 1886 6, 761, 825 746, 782 1877 2, 306, 032 436, 934 1887 6, 519, 731 912,763 1878 2,037,908 436, 009 1888 8,088.491 1, 132, 389 1879 1, 174, 414 282, 990 1889 6,936,096 970,764 1880 836, 977 216, 657 1890 7, 627, 668 1,067,872 1881 1,570,484 1, 375, 209 1891 7, 683, 336 1, 058, 866 1882 2, 585, 451 1, 698, 941 Terl)a Parauagud. . 1892 8, 029, 946 1, 250, 192 1883 2,473,862 1,812,005 1876 6, 650, 054 1, 126, 451 1834 2, 868, 378 2, 124, 247 1877 g, 826, 174 1,072,268 1885 ■ 834,037 745, 303 1878 6, 411, 846 763. 572 1886 34, 4U0 13, 182 1879 10,170,666 1, 308, 293 1887 1880 9, 019, 610 8,354,413 6,754,079 , 9, 115, 997 10,326,951 9, 830, 877 11,059,796 1,100,323 1,111,731 897,445 1, 333, 401 1,354,041 1,267,207 1, 433, 510 1888 1881 1889 '"///// "/.y.'.'.'.'.'.. '.'.'.'. 1882 1890 i 1883 1891 1884 1892 \ 1885 Kilos. 1886 Silk textures 1876 1,827 35, 835 1887 13,565,427 1,492,198 1877 6,025 83,764 1888 9, 751, 602 975, 159 1878 8,434 131,873 1889 13,837,069 1,383,707 1879 6,815 118, 592 1890 15, 847, 891 10,262,265 1, 584, 789 1880 0,863 114, 886 1891 1, 026, 226 1881 10, 657 204, 334 1892 14. 279, 622 1,427,963 1882 9,026 172, 768 Liters. 1883 9,802 220, 326 Wine, in casks — 1876 48,214,126 3, 845, 909 1884 16, 905 299,476 1877 65, 018, 772 4, 974, 665 isis 22, 892 332, 198 1878 54,413,922 4,610.484 1886 36, 752 482,894 1879 54, 683, 782 4, 577, 370 1887 56, 131 796, 568 1880 61,863,718 4,278,974 1888 46, 419 777, 209 1881 68, 770, 817 5,662,383 1889 70, 231 1, 163, 415 1882 61, 104, 193 4, 749, 390 1890 27, 383 477, 203 1883 62,863,267 6,338.604 1891 13, 128 23l, 260 1884 80, 699, 077 7,972.486 1392 29, 319 457, 753 1885. 57, 155, 300 6,786,794 Cement, hydraulic 1876 2,901,044 59, 721 188? 128,474,264 2, 847, 426 1877 1, 985, 164 42, 581 1887 07,346,701 10, 734, 570 1878 3, 064, 020 74, 367 1888 181, 966. 294 8, 196, 629 1879 4,430,110 90, 813 1889 06,650,072 9,670,6U 1880 3, 6S6, 234 63, 671 18:>0 86, 605, 380 8, 650, 538 1881 4, 148. 953 96,769 1891 32,362,637 3, 235, 263 1882 8,626,739 197, 529 1892 51, 869. 584 5,186,960 1883 13, 247, 718 300, 015 Dozens. 1884 12, 979, 366 293, 220 Wine in bottles.... 1876 91, 110 332,982 1886 20,514,222 472, 032 1877 81.808 377, 256 1886 30,151,305 603, 026 1878 103. 229 276, 582 1887 28, 977. 769 . 579, 555 1879 95, 347 353, 099 1888 33,718,836 674, 876 1880 90, 392 324,807 1889 44,978,716 899, 568 1881 111,183 433, 797 1890 , 2-1,651.478 394, 423 1882 106, 128 408,275 1891 18, 79-1. 160 300, 710 1883 79, 682 342, 320 1892 23, 637, 679 378, 199 1884 58, 001 287,330 Sq. meters. 1SS5 77. 030 320, 798 Glass, window 1876 165,079 73, 183 1886 14,224 66, 171 1877 131,934 04,494 1887 106,116 706, 002 1878 2(14, 191 97,161 1888 94,273 662, 136 819 Imports into Argentine Bepuhlic — Continued. Articles. "Wine in bottles Zinc, nnmaimfao- tured. Totalimports; Mercliaadise . . . Year. 1889 189U 1891 1892 1876 1877 1878 1879 1880 1831 1832 1883 lS8t 1885 188G 1887 1888 1889 1890 1891 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 Quantities. Dozens. 109, 918 95, 614 7,503 12, 642 EUoa. 263, 345 345, 641 213, 748 362, 291 285, 774 562, 908 429, 033 664, 804 983, 430 1,054,618 1, 705, 573 1, 695, 256 1, 424, 872 2,782,903 1,011,539 963, 996 1, 394, 251 Values. Dollars. 779, 214 725, 037 40, 976 60, 508 37, 095 49, 910 32, 574 33,044 25, 682 51, 877 48, 735 71, 339 107, 909 109, 339 170,466 166,491 113, 644 235, 747 96,142 85.915 117,966 DoUars.* 36, 070, 023 40,443,424 43,759,125 40, 363, 693 45, 636, 880 55, 706, 927 61, 246, 046 80, 436, 828 94, 056, 144 92. 221, 969 95, 408, 745 117, 352, 125 128, 412, 110 164, 569, 384 Artiqlea. Total imports — Con, Merchandise--. Gold. Silver., Quantities. , Values. 1890 1891 1892 1876 1877 1878 1879 1330 1881 1882 1883 1884 1885 1886 1837 1888 1839 1S90 1891 1802 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 Kilos. DoUars. 142, 240, 812 67,207,780 i 91,481,163 I (o) (a) ! Ha) I (a) I («> 3,837,738 2, 122, 922 ! 1,598,234 4, 545, 709 6, 148, 427 19, 408, 809 9, 088, 939 44, 613, 897 15, 576, 906 6, 946, 812 8, 886, 388 6, 345, 816 (a) (a) («) ia) (o) 458, 498 669, 854 836, 634 364, 611 157,824 1, 226, 353 659, 657 196, 253 172, 853 204, 439 370, 220 174, 532 * ^National money. a Not stated. Exports from Argentine Bepublic. [From "Estadistica del Commercio " and *'de la Hepublica Argentina."] -Articles. Tear. Quantities. Values. -Articles. Year. Quantities. Values. Kilos. Dottars.* KOos. Dollars. Oils, animal 1876 216, 149 24,748 Bran 1838 1,325,725 2,382,186 33,132 lh77 891, 666 101,780 1889 69, 082 1878 816, 692 94, 872 1890 2,833,704 28, 337 1879 422, 626 51, 641 ISO I 6, 526, 123 120,715 1880 300, 381 38, 178 1892 22, 068, 241 290, 849 1881 199, 278 26, 141 * 1382 642, 602 67, 179 Animals : Number. 1383 397, 709 58, 314 82, 576 1876 12, 127 . 17,717 74,848 1884' 551, 957 1377 143, 159 1885 197,486 29, 622 1878 8,486 40, 027 1886 113, 446 13,714 1879 5,762 29, 747 1887 131, 069 18, 350 1880 11,401 68,012 1888 130, 498 20,266 1881 12, 198 73,900 1889 97,276 21, 887 1882 9,046 65, 761 1890 97,065 9,707 1883 11,675 23, 500 1891 71,764 7,534 1834 . 8,916 17, 832 1892 49, 697 6,939 1885 ll, 316 22, 632 Bran. ■- 1876 1877 249,748 2, 355, 324 5,092 65,929 1886 1887 8,581 6,200 17,162 12,400 1878 2, 661, 686 60, 006 1883 9,632 19, 852 1879 2,191,121 45,832 1889 8,821 88,300 1880 1881 1890 1891 6,793 6,793 07, 930 1, 847, 289 38,687 67, 930 1882 1,678,008 29,264 1892 10, 186 101, 870 2, 909. 846 3, 226, 762 43, 647 Cattle 1876 109, 726 2, 837, 426 1884 58,948 1877 169, 445 3,214,570 1885 5,738,090 87,482 1878 86,308 2,024,737 1886 2, 661, 423 40, 105 1879 422,573 1, 730, 826 1887' 4,194,777 62, 921 1880 fiS,258 1-730,76; >,}^ational money, 820 Exports from Argentine Bepuhlic — Continued. Artiolea. Tear. Quantities. Values. Articles. Year. Quantities. Values. Number^ Dollars. Number. Dollara. Cattle 1881 84, 638 1,693,180 1,120,824 Hides of horses, 1876 52, 160 45,037 67,545 43, 130 1882 53, 995 dry. 1877 1883 92, 523 1, 795, 186 1878 33, 687 31, 475 1884 78,455 1, 810, 833 1879 66, 919 68, 689 1885 96, 175 2,345,313 1880 149, 948 154, 947 ft 1886 128,405 2, 203, 150 1881 125, 152 129, 324 1887 70, 707 1,415,625 1882 35, 134 52, 066 1888 94, 726 1,798,'<51 1883 38, 211 67,450 1889 139,037 3,194,113 1884 72,325 134,762 1890 150, 003 3,579,456 1885 43,770 65, 651 1891 171, 105 3, 997, 270 1886 43,089 86,178" 1892 125, 458 2, 624, 676 1887 115,618 231,236 Sheep 1876 17, 320 25,767 1888 49,850 84,744 1877 65, 462 64,125 1889 40, 368 77,487 1878 14, 028 24,004 1890 54,716 82,074 1879 38, 768 59, 373 1891 97,617 117,020 1880 20, 993 25,664 1892 113,948 142, 278 1881 18,686 33, 413 Hides of horses, 1876 143,708 343,986 1882 19, 027 36, 681 salted. 1877 217, 260 450,932 1883 38,267 53, 503 1878 168,092 347,399 1884 50, 003 70,472 1879 150, 510 233, 298 1885 42,235 58,1)52 1880 176,937 321, 147 1886 26,751 41,557 1881 155,416 289, 254 1887 29. 413 42,884 1882 178,715 377, 699 1883 22, 616 34,685 1833 221,156 640,912 1889 19, 527 66, 526 1884 209, 126 413, 963 1890 60, 002 159,428 1885 329,595 682,260 1891 114, 691 387. 645 1886 235,706 687, 271 1892 40, 100 170, 422 1387 209, 262 523, 128 Mules 1876 14, 796 16, 228 456, 227 484,029 1888 208,655 156,616 815,840 769, 588 1877 1889 1878 16, 621 305,486 1890 173,161 519,483 1879 14, 270 278,862 1891 259,689 814,726 1880 17, 500 348, 071 1892 127. 442 380, 274 1881 14,674 274, 716 Hides, goat 1876 573,317 306,704 1882 89, 609 226, 118 1877 617, 864 322, 682 1883 10,111 261,776 1878 609, 803 312, 686 1884 6,400 100, 930 1879 747, 947 611, 164 1885 6,685 106, 960 1880 1,557,794 768, 802 1886 8,893 142, 782 1881 609,892 368, 462 1887 6,445 103, 178 1882 697, 006 473, 882 1888 6,893 109, 816 1883 830, 960 940, 470 1889 12, 104 242, 080 1884 931,070 1, 017, 046 1890 11, 755 244, 360 1886 1, 744, 772 1, 081, 762 1891 14, 703 410,794 1886 .504,540 306,577 1892 16, 514 333, 040 1887 766,900 460, 140 Hides of cattle. 1876 1, 689, 046 4,946,056 1888 770, 366 585,478 dry. 1877 1,725,844 4, 290, 988 1889 1,045,280 821,590 1878 1,611,715 4,052,820 1890 1, 462, 111 1,023,478 1S79 1,668,328 6, 040. 653 1891 963, 231 577,939 1880 2,203,260 7, 964, 970 1892 907, 540 493, 647 1881 1,718,720 6, 462, 795 Kilos. 1882 1,454,942 5,805,392 Hides, otter 1876 43, 734 12,202 1883 1,392,948 5, 256, 927 1877 78, 337 58, 811 1884 1, 700, 905 5, 864, 306 1878 70,398 55, 194 1885 1,931,092 7,511,919 1879 329,680 271, 910 1886 1,813,183 6, 267, 592 1880 532, 098 438,928 1887 2, 508, 500 8,408,742 1881 213, 1!72 132, 086 1888 2,609,428 lOi 046, 281 1882 144, 191 111.515 1889 2, 424, 696 8,448,069 1883 491,217 392, 770 1890 3, 053, 649 5,759,746 1884 407,549 244,405 1891 2,678,905 4, 444, 043 1885 322, 901 193, 737 1892 2, 845, 189 6,066,865 1886 550,946 275, 273 Hides of cattle. 1876 635, 820 3,263,269 1887 943, 047 471,523 salted. 1877 762, 688 3, 174, 455 1888 448,911 300, 770 1878 627, 087 2,591,939 1889 102, 431 133, 160 1879 668, 201 3, 380, 786 1890 429, 044 214, 522 1880 ' 588, 039 3, 296, 830 1891 852, 749 895,386 1881 473, 650 2, 676, 391 1892 412,722 379,144 1882 490,485 2,696,645 Horns of cattle 1876 3,056,000 62, 829 1883 517, 270 2, 890, 443 1877 3,862,000 79, 384 1884 642, 804 2, 923, 602 1878 2,998,454 61, 916 1885 811, 679 4,488,204 1879 2, 706, 780 133,419 1886 724, 794 3, 649, 287 1880 2,966,416 194,840 1887 699, 837 3, 639, 005 1881 2,903,041 154, 242 1888 797, 192 4,684,728 1882 1,410,983 214,761 1889 966, 177 5, 250, 945 1883 921,473 139, 273 1890 1, 294, 109 5, 171, 473 1884 861, 911 118, 795 1891 1,262,502 4,160,348 1885 142, 120 159, 896 1SD« 1,0^8,611 3,901,464 11^86 1, 1^7, 685 w,m 821 Exports from Argentine Bepuhlic — Continued. Articles. Tear. Quantities. Yalues. Articles. Year. Quantities. Values. Kilos. Dollars. Kilos. DoUars. Homs of cattle 1887 1, 426, 934 182, 026 Copper, in bars 1883 307,671 103, 870 1888 1, 683, 768 229, 666 1884 173, 230 69, 372 1889 1, 756, 710 278, 614 1885 170, 014 67, 996 1890 2, 289, 806 137, 388 1886 196,955 76,781 1891 2, 428, 008 116, 554 1887 143, 287 57, 316 1892 1,851,203 101, 081 1888 115, 770 46, 308 Eoef 1876 1877 29, 666, 210 38, 732, 623 2, 091, 220 2, 802, 741 1889 1890 56, 390 102, 392 22, 556 40,957 1878. 