The bills of the bank were of course redeemable in gold and silver; but for a time nobody wanted gold and silver, so great was the credit of the bank.

This sum has been raised at an average premium of $5.59 per centum upon stock bearing an interest at the rate of 5 per cent per annum, redeemable at the option of the Government after the 1st day of January, 1835.

The last portion of the public debt will be redeemable on the 1st of January, 1835, and while there is the best reason to believe that the resources of the Government will be continually adequate to such portions of it as may become due in the interval, it is recommended to Congress to seize every opportunity which may present itself to reduce the rate of interest on every part thereof.

At the last session of Congress the condition of the funds was still unpropitious to the measure; but the change so soon afterwards occurred that, had the authority existed to redeem the nine millions now redeemable by an exchange of stocks or a loan at 5 per cent, it is morally certain that it might have been effected, and with it a yearly saving of $90,000.

per act of the 24th of May, 1824, redeemable after 1st of January, 1832 1,739,524 01 Four and half per cents. (exchanged), per act of the 26th of May, 1824; one half redeemable after the 31st day of December, 1832 4,454,727 95 24,282,879 24 2.

Thirteen millions more of the loan of 1814 will become redeemable from and after the expiration of the present month, and nine other millions from and after the close of the ensuing year.

On the 1st of January next the entire public debt of the United States, funded and unfunded, will be reduced to within a fraction of $7,000,000, of which $2,227,363 are not of right redeemable until the 1st of January, 1834, and $4,735,296 not until the 2d of January, 1835.