hough quite large
withdrawals for shipment in the immediate future are predicted in
well-informed quarters. About $16,000,000 has been withdrawn during the
month of November.

The foregoing statement of events and conditions develops the fact that
after increasing our interest-bearing bonded indebtedness more than
$162,000,000 to save our gold reserve we are nearly where we started,
having now in such reserve $79,333,966, as against $65,438,377 in
February, 1894, when the first bonds were issued.

Though the amount of gold drawn from the Treasury appears to be very
large as gathered from the facts and figures herein presented, it
actually was much larger, considerable sums having been acquired by the
Treasury within the several periods stated without the issue of bonds.
On the 28th of January, 1895, it was reported by the Secretary of the
Treasury that more than $172,000,000 of gold had been withdrawn for
hoarding or shipment during the year preceding. He now reports that from
January 1, 1879, to July 14, 1890, a period of more than eleven years,
only a little over $28,000,000 was withdrawn, and that between July 14,
1890, the date of the passage of the law for an increased purchase of
silver, and the 1st day of December, 1895, or within less than five and
a half years, there was withdrawn nearly $375,000,000, making a total of
more than $403,000,000 drawn from the Treasury in gold since January 1,
1879, the date fixed in 1875 for the retirement of the United States
notes.

Nearly $327,000,000 of the gold thus withdrawn has been paid out on
these United States notes, and yet every one of the $346,000,000 is
still uncanceled and ready to do service in future gold depletions.

More than $76,000,000 in gold has since their creation in 1890 been paid
out from the Treasury upon the notes given on the purchase of silver by
the Government, and yet the whole, amounting to $155,000,000, except a
little more than $16,000,000 which has been retired by exchanges for
silver at the request of the holders, remains outstanding and prepared
to join their older and more experienced allies in future raids upon the
Treasury's gold reserve.

In other words, the Government has paid in gold more than nine-tenths
of its United States notes and still owes them all. It has paid in
gold about one-half of its notes given for silver purchases without
extinguishing by such payment one dollar of these notes.

When, added to all this, we are re