33, 600, 293 2, 444, 774 1891 90, 791 36, 316 1879 32, 336, 252 2, 908, 561 1892 55.175 22, 070 1880 26,116,479 22,412,631 3 078 342 Wool pelts 1876 27, 5D7, 973 4, 634, 758 - 1881 2, 631, 606 1877 27, 849, 009 4,064,754 1882 26, 966, 613 3,881,459 1878 27, 848, 592 4,031,119 1883 21,543,200 2,814,411 1879 25, 088, 878 4,097,864 1884 18. 869, 993 2,456,997 1880 29, 077. 187 5,455,327 1889 32,055,835 4,204,077 1881 22, 339, 591 4,639,437 1886 37,388,200 3,738,820 1882 22, 353, 021 4,231,718 23, 984, 243 2,398,424 1883 26,564,619 5,035,886 1888 26,449.055 3,456,787 1884 24, 938, 623 5, 484, 952 - 1889 41, 767, 860 6,139,875 1885 31,336,804 6, 267, 377 1890 43, 481, 156 3, 913, 304 1886 35,312,899 6, 350, 671 1891 39, 035, 035 3, 587, 153 1887 30, 447, 716 6, 698, 408 1892 44, 690, 424 4,100,488 18E8 28,054,616 5,610,923 Eaxloy .>■■>■■■•• 1876 1877 1878 16,052 463 1889 1890 1891 36, 378, 835 27,148,432 24,169,950 11,386,593 6,787,108 36,'698' i,'684 7, 250, 985 1879 240, 637 10, 378 1892 32, 060, 586 9,618,175, 1880 1881 556, 133 255, 610 37,364 19, 099 Flour 1876 353, 441 33, 069 1877 218,124 20,419 1882 1, 100, 063 33, 408 ' 1878 2,919,793 300,282 1883 177. 909 3,558 1879 1, 603, 015 160,304 1884 362, 358 7,251 1880 1,428,046 104,811 1885 2, 109, 368 42,189 1881 1, 287, 396 109, 360 1886 876, 283 17, 523 1882 548,779 40, 494 1887 825, 816 16, 516 1883 4.844,385 343, 099 1888 234, 746 6,596 1884 3, 734, 389 261, 406 1889 231, 286 7,818 1885 7,447,077 521, 295 1890 1, 308, 627 13, 871 1886 5. 262, 222 362,807 1891 137, 422 3,435 1887 5,401,006 378,076 1892 996,897 15,416 1888 6,392,412 639, 241 Eone ash and bones 1876 33,234,837 365,453 1889 3, 360, 886 510,853 1877 52,304,685 559, 952 1890 12, 017, 875 600, 894 1878 39, 231, 010 404,253 1891 7, 015, 388 491, 077 1879 36,430,207 523,381 1892 18,049,136 1,024,041 1880 1881 27,692,477 34. 763, 049 444 992 Wool, raTT 1876 89, 259, 122 20, 332, 387 , 589,246 1877 97, 310, 463 18,707,218 1882 28, 212, 608 796, 634 1878 81, 708, 196 15, 215, 358 1883 25, 798, 365 508,474 1879 91,951,094 22, 330, 388 1884 28,253,486 621,619 1880 97, 145, 801 27, 467, 671 1885 35, 423, 768 782,464 1881 103, 876, 955 31,446,495 1886 31, 369, 145 583, 055 1882 111, 009, 796 20,978,960 1887 25, 546, 972 396,635 1883 118, 403, 668 29, 600, 918 1888 40,042,079 919, 855 1884 114, 344, 648 32, 005, 819 1889 27, 680, 373 653, 857 1885 128, 393, 264 35, 950, 111 1890 38, 787, 647 620, 602 • 1886 132, 130, 496 31,711,601 1891 57, 086, 966 677,658 1887 109, 164, 383 32,749,315 1892 44, 761, 204 561,749 1888 131,743,339 44,858,606 Hair 1876 187" 2, 074, 762 1, 943, 565 925,711 707, 640 1839 1890 141, 774, 435 118,405,604 56, 709, 774 35,521,681 1878 1, 910, 885 691,085 1891 138, 605, 838 38. 809, 635 1879 2,372,962 791,971 1892 154, 635, 036 44, 326, 060 1880 2,253,411 765,474 Flax 1876 1881 1882 1, 870, 105 4,053,717 778, 5x5 911,942 1877 1878 ""i64,'279' 7,' 107 1883 1, 535, 247 891,057 1879 246, 034 20, 338 1884 1, 732, 875 867, 487 1880 967, 999 98, 668 1885 2, 009, 298 1,004,649 1881 6, 394, 618 624, 534 1886 1,714,174 775, 977 1882 23,351,794 1, 705, 017 1887 1, 977, 281 988,643 1883 23, 061, 736 1, 153, 087 1888 2, 019, 212 1,21)7,970 1884 33,991,650 1, 691 583 3,47f 305 1889 1, 794, 622 1, 157, 525 1885 69, 426, 104 1890 2, 324, 215 929, 686 1886 37, 689, 967 1, 825, 199 1891 2,341,177 2,138,732 725,765 1887 81, 208, 176 4, 060, 409 Copper, In bars .... 1892 1876 1877 790, 227 1888 1889 1890 40, 222, 888 28,195,816 30, 720, 636 2, 131, 813 1,607,162 is,' 578' 4,'267 1, 228, 825 1878 407,847 89, 134 1891 12, 213, 303 610, 665 1879 409, 740 140, 979 1892 42, 987, 142 2,546,220 1880 1881 176,685 492,825 463,626 57,319 152,777 Com ■■■■■■-■•-■••-. 1876 1877 8, 058, 369 9,817,605 298, 329 329, 366 1882 129,951 1878 17,064,014 185,319 822 Export) from, Argentine iJepaJHc— Continued. Articles. Year. Quantities. Talaee. Articles. Tear. Quantities. Valaes. Kilos. Dollars. -Kilos. Rubles. Corn 1879 29,521,317 468, 286 Wheat- 1878 2,547,438 105. 350 1880 15,032,015 297,884 1879 25,669,317 1,328,692 1881 25, 052, 189 569, 094 1880 1,165,628. 48, 306 1882 107, 327, 155 2,212,511 1881 ; 157, 078 11,481 1883 18, 634, 351 372,804 1882 1, 705, 292 69, 093 1884 133, 710, 088 2,274,201 1883 60, 754, 677 2,340,184 1885 197,859,612 3,957,191 1884 108,490.228 4, 339, 970 1886 231, 660, 300 4,653,421 1885 78,4B3,;i92 3, 159, 736 1887 361,844,305 7, 236, 886 1886 37, 864, 413 1,510,378 1888 162, 037, 510 5,444,464 1887 237,865,925 9,514.635 1889 j432,690,679 12,977,721 1888 178, 928, 549 8, 248, 614 1890 707, 281, 955 14, 145, 630 1889 : 22,806,373 1,596,446 1891 65,909,903 1,449,996 1890 !327, 894, 151 9, 836, 824 1892 445, 935, 009 8. 561, 231 1891 396, 565, 180 15,822,207 Pasto seco (dry 1876 3,996,693 105,490 1892 470,109,617 14, 696, 089 food). 1877 6,72L',345 219, 670 Total exports : 8,417,139 5, 337, 554 9,221,319 2. 352, 563 10, 771, 847 11, 460, 500 ■ 130,648 106, 625 190, 862 38, 526 137, 106 137,531 142, 153 165,587 48, 090, 713 44,709,944 37, 623, 771 49. 357, 558 58. 380, 787 57, 938. 272 1877 1880 1878 1879 1882 1880 1883 1881 1884 11, 846, 071 11,765,011 1882 60, 3S8, 939 60, 207, 976 1885 1883 1886 12,408,450 12, 375, 411 9,250,988 20, 434, 032 19,121,723 30, 003, 920 39, 209, 121 51, 075 ' 149, 414 148, 506 238, 308 572, 173 1884 68, 029, 836 83, 879, 100 69.834,841 84, 421, 820 1887 1885 1888 1886 1889 1887 1R90 198, 866 270,036 374, 428 106, 925 1888 100,111,903 1889 90, 145, 355 1890 100, 818, 993 99, 723, 221 1878 1891 108, 854 109; 511 1892 113,370,337 (*) 1878 66,444 Gold 1876 54,762 72, 229 45, 238 55. 338 101,733 161, 098 1877 (') (*) 1880 1878 1881 186, 165 143, 037 1879 1882 1880 1883 42, 375 30, 764 127, 125 53, 838 1881 2, 555, 953 1,258, 60 1882 34, 710 25 953 60, 741 36, 335 1883 2,875,835 2, 444, 0-'4 6,677,811 7,832,816 9,471,983 8,492 374 1886 1884 23, 006 42,247 31, 505 31, 900 1885 1888 76 286 1886 1889 74, 983 32, 538 62 434 1887 1890 1S88 1891 52 028 1889 27, 815, 546 5, 009, 358 1, 183, 891 60, 359 1890 1876 37, 463, 333 5, 829, 365 1891 1877 27,431,217 21, 097, 022 15, 454. Oil 4,168,892 3,283,724 2, 090 717 1892 1, 823, 193 (*) (*) (*) (*) '*) Silver 1876 1879 1877 1880 11,868,989 1, 810, 810 1,475,806 2, 789, 341 2, 372, 040 2, 160, 228 1878 10, 687, 170 18, 434, 134 15,814,-836 14, 335, 715' 23, 260, 234 1879 1882 1880 1881 536, 062 1,040,951 2, 02S, 609 2,065,930 1, 764, 833 1884 1882 1885 3, 489, 169 1883 1886 12, 701, 661 1,715,158 788. 777 1884 1887 7, 169, 649 1885 1888 14, 802, 873 18, 319, 282 2, 140, 393 1886 525, 202 405 202 1889 3,297,471 1, 996, 629 1887 1890 ■17,361,089 1883 242, 126 1891 20. 726, 111 2, 383, 388 1889 616 705 1802 19, 879, 429 2, 263, 729 1890 274, 542 Wheat 1876 20, 868 997 1891 619, 209 1877 199, 611 7,335 1892 156,518 * iTot stated. 823 [Senate Ex. Doc. 95, Fifty-third Congress, second session.] Letter from the Secretary of the Treasnri/, in response to the Senate resolution of March S9, 1894, calling for a statement of the cash ralue of imports from covntries haring depre- ciated paper as a circulating medium, and the rate of exchange with the same countries. Tkeasuey Depaetmknx, May 9, 1S94. The President of the Senate : I have the honor to acknowledge the following resolution of the Senate: "liesolved, That the Secietary of the Treasury he directed to fuinish the Senate with a statement of the cash value, determintd by the average price of the Isew York and London markets, of all imports classitied under their respective heads, from all countries having a depreciated paper as a cii-culating medium, duiing the fiscal year ending June 30, 1893; and also a table showing by months the rate of excHange with those countries during the same period." I have reluctantly come to the conclusion, after a careful consideration of the conditions attending the collection and compilation of tlie statistics of irnports, that it is not possible to answer the resolution in suclx a manner as to afford any authentic information. The Department has been in correspondence with collectors of customs at the dif- ferent ports of entry and with mercantile bodies, as well as individual merchants, seeking to attain some method of applying the corrections and modifications required by the resolution. The opposing difficulties are so great as to be insuperable, with- out an expenditure of time and money not justifiable, in my belief, in view of the unsatisfactory character of the results which could be obtained under tlie most fnvor- able conditions. Apartial result would be worse than none, as it would introduce an element' of confusion and doubt much greater than that now existing. To apply a correction to the principal articles aft'ected by the faulty administration of customs regulations is as definite a change as can be with reason and justice applied. To attempt a like correction to every item, however small, would involve much incom- plete revision, and the trade returns in a series of contradictions, which must seri- ously diminish tlie confidence now justly reposed in the general accuracy of the trade returns for the fiscal year 1893. Some of these difficulties will be enumerated : First. The original invoices filed with the collectors of customs are no longer col- lected in one office. These invoices would have to be obtained, for example, in the New York custom-house from the files of the " record division." This in itself would be a task of such magnitude as to give employment to the 35 clerks of the statistical division in that port for more than four mouths, to the exclusion of all current work. This estimate is based upon the most favorable conditions, as it is assumed that these invoices would be found in the record division. This however is not always the case, as under protests, appeals, and litigations of various characters, many invoices have been removed from this division and scattered through other divisions of the custom-house, such as the appraisers' stores, tlie office of the general appraiser, the office of the U. S. district attorney, and other divisions of the collector's and appraisers' departments. This condition of afl'airs is not confined to the port of New York, but will be found in every other port of entry, the difference being only in degree. Second. After the invoices have been collected, precisely the same compilation must be made as was required at the time the invoices were first placed on file in the custom-house. It would be of no avail to take the invoices filed in