1885, $31,255,789, which left in the hands of the people and other banks, $270,441,693. Of the silver dollars which have been coined, the United States Treasury owns) not represented by silver certificates) $72,538,725; the national banks, $6,940,628. The amount owned by private individuals and other banks (including those in the Treasury represented by certificates outstanding) was $138,780,408. Of the subsidiary silver, about $27,000,000 was in the Treasury, and $47,000,000 outstanding. According to the 1886 report of the United States Treasurer to the Secretary of the Treasury, worn and mutilated United States notes amounting to $63,000,000 were forwarded to the Treasury for redemption, and new notes to a like amount were issued in their place. The issue of silver certificates amounted to $4,600,000, and $28,523,971 were redeemed. Gold certificates amounting to $10,188,895 were redeemed. The amount to the credit of disbursing officers of the Government on the books of the Treasury at the close of the year was $17,947,107, of which $15,331,354 were on deposit in the Treasury, and $2,615,753 in the national bank depositories. The unavailable funds of the Treasury on June 30, 1886, were $29,521,379, a decrease of $8946 from last year. The balance in the Treasury at the close of the year ending September 30, 1886, was $100,055,775, increase over that of 1885 of $16,815,636. The available balance was $72,913,141, against $58,922, 191 last year, an increase of $13,990,949. The total amount of debts outstanding at the close of the fiscal year was $346,681,016. an The then business season, which began much earlier than usual, the Treasurer said, absorbed a large amount of currency, and this increased movement had not ceased at the date of his report. Since July 1 there had been shipped from the Treasury and other points, $49,426,733, of which amount $23,346,205 were in legal tender notes, $13,540,096 were in silver certificates, $9,291,728 in standard dollars, and $3,096,614 in fractional silver coin. The reduction of the available Treasury balance during the same period was $35,097,553. During the same period there was an increase of $14,476,258 in the circulation of gold certificates; an increase of $17,403,592 in the circulation of silver certificates ; an increase of $21,612,780 in gold and bullion in the Treasury; an increase of $4,657,557 in standard silver dollars in the Treasury; and an increase of $6,679,872 in legal tender notes in the Treasury. The amount of silver certificates nominally outstanding at the close of the fiscal year was $115,977,675, of which the Treasury held $27,861,450, leaving $88,116,225 in actual circulation, a decrease of $13,414,721 during the year. The amount nominally outstanding on June 30, 1886, had since been added to by the demands of reviving business to the extent of $3,679,427; the amount held by the Treasury decreased to $14,137,285; and the amount in circulation at November 30 was $105,519,817. The amount of fractional silver coin held by the Treasury on June 30, 1885, was $31,236,899, which decreased during the fiscal year to $28,904,681. The amount held on November 30 was $25,808,067, showing an increased demand for these coins, caused by the revival of business. At the close of the fiscal year the Treasury held $877,814 in minor coins, a decrease during the year of $490,651. The amount nominally on hand at November 30 was $168,584, but of this $145,286 was uncurrent, and held by the mint for recoinage, leaving actually available $16,848. Dollar, or 100-cent piece, of 4121 grains, standard weight. The alloy for the 5-cent piece and 3-cent piece is composed of copper, nickel; that for the 1-cent piece, 95 per cent of copper and 5 per cent of tin and zinc, in such proportions as the Director of the Mint determines. Any owner of silver or gold bullion may deposit the same at any Mint to be formed into coin or bars for his benefit. Each parcel deposited is assayed by the assayer. The charge for converting standard gold bullion into coin is one-fifth of 1 per cent. The charges for 11 11 converting silver into coin, refining, toughening, for copper as an alloy, for separating gold and silver, and for the preparation of bars, are fixed, from time to time, by the Director, with the concurrence of the Secretary of the Treasury, so as to equal, but not exceed, in their judgment, the actual average cost to each mint and assay office of the material, labour, wastage, and use of machinery employed in each of the cases stated. The money of account of the United States is expressed in dollars or units, dimes or tenths, cents or hundredths, and mills or thousandths, each being a tenth, hundredth, or thousandth part of a dollar or unit. The value of foreign coins, as expressed in the money of account of the United States, is that of the pure metal of such coin of standard value; and the values of the standard coins in circulation of the various nations of the world are estimated annually by the Director of the Mint, and pro- | claimed on the first day of January by the Secretary of the Treasury. In all payments by or to the Treasury (according to sec. 3565 of the United States Revised Statutes), whether made here or in foreign countries, where it becomes necessary to compute the value of the sovereign or pound sterling, it is deemed equal to four dollars, eighty-six cents, and six and one-half mills ($4.861600). This rule applies to appraising merchandise, and in the construction of contracts. And this valuation is the par of exchange between Great Britain and the United States. All foreign gold and silver coins received by the United States in payment for moneys due are not issued in circulation, but coined anew. Foreign coins are not a legal tender in payment of debts. The Director of the Mint estimates, and the Secretary of the Treasury proclaims, on 1st January in each year, the values of the foreign coins of the world to be taken in estimating the value of all foreign merchandise imported into the United States on or after that date. The values of the following coins were, owing to the decline in the value of silver in London, changed as at 1st January 1887 from their respective values of the previous years, thus: Austria, florin, from 37.1 to 35.9; Bolivia, boliviano, from 75.1 to 72.7; Ecuador, sucre, from 75.1 to 72.7 ; India, rupee, from 85.7 to 84.6; Japan, silver yen, from 81.0 to 78.4; Mexico, dollar, from 81.6 to 79.0; Peru, sol, from 75.1 to 72.7; Russia, rouble, from 60.1 to 58.2; Tripoli, mahbub, from 67.7 to 65.6; United States Columbia, peso, from 75.1 to 72.7. United States notes are of such denominations, not less than one dollar, as the Secretary of the Treasury may prescribe, do not bear interest, are payable to bearer, and are in such form as the Secretary deems best. When returned to the Treasury, they may be reissued. They are a legal tender in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt. The following tables are recognised in the construction of contracts and in all legal proceedings : MEASURES OF LENGTH. Metric Denominations and Values. : Equivalents in Denominations in use. REVENUE AND EXPENSES. ing off in other resources reducing the total increase to the smaller amount mentioned. President Cleveland, in his annual | last year of $15,841,295.04—a fallmessage to Congress, delivered on 6th December 1886, said: "The report of the Secretary of the Treasury exhibits in detail the condition of the public finances and of the several branches of the Government related to his department. I especially direct the attention of the Congress to the recommendations contained in this and the last preceding report of the Secretary touching the simplification of the laws relating to the collection of our revenues, and in the interests of economy and justice to the Government I hope they may be adopted by appropriate legislation. "The expense at the different custom-houses of collecting this increased customs revenue was less than the expense attending the collection of such revenue for the preceding year by $490,608, and the increased receipts of internal revenue were collected at a cost to the Internal Revenue Bureau of $155,944.99 less than the expense of such collection for the previous year. "The total ordinary expenses of the Government for the fiscal year ended June 30, 1886, were $242,483,138.50, being less by $17,788,797 than such expenditures for the year preceding, and leaving a surplus in the Treasury at the close of the last fiscal year of $93,956,588.56, against $63,463,771.27 at the close of the previous year, being an increase in such surplus of $30,492,817.29. "The expenditures are compared with those of the preceding fiscal year and classified as follows: |