Coinage. The coinage executed at the mints during the fiscal year was as follows: In addition to the above coinage there were coined at the mint at Philadelphia, for the Government of Ecuador, 500,000 twenty-cent pieces of the value of $100,000, completing the coinage of 5,000,000 twenty-cent pieces for that Government. The silver dollar coinage included in the above table was made from bullion purchased under the act of July 14, 1890, and the seigniorage on this coinage was $2,327,736.96. The total coinage of silver dollars from bullion purchased under the act of July 14, 1890, from August 13, 1890 (the date the law went into effect), to July 1, 1896, has been $47,544,776. The number of fine ounces of silver employed in this coinage was 36,772,912.70, costing $36,964,557.38, with a seigniorage of $10,580, 218.62. From July 1 to November 1, 1896, there were consumed 6,776,936.72 fine ounces, costing $6,038,283.69, with a coinage of $8,762,100, giving a seigniorage of $2,723,816.31. A total coinage under this act, to November 1, 1896, of $56,306,876, with a total seigniorage of $13,304,034.93; leaving on hand at the mints a balance of 125,061,262.74 fine ounces, costing $112,865,625.51. Of the subsidiary silver coinage, $332,698.70 was coined from new bullion purchased under the provisions of section 3526, Revised Statutes of the United States, for subsidiary silver coinage (the seigniorage on this coinage was $175,319.52), and $3,607,120.50 from uncurrent. subsidiary silver coin transferred from the Treasury to the mints for recoinage. Including the balance on hand at the mints July 1, 1878, the net seigniorage, or profit on the coinage of silver from that date to June 30, 1896, was $78,145,603.93. The balance of silver bullion on hand on July 1, 1896, available for subsidiary silver coinage was 1,161,708.46 fine ounces, costing $1,514,520.95. The value of the minor coinage made from new material was $689,985.15, while the remainder of the coinage-$179,352.17—was made from old and uncurrent minor coins transferred from the Treasury for recoinage. There were also $353,606.80 in minor coins transferred from the Treasury to the Philadelphia mint for cleaning and reissue. The total amount of minor coins issued by the mint at Philadelphia since 1792 to June 30, 1896, was $27,818,107.71; of this amount, $2,382,461.15 has been remelted, leaving $25,435,646.56 as the total amount outstanding on June 30, 1896. Bars. Gold and silver bars were manufactured at the mints and assay offices during the fiscal year, as follows: Gold....... Total........ $53, 248, 523. 79 7, 370, 454. 89 CO, 618, 978. 68 Course of silver. The average London price of silver bullion during the fiscal year was 30.832 pence, equivalent to $0.68005; the New York price was $0.68491, and the average price at the par of exchange was $0.67588. The highest quotation during the year was 311 pence, equivalent to $0.70204; the lowest quotation was 30 pence, equivalent to $0.66081. The average commercial ratio of gold to silver was 1 to 30.58, and the bullion value of a United States silver dollar, at the yearly average price, was $0.52262. The number of grains of pure silver, at the average price, purchasable with a United States silver dollar, was 710.06, equivalent to 1.479 fine ounces. Earnings and expenditures. The maintenance of the institutions connected with the mint service necessitated the expenditure of $1,163,566.78 during the fiscal year, while the earnings from all sources aggregated $3,384,069.16, a net gain over expenditures of $2,220,502.38. Imports and exports. The net gold exports for the fiscal year were $78,904,612, as against $30,117,376 for the previous year. The net silver exports were $33,262,258, as against $27,631,789 for the previous year. Industrial arts. The employment of the precious metals in the industrial arts in the United States during the calendar year 1895 was : Gold.......... Silver....... $13, 429, 085 12, 277, 024 Total.......... 25, 706, 109 The amount of new material used in the industrial arts and included in the above was-gold, $8,481, 789; silver, $9,825,387. Metallic stock in the United States. The metallic stock in the United States on July 1, 1896, was-gold, $599,597,964; silver, $628,728,071 (including $1,032,565 commercial value of silver bullion held by the Mercantile Safe Deposit Company, New York); a total of $1,228,326,035. Product of gold and silver. The estimated production of the precious metals in the United States during the calendar year 1895 was: The estimated production of gold and silver in the world, for the calendar year 1895, was as follows: The total coinage of gold and silver by the various countries of the world was as follows: Total metallic stock and uncovered paper in the world. The total metallic stock and uncovered paper in the world was estimated on January 1, 1896, to be as follows: Gold........ Full legal-tender silver..... Limited tender silver.... Total metallic stock.. Uncovered paper...................... Grand total $4, 143, 700, 000 3,616, 700, 000 620, 200, 000 8, 380, 600, 000 2, 558, 000, 000 10,938, 600, 000 PUBLIC MONEYS. The monetary transactions of the Government have been conducted through the Treasurer of the United States, 9 subtreasury officers, and 163 national-bank depositaries. The number of such depositaries on November 1, 1896, was 158, and the amount of public moneys held by them on that date, including those to the credit of the Treasurer's general account and United States disbursing officers, was $16,119,096.51, a decrease since November 1, 1895, in number of depositaries of 2, and an increase in amount of holdings of $1,862,401.71. LOANS AND CURRENCY. The interest-bearing debt of the United States, exclusive of the bonds issued in aid of the Pacific railroads, was increased during the twelve months ended November 1, 1896, in the sum of $100,002,900. There were issued and sold in pursuance of the public notice of January 6, 1896, $100,000,000 of bonds of the United States, dated February 1, 1895, and redeemable at the pleasure of the United States thirty years from that date, in coin of the standard value of July 14, 1870, with interest in such coin, payable quarterly, on the first days of February, May, August, and November. While these bonds were dated February 1, 1895, in order to make them uniform as to their terms with the four per cent bonds sold under the contract of February 8, 1895, they bore interest only from February 1, 1896, and the purchasers refunded to the Government the interest accrued from this last-mentioned date to the respective dates of payment. The average premium realized was 11.166, and the entire proceeds, principal and premium, as well as the accrued interest, were paid into the Treasury by the purchasers in United States gold coin or gold certificates. The principal and premium amounted to $111,166,246.41, and the accrued interest to $189,365.66. This transaction has been reported in detail to Congress. The four per cent loan of 1907 was increased in the sum of $2,900 by the issue of bonds of that loan in settlement of accrued interest on refunding certificates of the act of February 26, 1879, presented for redemption during the twelve months. The changes in the amounts of the several kinds of money in the United States, outside the Treasury, during the twelve months ended November 1, 1896, are shown in the following table. The estimated population of the United States November 1, 1895, was 70,378,000, and the per capita supply of money outside the Treasury was $22.72. The estimated population and per capita supply of money November 1, 1896, was 71,902,000 and $22.63, respectively. The records of the Department show that 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 the total number of national banks organized has been 5,051, making an average for each year of 153. Of this total number there were in active operation on October 31, 1896, last, 3,679, having an authorized capital stock of $650,014,895, represented by 288,902 shareholders, making for each bank in the system an average capital stock of $176,682, the number of shares to each 2,296, and shareholders 78. The total amount of their circulating notes outstanding was $211,412,820. Of this amount, $208,988, 172 was secured by United States bonds and the balance by lawful money deposited with the Treasurer of the United States. The total circulation of all national banks outstanding on October 31, 1896, was $234,553,807, of which $208,988,172 was secured by United States bonds deposited by active banks, $7,091,205 by bonds still held for account of insolvent and liquidating banks, and $18,747,430 by lawful money deposited for account of insolvent and liquidating banks 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 active operation are divided as follows: 1,539 banks, with a capital stock of $401,145,135, in the Eastern States; 1,583, with a capital stock of $110,241,660, in the |