The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1895-03-15
SHELTON MASON COUNTY. FRIDAY MACRII Is 1896
Different Kinds Of Money Recognized
Government as Legal Tender.


euhlect, few facts are briefly given
that may afford clearer understand
ing of the present condition of the
national finances.
The official definition of the term
"legal tenders" is 'smoney of char
acter which by law debtor may re-
quire his creditors to receive in pay
ment, in the absence of any agree
ment in the contract or obligation
itself" In government transactions
the gold coins OF the United States
are legal tender in all payments, at
their nominal value, when not below
the standard weight and limit of toll
erance provided by law for the single
piece, and when reduced in weight
below such standard and tolerance are
a legal tender at valuation in proper
tion to their actual weight.
Standard silver dollars are a legal
tender at their nominal value for all
debts and dues, public and private, ex-
cept where otherwise expressly stipu-
lated in the contract. The Silver coins
of the United States of smaller de-
nominations than 81 are legal ten
der in all sums not exceeding $40 in
full payment for all dues, public and
private.
Minor coins, whether of copper,
bronze or copper nickel, are a legal
tender at their nominal value for any
amount not exceeding twenty-five
cents in any one payment.
United States notes, otherwise
known as illegal tender notes" and
"greenbacks," are a legal tender in
payment of all debts, public or pri-
vate, within the United States, ex-
cept duties on imports and interest
on the public debt.
Treasury notes. issued in payment
of purchases of silver bullion under
the Sherman act of 1890, are legal
tender in payment of all debts, pub
lie or private, except where otherwise
expressly stipulated in the contract,
and are receivable for customs, taxes
and all public dues.
Columbian half dollars are a legal
tender to the same extent as subsid-
iary silver coin-that is, $40 in any
one payment Columbian quarters
are also legal tender to the same ex-
te mt as subsidiary silver coin.
Gold certificates are not legal ten
der. They are, however, receivable
for customs, taxes and all public dues.
Silver certificates have precisely the
same standing as gold certificates.
National bank notes are not legal
tender. They are, however, receiv-
able at par in all parts of the United
States in payment of taxes, excises,
public lands and all other dues to the
United States, except duties on i'm
ports; and also for all salaries and
other debts and demands owing by
the United States to individuals, cor
porations and associations within the
United States, except interest on the
public debt and in redemption of the
national currency.
Trade dollars are not legal tender.
By the act of February II, 1873, they
were legal tender at their nominal
value for any amount not exceeding
S. in any one payment, but under
date of July %. 1876, it was enacted
that they should not thereafter be
legal tender.
By the act of March 3, 1868, frac-
tional currency was receivable for pos
tage and revenue stamps, and also IN
payment of any dues to the United
States, less than SIS, except duties on
imports; but they are no longer a
legal tender to any extent whatever.
The Treasury Department has also
decided that foreign gold and silver
coins are not legal tender In pay
ment of debts. The question has
been raised and disputed as to whether
what was called the continental cur
renew issued during the war OF the
| rebellion by the old government, was
or was not legal tender. The facts
appear to be that while the Contlnen-
tai Congress did not by any ordinance
attempt to give it that character
! they asked the States to do SO, and all
seem TO have complied. except Rhode
Island. The Continental Congress
only enacted that the man who re-
f,,sed to take the money should be an
enemy of his country. This currency,
40 now classified at the Treasury De-
nartment, is not legal tender
Bv law, Treasury notes are redeem
able in coin. The kind of coin en-
ployed is optional with the secretary
Carlisle has directed their redemption
IN cold whenever that coin is demand
ed In case the holder has no pre-
ference, he will receive silver in ex-
change. but such cases are extremely
rare United states notes are also re
deemahle in gold
There is no standard In the mattel