One of your expert clerks in the Treasury Department at Washington, the Chief of the Loan and Currency Division, published a calculation in the Congressional Record of April 29, 1908, Page 5638, that showed that, if the greenbacks had been funded on the 1st day of January, 1879, into 4 per cent 30 year bonds, and canceled and destroyed, the total cost to the Government for principal and interest to July 1, 1907, would have been $741,897,340, whereas the total cost and liability actually incurred on account of them has been $1,081,881,562; the difference in favor of converting into bonds being $339,984,222. Now, don't you think, Uncle Sam, that as a matter of business you'd better get rid of these demand debts, these United States Notes? _Second_: Don't let this most important fact escape your attention either; that if you should be called upon to use your credit extensively, as would be necessary in case of a great war, these demand notes would be a very black cloud upon your credit, and your loans would cost you vastly more, on account of the interest you would have to pay, because they were still outstanding. I hope that you are not hugging that sweet delusion that war is impossible. _Third_: These United States Notes, as you are aware, are made legal reserves for the national banks, who hold them against their deposits. Now, if your credit goes to pieces, the credit of the banks will go with it of course; because precisely to the extent that the banks hold these debts of yours as reserves, they are driving gold out of the country, and therefore instead of being better able to help you, they will attack your credit by demanding gold from you for these old demand debts. You are also, of course, familiar with Gresham's law, so-called, under the operation of which, the poorer money always drives out the better. I assert without any fear whatever of successful contradiction, that if you had paid off these United States Notes in 1879, you would not only have saved $340,000,000 by so doing, but that today there would be in the United States in our banks, and in circulation among the people, $346,000,000 more gold than we now have. In other words, instead of our gold amounting to $1,850,000,000, it would now amount to $2,196,000,000.