By February 8, 1895, the stock of gold in the Treasury was down to $41,340,181.

The Administration met this sharp emergency by a contract with a New York banking syndicate which agreed to deliver 3,500,000 ounces of standard gold coin, at least one half to be obtained in Europe.

The syndicate was, moreover, to "exert all financial influence and make all legitimate efforts to protect the Treasury of the United States against the withdrawals of gold pending the complete performance of the contract." The replenishing of the Treasury by this contract was, however, only a temporary relief.

By January 6, 1896, the gold reserve was down to $61,251,710.

The Treasury now offered $100,000,000 of the four per cent bonds for sale and put forth special efforts to make subscription popular.