Length of
loan.

When redeem- Rates of in-
able.
terest.

Price
at which
sold.

Amount
authorized.

Amount issued.

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

Amount out-
standing.

against which no circulation is outstanding, one-year gold notes of the
United States without the circulation privilege, to an amount not to ex-
ceed one-half of the two per centum bonds so tendered for exchange, and
thirty-year three per centum gold bonds without the circulation privilege
for the remainder of the two per centum bonds so tendered: Provided,
That at the time of such exchange the Federal reserve bank obtaining such
one-year gold notes shall enter into an obligation with the Secretary of the
Treasury binding itself to purchase from the United States for gold at the
maturity of such one-year notes an amount equal to those delivered in
exchange for such bonds, if so requested by the Secretary, and at each
maturity of one-year notes so purchased by such Federal reserve bank,
to purchase from the United States such an amount of one-year notes
as the Secretary may tender to such bank, not to exceed the amount issued
to such bank in the first instance, in exchange for the two per centum
United States gold bonds; said obligation to purchase at maturity such
notes shall continue in force for a period not to exceed thirty years.

For the purpose of making the exchange herein provided for, the Secre-
tary of the Treasury is authorized to issue at par Treasury notes in coupon
or registered form as he may prescribe in denominations of one hundred
dollars, or any multiple thereof, bearing interest at the rate of three per
centum per annum, payable quarterly, such Treasury notes to be payable
not more than one year from the date of their issue in gold coin of the pres-
ent standard value, and to be exempt as to principal and interest from the
payment of all taxes and duties of the United States except as provided by
this act, as well as from taxes in any form by or under State, municipal, or
local authorities. And for the same purpose, the Secretary is authorized
and empowered to issue United States gold bonds at par, bearing three
per centum interest, payable thirty years from date of issue, such bonds to
be of the same general tenor and effect and to be issued under the same
general terms and conditions as the United States three per centum bonds
without the circulation privilege now issued and outstanding.

Upon application of any Federal reserve bank, approved by the Federal
Reserve Board, the Secretary may issue at par such three per centum
bonds in exchange for the one-year gold notes herein provided for.

NATIONAL-BANK NOTES (REDEMPTION ACCOUNT).

The act of July 14, 1890 (26 Stat., 289), provides that balances standing with the Treasurer of the United States to the respective credits of national banks for deposits made to redeem the circulating notes

$51,506,237.50

1 Including $173,710,278 gold and silver certificates and Treasury notes of 1890 in the Treasury on June 30, 1916.

of such banks, and all deposits thereafter received for like purpose,
shall be covered into the Treasury as a miscellaneous receipt, and
the Treasurer of the United States shall redeem from the general
cash in the Treasury the circulating notes of said banks which may
come into his possession subject to redemption, * * * and the
balance remaining of the deposits so covered shall, at the close of
each month, be reported on the monthly public-debt statement as
debt of the United States bearing no interest.

Total bonds, certificates, and notes outstanding1.

3,609, 244, 262.16

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 1916, inclusive.

Year.

Total interestbearing debt.

Debt on which in-
terest has ceased.

Debt bearing no
interest.1

Outstanding prin-
cipal.

Cash in the Treasury July 1.2

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

$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

Total debt less cash 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
1,709, 452, 277.04
2,674, 815, 856.76
2,756, 431,571.43
2,636,036, 163.84
2,508, 151, 211. 69
2, 480, 853, 413. 23
2,432, 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
2,060, 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

732,940, 256. 13

899, 313, 380.55

774, 448, 016.51

901, 672, 966.74

814, 543, 069. 70

955, 297, 253.70

1 Containing legal-tender notes, gold and silver certificates, etc.

1,817, 672, 665.90
1,796, 531, 995.90
1,991, 927, 306.92
2, 136, 961, 091.67
2, 143, 326, 933.89
2, 158, 610, 445.89
2,202, 464, 781.89
2,264, 003, 585.14
2,274, 615, 063.84
2, 337, 161, 839.04
2,457, 188, 061.54
2,626, 806, 271.54
2,639, 546, 241.04
2,652, 665, 838. 04
2,765, 600, 606.69
2,868, 373,874.16
2,916, 204, 913.66
2,912, 499, 269. 16
3,058, 136, 873. 16
3,609, 244, 262.16

831,016, 579.76
769, 446,503.76
836, 607,071.73
1,029, 249, 833.78
1,098, 587, 813.92
1, 189, 153, 204.85
1,277, 453, 144.58
1,296, 771, 811.39
1,284, 748, 291.87
1,372, 726, 152.25
1,578, 591, 306.51
1,688, 673, 862. 16
1, 615, 684, 710.25
1,606, 216, 652.79
1,749,816, 268.23
1,840, 799, 176.88
1,887,640, 858.52
1,885, 242, 259.60
1,967,988, 867. 16
3 2, 620, 024, 640.31

2 Including gold reserve and coin set apart for redemption of certificates and Treasury notes and exclusive of national bank 5 per cent fund. 3 Including disbursing officers' credits and outstanding warrants and checks on June 30, 1916.

986, 656, 086. 14
1,027,085, 492. 14
1, 155, 320, 235. 19
1, 107, 711, 257.89
1,044, 739, 119.97
969, 457, 241.04
925, 011, 637.31
967, 231, 773. 75
989, 866, 771.97
964, 435, 686.79
878,596, 755. 03
938, 132, 409. 38
1,023, 861, 530.79
1,046, 449, 185. 25
1,015,784, 338.46
1,027, 574, 697.28
1,028,564,055. 14
1,027,257,009.56
1,090, 148, 006. 00
989, 219, 621.85

TABLE C.-Analysis of the principal of the interest-bearing public debt of the United States from July 1, 1856, to July 1, 1916.

