September, actively employed in the duties of the department.
During this month nearly all the outstanding called bonds were
presented and paid, and all sums deposited with national banks
during the operation of refunding were paid into the treasury and
these accounts closed.

Fruitful crops in the United States, and a large demand for them
in Europe, caused an accumulation of coin in this country. Much
of it came through the customhouse in New York, but most of it was
in payment for cotton and provisions. It was readily exchanged
for United States notes and silver certificates. As all forms of
money were of equal purchasing power and paper money was much more
convenient to handle than coin, the exchange of coin, by the holders
of it, for notes or certificates, was a substantial benefit to them
and strengthened the treasury. I promoted these exchanges as far
as the law allowed. I deemed it wise to distribute this coin among
the several sub-treasuries of the United States, maintaining always
the reserve for the redemption of United States notes in the sub-
treasury in New York as the law required. For this purpose I issued
the following order:

"Treasury Department, }
"Washington, September 19, 1879.}
"Gold coin beyond the needs of the government having accumulated
in the treasury of the United States, by the deposit in the several
public assay offices of fine bars and foreign coin, for which the
depositors have been paid, at their option, in United States notes,
the treasurer of the United States, and the several assistant
treasurers at Boston, New York, Philadelphia, Baltimore, Cincinnati,
Chicago, St. Louis, New Orleans and San Francisco, are hereby
authorized to pay out gold coin as well as silver coin and notes
upon the current obligations of the government, and upon advances
to disbursing officers, as may be convenient and practicable.
Transfers of coin for this purpose will be made to any assistant
treasurer, when necessary, by the treasurer of the United States,
upon application to him. The treasurer of the United States in
this city, upon the receipt by him of a certificate of deposit
issued by the United States assistant treasurer at New York, stating
that there has been deposited with him legal tender notes in the
sum of $100 or multiples thereof, will also cause to be shipped
from the mint to the depositor, at his risk and expense, a like
amount of gold coin. Standard silver dollar