tional 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
restored confidence, the money which has been frightened into hoarding
places is returned to trade and enterprise, a survey of the situation
will probably disclose a safe path leading to a permanently sound
currency, abundantly sufficient to meet every requirement of our
increasing population and business.

In the pursuit of this object we should resolutely turn away from
alluring and temporary expedients, 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 Brussels upon our invitation
was adjourned to the 30th day of November of the present year. The
considerations just stated and the fact that a definite proposition
from us seemed to be expected upon the reassembling 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