US Presidency
1884

As it is necessary to make provision to compensate the owners of such vessels for performing that service after April, 1885, it is hoped that the whole subject will receive early consideration that will lead to the enactment of such measures for the revival of our merchant marine as the wisdom of Congress may deviseThe 3 per cent bonds of the Government to the amount of more than $ 100,000,000 have since my last annual message been redeemed by the Treasury. The bonds of that issue still outstanding amount to little over $ 200,000,000, about one-fourth of which will be retired through the operations of the sinking fund during the coming year. As these bonds still constitute the chief basis for the circulation of the national banks, the question how to avert the contraction of the currency caused by their retirement is one of constantly increasing importance.