Length of loan.

When redeemable.

Rate of interest.

Price
at which
sold.

Amount
authorized.

Amount issued. Amount outstanding.

TABLE A.-Statement of the outstanding principal of the public debt, etc.-Continued.

CONSOLS OF 1930-Continued.

paid, and this order followed until all the bonds are paid. Interest
to cease three months after any call made by the Government to
redeem.

TREASURY NOTES OF 1890.

The act of July 14, 1890 (26 Statutes, 289), directs the Secretary of the
Treasury to purchase, from tirae to time, silver bullion to the aggre-
gate amount of four million five hundred thousand ounces, or so
much thereof as may be offered, in each month, at the market price
thereof, not exceeding one dollar for three hundred and seventy-one
and twenty-five hundredths grains of pure silver, and to issue in pay-
ment for such purchases of silver bullion Treasury notes of the United
States, to be prepared by the Secretary of the Treasury, in such form
and of such denominations, not less than one dollar nor more than
one thousand dollars, as he may prescribe. That said notes shall be
redeemable on demand, in coin, at the Treasury of the United States,
or at the office of any assistant treasurer of the United States, and
when so redeemed may be reissued; but no greater or less amount of
such notes shall be outstanding at any time than the cost of the sil-
ver bullion and the standard silver dollars coined therefrom then
held in the Treasury, purchased by such notes; and such Treasury
notes shall be a legal tender in payment of all debts, public and pri-
vate, except where otherwise expressly stipulated in the contract,
and shall be receivable for customs, taxes, and all public dues, and
when so received may be reissued; and such notes, when held by any
national banking association, may be counted as a part of its lawful
reserve. That upon demand of the holder of any of the Treasury
notes provided for, the Secretary of the Treasury shall redeem the
same in gold or silver coin, at his discretion, it being the established
policy of the United States to maintain the two metals on a parity
with each other upon the present legal ratio, or such ratio as may be
provided by law.
The act of November 1, 1893 (28 Stat., 4), repeals so much of the act of
July 14, 1890, as directs the Secretary of the Treasury to purchase
from time to time silver bullion to the aggregate amount of four
million five hundred thousand ounces, or so much thereof as may
be offered in each month, at the market price thereof, and to issue
in payment for such purchases Treasury notes of the United States.
The act of June 13, 1898 (30 Stat., 467), directs that all of the silver
bullion in the Treasury purchased in accordance with the provi-
sions of the act of July 14, 1890, shall be coined into standard silver
dollars as rapidly as the public interests may require, to an amount
of not less than one and one-half millions of dollars in each month,
and that said dollars, when so coined, shall be used and applied in

$2,254,000.00

the manner and for the purposes named in said act. The act of
March 14, 1900, provides that United States notes, and Treasury
notes issued under the act of July 14, 1890, when presented to the
Treasury for redemption, shall be redeemed in gold coin of the
standard fixed by said act, and requires that the Secretary of the
Treasury shall set apart in the Treasury a reserve fund of one hun-
dred and fifty million dollars to be used for such redemption pur-
poses only. It also provides that it shall be the duty of the Secre-
tary of the Treasury, as fast as silver dollars are coined under the
provisions of the acts of July 14, 1890, and June 13, 1898, from bullion
purchased under the act of July 14, 1890, to retire and cancel an
equal amount of Treasury notes whenever received into the Treas-
ury, and upon such cancellation to issue silver certificates against
the silver dollars so coined.

PANAMA CANAL LOAN.

The act of June 28, 1902 (32 Stat., 484, sec. 8), provides that the Secretary
of the Treasury is hereby authorized to borrow on the credit of the
United States from time to time as the proceeds may be required to
defray expenditures authorized by this act (such proceeds when re-
ceived to be used only for the purpose of meeting such expenditures),
the sum of one hundred and thirty million dollars, or so much thereof
as may be necessary, and to prepare and issue therefor coupon or reg-
istered bonds of the United States in such form as he may prescribe,
and in denominations of twenty dollars or some multiple of that sum,
redeemable in gold coin at the pleasure of the United States after ten
years from the date of their issue, and payable thirty years from such
date, and bearing interest payable quarterly in gold coin at the rate
of two per centum per annum; and the bonds herein authorized shall
be exempt from all taxes or duties of the United States, as well as from
taxation in any form by or under State, municipal, or local authority:
Provided, That said bonds may be disposed of by the Secretary of the
Treasury at not less than par, under such regulations as he may pre-
scribe, giving to all citizens of the United States an equal opportunity
to subscribe therefor, but no commissions shall be allowed or paid
thereon; and a sum not exceeding one-tenth of one per centum of
the amount of the bonds herein authorized is hereby appropriated,
out of any money in the Treasury not otherwise appropriated, to pay
the expense of preparing, advertising, and issuing the same; and the
act of December 21, 1905 (34 Stat., 5, sec. 1), provides that the two per
cent bonds of the United States authorized by section eight of the act
entitled "An act to provide for the construction of a canal connect-
ing the waters of the Atlantic and Pacific Oceans," approved June
twenty-eighth, nineteen hundred and two, shall have all the rights
and privileges accorded by law to other two per cent bonds of the
United States, and every national banking association having on
deposit, as provided by law, such bonds issued under the provisions
of said section eight of said act approved June twenty-eighth, nine-
teen hundred and two, to secure its circulating notes, shall pay to
the Treasurer of the United States, in the months of January and
July, a tax of one-fourth of one per cent each half year upon the aver-
age amount of such of its notes in circulation as are based upon the

Length of loan.

