UNITED STATES TREASURY DEPARTMENT

INFORMATION

RESPECTING

UNITED STATES BONDS, 

PAPER CURRENCY AND COIN, 

PRODUCTION OF 

PRECIOUS METALS,

ETC.

REVISED JULY 1,1915

WASHINGTON 

GOVERNMENT PRINTING OFFICE 

1915

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Federal Reserve Bank of St. Louis
T r e a s u r y D e p a r t m e n t ,

O f f ic e o f t h e S e c r e t a r y ,

Washington, July 1, 1915.

This publication, containing general information regarding United 

States bonds, paper currency and coin, production of precious metals, 

etc., has been compiled under my direction by the Division of Loans 

and Currency of this office with the cooperation of other Treasury 

offices. It is a revision of similar circulars of information issued by 

the department in 1896, 1897, 1900, 1904, 1908, 1910, and 1912. All 

comparative tables have been brought down to June 30, 1915, and 

wherever other statistical information is set forth the latest available 

figures have been used.

W . G . M cA d o o ,

Secretary.

a d d i t i o n a l c o p ie s

OP THIS PUBLICATION MAY BE PROCURED FROM 

THE SUPERINTENDENT OF DOCUMENTS 

GOVERNMENT PRINTING OFFICE 

WASHINGTON, D. C.

AT

15 CENTS PER COPY

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TABLE OF CONTENTS.

I. HISTORY OF UNITED STATES BONDS SINCE 1865.

Page,

Debt at close of Civil War..................................................................................................... 7

Credit-strengthening act........................................................................................................ 8

Refunding Civil War bonds.................................................................................................. 9

Resumption, gold reserve, and maintenance of parity................................................ 11

Bond issues of 1894, 1895, and 1896................................................................................... 12

Three per cent loan of 1908-1918........................................................................................ 13

Two per cent consols of 1930................................................................................................ 15

Refunding under department circulars of various dates, act March 14, 1900___ 16

Panama Canal bonds............................................................................................................... 17

Act of June 28, 1902, section 8 ..........................................................................*.____ 18

Act of August 5, 1909, section 39............................................................................... 18

Act of February 4, 1910, section 1............................................................................. 19

Act of March 2, 1911....................................................................................................... 19

Panama Canal statement....................................................................................................... 19

Postal savings bonds................................................................................................................ 19

Certificates of indebtedness.................................................................................................. 21

Refunding 2 per cent bonds................................................................................................. 21.

Interest-bearing debt June 30, 1915................................................................................... 22

Average rate of interest paid on United States bonds................................................. 23

Pacific Railroad bonds and settlements........................................................................... 23

Insular bonds............................................................................................................................. 24

District of Columbia bonds................................................................................................... 25

Principal of public debt, increase and decrease, fiscal years 1860-1915................ 25

Principal of public debt, increase and decrease, annual periods March 1,

1885, to March 1, 1915......................................................................................................... 27

II. THE SINKING FUND.

Statement of purchases and redemptions for.................................................................. 29

III. HISTORY OF COINS AND CURRENCY.

Monetary system of the United States.............................................................................. 31

Denominations, fineness, and weight of United States coins.................................... 34

Legal-tender and redemption qualities of United States money............................. 35

Gold coins................................................................................................................................... 37

Standard silver dollars........................................................................................................... 37

Trade dollars.............................................................................................................................. 38

Subsidiary silver....................................................................................................................... 39

Demand notes............................................................................................................................ 40

United States notes................................................................................................................. 40

Gold certificates........................................................................................................................ 41

Silver certificates..................................................................................................................... 42

Treasury notes of 1890............................................................................................................ 43

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Page.

Fractional currency................................................................................................................. 43

Portraits, etc., on current issues of paper currency...................................................... 44

Paper currency of each denomination outstanding June 30, 1915........................... 45

Specie and bank-note circulation, 1800-1859, with amount per capita................. 45

Coin and paper circulation, 1860-1915, with amount per capita.............................. 46

Sales of gold.................................................. ............................................................................. 49

Premium on gold and value of United States legal-tender notes from 1862 to

January 1, 1879..................................................................................................................... 49

Total redemptions of notes in gold and exports and imports of that metal each

fiscal year 1879-1915............................................................................................................ 50

IY. THE NATIONAL BANK CURRENCY.

Authorizing acts........................................................................................................................ 51

Profits on circulation............................................................................................................... 53

Profits on capital invested..................................................................................................... 53

Additional national bank currency.................................................................................... 53

National currency associations, with amounts additional circulation issued to

each........................................................................................................................................... 55

Amount of national bank circulation................................................................................. 57

Amount outstanding each year, 1864-1915...................................................................... 57

Y. FEDERAL RESERVE SYSTEM AND CURRENCY.

Organization of system........................................................................................................... 57

Federal reserve districts......................................................................................................... 58

Federal reserve notes............................................................................................................... 58

Federal reserve bank notes................................................................................................... 59

VI. STATISTICS OF COINAGE AND PRODUCTION OP THE PRECIOUS METALS.

Table 1. Acts authorizing and discontinuing coinage, changes in weight and

fineness, and amount coined........................................................................ 60

2. Coinage of the mints of the United States from their organization,

by calendar years............................................................................................. 63

3. Coinage, by pieces and values, fiscal year 1915......................................... 72

Additional coinages, year 1915, for certain Governments....................... 73

4. Fine ounces and value, gold and silver coinage, by fiscal years,

since 1873............................................................................................................ 74

5. Monetary standards of foreign countries....................................................... 75

6. Coinage of nations, 1912,1913........................................................................... 78

7. Coinage of gold and silver of mints of the world, calendar years since

1873....................................................................................................................... 81

8. Production of gold and silver in world since discovery of America.. 82

9. Production of gold and silver in world since 1860.................................... 84

10. Production of gold and silver in United States from 1792 to 1844 and

annually since................................................................................................... 85

11. World’s production of gold and silver, by countries................................ 87

12. Value of pure silver in a silver dollar, at prices per fine ounce from

$0.40 to $1.2929, or parity............................................................................ 90

13. Highest, lowest, and average price bar silver in London since 1833

and the equivalent in United States gold coin, taken at the average price.............................................................................................................. 91

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Page.

T a b l e 14. Bullion value of 371£ grains pure silver at annual average price since

1837...................................................................................................................... .......92

15. Coinage value in gold of an ounce of fine silver at the ratios 1:15-1:40. 92

16. Commercial ratio of silver to gold since 1687.....................................................93

17. Amount, cost, average price, and bullion value silver dollar coined

from bullion purchased under act of February 28, 1878................... ....... 94

18. Amount, cost, average price, and bullion value of a silver dollar

coinable from silver purchased under act of July 14, 1890.....................94

Index........................................................................................................................................... .......95

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INFORMATION RESPECTING UNITED STATES BONDS, PAPER

CURRENCY AND COIN, PRODUCTION OF PRECIOUS METALS,

ETC.

I . H I S T O R Y O F U N I T E D S T A T E S B O N D S S I N C E 18 65 .

DEBT AT CLOSE OF CIVIL WAR.

According to the statement published October 31, 1865, the public 

debt of the United States on that date was as follows:

Debt bearing interest in coin.

Authorizing acts. Character of issue. Amount outstanding.

Authorized before the war ....................................... 6 per cent bonds................................ $37,754,591.80

27.022.000.00

189.331.400.00

514.780.500.00 

100,000,000.00

44,479,100.00

172.770.100.00

75.000.000.00

D o.............................................................................. 5 per cent bonds................................

July 17 and Aug. 5,1861............................................... 6 per cent bonds................................

Feb. 25, 1862.................................................................... ........do..................................................

June 30,1864 ................................................................ ........do..................................................

Mar. 3, 1865..................................................................... ........do..................................................

Mar. 3,1864...................................................................... 5 per cent bonds................................

Mar. 3, 1863..................................................................... 6 per cent bonds................................

Aggregate of debt bearing coin interest.......... 1,161,137,691.80

Debt bearing interest in lawful money.

Authorizing acts. Character of issue. Amount outstanding.

July 11,1862.................................................................... 4 per cent temporary loan............... $612,727.98 

31,309,710.65 

67,185,306.83 

55,905,000.00

32,536,901.00 

173,012,141.00

234.400.000.00

595.600.000.00

D o.............................................................................. 5 per cent temporary loan...............

D o.............................................................................. 6 per cent temporary loan...............

Mar. 1,1862..................................................................... 6 per cent certificates of indebtedness.

Mar 3,1863..................................................................... 5 per cent 1 and 2 year notes..........

Mar. 3,1863, and June 30,1864.................................... 6 per cent 3-year compound-interest notes.

June 30, 1864................................................................... 7-30 notes (3-year).............................

Mar 3,1865 ............................................................... ........do...................................................

Aggregate of debt bearing lawful-money 

interest.

1,190,561,787.46

Total interest-bearing debt............................... 2,351,699,479.26

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Debt bearing no interest:

Demand notes.................................................................................................... $392,070. 00

United States notes.......................................................................................... 427, 768, 499. 00

Fractional currency.......................................................................................... 26, 057, 469. 20

Matured debt, interest ceased....................................................................... 1, 373, 920. 09

Unpaid requisitions.......................................................................................... 660, 900. 00

Aggregate of debt bearing no interest............................................ 456, 252, 858. 29

Total indebtedness of the United States................................................... 2, 807, 952, 337. 55

Cash in the Treasury........................................................................................ 68, 355, 578. 69

Total public debt, less cash in the Treasury............................... 2, 739, 596, 758. 86

The foregoing table does not include bonds issued in aid of Pacific 

railroads.

The first three items in the above table of debt bearing coin interest 

represent obligations which were negotiated prior to the suspension of 

specie payments, January 1, 1862, and were therefore sold for gold. 

A portion of these bonds was sold at a discount, the aggregate amount 

of such discount being $7,358,544.19. All the remainder of the obligations stated in the above tables were sold at not less than par in 

United States notes.

Soon after the close of the Civil War the revenues began to exhibit 

a surplus over expenditures. This surplus was applied from time to 

time to the redemption of short-term obligations, which consisted of 

debt bearing interest in lawful money (United States notes). Such 

portion of these obligations as could not be redeemed for lack of funds 

was converted into 5-20 bonds, as authorized by the act of March 3, 

1865. These transactions were completed by May 1, 1869. The 

Government then began using the surplus revenues in the purchase 

of its unmatured bonds at the market price in currency. The average price paid in May, 1869, was 115.84, which was equivalent to 

82.72 in gold, or a discount of 17.28. These purchases were continued 

until September, 1873. The total amount purchased was $323,253,- 

800; the net cost in currency was $362,981,483.79, and the net cost 

in gold was $307,702,207.64. The average price in currency was 

112.27, and the average price in gold was 95.19.

CREDIT-STRENGTHENING ACT.

During the Civil War the necessities of the Government compelled 

the borrowing of money in many different ways. Some of the obligations issued for money so borrowed were admittedly payable in lawful 

money; but other obligations, such as the 5-20 bonds, while bearing 

interest payable, under the laws authorizing them, in coin, contained 

no specific statement as to the kind of money in which the principal

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should be paid at maturity. In this respect these bonds did not differ 

from all the other bonds issued since 1791, since none of them contained any provision as to the kind of money in which they should be 

paid; but, before the war, gold and silver coins were the only recognized legal-tender money, while after the war the existence of the 

legal-tender United States notes gave rise to discussion as to the 

power of the Government to liquidate all its debts in paper money. 

To settle the conflicting questions arising from this discussion, Congress passed the act entitled “ An act to strengthen the public credit,” 

which was approved March 18, 1869. The text of the act was as 

follows:

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That in order to remove any doubt as to the purpose of the

Government to discharge all just obligations to the public creditors, and to settle

conflicting questions and interpretations of the laws by virtue of which such obligations have been contracted, it is hereby provided and declared that the faith of the

United States is solemnly pledged to the payment in coin or its equivalent of all the

obligations of the United States not bearing interest, known as United States notes,

and of all the interest-bearing obligations of the United States, except in cases where

the law authorizing the issue of any such obligation has expressly provided that the

same may be paid in lawful money or other currency than gold and silver. But none

of said interest-bearing obligations not already due shall be redeemed or paid before

maturity unless at such time United States notes shall be convertible into coin at the

option of the holder, or unless at such time bonds of the United States bearing a lower

rate of interest than the bonds to be redeemed can be sold at par in coin. And the

United States also solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin.

Approved, March 18, 1869.

By this act the United States solemnly pledged its faith to the payment of all its obligations in coin, except those which were specifically 

payable in some other currency; but in order to prevent improper 

speculation in the public debt it was provided that the Government 

should not redeem any of its obligations in coin before their maturity, 

unless at the same time it should be able to redeem United States 

notes in coin, or until the public credit should have become so good 

that the Government could sell bonds bearing lower rates of interest 

at par in coin.

REFUNDING CIVIL W AR BONDS.

The refunding act of July 14, 1870, authorized the sale, at not less 

than par in coin, of 5 per cent 10-year bonds, 4J per cent 15-year 

bonds, and 4 per cent 30-year bonds, the proceeds to be applied to 

the redemption of the war debt. The refunding operations under 

this act began in 1871 and continued until the summer of 1879. At 

first the sales were confined to the 5 per cent bonds. In 1876, when 

the credit of the United States had sufficiently improved, the 4^ per 

cent bonds were offered for sale; and in 1877 they were withdrawn

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and the 4 per cents of 1907 were substituted. All these classes of 

bonds were sold at not less than par for gold or its equivalent, and 

the proceeds were used in redeeming, in gold, an equal amount of 

the bonds representing the war debt.

The classes of bonds sold for refunding and the bonds redeemed 

with the proceeds are shown in the following tables:

BONDS SOLD.

5 per cent loan of 1881............................................................................................ $500, 000,000

4J per cent loan of 1891.......................................................................................... 185, 000, 000

4 per cent loan of 1907............................................................................................ 710, 345, 950

Total................................................................................................................. 1,395,345,950

BONDS REDEEMED.

6 per cent five-twenties of 1862........................................................................... $401,143, 750

6 per cent five-twenties of March, 1864............................................................. 1, 327,100

6 per cent five-twenties of June, 1864............................................................... 59,185, 450

6 per cent five-twenties of 1865........................................................................... 160,144, 500

6 per cent consols of 1865...................................................................................... 211, 337, 050

6 per cent consols of 1867...................................................................................... 316, 423, 800

6 per cent consols of 1868...................................................................................... 37, 677, 050

5 per cent loan of 1858............................................................................................ 14, 217, 000

5 per cent ten-forties of 1864................................................................................ 193, 890. 250

Total................................................................................................................ 1,395,345,950

A considerable amount of 6 per cent bonds (about sixty-five millions) was exchanged at the beginning of the refunding operations, 

bond for bond, for 5 per cents. These exchanges are included in the 

above tables.

The annual saving of interest to the Government by the refunding 

operations was $19,900,846.50.

The greater part of the Civil War debt was sold for currency. Bonds 

amounting to $1,395,345,950 were redeemed in gold, and the gold with 

which they were redeemed was obtained from the purchasers of other 

bonds bearing lower rates of interest.

The refunding operations included all the bonds which up to 1879 

had become redeemable. Meanwhile resumption of specie payments 

had brought all the business of the country to the coin basis. As the 

remaining Civil War debt matured it was either continued at a lower 

rate of interest or redeemed in gold. The continued bonds were also 

redeemed from time to time, as the surplus revenues permitted, until 

no bonds remained outstanding except those authorized by the 

refunding acts.

These last-mentioned bonds were purchased from time to time 

with the surplus revenues or redeemed as they became redeemable, 

though meantime some of them were continued at lower rates of 

interest. The last of them, being the residue of the 4 per cent bonds

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of 1907, were called for redemption April 2,1907, and ceased to bear 

interest July 2 of that year. Of these latter bonds $441,728,950 had 

been refunded into 2 per cent consols of 1930, and except for some 

small amounts of matured bonds that have never been presented for 

payment this is the amount of the Civil War interest-bearing debt 

now outstanding.

The foregoing statement does not include the bonds, payable in 

lawful money, which were issued in aid of Pacific railroads. (See 

page 23.)

RESUMPTION, THE GOLD RESERVE, AND MAINTENANCE OF PARITY OF 

VARIOUS KINDS OF MONEY.

TJie resumption act was approved January 14, 1875; it directed the 

Secretary of the Treasury to prepare and provide for the redemption 

of United States notes in coin on and after January 1, 1879, and it 

authorized him to use the surplus revenues for that purpose, from 

time to time, and to sell and dispose of, at not less than par in 

coin, either class of bonds described in the refunding act approved 

July 14, 1870. In pursuance of this authority $95,500,000 of the 

4| and 4 per cent bonds were sold for redemption purposes, and the 

proceeds ($96,000,000 in gold) were placed in the Treasury as a fund 

for such redemption. In time this fund became known as the “ gold 

reserve,” and in the bank act approved July 12, 1882, in a section 

providing for the issue of gold certificates, the sum of $100,000,000 

was prescribed by Congress as the limit to which the gold reserve 

might be reduced without affecting the issue of gold certificates.

The act of March 14, 1900, increased the reserve fund to $150,-

000,000 of gold coin and bullion for the redemption of United States 

notes and after setting forth the methods to be employed in maintaining the fund provided that if at any time notwithstanding the 

reserve should fall below $100,000,000 then “ it shall be his (the 

Secretary’s) duty to restore the same to the maximum sum of $150,-

000,000 by borrowing money on the credit of the United States, 

and for the debt thus incurred to issue and sell coupon or registered 

bonds of the United States.”

Section 8 of the act of May 30, 1908, directed that taxes received 

on national bank circulation secured otherwise than by United 

States bonds should be credited to the reserve fund held for the 

redemption of United States notes. Under this provision $2,977,- 

036.63 has been added to the gold reserve fund and it now stands at 

$152,977,036.63.

Section 1 of the act of March 14, 1900, provides that it shall be 

the duty of the Secretary of the Treasury to maintain the parity of 

all forms of money issued or coined by the United States with the

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gold dollar which is declared the standard unit of value. Section 26 

of the Federal reserve act reaffirms the parity provision of the act 

of March 14, 1900, and further provides that “ the Secretary of the 

Treasury may for the purpose of maintaining such parity and to 

strengthen the gold reserve, borrow gold on the security of United 

States bonds authorized by section two of the Act last referred to 

(act of March 14, 1900) or for one-year gold notes bearing interest 

at a rate of not to exceed 3 per centum per annum, or sell the same if 

necessary to obtain gold. When the funds of the Treasury on 

hand justify, he may purchase and retire such outstanding bonds 

and notes.” Net earnings derived by the United States from Federal 

reserve banks may be used to supplement the gold reserve.

BOND ISSUES OF 1894, 1895, AND 1896.

The presentation of United States notes for redemption prior 

to 1893 was not great enough to reduce the reserve fund below 

$100,000,000. In April of that year, however, the minimum was 

reached, and the fund became so low that in February, 1894, an 

issue of bonds became necessary to enable the Government to restore 

the gold reserve and redeem the obligations of the United States. 

Accordingly, popular subscriptions were invited for an issue of 

$50,000,000 of 10-year 5 per cent bonds, which were dated February

1, 1894, and realized to the Government $58,633,295.71 in gold. In 

November, 1894, another issue of $50,000,000 of the same class of 

bonds was necessary, the sum realized being $58,538,500. In February, 1895, the Government was again obliged to replenish the gold 

reserve, which it did by the purchase, under contract, of 3,500,000 

ounces of gold coin, which were paid for with United States 4 per 

cent 30-year bonds, amounting to $62,315,400. Another sale of 

$100,000,000 of 4 per cent 30-year bonds was made through popular 

subscriptions invited in January, 1896.

To recapitulate, the bonds sold in 1894, 1895, and 1896, as above 

indicated, the average prices received, and the proceeds were as 

follows:

Kind of bonds. Amount. Price. Proceeds.

5 per cent bonds, loan of 1904..............................................................

D o.......................................................................................................

$50,000,000

50,000,000

62,315,400

100,000,000

$117.266 

117.077 

104.495 

111.166

$58,633,296 

58,538,500 

65,116,244 

111,166,246

4 per cent bonds, loan of 1925..............................................................

D o.......................................................................................................

Total............................................................................................... 262,315,400 293,454,286

All these bonds, which were sold for redemption purposes, were 

sold at not less than par for gold coin, or its equivalent, and under 

the provisions of the authorizing acts were to be redeemed in coin of

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the standard value of July 14, 1870, which was the date of the first of 

the refunding acts, and the interest was to be paid quarterly in coin of 

the same standard. The standard weights and fineness for coins at 

that date were the same as at present, the gold dollar being of the 

standard weight of 25.8 grains and the silver dollar of the standard 

weight of 412J grains.

The 5 per cent loan of 1904, in amount $100,000,000, matured 

February 2, 1904. However, before such date $72,071,300 of these 

bonds had been refunded into 2 per cent consols of 1930 and $8,543,650 

had been purchased. Following such refunding and purchasing 

operations the balance of the loan was called and $19,372,000 of the 

bonds were redeemed, and there now remain outstanding $13,050, 

which have not been presented for payment.

Of the original issue of $162,315,400 of the 4 per cent loan of 1925, 

$43,825,500 have been purchased, and $118,489,900 are outstanding, 

being payable at the pleasure of the United States after February 1, 

1925.

THREE PER CENT LOAN OF 1908-1918.

In 1898 the war with Spain involved the Government in expenditures which could not be met by the revenues then being received 

under existing law. Congress accordingly enacted what was known 

as the war-revenue act of 1898, which was approved by the President 

June 13, 1898. Besides providing for increased revenues, it authorized an issue of bonds. The section of the act providing for this 

issue was as follows:

33. That the Secretary of the Treasury is hereby authorized to borrow on the credit of

the United States, from time to time as the proceeds may be required to defray expenditures authorized on account of the existing war (such proceeds when received to be

used only for the purpose of meeting such war expenditures), the sum of four hundred

million dollars, or so much thereof as may be necessary, and to prepare and issue

therefor coupon or registered bonds of the United States in such form as he may prescribe, and in denominations of twenty dollars or some multiple of that sum, redeemable in coin at the pleasure of the United States after ten years from the date of their

issue, and payable twenty years from such date, and bearing interest payable quarterly in coin at the rate of three per centum per annum; and the bonds herein authorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That

the bonds authorized by this section shall be first offered at par as a popular loan

under such regulations, prescribed by the Secretary of the Treasury, as will give

opportunity to the citizens of the United States to participate in the subscriptions to

such loan; and in allotting said bonds the several subscriptions of individuals shall be

first accepted, and the subscriptions for the lowest amounts shall be first allotted;

Providedfurther, That any portioli of any issue of said bonds not subscribed for as above

provided may be disposed of by the Secretary of the Treasury at not less than par,

under such regulations as he may prescribe, but no commissions shall be allowed or

paid thereon; and a sum not exceeding one-tenth of one per centum of the amount of

the bonds and certificates herein authorized is hereby appropriated, out of any money

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in the Treasury not otherwise appropriated, to pay the expense of preparing, advertising, and issuing the same.

On June 13, 1898, the department invited subscriptions at par for 

an issue of $200,000,000 of these bonds. Obedient to the fair spirit 

of the law, the Treasury Department sought by every means to extend 

the opportunity for subscription to all the people. Every newspaper 

in the United States was supplied with interesting and instructive 

information relative to the issue, which, with few exceptions, was 

patriotically and free of charge prominently displayed. Circulars of 

information with blank forms for subscription were supplied to more 

than 22,000 money-order post offices, to every express office, and to 

all the banks. A period of 31 days was allowed for the receipt of 

subscriptions; 320,226 subscriptions, amounting to more than 

$1,500,000,000, were received. A summary of the subscriptions 

received, classified as to amounts, follows:

Subscriptions for less than $100....................................................................................... 11,483

Subscriptions $100 to $180................................................................................................. 14, 974

Subscriptions $200 to $280................................................................................................. 9, 902

Subscriptions $300 to $380................................................................................................. 7, 594

Subscriptions $400 to $480................................................................................................. 7, 698

Subscriptions $500 only...................................................................................................... 180, 573

Subscriptions $520 to $980................................................................................................. 11, 862

Subscriptions $1,000 to $1,980.......................................................................................... 25,152

Subscriptions $2,000 to $2,980.......................................................................................... 10, 349

Subscriptions $3,000 to $3,980.......................................................................................... 5,165

Subscriptions $4,000 to $4,400........................................................................................... 5, 223

Subscriptions $4,500 only................................................................................................... 1, 875

Subscriptions more than $4,500........................................................................................ 28, 376

Total.............................................................................................................................. 320,226

The total amount of bonds issued under this act was $198,792,660. 

These bonds bear interest at 3 per cent and are payable in coin. 

While it is not specified in their terms that they are payable in coin 

of the standard value of July 14, 1870, they are in effect payable in 

such coin. Up to this time the Government had never issued any 

bonds payable by their terms either principal or interest in gold coin 

or in silver coin. Before the Civil War the obligations of the United 

States contained no statement as to the kind of money in which they 

should be paid, and none of the Civil War obligations contained any 

such provision except the certificates of temporary loan and the 7-30 

notes of 1864 and 1865, which are all payable in lawful money. Under 

the terms of their issue these bonds are redeemable any time after 

August 1, 1908, and are payable August 1, 1918. Of the original 

amount issued $132,449,900 have been refunded into the 2 per cent 

consols of 1930, $2,396,800 have been purchased for the sinking fund 

and canceled, and $500 have been purchased and canceled under the 

act of March 3, 1881, leaving outstanding at this time $63,945,460,

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TWO PER CENT CONSOLS OF 1930.

During the first session of the Fifty-sixth Congress there was enacted a bill, popularly known as the financial bill, which became a 

law, by the approval of the President, March 14, 1900. Under section 11 of this act the Government, for the first time in its history, 

issued bonds payable specifically in United States gold coin. The 

section of the act in question is as follows:

That the Secretary of the Treasury is hereby authorized to receive at the Treasury

any of the outstanding bonds of the United States bearing interest at five per centum

per annum, payable February 1, 1904, and any bonds of the United States bearing

interest at four per centum per annum, payable July 1, 1907, and any bonds of the

United States bearing interest at three per centum per annum, payable August 1,

1908, and to issue in exchange therefor an equal amount of coupon or registered bonds

of the United States in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of two per centum per annum,

payable quarterly, such bonds to be payable at the pleasure of the United States

after thirty years from the date of their issue, and said bonds to be payable, principal

and interest, in gold coin of the present standard value, and to be exempt from the

payment of all taxes or duties of the United States, as well as from taxation in any

form by or under State, municipal, or local authority: Provided, That such outstanding bonds may be received in exchange at a valuation not greater than their present

worth, to yield an income of two and one-quarter per centum per annum; and in

consideration of the reduction of interest effected the Secretary of the Treasury is

authorized to pay to the holders of the outstanding bonds surrendered for exchange,

out of any money in the Treasury not otherwise appropriated, a sum not greater than

the difference between their present worth, computed as aforesaid, and their par

value, and the payments to be made hereunder shall be held to be payments on

account of the sinking fund created by section 3694 of the Revised Statutes: And

provided further, That the two per centum bonds to be issued under the provisions

of this act shall be issued at not less than par, and they shall be numbered consecutively in the order of their issue, and when payment is made the last numbers issued

shall be first paid; and this order shall be followed until all the bonds are paid, and

whenever any of the outstanding bonds are called for payment interest thereon shall

cease three months after such call.

The 2 per cent bonds are called consols of 1930, and the amount of 

them issued is $646,250,150.

The statement following shows the amount of each of the three 

classes of bonds mentioned in the act of March 14, 1900, surrendered 

for exchange into 2 per cent consols. It also shows the saving in 

interest by reason of the cancellation of the old bonds, the premium 

paid on account of their surrender, the premium received for the 

new bonds, and the amount saved by the Government by reason 

of said exchanges.

2023°— 15------ 2

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Refunding under circulars of Mar. 14, 1900, Mar. 26 and Sept. 23, 1903, .7905,

and Apr. 2, 1907, authorized by act of March 14, 1900.

3 per cent. 4 per cent. 5 per cent. Total.

Loan of 1908- Funded loan of

Circular No. 29, Mar. 14, 1900: 1918A 1907. Loan of 1904.

Amount refunded............................... $98,879,700.00 $274,989,750.00 $72,071,300.00 $445,940,750.00

Interest saved on old bonds to maturity................................................. 24,139,929.00 77,343,136.00 13,050,355.00 114,533,420.00

Interest to be paid on new bonds to

maturity of old bonds.................... 16,093,286.00 38,671,568.00 5,220,142.00 59,984,996.00

Premiums paid for old bonds........... 5,500,161.00 31,209,272.00 6,872,572.00 43,582,005.00

Net profit..................................................... 2,546,482.00 7,462,296.00 957,641.00 10,966,419.00

Circular No. 34, Mar. 26, 1903; discontinued July 31, 1903:

Amount refunded.............. .. ......... 16,042,700.00 65,099,900.00 81,142,600.00

Interest saved on old bonds to maturity................................................. 2,514,993.00 10,842,912.00 13,357,905.00

Interest to be paid on new bonds to

maturity of old bonds.................... 1,676,662.00 5,421,456.00 7,098,118.00

Premium paid for old bonds............ 592,352.43 4,522,217.51 5,114,569.94

Premium received for new bonds. . . 320,854.00 1,301,998.00 1,622,852.00

Net profit............................................. 566,832.57 2,201,236.49 2,768,069.06

Circular No. 108, Sept. 23, 1903; discontinued Dec. 31, 1903:

Amount refunded............................... 4,337,600.00 11,489,000.00 15,826,600.00

Interest saved on old bonds to maturity................................................. 628,739.77 1,666,662.50 2,295,402.27

Interest to be paid on new bonds to

maturity of old bonds.................... 419,159.84 833,331.25 1,252,491.09

Premium paid for old bonds............ 147,319.66 700,760.31 848,079.97

Premium received for new bonds. . . 86,752.00 229,780.00 316,532.00

Net profit............................................. 149,012.27 362,350.94 511,363.21

Circular No. 10C, Sept. 28, 1905:

Amount refunded............................... 13,189,900.00 39,842,500.00 53,032,400.00

Interest saved on old bonds to maturity................................................. 1,088,166.75 2,656,166.66 3,744,333.41

Interest to be paid on new bonds to

maturity of old bonds.................... 725,444.50 1,328,083.33 2,053,527.83

Premium paid for old bonds............ 264,168.67 1,153,310.86 1,417,479.53

Premium received for new bonds. . . 131,899.00 398,425.00 530,324.00

Net profit............................................. 230,452.58 573,197.47 803,650.05

Circular No. 25, Apr. 2, 1907:

Amount refunded............................... 50,307,800.00 50,307,800.00

Interest saved on old bonds to maturity................................................. 335,385.33 335,385.33

Interest to be paid on new bonds to

maturity of old bonds....... ... 167,692.66 167,692.66

Premium paid for old bonds............ 175,390.45 175,390.45

Premium received for new bonds 1,509,234.00 1,509,234.00

Net profit............................................. 1,501,536.22 1,501,536.22

1 Here treated as maturing Aug. 1, 1908,

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Refunding under circulars of Mar. 14,1900, Mar. 26 and Sept. 23, 1903, Sept. 28, 1905,

and Apr. 2, 1907, authorized by act of Mar. 14, 1900.— Continued.

REC A PITU LA TIO N .

3 per cent. 4 per cent. 5 per cent. Total.

Amount refunded into 2 per cent consols of 1930................................................

Interest saved on old bonds to maturity. 

Interest to be paid on new bonds to maturity of old bonds.................................

Premium paid for old bonds...................

Premium received for new bonds...........

Net profit.....................................................

Loan of 1908-

1918.

$132,449,900.00

28,371,828.52

18,914,552.34 

6,504,001.76 

539,505.00 

3,492,779.42

Funded loan of

1907.

$441,728,950.00

92,844,262.49

46,422,131.24 

37,760,951.13 

3,439,437.00 

12,100,617.12

Loan of 1904• 

$72,071,300.00 

13,050,355.00

5.220.142.00

6.872.572.00

957,641.00

$646,250,150.00 

134,266,446.01

70,556,825.58

51,137,524.89

3,978,942.00

16,551,037.54

p a n a m a c a n a l b o n d s .

The act of June 28, 1902, provided for the issue of bonds to an 

amount not exceeding the sum of $130,000,000; the bonds to be in 

denominations of $20 or some multiple of that sum, redeemable in 

gold coin at the pleasure of the United States after 10 years from 

the date of their issue and payable 30 years from such date, and 

bearing interest payable quarterly in gold coin at the rate of 2 per 

cent per annum. Acting under this authority the department 

issued $84,631,980 of such bonds, of which $30,000,000 were 

issued in pursuance of a circular dated July 2, 1906, and $24,631,980 

were issued in pursuance of a circular dated November 18, 1907. 

Both of these issues were dated August 1, 1906, and together are 

known as the Panama Canal loan, series of 1906. The average price 

realized for the first issue was 104.036+ and accrued interest from 

August 1, 1906, and the average price realized for the second issue 

was 102.99 and accrued interest from November 1, 1907. An additional $30,000,000 were issued in pursuance of a circular dated 

November 18, 1908, and the average price realized for this issue was 

102.436+ and accrued interest from November 1, 1908. This issue is 

known as the Panama Canal loan, series of 1908.

The act of August 5, 1909, modified the existing authority for 2 

per cent bonds and provided for the issue of bonds amounting to 

$290,569,000 at a rate of interest not to exceed 3 per cent. Under 

authority of this act (supplemented by the acts of Feb. 4, 1910, and 

Mar. 2, 1911) an issue of $50,000,000 3 per cent Panama Canal bonds 

was made, they were dated June 1, 1911, and are payable June 1, 

1961. The average price realized for this issue was 102.5825. These 

bonds are not available as security for circulating notes of national 

or Federal reserve banks.

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The authorizing acts follow:

A N ACT To provide for the construction of a canal connecting the waters of the Atlantic and Pacific

Oceans.

*******

S e c . 8. The Secretary of the Treasury is hereby authorized to borrow on the credit

of the United States from time to time, as the proceeds may be required to defray

expenditures authorized by this act (such proceeds when received to be used only

for the purpose of meeting such expenditures), the sum of one hundred and thirty

million dollars, or so much thereof as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe,

and in denominations of twenty dollars or some multiple of that sum, redeemable

in gold coin at the pleasure of the United States after ten years from the date of their

issue, and payable thirty years from such date, and bearing interest payable quarterly

in gold coin at the rate of two per centum per annum; and the bonds herein authorized

shall be exempt from all taxes or duties of the United States, as well as from taxation

in any form by or under State, municipal, or local authority: Provided, That said

bonds may be disposed of by the Secretary of the Treasury at not less than par, under

such regulations as he may prescribe, giving to all citizens of the United States an

equal opportunity to subscribe therefor, but no commissions shall be allowed or paid

thereon; and a sum not exceeding one-tenth of one per centum of the amount of the

bonds herein authorized is hereby appropriated, out of any money in the Treasury

not otherwise appropriated, to pay the expense of preparing, advertising, and issuing

the same.

Act of August 5, 1909.

A n ACT To provide revenue, equalize duties, and encourage the industries of the United States, and for

other purposes.