Year.

2 percents.

3 percents. 31 percents.

4 percents.

4 percents. 5 percents.

6 percents.

7% percents.

Total interestbearing debt.

Annual in-
terest charge.

738, 619, 000.00

508, 440, 350.00

283, 681, 350.00

739,347, 800.00

250,000,000.00

484, 864, 900.00

235, 780, 400.00

439,841, 350.00

196, 378, 600.00

1882.

14, 000, 000.00 $460, 461,050.00

1883.

318, 204, 350.00

1884.

238, 612, 150.00

32,082, 600.00

$57,926, 116. 57
105, 629, 385. 30
77,547, 696. 07
90,496, 930. 74

801, 361. 23

739,347,800.00 250,000,000.00
739, 349, 350.00
737, 942, 200.00
737,951,700.00
737, 960, 450.00
737,967,500.00
737,975, 850.00
714, 315, 450.00
676, 214, 990.00
602, 297, 360.00
559, 659, 920.00
559, 664, 830.00
559, 672, 600.00
559, 677, 390.00
590,837, 560.00
721,999, 390.00

250, 000, 000.00
250,000,000.00
250,000,000.00
250, 000, 000. 00
250,000,000.00
250,000,000.00
222, 207, 050.00
139, 639,000.00
109, 015, 750.00
50,869, 200.00
125, 364,500.00
125, 364, 500.00
125, 364,500.00
125, 364,500.00
125,364,500.00

722,000, 630.00 125, 364,500.00

23,538,000.00
37,127,800.00
43,476, 300.00
33,022, 200.00
30,483,000.00
30,483,000.00
300, 213, 480.00
245,709, 420.63
269, 175, 727.65
201, 982, 665. 01
198, 533, 435.01
221, 586, 185. 01
221, 588, 300.00
221,588, 300.00
274, 236, 450.00
414, 567,300.00
414,567, 300.00
510, 628,050.00
607, 132, 750.00
711,685, 800.00
703, 266, 650.00

50,000,000.00
100, 000, 000.00
100, 000, 000. 00
100, 000, 000.00

$28, 130, 761. 77
24, 971, 958.93
21, 162, 838. 11
21, 162, 938. 11
21, 164, 538. 11
57,358, 673.95
154, 313, 225. 01
431, 444, 813.83
842,882, 652. 09
1,213, 495, 169.90
1,281, 736, 439.33
1, 195, 546, 041.02
1,543, 452, 080. 02
1,878, 303.984.50
1,874, 347, 222. 39
1,765, 317, 422. 39
1,613, 897, 300.00
1,374,883, 800.00
1,281, 238, 650.00
1,213, 624, 700.00
1,100, 865, 550.00
984, 999, 650.00
854, 621,850.00

$122, 582, 485. 34
139,974, 435. 34
139, 286, 935. 34
671,610, 397.02
830 000, 000.00
813, 460, 621.95
488, 344, 846. 95
37,397, 196. 95

$31,762, 761. 77 $1,869, 445.70
28,460, 958.93 1,672,767.53
44, 700, 838. 11 2,446, 670.28
58,290, 738. 11 3, 126, 166. 28
64, 640, 838. 11 3,443, 687.29
90,380, 873. 95 5,092, 630. 43
365, 304, 826. 92 22,048, 509.59
707,531, 634.47 41, 854, 148. 01
1,359, 930,763. 50 78, 853, 487.24
2,221,311, 918. 29 137, 742, 617. 43
2,381, 530, 294. 96 150, 977, 697.87
2,332, 331, 207. 60 146, 068, 196. 29
2, 248, 067, 387. 66 138, 892, 451.39
2,202,088, 727. 69 128, 459, 598. 14
2, 162, 060, 522. 39 125, 523, 998. 34
2,046, 455, 722. 39 118, 784, 960. 34
1,934, 696, 750.00 111, 949, 330.50
1,814,794, 100. 00 103, 988, 463.00
1,710,483,950.00 98,049,804, 00
1,738,930, 750.00 98, 796, 004. 50
1,722, 676, 300.00 96, 855, 690.50
1,710,685, 450.00 95, 104, 269.00
1,711,888, 500.00 93, 160, 643.50
1,794, 735, 650.00 94, 654, 472.50
1,797, 643, 700.00 83, 773, 778.50
1,723, 993, 100. 00 79, 633, 981.00
1,639,567,750.00 75, 018, 695. 50
1,463, 810, 400.00 57,360, 110.75
1,338, 229, 150.00 51, 436, 709.50
1,226, 563,850.00 47,926, 432.50
1,196, 150, 950.00 47, 014, 133.00
1,146, 014, 100.00 45, 510, 098.00
1,021, 692, 350.00 41, 780, 529.00
950, 522,500.00 38, 991, 935. 25
829,853,990.00 33, 752, 354. 60
725, 313, 110.00 29, 417, 603. 15
610, 529, 120.00 24, 675, 510,80
585,029, 330.00 22,893, 883. 20
585,037, 100.00 22,894, 194.00
635,041, 890.00 25, 394, 385. 60
716, 202, 060.00 29,140, 792. 40
847,363, 890.00 34,387, 265.60

847,365, 130.00 34,387, 315.20