ing to the amount of L38,698,020, it
had on hand as assets: Government debt, L11,015,100; other
securities, L3,984,900; gold coin and bullion, L23,698,020; that
upon this it was apparent that in the issue department the Bank of
England was stronger than the United States; but in the banking
department, the bank was liable for deposits, the most dangerous
form of liability, and various other forms of liability, to the
amount of L46,277,277. To pay these it had government securities,
notes and other securities and L1,032,773 gold and silver coin, in
all amounting to L46,277,277. Combining these accounts it was
shown that the demand liabilities on the bank were L54,639,171,
while the gold and bullion on hand was only L24,730,793. Then I
said:

"Now, in regard to the United States, I have a statement here
showing the apparent and probable condition of the United States
treasury on April 1, 1878, and on the 1st of January next. The
only difference in these statements is that I add to the present
condition of the treasury the proposed accumulation of fifty millions
of coin and a substantial payment before that of the fractional
currency. I think it will be practically redeemed before that
time. The actual results show the amount of demand liabilities on
April 1, 1878, against the United States, as $460,527,374, and they
show the demand resources, including coin and currency, at
$174,324,459, making the percentage of resources to liabilities
thirty-seven. To show the probable condition of the treasury on
the 1st of January, 1879, I add the fifty millions of coin and I
take off the fractional currency, and deducted estimated United
States notes lost and destroyed, leaving the other items about the
same. That would show an aggregate of probable liabilities of
$35,098,400 and probable cash resources of $224,324,459, making
fifty-one per cent. of the demand liabilities. The ratio of the
Bank of England, at this time, is forty-five per cent.; the ratio
of the Bank of France, is sixty-five per cent.; the ratio of the
Bank of Germany, is fifty-eight per cent.; and the ratio of the
Bank of Belgium, is twenty-five per cent., all based upon the same
figures."

I gave the statistics as to the condition of the national banks,
showing their assets and liabilities, that they were not bound to
redeem their notes in gold or silver, but could redeem them in
United States notes, of which they had on hand $97,083,248, and
besides