*******

S e c . 39. That the Secretary of the Treasury is hereby authorized to borrow on the

credit of the United States from time to time, as the proceeds may be required to

defray expenditures on account of the Panama Canal and to reimburse the Treasury

for such expenditures already made and not covered by previous issues of bonds, the

sum of two hundred and ninety million five hundred and sixty-nine thousand dollars

(which sum together with the eighty-four million six hundred and thirty-one thousand nine hundred dollars already borrowed upon issues of two per cent bonds under

section eight of the Act of June twenty-eighth, nineteen hundred and two, equals

the estimate of the Isthmian Canal Commission to cover the entire cost of the Canal

from its inception to its completion), and to prepare and issue therefor coupon or

registered bonds of the United States in such form as he may prescribe, and in denominations of one hundred dollars, five hundred dollars, and one thousand dollars, payable fifty years from the date of issue, and bearing interest payable quarterly in gold

coin at a rate not exceeding three per centum per annum; and the bonds herein

authorized shall be exempt from all taxes or duties of the United States, as well as

from taxation in any form by or under State, municipal, or local authority: Provided,

That said bonds may be disposed of by the Secretary of the Treasury at not less than

par, under such regulations as he may prescribe, giving to all citizens of the United

States an equal opportunity to subscribe therefor, but no commissions shall be allowed

or paid thereon; and a sum not exceeding one-tenth of one per centum of the amount

of the bonds herein authorized is hereby appropriated, out of any money in the

Treasury not otherwise appropriated, to pay the expenses of preparing, advertising,

and issuing the same; and the authority contained in section eight of the Act of June

twenty-eighth, nineteen hundred and two, for the issue of bonds bearing interest at

two per centum per annum, is hereby repealed.

Act of June 28, 1902.

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Act of February 4, 1910.

AN ACT Prescribing certain provisions and conditions under which bonds and certificates of indebtedness 

of the United States may be issued, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That any bonds and certificates of indebtedness of the United

States hereafter issued shall be payable, principal and interest, in United States gold

coin of the present standard of value; and that such bonds may be issued in such

denominations as may be prescribed by the Secretary of the Treasury.

*******

Act of March 2, 1911.

AN ACT To restrain the Secretary of the Treasury from receiving bonds issued to provide money for the 

building of the Panama Canal as security for the issue of circulating notes to national banks, and for 

other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That the Secretary of the Treasury be, and he is hereby, authorized to insert in the bonds to be issued by him under section thirty-nine of an Act

entitled “ An Act to provide revenue, equalize duties, and encourage the industries of

the United States, and for other purposes,’’ approved August fifth, nineteen hundred

and nine, a provision that such bonds shall not be receivable by the Treasurer of the

United States as security for the issue of circulating notes to national banks; and the

bonds containing such provision shall not be receivable for that purpose.

PANAMA CANAL STATEMENT (JUNE 30, 1915).

Total authorized expenditures for construction, reimbursable

through proceeds of sales of bonds............................................................. $375, 200, 980. 00

Expenditures:

Reimbursed through proceeds of sales of bonds—

Panama Canal bonds issued........................... $134, 631, 980. 00

Premium received on same............................ 3, 968, 889. 02

Proceeds of sales of Panama Canal bonds.. 138, 600, 869. 02

Proceeds of sales of Postal Savings bonds.. 6, 441, 600. 00

Total proceeds of sales of bonds............... 145, 042, 469. 02

Expenditures from general fund subject to reimbursement through sales of bonds............... 213,030,036. 48

Total expenditures to date.......................................................... 358,072, 505. 50

Balance expenditures authorized...................................................... 17,128, 474. 50

P O S T A L S A Y IN G S B O N D S .

The act of June 25, 1910, provides as follows:

AN ACT To establish postal savings depositories for depositing savings at interest with the security 

of the Government for repayment thereof, and for other purposes. 

*******

S e c . 10. That any depositor in a postal savings depository may surrender his deposit,

or any part thereof, in sums of twenty dollars, forty dollars, sixty dollars, eighty

dollars, one hundred dollars, and multiples of one hundred dollars and five hundred

dollars, and receive in lieu of such surrendered deposits, under such regulations as

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may be established by the board of trustees, the amount of the surrendered deposits

in United States coupon or registered bonds of the denominations of twenty dollars,

forty dollars, sixty dollars, eighty dollars, one hundred dollars, and five hundred

dollars, which bonds shall bear interest at the rate of two and one-half per centum

per annum, payable semiannually, and be redeemable at the pleasure of the United

States after one year from the date of their issue and payable twenty years from such

date, and both principal and interest shall be payable in United States gold coin

of the present standard of value: Provided, That the bonds herein authorized shall

be issued only (first) when there are outstanding bonds of the United States subject

to call, in which case the proceeds of the bonds shall be applied to the redemption

at par of outstanding bonds of the United States subject to call, and (second) at times

when under authority of law other than that contained in this Act the Government

desires to issue bonds for the purpose of replenishing the Treasury, in which case

the issue of bonds under authority of this Act shall be in lieu of the issue of a like

amount of bonds issuable under authority of law other than that contained in this

Act: Provided further, That the bonds authorized by this Act shall be issued by the

Secretary of the Treasury under such regulations as he may prescribe: And provided

further, That the authority contained in section nine of this Act for the investment

of postal savings funds in United States bonds shall include the authority to invest

in the bonds herein authorized whenever such bonds may be lawfully issued: And

provided further, That the bonds herein authorized shall be exempt from all taxes

or duties of the United States as well as from taxation in any form by or under State,

municipal, or local authority: And provided further, That no bonds authorized by this

Act shall be receivable by the Treasurer of the United States as security for the issue

of circulating notes by national banking associations.

S e c . 11. That whenever the trustees of the postal savings fund have in their possession funds available for investment in United States bonds they may notify the

Secretary of the Treasury of the amount of such funds in their hands which they

desire to invest in bonds of the United States subject to call, whereupon, if there are

United States bonds subject to call, the Secretary of the Treasury shall call for redemp-

* tion an amount of such bonds equal to the amount of the funds in the hands of the

trustees which the trustees desire to thus invest, and the bonds so called shall be

redeemed at par with accrued interest at the Treasury of the United States on and

after three months from the date of such call, and interest on the said bonds shall

thereupon cease: Provided, That the said bonds when redeemed shall be reissued at

par to the trustees without change in their terms as to rate of interest and date of

maturity: And provided further, That the bonds so reissued may, in the discretion of

the Secretary of the Treasury, be called for redemption from the trustees in like manner as they were originally called for redemption from their former owners whenever

there are funds in the Treasury of the United States available for such redemption.

* * * * * * * 

Approved, June 25, 1910.

In pursuance of authority contained in the act quoted above postal 

savings bonds have been issued. The first series was issued July 1, 

1911, and an additional series has been issued January 1 and July 1 

of each subsequent year. Postal savings depositors may make application to the Post Office Department to convert their savings into 

bonds, such applications to be made at least 30 days before the 

date of issue of the bonds. The applications, after receiving the approval of the Post Office Department, are forwarded to the Treasury 

Department and at the same time funds for the amount of the bonds 

to be issued are deposited in the Treasury. Thereupon the Treasury

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Department issues the postal savings bonds, which are United States 

bonds and a direct obligation of the Government. The bonds bear 

interest at the rate of 2 J per cent per annum payable semiannually on 

January 1 and July 1 of each year, both principal and interest payable 

in United States gold coin of the present standard of value; they are 

redeemable after 1 year from date of issue and are payable 20 years 

from such date; they are not receivable as security for national 

or Federal reserve bank circulation. They are issued in coupon and 

registered form, and in denominations of $20, $100, and $500. Postal 

savings bonds may be issued only (1) when there are outstanding 

bonds of the United States subject to call, the proceeds of the postal 

savings bonds to be applied to the redemption at par of an equal 

amount of the bonds called, or (2) at times when under authority of 

law other than that contained in the postal savings act the Government may issue bonds for the purpose of replenishing the Treasury, 

in which case postal savings bonds may be issued in lieu of a like 

amount of other bonds. At the present time the bonds of the 3 per 

cent loan of 1908-1918 are subject to call, and the department has 

authority for issuing Panama Canal bonds in order to reimburse the 

Treasury for advances made from the general fund on account of the 

expenses of construction of the canal.

Altogether eight series of postal savings bonds have been issued, 

in total amount $6,441,600; all these bonds are outstanding.

CERTIFICATES OF INDEBTEDNESS.

Section 32 of the act of June 13, 1898, as amended by section 40 of 

the act of August 5, 1909, authorizes the Secretary of the Treasury to 

borrow, at not exceeding 3 per cent interest, such sums as may be 

necessary to meet public expenditures and to issue therefor certificates 

of indebtedness in denominations of $50 or some multiple thereof, 

payable not exceeding one year from date of issue, and not more than 

$200,000,000 to be outstanding at any time. The act of February 4, 

1910, provides that certificates of indebtedness thereafter issued shall 

be payable, principal and interest, in United States gold coin and 

that they shall be exempt from all taxation.

Under authority of the original act the department, in November, 

1907, issued certificates of indebtedness in the sum of $15,436,500. 

These certificates were sold to national banks at par and accrued 

interest and were used as a basis for circulation. They were redeemed 

before or upon maturity in November, 1908.

REFUNDING 2 PER CENT BONDS.

Section 18 of the Federal reserve act which authorizes the retirement of national bank circulation also permits the refunding of 

the 2 per cent bonds acquired and held by Federal reserve banks

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and available to secure circulation, but against which no circulation is outstanding. Federal reserve banks owning bonds of such 

character, that is, 2 per cent consols of 1930 or 2 per cent Panama 

Canal bonds, may, with the approval of the Federal Reserve Board, 

apply to the Secretary of the Treasury for the exchange of such bonds 

for one-year gold notes of the United States to an amount not to 

exceed one-half of the 2 per cent bonds so tendered for exchange and 

for 30-year gold bonds of the United States for the remainder. At 

the time of exchange the Federal reserve bank obtaining one-year 

gold notes will be required to enter into an obligation to accept 

renewal of the notes upon maturity and at each recurring maturity 

for a term of 30 years. Both notes and bonds issued under authority 

of this section will bear interest at 3 per cent, will be payable, principal 

and interest, in gold coin of the United States of the present standard 

of value and will be exempt from taxation in any form. They will 

not be available as security for circulating notes.

INTEREST-BEARING DEBT.

The interest-bearing debt June 30, 1915, was as follows:

Title of loan. Authorizing act. Rate of 

interest. When redeemable or payable. Amount.

Per cent.

Consols of 1930..................... Mar. 14,1900.......... 2 Payable after Apr. 1, 1930............. $646,250,150

Loan of 1908-1918................ June 13,1898.......... 3 Redeemable after Aug. 1, 1908; 63,945,460

payable Aug. 1,1918.

Loan of 1925......................... Jan. 14, 1875........... 4 Payable after Feb. 1,1925............. 118,489,900

Panama Canal loan:

Series 1906..................... June 28,1902; Dec. 2 Redeemable after Aug. 1, 1916; 54,631,980

21,1905. payable Aug. 1, 1936.

Series 1908..................... June 28,1902; Dec. 2 Redeemable after Nov. 1, 1918; 30,000,000

21,1905. payable Nov. 1, 1938.

Series 1911..................... Aug. 5,1909; Feb. 3 Payable June 1,1961....................... 50,000,000

4, 1910; Mar. 2,

1911.

Postal savings bonds:

First series, 1911-1931.. June 25,1910.......... 2i Redeemable after July 1, 1912; 41,900

payable July 1,1931.

Second series, 1912- ........d o...................... 2i Redeemable after Jan. 1, 1913; 417,380

1932. payable Jan. 1, 1932.

Third series, 1912-1932. ........do...................... 2i Redeemable after July 1, 1913; 854,860

payable July 1, 1932.

Fourth, series, 1913- ........d o...................... 2i Redeemable after Jan. 1, 1914; 1,074,980

1933. payable Jan. 1,1933.

Fifth series, 1913-1933. ........do...................... 2i Redeemable after July 1, 1914; 1,116,880

payable July 1, 1933.

Sixth series, 1914-1934. ........do...................... 2§ Redeemable after Jan. 1, 1915; 1,129,820

payable Jan. 1,1934.

Seventh series, 1914r- ........do...................... 2i Redeemable after July 1, 1915; 872,240

1934. payable July 1, 1934.

Eighth series, 1915- ........do...................... 2i Redeemable after Jan. 1, 1916; 933,540

1935. payable Jan. 1, 1935.

Total........................... 969,759,090

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Of the bonds above mentioned, the consols of 1930, the Panama 

Canal bonds, and the postal savings bonds are payable, principal and 

interest, in United States gold coin of the present standard of value. 

The 3 per cent bonds of 1908-1918 and the 4 per cent bonds of 1925 

are payable in “ coin. ”

The average rate of interest paid on the interest-bearing debt of 

the United States since 1890, exclusive of bonds issued in aid of 

Pacific railroads, is shown in the following table:

Average rate of interest paid on United States bonds.

Years. Principal of 

debt.

Average

interest

paid.

Years. Principal of 

debt.

Average

interest

paid.

July 1, 1890...................... $711,313,110 4.077- July 1, 1903...................... $914,541,410 2.793-

July 1,1891...................... 610,529,120 

585,029,330 

585,037,100 

635,041,890

4.041+ July 1, 1904...................... 895,157,440 

895,158,340 

895,159,140 

894,834,280

2.701—

July 1, 1892...................... 3.913+ July 1, 1905...................... 2.701—

July 1,1893...................... 3.913+ 3uly 1,1906...................... 2.597+

...................... 3.999- July 1, 1907...................... 2.417+July 1, 1894

July 1, 1895...................... 716,202,060 4.068+ July 1, 1908...................... 897,503,990 2.351+

July 1, 1896...................... 847,363,890 4.058+ July 1,1909...................... 913,317,490 2.329+

July 1, 1897...................... 847,365,130 4.058+ July 1,1910...................... 913,317,490 2.329+

July 1, 1898...................... 847,367,470 

1,046,048,750

4.058+ 

3.857+

July 1,1911...................... 915,353,190 

963,776,770

2.331—

July 1, 1899...................... July 1,1912...................... 2.364+

July 1,1900...................... 1,023,478,860 

987,141,040

3.278- July 1,1913...................... 965,706,610 

967,953,310

2.365—

July 1,1901...................... 3.018- July 1,1914...................... 2.365-

July 1,1902...................... 931,070,340 2.958+ July 1,1915...................... 969,759,090 2.365+

Copies of the regulations of this department for the issue, exchange, transfer, and redemption of United States bonds may be 

had upon application to the Secretary of the Treasury, Division of 

Loans and Currency.

PACIFIC RAILROAD BONDS AND SETTLEMENTS.

Bonds were issued on account of Government aid to the Pacific 

railroads under authority of the acts of July 1, 1862, and July 2, 1864, 

as follows:

Railroad. Dates of issue. Amount.

Central Pacific............................................ May 12,1865-Dec. 31,1869.............................................. $25,885,120 

27,236,512

6.303.000

1.600.000 

1,628,320 

1,970,560

Union Pacific.............................................. Feb. 1,1866-July 14,1870................................. •

Kansas Pacific............................................ Nov. 1 ,1865-Nov. 5,1868...............................................

Central Branch Union Pacific................. July 27,1866-Jan. 21,1868..............................................

Sioux City and Pacific.............................. Mar. 16,1868-Mar. 3, 1869.................................

Western Pacific.......................................... Jan. 24,1867-Jan. 8,1872..............................

T otal......................................................... . . 64,623,512

The United States paid the interest on these bonds as it became 

due, and also redeemed the bonds at maturity. The Treasury was 

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portation, through a percentage of net earnings, through various 

sinking funds established by the railroads, through foreclosure proceedings and sale of railroad properties, and, finally, through cash 

settlements. The entire indebtedness to the Government on account 

of the aid extended the Pacific railroads has been settled, with the 

exception of that due from the Central Branch Union Pacific Railroad, which on June 30, 1915, amounted to $1,600,000 for principal 

and $2,011,812.98 for interest, a total of $3,611,812.98.

INSULAR BONDS.

Philippine Islands.—The act of July 1, 1902, providing for civil 

government in the Philippine Islands, as amended by the act of 

February 6, 1905, authorized the issue of loans for certain public 

improvements. While such issues are not obligations of the United 

States, they require the authority of the President and are made 

under the auspices of the United States Government through the 

War Department, the Treasury Department acting as registering and 

transfer agent and making disbursements on account of principal 

and interest from funds furnished by the Philippine government. 

They are sold for not less than par, are payable in gold coin of the 

United States of the present standard of value, and are exempt 

from any form of taxation.

Loans as follows have been issued and are now outstanding, all 

bearing interest at 4 per cent:

Philippine land purchase loan of 1914-1934.......................................................... $7, 000, 000

Philippine public improvement loans—

First series 1915-1935............................................................................................ 2, 500, 000

Second series 1916-1936....................................................................................... 1, 000, 000

Third series 1919-1939.......................................................................................... 1, 500, 000

City of Manila sewer and water bonds—

First series 1915-1935............................................................................................ 1, 000, 000

Second series 1917-1937....................................................................................... 2, 000, 000

Third series 1918-1938.......................................................................................... 1, 000, 000

City of Cebu loan 1921-1941....................................................................................... 125, 000

Total....................................................................................................................... 16,125,000

Porto Rico.—The act of April 12, 1900, authorizes the issue by the 

Porto Rican government under the auspices of the United States 

Government of loans for certain public improvements. These bonds 

are payable in gold coin of the United States of the present standard 

of value, bear interest at 4 per cent per annum, are exempt from 

any form of taxation under the Porto Rican government, and are 

exempt from taxation under the Federal income law. They are not 

obligations of the United States.

The following loans are now outstanding, the Treasury Department 

acting as registering and transfer agent and making disbursements

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25

on account of principal and interest from funds furnished by the 

Porto Rican government for all the loans except the first two, which 

are handled through a fiscal agent in New York:

Road loan, 1907-8............................................................................................................ $600, 000

Irrigation loan, 1909-1914.............................................................................................. 2, 700, 000

Road loan, 1910-1920-1927............................................................................................ 425,000

San Juan Harbor improvement loan, 1912-1922-1937.......................................... 100, 000

Irrigation loan, 1913-1933-1943................................................................................... 1, 000, 000

Irrigation loan, 1913-1933.............................................................................................. 700,000

San Juan Harbor improvement loan, 1914-1924-1939.......................................... 200, 000

Irrigation loan, 1914-1951.............................................................................................. 400, 000

Public improvement loan, 1914-1925-1939............................................................. 1, 000, 000

Refunding loan, 1914-1923, etc................................................................................... 655,000

San Juan Harbor improvement loan, 1915-1925-1940.......................................... 200, 000

Total......................................................................................................................... 7,980,000

DISTRICT OF COLUMBIA BONDS.

The Treasury Department registers, transfers, and redeems the 

3.65 per cent District of Columbia bonds and disburses the interest 

thereon as agent of the District. The total issue of these bonds was 

limited by law to $15,000,000; of this amount $14,997,300 have 

been issued and $8,479,300 have been redeemed, leaving outstanding on June 30, 1915, $6,518,000.

PRINCIPAL OF THE PUBLIC DEBT AND INCREASE AND DECREASE 

THEREIN FROM 1860 TO 1915.

Statement showing the principal of the public debt, exclusive of gold, silver, and currency

certificates and Treasury notes of 1890, the increase and decrease therein, and premium

paid, for each fiscal year from 1860 to 1915, both inclusive.

July 1—

Principal of debt, 

exclusive of 

certificates and 

Treasury notes.

Increase. Decrease. Premium

paid.

1860................................................. $64,842,287.88 

90,580,873.72 

524,176,412.13 

1,119,772,138.63 

1,815,784,370.57 

2,680,647,869.74 

2,762,454,033.69 

2,659,358,323.87

2.594.009.211.19

2.541.366.033.94 

2,432,125,307.81 

2,319,325,032.32 

2,207,165,028.78

2.149.292.993.20 

2,156,105,368.43

2.138.073.231.95

1861................................................ $25,738,585.84 

433,595,538.41 

595,595,726.50 

696,012,231.94 

864,863,499.17 

81,806,163.95

1862.................................................

1863.................................................

1864................................................

1865................................................. $1,717,900.11 

58,476.51 

10,813,349.38

7.001.151.04

1.674.680.05 

15,996,555.60

9,016,794.74 

6,958,266. 76 

5,105,919.99 

1,395,073.55

1866.................................................

1867................................................. $103,095,709.82 

65,349,112.68 

52,643,177.25 

109,240,726.13 

112,800,275.49 

112,160,003.54 

57,872,035.58

1868.................................................

1869.................................................

1870.................................................

1871.................................................

1872.................................................

1873.................................................

1874................................................. 6,812,375.23

1875................................................. 18.032.136.48

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Statement showing the principal of the public debt, exclusive of gold, silver, and currency

certificates and Treasury notes of 1890, the increase and decrease therein, and premium

paid, for each fiscal year from 1860 to 1915, both inclusive— Continued.

July 1—

Principal of debt, 

exclusive of 

certificates and 

Treasury notes.

Increase. Decrease. Premium

paid.

1876................................................. $2,104,873,667.15 

2,094,768,792.10

2.149.621.292.53 

2,183,244,422.04

2.071.571.500.63 

1,986,139,119.58

1.819.859.164.03 

1,685,801,257.07

1.585.939.572.57

1.539.955.087.14 

1,495,411,093.78

1.367.492.625.63

1.292.679.062.58 

1,171,419,624.23 

1,066,777,474.73 

1,005,806,560.61

968,218,840.63 

961,431,766.13

1.016.897.816.68 

1,096,913,120.25 

1,222,729,350.40 

1,226,793, 712.90 

1,232,743,062.90 

1,436,700,703.92 

1,413,416,912.67

1.371.572.244.89

1.328.031.356.89

1.309.405.912.89

1.286.259.016.14 

1,282,357,094.84

1.292.522.970.04

1.297.178.192.54

1.327.690.402.54

1.298.315.372.04

1.296.939.969.04

1.303.984.937.69

1.343.838.505.16 

1,343,047,744.66

1.338.235.400.16

1.344.241.104.16

$33,199,564.80 

.................... 10,104,875.051877 

1878 ............................................... $54,852,500.43 

1879 . .................... 33,623,129.51

1880................................................. 111,672,921.41

85.432.381.05 

166,279,955.55 

134,057,906.96

99,861,684.50 

45,984,485.43 

44,543,993.36 

127,918,468.15

74.813.563.05 

121,259,438.35 

104,642,149.50

60,970,914.12

37,587,719.98

6,787,074.50

$2,795,320.42

1881................................................. 1,061,248.78

1882 .....................................

1883.................................................

1884.................................................

1885.................................................

1886.................................................

1887.................................................

1888................................................. 8,270,842.46 

17,292,362.65 

20,304,224.06 

10,401,220.61

1889.................................................

1890.................................................

1891.................................................

1892.................................................

1893................................................

1 894...,.......................................... 55,466,050.55 

80,015,303.57 

125,816,230.15 

4,064,362.50 

5,949,350.00 

203,957,641.02

1895.................................................

1896.................................................

1897.................................................

1898.................................................

1899.................................................

1900................................................. 23,283,791.25

41,844,667.78

43.540.888.00

18.625.444.00 

23,146,896.75

3,901,921.30

33.147.054.81 

14,649,572.95 

14,043,391.14

10.907.119.82 

1,257,578.01

1901...............................................

1902 ...........................

1903...............................................

1904..............................................

1905...............................................

1906.............................................. 10,165,875.20

4,655,222.50

30,512,210.00

1,417,479.53

1907........................................ 225,095.97

1908............................................

1909 .......................................... 29,375,030.50

1910.............................................. 1,375,403.00

1911 7,044,968.65

1012.............................................. 39,853,567.47

1913................................................. 790,760.50

1914.......................................... 4,812,344.50

1915................................................. 6,005,704.00

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Statement showing the principal of the public debt, exclusive of gold, silver, and currency

certificates and Treasury notes of 1890, the decrease and increase therein and premium

paid, for each annual period from Mar. 1, 1885, to Mar. 1, 1915.

Mar. 1—

Principal of debt, 

exclusive of 

certificates and 

Treasury notes.

Increase. Decrease. Premium

paid.

1885 .............................................. $1,541,257,867.93 

1,530,284,465.03 

1,400,847,399. 78 

1,319,561,586.38 

1,199,809,418.73

1886 ............................. $10,973,402.90 

129,437,065.25 

81,285,813.40 

119,752,167.65

1887 ..............................................

1888 $2,852,015.88

1889............................................... 19,525,107.23

Total for four years.. 341,448,449.20 22,377,123.11

1890 ............................................. 1,090,514,608.23 

1,017,985,785.98 

972,282,890.61 

963,281,752.63

109,294,810.50 

72,528,822.25 

45,702,895.37 

9,001,137.98

19,688,510.58 

14,203,016.091891..............................................

1892...............................................

1893...............................................

Total for four years.......... 236,527,666.10 33,891,526.67

1894................................................. 1,007,356,015.43 

1,068,610,527.18

1.199.774.479.40

1.225.437.709.40

$44,074,262.80

61,254,511.75

131,163,952.22

25,663,230.00

1895...............................................

1896.................................................

1897.................................................

Total for four years.......... 1 262,155,956.77

1898............................................... 1.235.668.419.90

1.427.007.904.90

1.417.248.882.17

1.385.934.653.17

10,230,710.50

1899................................................. 191,339,485.00

1900................................................. 9,759,022.73 

31,314,229.00

2,373,502.40

1901.............................................. 42,582,004.59

Total for four years. -

201,570,195.50 41,073,251.73

2 160,496,943.77 45,955,506.99

1902................................................. 1,329,917,918.64 

1,312,516,368.89 

1,291,103,139.39 

1,280,255,997.14

56,016,734.53 

17,401,549.75 

21,413,229.50 

10,847,142.25

14,426,927.34 

7,659,632.49 

5,962,649.91

1903.................................................

1904.................................................

1905.................................................

Total for four years.......... 105,678,656.03 28,049,209.74

1 The debt during the four-year period 1894 to 1897 was increased by sales of bon ds............$262,315,400.00

By issue of 4 per cent bonds for interest on refunding certificates............................................ 15,290.00

By national-bank notes deposited in the Treasury in excess of redemptions thereof............ 817,883.25

263,148,573.25

The debt during the same period was decreased by the redemption of bonds and other 

securities............................................................................................................................................. 992,616.48

Net increase for the period...................................................................................................... 262,155,956.77

2 The debt during the four-year period 1898 to 1901 was increased by sales of bonds under

act of June 13, 1898, to meet expenditures of the War with Spain........................................ 198,792,640.00

By issue of 4 per cent bonds for interest on refunding certificates............................................. 7,970.00

B y national-bank notes deposited in the Treasury in excess of redemptions thereof............ 5,901,282.50

204,701,892.50

The debt during the same period was decreased—

B y bonds purchased......................................................................................... $19,300,650.00

B y bonds and other securities redeemed...................................................... 24,904,298.73

44,204,948.73

Net increase for the period 160,496,943.77

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Statement showing the principal o f the public debt, exclusive of gold, silver, and currency

certificates and Treasury notes of 1890, the decrease and increase therein and premium

paid, for each annual period from Mar. 1, 1885, to Mar. 1, 1915— Continued.

March 1—

Principal of debt, 

exclusive of 

certificates and 

Treasury notes.

Increase. Decrease. Premium

paid.

1908.

1907.

1908.

1909.

$1,290,

1,320,

1,319,

1,310,

239,641.34 

799,508.04 

267,550.44 

951,758.54

$9,983,644.20 

30,559,866.70

40,543,510.90

Total for four years. 130,695,761.40

1910.

1911.

1912.

1913.

1,299, 

1,304, 

1,344, 

1,343;

299,966.54 

701,497.69

897.471.16

844.502.16

5,401,531.15 

40,195,973.47

45,597,504.62

Total for four years. 2 32,892,743.62

1914.

1915.

1,339,

1,341,

884.968.16

703.694.16 1,818,726.00

Total for two years.

$1,531,957.60 

8,315,791.90

$1,417,479.53 

48,320.13 

176,775.84

9,847,749.50

1,642,575.50

11,651,792.00

1,052,969.00

12,704,761.00

3,959,534.00

3 2,140,808.00

i The debt during the four-year period from 1906 to 1909 was increased by sales of bonds

for construction of Isthmian Canal under acts of June 28,1902, and Dec. 21,1905................. $84,631,980.00

B y issue of 3 per cent certificates of indebtedness, act of June 13, 1898...................................... 15,436,500.00

B y issue of 4 per cent bonds for interest on refunding certificates.............................................. 8,950.00

B y national-bank notes deposited in the Treasury in excess of redemptions thereof............. 10,622,309.00

The debt during the same period was decreased—

B y bonds purchased.............................................................................................. $5,237,550.00

B y 3 per cent certificates redeemed................................................................. 15,436,500.00

By bonds and other securities redeemed. ........................................................ 59,329,927.60

Net increase for the period.........................................................................................................

2 The debt during the four-year period from 1910 to 1913 was increased by sales of bonds for 

construction of the Isthmian Canal under acts of Aug. 5,1909, Feb. 4,1910, and Mar. 2,1911.. 

B y issue of 2| per cent postal savings bonds, act of June 25, 1910...............................................

110,699,739.00

80,003,977.60 

30,695,761.40

50,000,000.00 

2,389,120.00

The debt during the same period was decreased—

B y bonds and other securities redeemed.......................................................... $1,667,327.38

B y national-bank notes redeemed in excess of deposits in the Treasury.. 17,829,049.00

52,389,120.00

19,496,376.38

Net increase for the period........................................................................................................

3 The debt during the two-year period from 1914 to 1915 was decreased—

By bonds and other securities redeemed.......................................................... $166,915.00

By national-bank notes redeemed in excess of deposits in the Treasury.. 6,026,373.00

The debt during the same period was increased—

By issue of 2| per cent postal savings bonds, act of June 25, 1910........................................

32,892,743. 62

6.193.288.00

4.052.480.00

Net decrease for the period........... .................................................................................. . . . 2 ,140,808.00

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I I . T H E S I N K I N G F U N D .

The act of February 25, 1862, which provided for the issue of 

United States notes and for refunding thereof, and for funding the 

floating debt of the United States, contained in section 5 a provision 

that all duties on imported goods should be paid in coin, and that the 

coin so paid should be set apart as a special fund and applied, first, to 

the payment in coin of the interest on the bonds and notes of the 

United States, and, second, to the purchase or payment of 1 per cent 

of the entire debt of the United States to be made within each fiscal 

year after the 1st day of July, 1862, which was to be set apart as a 

sinking fund, and the interest of which should, in like manner, be 

applied to the purchase or payment of the public debt as the Secretary 

of the Treasury should from time to time direct. This provision of 

law is authority for the establishment of the 11 sinking fund.”

The bonded principal of the public debt purchased and redeemed for 

the sinking fund since its establishment and prior to the fiscal year 

1901, amounted in the aggregate to $837,872,275 and the net cost in 

coin was $861,993,921.61. The purchases and redemptions of United 

States bonds for the sinking fund since the fiscal year 1900 are shown 

in the following table. Other items of debt which have been charged 

to the sinking fund are not here included.

Sinking fund, 1901-1915.

Purchases and redemptions for the sinking fund. Bonds. Premium. Cost.

Fiscal year 1901:

3 per cent, 1908-1918............................................................

4 per cent, 1907....................................................................

$291,520 

12,983, 700 

1,084,300 

14,000

500 

3,000 

5,850 

21,705,250

$24,832.76 

1,724,471.33 

91,816.68

$316,352.76

14,708,171.33

1,176,116.68

14,000.00

500.00 

3,000.00 

5,850.00 

21,705,250.00

5 per cent, 1904..................................................................

6 per cent, July and August, 1861....................................

6 per cent, July and August, 1861, continued at 3J per 

cent..................................................................................

6 per cent, 1863..................................................................

4J per cent, 1891............................................................

4J per cent, 1891, continued at 2 per ce n t......................

Fiscal year 1902:

3 per cent, 1908-1918............................................................

4 per cent, 1907.....................................................................

5 per cent, 1904......................................................................

4 per cent, 1925................................................

36,088,120 1,841,120. 77 37,929,240.77

2,105,280 

■ 24,201,000 

1 2,443,750 

27,321,200 

100 

1,000 

6,250 

120,900 

100

173,880.64 

2,958,620.95 

175,680.25 

10,735,209.30

2,279,160.64 

27,159,620.95 

2,619,430.25 

38,056,409.30 

100.00 

1,000.00 

6,250.00 

120,900.00 

100.00

6 per cent, Oregon War debt.............................................

6 per cent, 1863.....................................................

4h per cent, 1891....................................................................

4J per cent, 1891, continued at 2 per cent........................

5 per cent, 1881, continued at 3J per cent........................

56,199,580 14,043,391.14 70,242,971.14

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30

Purchases and redemptions for the sinking fund. Bonds. Premium. Cost.

Fiscal year 1903:

4 per cent, 1925............. ............... .... $16,504,300 

25,300 

6,400 

63,500 

500

$6,201,025.41

1,022.51

$22,705,325.41 

26,322.51 

6,400.00 

63,500.00 

500.00

5 per cent, 1904......................................................................

4J per cent, 1891.............................................. ........

4£ per cent, 1891, continued at 2 per cent........................

5 per cent, 1881, continued at 3§ per c e n t ......................

Fiscal year 1904:

5 per cent, 1904.....................................................................

16,600,000 6,202,047.92 22,802,047.92

18,607,200

1,300

7,000

18,607,200.00

1,300.00

7,000.00

4J per cent, 1891....................................................................

Fiscal year 1905:

18,615,500 18,615,500.00

483,000 

300 

10,000 

200 

10,750 

1,000

483,000.00

300.00 

10,000.00

200.00 

10,750.00

1,000.00

4 per cent, 1907......................................................................

6 per cent, 5-20s of 1862.......................................................

4J per cent, 1891..................................................... ' ............

4£ per cent, 1891, continued at 2 per c e n t......................

Fiscal year 1906:

5 per cent, 1904.....................................................................

505,250 505,250.00

170,150 

19,100 

42,000

170,150.00 

19,100.00 

42,000.00

4J per cent, 1891....................................................................

4§ per cent, 1891, continued at 2 per c e n t......................

Fiscal year 1907:

5 per cent, 1904.....................................................................

231,250 231,250.00

27,900

30,326,300

150

8,200

27,900.00

30,376,005.52

150.00

8,200.00

4 per cent, 1907..................................................................... 49,705.52

6 per cent, Oregon War debt ..........................................

4J per cent, 1891, continued at 2 per c e n t ......................

Fiscal year 1908:

5 per cent, 1904.....................................................................

30,362,550 49,705.52 30,412,255.52

24,200 

33,060,600 

100 

2,100

24,200.00

33,060,600.00

100.00

2,100.00

4 per cent, 1907.....................................................................

5 per cent, 1881.....................................................................

4^ per cent, 1891....................................................................

Fiscal year 1909:

5 per cent, 1904.....................................................................

33,087,000 33,087,000.00

28,850 

1,208,200 

5,050 

750

28,850.00

1,208,200.00

5,050.00

750.00

4 per cent 1907 .......................................................

5 per cent, 1881 ..............................................................

4J per cent, 1891....................................................................

1,242,850 1,242,850.00

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31

Purchases and redemptions for the sinking fund. Bonds. Premium. Cost.

Fiscal year 1910:

$29,300 

728,100 

200

$29,300.00 

728,100.00 

200.00

Fiscal year 1911:

4^ per cent, 1891....................................................................

757,600 757,600.00

100

25,000

212,550

1,000

100.00

25,000.00

212,550.00

1,000.005 per cent, 1904......................................................................

Fiscal year 1912:

5 per cent, 1904.....................................................................

238,650 238,650.00

200

116,350

2,000

200.00

116,350.00

2,000.00

4 per cent, 1907......................................................................

4§ per cent, 1891, continued at 2 per cent........................