one month and average them in the expectation of obtaining the result for twelve months. Such an average would be worthless. To take up item by item for the twelve months would be merely repeating the task- that usually occupies the statistical forces of the various custom-houses a full j ear. It would have been a very simple matter to make a correction after one or two months of the operation of thei 6rror; bnt it is impossible, unless a special force is assigned to the task, to make a proper correction in the records of twelve months. , When it is considered that this admin- istrative error was in full operation for nearly fifteen months, without an attempt being made to apply a correction or remedy, and when it is remembered that the returns for the last quarter of the fiscal year 1893 were as greatly affected as were the returns for the whole of the fiscal year 1893, it must be recognized that to make or undertake to make a correction to the year 1893, even supposing it possible to do so, would not secure the accurate returns intended by the resolution, but would produce results even more misleading than those now published. Third. Having obtained theinvoices it would then become necessary to reduce the value of each invoice and of each item in that invoice, expressed in depreciated paper money, to the proper value expressed in the money of the United States. Great as would be the task of obtaining the invoices, it would be slight when compared to the task of obtaining exchange quotations to apply in the reduction of the values 824 of these invoices. 1 have sought to obtain from banking and mercantile houses tables of exchange rates for the fiscal year 1893, with a view, to determine how far it is possible to obtain such rates at stated periods, or even average quotations at stated times. In making a correction I would hesitate to apply an average quota- tion of exchange, as in many instances the fl.uctuations are great and sudden. No average could apply in such cases. The only true correction to be applied would be the rate of exchange which was quoted upon the very day, almost the very hour, the invoice was prepared at the port of exportation. It would be necessary to have a daily record of the exchange rates; and the countries from which the greater part of these imports were obtained are precisely those lacking in this definite and posi- tive banking or statistical Information. No banking house, no individual merchant or mercantile firm, has been able to assure me of the possibility of securing a daily record of rates which could be accepted in a reasonable belief that it would be applicable to the correction of con- sular invoices. The diflSculty encountered in securing the rates of exchange prevail- ing between the United States and the countries of Central and South America hav- ing depreciated and fluctuating paper currencies is also encountered when it is attempted to frame similar quotations of exchange between London and the same countries. I can only say that such partial tables of exchange as 1 have been able to obtain, very incomplete in themselves, would be misleading, and, in my belief, without application to the purposes of the resolution. Deplorable as the original administrative blunder was, the neglect to apply a remedy and the omission to pre- pare the materials for making a proper correction during the fifteen months the error was allowed to run, thus permitting mistake to accumulate upon mistake, were still more deplorable. The error has become so interwoven in the trade returns of 1893 as to be inseparable from them without substantially destroying the published doc- uments for that year. This question was brought to my attention by the chief of the Bureau of Statis- tics in July, 1893, and steps were at once taken to correct the returns for 1893, as far as it could be done under the circumstances. Careful attention was paid to the con- ditions at that time and a full study made of the limitations necessarily applying to any change or modification in the returns. An attempt was then made to obtain exchange quotations and a revision of the returns made by collectors of customs in order that such returns as were expressed in depreciated paper currency might be. reduced to values properly expressed, as required by the customs regulations. The result of this attempt and the method of applying a correction to the trade returns of 1893 were fully set forth by the chief of the Bureau of Statistics in his- letter to me, dated August 15, 1893, a copy of which is sent herewith. This letter was also embodied in the annual returns' on "Commerce and Navigation" for 1893. The question has been reviewed since the passage of the Senate resolution in the hope that some difficulties had been exaggerated and that a more accurate correction might be applied. I am, however, brought to the conclusion that any reliable result, through more extended effort would be impossible under the present organization of the custom- houses, and would be incommensurate with the expenditure of money that must be required even to attempt it. Were it possible to overcome the administrative diffi- culties, and this, in my belief, is not possible, the scientific difficulties would still remain to be encountered, and these are in themselves quite as insuperable. The same difficulties which stand in the way of securing reliable returns of rates of exchange also oppose all attempts to secure a record of the prices at the port of exportation of each article of export. Awaiting the further direction of the Senate in this matter, I am, Eespectfully, yours, J. G. Caklislb, Secretary. VALUES OF IMPORTS IN 1893 PROM COUNTRIES HAVING DKPRKCIATRD PAPER CUR- RENCIES. Treasury Department, Bureau ot Statistics, Washington, D. C, August IS, 1893, Sir : I have the honor to submit to you my reasons for noting material changes in the trade figures of imports from certain countries of South America for the last fiscal year. Was the difl;erence between nominal (as officially published for the last twelve months) and real values small,! should not undertake to make any alter- ations, as in comparing so large amounts as are involved a wide margin is allowa- ble, and does not materially affect the conclusions to be drawn. But when the error amounts to nearly 9 per cent of the total value of imports, and this 9 per cent is concentrated upon the imports of a comparatively few articles from a small num- :Par. 1.83 -^ s; ZX)0 2.10 2.20 M I I I M ill I I 1 1 1 n g g r i i|i I I It n i| I 1 1 If 1 1 i| 1 1 I ^ I I I 1 1 1 1 1 1 ^ I I II I I II I '^ 1 k Pi I 1 1 I rrr I §» s 1 1 1 1 1 1 1 •A — Average, B — Average, C — Average, D — Average, E — Average, F — Average, — Average, H— Average, I — Average J — Average, January to June, 1891, 2.77 (36.1 cts.J for 1891, 3.165 (31.6 cts.J July to December, 1891, 3.S31 (28.3 cfs.) fiscal year 1892, 3.869 (25.8 cts.J calendar year 1892, 4.177 (23.9 cts.J January to June, 1892, 4.235 (23.5 cts.J April to June, 1892, 4,474 (22.3 cts.J July to December, 1892, 4.122 (24.2 cts.J fiscal year 1893, 4.108 (24.3 cfs,J January to June, 1893, 4.094 (24.4 cts.J a. Kei). 235 53— 2— iMf.e page 823 825 i,.T nf coTintries, I deem it expedient to attempt a proper correction in at least two Inmmodities and in the general total. Otherwise the returns of import va ues for is^n these special lines are worthless in themselves and more than misleading when compared with the returns of previous as they will be when compared with the returns of subsequent years. The various stages of the development of this error are, in brief, as tollowa : In January 1892, an important firm of Philadelphia complained to the>Department of State that the American consul at Messina charged $1 for a currency certificate to accompany an invoice of olive oil, and aslced why it was necessary to require a cur- rencv certificate on invoices of commodities imported into the United States free of duty or under a specific duty. The question, upon its face a reasonable one, was referred to the Treasury, and under date January 23, 1892, Mr. Paulding, the Acting '"After due consideration I have to stat« that with your [i. e., the Department of State] approval this Department will issue instructions to collectors to waive the requirement of a currency certificate in all cases where the value of the currency does not affect the dutiable value of the merchandise." Thereupon the Department of State issued a circular letter to the consular ofiicers embodying this decision of the Treasury intended to relieve the importer of a consular tax. This instruction was in alignment with a policy, wtioh is to be commended, of removing all unnecessary restrictions from the import and export trade of the United States. It has had, how- ever, a disastrous effect upon statistical returns, one that was properly notified to the Department of State as early as April, 1892, by Mr. Charles Heath, U. S. consttl at Catania. From all countries having paper money of depreciated value merchan- dise has been sent to the United States with the value expressed in paper money, and with no record of the real value by which the nominal could be properly reduced. From no less than 13 countries have such returns been received, for at least fifteen months, with the consequence of entirely vitiating for that period the returns on certain lines of merchandise from 2 and partially from 10 countries. The wide range to which this matter applies may be further illustrated. The total imports of goods free of duty in 1892 were valued at $457,999,658, as com- pared with the value of goods subject to duty of $369,402,804. Of the $458,000,000 nearly one-third, or $152,169,822, were imported from countries having a'depreciated paper medium of exchange. I do not quote the figures for 1893, because the inflated values render them too misleading for comparison. 