ligations amounting to nearly $500,000,000.

These obligations are the instruments which ever since we had a gold
reserve have been used to deplete it.

This reserve, as has been stated, had fallen in April, 1893, to
$97,011,330. It has from that time to the present, with very few and
unimportant upward movements, steadily decreased, except as it has been
temporarily replenished by the sale of bonds.

Among the causes for this constant and uniform shrinkage in this fund
may be mentioned the great falling off of exports under the operation of
the tariff law until recently in force, which crippled our exchange of
commodities with foreign nations and necessitated to some extent the
payment of our balances in gold; the unnatural infusion of silver into
our currency and the increasing agitation for its free and unlimited
coinage, which have created apprehension as to our disposition or
ability to continue gold payments; the consequent hoarding of gold at
home and the stoppage of investments of foreign capital, as well as
the return of our securities already sold abroad; and the high rate of
foreign exchange, which induced the shipment of our gold to be drawn
against as a matter of speculation.

In consequence of these conditions the gold reserve on the 1st day
of February, 1894, was reduced to $65,438,377, having lost more than
$31,000,000 during the preceding nine months, or since April, 1893. Its
replenishment being necessary and no other manner of accomplishing it
being possible, resort was had to the issue and sale of bonds provided
for by the resumption act of 1875. Fifty millions of these bonds were
sold, yielding $58,633,295.71, which was added to the reserve fund of
gold then on hand. As a result of this operation this reserve, which had
suffered constant and large withdrawals in the meantime, stood on the
6th day of March, 1894, at the sum of $107,446,802. Its depletion was,
however, immediately thereafter so accelerated that on the 30th day of
June, 1894, it had fallen to $64,873,025, thus losing by withdrawals
more than $42,000,000 in five months and dropping slightly below its
situation when the sale of $50,000,000 in bonds was effected for its
replenishment.

This depressed condition grew worse, and on the 24th day of November,
1894, our gold reserve being reduced to $57,669,701, it became necessary
to again strengthen it.

This was done by another sale of bonds amounting to $50,000,000, from
which there