$79,643,481
1877 151,152,094
1878 257,814,234
1879 264,661,666
1880 167,683,912
1881 259,712,718
1882 25,902,683
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During the year there have been organized 171 national banks, and of
those institutions there are now in operation 2,269, a larger number
than ever before. The value of their notes in active circulation on
July 1, 1882, was $324,656,458.

I commend to your attention the Secretary's views in respect to the
likelihood of a serious contraction of this circulation, and to the
modes by which that result may, in his judgment, be averted.

In respect to the coinage of silver dollars and the retirement of silver
certificates, I have seen nothing to alter but much to confirm the
sentiments to which I gave expression last year.

A comparison between the respective amounts of silver-dollar circulation
on November 1, 1881, and on November 1, 1882, shows a slight increase of
a million and a half of dollars; but during the interval there had been
in the whole number coined an increase of twenty-six millions. Of the
one hundred and twenty-eight millions thus far minted, little more than
thirty-five millions are in circulation. The mass of accumulated coin
has grown so great that the vault room at present available for storage
is scarcely sufficient to contain it. It is not apparent why it is
desirable to continue this coinage, now so enormously in excess of the
public demand.

As to the silver certificates, in addition to the grounds which seemed
last year to justify their retirement may be mentioned the effect which
is likely to ensue from the supply of gold certificates for whose
issuance Congress recently made provision, and which are now in active
circulation.

You can not fail to note with interest the discussion by the Secretary
as to the necessity of providing by legislation some mode of freeing
the Treasury of an excess of assets in the event that Congress fails
to reach an early agreement for the reduction of taxation.

I heartily approve the Secretary's recommendation of imm