months the aggregate sales of these bonds had reached the sum of
$200,000,000. With my sanction the Secretary of the Treasury entered
into a new contract for the sale of 4 per cent bonds, and within
thirty days after the popular subscription for such bonds was opened
subscriptions were had amounting to $75,496,550, which were paid for
within ninety days after the date of subscription. By this process,
within but little more than one year, the annual interest on the
public debt was reduced in the sum of $3,775,000.

I recommended that suitable provision be made to enable the people to
easily convert their savings into Government securities, as the best
mode in which small savings may be well secured and yield a moderate
interest. It is an object of public policy to retain among our own
people the securities of the United States. In this way our country is
guarded against their sudden return from foreign countries, caused by
war or other disturbances beyond our limits.

The commerce of the United States with foreign nations, and especially
the export of domestic productions, has of late years largely
increased; but the greater portion of this trade is conducted in
foreign vessels. The importance of enlarging our foreign trade, and
especially by direct and speedy interchange with countries on this
continent, can not be overestimated; and it is a matter of great
moment that our own shipping interest should receive, to the utmost
practical extent, the benefit of our commerce with other lands. These
considerations are forcibly urged by all the large commercial cities
of the country, and public attention is generally and wisely attracted
to the solution of the problems they present. It is not doubted that
Congress will take them up in the broadest spirit of liberality
and respond to the public demand by practical legislation upon this