Fiscal year 1913:

4 per cent, 1907......................................................................

118,550 118,550.00

99,950

100

99,950.00

5 per cent, 1864 (10-40s)...................................................... 100.00

Fiscal year 1914:

4 per cent, 1907.....................................................................

100,050 100,050.00

105,500

200

1,000

105,500.00

200.00

1,000.00

5 per cent, 1904......................................................................

4 per cent, 1891, continued at 2 per cent..........................

Fiscal year 1915:

4 per cent, 1907......................................................................

106,700 106,700.00

42,550

50

42,550.00 

6 per cent, 1882...................................................................... 50.00

42,600 42,600.00

I I I . H I S T O R Y O F C O I N S A N D C U R R E N C Y .

MONETARY SYSTEM OF THE UNITED STATES.

In 1786 the Congress of the Confederation chose as the monetary 

unit of the United States the dollar of 375.64 grains of pure silver. 

This unit had its origin in the Spanish piaster or milled dollar, which 

constituted the basis of the metallic circulation of the English colonies in America. It was never coined, there being at that time no 

mint in the United States.

The act of April 2, 1792, established the first monetary system of 

the United States. The bases of the system were: The gold dollar or 

unit, containing 24.75 grains of pure gold and stamped in, pieces of 

2023°— 15-------3

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$10, $5, and $2^, denominated, respectively, eagles, half eagles, and 

quarter eagles; the silver dollar or unit, containing 371.25 grains of 

pure silver. A mint was established. The coinage was unlimited, 

and there was no mint charge. The ratio of gold to silver in coinage 

was 1 to 15. Both gold and silver were legal tender. The standard 

was double.

The act of 1792 undervalued gold, which was therefore exported. 

The act of June 28, 1834, was passed to remedy this, by changing the 

mint ratio between the metals to 1 to 16.002. This latter act fixed 

the weight of the gold dollar at 25.8 grains, but lowered the fineness 

from 0.916§ to 0.899225. The fine weight of the gold dollar was thus 

reduced to 23.2 grains. The act of 1834 undervalued silver, as that of 

1792 had undervalued gold, and silver was attracted to Europe by the 

more favorable ratio of 1 to 15^. The act of January 18, 1837, was 

passed to make the fineness of the gold and silver coins uniform. 

The legal weight of the gold dollar was fixed at 25.8 grains and its 

fine weight at 23.22 grains. The fineness was therefore changed by 

this act to 0.900 and the ratio to 1 to 15.988 + .

Silver continued to be exported. The act of February 21, 1853, 

reduced the weight of the silver coins of a denomination less than $1, 

which the acts of 1792 and 1837 had made exactly proportional to 

the weight of the silver dollar, and provided that they should be legal 

tender to the amount of only $5. Under the acts of 1792 and 1837 

they had been full legal tender. By the act of 1853 the legal weight 

of the half dollar was reduced to 192 grains and that of the other 

fractions of a dollar in proportion. The coinage of the fractional 

parts of the dollar was reserved to the Government.

The act of February 12, 1873, provided that the unit of value of 

the United States should be the gold dollar of the standard weight of

25.8 grains, and that there should be coined, besides, the following 

gold coins: A quarter eagle, or 2J-dollar piece; a 3-dollar piece; a 

half eagle, or 5-dollar piece; an eagle, or 10-dollar piece; and a double 

eagle, or 20-dollar piece; all of a standard weight proportional to that 

of the dollar piece. These coins were made legal tender in all payments at their nominal value when not below the standard weight and 

limit of tolerance provided in the act for the single piece, and when 

reduced in weight they should be legal tender at a valuation in proportion to their actual weight. The silver coins provided for by the 

act were a trade dollar; a half dollar, or 50-cent piece; a quarter 

dollar; and a 10-cent piece; the weight of the trade dollar to be 420 

grains troy; the half dollar, 12^ grams; the quarter dollar and the 

dime, respectively, one-half and one-fifth of the weight of the half 

dollar. These silver coins were made legal tender at their nominal 

value for any amount not exceeding $5 in any one payment. The 

charge for converting standard gold bullion into coin was fixed at 

one-fifth of 1 per cent. Owners of silver bullion were allowed to

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deposit it at any mint of the United States to be formed into bars or 

into trade dollars, and no deposit of silver for other coinage was to be 

received.

Section 2 of the joint resolution of July 22; 1876, recited that the 

trade dollar should not thereafter be legal tender, and that the Secretary of the Treasury should be authorized to limit the coinage of the 

same to an amount sufficient to meet the export demand for it. The 

act of February 19, 1887, retired the trade dollar and prohibited its 

coinage; that of September 26, 1890, discontinued the coinage of the 

1-dollar and 3-dollar gold pieces.

The act of February 28, 1878, directed the coinage of silver dollars 

of the weight of 412^ grains troy, of standard silver, as provided in 

the act of January 18, 1837, and that such coins, with all standard 

silver dollars theretofore coined, should be legal tender at their nominal value for all debts and dues, public and private, except where 

otherwise expressly stipulated in the contract.

The Secretary of the Treasury was authorized and directed by the 

first section of the act to purchase from time to time silver bullion 

at the market price thereof, not less than $2,000,000 worth nor more 

than $4,000,000 worth per month, and to cause the same to be coined 

monthly, as fast as purchased, into such dollars. A subsequent act, 

that of July 14, 1890, provided that the Secretary of the Treasury 

should purchase silver bullion to the aggregate amount of 4,500,000 

ounces, or so much thereof as might be offered, each month, at the 

market price thereof, not exceeding $1 for 371.25 grains of pure silver, 

and to issue in payment thereof Treasury notes of the United States, 

such notes to be redeemable by the Government, on demand, in coin, 

and to be legal tender in payment of all debts, public and private, 

except where otherwise expressly stipulated in the contract. The act 

directed the Secretary of the Treasury to coin each month 2,000,000 

ounces of the silver bullion purchased under the provisions of the act 

into standard silver dollars until the 1st day of July, 1891, and thereafter as much as might be necessary to provide for the redemption of 

the Treasury notes issued under the act. The purchasing clause of 

the act of July 14, 1890, was repealed by the act of November 1, 1893.

The act of June 9, 1879, made the subsidiary silver coins of the 

United States legal tender to the amount of $10. The minor coins 

are legal tender to the amount of 25 cents.

The act of March 14, 1900, declares that the dollar, consisting of

25.8 grains of gold 0.900 fine, “ shall be the standard unit of value,” 

and makes it the duty of the Secretary of the Treasury to maintain 

at a parity of value with this standard all forms of money issued or 

coined by the United States. The Federal reserve act of December 

23, 1913, reaffirms such parity provisions and authorizes the Secretary 

of the Treasury to borrow or buy gold in order to maintain such parity.

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GOLD.

Denominations, fine metal, aZZo?/, and weight of the coins of the United States.

Denominations. Fine gold 

contained.

Alloy contained.1 Weight.

One dollar ($1)...................................................................................................

Grains.

23.22

Grains.

2.58

Grains.

25.80

Quarter eagle ($2.50)......................................................................................... 58.05 6.45 64.50

Three dollars ($3)............................................................................................... 69.66 7.74 77.40

Half eagle ($5).................................................................................................... 116.10 12.90 129.00

■TCafrTAfffim............... ......................................................................................... 232.20 25.80 258.00

Dnnhle <'3K‘20'>_____

- 464.40 51.60 516.00

1 The alloy neither adds to nor detracts from the value of the coin.

SILV E R.

Denominations. Fine silver 

contained.

Alloy contained. Weight.

Standard dollar..................................................................................................

Grains.

371.25 

173.61 

86.805 

34.722

Grains.

41.25

19.29

9.645

3.858

Grains.

412.50 

192.90 

96. 45 

38.58

Half dollar ........................................................................................................

Quarter dollar....................................................................................................

Prior to the act of February 21,1853, all silver coins were legal tender in all payments whatsoever. The 

act of February 21, 1853, reduced the weight of all silver coins of less denomination than the silver dollar 

about 7 per cent, to be coined on Government account only, and made them legal tender in payment of 

debts for all sums not exceeding $5; the act of June 9, 1879, increased their legal-tender quality to $10.

MINOR.

Denominations. Fine copper 

contained.

Alloy contained. Weight.

Five cents1.........................................................................................................

Grains.

57.87

45.60

Grains.

19.29

2.40

Grains.

77.16

One cen t2........................................................................................................... 48

1 Seventy-five per cent copper, 25 per cent nickel.

2 Ninety-five per cent copper, 5 per cent tin and zinc.

.Troy weights are used, and while metric weights are by law assigned 

to the half and quarter dollar and dime, troy weights still continue 

to be employed, 15.432 grains being considered as the equivalent of 

a gram, agreeably to the act of July 28, 1866.

Standard bullion contains 900 parts of pure gold or pure silver and 

100 parts of copper alloy.

The coining value of an ounce of pure gold is $20.67183 and the 

coining value of an ounce of standard gold is $18.60465.

The coining value in standard silver dollars of an ounce of pure 

silver is $1.2929 and the coining value of an ounce of standard silver 

is $1.1636.

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The weight of $1,000 in United States gold coin is 53.75 troy ounces, 

equivalent to 3.68 pounds avoirdupois. The weight of $1,000 in 

standard silver dollars is 859.375 troy ounces, equivalent to 58.92 

pounds avoirdupois, and the weight of $1,000 in subsidiary silver is 

803.75 troy ounces, equivalent to 55.11 pounds avoirdupois.

LEGAL-TENDER AND REDEMPTION QUALITIES OF UNITED STATES

MONEY.

The money in circulation in the United States consists of gold, 

silver, nickel, and bronze coins, certificates representing coin, and 

notes, all issued by the Government, and notes issued through the 

Federal reserve banks and national banks under Government regulation. The gold dollar is the standard unit of value. Both gold 

coins and standard silver dollars are standard money. Lawful 

money is a term used to denote the legal-tender quality of money 

and first originated in the act of February 25, 1862, authorizing the 

issue of United States notes. Legal tender is a quality given a circulating medium by Congress, and possessing this quality it becomes 

lawful money. All forms of money do not possess full legal-tender 

qualities yet each kind has attributes as to give it currency, and all 

forms are convertible into standard money. The Secretary of the 

Treasury is required to maintain the parity of all kinds of money 

with the standard unit of value, and if necessary to maintain such 

parity he is authorized to borrow or buy gold.

The status of each kind of money is as follows:

1. Gold coin is legal tender at its nominal or face value in payment of all debts, public and private, when the coin is 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. Being standard money gold coins are 

not redeemable.

2. Gold certificates are not legal tender, but are receivable for all 

public dues and when so received may be reissued, and they may be 

held by Federal reserve and national banks as lawful reserve. Gold 

certificates are receipts for actual deposits of gold in the Treasury 

and are redeemable in gold coin by the Treasurer and all assistant 

treasurers of the United States.

3. 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. Being standard money standard silver dollars are not 

redeemable.

4. Silver certificates are not legal tender, but like gold certificates 

they are receivable for all public dues and when so received may be

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reissued, and they may be held by Federal reserve and national 

banks as lawful reserve. Silver certificates are receipts for actual 

deposits of standard silver dollars in the Treasury and are redeemable 

in such dollars only.

5. 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. They are redeemable in United States gold coin or 

in standard silver dollars at the option of the holder by the Treasurer 

and all assistant treasurers of the United States. When received by 

the Treasurer they are canceled and replaced by silver certificates.

6. United States notes (also known as greenbacks and legal tenders) are legal tender for all debts, public and private, except duties 

on imports and interest on the public debt. Upon the resumption of 

specie payments January 1, 1879, these notes were accepted in payment of customs dues and have been freely received on that account 

since though the law has not been changed. They are redeemable 

in United States gold coin in any amount by the Treasurer or any 

assistant treasurer of the United States, and when received are 

reissued.

7. Federal reserve notes are not legal tender, but are receivable by 

the Government for all public dues and are receivable on all accounts 

by all Federal reserve banks, national banks, and other banks 

members of the Federal Reserve System. They are redeemable in 

gold coin of the United States by the Treasurer and in gold or lawful 

money by any Federal reserve bank.

8. Subsidiary silver coins are legal tender for amounts not exceeding $10 in any one payment. They may be presented in sums or 

multiples of $20 to the Treasurer or any assistant treasurer of the 

United States for redemption or exchange into lawful money.

9. Minor coins of nickel and bronze are legal tender to the extent 

of 25 cents. They may be presented for redemption or exchange 

under the same conditions as are provided for subsidiary silver coins.

10. National bank notes are not legal tender but are receivable for 

all public dues except duties on imports, and may be paid out by 

the Government for all purposes except interest on the public debt 

and for redemption of national bank notes. They are redeemable in 

lawful money of the United States by the Treasurer but not by the 

assistant treasurers, and are also redeemable at the bank of issue.

11. Federal reserve bank notes are identical in all their attributes 

with national bank notes.

Foreign coins are not legal tender.— Section 3584 of the Revised 

Statutes of the United States provides that no foreign coin shall be 

a legal tender in the United States.

“ Coin” obligations of the Government are redeemed in gold coin 

when gold is demanded and in silver when silver is demanded.

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Copies of the Treasury Department regulations governing the issue 

and redemption of currency may be procured through application to 

the Treasurer of the United States.

S t a n d a r d C o i n s ,

g o l d COINS.

While the gold dollar is the unit and standard of value, the actual 

coinage of the $1 piece was discontinued under authority of the act 

of September 26, 1890. Gold is now coined in denominations of 

$2.50, $5, $10, and $20, called, respectively, quarter eagles, half 

eagles, eagles, and double eagles.

The total coinage of gold by the mints of the United States from 

1792 to June 30, 1915, was $3,378,099,628, of which it is estimated 

that $1,606,405,032 was in existence as coin in the United States, 

while the remainder, $1,771,694,596, represented the excess of exports 

over imports and the amount consumed in the arts. The amount of 

gold bullion was $379,134,140.

The basis for the estimate of the amount of gold coin in the United 

States was established in 1873, when the amount in the vaults of the 

national banks and in the Treasury was ascertained from reports to 

be $71,188,548. To this was added $20,000,000 as an estimate of the 

amount of gold in use on the Pacific coast, $10,000,000 as the amount 

held by all other banks and by the people, and $3,818,086 in national 

banks. The amount thus ascertained was $105,006,634, to which 

have been added from year to year the new coinage reported by the 

Director of the Mint and the imports as shown by the customhouse 

reports, and from which have been deducted the exports and the 

amounts consumed in the arts. It will be seen that more than onehalf of the gold coins struck at the mints of the United States have 

disappeared from circulation.

In 1907 the Director of the Mint revised the estimates of the 

amount of gold in the United States, and as a result of the revision 

the amount was reduced by $135,000,000.

STANDARD SILVER DOLLARS.

The standard silver dollar was first authorized by the act of April

2, 1792. Its weight was 416 grains 0.8924 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 12, 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

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amount coined from 1878 to December 31, 1904, when the coinage 

was discontinued, was $570,272,610. The coinage ratio between gold 

and silver under the act of 1792 was 15 to 1, but by the acts of 1834 

and 1837 it was changed first to 16.002 to 1 and finally to 15.988 to 1 

(commonly called 16 to 1). This is the present ratio.

The total expenditure by the United States for silver bullion, exclusive of subsidiary silver coinage, has been—

Under act of Feb. 28, 1878................................................................................ $308, 279, 260. 71

Under act of July 14, 1890................................................................................ 155, 931, 002. 00

Total............................................................................................................ 464,210,262.71

There have been coined from the bullion thus purchased standard 

silver dollars of the face value of $570,272,610 and subsidiary silver 

coin of the face value of $33,118,575.05, consuming the entire amount 

of bullion purchased under the act of July 14, 1890.

The bullion value (July 1, 1915) of the standard silver dollars 

coined was $216,786,014.

The space required for the storage of 1,000,000 standard silver dollars is 250 cubic feet. The standard silver dollars in the vaults of the 

Treasury and the several sub treasuries June 30, 1915, amounting to 

503,624,499, require 125,906 cubic feet of space.

Of the 570,272,610 standard silver dollars coined since February,

1878, plus 500,000 coined for Hawaii, 2,495,000 are reported to have 

been shipped to Cuba, Porto Rico, and the Philippines, of which 

646,859 have been returned; 197,673 which were mutilated were 

purchased by the Government as bullion and melted, 455,141 have 

been returned from Hawaii and melted, and 503,624,499 were held in 

the Treasury on June 30, 1915; the amount outside of the Treasury, 

including $44,859 in Hawaii, was $64,647,156.

Of the amount held in the Treasury $493,459,000 were held for the 

redemption of an equal amount of silver certificates outstanding; 

$2,254,000 were held on account of Treasury notes of 1890, and 

$7,911,499 were held in the general cash as assets of the Government. 

The commercial value of an ounce of fine silver June 30, 1915, was 

$0.49150, and the commercial value of the silver in the silver dollar 

on that date was 38.014 cents.

TRADE DOLLARS.

The trade dollar of 420 grains troy was authorized by the act of 

February 12, 1873. It was intended for circulation in oriental countries as a substitute for the Mexican dollar, which it slightly exceeded 

in weight; but by the terms of the authorizing act it was made legal 

tender in the United States in sums not exceeding $5.

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This legal-tender quality was withdrawn by the joint resolution 

approved July 22, 1876, and the coinage was limited to such amount 

as the Secretary of the Treasury should consider sufficient to meet the 

export demand. The act of February 19, 1887, provided for the 

retirement of trade dollars and their recoinage into standard silver 

dollars or subsidiary silver. For six months after the passage of the 

act they could be exchanged at the Treasury or any sub treasury, dollar for dollar, for standard silver dollars or subsidiary coin.

The total number of trade dollars coined was 35,965,924. The 

number redeemed under the act of 1887 was 7,689,036, and from the 

bullion resulting from the melting of these dollars there were coined 

in subsidiary silver $2,668,674.30 and into standard silver dollars 

$5,078,472. Since the expiration of the period of redemption above 

mentioned trade dollars have been purchased as bullion when presented at the mints.

SUBSIDIARY SILVER.

The silver coins of smaller denominations than one dollar, authorized by the act of April 2, 1792, were half dollars, quarter dollars, 

dimes, and half dimes. They were the equivalent in value of the 

fractional parts of a dollar which they represented— that is, two half 

dollars were equal in weight to one silver dollar, and so on. These 

coins were full legal tender when of standard weight, and those of 

less than full weight were legal tender at values proportional to their 

respective weights.

By the act of February 21, 1853, the weight of the fractional silver 

coins was reduced so that the half dollar weighed only 192 grains, and 

all the smaller denominations were reduced in proportion. Their 

legal-tender quality was at the same time limited to $5, and they thus 

became subsidiary coins. The present subsidiary coins are half dollars, quarter dollars, and dimes. Their weight is slightly different 

from that prescribed by the act of 1853; but the limit of their legaltender quality has been raised to $10.

The amount of full-weight fractional silver coined from 1792 to 1853 

was $76,734,964.50andfrom 1853 to February 12,1873, $59,047,396.20; 

from February 12, 1873, to June 30, 1915, $239,196,538.60, a total 

subsidiary coinage of $374,978,899.30.

There was a period, from 1862 to 1876, when there was no fractional 

silver coin in circulation in the United States except on the Pacific 

coast. During this period the small change of the country consisted 

of fractional paper currency, which will be described in its place.

A revised estimate by the Director of the Mint of the stock of subsidiary silver coin was adopted in 1910; there was a reduction of 

$9,700,000.

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P a p e r M o n e y .

DEMAND NOTES.

The first paper money ever issued by the Government of the United 

States was authorized by the acts of July 17 and August 5, 1861. 

The notes issued were called 11 demand notes,” because they were 

payable on demand, at certain designated subtreasuries. They were 

receivable for all public dues, and the Secretary was authorized to 

reissue them when received, but the time within which such reissues 

might be made was limited to December 31, 1862. The amount 

authorized by these acts was $50,000,000. An additional issue of 

$10,000,000 was authorized by the act of February 12, 1862, and there 

were reissues amounting to $30,000. The demand notes were paid in 

gold when presented for redemption and they were received for all 

public dues, and these two qualities prevented their depreciation. All 

other United States notes were depreciated in value from 1862 until 

the resumption of specie payments, as shown by the table on page 49. 

The act of February 25, 1862, provided for the substitution of United 

States notes in place of the demand notes, and the latter were therefore canceled when received. By July 1, 1863, all except about 

$3,350,000 had been retired, and nearly three millions of this small 

remainder were canceled during the next fiscal year. These notes 

were not legal tender when first issued, but they were afterwards 

made so by the act of March 17, 1862. The amount outstanding on 

June 30, 1915, was $53,152.50.

UNITED STATES NOTES.

The principal issue of United States paper money was officially 

called United States notes. These were the well-known 11 greenbacks” or “ legal tenders.” The act of February 25, 1862, authorized 

the issue of $150,000,000, of which $50,000,000 were in lieu of an equal 

amount of demand notes, and could be issued only as the demand 

notes were canceled. A second issue of $150,000,000 was authorized 

by the act of July 11,1862, of which, however, $50,000,000 were to be a 

temporary issue for the redemption of a debt known as the temporary 

loan. A third issue of $150,000,000 was authorized by the act of 

March 3, 1863. The total amount authorized, including the temporary issue, was $450,000,000, and the highest amount outstanding 

at any time was $449,338,902 on January 30, 1864. There are still 

outstanding $346,681,016.

The reduction from the original permanent issue of $400,000,000 to 

$346,681,016 was caused as follows: The act of April 12, 1866, provided that United States notes might be retired to the extent of 

$10,000,000 during the ensuing six months, and that thereafter they

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might be retired at the rate of not more than $4,000,000 per month. 

This authority remained in force until it was suspended by the act of 

February 4, 1868. The authorized amount of reduction during this 

period was about $70,000,000, but the actual reduction was only about 

$44,000,000. No change was made in the volume of United States 

notes outstanding until after the panic of 1873, when, in response to 

popular demand, the Government reissued $26,000,000 of the canceled 

notes.

This brought the amount oustanding to $382,000,000, and it so 

remained until the resumption act of January 14, 1875, provided for 

its reduction to $300,000,000. The process was, however, again 

stopped by the act of May 31, 1878, which required the notes to be 

reissued when redeemed. At that time the amount oustanding was 

$346,681,016, which is the present amount. The amount of United 

States notes redeemed from the fund raised for resumption purposes 

since January 1, 1879, to June 30, 1915, was $971,241,137; but the 

volume outstanding is undiminished because of the provisions of the 

act of May 31, 1878, which require the notes so redeemed to be paid 

out again and kept in circulation.

The act of March 14, 1900, also directed the reissue of United States 

notes when redeemed, but they must first be exchanged for gold 

as provided in the said act. The act also provides that when silver 

certificates of large denominations are canceled, and small denominations issued in their place, a like volume of small United States notes 

shall from time to time be canceled and notes of $10 and upward 

issued in substitution therefor.

The act of March 4, 1907, provides for the issue, under certain conditions, of United States notes in denominations of $1, $2, and $5, and 

upon such issue an equal amount of United States notes of higher 

denominations shall be retired and canceled.

The gold reserve fund maintained for the redemption of United 

States notes is discussed on pages 11-12.

GOLD CERTIFICATES.

The act of March 3, 1863, authorized the Secretary of the Treasury 

to receive deposits of gold coin and bullion in sums not less than $20, 

and to issue certificates therefor in denominations not less than $20, 

said certificates to be receivable for duties on imports. Under this act 

deposits of gold were received and certificates issued until January 1,

1879, when the practice was discontinued by order of the Secretary of 

the Treasury. The purpose of the order was to prevent the holders 

of United States notes from presenting them for redemption in gold, 

and redepositing the gold in exchange for gold certificates. No certificates were issued after January 1, 1879, until the passage of the

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bank act of July 12, 1882, which authorized and directed the Secretary of the Treasury to receive gold coin and issue certificates, and 

made them receivable for customs, taxes, and all public dues.

This act, however, provided that “ the Secretary of the Treasury 

shall suspend the issue of gold certificates whenever the amount of 

gold coin and gold bullion in the Treasury, reserved for the redemption 

of United States notes, falls below one hundred millions of dollars.” 

The act of March 14, 1900, reenacted this provision, and further 

provided that the Secretary may, in his discretion, suspend such 

issue whenever and so long as the aggregate amount of United 

States notes and silver certificates in the general fund of the Treasury 

shall exceed $60,000,000. It provided further that of the amount of 

such certificates outstanding one-fourth, at least, shall be in denominations of $50 or less and authorized the issue of certificates in $10,000 

denomination, payable to order.

The act of March 4, 1907, provides for the receipt of deposits of 

gold coin in sums of not less than $20 and the issue of gold certificates therefor in denominations of not less than $10, and the act of 

March 2, 1911, authorizes the issue of certificates against the deposits 

of gold bullion or foreign coin.

The amount of gold certificates in circulation on June 30, 1915, 

was $1,072,847,819.

SILVER CERTIFICATES.

The act of February 28, 1878, authorizing the issue of the standard 

silver dollars, provided that any holder of such dollars might deposit 

them in sums not less than $10 with the Treasurer or any assistant 

treasurer of the United States and receive certificates therefor, in 

denominations not less than $10, said certificates to be receivable for 

customs, taxes, and all public dues. The act of August 4, 1886, 

authorized the issue of the smaller denominations of $1, $2, and $5. 

The act of March 14, 1900, provided that thereafter the issue of silver 

certificates should be limited to the denominations of $10 and under, 

except that 10 per cent of the total volume of such certificates, in the 

discretion of the Secretary of the Treasury, may be issued in denominations of $20, $50, and $100. Neither silver certificates nor silver 

dollars are redeemable in gold.

Silver certificates have practically taken the place in circulation 

of the standard silver dollars which they represent. The amount 

in circulation on June 30, 1915, was $481,970,395, while the amount 

of standard silver dollars in circulation was only $64,647,156.

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TREASURY NOTES O F 1890.

These notes were authorized by the act of July 14, 1890, commonly 

called the “ Sherman Act.” The Secretary of the Treasury was 

directed to purchase each month 4,500,000 ounces of fine silver 

at the market price and to pay for the same with Treasury notes 

redeemable on demand in coin and legal tender for all debts, public 

and private, except where otherwise expressly stipulated in the 

contract. It was provided in the act that when the notes should 

be redeemed or received for dues they might be reissued, but that 

no greater or less amount of such notes should be 11 outstanding at 

any time than the cost of the silver bullion and the standard silver 

dollars coined therefrom, then held in the Treasury, purchased by 

such notes.”

The authority for the purchase of silver bullion under this act 

was repealed by the act of November 1, 1893, up to which date the 

Government had purchased 168,674,682.53 fine ounces, at a cost of 

$155,931,002, for which Treasury notes were issued. The amount of 

Treasury notes redeemed in gold up to the close of the fiscal year 

1915 was $110,712,364 and the amount redeemed in standard silver 

dollars was $84,556,867. Treasury notes redeemed in standard silver 

dollars are canceled and retired in accordance with the requirements 

of the act of 1890. Sections 5 and 8 of the act of March 14, 1900, 

also provide for the cancellation and retirement of Treasury notes 

to an amount equal to the coinage of standard silver dollars and 

subsidiary silver from the bullion purchased with such notes. The 

cancellation of notes on account of coinage since March 14, 1900, 

was $69,120,135, so that there remained outstanding June 30, 1915 

but $2,254,000.

.VTien specie payments were suspended, about January 1, 1862, 

both gold and silver coins disappeared from circulation. The place 

of the subsidiary silver coins was for a time supplied by the use of 

tickets, duebills, and other forms of private obligations, which were 

issued by merchants, manufacturers, and others whose business 

required them to “ make change.” Congress soon interfered and 

authorized, first, the use of postage stamps for change; second, a 

modified form of postage stamp called postal currency, and, fin ally, 

fractional paper currency in denominations corresponding to the 

subsidiary silver coins^/The highest amount authorized was 

$50,000,000. The highest amount outstanding at any time was 

$49,102,660.27, and the amount outstanding on June 30, 1915, 

though not in use as money, was $15,226,173.90, of which $8,375,934 

is officially estimated to have been destroyed.

FRACTIONAL CURRENCY.

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PORTRAITS OR OTHER CHARACTERISTIC DESIGNS APPEARING ON

CURRENT ISSUES OF PAPER CURRENCY.

Silver certificates— blue seals:

*■* $1 American eagle, with Capitol in background; small portraits of Lincoln

and Grant.

$2 Washington, with “ Mechanics” and “ Agriculture.”

$5 Indian chief.

$10 T. A. Hendricks.

$20 Daniel Manning, with “ Mechanics” and “ Agriculture.”

$50 Edward Everett.

Gold certificates— yellow seals:

$10 Michael Hillegas. Reverse, seal of United States.

$20 Washington. Reverse, seal of United States.

$50 Grant.

$100 Benton. Reverse, eagle.

$500 Lincoln. Reverse, eagle.

$1,000 Hamilton. Reverse, seal of United States.

$5,000 James Madison. Reverse, eagle.

$5,000 To order. James Madison.

$10,000 Andrew Jackson. Reverse, eagle.

$10,000 To order. Andrew Jackson.

United States notes— red seals:

^ ^ $5 Woodsman with axe and rifle, portrait of Andrew Jackson.

$10 Buffalo, small portraits of Lewis and Clark. Reverse, female figure

between two columns, representing “ Enlightenment.”

$20 Alexander Hamilton and female figure “ Liberty.”

$50 Benjamin Franklin and female figure “ America.”

$100 Lincoln and vignette “ Reconstruction.”

$500 Gen. J. K. Mansfield and female figure “ Victory.”

$1,000 De Witt Clinton and vignette “ Columbus in study.”

National bank notes— blue seals:

— $5 Benjamin Harrison. Reverse, “ Landing of Pilgrims.”

— $10 William McKinley. Reverse, female figure and ships.

— $20 Hugh McCulloch. Reverse, female figure and Capitol.

$50 John Sherman. Reverse, railroad train, male and female figures.

$100 John Jay Knox. Reverse, eagle on shield and two male figures, representing “ Agriculture” and “ Mechanics.”

Federal reserve notes— red seals (blue on those printed after August 9, 1915):

$5 Lincoln. Reverse, “ Discovery of land” and “ Landing of the Pilgrims.”

— $10 Jackson. Reverse, “ Agriculture” and “ Manufacture.”

— $20 Cleveland. Reverse, “ Transportation on land, and water, and in air.”

_ $50 Grant. Reverse, “ America” guarding Panama at meeting of Atlantic

and Pacific Oceans.

— $100 Franklin. Reverse, “ America,” with “ Peace” and “ Plenty” on either

side. Labor bringing in the fruits of industry and Mercury distrib-

^ ^ uting them.

Fe^te^af reserve bank notes—blue seals:

Issued in same denominations and with same portraits on face and with

same designs on reverse as Federal reserve notes.

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Paper currency of each denomination outstanding June 30, 1915.

Denomination.

United

States

notes.

Treasury 

notes of 

1890.

Federal

reserve

notes.

Nationalbank

notes.

Gold

certificates.

Silver

certificates.

Total.

$1 ................. $1,819,540

1,363,613

202,123,160

107,957,996

8,092,632

2,030,375

2,983,700

2,749,000

18,551,000

$354,076 

225,319 

543,885 

633,490 

291,330 

11,900 

116,000

$342,317

163,568

137,881,535

354,680,300

249,959,860

32,964,600

45,305,700

88,500

22,000

$174,838,421 

59,748,881 

182,868,967 

24,707,751 

19,159,400 

31,755,660 

343,420 

18,500 

18,000

$177,354,354 

61,501,381 

554,796,547 

730,974,017 

506,626,556 

118,319,890 

133,102,920 

22,657,500 

104,017,500 

95,885,000 

462,260,000 

54,143

$2........................

$5 . .. $31,379,000

28,054,060

14,837,440

4,990,000

5,000,000

$10....................... $214,940,420 

214,285,894 

46,567,355 

79,354,100

19.801.500

85.348.500 

95,885,000

462,250,000

$20......................

$50.......................

$100.....................

$500

$1,000 78,000

$5,000 ...............

$10,000 10,000

Fractional parts

Total........

Deduct.............

54,143

347,681,016

11,000,000

2,254,000 84,260,500 821,462,523 

22,188,930

1,218,432,769 

8 44,723,780

493,459,000 2,967,549,808 

47,912,710

Net. 346,681,016 2,254,000 84,260,500 819,273,593 1,173,708,989 493,459,000 2,919,637,098

1 Unknown, destroyed.

2 Redeemed but not assorted by denominations.

3 Demand gold certificates received in exchange for gold and order gold certificates.

Statement of the specie and bank-note circulation of the United States in the years specified

from 1800 to 1859, with amount of circulation per capita.

Years.

Number 

of banks 

and 

branches.

Estimated 

bank 

notes outstanding.

Estimated 

specie in 

United 

States.

Total 

money in 

United 

States.

Specie in 

Treasury.

Money in 

circulation.

Population.

Per

capita.

1800.... $10,500,000 $17,500,000 $28,000,000 i $1,500,000 $26,500,000 5,308,483 $4.99

1810.... 28,000,000 30,000,000 58,000,000 13,000,000 55,000,000 7,239,881 7.60

1820.... .......... 44,800,000 24,300,000 69,100,000 12,000,000 67,100,000 9,633,822 6.96

1830.... .......... 61,000,000 32,100,000 93,100,000 5,755,705 87,344,295 12,866,020 6.78

1831.... 77,000,000 32,100,000 109,100,000 6,014,540 103,085,460 13,221,000 7.79

1832.... .......... 91,500,000 30,400,000 121,900,000 4,502,914 117,397,086 13,590,000 8.64

1833.... .......... 91,500,000 30,650,000 122,150,000 2,011,778 120,138,222 13,974,000 8.60

1834.... 506 94,839,570 41,000,000 135,839,570 11,702,905 124,136,665 14,373,000 8.64

1835.... 704 103,692,495 51,000,000 154,692,495 8,892,858 145,799,637 14,786,000 9.86

1836.... 713 140,301,038 65,000,000 205,301,038 1 5,000,000 200,301,038 15,213,000 13.17

1837.... 788 149,185,890 73,000,000 222,185,890 1 5,000,000 217,185,890 15,655,000 13.87

1838.... 829 116,138,910 87,500,000 203,638,910 15,000,000 198,638,910 16,112,000 12.33

1839.... 840 135,170,995 87,000,000 222,170,995 2,466,962 219,704,033 16,584,000 13.25

1840.... 901 106,968,572 83,000,000 189,968,572 3,663,084 186,305,488 17,069,453 10.91

1841.... 784 107,290,214 80,000,000 187,290,214 987,345 186,302,869 17,591,000 10.59

1842.... 692 83,734,011 80,000,000 163,734,011 230,484 163,503,527 18,132,000 9.02

1843.... 691 58,563,608 90,000,000 148,563,608 1,449,472 147,114,136 18,694,000 7.87

1844.... 696 75,167,646 100,000,000 175,167,646 7,857,380 167,310,266 19,276,000 8.68

1845.... 707 89,608,711 96,000,000 185,608,711 7,658,306 177,950,405 19,878,000 8.95

1846.... 707 105,552,427 97,000,000 202,552,427 9,126,439 193,425,988 20,500,000 9.44

1847.... 715 105,519,766 120,000,000 225,519,766 1,701,251 223,818,515 21,143,000 10.59

1848.... 751 128,506,091 112,000,000 240,506,091 8,101,353 232,404,738 21,805,000 10.66

1849.... 782 114,743,415 120,000,000 234,743,415 2,184,964 232,558,451 22,489,000 10.34

1850.... 824 131,366,526 154,000,000 285,366,526 6,604,544 278,761,982 23,191,876 12.06

1851.... 879 155,165,251 186,000,000 341,165,251 10,911,646 330,253,605 23,995,000 13.72

1852 171,673,000 204,000,000 375,673,000 14,632,136 361,040,864 24,802,000 14.56

1 Specie in Treasury estimated.

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Statement of the specie and bavlc-note circulation of the United States in the years specified

from 1800 to 1859, with amount of circulation per capita— Continued.

