ied to the sinking fund, was $105,344,496.
In referring to the act "directing the purchase of silver bullion
and the issue of treasury notes thereon," approved July 14, 1890,
the President said:

"It has been administered by the Secretary of the Treasury with an
earnest purpose to get into circulation, at the earliest possible
dates, the full monthly amount of treasury notes contemplated by
its provisions, and at the same time to give to the market for
silver bullion such support as the law contemplates. The recent
depression in the price of silver has been observed with regret.
The rapid rise in price which anticipated and followed the passage
of this act was influenced in some degree by speculation, and the
recent reaction is in part the result of the same cause and in part
of the recent monetary disturbances. Some months of further trial
will be necessary to determine the permanent effect of the recent
legislation upon silver values, but it is gratifying to know that
the increased circulation secured by the act has exerted, and will
continue to exert, a most beneficial influence upon business and
upon general values."

On the 18th of December I reported, from the committee on finance,
a bill to provide against the contraction of the currency, and for
other purposes. This bill embodied several financial bills on the
calendar which had been reported by the committee, and it was deemed
best to include them in a single measure. The bill was recommitted
and again reported by me on the 23rd of December, when Mr. Stewart
gave notice of and had read an amendment he intended to offer
providing for the free coinage of silver.

On January 5, 1891, at the expiration of the morning hour, Mr.
Stewart moved to proceed to the consideration of this bill. By a
combination of seven Republican with the Democratic Senators the
motion was carried, thus displacing the regular order of business,
which was a bill relating to the election of Members of Congress,
and which had been under discussion for several days.

Mr. Stewart than offered, as an amendment to the amendment of the
committee, then pending, the following provision:

"That any owner of silver bullion, not too base for the operations
of the mint, may deposit the same in amount of the value of not
less than $100, at any mint of the United States, to be formed into
standard dollars or bars, for his benefit and without charge, and
that, at the said owner's option, he may