53,542,292
Silk and its manufactures 49,949,128
Coffee 49,686,705
Iron and steel and manufactures thereof 41,464,599
Chemicals 38,464,965
Flax, hemp, jute, and like substances,
and manufactures thereof 33,463,398
Cotton and manufactures of cotton 30,454,476
Hides and skins other than fur skins 22,350,906

I concur with the Secretary of the Treasury in recommending the
immediate suspension of the coinage of silver dollars and of the
issuance of silver certificates. This is a matter to which in former
communications I have more than once invoked the attention of the
National Legislature.

It appears that annually for the past six years there have been coined,
in compliance with the requirements of the act of February 28, 1878,
more than 27,000,000 silver dollars.

The number now outstanding is reported by the Secretary to be nearly
185,000,000, whereof but little more than 40,000,000, or less than 22
per cent, are in actual circulation. The mere existence of this fact
seems to me to furnish of itself a cogent argument for the repeal of
the statute which has made such fact possible.

But there are other and graver considerations that tend in the same
direction.

The Secretary avows his conviction that unless this coinage and the
issuance of silver certificates be suspended silver is likely at no
distant day to become our sole metallic standard. The commercial
disturbance and the impairment of national credit that would be thus
occasioned can scarcely be overestimated.

I hope that the Secretary's suggestions respecting the withdrawal from
circulation of the $1 and $2 notes will receive your approval. It is
likely that a considerable portion of the silver now encumbering the
vaults of the Treasury might thus find its way into the currency.

While trade dollars have ceased, for the present at least, to be an
element of active disturbance in our currency system, some provision
should be made for their surrender to the Government. In view of the
circumstances under which they were coined and of the fact that they
have never had a legal-tender quality, there should be offered for them
only a slight advance over their bullion value.