Years.

Number 

of banks 

and 

branches.

Estimated 

bank 

notes outstanding.

Estimated 

specie in 

Uiited 

States.

Total 

money in 

United 

States.

Specie in 

Treasury.

Money in 

circulation.

Population.

Per

capita.

1853 $188,181,000 $236,000,000 $424,181,000 $21,942,893 $402,238,107 25,615,000 $15.70

1854.... 1,208 204,689,207 241,000,000 445,689,207 20,137,967 425,551,240 26,433,000 16.10

1855.... 1,307 186,952,223 250,000,000 436,952,223 18,931,976 418,020,247 27,256,000 15.34

1856.... 1,398 195,747,950 250,000,000 445,747,950 19,901,325 425,846,625 28,083,000 15.16

1857.... 1,416 214,778,822 260,000,000 474,778,822 17,710,114 457,068,708 28,916,000 15.81

1858.... 1,422 155,208,344 260,000,000 415,208,344 6,398,316 408,810,028 29,753,000 13.74

1859.... 1,476 193,306,818 250,000,000 443,306,818 4,339,276 438,967,542 30,596,000 14.35

N o t e .— T he figures u se d in th is table are tak e n fro m the e a rly finance reports a n d are n o t u n ifo rm as

to th e m o n th in each ye ar w h ic h the figures represent.

Statement of the coin and paper circulation of the United States from 1860 to 1915, inclusive,

with amount of circulation per capita.

REC A PITU LA TIO N .

Year 

ending 

June 30—

Coin, including 

bullion 

in Treasury.

United States 

notes and 

bank notes.

Total money.

Coin, 

bullion, and 

paper money 

in Treasury, 

as assets.

Circulation. Population.

Circulation per 

capita.

1860 $235,000,000 $207,102,477 $442,102,477 $6,695,225 $435,407,252 31,443,321 $13.85

1861 250,000,000 202,005,767 452,005,767 3,600,000 448,405,767 32,064,000 13.98

1862 25,000,000 333,452,079 358,452,079 23,754,335 334,697,744 32,704,000 10.23

1863,, 25,000; 000 649,867,283 674,867,283 79,473,245 595,394,038 33,365,000 17.84

1864 . , . 25,000,000 680,588,067 705,588,067 35,946,589 669,641,478 34,046,000 19.67

1865 25,000,000 745,398,620 770,398,620 55,426,760 714,971,860 34,748,000 20.58

1866 25,000,000 729,430,711 754,430,711 80,839,010 673,591,701 35,469,000 18.99

1867 25,000,000 703,334,669 728,334,669 66,208,541 662,126,128 36,211,000 18.29

1868... 25,000,000 692,336,115 717,336,115 36,449,917 680,886,198 36,973,000 18.42

1869 .. 25,000,000 691,471,653 716,471,653 50,898,289 665,573,364 37,756,000 17.63

1870 25,000,000 698,940,094 723,940,094 47,655,667 676,284,427 38,558,371 17.51

1871 ...... 25,000,000 719,539,283 744,539,283 25,923,169 718,616,114 39,555,000 18.17

1872 .. 25,000,000 740,960,724 765,960,724 24,412,016 741,548,708 40,596,000 18.27

1873.. 25,000,000 751,363,213 776,363,213 22,563,801 753,799,412 41,677,000 18.09

1874 25,000,000 781,024,781 806,024,781 29,941,750 776,083,031 42,796,000 18.13

1875 25,000,000 773,273,509 798,273,509 44,171,562 754,101,947 43,951,000 17.16

1876 52,418,734 738,264,550 790,683,284 63,073,896 727,609,388 45,137,000 16.12

1877 65,837,506 697,216,341 763,053,847 40,738,964 722,314,883 46,353,000 15.58

1878 .. 102,047,907 687,743,069 789,790,976 60,658,342 729,132,634 47,598,000 15.32

1879... 357,268,178 676,372,713 1,033,640,891 215,009,098 818,631,793 48,866,000 16.75

1880 494,363,884 691,186,443 1,185,550,327 212,168,099 973,382,228 50,155,783 19.41

1881. 647,868,682 701,723,691 1,349,592,373 235,354,254 1,114,238,119 51,316,000 21.71

1882 703,974,839 705,423,050 1,409,397,889 235,107,470 1,174,290,419 52,495,000 22.37

1883 769,740,048 703,496,526 1,473,236,574 242,188,649 1,231,047,925 53,693,000 22.93

1884 801,068,939 686,180,899 1,487,249,838 243,323,869 1,243,925,969 54,911,000 22.65

1885. . 872,175,823 665,750,948 1,537,926,771 244,864,935 1,293,061,836 56,148,000 23.03

1886., 903,027,304 655,691,476 1,558,718,780 308,707,249 1,250,011,531 57,404,000 21.78

1887. 1,007,513,901 625,898,804 1,633,412,705 315,873,562 1,317,539,143 58,680,000 22.45

1888 1,092,391,690 599,043,337 1,691,435,027 319,270,157 1,372,164,870 59,974,000 22.88

1889........ 1,100,612,434 558,059,979 1,658,672,413 278,310,764 1,380,361,649 61,289,000 22.52

1890........ 1,152,471,638 532,651,791 1,685,123,429 255,872,159 1,429,251,270 62,622,250 22.82

1891. 1,112,956,637 564,837,007 1,677,793,644 180,353,337 1,497,440,307 63,844,000 23.45

1892........ 1,131,142,260 621,076,937 1,752,219,197 150,872,010 1,601,347,187 65,086,000 24.60

1893 „ 1,066,223,357 672,584,935 1,738,808,292 142,107,227 1,596,701,065 66,349,000 24.06

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Statement of the coin and paper circulation of the United States from 1860 to 1915,

inclusive, with amount of circulation per capita— Continued.

R E C A P IT U L A T IO N —Continued.

Year 

ending 

June 30—

Coin, including 

bullion 

in Treasury.

United States 

notes and 

bank notes.

Total money.

Coin, 

bullion, and 

paper money 

in Treasury, 

as assets.

Circulation. Population.

Circulation per 

capita.

1894........ $1,098,958,741 $706,618,677 $1,805,577,418 $144,270,253 $1,661,307,165 67,632,000 $24.56

1895........ 1,114,899,106 704,460,451 1,819,359,557 217,391,084 1,601,968,473 68,934,000 23.24

1896........ 1,097,610,190 702,364,843 1,799,975,033 293,540,067 1,506,434,966 70,254,000 21.44

1897 1,213,78C, 289 692,989,982 1,906,770,271 265,787,100 1,640,983,171 71,592,000 22.92

1898 1,397,785,969 675,788,473 2,073,574,442 235,714,547 1,837,859,895 72,947,000 25.19

1899 1,508,543,738 681,550,167 2,190,093,905 286,022,024 1,904,071,881 74,318,000 25.62

1900 1,607,352,213 732,348,460 2,339,700,673 284,549,675 2,055,150,998 76,303,387 26.93

1901 1,734,861,774 748,206,203 2,483,067,977 307,760,015 2,175,307,962 77,754,000 27.98

1902 1,829,913,551 733,353,107 2,563,266,658 313,876,107 2,249,390,551 79,117,000 28.43

1903 1,905,116,321 779,594,666 2,684,710,987 317,018,818 2,367,692,169 80,487,000 29.42

1904 1,994,610,024 808,894,111 2,803,504,135 284,361,275 2,519,142,860 81,867,000 30.77

1905 2,031,296,042 851,813,822 2,883,109,864 295,227,211 2,587,882,653 83,260,000 31.08

1906 2,154,797,215 915,179,376 3,069,976,591 333,329,963 2,736,646,628 84,662,000 32.32

1907 2,159,103,301 956,457,706 3,115,561,007 342,604,552 2,772,956,455 86,074,000 32.22

1908 2,328,767,087 1,049,996,933 3,378,764,020 340,748,532 3,038,015,488 87,496,000 34.72

1909 2,365,512,264 1,040,816,090 3,406,328,354 300,087,697 3,106,240,657 88,926,000 34.93

1910 2,355,807,734 1,063,783,749 3,419,591,483 317,235,878 3,102,355,605 90,363,000 34.33

1911 2,477,837,453 1,078,121,524 3,555,958,977 341,956,381 3,214,002,596 93,983,000 34.20

1912 2,554,125,643 1,094,745,008 3,648,870,651 364,357,557 3,284,513,094 95,656,000 34.34

1913 2,611,571,094 1,108,498,922 3,720,070,016 356,331,567 3,363,738,449 97,337,000 34.56

1914 2,638,496,956 1,099,791,915 3,738,288,871 336,273,444 3,402,015,427 99,027, COO 34.35

1915 2,739,241,077 U,250,215,109 3,989,456,186 2420,236,612 13,569,219,574 100,725,000 35.44

1 Includes Federal reserve notes—first issue in November, 1914.

2 Includes amount held by Federal reserve banks and Federal reserve agents against Federal reserve 

notes.

N o t e 1.—Specie payments were suspended from Jan. 1, 1862, to Jan. 1, 1879. During the greater part of 

that period gold and silver coins were not in circulation except on the Pacific coast, where, it is estimated, 

the specie circulation was generally about $25,000,000. This estimated amount is the only coin included 

in the above statement from 1862 to 1875, inclusive.

N o t e 2.—In 1876 subsidiary silver again came into use, and is included in this statement, beginning 

with that year.

N o te 3.— The coinage of standard silver dollars began in 1878, under the act of Feb. 28, 1878.

N o t e 4.—Specie payments were resumed Jan. 1, 1879, and all gold and silver coins, as well as gold and 

silver bullion in the Treasury, are included in this statement from and after that date.

N ote 5.—This table represents the circulation of the United States as shown by the revised statements 

of the Treasury Department for June 30 of each of the years specified.

N o t e 6.— The Director of the Mint revised the estimates of the stock of gold coin in the United States 

so that in August, 1907, there was a reduction of $135,000,000, and a revision of the stock of subsidiary 

silver coin resulted in a reduction of $9,700,000 as of June 30,1910.

The foregoing table, showing the coin and paper circulation of the 

United States from 1860 to 1915, inclusive, differs as to the first three 

columns from the tables published in 1896 and 1897. The earlier 

tables included as a part of the available stock of money in the United 

States certain amounts of paper money, which, in reality, represented 

other money held in the Treasury for their redemption.

For example: The amount stated in the circular for 1896 as paper 

money in the United States July 1, 1889, was $974,738,277, while the 

amount in the present circular is $558,059,979. This difference arises 

2023°— 15-------4

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from the fact that there were outstanding that year $154,048,552 gold 

certificates and $262,629,746 silver certificates, against which equal 

amounts of gold coin and standard silver dollars were held in the 

Treasury. To state this amount of paper money as available and to 

state the same amount of gold and standard silver dollars as also 

available was a duplication, which has been eliminated from the 

present statement.

It will be observed that the amounts of money in circulation remain 

the same as before. It will also be noticed that the amount of coin, 

bullion, and paper money in the Treasury is less in the present statement than in the statements for 1896 and 1897. That is because these 

same duplications have been eliminated from that column also, so 

that the column in the present statement shows only the money held 

in the Treasury as assets of the Government. The other amounts of 

money which are held on account of the several forms of outstanding 

paper money are no longer included.

The change in this table has been made to conform to the new 

form of the circulation statement published by this department 

monthly since January 1, 1900.

During the fiscal year 1915 the Treasury notes of 1890 were eliminated as a part of the general stock of money in the United States, 

being replaced by an equal amount of standard silver dollars held for 

the redemption of such notes.

The circulation statement for July 1, 1915, revised, shows the following at close of business June 30, 1915:

Circulating medium.

General stock 

of money in the 

United States.

Held in the 

Treasury as 

assets of the 

Government.1

Held by Federal reserve 

banks and 

Federal reserve agents 

against Federal reserve 

notes.

Money in circulation.

Gold coin (including bullion in Treasury).. 

Gold certificates2..............................................

$1,985,539,172 $209,251,000 

38,495,370 

7,911,499 

11,488, 605 

26,164,295 

9,313 

14,338,770 

3,885, 850

$12,445,564 

62,365,800

$590,133,619 

1,072,847,819 

64,647,156 

481,970,395 

159,265,955 

2,244,687 

332,342,246 

80,374,650

Standard silver dollars..................................... 568,271,655

Silver certificates2............................................

Subsidiary silver............................................... 185,430,250

Treasury notes of 18902 ................................

United States notes.......................................... 346,681,016 

84,260,500Federal Reserve notes......................................

Federal reserve bank notes.............................

National bank notes......................................... 819,273,593 33,880,546 785,393,047

Total......................................................... 3,989,456,186 345,425,248 74,811,364 3,569,219,574

Population of continental United States estimated at........................................................................ 100,725,000

Circulation per capita................................................................................................................................ $35.44

1 This statement of money held in the Treasury as assets of the Government does not include deposits 

of public money in national bank depositaries to the credit of the Treasurer of the United States, amounting to $53,454,547.87. For a full statement of assets see Public Debt Statement, published monthly.

2 For redemption of outstanding certificates and Treasury notes of 1890 an exact equivalent in amount 

of the appropriate kinds of money is held in the Treasury, and is not included in the account of money 

held as assets of the Government.

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During the period of the suspension of specie payments—January

1, 1862, to January 1, 1879— the customs revenues of the Government 

were collected in gold. A sufficient amount of this gold was reserved 

to meet that portion of the interest on the public debt which was payable in coin and the remainder was sold from time to time for currency at the market price by the several assistant treasurers of the 

United States, under instructions from the Secretary of the Treasury. 

The currency so obtained, with the currency collected from internal 

revenue and from other sources, was used to defray the ordinary 

expenses of the Government. The surplus, if any, was applied, as 

far as it would go, to the redemption of lawful-money obligations as 

they fell due and after their maturity to the purchase of bonds at the 

market price.

The total amount of gold sold was $526,506,273.81 and the currency received therefor amounted to $633,334,089.67.

The average premium obtained was 20.3 per cent.

Premium on gold, and gold value of United States legal-tender notes from 1862 to Jan. 19

1879.

SALES OF GOLD.

Years.

Average currency value of 

gold each 

calendar year 

during suspension of specie 

payments, 

Jan. 1, 1862, to 

Jan. 1, 1879.

Average gold 

value of United 

States notes 

each calendar 

year during 

suspension of 

specie payments, Jan. 1, 

1862, to Jan. 1, 

1879.

Years.

Average currency value of 

gold each 

calendar year 

during suspension of specie 

payments, 

Jan. 1, 1862, to 

Jan. 1, 1879.

Average gold 

value of United 

States notes 

each calendar 

year during 

suspension of 

specie payments, Jan. 1, 

1862, to Jan. 1, 

1879.

1862...................... 113.3 88.3 1871.......................... 111. 7 89.5

1863.......................... 145.2 68.9 1872.......................... 112.4 89.0

1864.......................... 203.3 49.2 1873.......................... 113.8 87.9

1865.......................... 157.3 63.6 1874.......................... 111.2 89.9

1866.......................... 140.9 71.0 1875.......................... 114.9 87.0

1867.......................... 138.2 72. 4 1876........................ 111.5 89.8

1868........................ 139.7 71.6 1877...................... 104.8 95.4

1869.......................... 133.0 75.2 1878.......................... 100.8 99.2

1870.......................... 114.9 87.0

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Total redemptions of notes in gold and exports and imports of that metal during each fiscal

year since the resumption of specie payments.

Fiscal y e a r- United 

States notes.

Treasury 

notes of 1890. Total. Exports of 

gold.

Imports of 

gold.

1879 ................................... $7,976,698 $7,976,698 $4,587,614 $1,100,050

1880............................................ 3,780,638 3,780,638 3,639,025 80,758,396

1881............................................ 271,750 271,750 2,565,132 100,031,259

1882 ............................... 40,000 40,000 32,587,880 34,377,054

1883 ..................................... 75,000 75,000 11,600,888 17,734,149

1884 ...................... 590,000 590,000 41,081,957 22,831,317

1885 ................................. 2,222,000 2,222,000 8,477,892 26,691,696

1886 ...................... 6,863,699 6,863,699 42,952,191 20,743,349

1887 ................................. 4,224,073 4,224,073 9,701,187 42,910,601

1888 .................................... 692,596 692,596 18,376,234 43,934,317

1889 ................................... 730,143 730,143 59,952,285 10,284,858

1890 732,386 732,386 17,274,491 12,943,342

1891 ................................... 5,986,070 5,986,070 86,362,654 18,232,567

1892............................................ 5,352,243 $3,773,600 9,125,843 50,195,327 49,699,454

1893............................................. 55,319,125 46,781,220 102,100,345 108,680,844 21,174,381

1894............................................. 68,242,408 16,599,742 84,842,150 76,978,061 72,449,119

1895............................................. 109,783,800 7,570,398 117,354,198 66,468,481 35,146,734

1896............................................. 153,307,591 5,348,365 158,655,956 112,409,947 31,720,487

1897............................................. 68,372,923 9,828,991 78,201,914 40,361,580 81,411,533

1898............................................. 22,301,710 2,696,253 24,997,963 15,406,391 115,173,988

1899............................................. 18,645,015 6,997,250 25,642,265 37,522,086 84,280,674

1900............................................. 28,637,501 6,960,836 35,598,337 48,266,759 30,961,698

1901............................................. 23,776,433 446,678 24,223,111 53,185,177 45,445,734

1902............................................. 17,482,590 1,274,590 18,757,180 48,568,950 27,205,657

1903............................................. 7,154,718 1,112,527 8,267,245 47,090,595 26,306,190

1904............................................. 11,081,068 473,976 11,555,044 80,726,919 77,535,222

1905............................................. 11,517,579 340,675 11,858,254 91,658,950 44,318,946

1906............................................. 11,452,195 192,810 11,645,005 38,573,591 91,349,507

1907............................................. 12,690,887 101,278 12,792,165 51,399,176 100,007,262

1908............................................. 21,278,307 41,705 21,320,012 72,432,924 148,337,321

1909............................................. 19,984,536 31,405 20,015,941 91,531,818 44,003,989

1910............................................. 11,695,012 9,880 11,704,892 118,563,215 43,339,905

1911............................................. 22,844,635 48,160 22,892,795 73,607,013 22,509,653

1912............................................. 45,490,350 7,955 45,498,305 48,936,500 57,328,348

1913............................................. 67,850,957 67,830 67,918,787 69,194,025 77,762,622

1914............................................. 73,194,576 4,500 73,199,076 66,538,659 112,038,529

1915............................................. 49,599,925 1,740 49,601,665 171,568,755 146,224,148

Total............................... 971,241,137 110,712,364 1,081,953,501 2,019,025,173 2,018,304,056

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I V . T H E N A T I O N A L B A N K C U R R E N C Y .

AUTHORIZING ACTS.

The issue of circulating notes by national banking associations was 

first authorized by the act of February 25, 1863. This act was found 

to be defective and was superseded by the act of June 3, 1864, 

entitled “ An Act to provide a national currency, secured by a pledge 

of United States bonds, and to provide for the circulation and 

redemption thereof.”

The act of June 3, 1864, is the basic act for the national banking 

system. This act was embodied in the Revised Statutes of the United 

States compiled in 1873 and, by the act of June 20, 1874, is designated 

u The national bank act.” The basic act provided for the organization 

of national banks with a capital of not less than $100,000, nor less than 

$200,000 in cities with a population in excess of 50,000, except, that 

in places not over 6,000 population, banks might be organized with 

a capital of not less than $50,000. Organizing banks were required 

to deposit with the Treasurer of the United States registered interestbearing bonds to an amount not less than $30,000 nor less than onethird of their paid-in capital stock. Upon the transfer and delivery 

of bonds to the Treasurer of the United States, banking associations 

were entitled to receive from the Comptroller of the Currency circulating notes of different denominations in blank equal in amount to 

90 per cent of the current market value but not to exceed 90 per 

cent of the par value of the bonds deposited. Issues were limited to 

an amount equal to the paid-in capital of each bank depositing bonds 

and to a total of $300,000,000 for the entire country. The notes 

authorized by this act were made receivable at par in all parts of 

the United States for all public dues to the United States except 

duties on imports and also for obligations of the Government except 

interest on the public debt and in the redemption of national currency. The notes were made receivable for all purposes by national 

banks and were redeemable in lawful money at the bank of issue 

and at designated agencies in reserve cities. Taxation upon the 

average outstanding circulation was imposed at the rate of one-half 

of 1 per cent semiannually.

Various and material amendments to the basic act have been made. 

The act of March 3, 1865, provided that one-half of the total circulation authorized should be apportioned according to population and 

the remainder according to banking requirements. This apportionment and the limitation on the aggregate amount of circulation were 

repealed January 14, 1875. Provision was made by the act of June 

20, 1874, for the deposit of lawful money by each bank with the 

Treasurer of the United States of an amount equal to 5 per cent of

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its outstanding circulation to be used for the redemption of the 

national bank notes. The provision authorizing redemption agents 

in various cities was repealed. At the same time provision was made 

for the retirement of circulation by the deposit of lawful money with 

the Treasurer of the United States. The destruction of notes upon 

redemption by maceration instead of by burning was authorized by 

act of June 23, 1874.

No material modification affecting national bank circulation was 

made subsequent to 1874 until 1882. By the act approved July 12, 

1882, national banks with a capital of $150,000 or less were not 

required to deposit or to keep on deposit with the Treasurer of the 

United States bonds in excess of one-fourth of their capital stock as 

security for circulating notes. The act of June 20, 1874, provided 

that the amount of bonds on deposit for circulation should not be 

reduced below $50,000, which determined the amount of bonds 

required to be deposited by banks organizing with a capital stock of 

over $150,000.

A limitation of $3,000,000 was placed in 1882 on the total amount 

of circulation that might be retired in any one month by the deposit 

of lawful money. This amount was increased by the act of March 4, 

1907, to $9,000,000.

The act of March 14, 1900, fixed the tax on circulation secured by 

2 per cent bonds at one-fourth of 1 per cent semiannually and provided for the organization of banks of not less than $25,000 capital 

in places with population not in excess of 3,000. This act increased 

the amount of circulation allowed from 90 per cent of par to par 

value of the bonds deposited, but did not modify the requirement 

that banks should deposit bonds for circulation.

The Federal reserve act, approved December 23, 1913, provides 

that national banks thereafter organized shall not be required to 

deposit United States bonds as a condition precedent to being authorized to begin business. Banks organized since that date may be 

banks of issue in accordance with previously existing law. The 

Federal reserve act further provides that after 2 years from its 

passage and for 20 years thereafter any member bank desiring to 

retire the whole or any part of its circulation may file with the 

Treasurer of the United States an application to sell for its account, 

at par and accrued interest, United States bonds securing the circulation to be retired. Provision also is made for the purchase by the 

Federal reserve banks of the bonds offered for sale by the national 

banks, the purchase money to be deposited in the Treasury for the 

redemption of the circulation to be retired.

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PROFITS ON CIRCULATION.

Tables published, annually by the Comptroller of the Currency show 

the profit arising from a bank investing its funds in bonds and taking 

out circulation thereon, compared with the profits from investment 

of the same funds at 6 per cent per annum. This profit varies with 

the cost of the bonds and the rates of interest current where a bank 

is located. (See Reports of Comptroller of the Currency.)

PROFITS ON CAPITAL INVESTED.

The Comptroller of the Currency’s report for 1914 shows the annual 

net earnings and dividends on the capital of national banks for the 

past 45 years, based upon sworn reports made to the comptroller by 

the banks. The annual average net earnings and dividends paid during this period were $79,255,384 and $59,954,882, respectively. The 

average rate of dividends for the 45 years was 9.33 per cent, the 

average rate for the year 1913 being 11.40 and for 1914, 11.37.

Every national bank is required by law to make to the Comptroller 

not less than five sworn reports every year, showing in detail its 

resources and liabilities, and it is required to publish the reports in a 

local newspaper; also to make a sworn report of every dividend 

declared, which report must also show the amount of undivided profits 

in excess of such dividend.

The affairs of every bank are also examined at least twice a year by 

an examiner, who verifies its assets and inspects its accounts, and the 

examiner is empowered by law to examine every officer and employee 

of the bank under oath, if necessary, to find out its true condition.

ADDITIONAL NATIONAL BANK CURRENCY.

The act of May 30, 1908, the so-called Aldrich-Vreeland Act, 

amended the national banking law by providing for the issue of 

additional circulation secured otherwise than by the deposit of 

United States bonds. Two methods of issuing additional circulation 

were provided: (1) Direct issues by a national bank upon application to the Comptroller of the Currency and the deposit as 

security with the Treasurer of the United States of bonds or other 

interest-bearing obligations of any State or any legally authorized 

bonds issued by any city, town, or county of the United States, and 

(2) Issues by a national bank upon application to the Comptroller of 

the Currency through a national currency association and the deposit as security with* the association of any securities of domestic 

origin, including commercial paper, held by the bank. In either case 

the security offered must be acceptable to the Secretary of the 

Treasury.

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Additional circulation might be issued in the second way only 

through membership in a national currency association, and for this 

purpose the act authorized national banks to form national currency 

associations. No bank could be a member of a national currency 

association or receive additional circulation under either method 

unless it possessed an unimpaired capital and a surplus equal to 20 

per cent of its capital and had outstanding circulation secured by 

United States bonds equal to 40 per cent of its capital. The act 

provided that not over $500,000,000 additional circulation might 

be outstanding at any one time, and issues were to be apportioned 

among the States according to the proportion of national bank 

capital and surplus. No bank could issue circulation, including 

bond-secured circulation, in excess of its combined capital and 

surplus. The law provided that State, municipal, and county bonds 

might be accepted at not more than 90 per cent of their market value, 

and other securities, including commercial paper, might be accepted 

at not more than 75 per cent of their cash value; with the further 

restriction that authorized additional circulation based on commercial paper should not exceed 30 per cent of the unimpaired capital 

and surplus of any bank. Taxation was imposed at the rate of 5 per 

cent per annum for the first month, increasing each month thereafter 

at the rate of 1 per cent per annum until a maximum of 10 per cent 

was reached. Additional circulation, however, was only authorized 

to be issued at such times and under such conditions as, in the judgment of the Secretary of the Treasury, an increase in national bank 

circulation was warranted.

The act of May 30, 1908, would have expired by limitation on 

June 30, 1914, but by section 27 of the Federal reserve act it was extended to June 30, 1915, and at the same time the rate of taxation on 

additional circulation was reduced to 3 per cent per annum for the first 

three months, increasing thereafter monthly at the rate of one-half of 

1 per cent per annum until a maximum of 6 per cent was reached. 

The act was further amended on August 4, 1914, by conferring upon 

the Secretary of the Treasury power to suspend the limitation that 

additional circulation could be issued only to national banks having 

40 per cent United States bond-secured circulation and the further 

limitations relating to the amount of circulation issuable by a bank 

and in the aggregate. It was provided that banks with the approval 

of the Secretary of the Treasury might issue circulation to the extent 

of 125 per cent of their unimpaired capital and surplus combined.

Additional circulation might be retired at ariy time by depositing 

lawful money or national bank notes with the Treasurer of the United 

States, when the securities deposited with the national currency associations or with the Treasurer might be withdrawn, subject to the

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consent of the Comptroller of the Currency and with the approval of 

the Secretary of the Treasury.

Under authority of this act and from time to time national currency 

associations were organized, although the act was practically a dead 

letter until after the amendment of August 4, 1914, was adopted. 

The first association organized was that of Washington, D. C., on 

July 18, 1908. Subsequently other associations were formed, or the 

territory of existing associations was extended, until with the organization of the Association of the State of Vermont on December 16, 

1914, the entire country was covered except the States of Maine and 

Wyoming, in which States organizations were not effected nor was 

the territory attached to associations already formed. In the following table is shown the date of organization of each national currency 

association, and the number of banks with their capital and surplus 

holding membership in each association, together with the amount of 

additional circulation issued. Four of the currency associations did 

not request the issue of additional circulation.

The act expired by limitation on June 30, 1915, prior to which date 

deposits in full had been made by all banks which had taken out 

additional circulation, thereby removing their liability therefor, except 

one insolvent bank which had $200,000 additional circulation outstanding.

National currency associations, act of May 30, 1908.

Association No. Association name.

Date of approval of 

organization.

Number 

of banks.

Capital and surplus as reported to Comptroller 

Dec. 31,1914. Total additional circulation issued.

Capital. Surplus.

1

National Currency Association of—

* Washington, D . C... July 18,1908 12 $6,752,000 $5,128,000 $637,000

2 City of New Y ork ... July 30,1910 40 114,750,000 126,835,000 141,249,650

3 City of Philadelphia, 

Pa............................ Aug. 9,1910 65 31,240,000 49,635,000 14,883,750

4 State of Louisiana... Aug. 18,1910 45 9,735,000 6,342,865 5,727,000

5 City of Boston 

(Mass.)................... Sept. 15,1910 70 39;460,000 28,525,500 28,674,500

6 Georgia...................... Sept. 16,1910 93 14,957,500 9,849,435 7,309,625

7 City of Chicago (111.). Oct. 14,1910 13 43,300,000 26,855,000 27,169,990

8 St. Louis (M o.)........ Oct. 31,1910 43 25,855,000 12,075,000 10,836,500

9

10

The Twin Cities (St.

Paul, Minn.).........

City of Detroit 

(M ich.)...................

........do.............

Nov. 28,1910

34

20

19,475,000 

9,950,000

13,695,000 

5,675,000

12,798,500 

2,401,000

11 Albany, Rensselaer, 

a n d Schenectady Counties 

( N .Y .) ................... Dec. 12,1910 35 6,175,000 5,963,500 4,747,000

12 Kansas City and St. 

Joseph (M o.)......... Dec. 14,1910 i 4 4 11,725,000 6,531,000 5,467,750

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13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

Ler s

56

National currency associations, act of May 30, 1908— Continued.

Association name.

Date of approval of 

organization.

Number 

of banks.

Capital and surplus as reported to Comptroller 

Dec. 31,1914. Total additional circulation issued.

Capital. Surplus.

National Currency Association of—

City of Baltimore, 

Md........................... Dec. 20,1910 25 $11,645,710 $8,383,010 $8,169,000

Cincinnati, Ohio___ Dec. 22,1910 105 29,545,000 16,424,500 9,592,500

Dallas, T e x ............... Jan. 9,1911 289 25,360,000 13,912,000 11,317,000

Alabama.................... July 8,1911 76 9,695,000 6,066,800 4,120,650

Denver, Colorado 

Springs, and 

Pueblo (Colo.)___ Nov. 15,1911 19 5,250,000 5,023,000 1,395,000

Los Angeles (C al.)... Apr. 18,1912 75 12,250,000 5,853,000 4,603,250

Louisville (K y .)....... Aug. 25,1913 81 17,175,000 8,323,650 7,800,000

San Francisco (Cal.). Sept. 5,1913 26 33,650,000 19,491,250 8,634,500

Pittsburgh (P a .)___ Dec. 9,1913 35 31,850,000 24,824,500 10,978,000

Cleveland (Ohio)___ Aug. 6,1914 27 16,270,000 8,976,500 8; 219,000

Indiana...................... Aug. 8,1914 29 11,060,000 5,230,000 569,500

Richmond (V a.)....... Aug. 12,1914 48 12,670,000 9,057,000 6; 458,100

Western New York, 

Buffalo................... Aug. 13,1914 39 10,193,300 8,556,500 5,961,000

North Carolina......... Aug. 17,1914 60 7,945,000 3,272,750 3,904,950

Iowa........................... Aug. 18,1914 177 14,530,000 7,144,333 3,018,400

Omaha (N ebr.)........ ........d o ............ 19 6,160,000 3,718,000 2,083,000

State of Washington. Aug. 19,1914 12 6,850, COO 2,315,000 530,000

Central Illinois......... Aug. 20,1914 12 3,150,000 2,050,000 262,000

South Carolina......... Aug. 21,1914 54 7,415,000 2,710,900 3,285,380

Northeastern Pennsylvania................. Aug. 22,1914 12 4,835,000 6,725,000 300,0C0

Fort Worth, T ex___ Aug. 24,1914 153 12,760,000 6,506,235 4,626,400

Houston (T ex.)........ ........d o ............ 41 8,050,000

4,000,000

3,492,000 

3,642,300

2,652,950 

Rochester, N. Y ....... ........d o............. 23 783,450

Northern New York. ........d o ............ 12 4.225.000

9.165.000

3.275.000

4.603.000

City of Milwaukee 

(W is.)..................... Aug. 26,1914 22 4,632,000

Rhode Island Aug. 29,1914 

Aug. 31,1914

12 5.420.000

6.875.000

4.390.000

Oregon....................... 17 3.280.000 2,053,000

State of Connecticut ........d o ............ 42 15,244,200 

4,745,000

9,636,800 

2,475,000

1,251,000

San Antonio (T ex.). Sept. 9,1914 38 769,350

Florida....................... ........d o ............ 30 4.280.000

3.495.000

1,957,500

2,843,000

1,368,500 

New Hampshire___ Sept. 14,1914 29 352,000

Central New Y ork... Oct. 1,1914 10 3,255,000 1,770,000

State of Vermont___ Dec. 16,1914 34 3,960,000 1,685,000

Total (45 associations) ................... 2,197 696,347,710 514,723,829 381,592,145

3 of the act of May 30, 1908, there were also issued to eight national banks $910,500 in addig notes.

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AMOUNT OF NATIONAL BANK CIRCULATION.

The aggregate capital of the 7,614 national banks on June 30, 1915, 

was $1,076,301,175. The actual amount of circulation outstanding 

on that date was $819,273,593, including $93,240,891 notes of banks 

which have failed, gone into liquidation, or have reduced their 

circulation.

In the following statement is shown the amount of national bank 

circulation outstanding at the close of each year ended June 30, 1864, 

to 1915, inclusive:

Years.

National-bank

circulation

outstanding.

National-bank

circulation

outstanding.

865.

866.

867.

868.

869.

870.

871.

872.

873.

874.

875.

876.

877.

878.

879.

880. 

881. 

882.

883.

884.

885.

886.

887.

$31,235,270 

146,406,725 

281,583,365 

298,759,436 

300,545,392 

300,862,948 

300,838,617 

320,988,350 

340,903,954 

349,184,664 

351,981,032 

354,408,008 

332,998,336 

317,048,872 

324,514,284 

329,691,697 

344,505,427 

355,042,675 

358,742,034 

356,815,510 

339,499,883 

319,069,932 

309,010,460 

279,217,788 

252,362,321 

211,378,963

1890

1891

1892

1893.

1894.

1895.

1896.

1897.

1898.

1899.

1900.

1901.

1902.

1903.

1904.

1905.

1906.

1907.

1908.

1909.

1910.

1911.

1912.

1913.

1914.

1915.

$185,970,775 

167,927,574 

172,683,850 

178,713,692 

207,353,244 

211,691,035 

226,000,547 

231,441,686 

227,900,176 

241,350,871 

309,640,443 

353,742,186 

356,672,091 

413,670,650 

449,235,094 

495,719,806 

561,112,360 

603,788,690 

698,333,917 

689,920,074 

713,430,733 

728,194,508 

745,134,992 

759,157,906 

750,671,899 

819,273,593

i First issue of national-bank circulation was on Dec. 21, 1863, and first redemption Apr. 5, 1865.

