The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-15

gidiary silver gold certificates, silver GER
tificates, treasury notes issued under the
act of July IA, 1890, United States notes.
also called greenbaoks and legal tenders
national bank notes and nickel and bronze
COINS These forms of money are all avail
Rble as circulation. While they do not all
possess the full legal tender quality, each
kind has such attributes as to give it cur
rency. The status of each kind is as fol-
lows:
Gold coin is legal tender at it's nominal
or face value for all debts, public and pri-
waite, when not below the standard weight
Rnd limit of tolerance prescribed by law,
and when below such standard and limit
of tolerance il is legal tender in proportion
70 its weight.
Standard silver dollars are legal tender
ut their nominal or face value in payment
of all debts, public and private, without
regard to the amount, except where other
wise expressly stipulated in the contract.
Subsidiary silver is legal tender for
amounts not exceeding $40 in any one pay
ment.
Treasury notes of the act of July IA.
1890. are legal tender for all debts, public
and private, except where otherwise ex-
pressiy stipulated in the contract.
United States notes are legal tender for
all debts, public and private, except duties
on imports and interest on the public debt
Gold certificates, silver certificates and
national bank notes are not legal tender,
but both classes Of certificates are receiv-
able for all public dues, while national
bank notes are receivable for all public
dues except duties on imports, and may
be paid out by the government for all sal
aries and other debts and demands owing
by the United States to Individuals cor
porations and associations within the
United States, except interest on the pub
lie debt and in redemption of the national
currency. All national banks are required
by law to receive the notes of other ma
6ional banks at par
The minor coins of nickel and copper
ere legal tender to the extent of % cents.
Gold Coins.
The coinage of legal tender gold was au-
thorized by the first coinage act passed by
congress, April 2, 1892.
The gold unit of value is the dollar,
which contains 25.8 grains of standard
gold 900 fine Gold is now coined in de-
nominations of $3.50, So, $40 and 500,
called respectively quarter eagles, half
eagles, eagles and double eagles.
The total coinage Of gold by the minis
of the United States from 1892 to June 80,
1895, is 81, 814, 692, 1858, of which it is esti-
mated thas 1867, 931, 1923 is still in existence
as coin in the United States, while the
remainder, 81 ,246, 760, $50, has been ex-
ported or consumed in the fine arts The
gold bullion now in the United States
amounts to $92, 268, 955 It will be seen
that more than two-thirds of the gold coins
struck at the minis of the United States
have disappeared from circulation.
Silver Coins.
The silver unit is the dollar, which con-
tains 412E grains of standard silver 900
fine. The amount of fine silver in the dol
lar is 371A grains, and there are Az
grains of copper alloy. The standard sill
yer dollar was first authorized by the act
of April 3, 1872 Its weight was 416 grains
692 fine. The total amount coined from
1892 to 1878 was SS,O31, 23S, and the
amount coined from 1873 to June 80, 1896.
was $3.50. 100 CAL. The cninaaa rafin no.
tween gold and silver under the act of
1892 was 10 to I, but by the act of 1887 it
was changed to IS 9S9 to Commonly
called 16 to u. This is the present ratio.
OF the s4S0, 79O, OIL standard silver dol
lars coined since February, 1878, there
was held in the treasury June 80, 1895,
1878, GA, 043, and the amount outside the
treasury was $50, 1T5, $685. Silver certifi-
Gates to the amount of $342, GIG, 5o4 have
been issued against that amount Of the
standard silver dollars held in the treasury
The commercial value Of an ounce Of fine