UNITED STATES, FINANCES OF THE. 



783 



571,328.70, against $4,317,068.27 in 1886. The 

 value of the foreign gold coin received and 

 melted was $9,896,512.28, against $5,673,565.- 

 04, and the value of such coin deposited for re- 

 coinage was $516,984,63, against $393,545.28 

 in the preceding year. In addition to the gold 

 bullion, both of domestic and foreign produc- 

 tion, and the foreign and domestic gold coin 

 deposited, old material in the form of jewelry, 

 bars, old plate, etc.. was received, containing 

 gold of the value of $2,265,219.85. 



Of the silver bullion deposited and purchased 

 at the mints and assay-offices during the year, 

 $37,874,259.61 (32,548,191-93 standard ounces), 

 was classified as of domestic production. The 

 value of silver bullion of foreign extraction, 

 classified as such, deposited during the year, 

 was $1,457,406.01 ( 1,252,458-30 standard 

 ounces). The value of foreign silver coin de- 

 posited was $350.598.86 against $812,664.50 

 in the preceding year. The value of United 

 States silver coin deposited, not including trade- 

 dollars, was $768,739.32 (660,635-36 standard 

 ounces), most of which consisted of worn and 

 uncut-rent coins transferred from the Treasury 

 for recoinage. Trade-dollars were received 

 mostly by transfer from the Treasury, and 

 melted. The bullion contained 5,837,791-87 

 standard ounces, of the coinage value in stand- 

 ard silver dollars of $6,793,066.89. In addition 

 to the foreign and domestic bullion and coin 

 deposited at the mints, silver, consisting of 

 plate, jewelry, and old material generally, of 

 the value of $512,848.06, was deposited during 

 the year, against $467,156.36 in the preceding 

 year. 



The coinage of the fiscal year 1887 consisted 

 of 98,122,517 pieces, of the value of $57,703,- 

 413.40. The gold coinage consisted of 3,724,- 

 720 pieces, of the value of $22,393,279, of 

 which $22,280 was in double eagles, $7,560,670 

 in eagles, $14,800,375 in half-eagles, $3,501 in 

 three-dollar pieces. $260 in quarter-eagles, and 

 $6,193 in dollars. The silver coinage during 

 the year consisted of 44,231,288 pieces, of the 

 coinage value of $34,366,483.75, of which $33,- 

 266,831 was in silver dollars, and $1,095,279.- 

 50 in dimes. A very large minor coinage was 

 executed during the year, consisting of 50,166,- 

 509 pieces, of the nominal value of $943,650.65. 

 Of this coinage 11,047,523 pieces consisted of 

 five cent nickels, 4,232 of three-cent nickel 

 pieces, and 30,114,754 pieces of bronze cents. 

 While the value of the coinage executed during 

 the year 1887 was not so great as that of the 

 preceding year, the number of pieces struck 

 largely exceeded the coinage of that year, being 

 98,122,517 pieces, against 38,384,622 pieces in 

 1886. The act of Congress of Feb. 12, 1873. 

 which revised the laws relative to the mints 

 and coinage, provided for the coinage of a 

 trade-dollar of 420 grains Troy, which should 

 be a legal tender for any amount not exceed- 

 ing five dollars in any one payment. By joint 

 resolution of July 22, 1876, Congress provided 

 that the trade-dollar should not thereafter be 



a legal tender, and the Secretary of the Treas- 

 ury was authorized to limit its coinage to such 

 an amount as might be necessary to meet ex- 

 port demand. By the act of March 3, 1887, 

 Congress provided that for a period of six 

 months thereafter, trade-dollars, not defaced, 

 mutilated, or stamped, should be received at 

 the Treasury in exchange for a like amount, 

 dollar for dollar, of standard silver dollars, or 

 of subsidiary coins of the United States, and 

 that the trade-dollars so received should not be 

 paid out, but recoined into silver dollars or 

 subsidiary coin. By the same act the provision 

 of law authorizing the coinage of trade-dollars 

 was repealed. The total number of trade-dol- 

 lars coined at the mints of the United States 

 from 1873 to the date of the suspension of the 

 coinage was 35,965,924, and the number re- 

 deemed by the Treasury under the provisions 

 of the act, was 7,689,036. 



The coinage of gold the past year was smaller 

 than in any previous year since 1850. The 

 year 1885, with gold coinage of $24,861,123, 

 and 1884, with a coinage of $27,932,824, were 

 the smallest on record previously. The coin- 

 age of silver dollars, on the other hand, ex- 

 ceeds that of any previous year. A notable 

 record was made in the matter of minor coin 

 also, the aggregate coinage for the year being 

 51,000,000 pieces, of a total value of $934,000. 



The increase in the coin and paper money 

 in general circulation during the past two 

 years and eight months was $73,845,456 ; while 

 the total circulation of the country was greater 

 on Nov. 1, 1887, than at any previous time in 

 the history of the country. 



National Banks. Under the act of Feb. 25, 

 1863, establishing the national banking system, 

 national banking associations are required to 

 deposit with the Treasurer of the United States 

 bonds to the amount of one third of their 

 paid-in capital. In 1864 this provision was 

 amended by fixing $30,000 as the minimum 

 amount to be deposited. The act of June 20, 

 1874, permitted associations to withdraw any 

 bonds they might have on deposit in excess of 

 $50,000. 'The act of July 12, 1882, specified 

 that banks of which the capital does not ex- 

 ceed $150,000 should be required to keep on 

 deposit bonds to the amount of one fourth of 

 their capital, and by a special provision of 

 law, banks and banking corporations having 

 State charters may be converted into national 

 banks. 



The whole number of State banks converted 

 into national banking associations from 1868 

 to Nov. 1, 1887 was 586, with a capital of 

 $152,423,800, of which number 498, with n 

 capital of $166,442,600, are still in existence. 

 The whole number of national banks of pri- 

 mary organization under the national - l>:mk 

 laws, from 1863 to November 1, 1887, was 

 3,219 with a capital of $347,216,500. of which 

 number 2,563 with a capital of $412,474,100 

 are now in existence, making a grand total ex- 

 isting on Nov. 1, 1887, of 3,061. 



