LII.-COINS OF THE UNITED STATES, AUTHORITY FOR COINING, AND CHANGES IN WEIGHT AND FINENESS AND AMOUNT COINED-Cont'd. 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. Total amount coined, $2,007,720. CENT (BRONZE). Coinage authorized, act of April 22, 1864. Weight, 48 grains; composed of 95 per cent copper and 5 per cent tin and zinc. Total amount coined to June 30, 1896, $8,073,910.34. HALF CENT (COPPER). Authorized to be 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 conformity with act of March 3, 1795, to 84 grains. Coinage discontinued, act of February 21, 1857. Total amount coined, $39,926.11. Gold. Silver.. Minor.. Grand total TOTAL COINAGES. $1, 814, 692, 253.00 696, 464, 343. 10 27,830, 048. 67 2, 538, 986, 644. 77 Besides gold and silver and certificates of deposit of gold and silver with the Treasury, the circulation of the United States consists of Government and nationalbank notes. VENEZUELA. The monetary unit is the venezolano or peso, divided into 100 centavos, a silver coin weighing 25 grams, 0.900 fine, or equal to the French silver 5-franc piece. There are also gold coins equal to the French gold pieces. The one-fifth venezolano piece is called the "bolivar," equal to 1 franc. The ratio of gold to silver is 1 to 15. The only difference between the French monetary system and that of Venezuela is that whereas the French 5-franc piece is unlimited legal tender, the 5-bolivar piece or venezolano is legal tender only to the amount of 500 bolivars, or about $100 in United States gold coin. In this respect Venezuela is more like a single gold-standard country. For convenience, however, it is generally classed among double-standard countries. The weight, fineness, etc., expressed in grains of the coins of Venezuela are as follows: LIII.-SUMMARY OF MONETARY EVENTS SINCE 1786. 1786.-Establishment of the double standard in the United States with a ratio of 1 to 15.25; that is, on the basis of 123.134 grains of fine gold for the half eagle or $5 piece, and 375.64 grains of fine silver for the dollar, without any actual coinage. 1792.-Adoption of the ratio of 1 to 15 and establishment of a mint with free and gratuitous coinage in the United States; the silver dollar equal to 3714 grains fine, the eagle to 247) grains fine. 1803.-Establishment of the double standard in France on the basis of the ratio of 1 to 15, notwithstanding the fact that the market ratio was then about 1 to 15. 1810.-Introduction of the silver standard in Russia on the basis of the ruble of 17.99 grams of fine silver, followed in 1871 by the coinage of imperials or gold pieces of 5 rubles, of 5.998 grams, therefore with a ratio of 1 to 15. This ratio was changed by the increase of the imperial to 5 rubles 15 copecks, and later to 1 to 15.45. 1815.-Great depreciation of paper money in England, reaching 26 per cent in May. Course of gold, £5 6s., and of silver, 714d. per ounce standard. In December the loss was only 6 per cent. Gold at this period was quoted at £4 3s., and silver at 64d. 1816.-Abolition of the double standard in England which had had as its basis the ratio of 1 to 15.21, and adoption of the gold standard on the basis of the pound sterling at 7.322 grams fine in weight. Coinage of divisional money at the rate of 66d. per ounce. Extreme prices, £4 2s. for gold and 64d. for silver; in January, £3 18s. 6d., and 591d. in December. 1816.-Substitution for the ratio of 1 to 15.5 in Holland, established by a rather confused coinage, of the ratio of 1 to 153. 1819.-Abolition of forced currency in England. Price of gold £3 17s. 10μd. and of silver, 62d.' per ounce in October, against £4 1s. 6d. and 67d. in February. 1832.-Introduction of the monetary system of France in Belgium with a decree providing for the coinage of pieces of 20 and 40 francs, which, however, were not stamped. Silver, 59 d. 1834.-Substitution of the ratio of 1 to 16 for that of 1 to 15 in the United States by reducing the weight of the eagle, $10 gold piece, from 270 grains to 258 grains. In 1837 the fineness of the United States gold coins was raised from 0.899225 to 0.900, and the silver coins from 0.8924 to 0.900, giving a ratio of 1 to 15.988 and fixing the standard weight of the silver dollar at 412 grains. Silver, 591d. 1835.