1 have made an attempt to establish some principle by which I could make cor- rections in the returns of all these countries having a depreciated currency. I find, liowever, that no genera! rule will apply, for the manner of making the invoices filed in the different ports of entry has not been uniform. In the port of New York tlie values of imports from Brazil were "almrjst always" expressed in paper money. In the port of Baltimore the currency certificates were "in most instances" attacli,ed to the invoices of imports of free goods a^d goods subject to specific duty. In the port of New Orleans the proper corrections were "occasionally "made, and in the port of Boston the corrections were made only " to a limited extent." The collector of customs at San Francisco reports entries in excessive values from Chile, Russia, and Italy, and the invoices "generally fail" to have a correcting certificate. To introduce a full and complete correction each individual invoice in every collection district and port of entry of the United States, now 123 in number, would have to be examined and the proper correction made — ^not from any record attached to the invoice, but from an independent reference to the actual value of the paper medium on the day of export — a task entirely beyond the present force of the service. 1 can therefore apply only a general correction. 1 have prepared a list of countries which have, at the present writing, a paper medimn, circulating at a value below the face value. Against each country I have placed the total value of merchandise exported to this country and entered free of duty in the fiscal year 1893. I have also undertaken, with only partial success, to aetennine the rate of depreciation of the respective currencies in July, 1892, and June, 1893. j< t Conntiy. Imports free of duty. m Country. Imports free of duty. 1893. 1892. 1893. 1892. AiiHsiamEnrope $2,75.3,848 13, 749, 097 1,330,796 • 3,843,843 151,008.364 3,847,588 958,216 , 1,535,880 $1,458,344 10,901,745 1,374,013 3,921,623 118,421,158 3,179,638 307, 187 1,883,927 Costa Rica $2,308,222 2, 554, 578 68'!. 424 l,39R.8i;7 1, 350, 074 $2, 084, 955 TuiLyiiAsia ' '" AT^ItaeEepabllc.. Chile....;.:";; 3, 182, 838 959, 989 1, 656, 708 2. 330, 697 Nicaragua Salvador ■. Ecuador frngii8y(J) Total 187, 328, 397 102,169,822 826 In connection witli the above table I am able to give the following notes : The value of the silver ruble of Russia in July, 1892, was 51. i) cents United States currency; in January, IS'JS, it was 49.1 cents, and in June, 1893, 48.3 cents. To be of fnll value it shonicl be worth 55.3 cents, while the gold ruble was worth 77.2 cents. The paper inui silver currency of Russia, I am informed, fluctuates exceedingly, and an instance was cited where 215 German marks were required to purchase 100 rubles paper cur- rency oueday, while 207 marks made the purchase of the same number of rubles the very next day. At Buenos Ayres, Argentine Republic, the premium on gold in June, 1892, ranged from 206 to 214. In the last week of January, 1893, it fluctuated from 198 to 2l5, and in Jnne, 1893, from 233 to 243. So far, however, as individual invoices have been examined the amount of error applying to imports from the Argentine Republic is comparatively small. The course of the currency of Brazil is sufficiently showniin the accompanying diagram. TliB Chilean peso, gold and silver, is worth at par 91.2 cents United States money. In July, 1892, the paper peso was quoted at 34.25 cents; in January, 1893, at 35.25 cents, and in July, 1893, at 29 cents. Thi' paper sucre of Ecuador was worth, at the rate of exchange given in the mid- dle of June, 1893, 44^ cents as compared with the par value of 69.1 cents. A numlier of merchants unite iu the statement that Uruguay has no paper currency. In Costa Rica, where the unit is silver, tlie paper is worth about 30 per cent less than the coin; but the rate varies so winli.s. Tiid ColumhiaNationallianli, Miuueap- olis. Minn Sns.iiina K Mny New A IbJiny, Ind Jay IJvfioka, Cliicftgn. Ill '. George E. Morgan, Fultou, 111 Total Amount. $5, 151, 328. 83 47, 021, 620. 00 1, 110, 200. 00 1, 437, 600. 00 352, 180. 00 588, 080. 00 170,820.00 293. 200. 00 58, 800. 00 23, 432. 50 23, 450. 00 10, 690. 00 1, 760. 00 ■ 55. 00 , 1, 110. 00 4,071,277.50 75, 000. 00 27, 600. 00 132, 910. 00 117, 280. 00 11,800.00 600. 00 2, 875. 00 3, 535. 00 11, 905. 00 660. 00 384, 125. 00 f = 291,915.00 iO, 0:iO. 00 590. 00 60. 00 690. 00 546. 00 61(1.00 1, 00«. 00 357. 00 307, 696. 00 832 t II. — Amount of gold ohlained from purchasers of United States bonds, etc. — Continued. Purchaser. Amount. Purchaser, Amount. SUBTEEASUBY AT ST. LOUIS. Stanley & Hume, "Wichita, Kans. . . C. F. Spurgin, Kinsley, Kans W. E. Newbert, Kansas City, Mo . . . Franldin Bank, St. Louis, Mo Ifational Bank of Commerce, St. $10, 000. 00 880. 00 470.00 20, 000. 00 62, 730. 00 100. 00 SUBTEEASnET AT SAN FEAKCISCO. rirst National Bank, San Tran- $117, 291. 05 11, 088. 50 55, 591. 77 W. E. Hazeltine, Proscott, Ariz... Merchants' National, Bank, San Total Wichita National Bank, Wichita, 183, 971. 32 EBCAPITULATIOSr. Total 94, 180. 00 7, 125. 99 207,281.00 560, 041. 60 47,021,626.00 4, 071, 277. 50 384, 125. 00 2,346.72 1,173.31 4, 694. 24 4, 725. 66 Ernest J. Hardtner, Pineville, La.. Philadelphia ' NewTork T. M. Moseley, West Point, Miss., Bostoli Irving S. Lothrop, Dalcour, La., through HibemialTational Bank, 94,180.00 12, 939. 93 183,971.32 New Orleans San Francisco Total La., through Hibernia National Bank, New Orleans, La 02,850,264.24 Total 12, 939, 93 Note — .In addition to the amount of gold coin above mentioned there was received the sum of $5,810,420 in gold certificates and $233.39 in other kinds of money, making the total amount received in payment for these bonds $58,660,917.63. lU. -Payments and redemptions made in gold iy the Treasury and subtreasuries of the United States from November 1, 1893, to June IS, 1894. Account. Amount. Drafts, interest checks, and coupons ^ Treasurer's transfer account Po3trOiiice Department account U. S. disbursing of&cera' account ^mount paid to settle balances at New York through clearing housi? . Bedemption and exchange account : National-bank notes United States notes Treasury notes of 1890 G-old oertificatea Silver certificates Gold coin Standard silver dollars Fractional silver coin Minor coin (S-old bullion Gold bars delivered to manufacturers Loss on recoinage of gold coin Total $2, 802, 164. 00 351, 047. 00 1,474,510.00 11, 218, 648. 03 43, 066, 175. 50 21, 485. 00 55, 571, 210. 00 14, 017, 243. 00 1, 025, 575. 00 53. 755. 00 58, 208. 00 1,205,759.00 853, 626. 00 50, 116. 00 5, 573, 878. 59 2, 438, 534. 68 2,476.47 139, 784, 411. 27 833 NamcK of persona, banks, tankers, and corporations to whom payments of gold have been made in redemption of the obligations of the United States, with the dates of such, redemptions or payments. SUBTEEASUEY AT BALTIMORE. [Gold paid m redemption of Treasury notes. ] Date. Name. Amount. $2, 000. 00 1,365.00 2, 000. 00 18. 000. 00 Total. . -. 23, 366. 00 STTBTEEASUET AT PHILADELPHIA. [Gold paid in redemption of Treasury notes.] 1893. Nov. 1 Dec. 18 1894. Jan. 15 23 31 Feb. 12 20 21 21 23 27 Mar. 1 2 12 13 13 14 15 16 19 20 20 21 22 24 26 27 28 28 29 30 30 Apr. 4 9 Jl 13 16 18 19 20 21 21 23 23 24 25 25 27 28 ^ay 1 Farmers and Meclianics' National Bank . -do. Farmers and Mechanics' National Bank . Farmers and Mechanics' National Bank . Farmers and Mechanics' National Bank . -do. Central National Bank Farmers and Mechanics' National Bank . -do. Central National Bank . Farmers and Mechanics' National Bank . Central National Bank . do Farmers and Mechanics' National Bank . Farmers and Mechanics' National Bank . Central National Bank Farmers and Mechanics' National Bank. . do Central National Bank Central National Bank Philadelphia National Bank. Central National Bank Philadelphia Ifational Bank. Central National Bank Western National Bank Philips & Jacobs Central National Bank Western National Bank Central National Ban k . do $285. 00 6, 000. 00 4, 300. 00 5, 000. 00 2, 800. 00 5, 000. 00 IS, 000. 00 20, 000. 00 5, 000. 00 10, 000. 00 10, 000. 00 20, 000. 00 10, 000. 00 10, 000. 00 5, 000. 00 5, 000. 00 9, 300. 00 5, 000. 00 5, 050. 00 25, 000. 00 5, 006. 00 5, 000. 00 20, 000. 00 5, 000. 00 000. 00 000.00 000. 00 400. 00 000.00 000. 00 000. 00 000. 00 000. 00 000. 00 000. 00 000. 00 000. On 980. 00 000. 00 000.00 000. 00 000. 00 000. 00 000. 00 000. 00 000. 00 000. 00 000. 00 000. 00 000. OQ 000. 00 000. 00 000. 00 000. 00 000. 00 pog,gt) B, Bep. 235 53 834 Names of persona, hanks, tankers, and corporations to whom payments of gold have 6eefe made in redemption of the obligations of the United States, etc. — Continued. SUBT.EEASUEY AT PHILADELPHIA— Continned. Date. 29 29 31 31 31 June 1 1 4 S 6 7 7 7 8 9 11 11 11 12 12 13 13 13 14 14 15 ^ame. Philadelphia National Bank . Qtjutral National Banli Philadelphia National Banlc Central National Bnnlc Western National Bank do Farmers and Mci'hiinics' National Bank . Central National Bank Central National Bank. . Western National Bark Central N ational Bank Philadelphia National Bank Grirard National Bank do Western National Bank Central National Bank do Farmers and Mechanics' Natioual Bank . Girard National Bank do Central National Bank Western National Bank do Girard National Bank do Central National Bank Girard National Bank Central National Bank Philadelphia National Bank Western Natioral Bank Girard National Bank do do Fanners and Mechanics' National Bank . Girard National Bank Farmers and Mechanics' National Bank. Philadelphia National Bank Girard National Bank Central National Bank Girard National Bank. . do Central National Bank. Girard National Bank. Philadelphia National Bank Farmers and Mechanics' National Bank. Girard National Bank do Central National Bank Girard National Bank A mount. 500. 00 000. OU UOO. 00 000. 00 000. 00 000.00 000. 00 000.00 4O0. 00 570. 00 000. 00 350. 00 790. 00 000. 00 125. 00 400. 00 900.00 000. 00 520. 00 OUO. 00 000. 00 000. 00 000. 00 250.00 150.00 OUO. 00 000. 00 000. 00 760. 00 700. 00 200. 00 000. 00 750. 00 800. 00 170. 00 000. 00 000. 00 000. 00 850. 00 250. 00 500. 00 000. 00 UOO. 00 700.00 000. 00 200. 00 500. 00 540.00 000. 00 250. 00 000.00 30.00 350.00 45.00 000. 00 500. 00 500. 00 500. 00 000.00 750. 00 Total 980,715.00 835 Names of persons, banks, hankers, and corporations to whom payments of gold have been made in redemption of obligations of the United Stales, etc. — Contiuued, SUBTEEASUBT AT NEW TOEK. [.Gold paid In redemption of tjnited States notes and Treasury notes.] Date. Name. United States notes. Treasury notes. 