Through refunding operations--in addition to bonds and short-time obligations redeemed with surplus revenues--the Government paid off, up to 1879, $535,000,000 bonds bearing interest at from 5 to 6 per cent. In this year the credit of the Government was on a 4 per cent. basis, and a year later on a 3-1/4 per cent. basis, against a maximum basis of 15-1/2 per cent. in 1864. Between 1881 and 1887 the Governzment paid off, either with surplus revenues or by conversion, $618,000,000 of interest-bearing debt. In 1891 all bonds then redeemable were retired, and on July 1, 1893, the public debt amounted to less than one-third of the maximum outstanding in 1865. In 1900 the Government converted $445,900,000 bonds out of an aggregate of $839,000,000 convertible under the refunding act passed by Congress in that year. And further conversions in 1903, 1905, and 1907 brought the grand total up to $647,250,150--a result which earned for the Government a net annual saving in interest account of $16,551,037. SPANISH WAR LOANS The United States is a debt-paying nation. Hence, America's credit, despite occasional fluctuations, has steadily risen, and our national debt has sold on a lower income basis than that of any other nation in the world. Following the sinking of the Maine in Havana Harbor, in 1898, Congress authorized an issue of $200,000,000 3 per cent. ten-twenty-year bonds. Of this aggregate $198,792,660 were sold by the Government at par. So popular was this loan, it was oversubscribed seven times. During the year 1898, following the allotment to the public, this issue sold at a premium, the price going to 107-3/4, and, during the next year, to 110-3/4. After the war ended, the Government, in accordance with its unvarying custom, began to pay off this debt; but, despite the Secretary of the Treasury's offer to buy these bonds, he succeeded in purchasing only about $20,000,000 of them. [Illustration] American Labor Mission in Europe War Aims of Organized Workers Conveyed to English and French Labor Unions An American Labor Mission visited England and France in April, 1918, to present the views of American workingmen regarding the war. The delegation numbered eighteen, headed by James Wilson, President of the Patternmakers' League of North America. In his first address at London, April 28, before the British and Foreign Press Association, Mr. Wilson said: We recognize as a fundamental truth that there can be no democracy with the triumph of the Imperial German Government. The principle of democracy or the principle of Prussian military autocracy will prevail as a result of the world war. There can be no middle course nor compromise. The contest must be carried on to its finality. The Central Powers have staked everything on the result of this struggle. Their defeat means the destruction of a machine which has been built with remarkable efficiency and embodies the very life of the German race.