commercial and coinage value of $33,000,000 and 58,000,000 fine 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. Forty-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 the 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 October 31, 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
the recent financial perturbation, time is necessary for the
reestablishment of business confidence. When, however, through this