1894. Feb. 2 2 2 2 I. & S. "Worraser Merchants' National Bank Union Trust Co TTnited States Trust Co Central National Bank Bank of America Bank of Manhattan Co J. & W. Seligman & Co ; Bank of New York, National Banking Aaaociatiou J. & W. Seligman cfc Co Bank of America J. & VV. Seligman & Co Bank of New York, National Banking Association Southeni National Bank American Exchange National Bank United States Trust Co National Bank of Commerce I. ^ S. "Wormser Kuhn, Loeb & Co New York Life Insurance Co National Bank of Commerce New York Security and Trust Co Bank of New York, National Banking Association Brown Bros. & Co American Exchange National Bank National Bank of Commerce, New York Fourth National Bank National Bank of Commerce United States National Bank Third National Bank National Bank of the Eepublic Fourth National Bank David King, jr., by New York Life Insurance and Trust Co. National Bank of Commerce Chase National Bank H. B. Hollins &Co Fourth Hational Bank Burrm&Stitt Chase National Bank Fourth National Bank Bank of New York National Banking A.ssociation H.B. Hollins & Co Importers and Traders' National Bank United States National Bank Third National B.-ink Chase National Bank Bank of New York National Banking Association New York Security and Trust Co American Exchange National Bank New York Life Insurance and Trust Co Brown Bros. & Co Mnller, Sohall & Co Brown Bros. & Co H.B. Hollins & Co Importers and Traders' National Bank New York Security and Trust Co Muller, Schall&Co 0. C. Burke Importers and Traders' National Bank Southern National Bank Mercantile National Bank Importers and Traders' National Bank Merchants' National Bank, Newark, N. J A. M. Kidder & Co J. D. Probst & Co National Bank of the Eepubho Caldwell & Bunker Central National Bank Importers and Traders' National Bank' do Southern National Bank Merchants' Exchange National Ba.nk Com Exchange Bank Ijn(iortef8^oTra4prs'N»1^ionalBank ,.-,... $150, 000 70, 330, 1, 000, 36, 210, 250, 1, OOO, 100, 840, 218, 35, 1, 30D, 642, 400, 151, 11, 100, 483, 10, 125, 15, 360, 48, 50, 50, 40. 115, 100, 43, 618, 60, 40, 50, 100, 200, 180, 200, 118, 24, 234, 61, 110, 50, 29, 200, 10, 6, 10, 6, 135, 10, 10, 60, 293, 117, 10, 10, 8, 20, 270, 10. 836 Names of pemons, hanhs, bankers, and corporations to whom payments of gold haveVeen made in redemption, of the ohligatious of the United States, etc. — Continued. SUBXEEASUEY AT NEW YORK— CoDtiimod. Date. Xame. United States! Treasury notes. notes. 1894. 21 21 22 22 26 27 27 29 29 30 Apr. 6 12 13 13 21 May 5 5 24 Jane 12 Corn Exchange Bank Whitehouse & Co Corn Exchange Bank , National Broadway Bank do Importers and Traders' National Bank . National Broadway Bank Nesslage, Colgate & Co National Broadway Bank Importers and Traders' National Bank - H. B. HoUins &Co Hanover National Bank Bank of the State of New Tork Hanover National Bank United States National Rank Merchants' National Bank Harvey Eisk & Sons do National Bank of the Eepublic Total . Grand total . $300, 000 100, 000 300. 000 10, 000 10, 000 10, 000 20, 000 25,000 500, 000 225, 000 26, 000 200, UOO 50, 000 50, 000 100, 000 13, 545, 664 .$10, 000 20, 000 12, 000 10, COO 6, 64fl, 07D 20, 193, 739 [United States notes redeemed in gold for export.] May 1894. Mar. 6 17 20 Apr. 13 13 14 19 20 20 20 20 21 27 1 2 3 4 4 4 4 4 7 7 9 9 Lawrence Tumure ifcCo do .'. National Bank of the Eepublic, for Bolton, Bliss & Ballot a Heidelbach, Ickolheimer & Co Ladenbui^, Thalraann & Co Baring, Magoun »fe Co J. cfe W. Seligman & Co L. von Hoffman & Co Heidelbach, Ickelheimer &. Co Ladenburg, Tlialmann & Co Hoskier, wood &. Co National Bank of the Republic, for Bolton, Bliss & Dallet Lazard Fr6res do Heidelbach, Ickelheimer & Co Lazard Er^res Hoskier, Wood & Co Knauth, Nachod & Kuhne Heidelbach, Ickelheimer & Co Baring, Magoun & Co Kesslcr & Co Heidelbach, Ickelheimer & Co Lazard Er6res Ladenburg, Thalmann &Co Kuhn, Loeb & Co Heidelbach, Ickelheimer & Co Bank of New York National Banking Association Lazard Fr6res Laden biirg. Thalmann & Co Hoskier, Wood & Co Hoskier, Wood & Co. (Treasury notes) Heidelbach, Ickelheimer & Co L. von Hoflinan & Co Lazard JTrfires Heidelbach, Ickelheimer & Co Ladenburg, Thalmann & Co L. von Hotlnian At Co Heidelbach, Ickelheimer & Co Bank of New York National Banking Association, for Kidder, Peabody & Co., Boston Baring, Magoun & Co ' Knauth, Nachod & Kuhne ...V.V.',. Heidelbach, Ickelheimer &Co [ Jjazsid Ff^yes , ,.,.., , ,. ,.,,..,,.'."'.'."'' $100, 000 250, OOO 100, 000 400, 000 500, 000 500, 000 60, 000 500, 000 1, 000, 000 1, 000, 000 200, 000 100, 000 750, 000 920, 000 500, 000 930, 000 350, 000 250, 000 1, 000, 000 500, 000 300, 000 50O, 000 700, 000 760, 000 500, 000 650, 000 100, 000 1, 200, 000 600, 000 300, 000 200, 000 700, 000 500, 000 1, 000, 000 600, OOO 500, 000 500, 000 260,000 600, 000 600, 000 250, 000 600, 000 1,300,000 837 Names of pertont, hanks, hankers, and corporations to whom payments of gold have heen made in redifmption of the ohligations of the United States, etc. — Continued. SUBTREASCET OF NEW YOBK— Continued. Date. June Name. Heidelbaoh, Ickelheimer & Co Laden burg, Tlialmann & Co L. vou HoBlnan & Co Barinff, Magoun & Co JLazara Frferes Ladenburg, TUalmann &Co 3. and W. Seligman & Co Kuanth, Kachod & Kuliue Hoskier, Wood & Co L. von Hoffman & Co Heidelbash, Icltelbeimer &. Co Ladenburg, Xhalmann & Co Hoidelbacn, Ickelheimer &. Co do Ladenburg, Thalmann & Co do Heidelbach, Ickelheimer & Co . . _ Baring, Magoun & Co Heidelbaclj, Ickelheimer & Co Lazard Frfires Ladenburg, Thalmann & Co Heidelbaoh, Ickelheimer & Co ., Lazard Frferes Heidelbach, Ickelheimer & Co Ladenburg, Thalmann & Co Lazard Frferes Heidelbach. Ickelheimer & Co Lazard Frferes ($500,000 returned June 14) Total 40,235,000 Amount. $500, 000 500, 000 300, 000 500, 000 1, 000, 000 500, 000 300, 000 250, 000 375, 000 260, 000 50Q, 000 500, 000 600, 000 400, 000 1, OOOl, 000 500, 000 1, 250, 000 500, 000 400, 000 1. 000, 000 500, 000 500, 000 750, 000 1 000,000 500. 000 1, 000, 000 1, 000, 000 1, 250, 000 [United States notes and Treasury notes presented for rodf^mption in gold coin to procure gold bars lor iiutnulacturiug jewelers.] Name. Nov. Dec. 1894. Jan. Feb. Handy & Harmon W. Connor K. .S.Williams Woolatein Sc Sulzberger Zimmerman & Forshay Merchants' National Bank, Newark, N. J . C.S.Videon German National Bank, Newark, N. J . . . F. L. Camm Neaslage, Colgate &Co Carter, Sloan &. Co A . W. John Bton J. Milleman National State Bank, Newark, N. J First N.ational Bank. New York Fourth National Bank. New York Hanover National Bank, New York D.T.Pettit Total . P>^. 035 10,225 11, 020 15, 515 89, 3L'5 86, 830 16, 635 15, 600 10, 585 15, 395 16, 195 10, 520 6,635 $15,190 "ii'iss' 21,715 22, 240 10, 490 5,110 n,080 10,560 5, 520 5,965 15,435 5,200 8, 740 358, 135 9, 070 $30, 775 10, 505 5,480 20, .iin 21.680 11, 800 5, 435 10, 650 5,610 5, 1.10 27, 460 5,980 26, 685 $82, 325 10, 760 11,325 30, 515 5,210 34, 310 5,570 5. 510-- 10.160 15, 580 15,680 22, 135 5,4J0 5,995 15,815 5, 000 8,920 296, 220 838 Names of persons, banks, hanlcers, and corporations to whom payments of gold Jiave l>een made in redemption of the oMigations of the United States, etc. — ■'Coutiuued. 3UBTEBASUKT AT NEW YOBK— Continued. [United States notes and Treasury notes presented for redemption in gold coin to procure gold bars for manufacturing jewelers.] ^ame. Handy & Harmon AV. Connor E. S. Williams "Woolstein Sulzberger Zimmerman & Forsliay Merchants' National Banli. Newark, N. J. C. S. Videon P. L. Camm Nesslage, Colgate & Co Carter, Sloan &. Co A. "W. Johnston J. Millemau National State Bank, Newark, N. J First National Ban fc, Ne w S"ork Fourth National Bank. New Yorli Hanover National Bank, New York Jeunnot & Shiebler Total . Total .^. 1894. Mar. $oU, 700 5,305 11,320 20, 205 26, 355 57,270 10, 980 5,480 20, 420 15,795 21, 975 5, 490 5,7ao 15, 490 6,280 5, 3J0 Apr. $74, 200 5,230 16, 540 20, 405 21,285 39, 420 10, «55 10, 995 20, 910 10, 900 22, 660 32, 690 15, 295 5,140 5,160 5,195 316, 680 May $33, 050 5,190 16, 835 15,190 10,165 33, 980 5,460 21, 695 15, 875 32, 695 48, 175 6,000 15, 565 5,095 294, 800 June {to 15). $39, 560 5,115 6,750 10, 235 6, 180. 17, 270 5,305 10, 920 15, 985 10,5L0 5,170 131,020 2, 028, 405 SUBTEEASUEY AT BOSTON. [Gold paid in redemption of Treasury notes.] Date. Name. Amount. 1891. Apr. 4 5 6 7 7 11 11 32 13 14 16 16 16 20 23 24 May 4 8 14 14 16 16 16 17 21 21 22 22 23 24 24 25 29 29 2 7 7 11 11 12 18 U 14 National ExchangaJSank. do .do. -do. Trouiunt Njitional Bank National Exciiange Bank Continental National Bank Trenionfc National Bank National Bank of Eedemption Kidder, Peabody & Co National Exchange Bank Tremont National Bank National Bank of the Commonwealth . Kidder, Peabody & Co "National Exchange Bank do. Juni Kidder, Peabody & Co Washington National Bank National Bank of the Common wealth. National Exchange Bank , do National Bank of Eedemption Shoe and Leather National Bank do ......do National Exchan;^e Bank Second National Bank Shoe and Leather National Bank National Excliauge Hank Shoe and Leather National Hank National Bank of Eedemption National Exchange Bank Second National Bank National Bank of Eedemption Old Colony Trust Co First National Bank National Exchange Bank Old Colony Trust Co National. Exchange Bank Shoe and Leather National Bank Nation.al Bank of Eedemption First National Bank N ational Exchange Bank Total. $10, 000 10, 000 10,000 10, 000 5,000 10, 000 5,000 5,000 10, 000 625, 000 10, 000 5,000 5,000 500, 000 5,000 15, 000 500,000 • 5,000 5,000 ^5, 000 6,000 5,000 10, 000 5,000 10, 000 5, 000 50, 000 5,000 30, 000 5,000 , 6, 0011 5,000 20, 000 5,000 120, 000 5,000 5,000 100, 000 6, 000 5,000 5,000 10, 000 10, 000 :, 185, 000 839 Names of pn-sons, hniilcB, bankers, and corporations to whom paymenia of gold have icen matle in redemption of obligations of the United States, etc. — Continued. SUBTKBASUEY AT CINCINNATI. [Gold paid in redemption of Treasury notes.] Date. Name. Amount. 1804. rob. 3 $9F0 1, 90U 6 do 8 do 585 11 do 100 Total 3,025 SUBTKEASUKY AT CHICAGO. [Gold paid in redemption of Treasury notes.] 