-Introduction of the company rupee, a piece of silver weighing 165 grains fine, in India, in place of the sicca rupee. Creation of a trade coin-the mohur, or piece of 15 rupees-containing 165 grains of fine gold. Silver, 591d. 1844.-Introduction of the double standard in Turkey, with the ratio of 1 to 15.10. Silver, 594d. 1847.-Abolition of the double standard in Holland by the introduction of the silver standard on the basis of a 1-florin piece 0.945 grams fine, the coinage of which had already been decreed in 1839. Silver, 591 d. 1847.-Discovery of the gold mines of California. 1848.—Coinage in Belgium of pieces of 10 and 25 francs in gold, a shade too light. These pieces were demonetized and withdrawn from circulation in 1884. Silver, 59 d. 1848.-Replacing the ratio of 1 to 16 in Spain, which had been in force since 1786, by that of 1 to 15.77. 1850.-Introduction of the French monetary system in Switzerland without any actual coinage of gold pieces. Silver, 60d. 1851.-Discovery of the gold mines of Australia. 1853.-Lowering of the weight of silver pieces of less value than $1 to the extent of 7 per cent in the United States, and limitation of their legal-tender power to $5. Silver, 614d. 1853.-Maximum of the production of gold reached in California, when it amounted to $65,000,000. 1854.-Introduction of the gold standard in Portugal on the basis of the crown of 16.257 grams fine. Before this period the country had the silver standard, with a rather large circulation of gold coins stamped on the basis of 1 to 15 in 1835 and 1 to 16 in 1847. Silver, 611d. 1854.-Modification of the ratio of 1 to 15.77 in Spain by raising it to 1 to 15.48, and by lowering the piaster from 23.49 grams to 23.36 grams fine. 1854.-Introduction of the silver standard, as it existed in the mother country, in Java, in place of the ideal Javanese money, and coinage of colonial silver pieces. The price of silver given hereafter represents the average rate per ounce standard—that is, the mean between the highest price and the lowest price quoted during the year. LIII.—SUMMARY OF MONETARY EVENTS SINCE 1786-Continuea. 1857.-Conclusion of a monetary treaty between Austria and the German States, in accordance with which 1 pound of fine silver (one-half a kilogram) was stamped into 30 thalers or 52 florins of south Germany, or 45 Austrian florins, resulting in 1 thaler equaling 14 German florins or 14 Austrian florins. Silver, 614d. 1861.-Law decreeing the coinage of gold pieces of 10 and 20 francs exactly equal to French coins of the same denomination in Belgium. Silver, 614d. 1862.-Adoption of the French monetary system by Italy. Silver, 61d. 1865.-Formation of the Latin Union between France, Belgium, Switzerland, and Italy on the basis of a ratio of 1 to 151. Silver, 61d. 1867.-First international monetary conference held in Paris. 1868.-Adoption of the French monetary system by Roumania, with the exclusion of the 5-franc silver piece, which was, however, stamped in 1881 and 1883. Silver, 604d. 1868.-Admission of Greece into the Latin Union. The definite and universal introduction of the French monetary system into the country was effected only in 1883. 1868.-Adoption of the French monetary system, with the peseta or franc as the unit, by Spain. The coinage of gold alphonses d'or of 25 pesetas was made only in 1876. 1871.-Replacing of the silver standard in Germany by the gold standard. Coinago in 1873 of gold pieces of 5, 10, and 20 mark pieces, the latter weighing 7.168 grams fine. Silver, 60d. 1871.-Establishment of the double standard in Japan with the ratio of 1 to 16.17 by the coinage of the gold yen of 1.667 grams and of the silver yen of 26.956 grams, both with a fineness of 0.900. 1873.-Increase of the intrinsic value of the subsidiary coins of the United States. Replacing of the double standard by the gold standard. Reduction of the cost of coinage of gold to one-fifth per cent, the total abolition of which charge was decreed in 1875. Creation of a trade dollar of 420 grains with a fineness of 0.900. Silver, 591d. 1873.