At that time I had not entertained the thought that I might come to be the head of the Treasury Department. Indeed, I had no other purpose in public life than to remain in the House of Representatives. I had had experience on the executive side of the Government and also on the legislative side, and I had a fixed opinion in favor of the latter form of service. As Secretary of the Treasury, I proposed a bill in 1869 in the line of the substitute for the bill of the Committee on Ways and Means which I had challenged in July, 1868. The bill proposed an issue of three classes of bonds, each of four hundred million dollars, which were to mature at different dates, and to bear interest at the rates of 5, 4�, and 4 per cent. It was further provided that the principal and interest of the bonds bearing the lowest rate should be made payable either in the United States, or at Frankfort, Paris, or London, as the takers might prefer. The provision was rejected through the influence of General Schenck, who had then returned recently from Europe, and with the opinion that the concession involved an impairment of national honor. As a substitute for the feature so rejected, I originated a plan for the issue of registered bonds, upon the condition that the interest could be paid in checks to be forwarded by the mails to the holders of bonds at the places designated by them in any part of the world. This plan is far superior to the first suggestion, as it is susceptible of a much wider application. I have received from Mr. Roberts, the Treasurer of the United States, the following letter and statement: STATEMENT SHOWING THE PROPORTION OF UNITED STATES BONDS OUTSTANDING JANUARY 25, 1900, ON WHICH INTEREST IS PAID BY CHECK. TITLE OF LOAN. Total issue. Registered Percentage bonds on of bonds on which interest which interest is paid by is paid by check. check. Funded loan of 1891 continued at 2 per cent . . . . . . . . .$ 25,364,500 $ 25,364,500 100.00 Four per cent funded loan of 1907 . . . . . . . . . 545,342,950 478,195,600 87.69 Five per cent loan of 1904 . . . . . . . . . 95,009,700 64,615,650 68.01 Four per cent loan of 1925 . . . . . . . . . 162,315,400 117,997,200 72.70 Three per cent ten-twenties of 1898 . . . . . . . . . 168,679,000 109,450,060 55.09 Totals . . . . . . . . $996,711,550 $795,623,030 77.49 TREASURY DEPARTMENT. OFFICE OF THE TREASURER, WASHINGTON, D. C. _January_ 25, 1900. HONORABLE GEORGE S. BOUTWELL, Boston, Massachusetts.