during the year ended June 30, 1880, the imports of coin and bullion
exceeded the exports by $75,891,391, and during the last fiscal year
the excess of imports over exports was $91,168,650.

In the last annual report of the Secretary of the Treasury the attention
of Congress was called to the fact that $469,651,050 in 5 per cent bonds
and $203,573,750 in 6 per cent bonds would become redeemable during the
year, and Congress was asked to authorize the refunding of these bonds
at a lower rate of interest. The bill for such refunding having failed
to become a law, the Secretary of the Treasury in April last notified
the holders of the $195,690,400 6 per cent bonds then outstanding that
the bonds would be paid at par on the 1st day of July following, or that
they might be "continued" at the pleasure of the Government, to bear
interest at the rate of 3-1/2 per cent per annum.

Under this notice $178,055,150 of the 6 per cent bonds were continued at
the lower rate and $17,635,250 were redeemed.

In the month of May a like notice was given respecting the redemption
or continuance of the $439,841,350 of 5 per cent bonds then outstanding,
and of these $401,504,900 were continued at 3-1/3 per cent per annum and
$38,336,450 redeemed.

The 6 per cent bonds of the loan of February 8, 1861, and of the Oregon
war debt, amounting together to $14,125,800, having matured during the
year, the Secretary of the Treasury gave notice of his intention to
redeem the same, and such as have been presented have been paid from the
surplus revenues. There have also been redeemed at par $16,179,100 of
the 3-1/2 per cent "continued" bonds, making a total of bonds redeemed
or which have ceased to bear interest during the year of $123,969,650.