Y. FEDERAL RESERVE SYSTE M AND CURRENCY.

ORGANIZATION OF SYSTEM.

Under authority of the Federal reserve act, which was approved 

on December 23, 1913, the United States has been divided into 12 

Federal reserve districts, each known by a number. The Federal 

Reserve Board, with headquarters in Washington, has been organized. This board consists of seven members, the Secretary of the 

Treasury and the Comptroller of the Currency being ex officio members, 

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pervision of the Federal reserve system. All national banks must and 

any properly qualified State bank or trust company may become a 

member of the system. The reserves of the member banks in each 

district are deposited with the reserve bank of that district and under 

the direction of the Federal Reserve Board are subject to uniform 

management for the entire country. Elasticity in note issues is 

provided by a new form of currency, based primarily upon the 

rediscount of commercial paper, and this currency may be increased 

at any time through the seasonal demands of business and may 

then automatically be retired when such demands have been satisfied. The act also permits the gradual retirement of the rigid bondsecured national bank circulation, and at the same time permits 

Federal reserve banks to take out circulation secured by United 

States bonds in the same manner as provided by law for national 

banks.

The Federal reserve system was placed in operation on November 16, 1914, when the 12 Federal reserve banks were declared 

formally opened. The following table shows for each Federal 

reserve district the location of the Federal reserve bank therein, 

together with the authorized capital and the capital paid in on 

June 30, 1915.

Federal

reserve

district.

Federal reserve bank.

Authorized 

capital 

May 1,1915.

Capital paid 

in

June 30, 1915.

1 Boston................................................................................................ $9,608,587.56 $4,777,750.00

2 New Y ork........................................................................................... 19,834,612. 77 19,957,650.00

3 Philadelphia...................................................................................... 12,446,062.35 6,224,900.00

4 Cleveland............................................................................................ 11,857,149.85 5,976,150.00

5 Richmond.......................................................................................... 6,759,622.04 3,364,850.00

6 Atlanta................................................................................................ 4,827,428.97 2,414,950.00

7 13,216,665.60 6,605,450.00

8 St. Louis............................................................................................. 5,581,007.94 2,787,533.34

9 Minneapolis....................................................................................... 4,678,668.87 2,376,650.00

10 Kansas City....................................................................................... 5,581,224.08 2,776,850.00

11 Dallas.................................................................................................. 5,870,352.30 2,926,649.97

12 San Francisco.................................................................................... 7,876,409.72 3,934,066.65

Total......................................................................................... 108,137,792.05 154,123,449.96

1 Exclusive of $4,000 reported under caption “ Suspense account capital” by the New York Federal 

Reserve Bank.

FEDERAL RESERVE NOTES.

Section 16 of the Federal reserve act authorizes the issue, at the 

discretion of the Federal Reserve Board, of Federal reserve notes to 

Federal reserve banks through Federal reserve agents. These notes 

are issued for the purpose of making advances to Federal reserve banks 

and any Federal reserve bank may make application therefor to its 

Federal reserve agent, tendering collateral acceptable for rediscount

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under the provisions of section 13 of the act in an amount equal to the 

face value of the notes applied for. If the commercial paper offered is 

satisfactory, the agent, acting under authority received from the Federal Reserve Board, will issue the notes to the applying bank. In 

addition to the security afforded by the collateral deposited with the 

Federal reserve agent the notes when issued must be protected by a 

gold reserve of 40 per cent, at least 5 per cent of which must be 

deposited with the Treasurer of the United States as a redemption 

fund, the balance being held in the vaults of the Federal reserve bank.

Federal reserve notes are obligations of the United States and are 

receivable on all accounts by all Federal reserve banks, national banks, 

and other banks members of the Federal reserve system. They are 

also receivable for all taxes, customs, and other public dues. They 

are redeemable in gold on demand at the Treasury Department in 

Washington or in gold or lawful money at any Federal reserve bank.

The notes are issued in denominations of $5, $10, $20, $50, and 

$100, and the designs of each denomination for each Federal reserve 

bank are uniform, the notes being distinguished only by the letter 

and number designating the bank and a seal bearing the name of 

the bank.

The first issue of these notes was made on November 16, 1914, and 

on June 30, 1915, $80,374,650 were in circulation.

FEDERAL RESERVE BANK NOTES.

Section 4, paragraph 8, and section 18 of the Federal reserve act 

provide that Federal reserve banks may take out circulating notes 

upon the deposit with the Treasurer of the United States of any bonds 

of the United States in the manner provided by existing law relating 

to national banks, in an amount equal to the par value of the bonds 

so deposited, said notes to be issued and redeemed under the same 

conditions and provisions of law as relate to the issue and redemption 

of circulating notes of national banks secured by bonds of the United 

States bearing the circulation privilege, except that the issue of such 

notes shall not be limited to the capital stock of the Federal reserve 

bank issuing them.

It is thus seen that Federal reserve bank notes are identical in 

nature with national bank notes, the difference being that such notes 

are taken out by Federal reserve banks instead of by national banks.'

No Federal reserve bank notes had been issued to date of this publication though the necessary arrangements for their issue have been 

made by the department.

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60

VI. STA TISTIC S OF COINAGE AND PRODUCTION OF THE

PRECIOUS M ETALS.

T a b l e N o . 1 .—Acts authorizing and discontinuing coinage, changes in weight and fineness,

and amount coined, for each coin.

Denominations.

Act authorizing and 

discontinuing 

coinage.

Changes in weight 

and fineness. Total coined to June 30, 1915.

Weight

(grains). Fineness. Pieces. Amount.

GOLD COINS.

Jan. 16,1915...................... 1,290

516

900 600 $30,000.00 

Mar. 3, 1849....................... 900 120,757,306 2,415,146,120.00

Eagle ($10).......................... Apr. 2, 1792....................... 270 916§ |

258 I 51,122,910 511,229,100.00 899225June 28,1834.....................

Jan. 18, 1837...................... 900

Half eagle ($5).................... Apr. 2, 1792...................... 135 916§

June 28, 1834.. ............. 129 899225 ■ 77,421,794 387,108,970.00

Jan. 18, 1837...................... 900

Quarter eagle ($2.50)........ Apr. 2, 1792...................... 67.5 916§ 1

June 28, 1834..................... 64.5 899225 \ 17,250,490 43,126,225.00

Jan. 18, 1837...................... 900

Quarter eagle1 ................... Jan. 16,1915..................... 64.5 900 10,000

539,792

25,000.00

Three-dollar piece.............. Feb. 21,1853 (act discon­ 1,619,376.00

tinuing coinage Sept.

77.4 900

26,1890).

One dollar........................... Mar. 3, 1849 (act discontinuing coinage Sept.

25.8 900 19,499,337 19,499,337.00

26, 1890).

One dollar, Louisiana June 28, 1902..................... 25.8 900 250,000 250,000.00

Purchase Exposition.

Dollar, Lewis and Clark Apr. 13, 1904..................... 25.8 900 60,000 60,000.00

Exposition.

One dollar1........................ Jan. 16,1915..................... 25.8 900 5,500 5,500.00

Total gold................. 286,917,729 3,378,099,628.00

SILVER COINS.

Dollar................................... Apr. 2, 1792....................... 416 8924

Jan. 18,1837 (act discon­ 412^ 900

tinuing coinage Feb.

12, 1873). •2578,303,848 2 578,303,848.00

Feb. 28,1878.....................

July 14,1890.....................

Mar. 3, 1891......................

Trade dollar 8...................... Feb. 12,1873 (act discontinuing coinage Feb.

420 900 35,965,924 35,965,924.00

19, 1887).

1 Coined for Panama-Pacific International Exposition under authority of act approved Jan. 16, 1915.

2 Amount coined to Feb. 12, 1873, $8,031,238.

Silver-dollar coinage under acts of—

Apr. 2, 1792................................................................................................................................... $8,031,238

Feb. 28, 1878......................................................................................................... $378,166,793

July 14, 1890.......................................................................................................... 187,027,345

Mar. 3, 1891........................................................................................................... 5,078,472

-------------------- 570,272,610

Total.......................................................................................................................................... 578,303,848

3 Coinage limited to export demand, joint resolution July 22, 1876,

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61

T a b l e No. 1.—Acts authorizing and discontinuing coinage, changes in weight and fineness,

and amount coined, for each coin— Continued.

Act authorizing and 

discontinuing

Changes in weight 

and fineness. Total coined to June 30, 1915.

comage. Weight

(grains). Fineness. Pieces. Amount.

s il v e r c o in s— continued.

Lafayette dollar................. Mar. 3, 1899....................... 412J

208

900 50,000 $50,000.00

Half dollar........................... Apr. 2, 1792...................... 8924

Jan. 18, 1837...................... 206i

192

900

Feb 21, 1853 .............

[ 378,405,472 189,202,736.00

Feb 12, 1873 ............. 1192.9

Jan. 16,1915..................... 192.9 900 60,000

5,000,000

30,000.00

Columbian half d olla r...,. Aug. 5, 1892...................... 192.9 900 *2,500,000.00

Apr. 2, 1792....................... 104 8924

Jan. 18, 1837...................... 103J

96

900

Feb. 21,1853..................... I 410,951,308 102,737,827.00

Feb. 12, 1873 ............... < 96.45

Columbian quarter dollar. 

Twenty-cent piece.............

Mar. 3, 1893...................... 96.45 900 40,000

1,355,000

10,000.00

Mar. 3, 1875 (act discon­ 271,000.00

tinuing coinage May

5 77.16 900

2, 1878).

Dime..................................... Apr. 2, 1792...................... 41.6 8924

Jan. 18, 1837...................... 411

38.4

900

Feb. 21, 1853 ............... 733,837,547 73,383,754.70

Feb. 12, 1873 ............. 6 38.58

Half dime............................ Apr. 2, 1792....................... 20.8 8924

Jan. 18, 1837...................... 20f

19.2

900 • 97,604,388 4,880,219.40

Feb. 21,1853 (act discontinuing coinage Feb.

12, 1873).

Three-cent piece................. Mar. 3,1851...................... 12f

11.52

750 1

Mar. 3,1853 (act discon­ 900 [ 42,736,240 1,282,087.20

tinuing coinage Feb.

12, 1873).

Total silver............... 2,285,672,277 989,298,671.30

m in o r c o in .

Five-cent (nickel).............. May 16, 1866..................... 77.16 (7)

(7)

855,008,587 

31,378,316

42,750,429.35

Three-cent (nickel)........... Mar. 3, 1865 (act discon­ 941,349.48

tinuing coinage Sept.

30

26, 1890).

Two-cent (bronze)............. Apr. 22,1864 (act discon­ 96 (8) 45,601,000 912,020.00

tinuing coinage Feb.

12, 1873).

1 12§ grams, or 192.9 grains.

2 Coined for Panama-Pacific International Exposition under authority of act approved Jan. 16,1915.

3 Total amount coined.

^ 6J grams, or 96.45 grains.

6 5 grams, or 77.16 grains.

6 2\ grams, or 38.58 grains.

7 Composed of 75 per cent copper and 25 per cent nickel.

8 Composed of 95 per cent copper and 5 per cent tin and zinc.

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62

T a b l e N o . 1 .— Acts authorizing and discontinuing coinage, changes in weight and fineness,

and amount coined, /or each coin— Continued.

Denominations.

* Act authorizing and 

discontinuing 

coinage.

Changes in weight 

and fineness. Total coined to June 30, 1915.

Weight

(grains). Fineness. Pieces. Amount.

m in o r c o in—continued.

Cent (copper)...................... Apr., 2 1792...................... 264

Jan. 14, 1793...................... 208 I 156,288,744 $1,562,887.44

Jan. 26,17961 (act discontinuing coinage Feb.

168

21, 1857).

Cent (nickel)...................... Feb. 21,1857 (act discontinuing coinage Apr.

72 (2) 200,772,000 2,007,720.00

22, 1864).

Cent (bronze)...................... Apr. 22, 1864..................... 48 (3) 2,345,481,667 23,454,816.67

Half-cent (copper)............. Apr 2, 1792....................... 132

Jan 14, 1793...................... 104 I 7,985,222 39,926.11

Jan. 26,17961 (act discontinuing coinage Feb.84

21,1857).

Total minor ....... 3,642,515,536 71,669,149.05

Total coinage........... 6,215,105,542 4,439,067,448.35

1 B y proclamation of the President, in conformity with act of Mar. 3,1795.

2 Composed of 88 per cent copper and 12 per cent nickel.

a Composed of 95 per cent copper and 5 per cent tin and zinc.

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Federal Reserve Bank of St. Louis
2023°— 15-

T a b l e No. 2.— Coinage of the mints of the United States from their organization, by calendar years.

R EC A PITU LA TIO N .

Calendar

years.

GOLD COINAGE. SILVER COINAGE.

Double

eagles. Eagles. Halfeagles.

Three

dollars.

Quarter

eagles. Dollars. Trade

dollars. Dollars. Half dollars. Quarter

dollars.

Twenty

cents. Dimes. Half dimes. Three

cents.

1793-95 

1796...

$27,950 

60,800 

91,770 

79,740 

174,830 

259,650 

292,540 

150,900 

89,790 

97,950

$43,535 

16,995 

32,030 

124,335 

37,255 

58,110 

130,030 

265,880 

167,530

152.375 

165,915

320.465

420.465 

277,890

169.375

501.435 

497,905

290.435 

477,140

77,270

3,175

$204,791

72,920

7,776

327,536

423,515

220,920

54,454

41,650

66,064

19,570

321

$161,572.00 $4,320.80 

511.50 

2,226.35

$165.00

4.390.00

1.535.00

1.200.00

$1,473.50

63.00

$2,213.50 

2,526.10 

2,755.00

1797.. 1,959.00

1798...

1799.

1800 2.176.00

3.464.00 

1,097.50

3.304.00 

826.50

12,078.00

1,200.00

1.695.50 

650.50

1.892.50

1801 15.144.50 

14,945.00

15.857.50

78.259.50

105.861.00

419.788.00

525.788.00

684.300.00

702.905.00

638.138.00

601.822.00

814.029.50

620.951.50

519.537.50

1802 6.530.00

1.057.50

8.317.50

4.452.50

4.040.00 

17,030.00

6.775.00

1803

1804 1,684.50 

30,348.50 

51,531.00 

55,160.75

1805 780.00

1806

1807 16,500.00

1808

1809 4.471.00 

635.50

6.518.00

1810

1811

1812

1813

1814 42,150.00

1815 17,308.00

1816 23,575.00 5,000.75

607,783.50

980.161.00 

1,104,000.00

375.561.00

1817

1818 242,940

258,615

1,319,030

90,293.50

36,000.00

31,861.00

1819

1820 94,258.70

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Federal Reserve Bank of St. Louis
T a b l e No. 2.—Coinage of the mints of the United States from their organization, by calendar years— Continued.

RECAPITULATION —Continued.

Calendar

years.

GOLD CO IN AGE. SILVER COINAGE.

Double

eagles. Eagles. Half

eagles.

Three

dollars.

Quarter

eagles. Dollars. Trade

dollars. Dollars. Half dollars. Quarter

dollars.

Twenty

cents. Dimes. Half dimes. Three

cents.

1821 $173,205 

88,981 

72,425 

86,700 

145,300 

90,345 

124,565 

140,145 

287,210 

631,755 

702,970 

787,435 

968,150 

3,660,845 

1,857,670 

2,765,735 

1,035,605 

1,600,420 

802,745 

1,048,530 

380,945 

655,330 

4,275,425 

4,087,715 

2,743,640 

2,736,155

$16,120.00 $652,898.50 

779,786.50

847.100.00

1.752.477.00

1.471.583.00

2.002.090.00

2.746.700.00

1.537.600.00

1.856.078.00

2.382.400.00

2.936.830.00

2.398.500.00

2.603.000.00

3.206.002.00

2.676.003.00

3.273.100.00

1.814.910.00

1.773.000.00

1.748.768.00

1.145.054.00

355.500.00

1.484.882.00

3.056.000.00

1.885.500.00

1.341.500.00

2.257.000.00

$54,212.75

16,020.00

4,450.00

$118,651.20

1 0 ,0 0 0 .0 0

44,000.00

1822

1823

1824 6.500.00 

11,085.00

1.900.00 

7,000.00

1825 42,000.00 51,000.00

1826

1827 1,000.00

25,500.00

121.500.00

12.500.00

77.000.00

51.000.00

77.135.00

52.250.00

48.500.00

63.500.00

141.000.00

119.000.00

104.200.00 

239,493.40 

229,638.70

253.358.00

363.000.00

390.750.00

152.000.00

7.250.00

198.500.00

3.130.00

1828

1829 8,507.50

11.350.00

11.300.00 

11,000.00

10.400.00

293.425.00

328.505.00 

1,369,965.00

112.700.00

137.345.00

191.622.50

153.572.50

54.602.50

85.007.50 

1,327,132.50

89.345.00

276.277.50

279.272.50

$61,500.00

62,000.00

62.135.00

48.250.00

68.500.00

74.000.00 

138,000.00

95.000.00

113.800.00

112.750.00

108.285.00 

113,954.25

98.250.00

58.250.00

58.250.00

32.500.00

78.200.00 

1,350.00

1830

1831 99.500.00 

80,000.00 

39,000.00

71.500.00

488.000.00

118.000.00

63.100.00 

208,000.00 

122,786.50 

153,331.75 

143,000.00

214.250.00

403.400.00

290.300.00

230.500.00

127.500.00

1832

1833

1834

1835

1836 $1,000

1837

1838 $72,000

382,480

473,380

656,310

1,089,070

2,506,240

1,250,610

736,530

1,018,750

1839 300

61,005

173,000

184,618

165,100

20,000

24,500

169,600

1840

1841

1842

1843

1844

1845

1846

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Federal Reserve Bank of St. Louis
1847 . . 14,337,580 5,382,685 482,060. CO 140,750 1,870,000.00 275,500.00

1848 . 1,813,340 1,863,560 98,612.50 15,000 1,880,000.00 36,500.00

1849 .. 6,775,180 1,184,645 111,147.50 $936,789 62,600 1,781,000.00 85,000.00

1850 . . $26,225,220 3,489,510 860,160 895,547.50 511,301 47,500 1,341,500.00 150,700.00

1851 . . 48,043,100 4,393,280 2,651,955 3, 867,337.50 3,658,820 1,300 301,375.00 62,000.00

1 8 5 2 ... 44,860,520 2,811,060 3,689,635 3j 283,827.50 2,201,145 1,100 110,565.00 68,265.00

1853 .. 26,646,520 2,522,530 2,305,095 3j 519,615.00 4,384,149 46,110 2,430,354.00 4,146,555.00

1 8 5 4 ... 18,052,340 2,305,760 1,513,235 $491,214 1,896,397.50 1,657,016 33,140 4,111,000.00 3,466,000.00

1 8 5 5 ... 25,046,820 1,487,010 1,257,090 171,465 600,700.00 824,883 26,000 2,288,725.00 857,350.00

18 5 6 ..- 30,437,560 1,429,900 1,806,665 181,530 1,213,117.50 1,788,996 63,500 1,903,500.00 2,129,500.00

18 5 7 ... 28,797,500 481,060 1,232,970 104,673 796,235.00 801,602 94,000 1,482,000.00 2,726,500.00

1 8 58 .-. 21,873,480 343,210 439,770 6,399 144,082.50 131,472 5,998,000.00 2,002,250.00

1 8 5 9 ... 13,782,840 253,930 361,235 46,914 142,220.00 193,431 636,500 2,074,000.00 421,000.00

1 8 60 .-. 22,584,400 278,830 352,365 42,465 164,360.00 51,234 733,930 1,032,850.00 312,350.00

1 8 6 1 ... 74,989,060 1,287,330 3,332,130 18,216 3,241,295.00 ! 527,499 78,500 2,078,950.00 1,237,650.00

1 8 6 2 ... 18,926,120 234,950 69,825 17,355 300,882.50 1,326,865 12,090 802,175.00 249,887.50

1 8 6 3 ... 22,187,200 112,480 97,360 15,117 27,075.00 6,250 27,660 709,830.00 48,015.00

1 8 6 4 ... 19,958,900 60,800 40,540 8,040 7,185.00 5,950 31,170 518,785.00 28,517.50

1 8 6 5 ... 27,874,000 207,050 144,535 3,495 62,302.50 3,725 47,000 593,450.00 25,075.00

18 6 6 ..- 30,820,500 237,800 253,200 12,090 105,175.00 7,180 49,625 899,812.50 11,381.25

1 8 6 7 ... 23,436,300 121,400 179,600 7,950 78,125.00 5,250 60,325 810,162.50 17,156.25

1 8 6 8 ... 18,722,000 241,550 288,625 14,625 94,062.50 10,525 182,700 769,100.00 31,500.00

1 8 6 9 ... 17,238,100 82,850 163,925 7,575 84,612.50 5,925 424,300 725,950.00 23,150.00

1 8 7 0 ... 22,819,480 164,430 143,550 10,605 51,387.50 9,335 445,462 829,758.50 23,935.00

1 8 7 1 ... 20,456,740 254,650 245,000 3,990 68,375.00 3,930 1,117,136 1,741,655.00 53,255.50

1 8 7 2 ... 21,230,600 244,500 275,350 6,090 52,575.00 3,530 1,118,600 866,775.00 68,762.50

1 8 7 3 ... 55,456,700 173,680 754,605 75 512,562.50 125,125 $1,225,000 296,600 1,593,780.00 414,190.50

1 8 7 4 ... 33,917,700 799,270 203,530 125,460 9,850.00 198,820 4,910,000 1,406,650.00 215,975.00

1 8 7 5 ... 32,737,820 78,350 105,240 60 30,050.00 420 6,279,600 5,117,750.00 1,278,375.00

1 8 7 6 ... 46,386,920 104,280 61,820 135 23,052.50 3,245 6,192,150 7,451,575.00 7,839,287.50

1 8 7 7 ... 43,504,700 211,490 182,660 4,464 92,630.00 3,920 13,092,710 7,540,255.00 6,024,927.50

1 8 7 8 ... 45,916,500 1,031,440 1,427,470 246,972 1,160,650.00 3,020 4,259,900 22,495,550 726,200.00 849,200.00

1 8 7 9 ... 28,889,260 6,120,320 3,727,155 9,090 331,225.00 3,030 1,541 27,560,100 2,950.00 3,675.00

1880... 17,749,120 21,715,160 22,831,765 3,108 7,490.00 1,636 1,987 27,397,355 4,877.50 3,738.75

1881... 14,585,200 48,796,250 33,458,430 1,650 1,700.00 7,660 960 27,927,975 5,487.50 3,243.75

$265,598 

5,180 

102 

120

24.500.00

45.150.00

113.900.00

244.150.00

63.700.00

63.400.00

72.450.00

82.250.00

142,650.00 82.050.00 $185,022.00

196,550.00 63,025.00 559,905.00

1,327,301.00 785,251.00 342,000.00

624,000.00 365,000.00 20,130.00

207,500.00 117,500.00 4,170.00

703,000.00 299,000.00 43,740.00

712,000.00 433,000.00 31,260.00

189,000.00 258,000.00 48,120.00

97,000.00 45,000.00 10,950.00

78,700.00 92,950.00 8,610.00

209,650.00 164,050.00 14,940.00

102,830.00 74,627.50 10,906.50

17,196.00 5,923.00 643.80

26,907.00 4,523.50 14.10

18,550.00 6,675.00 255.00

14,372.50 6,536.25 681.75

14,662.50 6,431.25 138.75

72,625.00 18,295.00 123.00

70,660.00 21,930.00 153.00

52,150.00 26,830.00 120.00

109,371.00 82,493.00 127.80

261,045.00 189,247.50 58.50

443,329.10 51,830.00 18.00

319,151.70

2.406.570.00

3.015.115.00

1.735.051.00 

187,880.00

1,510.00

3.735.50

2.497.50

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Federal Reserve Bank of St. Louis
T a b le No. 2.— Coinage of the mints of the United States from their organization, by calendar years— Continued.

RECAPITULATION—Continued.

Calendar

years.

GOLD COINAGE. SILVER COINAGE.

Double Eagles. Half Three

dollars.

Quarter Dollars. Trade

dollars. Dollars. Half dollars. Quarterdollars.

Twenty

cents. Dimes. Half dimes. Three

cents.

1882.

1883.

1884.

1885.

1886.

1887.

1888.

1889.

1890.

1891.

1892.

1893.

1894.

1895.

1896.

1897.

1898.

1899.

1900.

1901.

1902.

1903.

1904.

1905.

1906.

1907.

$23,295,400 

24,980,040 

19,944,200

13.875.560 

22,120

5,662,420

21.717.320

16.995.120 

19,399,080 

25,891,340

19.238.760

27.178.320

48.350.800

45.163.120

43.931.760

57.070.220 

54,912,900

73.593.680

86.681.680 

34,150,520 

35,697,580

24.828.560 

227,819,440

37.440.220

55.113.800 

96,656,620

$24,740,640

2.595.400 

2,110,800 

4,815,270 

10,621,600

8,706,800

8,030,310

4,298,850

755,430

1,956,000

9.817.400 

20,132,450 

26,032,780

7,148,260 

2,000,980 

12,774,090 

12,857,970 

21,403,520 

3,749,600 

46,036,160 

5,520,130 

7,766,970 

2,709,880 

5,703,280 

16,903,920 

26,838,790

$17,831 

1,647, 

1,922, 

9,065, 

18,282,

9.560,

1.560, 

37,

290, 

1,347, 

5,724, 

9,610, 

5,152, 

7;

1,072, 

6,109, 

10,154, 

16,278.

673. 

21,320, 

5,557, 

10,410, 

2,445, 

5,915, 

6,334, 

7,570,

$4,620

2,820

3,318

2,730

3,426

18,480

15,873

7,287

$10, 100.00 

4,900.00

4.982.50

2.217.50 

10,220.00

15.705.00

40.245.00

44.120.00

22.032.50

27.600.00

6.362.50

75.265.00

10.305.00

15.297.50

48.005.00

74.760.00

60.412.50

68.375.00

168.012.50

228.307.50

334.332.50

503.142.50

402.400.00

544.860.00

441.225.00

841.120.00

$5,040 

10,840 

6,206 

12,205 

6,016 

8,543 

16,080 

30,729

5 75,000 

5 175,000

6 25,000 

6 35,000

$1,097

979

$27,574,100 

28,470,039 

28,136,875 

28,697,767 

31,423,886 

33,611,710 

31,990,833 

34,651,811 

38,043,004

23.562.735 

6,333,245 

1,455,792 

3,093,972

862,880 

19,876,762 

12,651,731

14.426.735 

15,182,846

4 25,010,912 

22,566,813 

18,160,777 

10,343,755 

8,812,650

$2,750.00

4.519.50

2.637.50

3.065.00

2.943.00

2.855.00

6.416.50

6.355.50

6.295.00 

100,300.00

U ,652,136.50 

2 4,002,896.00

3.667.831.00

2.354.652.00

1.507.855.00

2.023.315.50

3.094.642.50

4.474.628.50

5.033.617.00

3.119.928.50

4.454.723.50

3.149.763.50

2.331.654.00

1.830.863.50

5.426.414.50

5.825.587.50

$4,075. 

3,859. 

2,218. 

3,632. 

1,471. 

2,677. 

306,708. 

3,177. 

20,147. 

1,551,150.

2.960.331. 

12,583,831. 

2,233,448. 

2,255,390. 

1,386,700. 

2,524,440.

3.497.331. 

3,994,211. 

3,822,874. 

2,644,369. 

4,617,589. 

3,551,516. 

3,011,203. 

2,020,562. 

2,248,108. 

3,899,143.

$391,110.00 

767,571.20

393.134.90

257.711.70 

658,409.40

1.573.838.90

721.648.70

835.338.90

1.133.461.70

2.304.671.60

1.695.365.50 

759,219.30 

205,099.60 

225,088.00 

318,581.80

1,287,810.80

2.015.324.20

2.409.833.90

2.477.918.20 

2,507,350.00

2.795.077.70

2.829.405.50

1.540.102.70

2.480.754.90

2.976.504.60

3.453.704.50

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
1908...

1909...

1910...

1911...

1912...

1913...

1914...

Total

109,263,200 

59,774,140 

60,788,340 

36,392,000 

2,996,480 

11,926,760 

40,926,400

14,813,360 

5,987,530 

34,863,440 

5,866,950 

7,050,830 

5,080,710 

7,025,500

6,149,430 

21,910,490 

7,840,250 

12,018,195 

5,910,720 

6,620,495 

3,785,625

1.412.642.50

1.104.747.50 

1,231,705.00

1.899.677.50

1.540.492.50

1.805.412.50

1.720.292.50

5.819.686.50

2.529.025.00

1.183.275.50

1.686.811.50

2.610.750.00 

663,313. 50 

558,305.00

4,262,136.25

4.110.662.50 

936,137. 75

1,410,535. 75 

1,277,175.00 

493,853.25

2.388.652.50

2,309,954. 50

1.448.165.00 

1,625,055.10 

3,359,954.30

3.453.070.00 

2,027,062.20 

3,136,865. 50

2,405,831,120 511,229,100 386,288,970 1,619,376 43,126,225.00 19,809,337 35,965,924 578,353,848 191,936,811.00 102,535,767.00 $271,000 73,287,754.70 $4,880,219.40 $1,282,087.20

1 Includes $475,000 in Columbian coins.

2 Includes $2,025,000 in Columbian coins.

3 Includes $10,000 in Columbian coins.

4 Includes 50,000 Lafayette souvenir dollars.

5 Louisiana Purchase Exposition.

6 Lewis and Clark Exposition.

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le No. 2.— Coinage of the mints of the United States from their organization, by Calendar years— Continued.

RECAPITULATION —Continued.

Calendar years.

MINOR COINAGE. TOTAL COINAGE.

TOTAL VALUE.

Five cents. Three cents. Two cents. Cents. Half cents. Gold. Silver. Minor.

1793-1795.................................... $10,660.33 $712.67 $71,485.00 $370,683.80 $11,373.00 $453,541.80

1796............................................. 9,747.00 577.40 77,960.00 77,118.50 10,324.40 165,402.90

1797............................................. 8,975.10 535.24 128,190.00 14,550.45 9,510.34 152,250.79

1798 ..................................... 9,797.00 205,610.00 330,291.00 ” 9,797.00 545,698.00

1799............................................. 9,045.85 60.83 213,285.00 423,515.00 9,106.68 645,906.68

1800 ....................................... 28,221.75

13,628.37

1,057.65 317,760.00 224,296.00 29,279.40 571,335.40

1801............................................. 422,570.00 74,758.00 13,628.37 510,956.37

1802............................................. 34,351.00 71.83 423,310.00 58,343.00 34,422.83 516,075.83

1803............................................. 24,713.53 489.50 258,377.50 87,118.00 25,203.03 370,698.53

1804............................................. 7,568.38 5,276.56 258,642.50 100,340.50 12,844.94 371,827.94

1805............................................. 9,411.16 4,072.32 170,367.50 149,388.50 13,483.48 333,239.48

1806............................................. 3,480.00 1,780.00 324,505.00 471,319.00 5,260.00 801,084.00

1807............................................. 7,272.21 2,380.00 437,495.00 597,448.75 9,652.21 1,044,595.96

1808 ......................................... 11,090.00 2,000.00 284,665.00 684,300.00 13,090.00 982,055.00

1809 ....................................... 2,228.67 5,772.86 169,375.00 707,376.00 8,001.53 884,752.53

1810............................................. 14,585.00 1,075.00 501,435.00 638,773.50 15,660.00 1,155,868.50

1811 ....................................... 2,180.25 315.70 497,905.00 608,340.00 2,495.95 1,108,740.95

1812 ............................... 10,755.00 290,435.00 814,029.50 10,755.00 1,115, 219.50

1813 ....................................... ‘ 4,180.00 

3,578.30

•

477,140.00 620,951.50 4,180.00 1,102,271.50

1814............................................. 77,270.00 561,687.50 3,578.30 642,535.80

1815 3,175.00 17,308.00 20,483.00

1816 28,209.82 

39,484.00

28,575.75 28,209.82 56,785.57

1817 . .... 607,783.50 39,484.00 647,267.50

1818 ................. 31,670.00 242,940.00 1,070,454.50 31,670.00 1,345,064.50

1819........................................... 26,710.00 

44,075.50 

3,890.00

258,615.00 1,140,000.00 26,710.00 1,425,325.00

1820............................................. 1,319,030.00 501,680.70 44,075.50 1,864,786.20

1821............................................. 189,325.00 825,762.45 3,890.00 1,018,977.45

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
20,723.39

620.00 

611.00 

174.25 

577.32 

606.24

145.00

115.00

592.60

620.00

390.00

551.00

784.00

110.00

583.00

702.00

286.61

627.00 

973.67 

833.90 

283.20 

987.52 

948.04

208.00 

836.69 

157.99 

785.00 

268.44 

897.07 

630.94 

411.31 

361.56 

748.29

1822.

1823.

1824.

1825.

1826.

1827.

1828.

1829.

1830.

1831.

1832.

1833.

1834.

1835.

1836.

1837.

1838.

1839.

1840.

1841.

1842.

1843.

1844.

1845.

1846.

1847.

1848.

1849.

1850.

1851.

1852.

1853.

1854.

1855.

315.00

1,170.00

3.030.00

2.435.00

770.00

600.00 

705.00

1,990.00

199.32 

199.06 

738.36

648.47 

276.79 

282.50

88,980.00 805,806.50 20,723.39 915,509.89

72,425.00 895,550.00 967,975.00

93,200.00 1,752,477.00 12,620.00 1,858,297.00

156,385.00 1,564,583.00 14,926.00 1,735,894.00

92,245.00 2,002,090.00 16,344.25 2,110,679.25

131,565.00 2,869,200.00 23,577.32 3,024,342.32

140,145.00 1,575,600.00 25,636.24 1.741,381.24

295,717.50 1,994,578.00 16,580.00 2,306,875.50

643,105.00 2,495,400.00 17,115.00 3,155,620.00

714,270.00 3,175,600.00 33,603.60 3,923,473.60

798.435.00 2,579,000.00 23,620.00 3,401,055.00

978,550.00 2,759,000.00 28,160.00 3,765,710.00

3,954,270.00 3,415,002.00 19,151.00 7,388,423.00

2,186,175.00 3,443,003.00 39,489.00 5,668,667.00

4,135,700.00 3,606,100.00 23,100.00 7,764,900. CO

1,148,305.00 2,096,010.00 55,583.00 3,299,898.00

1,809,765.00 2,333,243.40 63,702.00 4,206,710.40

1,376,847.50 2,209,778.20 31,286.61 3,617,912.31

1,675,482.50 1,726,703.00 24,627.00 3,426,812.50

1,091,857.50 1,132,750.00 15,973.67 2,240,581.17

1,829,407.50 2,332,750.00 23,833.90 4,185,991.40

8,108,797.50 3,834,750.00 24,283.20 11,967,830.70

5,427,670.00 2,235,550.00 23,987.52 7,687,207.52

3,756,447.50 1,873,200.00 38,948.04 5,668,595.50

4,034,177.50 2,558,580.00 41,208.00 6,633,965.54

20,202,325.00 2,374,450.00 61,836.69 22,638,611.69

3,775,512.50 2,040,050.00 64,157.99 5,879,720.49

9,007,761.50 2,114,950.00 41,984.32 11,164,695.82

31,981,738.50 1,866,100.00 44,467.50 33,892,306.00

62,614,492.50 774,397.00 99,635.43 63,488,524.93

56,846,187.50 999,410.00 50,630.94 57,896,228.44

39,377,909.00 9,077,571.00 67,059.78 48,522,539.7S

25,915,962.50 8,619,270.00 42,638.35 34,577,870.85

29,387,968.00 3,501,245.00 16,030.79 32,905,243.79

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b l e No. 2.—Coinage of the mints of the United States from their organization, by calendar years— Continued.