When redeem- Rate of inable. terest.

Price
at which
sold.

Amount
authorized.

Amount issued.

TABLE A.-Statement of the outstanding principal of the public debt, etc.-Continued.

PANAMA CANAL LOAN-Continued.

deposit of said two per cent bonds; and such taxes shall be in lieu
of existing taxes on its notes in circulation imposed by section fifty-
two hundred and fourteen of the Revised Statutes,
The act of August 5, 1909 (36 Stat., 117, sec. 39), provides that the Secre-
tary of the Treasury is hereby authorized to borrow on the credit of
the United States from time to time, as the proceeds may be required
to defray expenditures on account of the Panama Canal and to re-
imburse the Treasury for such expenditures already made and not
covered by previous issues of bonds, the sum of two hundred and
ninety million five hundred and sixty-nine thousand dollars (which
sum together with the eighty-four million six hundred and thirty-
one thousand nine hundred [and eighty] dollars already borrowed
upon issues of two per cent bonds under section eight of the act of
June twenty-eighth, nineteen hundred and two, equals the estimate
of the Isthmian Canal Commission to cover the entire cost of the
canal from its inception to its completion), and to prepare and issue
therefor coupon or registered bonds of the United States in such
form as he may prescribe, and in denominations of one hundred
dollars, five hundred dollars, and one thousand dollars, payable fifty
years from the date of issue, and bearing interest payable quarterly
in gold coin at a rate not exceeding three per centum per annum;
and the bonds herein authorized shall be exempt from all taxes or
duties of the United States, as well as from taxation in any form
by or under State, municipal, or local authority: Provided, That said
bonds may be disposed of by the Secretary of the Treasury at not
less than par, under such regulations as he may prescribe, giving to
all citizens of the United States an equal opportunity to subscribe
therefor, but no commissions shall be allowed or paid thereon; and
a sum not exceeding one-tenth of one per centum of the amount of
the bonds herein authorized is hereby appropriated, out of any
money in the Treasury not otherwise appropriated, to pay the ex-
penses of preparing, advertising, and issuing the same; and the
authority contained in section eight of the act of June twenty-
eighth, nineteen hundred and two, for the issue of bonds bearing
interest at two per centum per annum, is hereby repealed.
The act of March 2, 1911 (36 Stat., 1013), provides that the Secretary of
the Treasury be, and he is hereby, authorized to insert in the bonds
to be issued by him under section thirty-nine of an Act entitled "An
Act to provide revenue, equalize duties, and encourage the indus-
tries of the United States, and for other purposes," approved August
fifth, nineteen hundred and nine, a provision that such bonds shall
not be receivable by the Treasurer of the United States as security

Amount outstanding.

for the issue of circulating notes to national banks; and the bonds containing such provision shall not be receivable for that purpose.

TABLE B.-Statement of the outstanding principal of the public debt of the United States on the 1st of July of each year from 1856 to 1915, inclusive.

Total interest-
bearing debt.

$31,762,761.77
28, 460, 958.93
44, 700, 838. 11
58,290, 738. 11
64, 640, 838. 11
90,380, 873.95
365, 304, 826.92
707, 531, 634. 47
1,359,930, 763.50
2,221,311, 918. 29
2,381, 530, 294.96
2,332, 331, 207.60
2,248,067, 387.66
2,202,088, 727.69
2, 162, 060, 522.39
2,046, 455, 722.39
1,934, 696, 750.00
1,814, 794, 100.00
1,710, 483, 950.00
1,738, 930, 750.00
1,722, 676, 300.00
1,710, 685, 450.00
1,711, 888, 500.00
1,794, 735, 650.00
1,797, 643, 700.00
1,723, 993, 100.00
1,639, 567, 750.00
1,463, 810, 400.00
1,338, 229, 150.00
1,226, 563, 850.00
1, 196, 150, 950.00
1, 146, 014, 100.00
1,021, 692, 350.00
950, 522, 500.00
829,853, 990.00
725, 313, 110.00
610,529, 120.00
585, 029, 330.00
585, 037, 100.00
635,041, 890.00
716, 202, 060.00
847,363, 890.00

Debt on which interest has ceased.

Debt bearing no
interest.1

Outstanding principal.

