$2.50, $5, $10, and $20, called, respectively, quarter-eagle, half-eagle, eagle, and double eagle.

The total coinage of gold by the mints in the United States from 1792 to June 30, 1910, is $3,149,207,670.50, of which it is estimated that $1,531,074,997 is now in existence as coin in the United States, while the remainder, $1,618,132,673.50 represents the excess of exports over imports and the amount consumed in the arts. The gold bullion now in the United States is about $105,000,000.

B. SILVER COINS

The standard silver dollar was first authorized by the act of April 12, 1792. Its weight was 416 grains .8924 fine. It contained the same quantity of fine silver as the present dollar, whose weight and fineness were established by the act of January 18, 1837. The coinage of the standard silver dollar was discontinued by the act of February 10, 1873, and it was restored by the act of February 28, 1878. The total amount coined from 1792 to 1873 was $8,031,238, and the amount coined from 1878 to December 31, 1904, when the coinage was discontinued, was $570,272,610.

The subsidiary silver coins authorized by the act of April 2, 1792, are the half-dollar, quarter-dollar, dime, and half-dime. The halfdime, has, however, been discontinued as being inconveniently small. The subsidiary silver was originally of proportional weight with the dollar, but since 1853 has been coined about 7 per cent lighter.

The amount of full-weight fractional silver coined prior to February 21, 1853, was $71,734,964.50, and the amount of subsidiary silver coined since that year is $272,331,351.45.

"In order to procure bullion for the subsidiary silver coinage, the superintendents with the approval of the Director of the Mint, as to prices, terms, and quantity, shall purchase such bullion with. the bullion fund. The seignorage thereon shall be credited to a special fund denominated the silver profit fund." (Revised Statutes, sec. 3526).

C. MINOR COINS

The minor coins of the United States shall be a five-cent piece and a one-cent piece. The alloy for the five-cent piece shall be of copper and nickel, to be composed of three-fourths copper and one-fourth nickel. The alloy of the one-cent piece shall be 95 per cent of copper and 5 per cent of tin and zinc. For the purchase of metal for the minor

coinage a sum of not exceeding $250,000 shall be transferred by the Secretary of the Treasury to the credit of the superintendent of the mint at Philadelphia. The seignorage arising from the coinage of the minor coins shall be credited to a special fund known as the minorcoinage profit fund, the balance of which shall be from time to time, at least twice a year, covered into the Treasury (Revised Statutes, secs. 3515 and 3528).

D. UNITED STATES NOTES

'The United States notes or "greenbacks" were first issued during the Civil War to meet the expenses of the government. Since 1879 there have been outstanding $346,681,016. They are backed by a cash reserve of $150,000,000 as a special fund in the Treasury. The amount never increases or decreases, for the law provides that if redeemed in cash at the Treasury they shall be promptly reissued. They are mainly in five- and ten-dollar denominations and fill a sort of middle place in our currency.

E. TREASURY NOTES OF 1890

These government notes were issued in the purchase of silver bullion under the terms of the Sherman Silver Purchase Act of 1890. There were in 1893 some $155,000,000 outstanding; but they are now canceled as fast as received at the Treasury, so that they are constantly disappearing from circulation. Originally amounting to $155,931,002, there were left outstanding in 1913 only $2,709,000. They are in various denominations. When retired, their place is taken directly by silver dollars coined from the bullion originally purchased with the notes; indirectly their place is filled by silver certificates issued as representative of silver coin.

F. GOLD CERTIFICATES

These certificates date back to the Civil War. The inconvenience of gold for everyday exchange transactions led to an authorization of the Secretary of the Treasury to receive gold in sums of not less than $20 and to issue certificates in their place. None may be issued in a denomination of less than $10. It is provided that at least one-fourth of the certificates shall be in denominations of $50 or less. They are designed to meet the needs of our large monetary transactions. The total amount of gold certificates now outside the Treasury is $802,754,199.

G. SILVER CERTIFICATES

The use of silver certificates dates back to 1878, being authorized by the Bland-Allison Act. The Secretary of the Treasury is required to accept all silver in sums of not less than $10, and to issue certificates therefor in denominations of $10 and less. They form the bulk of our small bills and have largely superseded the use of the silver they represent. The amount outside the Treasury on July 1, 1910, was $478,597,238, while the amount of silver dollars outstanding was only $72,432,514.1

152. REDEMPTION OF SUBSIDIARY AND REPRESENTATIVE MONEY

Gold coins and standard silver dollars, being standard coins of the United States, are not "redeemable."

The position of the silver dollar in our system is anomalous in that it is regarded in law as a standard coin and hence is not redeemable, while in essence it is no more standard than fractional silver or paper currency. The reason for this is historical. We have not yet got entirely over to the single gold standard; we have what has been aptly called a limping standard-the silver is still carried along as a full legal-tender coin, but it is coined only on government account. There is, however, a system of indirect redemption which in practice has thus far proved quite as effective as would a specific redemption in gold. In all payments to itself the Treasury receives silver on an equality with gold, and in all payment from itself to others it provides gold if that metal is desired; but in no case does it force silver upon an unwilling person. By the Currency Act of 1900 it is provided that silver shall be maintained at a parity with gold, and that it shall be the duty of the Secretary of the Treasury to maintain such parity. In case the above method of indirect redemption should not prove efficacious, the Secretary would be obliged to resort to more direct

means.

Subsidiary coins and minor coins may be presented, in sums or multiples of $20, to the Treasurer of the United States or to an assistant treasurer for redemption or exchange into lawful money.

Bank notes are discussed in Part II, selections Nos. 125-29.

Adapted from Circular No. 52 of the United States Treasury Department,

United States notes are redeemable in United States gold coin in any amount by the Treasurer and all the assistant treasurers of the United States.

Treasury notes of 1890 are redeemable in United States gold coin in any amount by the Treasurer and all the assistant treasurers of the United States.

Gold certificates, being receipts for gold coin, are redeemable in such coin by the Treasurer and all assistant treasurers of the United States.

Silver certificates are receipts for standard silver dollars deposited, and are redeemable in such dollars only.

"Coin" obligations of the Government are redeemed in gold coin when gold is demanded and in silver when silver is demanded.

153. LEGAL-TENDER PROVISIONS1

Gold coin is legal tender at its nominal or face value for all debts, public and private, when not below the standard weight and limit of tolerance prescribed by law; and when below such standard weight and limit of tolerance it is legal tender in proportion to its weight.

Standard silver dollars are legal tender at their nominal or face value in payment of all debts, public and private, without regard to the amount, except where otherwise expressly stipulated in the

contract.

Subsidiary silver is legal tender for amounts not exceeding $10 in any one payment.

Treasury notes of the act of July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract.

United States notes or "greenbacks" are legal tender for all debts, public and private, except duties on imports and interest on the public debt. Upon resumption of specie payments, January 1, 1879, they were made acceptable in payment of duties on imports by treasury order and have been freely received on that account since that date, though the law has not been changed.

Gold certificates, silver certificates, and national bank notes are not legal tender, but both classes of certificates are receivable for all public dues, while national bank notes are receivable for all public

I Adapted from Circular No. 52 of the United States Treasury Department,

dues except duties on imports, and may be paid out by the Government for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt and in redemption of the national currency. All national banks are required by law to receive the notes of other national banks at par.

The minor coins of nickel and copper are legal tender to the extent of 25 cents.

Foreign coins are not legal tender. Section 3584 of the Revised Statutes of the United States provides that no foreign coins shall be legal tender in the United States. They were legal tender, however, until 1854.

Annual Report of the Secretary of the Treasury, June 30, 1914, pp. 308-9.