RECAPITULATIO N —Continued.

Calendar years.

1856.

1857.

1858.

1859.

1860. 

1861. 

1862.

1863.

1864.

1865. 

1866..

1867.

1868.

1869.

1870.

1871.

1872.

1873.

1874.

1875.

1876.

1877.

1878.

1879.

1880. 

1881.

MINOR COINAGE.

Five cents. Three cents. Two cents.

$737,125.00

1.545.475.00

1.440.850.00

819.750.00

240.300.00 

28,050.00

301.800.00

227.500.00

176.900.00

104.850.00

126.500.00

117.50 

1,455.00 

997.75 

3,618.75 

573,830.00

$341,460.00

144.030.00

117.450.00

97.560.00

48.120.00

40.050.00

18.120.00

25.860.00

35.190.00

23.700.00

6.840.00

4.860.00

70.50 

1,236.00 

748.65 

32,417.25 

759.00

$396,950.00

272,800.00

63.540.00

58.775.00

56.075.00

30.930.00

17.225.00

14.425.00 

1,300.00

Cents.

$26,904.63

177,834.56

246.000.00

364.000.00

205.660.00

101.000.00

280.750.00

498.400.00 

529,737.14 

354,292.86

98.265.00

98.210.00

102.665.00

64.200.00

52.750.00

39.295.00

40.420.00

116.765.00

141.875.00

135.280.00

79.440.00 

8,525.00

57,998.50

162.312.00 

389,649.55 

392,115. 75

385.811.00

Half cents.

$202.15 

175.90

TOTAL COINAGE.

TOTAL VALUE,

Gold. Silver. Minor.

$36,857,768.50 $5,142,240.00 $27,106.78 $42,027,115.28

32,214,040.00 5,478,760.00 178,010.46 37,870,810.46

22,938,413.50 8,495,370.00 246,000.00 31,679,783.50

14,780,570.00 3,284,450.00 364,000.00 18,429,020.00

23,473,654.00 2,259,390.00 205,660.00 25,938,704.00

83,395,530.00 3,783,740.00 101,000.00 87,280,270.00

20,875,997.50 1,252,516.50 280,750.00 22,409,264.00

22,445,482.00 809,267.80 498,400.00 23,753,149.80

20,081,415.00 609,917.10 926,687.14 21,618,019.24

28,295,107.50 691,005.00 968,552.86 29,954,665.36

31,435,945.00 982,409.25 1,042,960.00 33,461,314.25

23,828,625.00 908,876.25 1,819,910.00 26,557,411.25

19,371,387.50 1,074,343.00 1,697,150.00 22,142,880.50

17,582,987.50 1,266,143.00 963,000.00 19,812,130.50

23,198,787.50 1,378,255.50 350,325.00 24,927,368.00

21,032,685.00 3,104,038.30 99,890.00 24,236,613.30

21,812,645.00 2,504,488.50 369,380.00 24,686,513.50

57,022,747.50 4,024,747.60 379,455.00 61,426,950.10

35,254,630.00 6,851,776.70 342,475.00 42,448,881.70

32,951,940.00 15,347,893.00 246,970.00 48,546,803.00

46,579,452.50 24,503,307.50 210,800.00 71,293,560.00

43,999,864.00 28,393,045.50 8,525.00 72,401,434.50

49,786,052.00 28,518,850.00 58,186.50 78,363,088.50

39,080,080.00 27,569,776.00 165,003.00 66,814,859.00

62,308,279.00 27,411,693.75 391,395.95 90,111,368.70

96,850,890.00 27,940,163.75 428,151.75 125,219,205.50

65,887,685.00 27,973,132.00 960,400.00 94,821,217.00

O

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
188 3 

188 4 

188 5 

188 6 

188 7 

188 8 

188 9 

189 0 

189 1 

189 2 

189 3 

189 4

189 5 

189 6 

189 7 

189 8 

189 9 

190 0 

190 1 

190 2 

190 3 

190 4 

190 5 

190 6 

190 7 

190 8 

190 9 

191 0 

191 1 

191 2 :

191 3 .

191 4 .

Total.

1,148,471.05

563.697.10 

73,824.50

166.514.50

763.182.60 

536,024.15 

794,068.05

812.963.60

841.717.50

584.982.10 

668,509. 75

270.656.60 

498,994.20 

442,146.00

1.021.436.75 

626,604.35

1,301,451.55

1.362.799.75

1.324.010.65

1.574.028.95

1.400.336.25 

1,070,249.20 

1,491,363.80

1.930.686.25 

1,960,740.00 

1,134,308.85

579,526.30

1.508.467.65 

1,977,968.60 

1,747,435.70

3.682.961.95 

1,402,386.90

41,591,634.15

318.27

169.26

143.70

128.70 

238.83

1,232.49

941,349.48 912,020.00

29,241,990.00 29,246,968.45 1,604,770.41

23,991,756.50 28,534,866.15 796,483.78

27,773,012.50 28,962,176.20 191,622.04

28,945,542.00 32,086,709.90 343,186.10

23,972,383.00 35,191,081.40 1,215,686.26

31,380,808.00 33,025,606.45 912,200.78

21,413,931.00 35,496,683.15 1,283,408.49

20,467,182.50 39,202,908.20 1,384,792.14

29,222,005.00 27,518,856.60 1,312,441.00

34,787,222.50 12,641,078.00 961,480.42

56,997,020.00 8,801,739.05 1,134,931.70

79,546,160.00 9,200,350.85 438,177.92

59,616,357.50 5,698,010.25 882,430.56

47,053,060.00 23,089,899.05 832,718.93

76,028,485.00 18,487,297.30 1,526,100.05

77,985,757.50 23,034,033.45 1,124,835.14

111,344,220.00 26,061,519.90 1,837,451.86

99,272,942.50 36,345,321.45 2,031,137.39

101,735,187.50 30,838,460. 75 2,120,122.08

47,184,852.50 30,028,167.20 2,447,796.17

43,683,792.50 19,874,440.00 2,251,281.18

233,402,400.00 15,695,609.95 1,683,529.35

49,638,400.00 6,332,180.90 2,298,555.43

78,793,045.00 10,651,087.85 2,890,908.80

131,907,490.00 13,178,435.75 3,042,126.18

131,638,632.50 12,391,777.25 1,468,738.72

88,776,907.50 8,087,852.50 1,756,388.93

104,723,735.00 3,744,408.35 3,036,929.83

56,176,822.50 6,457,301.55 3,156,726.47

17,498,522.50 7,340,995.00 2,577,386.30

25,433,377.50 3,184,228.95 4,667,335.47

53,457,817.50 6,083,823.00 2,208,071.22

3,367,904,128.00 988,513,411.30 70,322,101.85

60,093, 

53,323, 

56,926, 

61,375, 

60,379, 

65,318, 

58,194, 

61,054, 

58,053, 

48,389, 

66,933, 

89,184 

66,196, 

70,975 

96,041, 

102,144, 

139,243, 

137,649, 

134,693, 

79,660, 

65,809, 

250,781, 

58,269, 

92,335, 

148,128, 

145,499, 

98,621, 

111,505, 

65,790, 

27,416, 

33,284-, 

61,749,

728.86 

106.43

810.74 

438.00 

150.66 

615.23

022.64 

882.84 

302.60

780.92

690.75 

i. 77

798.31

677.98

882.35

626.09

191.76 

401.34

770.33

815.87 

513.68 

539.30

136.33

041.65

051.93 

148.47

148.93 

073.18 

850.52 

903.80 

941.92

11. 72

4,426,739,641.15

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
72

T a b l e No. 3.—Coinage of the United States, by pieces and values, during the fiscal year

ended June 30, 1915.

Denomination. Pieces. Value.

Fifty-dollar piece (octagonal)1 .......................„. ... „ ... . ... ...... .... 600 $30,000.00

27,841,400.00

6.305.500.00

4.605.625.00 

25,000.00

1,720,292.50

5,500.00

Double eagles............................................................................................................. 1,392,070 

630,550 

921,125

Eagles..........................................................................................................................

Half eagles..................................................................................................................

Quarter eagles1.......................................................................................................... 10,000 

Quarter eagles............................................................................................................ 688,117

Dollars1...................................................................................................................... 5,500

Total gold......................................................................................................... 3,647,962 40,533,317.50

Half dollars1............................................................................................................... 60,000

1,362,550

1,594,950

22,430,200

30,000.00 

Half dollars................................................................................................................ 681,275.00

Quarter dollars........................................................................................................... 398,737.50

Dimes........................................................................................................................... 2,243,020.00

Total silver....................................................................................................... 25,447,700 3,353,032.50

Five cents (nickel).................................................................................................... 34,375,539 1,718,776.95 

One cent (bronze)..................................................................................................... 48,133,195 481,331.95

Total minor.............................................................................................. 82,508,734 2,200,108.90

Total coinage................................................................................................... 111,604,396 46,086,458.90

1 Panama-Pacific Exposition Co.

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
73

Additional coinages were made during the fiscal year 1915 at the 

mints at Philadelphia and San Francisco as follows:

COINAGE B Y P H IL A D E L P H IA MINT.

For Government 

of—

Denomination. Pieces. Value.

Value in 

United 

States 

money.

Value in 

United 

States 

subsidiary 

silver coin.

Gold 2 colons..................................... 5,000

202,213

150,000

507,212

Colons.

5,000.00 

101,106.00 

15,000.00 

25,360.60

$4,653.54

Ecuador............

$80,885.06 

12,000.00 

20,288.67

Silver 10 centavos............................

Silver 5 centavos..............................

Silver 20 centimes............................

859,425 141,467.10 113,173.73

2,500,000

Sucres.

500.000.00 500,000.00

Salvador Nickel 5 centimes............................. 1.500.000

2.700.000

5.008.000

Pesos.

75.000.00

81.000.00 

50,080.00

Cuba.........................

Nickel 3 centimes.............................

Nickel 1 centime..............................

Gold cinco pesos...............................

9,208,000 206,080.00

368,000 1,840,250.00 1,840,250.00

Silver pesos....................................... 1.580.100

1.400.100

2.485.100

5.300.100

1,580,100.00

560.040.00

497.020.00

530.010.00

1,689,411.32

560.040.00

497.020.00

530.010.00

Silver 40 centavos............................

Silver 20 centavos............................

Silver 10 centavos.........................

Nickel 5 centavos.............................

10,765,400 3,167,170.00 3,276,481.32

2.819.100

1.819.100

6.386.100

140,955.00

36.382.00

63.861.00

Nickel 2 centavos.............................

Nickel 1 centavo..............................

11,024,300 241,198.00

COINAGE B Y SAN FRANCISCO M INT.

Philippines............. Silver 20 centavos............................ 950.000

920.000

Pesos.

190,000.00

92,000.00

$113,957.12 

Silver 10 centavos............................ 36,820. 76

Bronze 1 centavo.............................

1,870,000 282,000.00 150,777.88

500 5.00

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Federal Reserve Bank of St. Louis
74

T a b l e N o . 4 .—Fine ounces and value of gold and silver coinage of the United States, by

fiscal years, since 1873.

Fiscal years.

Gold. Silver.

Fine ounces. Value. Fine ounces 

consumed. Dollars coined. Subsidiary

coined.

1873..................................... 1,705,187 $35,249,337.00 2,179,833 $977,150 $1,968,645.50

1874..................................... 2,440,165 50,442,690.00 4,558,526 3,588,900 2,394,701.39

1875..................................... 1,623,173 33,553,965.00 7,650,005 5,697,500 4,372,868.00

1876..................................... 1,846,907 38,178,963.00 14,228,851 6,132,050 12,994,452.50

1877..................................... 2,132,283 44,078,199.00 21,239,880 9,162,900 19,387,035.00

1878..................................... 2,554,151 52,798,980.00 21,623,702 19,951,510 8,339,315.50

1879..................................... 1,982,742 40,986,912.00 21,059,046 27,227,500 382.50

1880..................................... 2,716,630 56,157,735.00 21,611,294 27,933,750 8,687.50

1881..................................... 3,808,751 78,733,864.00 21,383,920 27,637,955 12,011.75

1882..................................... 4,325,375 89,413,447.00 21,488,148 27,772,075 11,313.75

1883..................................... 1,738,449 35,936,928.00 22,266,171 28,111,119 724,351.15

1884..................................... 1,351,250 27,932,824.00 22,220,702 28,099,930 673,457.80

1885..................................... 1,202,657 24,861,123.00 22,296,827 28,528,552 320,407.65

1886..................................... 1,648,493 34,077,380.00 23,211,226 29,838,905 183,442.95

1887..................................... 1,083,275 22,393,279.00 26,525,276 33,266,831 1,099,652.75

1888..................................... 1,372,117 28,364,171.00 26,331,176 32,718,673 1,417,422.25

1889..................................... 1,235,687 25,543,910.00 26,659,493 33,793,860 721,686.40

1890..................................... 1,065,302 22,021,748.00 28,430,092 35,923,816 892,020. 70

1891..................................... 1,169,330 24,172,203.00 29,498,927 36,232,802 2,039,218.35

1892..................................... 1,717,650 35,506,987.00 11,259,863 8,329,467 6,659,811.60

1893..................................... 1,453,095 30,038,140.00 9,353,787 5,343,715 7,216,162.65

1894..................................... 4,812,099 99,474,913.00 4,358,299 758 6,024,140.30

1895..................................... 2,125,282 43,933,475.00 6,810,196 3,956,011 5,113,469.60

1896..................................... 2,848,247 58,878,490.00 8,651,384 7,500,822 3,939,819.20

1897..................................... 3,465,909 71,646,705.00 18,659,623 21,203,701 3,124,085.65

1898..................................... 3,126,712 64,634,865.00 12,426,024 10,002,780 6,482,804.00

1899..................................... 5,233,071 108,177,180.00 20,966,979 18,254,709 9,466,877.65

1900..................................... 5,221,458 107,937,110.00 23,464,817 18,294,984 12,876,849.15

1901..................................... 4,792,304 99,065,715.00 26,726,641 24,298,850 10,966,648.50

1902..................................... 2,998,313 61,980,572.00 22,756,781 19,402,800 10,713,569.45

1903..................................... 2,211,791 45,721,773.00 19,705,162 17,972,785 8,023,751.25

1904..................................... 10,091,929 208,618,642.00 13,396,894 10,101,650 7,719,231.00

1905..................................... 3,869,211 79,983,692.00 6,600,068 310 9,123,660.60

1906 ............................. 2,563,976 53,002,097. 50 2,905,340 4,016,368.10

1907..................................... 3,581,730 79,622,337.50 9,385,454 12,974,534.25

1908..................................... 9,541,406 197,238,377.50 11,957,734 16,530,477.25

1909 ............................... 5,233,212 108,180,092.50 8,024,984 11,093,810.00

1910..................................... 2,301,628 47,578,875.00 3,108,753 4,297,567.25

1911..................................... 5,753,022 118,925,512.50 2,311,709 3,195,726.40

1912..................................... 616,737 12,749,090.00 6,984,479 9,655,405.25

1913..................................... 1,454,067 30,058,227.50 2,494,341 3,448,199.75

1914..................................... 1,288,024 26,625,810.00 4,514,018 6,240,219.45

1915..................................... 1,960,809 40,533,317.50 2,760.803 3,353,032.50

Total........................ 125,533,606 2,595,009,654.50 644,047,228 1607,259,120 239,817,294.19

i Includes part of the $8,031,238 coined prior to Feb. 12, 1873, all trade dollars, 50,000 Lafayette souvenir 

dollars and $500,000 coined for Hawaii.

The following table, adapted from department circular prepared 

by the Director of the Mint, shows for each foreign country the legal 

monetary standard, the year such standard was adopted, the monetary unit and its value on June 30, 1915, in terms of United States 

money:

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Federal Reserve Bank of St. Louis
75

T a b le 5.-— Monetary standards of foreign countries.

Country. Legal standard. Date

adopted. Monetary unit.

Value in 

terms of 

U.S. 

money.

Remarks.1

Argentine Republic

Austria-Hungary. 

Belgium.................

Gold.

------d o .........

Gold and silver

Bolivia.

Brazil..

G old ... 

------do.

1881

1892

1865

1908

1849

Peso.

Crown. 

Franc..

Boliviano. 

Milreis___

British colonies in 

Australasia and 

Africa.

Canada......................

Central American 

States:

Costa Rica.........

British Honduras.

Nicaragua.........

Guatemala........

.d o. Pound sterling.

.do.

.do.

.do.

.do.

1910

1896

1894

1912

Dollar.

Colon..

Dollar.

Cordoba.

Honduras. 

Salvador..

Silver.

Chile. Gold. 1895 .do.

China. Silver.

Tael.

...d o.-

10.965

.203

.193

.546

4.8665

1.000

.465

1.000

1.000

.367

.365

rA m oy........... .602

Canton.......... .600

Chefoo........... .576

Chinkiang.. . .588

Foochow ___ .557

H a i k w a n .612

(customs).

Hankow....... .563

K iaochow ... .583

Nanking....... .596

Newchwang. .565

Ningpo......... .579

Peking.......... .587

Shanghai___ .550

Swatow. .. .556

Takau........... .606

Tientsin .583

.Yuan............. .394

Hongkong... .396

British.......... .396

Mexican....... .399

Currency: Depreciated 

paper, convertible at 

44 per cent of face 

value.

Member of Latin Union; 

gold is the actual 

standard.

12J bolivianos equal 1 

pound sterling.

Currency: Government 

paper; exchange rate 

about 25 cents to the 

milreis.

'Currency. Inconvertible 

paper; exchange rate 

about 40 pesos=$l. 

Currency: Bank notes. 

Currency: Convertible 

. into silver on demand. 

Currency: Inconvertible 

paper; exchange rate, 

approximately, $0.14.

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Federal Reserve Bank of St. Louis
76

T a b l e 5.— Monetary standards of foreign countries— Continued.

Country.

Colom bia..

Cuba........

Denmark. 

Ecuador.. 

Egypt------

Finland. 

France..

German Empire___

Great Britain...........

Greece..................

H aiti....................

India (British).. 

Italy...................

Japan...

Liberia.

Mexico.

Netherlands___

Newfoundland.

Norway.............

Panama.............

Paraguay...........

Legal standard.

Gold.

.do.

.do.

.do.

.do.

____d o .........

Gold and silver

G old...............

........d o.............

Gold and silver 

Gold...........

____d o .........

Gold and silver

G old ... 

____do.

.d o.

Peru.........................

Philippine Islands. 

Portugal..................

....do.

____do.

____do.

____do.

Silver..

Gold and silver

G old ...

____do.

____do.

Date

adopted.

1914

1873

1900

1885

1877

1865

1871

1816

1883

1914

1865

1897

1906

1875

1887

1873

1904

1903

1877

1897

1903

1854

Monetary unit.

D ollar......................

Peso...........................

Crown...................... .

Sucre........................ .

Pound (100 piasters).

Mark................

Franc...............

Mark................

Pound sterling

Drachma........

Gourde............

Rupee.............

Lira.................

Y en..................

Dollar..............

Peso.................

Florin..............

Dollar..............

Crown..............

Balboa.............

Peso.................

Kran................

Value in 

terms of 

U.S.

money.

Libra..

P eso...

Escudo

1.000

.487

4.943

.193

.193

.238 

4.8665 

.193 

. 965

.193

1.000

.402

1.014

.268

1.000

.367

.170

4.8665 

.500 

1.080

Remarks.1

Currency: Inconvertible 

paper; exchange rate, 

approximately, $105 

paper to $1 gold.

The actual standard is 

the British pound 

sterling, which is legal 

tender for 97£ piasters.

Member of Latin Union; 

gold is the actual 

standard.

Do.

Currency: Inconvertible 

paper; exchange rate, 

approximately, $0.16.

(15 rupees equal 1 pound 

sterling.)

Member of Latin Union; 

gold is the actual 

standard.

Currency: Depreciated 

silver token coins. 

Customs duties are 

collected in gold.

Mexican exchange rate 

violently fluctuating 

approximately, $0.15.

Currency: Depreciated 

paper; exchange rate 

1,550 per cent.

This is the value of the 

gold kran. Currency 

is silver circulating 

above its metallic 

value; exchange value 

of silver kran, approximately, $0.0875.

Currency. Inconvertible 

paper; exchange rate, 

approximately, $0.70£.

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Federal Reserve Bank of St. Louis
77

T a b l e 5.— Monetary standards offoreign countries— Continued.

Country. Legal standard. Date

adopted. Monetary unit.

Value in 

terms of 

U.S. 

money.

Remarks.1

■RnUTnania., , G o ld ................ 1890 Leu............................. $0.193 

Russia...................... ........d o .............. 1897 Ruble.......................... .515

Santo Domingo. -. . 1901 Dollar......................... 1.000

___ d o .............. 1865 Dinar.......................... . 193

Siam.......................... ........d o .............. 1902 Tical........................... .371

Spain......................... Gold and silver 1868 Peseta........................ . 193 Valuation is for the gold 

peseta; currency is silver circulating above 

its metallic value; exchange value, approximately, $0.20.

Straits Settlements. Gold................. 1907 Dollar......................... .567

Sweden..................... ........d o.............. 1873 Crown......................... .268

Switzerland.............. ........d o .............. 1865 Franc.......................... .193 Member of Latin Union; 

gold is the actual 

standard.

100 piasters equal to the 

Turkish £.

Turkey...................... ........d o .............. 1844 Piaster........................ .044

Uruguay................... ........d o .............. 1876 Peso............................ 1.034

Venezuela................. ........d o .............. 1912 Bolivar...................... .193

i

i The exchange rates shown under this heading are recent quotations and given as an indication of the 

values of currencies which are fluctuating in their relation to the legal standard.

The monetary systems of the world have been affected in recent 

years through the greatly increased production of gold consequent 

upon new discoveries and the development of new fields. The important events in this respect are as follows:

Placer gold discovered at Sutter Creek, Cal., January 19, 1848.

Gold discovered in New South Wales, Australia, 1851.

Gold discovered on the Yukon, Alaska, in 1882, and in the Klondike, Alaska, in 1896.

Gold discovered in South Africa in 1869 and on the Rand in 1885.

Gold discovered in Colorado in 1859 and at Cripple Creek in 1891.

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Federal Reserve Bank of St. Louis
T a b l e No. 6 .— Coinage of nations.

Country of coinage. Monetary unit.

1912 1913

Gold.1 Silver.1

Fine ounces 

silver consumed.

Gold. Silver.

Unit value 

of countries’ 

money.

Value in 

United 

States 

money.

Unit value 

of countries’ 

money.

Value in 

United 

States 

money.

Fine ounces 

consumed.

$17,498,523 $7,340,995 

465,500 

10,000 

8,313,251 

1,737,000 

1,726,998

1,212,795

95,000

5,510,29 2 

470,836 

7,490 

2,749,424 

1,208,036 

915,214

838,261 

28,500

25,433,377 $25,433,377 3,184,229 

325,782

500.000 

53,945,669

6,000,000 

3,314,000

180.000

175.000

667.000 

1,327,139

500.000 

1,693,228

500 

5,000 

983,116 

171,225,047

$3,184,229 

162,891

230.200 

10,929,392

1,158,000 

1,810,438

875,970 

56,777 

3,245,955 

1,327,139

162.200 

8,240,094

2,433

24,332

318,922

55,551,112

2,303,392 

157,315 

374,900 

7,240,937 

805,358 

956,593

605,454 

52,500 

2,243,563 

920,703 

449,988 

5,695,403 

1,681 

27,280 

337,940 

58,858,610

Peso........................

Piaster....................

Austra-H ungary............................................................................ 4,993,229 18,183,203 3,683,916

■Rfilpinm Franc......................

53,268 

46,540,291

103,640 

9,207,467

56,623 

44,808,138

British Empire:

Australasia.............................................................................. Pound sterling___

British. East Africa B nd Ug8«nd8) Rupee.....................

P rificli W^iQ^ A

Canada .................... Dollar..................... 1,477,710 278,550 

32,443 

12,705,458

193,244 

29,989 

6,782,201

1,986,480 1,986,480

r,Avl nn Rupee.....................

Great Britain.......................................................................... Pound sterling___ 162,687,479 27,586,817 134,251,245

fliiianc*

PrrnrnQ

TTnn alrnnof * _ ....... do..................... 14,274,810 

42,731,174 

100,000

11,134,352

45,275,375

Dollar 69,375

20,000 

1,566,693

9,733

889,412

7,040

916,515 SHroita fio ttlo m p rt? ........do...................... 310,860 16,113

D rifioll at-vatir\nnaiaq Pound sterling 408,181 1,986,412

"Piilrpo rio _ . . . Leva....................... 241,443 6,000,000 

743,589 

36,726,850

1,158,000

271,335

15,829,272

805,358

149,324

28,626,109

Chile ...............................

350,340 127,865

34,355,162 52,077,305

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Federal Reserve Bank of St. Louis
2023°— 15-

Colombia..........................................

Costa Rica........................................

Denmark..........................................

Dutch East Indies.........................

Ecuador.......................................... .

Egypt...............................................

Ethiopia...........................................

France..............................................

0 French colonies:

Indo-China...............................

Tunis.........................................

Germany..........................................

German East Africa (colony of)..

Honduras.........................................

Italy..................................................

I Italian Somaliland.........................

iJapan................................................

Liechtenstein..................................

Mexico..............................................

Morocco............................................

Netherlands....................................

Nicaragua........................................

Norway............................................

Persia................................................

Peru..................................................

Portugal...........................................

Portuguese India............................

Roumania........................................

Russia...............................................

Salvador...........................................

Servia................................................

Siam..................................................

Bweden.............................................

Dollar...

Colon...

Kronor..

Florin...

Sucre....

Pound..

Talari...

Franc...

Piaster.. 

Franc...

Mark___

Rupee..

Peso___

Lira.......

Rupee..,

Yen.......

Crown..

R ia l.......

Florin___

Cordova..

Crown___

Kram___

Libra___

Escudo...

Rupee___

Leu.........

Ruble___

Peso........

Dinar___

Tical .... 

Crown___

996,858

43,655,764

249

32,481,248

350 

448,428

14,720,1

14,411,778

320,356

829,200 

53,556 

106,907 

4,020,000 

6,818 

834,909

3,860,193

300,000 

193,350 

8,185,438 

162,217 

2,071 

1,968,031 

210,882 

2,430,406

1, 220,

6,828, 

321, 

268, 

221,

1,173, 

51, 

476, 

195, 

1,928, 

6,593, 

300,

512,638 

30,993 

75,695 

2,974,835 

10,127 

633,553

2,684,659

204,421 

134,469 

5,523,592 

171,875 

1,390 

1,368,711 

223,438 

2,560,520

1,621, 

4,99o, 

232, 

175, 

157, 

357, 

76, 

296, 

603, 

1,340, 

5,

201,

298,072 212,981 

1 Value in United States money.

15,689,680

246,281,160

1,290 

143,525,760

12,000

17,870,000

4,000,000

73,373

4,204,834

47,532,264

249

34,173,483

5,335

8,906,408

1,607,800

357,070

1,042,385 1,042,385 686,738

707,740 189,462 133,412

15,000,000 6,030,000 4,800,317

17,546 39,487 65,812

25,000 11,550 18,841

21,654,148 4,179,250 2,906,555

3,979,063 3,979,063 4,698,403

1,810 349 243

51,106,369 12,168,426 8,215,335

2,100,000 681,240 721,667

12,970 5,766 8,744

16,176,910 3,122,143 2,171,365

375,000 107,457 113,865

4,289,983 2,138,127 2,234,350

100,008 20,261 13,423

4,438,000 2,211,899 3,102,878

4,004,679 1,739,853 2,847,191

800,000 321,600 243,054

268,000 268,000 175,135

2,740,000 245,220 175,063

6,891,000 515,462 784,608

2,329,110 863,655 1,563,139

11,925,000 6,135,412 6,899,501

500,000 222,300 361,687

10,000,150 1,930,028 1,138,850

2,685,410 995,752 1,167,618

1,120,373 300,260 214,957

CO

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Federal Reserve Bank of St. Louis
T a b l e N o . 6 .— Coinage of nations— C o n tin u e d .

Country of coinage. Monetary unit.

1912 1913

Gold.1 Silver.1

Fine ounces 

silver consumed.

Gold. Silver.

Unit value 

of countries’ 

money.

Value in 

United 

States 

money.

Unit value 

of countries’ 

money.

Value in 

United 

States 

money.

Fine ounces 

consumed.

Switzerland . .......................................... Franc...................... $2,123,000 $386,000

68,492

756,167

1,351,000

268,452

73,046

551,975

836,358

20,000,000 $3,860,000 2,000,000 $386,000 335,565

Turkey .................................................................... 17,441,528

579,000

2 1,317,376 5,791,975 19,124

420,000

14,109

81,018

23,515

56,375 VpnA7npla . _ Bolivar...................

Total 360,671,382

34,763,434

171,293,019

22,542,797

161,763,415

18,830,557

318,773,474

3,372,866

178,301,517

21,415,372

158,557,652

19,324,926 "R d/winn (to - - ___

Mot r>nir)acrp 325,907,948 148,750,222 142,932,858 315,400,608 156,886,145 139,232,726

1 Value in United States money. * 142,936.5 liras coined for ornaments.

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Federal Reserve Bank of St. Louis
81

T a b l e N o . 7 .—Coinage of gold and silver of the mints of the world for the calendar years

since 1873.

Calendar years.

Gold. Silver.

Fine ounces. Value. Fine ounces. Coining value.

12,462,890 $257,630,802 101,741,421 $131,544,464

6,568,279 135,778,387 79,610,875 102,931,232

9,480,892 195,987,428 92,747,118 119,915,467

1876............................................................... 10,309,645 213,119,278 97,899,525 126,577,164

1877............................................................... 9,753,196 201,616,466 88,449,796 114,359,332

1878............................................................... 9,113,202 188,386,611 124,671,870 161,191,913

1879............................................................... 4,390,167 90,752,811 81,124,555 104,888,313

7,242,951 149,725,081 65,442,074 84,611,974

1881............................................................... 7,111,864 147,015,275 83,539,051 108,010,086

1882............................................................... 4,822,851 99,697,170 85,685,996 110,785,934

1883............................................................... 5,071,882 104,845,114 84,541,904 109,306,705

1884............................................................... 4,810,061 99,432,795 74,120,127 95,832,084

1885............................................................... 4,632,273 95,757,582 98,044,475 126,764,574

1886............................................................... 4,578,310 94,642,070 96,566,844 124,854,101

1887............................................................... 6,046,510 124,992,465 126,388,502 163,411,397

1888............................................................... 6,522,346 134,828,855 104,354,000 134,922,344

1889............................................................... 8,170,611 168,901,519 107,788,256 139,362,595

1890............................................................... 7,219,725 149,244,965 117,789,228 152,293,144

1891............................................................... 5,782,463 119,534,122 106,962,049 138,294,367

1892............................................................... 8,343,387 172,473,124 120,282,947 155,517,347

1893............................................................... 11,243,342 232,420,517 106,697,783 137,952,690

1894............................................................... 11,025,680 227,921,032 87,472,523 113,095,788

1895............................................................... 11,178,855 231,087,438 98,128,832 126,873,642

1896............................................................... 9,476,639 195,899,517 123,394,239 159,540,027

1897............................................................... 21,174,850 437,722,992 129,775,082 167,790,006

1898............................................................... 19,131,244 395,477,905 115,461,020 149,282,936

1899............................................................... 22,548,101 466,110,614 128,566,167 166,226,964

1900............................................................... 17,170,053 354,936,497 143,362,948 185,358,156

1901............................................................... 12,001,537 248,093,787 107,439,666 138,911,891

1902...................................................... 10,662,098 220,405,125 149,826,725 193,715,362

1903............................................................... 11,634,166 240,499,547 161,159,508 211.795,829

1904............................................................... 22,031,285 455,427,085 136,518,406 176,508,646

1905............................................................... 11,898,037 245,954,257 134,062,314 173,333,093

1906............................................................... 17,721,058 366,326,788 120,339,501 155,590,466

1907............................................................. 19,921,014 411,803,902 171,561,490 221,816,876

1908............................................................... 15,828,573 327,205,649 151,352,824 195,688,499

1909............................................................... 15,153,116 313,242,714 87,728,951 113,427,331

1910............................................................... 22,004,542 454,874,248 78,786,842 108,915,627

1911............................................................... 18,002,444 372,143,555 117,237,838 148,156,282

1912............................................................... 17,447,478 360,671,382 161,763,415 171,293,019

1913............................................................... 15,420,666 318,773,474 158,557,652 178,301,517

Total.................................................. 475,108,283 9,821,359,945 4,606,944,339 5,898,949,184

N o t e .— This table includes recoinages. The amount of recoinage of gold coins in the United States 

during the above period is $82,771,915 and of silver coins $76,409,580. It is not practicable to state the 

recoinage of other nations, as the reports received do not state it separately. The recoinage of gold in the 

United States is much smaller in proportion to our total coinage of gold than in most foreign countries, 

because in the United States coin is represented in circulation principally by paper money.

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Federal Reserve Bank of St. Louis
T a b l e 8 .— Production of gold and silver in the world since the discovery of America.

[From 1493 to 1885 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since the production is the annual estimate of the Bureau of the Mint.]

Period.

Gold. Silver. Percentage of production.

Annual average for period. Total for period. Annual average for period. Total for period. B y weight. B y value.

Fine ounces. Value. Fine ounces. Value. Fine ounces. Coining value. Fine ounces.

Coining value 

in standard 

silver dollars.

Gold. Silver. Gold. Silver.

