US Presidency
1895

Its replenishment being necessary and no other manner of accomplishing it being possible, resort was had to the issue and sale of bonds provided for by the resumption act of 1875. Fifty millions of these bonds were sold, yielding $ 58,633,295.71, which was added to the reserve fund of gold then on hand. As a result of this operation this reserve, which had suffered constant and large withdrawals in the meantime, stood on the 6th day of March, 1894, at the sum of $ 107,446,802. Its depletion was, however, immediately thereafter so accelerated that on the 30th day of June, 1894, it had fallen to $ 64,873,025, thus losing by withdrawals more than $ 42,000,000 in five months and dropping slightly below its situation when the sale of $ 50,000,000 in bonds was effected for its replenishment. This depressed condition grew worse, and on the 24th day of November, 1894, our gold reserve being reduced to $ 57,669,701, it became necessary to again strengthen it.