-Suspension of the coinage of 5-franc pieces in Belgium. 1873.-Limitation of the coinage of 5-francs on individual account in France. 1873.-Suspension of the coinage of silver in Holland. 1873.-Formation of the Scandinavian Monetary Union. Replacing of the silver standard in Denmark, Sweden, and Norway by that of gold on the basis of the krone. Coinage of pieces of 10 and 20 kroner, the latter weighing 8.961 grams, with a fineness of 0.900. 1874.- Introduction of the system of contingents for the coinage of 5-franc silver pieces in the Latin Union. Silver, 58d. 1875.-Suspension of the coinage of silver on individual account in Italy. Silver, 563d. 1875.-Suspension of the coinage of silver on account of the Dutch colonies. 1875.-Introduction of the double standard in Holland on the basis of the ratio of 1 to 15.62 by the creation of a gold piece of 10 florins, weighing 5.048 grams fine, with the maintenance of the suspension of the coinage of silver. 1876. Great fluctuations in the price of silver, which declined to 46 d., representing the ratio of 1 to 20.172, in July. Recovery, in December, to 581d. Average price, 52ąd. 1877.-Coinage of 5-franc silver pieces by Spain continued later, notwithstanding the decline of silver in the market. Silver, 544d. 1877.-Replacing of the double standard in Finland by that of gold or the basis of the mark or franc. 1878.-Act of United States Congress providing for the purchase, from time to time, of silver bullion, at the market price thereof, of not less than $2,000,000 worth per month as a minimum, nor more than $4,000,000 worth per month as a maximum, and its coinage as fast as purchased into silver dollars of 412 grains. The coinage of silver on private account prohibited. Silver, 52d. 1878.-Meeting of the second international monetary conference in Paris. Prolongation of the Latin Union to January 1, 1886. 1879.-Suspension of the sales of silver by Germany. Silver, 512d. 1879.-Resumption of specie payment by the United States. 1881.-Third international monetary conference in Paris. Silver, 51}td. 1885.-Introduction of the double standard in Egypt. Silver, 488d. 1885.-Prolongation of the Latin Union to January 1, 1891. 1886.-Great decline in the price of silver, which fell in August to 42d., representing a ratio of 1 to 22.5, and recovery, in December, to 46d. Modification of the coinage of gold and silver pieces in Russia. Silver, 45gd. 1887.-Retirement of the trade dollars by the Government of the United States in February. Demonetization of the Spanish piasters, known as Ferdinand Carolus, LIII.-SUMMARY OF MONETARY EVENTS SINCE 1786-Continued. whose reimbursement at the rate of 5 pesetas ended on March 11. New decline of silver in March to 44d., representing the ratio of 1 to 21.43. Silver, 44ğd. 1890.-United States-Repeal of the act of February 28, 1878, commonly known as Bland-Allison law, and substitution of authority for purchase of 4,500,000 fine ounces of silver each month to be paid for by issue of Treasury notes payable in coin. (Act of July 14, 1890.) Demonetization of 25,000,000 lei in pieces of 5 lei in Roumania in consequence of the introduction of the gold standard by the law of October 27. Silver, 47 d. 1891.-Introduction of the French monetary system in Tunis on the basis of the gold standard. Coinage of national gold coins and billon. Silver, 45d. 1892.-Replacing of the silver standard in Austria-Hungary by that of gold by the law of August 2. Coinage of pieces of 20 crowns, containing 6.098 grams fine. The crown equals one-half florin. Meeting of the fourth international monetary conference at Brussels. Production of gold reaches its maximum, varying between 675,000,000 and 734,000,000 francs. Silver, 3913d. 1893.-Suspension of the coinage of silver in British India and of French trade dollars on individual account. Panic in the silver market in July in London, when the price fell below 30d., representing the ratio of 1 to 31.43. Repeal of the purchasing clause of the act of July 14, 1890, by the Congress of the United States. 1895.-Adoption of the gold standard by Chile. 1895.