1493-1520........ 186,470 $3,855,000 5,221,160 $107,931,000 1,511,050 $1,954,000 42,309,400 $54,703,000 11 89 66.4 33.6

1521-1544........ 230,194 4,759,000 5,524,656 114,205,000 2,899,930 3,740,000 69,598,320 89,986,000 7.4 92.6 55.9 44.1

1545-1560 273,596 5,656,000 4,377,544 90,492,000 10,017,940 12,952,000 160,287,040 207,240,000 2.7 97.3 30.4 69.6

1561-1580 219,906 4,546,000 4,398,120 90,917,000 9,628,925 12,450,000 192,578,500 248,990,000 2.2 97.8 26.7 73.3

1581-1600 237,267 4,905,000 4,745,340 98,095,000 13,467,635 17,413,000 269,352,700 348,254,000 1.7 98.3 22 78

1601-1620 273,918 5,662,000 5,478,360 113,248,000 13,596,235 17,579,000 271,924,700 351,579,000 2 98 24.4 75.6

1621-1640 266,845 5,516,000 5,336,900 110,324,000 12,654,240 16,361,000 253,084,800 327,221,000 2.1 97.9 25.2 74.8

1641-1660 281,955 5,828,000 5,639,110 116,571,000 11,776,545 15,226,000 235,530,900 304,525,000 2.3 97.7 27.7 72.3

1661-1680 297,709 6,154,000 5,954,180 123,084,000 10,834,550 14,008,000 216,691,000 280,166,000 2.7 97.3 30.5 69.5

1681-1700 346,095 7,154,000 6,921,895 143,088,000 10,992,085 14,212,000 219,841,700 284,240,000 3.1 96.9 33.5 66.5

1701-1720,. . 412,163 8,520,000 8,243,260 170,403,000 11,432,540 14,781,000 228,650,800 295,629,000 3.5 96.5 36.6 73.4

1721-1740 613,422 12,681,000 12,268,440 *253,611,000 13,863,080 17,924,000 277,261,600 358,480,000 4.2 95.8 41.4 58.6

1741-1760 791,211 16,356,000 15,824,230 327,116,000 17,140,612 22,162,000 342,812,235 443,232,000 4.4 95.6 42.5 57.5

1761-1780 665,666 13,761,000 13,313,315 275,211,000 20,985,591 27,133,000 419,711,820 542,658,000 3.1 96.9 33.7 66.3

1781-1800. 571,948 11,823,000 11,438,970 236,464,000 28,261,779 36,540,000 565,235,580 730,810,000 2 98 24.4 75.6

1801-1810 571,563 11,815,000 5,715,627 118,152,000 28,746,922 37,168,000 287,469,225 371,677,000 1.9 98.1 24.1 75.9

1811-1820 367,957 7,606,000 3,679,568 76,063,000 17,385,755 22,479,000 173,857,555 224,786,000 2.1 97.9 25.3 74.7

1821-1830 457,044 9,448,000 4,570,444 94,479,000 14,807,004 19,144,000 148,070,040 191,444,000 3 97 33 67

1831-1840 652,291 13,484,000 6,522,913 134,841,000 19,175,867 24,793,000 191,758,675 247,930,000 3.3 96.7 35.2 64.8

1841-1850 1,760,502 36,393,000 17,605,018 363,928,000 25,090,342 32,440,000 250,903,422 324,400,000 6.6 93.4 52.9 47.1

1851-1855 6,410,324 132,513,000 32,051,621 662,566,000 28,488,597 36,824,000 142,442,986 184,169,000 ' 18.4 81.6 78.3 21.7

1856-1860 6,486,262 134,083,000 32,431,312 670,415,000 29,095,428 37,618,000 145,477,142 188,092,000 18.2 81.8 78.1 21.9

1861-1865 5,949,582 122,989,000 29,747,913 614,944,000 35,401,972 45,772,000 177,009,862 228,861,000 14.4 85.6 72.9 27.1

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1866-1870........ 6,270,086 129,614,000 31,350,430 648,071,000 43,051,583 55,633,000 215,257,914 278,313,000 12.7 87.3 70 30

1871-1875....... 5,591,014 115,577,000 27,955,068 577,883,000 63,317,014 81,864,000 316,585,069 409,322,000 8.1 91.9 58.5 41.5

1876-1880........ 5,543,110 114,586,000 27,715,.550 572,931,000 78,775,602 101,851,000 393,878,009 509,256,000 6.6 93.4 53 47

1881-1885....... 4,794,755 99,116,000 23,973,773 495,582,000 92,003,944 118,955,000 460,019,722 594,773,000 5 95 45.5 54.5

1886-1890....... 5,461,282 112,895,000 27,306,411 564,474,000 108,911,431 140,815,000 544,557,155 704,074,000 4.8 95.2 44.5 55.5

1891-1895 7,882,565 162,947,000 39,412,823 814,736,000 157,581,331 203,742,000 787,906,656 1,018,708,000 4.8 95.2 44.4 55.6

1896-1900 12,446,939 257,301,100 62,234,698 1,286,505;400 165,693,304 214,229,700 828,466,522 1,071,148,400 7 93 54.6 45.4

1901-1905 15,606,730 322,619,800 78,033,650 1,613,099,100 167,995,408 217,206,200 839,977,042 1,086,030,900 8.5 91.5 59.8 40.2

1906................. 19,471,080 

19,977,260

402,503,000

412,966,600

442,836,900

454.059.100

455.239.100 

461,939,700

466.136.100

165,054,497 

184,206,984 

203,131,404 

212,149,023 

221,715,673 

226,192,923 

202,178,314

213,403,800 

238,166,600

262.634.500

274.293.700

286.662.700

292.451.500 

261,402,300

10.5

9.8

9.5

9.4

9

89.5 

90.2

90.5

90.6 

91 

91 

90

65.3

63.4 

62.8

62.3

61.4 

61.3 

64

34.7

36.6 

37.2

37.7

QQ ft

1907.................

1908................. 21,422,244

1909................. 21,965,111 

22,022,180 

22,348,313 

22,549,335

1910.................

1911................. 9

10

oo. 0

38.7

36 1912.................

T o ta l.. 714,747,822 14,775,110,000 11,083,136,909 14,329,712,400 AO 94 50.7 49.3

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84

T a b l e N o . 9 .— Production of gold and silver in the world since 1860.

[The annual production of 1860 to 1872 is obtained from 5-year period estimates, compiled by Dr. Adolph 

Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint.]

Calendar years.

Gold. Silver.

Fine ounces. Value. Fine ounces. Commercial

value.

1860................................................................ 6,486,262 $134,083,000 29,095,428 $39,337,000

1861................................................................ 5,949,582 122,989,000 35,401,972 46,191,000

1862................................................................ 5,949,582 122,989,000 35,401,972 47,651,000

1863................................................................ 5,949,582 122,989,000 35,401,972 47,616,000

1864................................................................ 5,949,582 122,989,000 35,401,972 47,616,000

1865................................................................ 5,949,582 122,989,000 35,401,972 47,368,000

1866................................................................ 6,270,086 129,614,000 43,051,583 57,646,000

1867............. ................................................. 6,270,086 129,614,000 43,051,583 57,173,000

1868................................................................ 6,270,086 129,614,000 43,051,583 57,086,000

1869................................................................ 6,270,086 129,614,000 43,051,583 57,043,000

1870................................................................ 6,270,086 129,614,000 43,051,583 57,173,000

1871................................................................ 5,591,014 115,577,000 63,317,014 83,958,000

1872................................................................ 5,591,014 115,577,000 63,317,014 83,705,000

Total.................................................. 78,766,630 1,628,252,000 547,997,231 729,563,000

1873................................................................ 4,653,675 96,200,000 63,267,187 82,120,800

1874................................................................ 4,390,023 90,750,000 55,300,781 70,674,400

1875................................................................ 4,716,563 97,500,000 62,261,719 70,578,100

1876................................................................ 5,016,488 103,700,000 67,753,125 78,322,600

1877................................................................ 5,512,196 113,947,200 62,679,916 75,278,600

1878................................................................ 5,761,114 119,092,800 73,385,451 84,540,000

1879................................................................ 5,262,174 108,778,800 74,383,495 83,532,700

1880................................................................ 5,148,880 106,436,800 74,795,273 85,640,600

1881................................................................ 4,983,742 103,023,100 79,020,872 89,925,700

1882................................................................ 4,934,086 101,996,600 86,472,091 98,232,300

1883................................................................ 4,614,588 95,392,000 89,175,023 98,984,300

1884................................................................ 4,921,169 101,729,600 81,567,801 90,785,000

1885..^ ......................................................... 5,245,572 108,435,600 91,609,959 97,518,800

1886................................................................ 5,135,679 106,163,900 93,297,290 92,793,500

1887................................................................ 5,116,861 105,774,900 96,123,586 94,031,000

1888................................................................ 5,330,775 110,196,900 108,827,606 102,185,900

1889................................................................ 5,973,790 123,489,200 120,213,611 112,414,100

1890................................................................ 5,749,306 118,848,700 126,095,062 131,937,000

1891................................................................ 6,320,194 130,650,000 137,170,000 135,500,200

1892................................................................ 7,094,266 146,651,500 153,151,762 133,404,400

1893................................................................ 7,618,811 157,494,800 165,472,621 129,119,900

1894................................................................ 8,764,362 181,175,600 164,610,394 104,493,000

1895................................................................ 9,615,190 198,763,600 167,500,960 109,545,600

1896................................................................ 9,783,914 202,251,600 157,061,370 105,859,300

1897................................................................ 11,420,068 236,083,700 160,421,082 96,252,700

1898................................................................ 13,877,806 286,879,700 169,055,253 99,742,600

1899................................................................ 14,837,775 306,724,100 168,337,452 101,002,600

1900................................................................ 12,315,135 254,576,300 173,591,364 107,626,400

1901................................................................ 12,625,527 260,992,900 173,011,283 103,806,700

1902................................................................ 14,354,680 296,737,600 162,763,483 86,264,700

1903...................... ......................................... 15,852,620 327,702,700 167,689,322 90,552,200

1904................................................................ 16,804,372 347,377,200 164,195,266 95,233,300

1905................................................................ 18,396,451 380,288,700 172,317,688 105,113,700

1906................................................................ 19,471,080 402,503,000 165,054,497 111,721,100

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85

T a b l e 9.—Production of gold and silver in the world since 1860— Continued.

Calendar years.

Gold. Silver.

Fine ounces. Value. Fine ounces. Commercial

value.

1907..................................................... 19,977,260 

21,422,244 

21,965, 111 

22,022,180 

22,348,313 

22,549,335

$412,966,600

442,476,900

454.059.100

455.239.100 

461,939,700

466.136.100

184,206,984 

203,131,404 

212,149,023 

221,715,763 

226,192,923 

224,310,654

$121,577,100 

108,655,100 

110,364,400 

119,727,000

122.143.800

137.883.800

1908.................................................

1909..............................................................

1910................................................................

1911...............................................

1912..............................................................

T otal.................................................

Grand total.......................................

421,903,383 8,721,117,300 5,399,341,226 4,082,085,000

500,670,013 10,349,369,300 5,947,338,457 4,811,648,000

T a b l e N o . 10.— Production of gold and silver in United States from 1792 to 1844 and

annually since.

[The estimate for 1792-1873 is by R. W . Raymond, commissioner, and since by Director of the Mint.]

Calendar years.

Gold. Silver.

Fine ounces. Value. Fine ounces. Commercial

value.

1792 to July 31, 1834................................... 677,250 $14,000,000 Insignificant. 

July 31, 1834, to Dec. 31, 1844.................. 362,812 7,500,000 193,400 $253,400

1845............................................................... 48,762 1,008,000 38,700 50,200

1846............................................................... 55,341 1,140,000 38,700 50,300

1847............................................................... 43,005 889,000 38,700 50,600

Total.................................................. 1,187,170 24,537,000 309,500 404,500

1848............................................................... 483,750 10,000,000 38,700 50,500

1849............................................................... 1,935,000 40,000,000 38,700 50,700

1850............................................................... 2,418,750 50,000,000 38,700 50,900

1851-1855...................................................... 14,270,625 295,000,000 193,500 259,400

1856-1860...................................................... 12,384,000 256,000,000 309,400 418,300

1861-1865...................................................... 10,716,271 221,525,000 28,810,600 38,674,300

1866-1870...................................................... 12,225,570 252,725,000 49,113,200 65,261,100

1871............................................................... 2,104,312 43,500,000 17,789,100 23,588,300

1872............................................................... 1,741,500 36,000,000 22,236,300 29,396,400

Total.................................................. 58,279,778 1,204,750,000 118,568,200 157,749,900

1873............................................................... 1,741,500 36,000,000 27,650,400 35,881,600

1874............................................................... 1,620,122 33,490,900 28,868,200 36,917,500

1875............................................................... 1,619,009 33,467,900 24,539,300 30,485,900

1876............................................................... 1,931,575 39,929,200 29,996,200 34,919,800

1877............................................................... 2,268,662 46,897,400 30,777,800 36,991,500

1878............................................................... 2,477,109 51,206,400 35,022,300 40,401,000

1879............................................................... 1,881,787 38,900,000 31,565,500 35,477,100

1880............................................................... 1,741,500 36,000,000 30,318,700 34,717,000

1881............................................................... 1,678,612 34,700,000 33,257,800 37,657,500

1882............................................................... 1,572,187 32,500,000 36,196,900 41,105,900

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8 6

T a b l e No. 10.— Production of gold and silver in United States from 1192 to 1844 and

annually since— Continued.

Calendar years.

Gold. Silver

Fine ounces. Value. Fine ounces. Commercial

value.

1883................................................................ 1,451,250 $30,000,000 35,732,800 $39,618,400

1884............................................................... 1,489,950 30,800,000 37,743,800 41,921,300

1885............................................................... 1,538,373 31,801,000 39,909,400 42,503,500

1886................................................................ 1,686,788 34,869,000 39,694,000 39,482,400

1887................................................................ 1,603,049 33,136,000 41,721,600 40,887,200

1888............................................................... 1,604,478 33,167,500 45,792,700 43,045,100

1889............................................................... 1,594,775 32,967,000 50,094,500 46,838,400

1890............................................................... 1,588,877 32,845,000 54,516,300 57,242,100

1891................................................................ 1,604,840 33,175,000 58,330,000 57,630,000

1892............................................................... 1,597,098 33,015,000 63,500,000 55,662,500

1893................................................................ 1,739,323 35,955,000 60,000,000 46,800,000

1894............................................................... 1,910,813 39,500,000 49,500,000 31,422,100

1895............................................................... 2,254,760 46,610,000 55,727,000 36,445,500

1896............................................................... 2,568,132 53,088,000 58,834,800 39,654,600

1897................................................................ 2,774,935 57,363,000 53,860,000 32,316,000

1898............................................................... 3,118,398 64,463,000 54,438,000 32,118,400

1899................................................................ 3,437,210 71,053,400 54,764,500 32,858,700

1900...............................................................

5°OO

£OO

3

79,171,000 57,647,000 35,741,100

1901............................................................... 3,805,500 78,666,700 55,214,000 33,128,400

1902................................................................ 3,870,000 80,000,000 55,500,000 29,415,000

1903............................................................... 3,560,000 73,591,700 54,300,000 29,322,000

1904............................................................... 3,892,480 80,464,700 57,682,800 33,456,000

1905................................................................ 4,265,742 88,180,700 56,101,600 34,222,000

1906............................................................... 4,565,333 94,373,800 56,517,900 38,256,400

1907................................................................ 4,374,827 90,435,700 56,514,700 37,299,700

1908............................................................... 4,574,340 94,560,000 52,440,800 28,050,600

1909............................................................... 4,821,701 99,673,400 54,721,500 28,455,200

1910............................................................... 4,657,017 96,269,100 57,137,900 30,854,500

1911............................................................... 1 4,687,053 96,890,000 60,399,400 32,615,700

1912................................................................ 4,520,719 93,451,500 63,766,800 39,197,500

1913................................................................ 4,299,784 88,884,400 66,801,500 40,348,100

Total.................................................. 111,819,505 2,311,512,400 1,967,098,400 1,551,363,200

Grand total...................................... 171,286,453 3,540,799,400 2,085,976,100 1,709,517,600

N o t e .—The commercial value of the silver product is reckoned at the average yearly market price of 

silver on the New York market.

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87

T a b l e No. 11.— World’s production of gold and silver, by countries.

CALEN D AR Y E A R 1910.

Countries.

North America:

United States........

Canada...................

Mexico....................

Africa.............................

Australasia...................

Europe:

Austria-Hungary.

France....................

Germany...............

Great Britain........

Greece....................

Italy........................

Norway..................

Portugal.................

Russia....................

Servia.....................

Spain......................

Sweden..................

Turkey...................

South America:

Argentina...............

Bolivia...................

Chile........................

Brazil......................

Colombia...............

Ecuador.................

Guiana—

British.............

D utch.............

French............

Peru........................

Uruguay.................

Venezuela..............

Central America..........

Asia:

British India.........

China......................

East Indies—

British.............

Dutch.............

Indo-China............

Japan......................

Korea.....................

Siam.......................

Total.

Gold.

Kilos

(fine).

144,853

15,356

37,482

263,602

98,511

3,269

2,569

95

60

44

2

4

53,535

260

2,941

5,071

375

1,795

1,193

3,354

686

138

512

7,008

16,128

5,504

2,177

5,097

83

5,873

6,619

85

684,983

Ounces

(fine).

4,657,017 

493,707 

1,205,051 

8,474,809 

3,167,140

105,101 

82,580. 

3,042 

1,914

1,430

66

133

1,721,163

95

23

8,372

22,429

94,557

163,022

12.054

57,697

38,344

107,835

22.055 

4,433

16,472

225,302

518,502

176,960

69,988

163,852

2,655

188,839

212,808

2,733

22,022,180

Value.

$96,269,100

10,205,800

24.910.600 

175,189,900

65.470.600

2,172,600

1,707,100

62,900

39,600

29,600 

, 1,400 

2,800 

35,579,600

2,000

500

173,100

463.600

1.954.700 

3,370,000

249,200

1.192.700

792.600

2.229.100 

455,900

91,600 

340,500 

4,657,400

10,718,400

3.658.100

1,446,800

3.387.100 

55,000

3,903,600

4.399.100 

56,500

455,239,100

Silver.

Kilos

(fine).

1,777,229

1,022,372

2,219,975

32,260

670,165

47,925 

22,178 

174,091 

4,242 

27,419 

14,574 

7,153 

12,255 

4,374

129,158 

616 

53,434

8,188

201,871

26,939

704

6,471

63,044

1,392

14,494

142,507

5,127

6,896,282

Ounces

(fine).

57,137,900 

32,869,264 

71,372,194 

1,037,160 

21,545,828

1,540,808

713,028

5,597,026

136,370

881,539

468,566

229,989

394,000

140,632

4,152,430

19,823

1,717,896

263,255 

6,490,163

866,093

22,642

6,626,930

208,043

2,026,885

44,772

465,980

4,581,613

164,844

221,715,673

Commercial

value.

$30,854,500

17,749,400

38,541,000

560,100

11,634,700

832.000

385.000 

3,022,400

73,600 

476,700

253.000 

124,200 

212,800

75,900

2,242,300 

10,700 

927,700

142,200

3,504,700

467,700

12,200

1,578,500

112,300

1,094,500

24,200

251,600

2,474,100

89,000

119,727,000

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
8 8

T a b l e N o . 11.— World's 'production of gold and silver, by countries— Continued.

CALEN DAR Y E A R 1911.

Countries.

Gold. Silver.

Kilos

(fine).

Ounces

(fine). Value. Kilos

(fine).

Ounces

(fine).'

Commercial

value.

North America:

United States............... 145,787 4,687,053 $96,890,000 1,878,675 60,399,400 $32,615,700

Canada.......................... 14,689 472,241 9,762,100 1,018,375 32,740,748 17,680,000

Mexico........................... 37,436 1,203,573 24,880,100 2,458,241 79,032,440 42,677,500

Cuba............................... 30 967 20,000

Africa.................................... 288,201 9,265,672 191,538,400 33,096 1,064,050 574,600

Australasia.......................... 90,557 2,911,410 60,184,200 515,658 16,578,421 8,952,300

Europe:

AustriarHungary........ 3,288 105,705 2,185,100 47,862 1,538,772 830,900

France........................... 2,726 87,659 1,812,100 13,369 429,831 232,100

Germany....................... 118 3,779 78,100 155,044 4,984,677 2,691,700

Great Britain............... 60 1,914 39,600 4,242 136,370 73,600

Greece............................ 25,000 803,750 434,000

Italy............................... 67 2,165 44,800 31,060 998,576 539,200

Norway......................... 9,085 292,075 157,700

Portugal........................ 4 115 2,400 3,667 117,894 63,700

Russia......................- . 48,377 1,555,333 32,151,600 14,841 477,140 257,700

Servia............................ 378 14,149 251,100 751 24,132 13,000

Spain............................. 129,158 4,152,430 2,242,300

Sweden.......................... 3 95 2,000 617 19,823 10,700

Turkey.......................... 1 23 500 53,434 1,717,896 927,700

South America:

Argentina...................... 435 13,979 289,000 6,318 203,111 109,700

Bolivia..........................

Chile...............................

f 545 17,533 362,500 141,681 4,555,043 2,459,700

Brazil............................. 5,770 185,496 3,834,500 1,469 47,222 25,500

Colombia....................... 4,766 153,241 3,167,800 25,425 817,431 441,400

Ecuador........................ 416 13,389 276,800 704 22,642 12,200

Peru............................... 740 23,813 492,300 259,768 8,351,563 4,509,800

Uruguay........................ 106 3,422 70,600

Venezuela...................... 549 17,648 364,800 13,589 436,903 235,900

Guiana—

British.................... 1,342 43,149 892,000

Dutch..................... 788 25,320 523,400

French.................... 3,354 107,835 2,229,100

Central America................. 5,056 162,558 3,360,400 37,690 1,211,747 654,300

Asia:

British India................ 16,633 534,744 11,054,100 3,245 104,323 56,300

China............................. 4,987 160,344 3,314,600

East Indies—

British.................... 2,015 64,791 1,339,400

Dutch..................... 5,096 163,852 3,387,100 14,494 465,980 251,600

Indo-China................... 112 3,600 74,700

Japan............................. 6,197 199,239 4,118,600 138,696 4,459,087 2,407,900

Korea............................. 4,348 139,774 2,889,400 294 9,446 5,100

Siam............................... 85 2,733 56,500

Total.......................... 695,062 22,348,813 461,939,700 7,035,548 226,192,923 122,143,800

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Federal Reserve Bank of St. Louis
89

T able No. 11.— World's production of gold and silver, by countries— Continued.

CALEN D AR Y E A R 1912.

Countries.

Gold. Silver.

Kilos

(fine).

Ounces

(fine). Value. Kilos(fine).

Ounces

(fine).

Commercial value.

North America:

United States........................... 140,613 4,520,719 $93,451,500 1,983,415 63,766,800 $39,197,500

Canada........................................ 19,032 611,885 12,648,800 983,684 31,625,451 19,440,200

Mexico........................................ 36,864 1,185,187 24,500,000 2,321,626 74,640,300 45,881,400

Africa:

Transvaal................................... 283,318 9,108,680 188,293,100 30,627 984,672 605,300

West Coast................................. 10,963 352,461 7,286,000

French Colonies........................ 3,076 98,909 2,044,600 2,280 73,286 45,000

Rhodesia.................................... 21,407 688,226 14,226,900 4,932 158,572 97,500

Australasia:

Western Australia.................... 39,896 1,282,658 26,514,900 4,668 150,065 92,200

Victoria...................................... 14,934 480,131 9,925,200 783 25,188 15,500

Queensland............................... 10,823 347,946 7,192,700 8,373 269,181 165,500

New South Wales.................... 5,141 165,295 3,416,900 420,350 13,514,249 8,307,200

Tasmania................................... 1,181 37,973 785,000

South Australia........................ 205 6,592 136,300

Northern Territory.................. 166 5,337 110,300 1

New Zealand............................. 9,672 310,962 6,428,100 24,238 779,261 479,000

Europe:

Austria-Hungary...................... 3,074 98,840 2,043,200 57,241 1,840,297 1,131,200

France........................................ 2,727 87,659 1,812,100 13,370 429,831 264,200

Germany.................................... 118 3,779 78,100 155,044 4,984,677 3,064,100

Great Britain............................ 42 1,344 27,800 3,539 113,769 70,000

Greece........................................ 25,000 803,750 494,100

Italy............................................ 17 534 11,000 13,927 447,761 275,200

Norway...................................... 7,714 247,988 152,400

Portugal..................................... 4 113 2,300 6,402 205,822 126,500

Russia........................................ 33,402 1,073,875 22,199,000 6,224 200,094 123,000

Servia......................................... 378 12,149 251,100 751 24,132 14,800

Spain.......................................... 160,268 5,152,626 3,167,300

Sweden...................................... 31 984 20,300 1,002 32,202 19,800

Turkey....................................... 1 23 500 46,940 1,509,133 927,700

South America:

Argentina................................... 162 5,193 107,300 2,550 81,996 50,400

Bolivia and Chile..................... 263 8,467 175,000 125,968 4,049,856 2,489,500

Brazil.......................................... 5,373 172,728 3,570,600 1,263 40,610 25,000

Colombia.................................... 4,471 143,757 2,971,700 18,279 587,683 361,200

Ecuador..................................... 612 19,665 406,500 704 22,642 13,900

Peru............................................ 741 23,813 492,200 259,769 8,351,563 5,133,700

Uruguay..................................... 167 5,369 111,000

Venezuela.................................. 938 30,162 623,500 3,804 122,303 75,200

Guiana—

British................................. 1,324 42,560 879,800 22,527 724,235 445,200

Dutch.................................. 613 19,702 407,300

French................................. 4,590 147,571 3,050,600

Central America.............................. 4,560 146,594 3,030,400 88,521 2,845,954 1,749,400

Asia:

British India............................. 16,635 534,822 11,055,700 2,913 93,649 57,600

China..........................................• 5,505 1 176,999 3,658,900

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
90

T a b le N o. 11.— Worlds production of gold and silver, by countries— Continued.

C ALE N D A R Y E A R , 1912—Continued.

Countries.

Gold. Silver.

Kilos

(fine).

Ounces

(fine). Value. Kilos.

(fine).

Ounces

(fine).

Commercial value.

Asia—Continued.

East Indies—

British................................. 2,034

5,096

112

6,721

4,292

85

65,402 

163,852 

3,600 

216,092 

137,993 

2,733

$1,352,000 

3,387,100 

74,700 

4,467,000 

2,852,600 

56,500

Dutch.................................. 14,494 465,980 $286,400

Indo-China................................

Japan.......................................... 153,432

380

4,932,852

12,224

3,032,200

Korea.......................................... 7,500

Siam............................................

Total....................................... 701,379 22,549,335 466,136,100 6,977,002 224,310,654 137,883,800

T a b l e N o . 12.— Value of pure silver in a silver dollar at prices of silver per fine ounce from

$0.40 to $1.2929, or parity.

Price of 

silver per 

fine ounce.

Value of 

pure silver 

in a 

silver dollar.

Price of 

silver per 

fine ounce.

Value of 

pure silver 

in a 

silver dollar.

Price of 

silver per 

fine ounce.

Value of 

pure silver 

in a 

silver dollar.

$0.40 $0,309 $0.71 $0.549 $1.01 $0.781

.41 .317 .72 .557 1.02 .789

.42 .325 .73 .565 1.03 .797

.43 .333 .74 .572 1.04 .804

.44 .340 .75 .580 1.05 .812

.45 .348 .76 .588 1.06 .820

.46 .356 .77 .596 1.07 .828

.47 .364 .78 .603 1.08 .835

.48 .371 .79 .611 1.09 .843

.49 .379 .80 .619 1.10 .851

.50 .387 .81 .626 1.11 .859

.51 .394 .82 .634 1.12 .866

.52 .402 .83 .642 1.13 .874

.53 .410 .84 .650 1.14 .882

.54 .418 .85 .657 1.15 .889

.55 .425 .86 .665 1.16 ' .897

.56 .433 .87 .673 1.17 .905

.57 .441 .88 .681 1.18 .913

.58 .449 .89 .688 1.19 .920

.59 .456 .90 .696 1.20 .928

.60 .464 .91 .704 1.21 .936

.61 .472 .92 .712 1.22 .944

.62 .480 .93 .719 1.23 .951

.63 .487 .94 .727 1.24 .959

.64 .495 .95 .735 1.25 .967

.65 .503 .96 .742 1.26 .975

.66 .510 .97 .750 1.27 .982

.67 .518 .98 .758 1.28 .990

.68 .526 .99 .766 1.29 .998

.69

.70

.534

.541

1.00 .773 1 1.2929 1.00

1 Parity.

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
91

T a b l e No. 13.— Highest, lowest, and average price of bar silver in London, per ounce

British standard (0.925), since 1833, and the equivalent in United States gold coin of an

ounce 1,000 fine, taken at the average price.

Calendar

1833

1834

1835

1836

1837

1838

1839

1840

1841

1842

1843

1844

1845

1846

1847

1848

1849

1850

1851

1852

1853

1854

1855

1856

1857

1858

1859

1860 

1861 

1862

1863

1864

1865

1866

1867

1868

1869

1870

1871

1872

1873

Highest

quotation.

60|

60

60f

60*

60*

60f

601

60*

60

59*

59f

59|

60 

60 

61* 

61* 

611 

611 

611 

61* 

62* 

62| 

611 

621 

62* 

61* 

62* 

61* 

62* 

61* 

62i 

611 

61* 

61 

60f 

61 

61* 

59**

Lowest

quotation.

58f

59|

59i

59*

59 

59*

60 

60* 

59| 

59* 

59 

591 

581

59 

58| 

58* 

59* 

59*

60 

591 

60* 

60| 

60 

601 

61 

60f 

61| 

61i 

60* 

61 

61 

60* 

60* 

60* 

60* 

60* 

60 

60i 

60* 

59J 

57|

Averquotation.

d.

59*

59H

59H

60

59*

59*

60*

60*

60*

59*

59*

59*

591

59*

59**

59*

59!

61*

61

60*

61*

61*

61*

61*

61!

61*

62*

61H

60**

61*

61*

61*

61*

61*

60*

60*

60*

60*

60*

60*

59*

Value of 

a fine ounce 

at average 

quotation.

Dollars.

1.297 

1.313

1.308

1.315 

1.305 

1.304

1.323

1.323

1.316

1.303

1.297

1.304

1.298 

1.300

1.308

1.304

1.309

1.316

1.337

1.326

1.348

1.348

1.344

1.344 

1.353

1.344 

1.360 

1.352 

1.333 

1.346

1.345

1.345

1.338

1.339

1.328

1.326

1.325

1.328

1.326 

1.322 

1.29769

Calendar

years.

1874

1875

1876

1877

1878

1879

1880 

1881 

1882

1883

1884

1885

1886

1887

1888

1889

1890

1891

1892

1893

1894

1895

1896

1897

1898

1899

1900

1901

1902

1903

1904

1905

1906

1907

1908

1909

1910

1911

1912

1913

1914

Highest

quotation.

59*

57*

58*

581

551

53!

52**

52|

52*

51*

51*

50

47

47*

44*

44*

54*

48!

43!

38|

31|

31*

31**

29*1

28*

29

301

29*

26*

28*

28*

30*

33*

32*

27

24|

261

26*

29**

29*

271

Lowest

quotation.

d.

571

55*

46!

531

49*

58*

51*

501

50

50*

49*

461

42

431

41*

41*1

43*

43*

371

30*

27

27*

29!

23*

25

26*

27

24*|

21**

21**

24*

25*

29

241

22

23*

23*

23**

25*

26*

22*

Average

quotation.

d.

58* 

56** 

53* 

54** 

52* 

511 

521 

51* 

51*1 

50* 

50** 

48* 

45* 

44** 

42* 

42** 

47! 

45* 

39! 

3 5* 

28*| 

29*| 

30*f 

2 7* 

26*f 

2 7* 

28* 

27* 

24* 

24| 

26*| 

27** 

30* 

30* 

24*§ 

23 f|

24**

24*|

28*

27*

251

Value of 

a fine ounce 

at average 

quotation.

Dollars.

1.27883 

1.24233 

1.16414 

1.20189 

1.15358 

1.12392 

1.14507 

1.13229 

1.13562 

1.10874 

1.11068 

1.06510 

.99467 

.97946 

.93974 

.93511 

1.04634

.87145 

.78030 

.63479 

.65406 

.67565 

.60438 

.59010 

.60154 

.62007 

.59595 

.52795 

.54257 

.57876 

.61027

.66152

.53490

.52016

.54077

.53928

.61470

.60458

.55581

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
92

T a b l e No. 14.— Bullion value of the silver dollar [371\ grains of pure silver] at the annual

average price of silver each year from 1837.

Calendar year.

1837.

1838.

1839.

1840.

1841.

1842

1843

1844

1845

1846.

1847.

1848.

1849.

1850.

1851.

1852.

1853.

1854.

1855.

1856.

Value.

$1,009

1.008

1.023

1.023 

1.018

1.007

1.003

1.008

1.004

1.005 

1.011 

1.008 

1.013 

1.018 

1.034 

1.025

1.042

1.042

1.039

1.039

Calendar year.

1857.

1858.

1859.

1860. 

1861. 

1862.

1863.

1864.

1865.

1866.

1867.

1868. 

1869

1870.

1871.

1872.

1873.

1874.

1875.

1876.

Value.

$1,046

1.039 

1.052 

1.045 

1.031 

1.041

1.040

1.040

1.035

1.036

1.027 

1.025

1.024

1.027

1.025 

1.022 

1.00368

Calendar year. Value.

1877................. $0.92958

1878................. .89222

1879................. . 86928

1880................. .88564

1881................. .87575

1882................. .87833

1883................. .85754

1884................. .85904

1885................. .82379

1886................. .76931

1887................. .75755

1888................. .72683

1889................. .72325

1890................. .80927

1891................. .76416

1892................. .67401

1893................. .60351

1894................. .49097

1895................. .50587

1896................. .52257

Calendar year.

1897.

1898.

1899.

1900.

1901.

1902.

1903.

1904.

1905.

1906.

1907.

1908.

1909.

1910.

1911.

1912.

1913.

1914.

Value.

$0.46745 

.45640 

.46525 

.47958 

.46093 

.40835 

.41960 

.44763 

.47200 

.52353 

. 51164 

.41371 

.40231 

.41825 

.41709 

.47543 

.48760 

.42810

T a b l e N o . 15.— Coinage value in gold of an ounce of fine silver at the ratios 1:15-1: 40.

Ratio.

1 to 15...............................

1 to 15*...........................

1 to 15.988 (United

States ratio)............. .

1 to 16............................. .

1 to 16*........................... .

1 to 17............................. .

1 to 17*........................... .

1 to 18.............................

1 to 18*............................

1 to 19............................. .

1 to 19*........................... .

1 to 20.............................

1 to 20*...........................

1 to 21...........................

1 to 21*............................

1 to 22.............................

1 to 22*...........................

Gold 

coinage 

value of 

an ounce 

of fine 

silver.

$1.3780 

1.3336

1.2929 

1.2919 

1.2527 

1.2159 

1.1811 

1.1483 

1.1173 

1.0879 

1.0600 

1.0335 

1.0083 

.9843 

.9614 

.9396 

.9187

Ratio.

1 to 23.. 

1 to 23*. 

1 to 24.. 

1 to 24*. 

1 to 25.. 

1 to 25*. 

1 to 26.. 

1 to 26*. 

1 to 27.. 

1 to 27*. 

1 to 28.. 

1 to 28*. 

1 to 29.. 

1 to 29*. 

1 to 30.. 

1 to 30*. 

1 to 31.. 

1 to 31*.

Gold 

coinage 

value of 

an ounce 

of fine 

silver.

$0.8987

.8796

.8613

.8437

.8268

.8106

.7950

.7800

.7656

.7517

.7382

.7253

.7109

.7007

.6890

.6777

.6668

.6562

Ratio.

1 to 32.. 

1 to 32*. 

1 to 33.. 

1 to 33*. 

1 to 34.. 

1 to 34*. 

1 to 35.. 

1 to 35*. 

1 to 36.. 

1 to 36*. 

1 to 37.. 

1 to 37*. 

1 to 38.. 

1 to 38*. 

1 to 39.. 

1 to 39*. 

1 to 40..

Gold 

coinage 

value of 

an ounce 

of fine 

silver.

$0.6459 

.6360 

.6264 

.6171 

.6080 

.5992 

.5906 

.5823 

.5742 

.5663 

.5587 

.5512 

.5439 

.5369 

.5300 

.5233 

.5168

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
93

T a b le N o. 16.—Commercial ratio of silver to gold each year since 1687.

[ N o t e .—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer; from 1833 to 1878 from Pixley a n d

Abell’s tables; from 1879 to 1894 from daily cablegrams from London to the Bureau of the Mint; andsince 

that time from daily quotations in the public press.]

Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio.

