"'Another objection might be that the adoption of this standard would probably operate to prevent joint action, by the leading commercial nations, in fixing a ratio of silver to gold which would be concurred in by all nations; and, perhaps, thus delay or frustrate that which would seem to be very desirable. No legislation by the United States alone, would be effectual in fixing the rules of silver outside of its own boundaries. Joint action of the principal powers appears to be the only mode through which a satisfactory solution of the question can be reached.
"'If there is no hope that such an arrangement can be made, it would be desirable that the intrinsic value of the silver dollar should be brought so nearly as possible to its nominal value.'
"After looking over the discussions of the last two International Conferences, I cannot avoid the conclusion that it is hopeless to make any further attempt to obtain the co-operation of the leading commercial powers in fixing a ratio between gold and silver coins, and that the contingency in which you would deem it 'desirable that the intrinsic value of the silver dollar shall be brought as nearly as possible to its nominal value,' has already occurred.
"The statement of the Treasurer accompanying your letter for January 26, 1885, is as follows:
| Gold coin | $172,439,478 |
| Gold bullion | 64,195,150 |
| Total gold assets | $236,634,628 |
| Gold certificates outstanding | 107,917,890 |
| Amount of gold actually owned | $128,716,738 |
| By the statement of the Treasurer for January 31st, it appears that United States notes on hand were $43,958,468 83, against which were certificates of deposit, $30,130,000, leaving a balance of | $13,818,468 83 |
| National bank notes | 13,880,647 67 |
| Deposits in nat. banks | 13,491,186 39 |
| Gold actually owned | 128,716,738 00 |
| Total gold assets | $169,917,040 89 |
Trust Funds:
| Five per cent. nat. bank | $12,980,825 43 |
| Fund for redemption of notes of nat. banks "failed in | |
| liquidation" and reducing circulation | 39,671,925 54 |
| Undistributed assets of failed nat. bank | 416,131 41 |
| Amount forward | 53,068,882 38 |