Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1895-03-14
THE CITIZEN.
Different Kinds of Money Recognized
by the Government as Legal Tender.


Although people talk glibly and wise
" about the national currency, the vast
majority of them have but g superficial
knowledge OF the functions of the various
issues. On account of the present general
discussion on the subject, few facts are
briefly given that may afford clearer
understanding of the present condition OF
the national finances.
The offical definition of the term legal
tender" is ''mGney OF a character which
by law debtor may require his creditor
to receive in payment IN the absence oil
any agreement in the contract or obliga-
tion itself" In government transactions
the gold coins of the United States are
legal tender in all payments. at their NOM
inal value, when not below the standard
wei ght and limit of tolerance and legal
tender at valuation in proportion to their
actual weight.
Standard silver dollars are legal tender
at their nominal value for all debts and
dues, public and private, except where
otherwise expressly stipulated in the con-
tract. The silver coins of the United
States of smaller denomination than 81
are legal tender in all sums not exceed
ing SO in full payment for all dues, pubic
and private.
Minor CONS, whether of copper, bronze
or coppernickel. are legal tender at their
nominal value for any amount not exceed
ing twenty-five cents in any one payment
United States notes, otherwise known
as illegal terder notes" and "greenbacks, F"
are legal tender in payment of all debts,
public or private, within the Shifted States,
except duties on imports and interest On
the public debt.
Treasury notes, issued in payment of
purchases of silver bullion under the Sher-
man act of 1890, are legal tender in pay
ment of all debts, public or private. ex-
cept where otherwise expressly stipulated
ia the contract, and are receivable for
customs, taxes and all public dues.
Columbia halt dollars are a legal tender
to the same extent as subsidiary silver
coin that is, $40 in any one payment.
Columbian quarters are also legal tender
| to the same extent as subsidiary silver
coin.
Gold certifc ates are not legal tender.
They are, however, receivable for customs,
taxes and all public dues. Silver certiti-
Gates have precicely the same standing as
gold certificates.
National bank notes are not legal ten
| der. They are, however, receivable at
par in all parts of the United States in pay
ment of taxes, excises, public lands and
all other dues to the United States,
except duties on imports; and also for all
salaries and other debts and demands
owing by the United States to individuals,
corporations and associations within the
United States, except interest on the pub
lie debt and in redemption of the national
currency.
Trade dollars are not legal tender.
By the act of February u, 1873. they were
legal tender at their nominal value for
any amount not exceeding So in any one
payment, but under date of July %, 1876
it was enacted that they should not there
after be legal tender.
By the act of March 3, 1868, fractional
currency was receivable for postage and
revenue stamps, and also in payment OF
any dues to the United States, less than So
except duties on imports; but they are no
longer a legal tender to any extent what
ever.
The Treasury department has also de-
cided that foreign gold and silver coins
are not legal tender in payments ofdebts.
TIE question has been raised and disputed
as to whether what was called the "Conti-
mental currency" issued during the war
of the rebellion by the old government,
was or was not a legal tender. The facts
appear to be that while the Continental
Congress did not by any ordinance at
tempt to give it that character, they asked
the States To do so, and all seem to have
complied, except Rhode Island. The Con-
tinental Congress only EN- cted that the
man who refused to take his money should
be an enemy Of his country. This cur
rency, as now classified at the Treasury
Department, is not legal tender.
By law, Treasury notes are redeemable
in coin The kind of coin employed is
optional with the Secretary of the Trea-
sury. Secretary Carlisle has directed their
redemption i'll gold whenever THAI coin is
demanded Ia casu tho holder nas no pre-
ference, he will receive silver III exchange,
but sucn cases are extremely rare. United
States notes are also redeemable in gold.
There is no standard in the matter oil
government bonds. Each loan stands on
its own bottom. During the war legal
tender notes were accepted IL payment
for bonds, but since then all government
loans have been negotiated in gold or It's
equivalent-gold certificates. The recent
issues OF bonds were for the purp ose OF re-
plenishing the dwindlIng gold reserve, in
order To enable the government to main
tain the parity of the two metallic stand
ards OF value. Consequently, no other
currency was receivable In payment OF the
bonds Bonds are redeemable in coin,
ellner gOlu OF sllNcIs az Iuo OPboh VI tho
government. Evening Telegram.
A cat was started last week from Min
neapolis On a trip round the world. Will
the cat come backf
The old established cough remedy,
Downs Elixir, ,stIll more than holds It's own
in the public estimation, despite sharp and
active competition 1t is u home rem
edy," and this locality needs no words OF
praise from us, so well and favorably
known is it, IUs is the stannard remedy
tor coughs, colds and ali throat troubles,