1604. Feb. 8 B. S. Tilden, Chicago $10, 015 [Senate Mis. Doc. 80, Fifty-tliird Congress, second ses.sion.] The Vice-President presented the following letter from the Secretary of the Territory of Utah, forwarding memorial of the Territorial legislature in favor of silver coinage. Territory op Utah, Office of the Secretary, Salt Lake City, February 1, 1894. Sir: I have the honor to hand you herewith copy of memorial-of the governor and legislative assembly of the Territory of Utah to the Congress of the United States urging the necessity of enacting at once such laws as may be necessary to open our mints to the coinage of silver without restriction lat a ratio of sixteen of silver to one of gold. Very respectfully, Chaules C. Richards, Secretary of Utah, The President of the Senate^ MEMORIAL. To the Congress of the United States: Your memoralists, the governor and the legislative assembly of the Territory of Utah, would represent: That the comme'rcial and manufacturing interests of the United States have been increasing at an unprecedented rate, and that this increase would naturally continue if not thwarted by sinister legislation. That abundant money of ultimate redemption Is necessary to the growth and stability of such business. That accumulated capital can find secure and profitable investment only where commerce and nui ifacturers are secured stability of prices. That gold and si: >'er from time immemorial have been the money of ultimate redemption. That the demonetization of silver has wrought stagnation in business, a fall in prices, and general financial distress. 'J'hat the immediate remonetization of silver at a ratio with gold of 16 to I would revive the business of our country, afford its people money of ultinmte redemption sufSoient for the necessities of commerce and trade, and thus open the way to the employment of all classes of our people. . ^ Your memorialists would, therefore, urge upon your attention the necessity of enacting at once such laws as may be necessary to open our mints to the coinage of silver without restriction, at the ratio of 16 of silver tol of gold, and yourmemori- Besolred That our Delegate in the House of Eepresentatives be requested to nresent the foregoing considerations to the attention of the members of Congress, and to use all honorable means to attain the end sought. 840 Hesolved, Tbat a copy of the foregoing be transmitted to the President of the Senate, the Speaker of the House of Representatives, and the Hon. J. L. Rawlins. These resolutions shall be of force and efi'ect from and after their approval. A. B. Emkky, Speaker of Ihe House. M. A. Brbeden, President of the Council. Approved January 25. Caleb W. West, Governor. A true copy. Charles C. Richards, Secretary of Utah Territort/. I hereby certify that the within is a true copy of the original memorial No. 9, which originated in the House of the Thirty-first session of the Utah legislature, and refers to the remonetization of silver. C. E. Stanton, Chief Cleric of the House of Representatives, Utah Territory. [Indorsed.] The within memorial was deposited and filed in the office of the secretary of the Territory of Utah on January 25, 1894, at 3:20 o'cloet, p. m. Charles C. Richards, Secretary. [House Report No. 353, Fifty-third Congress, second session.] COINAGE OV THE SILVER BULLION HELD IN THE TREASURY. [To accompany H. E. 4956.] The Committee on Coinage, Weights, and Measures, to whom was referred House bill 4956, submit the following report: The bill, No. 4956, provides for the issuing of silver certificates in amount equal to the gain or seignior.ige that may accrue on the coinage of the silver bullion now in the Treasury, purchased under the act of July 14, 1890. This seigniorage is stated by the Secretary of the Treasury in his last annual report to be $55,156,861. The object of the bill is to make immediately available for the current expenses of the Government this amount of money. The certificates are authorized to be issued on the bullion and in advance of the coinage should the exigencies of the Treasury require it. It is not likely, however, that this will be necessary, since the bullion may be coined at the rate of four to six millions per month if necessary. There is no question at all that the coinage can be executed far beyond any prob- ability whatever of the demand for their redemption in silver dollars. The bill in no respect alters the final result that would be obtained by the execution of the law of July 14, 1890, authorizing the purchase and disposition of this bullion. Section 3 of the act provides as follows : "That the .Secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provisions of this act into standard silver dollars until the first day of July, eighteen hundred and ninety-one, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seigniorage arising from such coinage shall be accounted for and paid into the Treasury." It is clear that this bullion was dedicated to the redemption of the Treasury notes issued in the purchase of the bullion by the coinage of the bullion for such redemp- tion, and that the law itself provides for the payment of any gain or seigniorage into the Treasury. The bill does not change the terms of the law in this respect, but simply hastens it^ execution. This view of the law is held by the Secretary of the Treasury and so stated in his annual report, above mentioned, on p. 53, as follows: "The act of July 14, 1890, that the Treasury notes issued in payment for silver bullion shall be redeemed in gold or silvei- coin at the discretion of the Secretary, and when so redeemed maybe reissued; but the same act also provides that no greater or less amount of such notes shall be outstanding at any time than the Cost of the silver bullion and the standard silver dollars coined therefrom then held in the 841 Treasury purchased by sncli notes, and, consequeiitly, when these notes are redeemed with silver coined from the bullion purchased under the act, they can not be reis- sued, but must be retired and canceled, for etherwise there ■would be a greater amount of notes outstanding than the cost of the bullion and coined dollars 'then held in the Treasury.' In this manner notes to the amount of $2,625,984 have been retired and canceled since -August last, and standard silver dollars have taken their place in the circulation." As stated before, the bill does not change the final resTilt that would follow from the execution of the act of July 14, 1890, but is designed to facilitate and hasten its execution. The fact that the Secretary of the Treasury has asked for the authority to issue two h undred millions' worth of short-time bonds, and for authority to use, at his discretion, the proceeds for the payment of the current expenses of the Gov- ernment, is in itself a sufficient reason for the passage of the bill, thus utilizing the assets now in the Treasury instead of incurring the burden of a further bonded debt. It is believed that the amount of funds provided by the bill will be ample to tide over any exigency that may arise until Congress shall meet next December. By that time we will be in a position to estimate with greater precision the effect the iiscal legislation of this session will have upon the revenues. The following from the Director of the Mint will show approximately the amount of silver dollars that can be coined per month : "Trbasury Depabtmknt, January 29, 1894. ''Hon. R. P. Bland: " Largest number of silver dollars coined iu any one month under Bland act, $3,600,265. Under Sherman act, $2,676,000. "E. E. Preston, " Director Mint." No doubt by i-unning extra hours near twice the amount could be coined. It is not at all probable that a demand for silver dollars will be equal in amount that might be coined from month to month. If such should be the case there could be no possibility of a demand that would endanger the policy of the bill, which is that the coin now held in the Treasury for the redemption of the certificates may be used. The monthly statement for the past month of January shows that there are now in the Treasury 363,597,057 silver dollars; silver certificates outstanding against said coin $336,919,504, showing a difference of $26,677,553 of silver dollars in excess of silver certificates that are available for the redemption of the silver certificates. Should it be necessary to issue $55,000,000 worth of certificates iu excess of the amount now authorized by law we would still have an ample reserve of coin in the Treasury for their redemption. The annual report of the Director of the Mint for the year 1893, on page 6, shows a total coinage of 419,332,550 standard silver dollars. If certificates to the amount were issued, together with the amount authorized by the bill, there would be, in round numbers, ^74,000,000 of certificates on a reserve of $419,000,000 of coin. This would be more than ample for all redemption purposes, but, as stated before, the bullion can be coined from time to time, so as to have a dollar in coin behind every certificate, at least this can be so after the first two or three months from the passage of the bill. Under existing law no particular silver dollar is held for the redemption of any specified certificate. The coin deposited is a special bailment or trust only in the sense that there shall he no more certificates issued than there are dollars held for purposes of redemption. The bill does not contemplate any change in this regard, except for a short period and for the special purpose of making immediately available the certificates issued on the gain or seigniorage spcciSed. It is recommended by the committee that the bill do pass. VIEWS OF THE MINORITY. There are in the U. 8. Treasury 140,699,853 fine ounces of silver, for the purchase of which and other silver bullion heretofore coined tliere were giveu Treasury notes issued under the act of 1890, and of which $153,085,151 are now outstanding. This silver bullion now in the Treasury cost the Government $120,758,280 and its coinage value is $181,914,961, although its present market value is only $97,156,052. Bearing these figures in mind, we proceed to the consideration of the bill referred to the committee. Its propositions are twofold; first, the issuing of silver certificates against the "seieniorage " so called, and the subsequent coinage thereof, and second, the coin- 842 age of the silver bullion in the Treasury exclusive of the so-called "seigniorage" and the subsequent issuing of silver certificates therefor, and incidentally the destruction instead of the reissue of the Treasury notes thereafter redeemed. It will be noticed that an entirely