FINANCES OF THE UNITED STATES. 



293 



with a like privilege of continuing the bonds at 3i per 

 cent to such of the holders as might present them for 

 that purpose on or before July 1, 1881 ; and at the same 

 time the Treasury offered to" receive, tor continuance, 

 in like manner, any of the uncalled registered bonds 

 of that loan to an amount not exceeding $250,000,000, 

 the remainder of the loan being reserved with a view 

 of its payment from the surplus revenues. 



The continued three-and-a-half per cent bonds hav- 

 ing a market price slightly above par, the five per 

 cents in question were rapidly presented, and it be- 

 came necessary to extend soruewnat the limit fixed for 

 the amount of registered bonds to be accepted for 

 continuance. 



On July 1st a notice for the payment on October 

 lj 1881, of the registered fives not continued was 

 given, and the resources of the Treasury will be 

 ample to meet their payment. . . . 



By this plan the department has been not only re- 

 lieved from the embarrassment of providing for the 

 payment of the coupon interest, but has reduced all 

 the six and five per cent loans of the Government to 

 a loan payable at the option of the Government, and 

 bearing interest at only 3t per cent per annum ; and 

 this, with the trifling expense to the Government of 

 preparing the new registered bonds, and of paying the 

 actual expenses of the London agency, at which only 

 three persons have been employed for a few weeks, is- 

 suing about $44,500,000 of the continued bonds. . . . 



It is important to notice that no calls were made 

 for bonds in excess of the ability of the department to 

 meet their payment had they been presented for re- 

 demption instead of continuance. 



In addition to the six per cent bonds continued as 

 above stated, there were also subsequently continued 

 in like manner of five per cent bonds $401.504,900, 

 making an annual saving in interest thereafter 

 through these transactions of $10,473,952.25. 



The entire expenses incurred therein were 

 less than $10,000, and the scheme can hardly 

 be regarded as other than a remarkable finan- 

 cial achievement. 



The following table shows the condition of 



the public debt of the United States, at the 

 beginning and close of the calendar year 

 1881: 



During the fiscal year ending June 30th the 

 influx of gold from foreign countries continued, 

 there being a net import of $5,836,058 of 

 American coin and $91,715,012 of foreign coin 

 and bullion, of which latter amount $91,499,- 

 168.61 found its way to the New York assay- 

 office. Meanwhile it is believed that the do- 

 mestic production of that metal had not dimin- 

 ished to any considerable extent. 



The deposits at the several mints and assay- 

 offices for the year, of gold and silver, have 

 been as follows : 



The production of gold and silver in the mated by the Director of the Mint to be as 

 United States for the last two years is esti- follows : 