-Russia decides to coin 100,000,000 gold rubles in 1896. LIV.-DOCUMENTARY HISTORY OF THE COINAGE ACT OF FEBRUARY 12, 1873. [Senato Mis. Doc-No. 132, Forty-first Congress, second session.. Letter of the Secretary of the Treas ury to the chairman of the Committee on Finance, communicating a report of John Jay Knox in relation to a revision of the laws pertaining to the Mint and coinage of the United States. April 28, 1870, referred to the Committee on Finance and ordered to be printed. May 2, 1870, ordered that 500 additional copies be printed for the use of the Treasury Department.] TREASURY DEPARTMENT, April 25, 1870. SIR: I have the honor to transmit herewith "A bill revising the laws relative to the mint, assay offices, and coinage of the United States," and accompanying report. The bill has been prepared under the supervision of John Jay Knox, Deputy Comptroller of the Currency, and its passage is recommended in the form presented. It includes, in a condensed form, all the important legislation upon the coinage, not now obsolete, since the first mint was established, in 1792; and the report gives a concise statement of the various amendments proposed to existing laws and the necessity for the change recommended. There has been no revision of the laws pertaining to the mint and coinage since 1837, and it is believed that the passage of the inclosed bill will conduce greatly to the efficiency and economy of this important branch of the government service. I am, very respectfully, your obedient servant, How. JOHN SHERMAN, GEO. S. BOUTWELL, Chairman Finance Committee, Senate of the United States. (No. 3.) REPORT OF THE COMPTROLLER OF THE CURRENCY. TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, Washington, December 7, 1896. SIR: In compliance with law, I herewith submit for the consideration of Congress the annual report of the Comptroller of the Currency. It constitutes the thirty-fourth report made, and is for the year ended October 31, 1896. The total number of national banks organized from the date of the granting of the first certificate of authority, on June 20, 1863, to the close of the year embraced in this report has been 5,051, making an average for each year of 153. On the 31st of October last there were in active operation, of this number, 3,679, having an authorized capital stock of $650,014,895, represented by 288,902 shareholders. The aver age capital stock of each bank in the system was $176,682, the number of shares to each, 2,296, and of shareholders, 78. The total outstanding circulating notes of the banks in active operation was $211,412,820, of which $208,988,172 was secured by bonds of the United States and the balance by lawful money deposited with the Treasurer. The total of all national-bank circulation outstanding on October 31 was $234,553,807, of which amount $7,091,205 was secured by bonds still held for account of insolvent and liquidating banks and $18,747,430 by lawful money deposited for their account, and by active banks reducing circulation. The net increase in the amount of circulation secured by bonds during the year was $26,329,053, and the gross increase in the total circulation, $21,099,429. On October 6, 1896, the date of the last report of condition, the total resources of the 3,676 banks then reporting was $3,263,685,313.83, of which $1,893,268,839.31 represented their loans and discounts and $362,165,733.85 money of all kinds in bank. Of their liabilities, $1,597,891,058.73 represented individual deposits, $336,342,834.70 surplus and net undivided profits, and $209,944,019.50 outstanding circulating notes secured by bonds. In geographical divisions the 3,679 banks in operation are divided as follows: 1,539 banks with capital stock of $401,145,135 in the Eastern States, including Delaware and Maryland; 1,583, with capital stock of $110,241,660, in the Western, and 557 with capital stock of $138,628,100 in the Southern States. In point of number of active banks Pennsylvania, New York, Massachusetts, Ohio, Illinois, and Texas lead with 420,328, 268, 248, 221, and 206 banks, respectively. Arranged according to capital stock, Massa |