164 



CONGRESS. (TeE PRESIDENT'S MESSAGE.) 



efficient agency in the promotion of the interests it 

 \\as intended to subserve. The duties and powers of 

 consuls have been expanded with the growing re- 

 quirements of our foreign trade. Discharging im- 

 portant duties affecting our commerce and American 

 citi/cns abroad, and in certain countries exercising 

 judicial functions, tlioe oHiccrs should be men of 

 character, intelligence, and ability. 



Upon proof that the legislation of Denmark secures 

 copyright to American citi/ens on equal footing with 

 'us own. the privileges of our copyright laws have 

 !>cen extended by proclamation to subjects of that 

 country. 



The Secretary of the Treasury reports that the re- 

 ceipts of the Government from all sources during the 

 fiscal year ending June 30, 1893, amounted to $461,- 

 716,561.94, and its expenditures to $459,374,674.29. 

 There was collected from customs $205,355,016.73, and 

 from internal revenue $161,027,623.93. Our dutiable 

 imports amounted to $421,856,711, an increase of 

 $52,453,'.M)7 over the preceding year, and importations 

 free of duty amounted to $444,544,211, a decrease from 

 the preceding year of $13,455,447. Internal-revenue 

 receipts exceeded those of the preceding year by 

 $7,147,445.32. The total tax collected on distilled 

 spirits was $94,720,260.55, on manufactured tobacco 

 $31,889,711.74, and on fermented liquors $32,548,- 

 983.07. We exported merchandise during the year 

 amounting to $847,665,194, a decrease of $182,612^,954 

 from the preceding year. The amount of gold ex- 

 ported was larger than in any previous year in the 

 history of the Government, amounting to $108,680,844, 

 and exceeding the amount exported during the pre- 

 ceding year by $58,485,517. The sum paid from the 

 Treasury for 'sugar bounty was $9,375,130.88, an in- 

 crease over the preceding year of $2,033,053.09. 



It is estimated upon the basis of present revenue 

 laws that the receipts of the Government for the year 

 ending June 30, 1894, will be $430,121,365.38, and its 

 expenditures $458,121,365.38, resulting in a deficiency 

 of $28,000,000. 



On the 1st day of Novembei, 1893, the amount of 

 money of all kinds in circulation, 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 mentioned, me per capita cir- 

 culation was $25.49. On the same date there was in 

 the Treasury gold bullion amounting to $96,697,273, 

 and silver bullion which was purchased 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 purchas- 

 inir clause, on the 1st day of November, 1893, was 

 168,674,590-46 fine ounces, which 'cost $155,930,940.84. 

 Met ween the 1st day of March, 1873, and the 1st 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 coinage was $6,977,- 

 ', leaving on hand in the mints 140,699,760 fine 

 ounces of silver, which cost $126,758,218. 



( >ur total coinage of all metals during the last fiscal 

 y-;ir consists of 97,280,875 pieces, valued at $43,685,- 

 178.80, of which there were $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,- 

 ">7~> tine ounces of gold, of the commercial and coinage 

 value of $33,000,000, and 58,000,000 fine ounces of sil- 

 ver, 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 

 bullio'n, 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 or- 



ganized during the year ending Oct. 31, 1893, with a 

 capital of $11,230,000. Forty-six went into voluntary 

 liquidation and 158 suspended. Sixty-five of the sus- 

 pended 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 $695,558,000. 

 The net increase in trie 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 na- 

 ture 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 the re- 

 cent financial perturbation, time is necessary for the 

 re-establishment of business confidence. When, how- 

 ever, through this restored confidence, the money 

 which has been frightened into hoarding places is 

 returned to trade and enterprise, a survey of the situ- 

 ation will probably disclose a safe path leading to a 

 permanently sound currency, abundantly sufficient to 

 meet every requirement of pur increasing population 

 and business. In the pursuit of this object we should 

 resolutelv turn away from alluring temporary expe- 

 dients, determined to be content with nothing less 

 than a lasting and comprehensive financial plan. In 

 these circumstances I am convinced that a reasonable 

 delay in dealing with this subject, instead of being 

 injurious, will increase the probability of wise action. 



'The monetary conference which assembled at Brus- 

 sels upon our invitation was adjourned to the 30th 

 day of November in the present year. The consider- 

 ations just stated, and the fact that a definite proposi- 

 tion from us seemed to be expected upon the reassem- 

 bling of the conference, led me to express 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 con- 

 ference at any time when there should be a fair pros- 

 pect of accomplishing an international agreement on 

 the subject of coinage. 



I desire also to earnestly suggest the wisdom of 

 amending the existing statutes in regard to the issu- 

 ance of Government bonds. The authority now 

 vested in the Secretary of the Treasury to issue 

 bonds is not as clear as it should be, and the bonds au- 

 thorized are disadvantageous to the Government both 

 as to the time of their maturity and rate of interest. 



The Superintendent of Immigration, through the 

 Secretary of the Treasury, reports that during the 

 last fiscal year there arrived at our ports 440,793 im- 

 migrants. Of these, 1,063 were not permitted to land 

 under the limitations of the law, and 577 were re- 

 turned to the countries whence they came by reason 

 of their having become public charges. The total 

 arrivals were 141,034 less than the previous year. 



The Secretary in his report gives an account of the 

 operation of the marine hospital service, and of the 

 good work done under its supervision in preventing 

 the entrance and spread of contagious diseases. The 

 admonitions of the last two years touching our public 

 health and the demonstrated danger of the introduc- 

 tion of contagious diseases from foreign ports has in- 

 vested the subjectof national quarantine with increased 

 interest. A more general and harmonious system 

 than now exists, acting promptly and directly every- 

 where, and constantly operating by preventive means 

 to shield our country from the invasion of disease, 

 and at the same time 'having due regard to the rights 

 and duties of local agencies, would, I believe, add 

 greatly to the safety of our people. 