different order of proceeding is prescribed for different portions of the silver bullion on hand, divided by a supposed distinction between the "seigniorage" and the bulk of the bullion, and hence the two sections of the bill, so distinct from each other, may be considered separately. The iirst section deals with what is termed the "seigniorage," and proceeds on an entirely erroneous conception of what seigniorage is. Without going into the deriva- tion of the word or the learning of the lexicographers, it is safe to say that under every delinition ever given in connection with money up to this time seigniorage is a result of coinage and only comes into existence when coinage has been act\ially com- pleted. An examination of the use of ihe word in our statutes will verify this asser- tion. The act of 1890, under which all the bullion now in the Treasury was purchased, provides as follows: "That the Secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provisions of tliis act into standard silver dollars until the first day of July, eighteen hundred and ninety-one, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seigniorage arising from such coinage shall be accounted for and paid into the Treasury." The act of 1878 provides "and any gain or seigniorage arising from this coinage shall be accounted for and paid into the Treasury as provided for under existing laws relating to the subsidiary coinage," and exactly the same phraseology is found in the act of 1876, providing for the issue of certain silver coins. Referring to the act of 1853, providing, for this subsidiary coinage and being the first law authorizing, the purchase of silver bnlliou for coinage purposes, we find it provided that the Director of the Mint "shall charge himself with the gain arising from the coining of such bullion into coins of nominal value exceeding the intrinsic value thereof." Although this measure of the gain arising to the Government from silver coinage, remained authoritative for twenty years, it is not accurate, as the "intrinsic" value was a varying elemeut in the comparison and did not always mark thereal gain cor- rectly. Hence, in the Eevised Statutes of 1874, the phraseology was changed as follows: "The gain arising from the coinage of bullion purchased into coins of greater nominal or face vahie than the cost," and this may be accepted as the mod- ern American idea of seigniorage. Hence it will be seen that there is and can be no "seigniorage" of bullion as long as it remains bullion, and the first section of the bill seeks to deal with something which does not exist. But the majority of the committee, erroneously as we think, seek to change and broaden the meaning of the word seigniorage to cover the difference between the cost of the bullion on hand and its estimated coinage value, or what it would produce if coined. This difference, however, is not substance, not bullion, not coin, not any- thing tangible or corporeal, it is simply the faith and credit of the nation. Four hundred and twelve and one-half grains of standard silver are not a dollar. They only become such when they have engrafted upon them the guaranty of the Gov- ernment, not simply of the amount and purity of the silver, but that its exchange- able value shall always be and remain 100 cents, not in other silver simply, but in any money of the nation. Whenever the Government is unable to make good this guaranty the coin sinks at once to its commercial value. The real intrinKic value of the bullion in the Treasury can not be increased by legislation. You can increase its exchangeable value by adding the element of the nation's credit, and that increased value remains so long as the credit remains intact, but you can give equal exchangeable value to copper by the same process, only that a larger element of national credit must be added. You can go further and issue intrinsically worthless paper certificates or obligations based entirely on the credit of the nation, and while that credit remains unimpaired and untarnished these obli- gations become a part of the currency, equally acceptable with the hybrid certifi- cates issued against a combination of the real valae of the bullion and the added credit of the nation, as proposed by this bill. Any of these devices for an enlarged currency can be resorted to in an emergency if the necessity of the nation requires, but the credit of the nation ought never be traded upon except in case of necessity, and then it should be done boldly and frankly, with no juggling or sleight of hand devices to mislead the people as to the real nature of the transaction. If such necessity exists to-day let it be frankly stated and fairly demonstrated, and not hid- den behind manufactured definitions and false methods tending to mislead the people. It should be noted thai^his bill does not contemplate any increase of the metallic money in circulation, but rather a further issue of paper currency in the form of silver 843 certificates. What is a silver certificate? It is not a note or obligation, but simply a statement of fact. The act of 1878 provided that "any holder of coin," authorized by said act, might deposit it with the Treasurer of the United States and receive a certificate stating the fact that such coin had been deposited. Such Certificate reads as follows : '' This certifies that there has been deposited in the Treasury of the United States one silver dollar, payable to the bearer on demand. "Washington, D. C. "J. Fount. Tillman, "D. N. Morgan, "Register of the Treasury. " Treasurer of the United States." This bill requires the Secretary of the Treasury to issue $55,156,681 of such certifi- cates when not one single silver dollar for which such certilieates are to issue has been deposited in the Treasury. Every certificate would bear on its face a lie. What emergency has arisen that justifies such disregard of truth and fact? The existing law, while defining the trust imposed on the silver bullion in the Treasury, gives to the Secretary of the Treasury abundant power to coin it just as rapidly as necessary to comply with the terms of this trust, and makes the seignior- age available as fast as, by such coinage, it comes into existence. No further legislation on the subject is necessary. Abundant legal power now exists. It is only the embarrassment of the financial situation that prevents its exercise, as is fully evident from the recent report of the Secretary of the Treasury. His strong statement of the difficulty encountered in keeping in circulation tlie silver dollars and silver certificates is only another demonstration of the impolicy of at this time forcing the substitution of silver certificates for the Treasury notes in our currency as contemplated by this bill. It may be properly noted that this bill does not in any way enlarge the market for silver, nor benefit the silver owner, nor contemplate the use of any more silver as money than is already represented in our currency. It simply provides for the "watering" (if we may use a term which has obtained a recognized and definite meaning in financial nomenclature) to the extent of $.35,000,000 of the paper now in circulation and representing the silver bullion in the Treasury, and this, too, wlien the amount of this outstanding paper already exceeds the real value of the bulliou which it represents by over $56,000,000. This bill has two very evident purposes. First, to authorize the issuing of prac- tically fiat paper currency by the Government to the amount of $55,158,161 to aid in meeting the impending and existing deficit, to be used, as expressed in the bill, "for the payment of the current expenditures of the Government," and second, to replace the present Treasury notes with an exclusively silver obligation and increase the preponderance of the silver element in our national currency. We dissent from the wisdom and propriety of either purpose. If there is, and is likely to be, a deficit in the Treasury, the one honest, straightforward course is to provide revenue sufficient to meet it, and the other frank mode of proceeding is to authorize the issuance of the obligations of the Government, and honestly say they are based on the nation's credit, and is.'*ued to meet its necessities, and not seek to ojjscure the issue by any such devious devices as are embodied in this bill. The second purpose is equally unwise. The outstanding Treasury notes are pay- able in gold or silver, at the discretion of the Secretary of the Treasury, bearing in mind the declared policy of the Government to maintain the parity between the two metals upon the legal ratio, but the intimation of a purpose by the Secretary of the Treasury to pay these obligations in silver only was one of the important factors which unsettled confidence and produced distrust in the early months of last sum- mer. The speedy and forced redemption of the Treasury notes would either quickly exhaust the Government's store of gold, which is not now equal to one-half the volume of the outstanding Treasury notes, to say nothing of the greenbacks and gold certificates, and thus force a resort to sale of more bonds to replenish it, or the Government ^^'onld be forced to redeem only in silver, and when the fear of silver payments wrenched the nation's credit, who can estimate the results of the actual facts of such payments. The consummation of this policy would be surely taking a lono' stride forward in our financial progress toward an exclusively silver basis. Theminorityof your committee do liot regard sporadic andfragmentary financial leg- islation as wise. Our monetary system, so far as silver forms a part of it, ought either to be let alone until the forces operating and that must continue to operate on other nations shall force them to a willingness to cooperate in proper and wise interna- tional action fixing the relations of gold and silver in the monetary systems of the world on a basis universally recognized and respected, and thus made stable and nermanent, or if this country is to act by and for itself alone, regardless of its rela- tions to the commercial world, it should be by well-oonsidored, conservative, aud 844 comprehensive legislation simplifying and readjusting our entire monetary system; and in the view of the minority of your committee the passage of this hill would he an