"'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 _Brought forward_ $53,068,882 38