in contests between foreign powers has been maintained and respected.

The Universal Exposition held at Paris during the past summer has been
attended by large numbers of our citizens. The brief period allowed
for the preparation and arrangement of the contributions of our
citizens to this great exposition was well employed in energetic and
judicious efforts to overcome this disadvantage. These efforts, led
and directed by the commissioner-general, were remarkably successful,
and the exhibition of the products of American industry was creditable
and gratifying in scope and character. The reports of the United
States commissioners, giving its results in detail, will be duly laid
before you. Our participation in this international competition for
the favor and the trade of the world may be expected to produce useful
and important results--in promoting intercourse, friendship, and
commerce with other nations.

In accordance with the provisions of the act of February 28, 1878,
three commissioners were appointed to an international conference on
the subject of adopting a common ratio between gold and silver, for
the purpose of establishing internationally the use of bimetallic
money and securing fixity of relative value between those metals.

Invitations were addressed to the various governments which had
expressed a willingness to participate in its deliberations. The
conference held its meetings in Paris in August last. The report
of the commissioners, herewith submitted, will show its results.
No common ratio between gold and silver could be agreed upon by the
conference. The general conclusion was reached that it is necessary to
maintain in the world the monetary functions of silver as well as of
gold, leaving the selection of the use of one or the other of these