211,042.92
206,099.77
201, 449.77
199,999.77
280, 195.21
473,048. 16
416, 335.86
1,245, 771. 20
1,503, 020. 09
935, 092.05
1,840, 615. 01
1, 197, 340. 89
5, 260, 181.00
3,708, 641.00
1,948, 902.26
7,926, 797.26
51,929, 710.26

3, 216, 590.26
11, 425, 820.26
3,902, 420.26
16,648, 860. 26
5,594, 560.26
37, 015, 630.26

7, 621, 455.26
6,723, 865.26
16, 260, 805. 26
7,831, 415. 26
19,656, 205.26
4, 100, 995. 26
9,704, 445. 26
6, 115, 165. 26
2,496,095.26
1,911, 485. 26
1,815, 805. 26
1,614,705. 26
2,785, 875.26
2,094, 060. 26
1,851, 240. 26
1,721,590.26
1,636, 890. 26

$158,591, 390.00
411,767, 456.00
455, 437, 271.21
458,090, 180. 25
461, 616, 311.51
439,969, 874.04
428, 218, 101. 20
408, 401, 782.61
421, 131, 510.55
430, 508, 064. 42
416, 565, 680. 06
430,530, 431.52
472,069, 332.94
509, 543, 128. 17
498, 182, 411. 69
465, 807, 196. 89
476, 764, 031.84
455,875, 682. 27
410, 835, 741.78
388, 800, 815. 37
422, 721, 954. 32
438, 241, 788. 77
538, 111, 162. 81
584, 308, 868.31
663,712, 927.88
619, 344, 468. 52
629,795, 077.37
739, 840, 389.32
787, 287, 446.97
825, 011, 289. 47
933, 852,766.35
1,000, 648, 939.37
958,854, 525. 87
995, 360, 506. 42
958, 197, 332.99
920, 839, 543. 14

$31,972, 537.90
28, 699, 831.85
44,911, 881.03
58,496, 837.88
64,842, 287.88
90,580,873.72
524, 176, 412. 13
1, 119, 772, 138.63
1,815, 784, 370.57
2,680, 647, 869.74
2,844, 649, 626.56
2,773, 236, 173.69
2,678, 126, 103.87
2,611, 687,851. 19
2,588, 452, 213.94
2, 480, 672, 427.81
2,353, 211, 332.32
2,253,251, 328.78
2,234, 482, 993.20
2,251, 690, 468. 43
2,232, 284, 531.95
2, 180, 395,067.15
2,205, 301, 392. 10
2,256, 205, 892.53
2,245, 495, 072.04
2, 120, 415, 370.63
2,069, 013, 569.58
1,918, 312, 994.03
1, 884, 171, 728.07
1,830, 528, 923.57
1,863, 964, 873. 14
1,775,063, 013.78
1,657,602, 592.63
1,692, 858, 984.58
1,619, 052, 922. 23
1,552, 140, 204.73
1,545,996, 591.61
1,588, 464, 144. 63
1,545,985, 686. 13
1,632, 253, 636.68
1,676, 120, 983.25
1,769,840, 323.40

Cash in the Treas- Total debt less cash ury July 1.2

$21, 006, 584. 89
18,701, 210.09
7,011,689. 31
5,091, 603.69
4,877,885.87
2,862, 212.92
18,863, 659.96
8, 421, 401. 22
106,332, 093. 53

5,832,012. 98
88,218, 055. 13
137, 200, 009. 85
169, 974, 892. 18
130,834, 437.96
155,680, 340.85
149, 502, 471.60
106, 217, 263. 65
103, 470, 798. 43
129, 020, 932. 45
147,541, 314.74
142, 243, 361. 82
119, 469, 726. 70
186,025,960.73
256, 823, 612.08
249,080, 167.01
201,088, 622.88
249,363, 415.35
243, 289, 519.78
345, 389, 902. 92
391, 985, 928. 18
488, 612, 429.23
492, 917, 173.34
482, 433, 917.21
629, 854, 089.85
643, 113, 172. 01
661, 355, 834. 20
694,083, 839.83
746, 937, 681.03
707,016, 210. 38
732, 940, 256. 13

in Treasury.

$10,965, 953. 01
9,998, 621.76
37, 900, 191.72
53, 405, 234. 19
59, 964, 402.01
87,718, 660.80
505, 312, 752. 17
1, 111, 350, 737.41
1,700, 452, 277.04
2,674, 815, 856.76
2,756, 431, 571.43
2,636,036, 163.84
508, 151, 211. 69
,480, 853, 413. 23
,432, 771, 873. 09
2, 331, 169, 956.21
2,246, 994, 068. 67
2, 149, 780, 530.35
2, 105, 462, 060.75
2, 104, 149, 153.69
2,090, 041, 170. 13
2,000, 925, 340.45
2,019, 275, 431.37
1,999, 382, 280.45
1,996, 414, 905.03
1,919,326, 747.75
1,819, 650, 154.23
1,675, 023, 474.25
1,538, 781, 825. 15
1,438, 542, 995.39
1,375, 352, 443.91
1,282, 145, 840. 44
1, 175, 168, 675.42
1,063, 004, 894. 73
975, 939, 750. 22
890,784, 370.53
851, 912, 751.78
841, 526, 463.60
838, 969, 475.75
899, 313, 380.55
901, 672, 966. 74

774, 448, 016.51

814, 543, 069. 70

955, 297, 253.70