uniform ratio, care has been taken to
observe closely any change in the situation abroad, and no favorable
opportunity will be lost to promote a result which it is confidently
believed would confer very large benefits upon the commerce of the
world.

The recent monetary disturbances in England are not unlikely to suggest
a reexamination of opinions upon this subject. Our very large supply of
gold will, if not lost by impulsive legislation in the supposed interest
of silver, give us a position of advantage in promoting a permanent and
safe international agreement for the free use of silver as a coin metal.

The efforts of the Secretary to increase the volume of money in
circulation by keeping down the Treasury surplus to the lowest
practicable limit have been unremitting and in a very high degree
successful. The tables presented by him showing the increase of money
in circulation during the last two decades, and especially the table
showing the increase during the nineteen months he has administered the
affairs of the Department, are interesting and instructive. The increase
of money in circulation during the nineteen months has been in the
aggregate $93,866,813, or about $1.50 per capita, and of this increase
only $7,100,000 was due to the recent silver legislation. That this
substantial and needed aid given to commerce resulted in an enormous
reduction of the public debt and of the annual interest charge is matter
of increased satisfaction. There have been purchased and redeemed since
March 4, 1889, 4 and 4-1/2 per cent bonds to the amount of $211,832,450,
at a cost of $246,620,741, resulting in the reduction of the annual
interest charge of $8,967,609 and a total saving of interest of
$51,576,706.

I notice with great pleasure the statement of the Secretary that the
receipts from internal revenue have increased during the last fiscal
year nearly $12,000,000, and that the cost of collecting this larger
revenue was less by $90,617 than for the same purpose in the preceding
year. The percentage of cost of collecting the customs revenue was less
for the last fiscal year than ever before.

The Customs Administration Board, provided for by the act of June 10,
1890, was selected with great care, and is composed in part of men whose
previous experience in the administration of the old customs regulations
had made them familiar with the evils to be remedied, and in part of men
whose legal and judicial acquirements and expe