02,269,450 became subject under such calls to
redemption prior to November 1, 1886. The remainder, amounting to
$25,013,650, matured under the calls after that date.

In addition to the amount subject to payment and cancellation prior
to November 1, there were also paid before that day certain of these
bonds, with the interest thereon, amounting to $5,072,350, which were
anticipated as to their maturity, of which $2,664,850 had not been
called. Thus $107,341,800 had been actually applied prior to the 1st of
November, 1886, to the extinguishment of our bonded and interest-bearing
debt, leaving on that day still outstanding the sum of $1,153,443,112.
Of this amount $86,848,700 were still represented by 3 per cent bonds.
They, however, have been since November 1, or will at once be, further
reduced by $22,606,150, being bonds which have been called, as already
stated, but not redeemed and canceled before the latter date.

During the fiscal year ended June 30, 1886, there were coined, under the
compulsory silver-coinage act of 1878, 29,838,905 silver dollars, and
the cost of the silver used in such coinage was $23,448,960.01. There
had been coined up to the close of the previous fiscal year under the
provisions of the law 203,882,554 silver dollars, and on the 1st day of
December, 1886, the total amount of such coinage was $247,131,549.

The Director of the Mint reports that at the time of the passage of the
law of 1878 directing this coinage the intrinsic value of the dollars
thus coined was 94-1/4 cents each, and that on the 31st day of July,
1886, the price of silver reached the lowest stage ever known, so that
the intrinsic or bullion price of our standard silver dollar at that
date was less than 72 cents. The price of silver on the 30th day of
November last was such as to make these dollars intrinsically worth 78
cents each.

These differences in value of the coins represent the fluctuations in
the price of silver, and they certainly do not indicate that compulsory
coinage by the Government enhances the price of that commodity or
secures uniformity in its value.

Every fair and legal effort has been made by the Treasury Department
to distribute this currency among the people. The withdrawal of
United States Treasury notes of small denominations and the issuing
of small silver certificates have been resorted to in the endeavor to
accomplish this result, in obedience to the will and sentiments of
the representatives