obstacle in the way of the attainment of either of these ends. M. N. Johnson. Charles Tkacev. Nelson Dinglky, .Jr. Michael D. Haktek. J. Frank Aldrich. I. Eayner. A. L. Hagbr. Charles W. Stone. fHoitse Eeport 680, Eifty -third Congress, second session.] TO PERMIT TAXATION OF UNITED STATES LEGAL-TENDER NOTES. [To accompany H. E. 4326.] The Committee on Banking and Currency, to whom was referred the bill (H. R. 432t)) authorizing the taxation of the legal-tender notes of the United States, having had the same under consideration, respectfully submit the following report: The purpose of this bill is to grant to the States and Territories the power to ta-x, for State, Territorial, and municipal purposes, the United States legal-tender Treas- ury notes. The evils which have suggested the passage of the bill are great and apparent to all. They are too well known and too common to require speciflcatiou or recital in this report. The bill might properly be designated "A bill to prevent the evasion of taxation by the use of the United States notes for that purpose." Congress, at the time of the authorization of the notes, commonly called green- backs, provided that they should be exempt from local taxatioh. This statute, amended at various times, has been kept in force up to this time. It was a simple declaration of governmental policy, suggested, no doubt, by the conditions under which these notes were issued. The Federal Government had but recently taxed out of existence the circulating notes of State banks; there was serious objec- tion to and prejudice against the new currency. Hence it was thought necessary to guard it against the possibility of hostile State legislation. Those conditions and objections have all long since passed away, and every possible inducement or motive for exempting this currency from local taxation has ceased to exist. Specie payment has been resumed, and ample provision made for redemption in gold for all such outstanding notes. It is, however, urged, we believe, by some that having once established or declared this policy with reference to this class of cuiTcncy, we have become bound, as if by contract, to guarantee its exemption so long as any of it remains in existence. The case of Bank v. Supervisors (7 Wallace) has been cited in support of this conten- tion. That case decides that Congress has by law exempted these notes from tax- ation. That was the only question involved in the case, and of the correctness of that decision no one expresses any doubt. A careful reading of that case, however, will show that the court was clearly of the opinion that the whole matter was within the discretion of Congress; certiiiuly there is nothing in the case to justify the conclusion that Congress having once declared its policy on the subject is per- petually bound thereby. Judge Cooley, in his work on taxation, discussing this subject, says: " It is perfectly well settled, however, that an exemption granted from motives of State policy merely, and where the State and the citizen do not meet on a basis of bargain and consideration, is to be deemed expressive only of the present will of the State on the subject; and the law granting it, like laws in general, is subject to modification or repeal in the legislative discretion, and it is immaterial that while it continued in force parties have acted in reliance upon it." We think there is no doubt that the whole matter is within the power and discre- tion of the Federal Goveruiiient; and in view of the fact that this class of currency is made the instrument and exciise for such and so much fraud, injustice, and inequal- ity in local taxation, we think it is the duty of Congress to remove this inhibition against the States and to subject this form of money to the same burdens and lia- bilities that attach to gold and silver and all other kinds of currency. The bill as proposed included the circulating notes of national-banking associa- tions, but the committee was of opinion that these notes are not now by law exempt from taxation, and that legislation with reference to them was unnecessary. They have, therefore, proposed an amendment to the original bill and the title thereof so as to make it read as follows, and recouunend that the bill so amended pass : 845 " A BILL to permit taxation of TTrited States legal-tender notes. "Be it enacted hy the Senate and Souse of Sepresentatives of the United States of America in Congress assemhled, That no United States legal-tender notes circulating as cur- rency shall be exempt from taxation under the authority of any State or Territory : Provided, That any such taxation shall be exercised in the same manner and at the same rate that any such State or Territory shall tax other money -within its juris- diction. " Sec. 2. That the provisions of this act shall uot be deemed or held to change exist- ing laws in respect of the taxation of national banking associations." VIEWS OF THE MINORITY. The bill proposes to permit taxation of the United States legal-tender notes, for State, Territorial, and municipal purposes. The minority of the committee are of the opinion that this power should not be conferred. These legal-tender notes are now exempt from taxation'*t)y State and municipal authority by express provision of law, and even if it had not been provided by law that they should be so exempt, the courts of the country would undoubtedly hold that such notes, as credits of the Government, are exempt from such taxation, and for reasons which apply, in the opinion of the minority of the committee, with equal force against the passage of any law authorizing their taxation by State and municipal authority. The legal- tender notes of the United States are credits of the Government, and when they were issued and"put in circulation as money they were expressly exempted by law from taxation by State and municipal authority. Even if it should be admitted that it was not a part of the contract when these notes were issued that they should be exempt from taxation the minority of the committee are of the opinion that it would be unwise for the Government of the United States to permit any State or municipality to tax its credit. Thos. J. Henderson. M. Brosius. Charles A. Russell. Wm. M. Springer. Nils P. Haugen. Henry U. Johnson. Tom L. Johnson. 846 vaiues of roeeign coins. Treasury Department, BUKRAU OF THE MiNT, Washington, D. C, July 1, 1894. Sir: In pursuance of the provisions of the act of October 1, 1890, I present in the following tahle an estimate of the values of the standard coins of the nations of tho ■world : Country. » Standard. Monetary unit. Value in tei-ms of U. S. gold dollar. Coins. Argentine Kepublic . Austria-Hungary Gold and silver. Gold Gold and silver. Silver Gold Gold Silver Goldand sil-' ver. Silver Silver Gold and sil- ver. Gold Silver _ Gold Gold Gold and silver. Gold Gold Gold and silver. Gold and silver. Silver Gold and silver. (Gold and I silver.* Gold SUver Gold and sil- ver. Gold Gold Silver Gold $0.96,5 .20,3 .19,3 .45,7 .54,6 1.00 .45,7 .91,2 .67,6 .75,3 .45,7 .92,6 .26,8 .45,7 4. 94, 3 .19,3 .19,3 .23,8 4. 86, 61 .19,3 .96,5 .21,7 .19,3 .99,7 .49,3 1.00 .49,7 .40,2 1. 01, 4 .26,8 .45,7 1.08 Gold: argentine ($4.82, 4), and 1 argen- tine. Silver : peso and divisions. (Gold: former system — 4 liorins ($1.92,9), 8 florins ($3.85,8), ducat 1 ($2.28,7) and 4 ducats ($9.15,8). Silver : 1 and 2 florins. Gold; present system— ^0 crowns 1 ($4.05,2) and 10 crowns ($2.02,6). Bolivia Boliviano Milreis francs. " _ Brazil Gold- 5 10 and 20 milreis Silver* \y 1, and 2 milreis. North America (exceptWewfound- land). Central American States- Costa Eica ■ Guatemala Silver: peso and divisions. Gold: escudo ($1.82,4), doubloon ($4.56,1), and condor ($9.12,3). Sil- ver: peso and divisions. ]N"icaragua : Salvador Chile Peso China (Shanghai . Tael.^llaikwan ((Customs). Peso Colombia Gold: condor ($9.64,7) and double- condor. Silver: peso. Gold: doubloon ($5.01,7). SUver:peso. Cuba Gold; condor ($9.64,7) and double- condor. Silver: Sucre and divisions. Gold: pound (100 pListers), 5, 10, 20, and 50 piasters. Silver: 1,2,5,10, and 20 piasters. Gold: 20 marks ($3.85,9), 10 marks ($1.93). Gold : 5, 10, 20, 50, and 100 francs. Sil- ver : 5 francs. Gold : 5, 10, and 20 marks. Gold: sovereign (pound sterling) and 1 sovereign. Gold: 5, 10, 20, 50, and 100 drachmas. Silver : 5 drachmas. Silver: gourde. Gold: mohur ($7.10,5). Silver: rupee and divisions. Gold : 5, 10, 20, 50, and 100 lire. Silver : 5 lire. Gold : 1, 2, 5, 10, and 20 yen. Egypt.., Pound (100 pi.i8- ters). Mark . . German Empire Mark Great Britain Greece Pound sterling- .. Drachma Gourde Haiti India Italy Dollar Silver: yen. Gold: dollar ($0.98,.3), 2*, 5, 10, and 20 dollars. Silver: dollar (nr peso) and divisions. Gold : 10 florins. Silver : 1, 1, and 2} florins. Gold: 2 dollars ($2.02,7). Gold : 10 and 20 crowns. Silver: sol and divisions. Gold: 1, 2, 5, and 10 milreis. Dollar Sol Portugal. . T Milreis * Gold the nominal standard. Silver practically the standard. 847 VALUES OF FOREIGN COINS— Continued. Country. Standard. Monetary unit. Value in terms of U.S. gold dollar. Coins. Silver*.... Gold and sil- ver. Gold Gold aud sil- ver. Silver Gold Gold and sil- ver. ^-^^^■■■{iS'ii: $0.77,2 .36,6 .19,3 .26,8 .19,3 .41,3 .04,4 .19,3 f&old: imperial ($7.71,8), and i impe- l rialt ($3.86). ^Silver; i, J, and 1 ruble. Sweden Gold : 10 aud 20 crowns. Gold: 5, 10, 20, 50, and 100 francs. Tripoli Mahbnb of 20 piasters. Piaster Silver: 5 francs. Turkey Gold: 25, 60, 100, 250, and 500 piasters. Gold: 5, 10, 20, 50, and 100 boUvars. Bolivar Silver : 5 bolivars. * Silver the nominal standard. Paper the actual curroncy, tho depreciation of which is measured by the gold standard. tCioined since January 1, 1886. Old half imperial=$3.98,6. Kespeotfully, yours, Hon. John G. Carlisle, Secretary of the Treasury. E. E. Pricston, Director of the Mint, Tkbasury Department, Office of the Secretary, Washington, D. C, July 1, 1894. The foregoing estimate, by the Director of the Miut, of the values of foreign coins, I herelty proclaim to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign merchan- dise exported to the United States on or after July 1, 1894, exprffised in any of such metallic currencies. J. 6. Carlisle, Secretary of the Treasury. IT'*; -f-1 t { i 6 m I ^ r4ert>'r4 ♦ «••