1687.... 14.94 1725... 15.11 1763... 14.99 1801... 15.46 1839... 15.62 1877... 17.22

1688.... 14.94 1726... 15.15 1764... 14.70 1802... 15.26 1840... 15.62 1878... 17.94

1689.... 15.02 1727... 15.24 1765... 14.83 1803... 15.41 1841... 15.70 1879... 18.40

1690.... 15.02 1728... 15.11 1766... 14.80 1804... 15.41 1842... 15.87 1880... 18.05

1691.... 14.98 1729... 14.92 1767... 14.85 1805... 15.79 1843... 15.93 1881... 18.16

1692.... 14.92 1730... 14.81 1768... 14.80 1806... 15.52 1844... 15.85 1882... 18.19

1693.... 14.83 1731... 14.94 1769... 14.72 1807... 15.43 1845... 15.92 1883... 18.64

1694.... 14.87 1732... 15.09 1770... 14.62 1808... 16.08 1846... 15.90 1884... 18.57

1695.... 15.02 1733... 15.18 1771... 14.66 1809... 15.96 1847... 15.80 1885... 19.41

1696.... 15.00 1734... 15.39 1772... 14.52 1810... 15.77 1848... 15.85 1886... 20.78

1697.... 15.20 1735... 15.41 1773... 14.62 1811... 15.53 1849... 15.78 1887... 21.13

1698.... 15.07 1736... 15.18 1774... 14.62 1812... 16.11 1850... 15.70 1888... 21.99

1699.... 14.94 1737... 15.02 1775... 14.72 1813... 16.25 1851... 15.46 1889... 22.10

1700.... 14.81 1738... 14.91 1776... 14.55 1814... 15.04 1852... 15.59 1890... 19.76

1701.... 15.07 1739... 14.91 1777... 14.54 1815... 15.26 1853... 15.33 1891... 20.92

1702.... 15.52 1740... 14.94 1778... 14.68 1816... 15.28 1854... 15.33 1892... 23.72

1703.... 15.17 1741... 14.92 1779... 14.80 1817... 15.11 1855... 15.38 1893... 26.49

1704.... 15.22 1742... 14.85 1780... 14.72 1818... 15.35 1856... 15.38 1894... 32.56

1705.... 15.11 1743... 14.85 1781... 14.78 1819... 15.33 1857... 15.27 1895... 31.60

1706.... 15.27 1744... 14.87 1782... 14.42 1820... 15.62 1858... 15.38 1896... 30.66

1707.... 15.44 1745... 14.98 1783... 14.48 1821... 15.95 1859... 15.19 1897... 34.20

1708.... 15.41 1746... 15.13 1784... 14.70 1822... 15.80 1860... 15.29 1898... 35.03

1709.... 15.31 1747... 15.26 1785... 14.92 1823... 15.84 1861... 15.50 1899... 34.36

1710.... 15.22 1748... 15.11 1786... 14.96 1824... 15.82 1862... 15.35 1900... 33.33

1711.... 15.29 1749... 14.80 1787... 14.92 1825... 15.70 1863... 15.37 1901... 34.68

1712.... 15.31 1750... 14.55 1788... 14.65 1826... 15.76 1864... 15.37 1902... 39.15

1713.... 15.24 1751... 14.39 1789... 14.75 1827... 15.74 1865... 15.44 1903... * 38.10

1714.... 15.13 1752... 14.54 1790... 15.04 1828... 15.78 1866... 15.43 1904... 35.70

1715.... 15.11 1753... 14.54 1791... 15.05 1829... 15.78 1867... 15.57 1905... 33.87

1716.... 15.09 1754... 14.48 1792... 15.17 1830... 15.82 1868... 15.59 1906... 30.54

1717.... 15.13 1755... 14.68 1793... 15.00 1831... 15.72 1869... 15.60 1907... 31.24

1718.... 15.11 1756... 14.94 1794... 15.37 1832... 15.73 1870... 15.57 1908... 38.64

1719.... 15.09 1757... 14.87 1795... 15.55 1833... 15.93 1871... 15.57 1909... 39.74

1720.... 15.04 1758... 14.85 1796... 15.65 1834... 15.73 1872... 15.63 1910... 38.22

1721.... 15.05 1759... 14.15 1797... 15.41 1835... 15.80 1873... 15.92 1911... 38.33

1722.... 15.17 1760... 14.14 1798... 15.59 1836... 15.72 1874... 16.17 1912... 33.62

1723.... 15.20 1761... 14.54 1799... 15.74 1837... 15.83 1875... 16.59 1913... 34.19

1724.... 15.11 1762... 15.27 1800... 15.68 1838... 15.85 1876... 17.88 1914... 37.49

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T a b le N o. 17.— Amount, cost, ant? average price paid each year and bullion value of a

silver dollar coined from bullion purchased under the act of Feb. 28, 1878.

Fiscal years. Fine ounces. Cost.

Average 

price per 

fine 

ounce.

Bullion 

value of 

a silver 

dollar.

1878.............................................................................. 10,809,350.58 $13,023,268.96 $1.2048 $0.9318

1879.............................................................................. 19,248,086.09 21,593,642.99 1.1218 .8676

1880.............................................................................. 22,057,862.64 25,235,081.53 1.1440 .8848

1881.............................................................................. 19,709,227.11 22,327,874.75 1.1328 .8761

1882.............................................................................. 21,190,200.87 24,054,480.47 1.1351 .8779

1883.............................................................................. 22,889,241.24 25,577,327.58 1.1174 .8642

1884.............................................................................. 21,922,951.52 24,378,383.91 1.1120 .8600

1885.............................................................................. 21,791,171.61 23,747,460.25 1.0897 .8428

1886.............................................................................. 22,690,652.94 23,448,960.01 1.0334 .7992

1887.............................................................................. 26,490,008.04 25,988,620.46 .9810 .7587

1888.............................................................................. 25,386,125.32 24,237,553.20 .9547 .7384

1889.............................................................................. 26,468,861.03 24,717,853.81 .9338 .7222

1890.............................................................................. 27,820,900.05 26,899,326.33 .9668 .7477

1891.............................................................................. 2,797,379.52 3,049,426.46 1.0901 .8431

Total................................................................ 291,272,018.56 308,279,260.71 1.0583 .8185

T a b le No. 18.—Amount and cost, also the average price and bullion value of a silver

dollar coinable from silver purchased under the act of July 14, 1890.

Fiscal years. Fine ounces. Cost.

Average 

price per 

fine 

ounce.

Bullion 

value of 

a silver 

dollar.

1891...%....................................................................... 48,393,113.05 

54,355,748.10 

54,008,162.60 

11,917,658.78

$50,577,498.44 

51,106,607.96 

45,531,374.53 

8,715,521.32

$1.0451

.9402

.8430

.7313

$0.8083

.7271

.6520

.5656

1892..............................................................................

1893..............................................................................

1894....-.......................................................................

Total................................................................ 168,674,682.53 155,931,002.25 .9244 .7150

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HjTDEX.

Acts quoted: Page.

1869, March 18 (credit strengthening act)............................................................... 9

1898, June 13, section 33 (3 per cent loan, 1908-1918)....................................... 13

1900, March 14, section 11 (2 per cent consols, 1930).......................................... 15

1902, June 28, section 8 (Panama Canal bonds).................................................... 18

1909, August 5, section 39 (Panama Canal bonds)................................................ 18

1910, February 4, section 1 (United States bonds payable in gold)............... 19

1910, June 25, sections 10 and 11 (Postal Savings bonds).................................. 19-20

1911, March 2, section 1 (Panama Canal bonds)................................................... 19

Additional circulating notes of national banks:

Amount issued................................................................................................................... 55-56

Amount outstanding June 30, 1915............................................................................ 55

Application for.................................................................................................................. 53

Apportionment.................................................................................................................. 54

Authorized by Aldrich-Vreeland Act (May 30, 1908).......................................... 53

Character of security required for issue of............................................................... 53-54

Commercial paper as security...................................................................................... 53

Extension of act authorized.......................................................................................... 54

Issues by national banks direct................................................................................... 53

Issues through national currency associations........................................................ 53

Limit of issue..................................................................................................................... 54

Limitation suspended...................................................................................................... 54 -

Methods of issuing (two)................................................................................................. 53

National currency associations authorized for the issue of................................ 54-55

Qualifications of a bank to receive............................................................................. 54

Restrictions as to acceptance of security for.......................................... ................ 54

Retirement of............................................. ...................................................................... 54

Security to be acceptable to........................................................................................ 53

Taxation, rate of, originally and as amended........................................................ 54

When to be issued............................................................................................................ 54

Alloy in United States coins................................................................................................. 34

Associations. (See National banks; National currency associations.)

Board, Federal Reserve. (See Federal Reserve System, etc.)

Bonds:

Amount outstanding in—

1865............................................................................................................................... 7

1915............................................................................................................................... 22

Amounts refunded under circulars of 1900, 1903, 1905, and 1907.................... lfr-17

Average rate of interest paid on.................................................................................. 23

Certain, not available as security for circulating notes................................. 17, 21-22

Continued at lower rates................................................................................................ 10,17

District of Columbia........................................................................................................ 25

Exchanges of, for gold notes and for gold bonds.................................................... 22

Five per cent of 1904.................................................... .................................................. 12-13

Five-twenties..................................................................................................................... 8

2023°— 15-------7 (95)

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Bonds— Continued. Page.

Four per cent of 1925...................................................................................................... 12-13

Funded loan of 1907 (4 per cent)................................................................................ 9-11

Gold. (See 2 per cent consols 1930, Panama Canal, Postal Savings and

Refunding of 2 per cent bonds.)

History of............................................................................................................................ 7-28

Insular.................................................................................................................................. 24-25

Issues of 1894, 1895, and 1896...................................................................................... 12

Pacific Railroad................................................................................................................ 23

Panama Canal.................................................................................................................... 17-19

Payable in ‘ ‘coin’ ’ and in ‘ ‘gold’ ’............................................................................. 23

Philippine........................................................................................................................... 24

Porto Rican........................................................................................................................ 24

Postal Savings................................................................................................................... 19-21

Purchases and redemptions for sinking fund.......................................................... 29-31

Redeemed, under refunding act of 1870.................................................................. 10

Refunding of—

Civil War.................................................................................................................... 9-11

Under circulars of 1900, 1903, 1905, and 1907................................................ 16-17

Under Federal reserve a ct................................................................................... 21-22

Sold for refunding, act 1870.......................................................................................... 10

Subscriptions for 3 per cent loan, 1908-1918........................................................... 14

Three per cent loan, 1908-1918.................................................................................... 13-14

Two per cent consols of 1930........................................................................................ 15

Bullion. (See Gold bullion; Silver bullion; Standard bullion.)

Certificates, gold and silver. (See Gold certificates; Silver certificates.)

Of indebtedness................................................................................................................ 21

Circulation:

Additional. (See Additional circulating notes.)

Money in, consists of....................................................................................................... 35

1800 to 1859 (table).......................................................................................................... 45

1860 to 1915 (table).......................................................................................................... 46-47

July 1, 1915......................................................................................................................... 48

National-bank notes outstanding June 30 each year since 1864....................... 57

Per capita 1800 to 1915................................................................................................... 45-47

Retirement of national bank under Federal reserve a ct .................................... 58

Civil War:

Debt at close of................................................................................................................. 7-8

Debt, greater part sold for and how sold.................................................................. 8,10

Debt, interest-bearing, outstanding June 30, 1915................................................ 11

Refunding of, bonds........................................................................................................ 9-11

Surplus revenues after close of, how used............................................................... 8

Coinage:

Acts authorizing and discontinuing (table)............................................................. 60-62

Amount coined, for each coin to June 30, 1915 (table)....................................... 60-62

By pieces and values, fiscal year 1915 (table)........................................................ 72

Changes in weight and fineness (table)..................................................................... 60-62

Fine ounces and value since 1873 (table)................................................................ 74

Of gold coins, history...................................................................................................... 37

Of mints of United States from organization (table)............................................ 63-71

Of mints of the world since 1873 (table)............................................................ .. 81

Of nations 1912, 1913 (table)........................................................................................ 78-80

Of silver coins, history.................................................................................................... 37-39

Of subsidiary silver, history......................................................................................... 39

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Coinage— Continued. Page.

Of trade dollars................................................................................................................. 38

Of the United States for Costa Rica, Cuba, Ecuador, Philippines, Salvador,

year 1915......................................................................................................................... 73

Ratio between gold and silver.................................................................................... 38

Value in gold of an ounce of fine silver (table)..................................................... 92

Coin and paper circulation, statement of, from 1860 to 1915..................................... 46-47

“ Coin” obligations.................................................................................................................. 36

Coins, history of........................................................................................................................ 31-39

Foreign, not legal tender............................................................................................... 36

(See also Gold, silver, and minor coins.)

Commercial paper:

Acceptable under act May 30, 1908........................................................................... 53

Acceptable under Federal reserve act...................................................................... 58

Rediscount of.................................................................................................................... 58

Consols of 1930. (See Two per cent consols of 1930.)

Costa Rica, coinage for, by United States....................................................................... 73

Countries, foreign, monetary standards of....................................................................... 75-77

Credit-strengthening act:

Necessity for...................................................................................................................... 8

Text of................................................................................................................................. 9

Cuba, coinage for, by United States.................................................................................. 73

Currency:

Associations. (See National currency associations.)

Designs and portraits on paper.................................................................................... 44

Emergency. (See Additional circulating notes and national currency

associations.)

Federal reserve. (See Federal reserve system and currency.)

Fractional........................................................................................................................... 43

History of............................................................................................................... 35-37, 40-44

National bank, history of.............................................................................................. 51-57

Net cost in, purchase of certain bonds..................................................................... 8

Paper, each denomination, outstanding June 30, 1915....................................... 45

Regulations governing issue and redemption of................................................ . 37

Value of gold during suspension specie payments............ ................................... 49

Customs revenues collected in gold during suspension specie payments.............. 19

Debt. (See Civil War debt and Public debt.)

Demand notes:

Amount outstanding at close of Civil War............................................................... 8

Amount outstanding June 30, 1915............................................................................ 40

History of............................................................................................................................ 40

Designs and portraits on paper currency.......................................................................... 44

Discoveries of gold in recent years..................................................................................... 77

District of Columbia bonds................................................................................................... 25

Districts, Federal reserve. (See Federal Reserve System.)

Ecuador, coinage for, by United States............................................................................ 73

Emergency currency. (See Additional circulating notes; National currency

associations.)

Exports of gold, fiscal years 1879 to 1915 (table)........................................................... 50

Faith of United States pledged to payments of its obligations.............................. .. 9

Federal reserve bank notes:

Authority for...................................................................................................................... 59

Conditions of issue........................................................................................................... 59

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Identical with national bank notes............................................................................ 36. 59

Issue not limited to capital stock............................................................................... 59

Portraits and designs on................................................................................................. 44

Federal reserve notes:

Application for.................................................................................................................. 58

Authority for...................................................................................................................... 58

Collateral acceptable....................................................................................................... 58-59

Denominations................................................................................................................... 59

First issue............................................................................................................................ 59

Gold reserve protection.................................................................................................. 59

Not legal tender................................................................................................................ 36

Obligations of United States......................................................................................... 59

Outstanding June 30, 1915, by denominations....................................................... 45

Portraits and designs on................................................................................................. 44

Purpose of issue................................................................................................................. 58

Receivable by and for.................................................................................................... 59

Redemption fund............................................................................................ * .............. 59

Redemption quality of................................................................................................... 36

Reserve required against issues................................................................................... 55

Federal reserve system and currency:

Authorized under act of Dec. 23, 1913...................................................................... 57

Board, Federal Reserve, consists of........................................................................... 57

Circulation of currency................................................................................................... 58

Districts, number of......................................................................................................... / 57

Elasticity in note issues................................................................................................. 58

Federal reserve banks may purchase bonds............................................................ 52

In operation, date of........................................................................................................ 58

Location of each Federal reserve bank, with authorized and paid-in capital

(table)............................................................................................................................... 58

Membership in system.................................................................................................... 58

Organization of system................................................................................................... 57

Reserves of member banks............................................................................................ 58

Financial bill, act Mar. 14, 1900, known as.................................................................... 15

Fineness. (See Weight and fineness of coins.)

Five-twenty bonds authorized by act of Mar. 3, 1865................................................ 8

Foreign coins not legal tender............................................................................................... 36

Foreign countries, monetary standards of........................................................................ 75-77

Fractional currency:

Amount authorized and outstanding......................................................................... 43

Amount outstanding at close of Civil War............................................................. 8

Funded loan of 1907 (4 per cent)......................................................................................... 9-11

Gold:

Authority to borrow or buy to maintain parity..................................................... 12,33

Average currency value of, 1862 to Jan. 1,1879 (table)...................................... 49

Coining value of ounce of............................................................................................... 34

Discoveries of, in recent years..................................................................................... 77

Exports and imports of (table)..................................................................................... 50

Net cost in, purchase of certain bonds...................................................................... 8

Premium on and value, United States notes, 1862 to January 1,1879 (table) . 49

Redemption of notes in, 1879 to 1915 (table).......................................................... 50

Sales of................................................................................................................................. 49

Federal reserve bank notes— Continued. page

Gold bonds. (See Two per cent consols, Panama Canal, Postal Savings, and

Refunding of 2 per cent bonds.)

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Gold bullion: Page.

Amount in United States June 30, 1915................................................................... 37

Coined by mints of the world since 1873 (table)................................................... 81

Commercial ratio of silver to gold since 1687 (table)........................................... 93

Production of, in the United States since 1792 (table) ................................... 85-86

Production of, in world since—

Discovery of America (table)............................................................................ .. 82-83

1860 (table)................................................................................................................ 84-85

World’s production of, by countries, calendar year—

1910 (table)................................................................................................................ 87

1911 (table)................................................................................................................. 88

1912 (table)................................................................................................................ 89-90

Gold certificates:

Amount outstanding June 30, 1915, by denominations...................................... 45

History of............................................................................................................................ 41-42

Issue authorized against deposits of gold bullion or foreign coin................... 42

Lawful reserve, may be held as.................................................................................. 35

Not legal tender................................................................................................................ 35

Portraits and designs on................................................................................................. 44

Receivable for................................................................................................................... 35

Redemption, quality of.................................................................................................. 35

Gold coins:

Acts authorizing and discontinuing coinage of (table)........................................ 60

Amounts coined, each coin, to June 30, 1915 (table)........................................... 60

Basis for estimate of......................................................................................................... 37

Changes in weight and fineness of (table)............................................................... 60

Coinage by pieces and values, fiscal year 1915 (table)......................................... 72

Coinage of, by the mints of the United States (tables)....................................... 63-71

Coinage of, by the mints of the world, since 1873 (table).................................. 81

Denominations, fine metal, alloy, and weight....................................................... 34

Denominations now coined........................................................................................... 37

History of...................................................................................................................... 31-33, 37

Legal-tender quality of................................................................................................... 35

Not redeemable................................................................................................................. 35

Total coinage of................................................................................................................. 37

Unit of value............................................................................................................... 31-33, 37

Weight of $1,000 of........................................................................................................... 35

Gold notes. (See Refunding of 2 per cent bonds.)

Gold reserve:

Amount on June 30, 1915.............................................................................................. 11

Certain taxes act May 30, 1908, to be credited to................................................. 11

How established............................................................................................................... 11

How to be restored........................................................................................................... 11

Limit of, under act July 12, 1882................................................................................ 11

Limit of, under act March 14, 1900............................................................................ 11

Replenished by bond issues of 1894, 1895, 1896.................................................... 12

Strengthened by Federal Reserve act....................................................................... 12

Greenbacks. {See United States notes.)

History of coins and currency..............................................................................................31-44

Imports of gold each year, 1879 to 1915 (table).............................................................. 50

Important discoveries of gold............................................................................................... 77

Insular bonds:

Philippine ....................................................................................................................... 24

Porto Rican........................................................................................................................ 24

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Interest: Page.

Average rate paid since 1890........................................................................................ 23

Debt, bearing—

In coin in 1865.......................................................................................................... 7

In lawful money in 1865........................................................................................ 7

On June 30, 1915...................................................................................................... 22

Rates of, paid on Civil War debt................................................................................ 7

Lawful money:

Debt bearing interest in ................................................................................................ 7-9

Defined................................................................................................................................ 35

(See also United States notes.)

Legal standard, foreign countries........................................................................................ 75-77

l egal tender:

Defined................................................................................................................................ 35

Foreign coins are not....................................................................................................... 36

‘ ‘Legal tenders. ” (See United States notes.)

Qualities of different kinds of money........................................................................ 35-36

Loan of 1904. (See Bonds, issues of 1894, 1895, 1896.)

Loan of 1908-1918 (3 per cent). (See Three per cent loan, 1908-1918.)

Loan of 1925. (See Bonds, issues of 1894, 1895, 1896.)

Maintenance of parity............................................................................................................. ] 1-12

Metric weights:

Assigned to certain coins............................................................................................... 34

Troy weights are used..................................................................................................... 34

Minor coins:

Acts authorizing and discontinuing (table)............................................................. 61-62

Amount coined, each coin, to June 30, 1915 (table)............................................ 61-62

Coinage by pieces and values, fiscal year 1915 (table)........................................ 72

Coinage of, by the mints of the United States (tables)....................................... 63-71

Denominations, fine metal, alloy, weight................................................................ 34

Legal-tender and redemption qualities of............................................................... 36

Mints:

Coinage by, for Costa Rica, Cuba, Ecuador, Philippines, and Salvador___ 73

First mint established..................................................................................................... 31-32

Of nations, coinage by, 1912, 1913 (table)............................................................... 78-80

Of United States, coinage by (table)......................................................................... 63-71

Of world, coinage by, since 1873 (table).................................................................. 81

Monetary standards of foreign countries........................................................................... 75-77

Monetary system of the United States.............................................................................. 31

Monetary systems of the world affected by..................................................................... 77

Money:

Amount in circulation June 30, 1915......................................................................... 48

General stock of, June 30, 1915.................................................................................... 48

Lawful................................................................................................................................ 7-9,35

Legal-tender and redemption qualities of............................................................... 35-36

Paper.......................................................................................... .......................................... 40-44

Parity of, to be maintained.......................................................................................... 11-12

Standard............................................................................................................................. 35

Status of each kind of..................................................................................................... 35-36

National bank currency, history of..................................................................................... 51-57

National banking associations. (See National banks.)

National banking system, basic act and amendments. (See National bank

currency.)

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National bank notes:

Additional circulation. (See Additional circulating notes.) page.

Amount of, outstanding June 30, 1915, by denominations............................... 57

Amount of, outstanding each year since 1864........................................................ 57

Apportionment authorized and repealed................................................................. 51

Authority for...................................................................................................................... 51-54

Certain bonds not available as security for....................................................... 17, 21, 22

Issue to par value of bonds deposited....................................................................... 52

Limitation on aggregate amount repealed............................................................... 51

Limit of issue to a bank and in the aggregate........................................................ 51

Limit to be retired........................................................................................................... 52

Not legal tender................................................................................................................ 36

Portraits and designs on................................................................................................. 44

Profits on circulation of.................................................................................................. 53

Receivable for................................................................................................................... 36

Redemption fund......................... .................................................................................... 51-52

Redemption by maceration.......................................................................................... 52

Redemption quality of................................................................................................... 36

Retirement—

Under original acts.................................................................................................. 52

Under Federal reserve act.................................................................................... 52

Security for circulation.................................................................................................. 51,52

Taxation on circulation......................................... ........................................................ 51,52

National banks:

Aggregate capital of, on June 30, 1915...................................................................... 57

Authorizing acts............................................................................................................... 51-52

Basic and amendatory acts........................................................................................... 51-55

Bonds offered by, may be purchased by Federal Reserve banks................... 52

Membership in Federal Reserve System.................................................................. 57-58

Minimum capital of, based on population............................................................... 51

Number of, on June 30, 1915........................................................................................ 57

Organizing, not required to deposit United States bonds.................................. 52

Profits on capital invested in ....................................................................................... 53

National currency associations:

Amount additional circulating notes issued through, and now outstanding. 55-56

Authority for...................................................................................................................... 54

Organized with capital and surplus of each............................................................ 55-56

Notes. (See Additional circulating; Demand; Gold; Federal Reserve; Federal

Reserve bank; National bank; Seven-thirty; Treasury; and United States.)

Obligations:

“ Coin” ................................................................................................................................. 36

Payable in coin. (See Credit-strengthening act.)

Pacific Railroad bonds and settlements........................................................................... 23

Panama Canal bonds:

Amount issued, each series........................................................................................... 17, 22

Authority for, acts of June 28, 1902, August 5, 1909, February 4, 1910,

March 2, 1911................................................................................................................ 18-19

Prices realized................................................................................................................... 17

Refunding of 2 per cent................................................................................................. 21

Panama Canal statement of expenditures and reimbursements............................... 19

Paper currency. (See Currency; Paper money.)

Paper money:

Denominations outstanding June 30, 1915............................................................... 45

History of............................................................................................................................ 40-44

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Paper money— Continued. Page

Portraits and designs on................................................................................................. 44

•Statement of coin and paper circulation, 1860 to 1915........................................ 46-47

Statement of specie and bank-note circulation, 1800 to 1859............................ 45-46

Parity of various kinds of money to be maintained and how.................................... 11-12

Per capita circulation from 1800 to 1915........................................................................... 45-47

Philippine bonds:

Authority for...................................................................................................................... 24

Not obligations of the United States......................................................................... 24

Total issued and outstanding........................................................................................ 24

Philippines, coinage for, by United States...................................................................... 73

Population from 1800 to 1915................................................................................................ 45-47

Porto Rican bonds:

Authority for...................................................................................................................... 24

Not obligations of the United States......................................................................... 24

Total issued and outstanding........................................................................................ 25

Portraits and designs on paper currency........................................................................... 44

Postal savings bonds (2J per cent), authority for, act of June 25, 1910, sections

10 and 11.................................................................................................................................. 19-20

Amount issued to June 30, 1915.................................................................................. 22

Dates of issue..................................................................................................................... 20

How obtained.................................................................................................................... 20

Obligations of the Government................................................................................... 21

When to be issued............................................................................................................ 21

Production of precious metals. (See Gold and silver bullion.)

Public debt:

Average rate of interest since 1890............................................................................. 23

Interest-bearing, June 30, 1915.................................................................................... 22

Premium paid on (tables).............................................................................................. 25-28

Principal of, from 1860 to 1915 (table)..................................................................... 25-26

Principal of, from March 1, 1885, to March 1, 1915.............................................. 27-28

Refunding of.................................................................................................................. 9,16, 21

Statement of, on October 31, 1865............................................................................. 7-8

Ratio, coinage, between gold and silver........................................................................... 38

Redemption:

Of coin obligations............................................................................................................ 36

Of notes in gold and exports and imports gold since 1879 (table)................... 50

Of the several kinds of money......................................... ! ......................................... 35-36

Of war debt. (See Refunding.)

Qualities of various kinds of money........................................................................... 35-36

Refunding, Civil War bonds:

Annual saving of interest by........................................................................................ 10

Authority for...................................................................................................................... 9

Classes of bonds sold for................................................................................................. 10

Classes of bonds redeemed with the proceeds........................................................ 10

Operations included........................................................................................................ 10

Proceed for redemption of war debt......................................................................... 10

Refunding under act March 14, 1900:

Authority for...................................................................................................................... 15

Statement of, under department circulars of 1900, 1903, 1905, and 1907___ 16

Refunding of 2 per cent bonds under Federal reserve act.......................................... 21

Regulations, copies of:

As to bonds......................................................................................................................... 23

As to currency issue and redemption........................................................................ 37

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Beserve fund. (See Gold reserve; Resumption, etc.)

Resumption, gold reserve and maintenance of parity: Page.

Authority for...................................................................................................................... 11

Bonds of 1894, 1895, 1896, to restore gold reserve.................................. .............. 12

Certain taxes to be credited to reserve fu n d ......................................................... 11

Federal reserve act provides for maintaining parity and strengthening

reserve.................................................. ........................................................................... 12

Gold reserve established................................................................................................ 11

Gold-reserve fund June 30, 1915................................................................................. 11

Gold reserve, how to be restored................................................................................ 11

Gold reserve increased.................................................................................................... 11

How parity to be maintained and reserve strengthened.................................. .. 12

Limit of reduction of gold reserve............................................................................. 11

Parity to be maintained................................................................................................. 11-12

Purpose of the resumption act.................................................................................... 11

Standard weights and fineness for coins same as at present.............................. 13

Salvador, coinage for, by United States........................................................................... 73

Seven-thirty notes:

Amount of, at close of Civil War................................................................................ 7

Kind of money payable in............................................................................................ 7

Silver bullion:

Annual average price of (table)................................................................................... 91

Authority to purchase..................................................................................................... 33

Bullion value of 371J grains pure silver since 1837 (table)................................ 92

Coinage values of, at certain ratios (table).............................................................. 92

Coined by the mints of the world since 1873 (table)........................................... 81

Commercial ratio of silver to gold since 1687 (table)........................................... 93

Gold value of, since 1833 (table)................................................................................ 91

Highest, lowest, and average price since 1833 (table)......................................... 91

Price of, in London, since 1833 (table)..................................................................... 91

Production of, in United States since 1792 (table)............................................... 85-86

Production of, in world since—

Discovery of America (table)............................................................................... 82-83

1860 (table)................................................................................................................ 84-85

Value of pure silver in a silver dollar (table)......................................................... 90

World’s production of, by countries—

1910 (table)................................................................................................................ 87

1911 (table)...............................................................................'................................ 88

1912 (table)................................................................................................................. 89-90

Silver certificates:

Amount outstanding June 30, 1915, by denominations.................................. .... 45

History of............................................................................................................................ 42

Not legal tender................................................................................................................ 35

Portraits and designs on................................................................................................. 44

Receivable for................................................................................................................... 35-36

Redemption quality of................................................................................................... 36

Silver coins:

Acts authorizing and discontinuing (table)............................................................. 60-61

Amount coined, each coin, to June 30, 1915 (table)............................................ 60-61

Changes in weight and fineness of (table)............................................................... 60-61

Coinage by pieces and values, fiscal year 1915 (table)........................................ 72

Coinage of, by mints of the United States (tables)............................................... 63-71

Coinage of, by mints of the world since 1873 (table)........................................... 81

Denominations, fine metal, alloy, and weight....................................................... 34

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Silver coins— Continued. Page.

History of............................................................................................................................37-39

Legal-tender and redemption qualities of................................................................ 35-36

Silver dollars. (See Standard silver dollars.)

Silver, subsidiary. (See Subsidiary silver.)

Sinking fund:

Authority for...................................................................................................................... 29

Purchases and redemptions for—

Prior to 1901............................................................................................................... 29

From 1901 to 1915.................................................................................................... 29-31

Spanish War loan. (See Three per cent loan of 1908-1918.)

Specie payments:

Average currency value of gold during suspension of (table)........................... 49

Average gold value of United States notes during suspension of (table)___ 49

Exports and imports of gold since resumption of (table).................................... 50

Redemptions of notes in gold since resumption of (table)................................. 50

Resumption of................................................................................................................... 11

Sales of gold during suspension of.............................................................................. 49

Statement of specie and bank-note circulation, 1800 to 1859............................ 45-46

Suspension of, debt prior to.......................................................................................... 8

United States notes depreciated during suspension of........................................ 40,49

Standard bullion, proportions of pure gold or silver and alloy................................. 34

Standard coins, history of...................................................................................................... 37-39

Standard money........................................................................................................................ 35

Standard of value, history of................................................................................................. 31-33

Standard silver dollars:

Acts authorizing and discontinuing coinage of (table)........................................ 60

Amount coined.................................................................................................................. 38, 60

Amount, cost, average price, and bullion value (tables).................................... 94

Bullion value of, since 1837 (table)........................................................................... 92

Changes in weight and fineness (table)..................................................................... 60

Coining value in ............................................................................................................... 34

Disposition of..................................................................................................................... 38

Fineness and weight........................................................................................................ 34

History of............................................................................................................................ 37-38

Legal-tender quality of................................................................................................... 35

N ot redeemable.................................. : ........................................................................... 35

Space for storage of.......................................................................................................... 38

Value of pure silver at different prices per fine ounce (table)......................... 90

Weight of $1,000 of........................................................................................................... 35

Standards, monetary, of foreign countries........................................................................ 75-77

Subsidiary silver:

Acts authorizing and discontinuing (table)............................................................. 61

Amount coined, each coin to June 30, 1915 (table).............................................. 61

Changes in weight and fineness (table)..................................................................... 61

Coinage by pieces and values, for fiscal year 1915 (table)................................. 72

Denominations, fine metal, alloy, and weight....................................................... 34

History of............................................................................................................................ 39

Legal-tender and redemption qualities of................................................................ 36

Weight of $1,000 of........................................................................................................... 35

Suspension of specie payments. (See Specie payments.)

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System: Page.

Federal Beserve................................................................................................................ 57-59

Monetary............................................................................................................................. 31-35

National Banking. (See National bank currency).............................................. 51-57

Systems, monetary, of the world, affected through increased production of gold. 77

Temporary loan:

Amount of, at close of Civil War................................................................................ 7

Kind of money payable in............................................................................................ 7

Three per cent loan, 1908-1918:

Act authorizing, section quoted..................................................................... 13-14

Amount issued.................................................................................................................. 14

Amount outstanding June 30, 1915............................................................................ 22

Information to the public relative to the issue...................................................... 14

Kind of money payable in............................................................................................ 14

Subscriptions for............................................................................................................... 14

Three per cent 30-year gold bonds..................................................................................... 22

Three per cent 1-year gold notes........................................................................................ 22

Trade dollars, history of......................................................................................................... 38-39

Treasury notes of 1890:

Amount issued.................................................................................................................. 43

Amount outstanding June 30, 1915, by denominations...................................... 45

Authority for...................................................................................................................... 43

History of............................................................................................................................ 43

Legal-tender and redemption qualities of............................................................... 36

Redemption of, in gold, since 1892 (table)............................................................. 50

Replaced b y............................................... ....................................................................... 36

Troy weights:

Metric weights assigned to certain coins.................................................................. 34

Number of grains of, equivalent to gram................................................................. 34

United States coins are measured b y........................................................................ 34

Two per cent bonds. (See Refunding under Federal reserve act.)

Two per cent consols of 1930:

Act authorizing, section quoted................................................................................. 15

Amount and classes of bonds surrendered for......................................................... 16-17

Amount issued.................................................................................................................. 15

Amount saved through issue of................................................................................... 16-17

First bonds payable specifically in United States gold coin............................. 15

Premium received for..................................................................................................... 16-17

Unit:

Monetary, of foreign countries..................................................................................... 75-77

Of value, history of United States............................................................................. 31-33

Value of foreign, in United States money............................................................... 75-77

United States notes:

Acceptable for................................................................................................................... 36

Amount authorized......................................................................................................... 40

Amount outstanding at close of Civil War............................................................... 8

Amount outstanding June 30, 1915, by denominations....................................... 45

Certain obligations were sold for................................................................................. 8

Gold value of, from 1862 to 1879................................................................................. 49

History of............................................................................................................................ 40-41

Known as “ greenbacks” and “ legal tenders” ....................................................... 40-41

Lawful money................................................................................................................... 8-9

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United States Notes— Continued. Page.

Legal-tender and redemption qualities of................................................................ 36

Portraits and designs on................................................................................................. 44

Redemption of, in gold (table).................................................................................... 50

Reserve fund for redemption of................................................................................... 11

Value: *

Bullion value of silver dollar (tables)....................................................................... 94

Of pure silver in silver dollar....................................................................................... 90

Standard unit of (act Mar. 14, 1900).......................................................................... 33

Unit of, history................................................................................................................. 31-33

War-revenue act of 1898. (See Three per cent loan of 1908-1918.)

Weight and fineness of coins:

Changes in (table)............................................................................................................ 60-62

History of............................................................................................................................ 31-34

Troy weight used for United States coins................................................................ 34

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