The Treasury held $133,998,398.02; so that the National debt, less this cash, stood at $2,491,504,450.

It thus exhibited an average reduction of the debt from its maximum, August 31, 1865, to November 1, 1867, of more than $10,000,000 per month.
Gold was lower than it had been, but great disappointment was felt because the premium, which had ranged in January, 1867, at 32-1/8 @ 37-7/8, was in November 37-1/2 @ 48-5/8, and the latter figure was higher than the quotation at the beginning of the first session of the Thirty-ninth Congress.

The charge was current, and was believed by many, that the premium had been advanced by speculators to compel Congress to enforce the policy of contraction.

On the other hand, it was declared to be demonstrably true that the reduction of the volume of paper did not lower the premium on gold.

It only depressed production and placed the markets of every kind under the control of reckless operators.