The six per cent bonds were worth only 83 or 84, and no step had been taken to redeem the pledge of the Government in regard to the Sinking Fund made in the act of February 25, 1862. The interest account exceeded two hundred and thirty-three million dollars. Mr. S. M. Clark was the chief of the Bureau of Printing and Engraving and everything was confided to him. It is to be said after the lapse of thirty years for examination, that not a tittle of evidence has been found warranting any imputation upon his integrity. It is true that in one instance a dishonest plate printer took an impression of a bond upon a sheet of lead for use in counterfeiting. The possibility of such an act was due to a lack of system and not to any want of fidelity in Mr. Clark. One of my first acts was to remove Mr. Clark, and then to open a new set of books. The printing of the old issues was suspended permanently, and new plates were prepared. Mr. Clark had had control of the manufacture of the paper, the control of the engravers, the control of the plates, the control of the printers, of the counters, and he had had the custody of the red seal. The postal currency was printed under his direction. The pieces were not numbered, they were due bills only. At the end of twenty years the books showed an issue of about fifteen million dollars in excess of the redemptions. His power was unlimited as there were no checks upon him. He once said to me when a committee of Congress was investigating his bureau, during Mr. McCulloch's administration: "They will never find a five cent piece out of the way."