The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-08-26

on demand at certain designated subtreas-
uries 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 Dec. 81, 1862.
The amount authorized by these acts
was $50, 900, 000 An additional issue OF
$40, 600, 900 was authorized by the act OF
Feb H. 1862, and there were reissues
amounting to $4,000 The demand notes
were paid in gold when presented for re-
delnption, and they were received for all
public dues, and these two qualities pre-
vented their depreciation.
All other United States notes were de-
preciated in value from 1862 until the re-
sumption of specie payments The act OF
Feb "a, 1862, provided for the suDstitu-
ton of United States notes in place of the
demand notes, and they were therefore
Cancelled when received By July l, 1862
all except So, ITO, 900 had been retired, and
nearly $4,000, 900 of this small remainder
was Cancelled during the next fiscal year.
These notes were not legal tender when
first issued, but they were afterward made
SO by the act of March II, 1869.
United States Notes.
The principal issue of United States pa
per money was officially called United
States notes. These were the well known
"greenbacks" or illegal tenders. The
act of Feb. 25, 1869, authorized the issue
of $50, 600, 600, of which $50, 900, 900 was
in lieu Of an equal amount of demand
notes and could be issued only as the de-
mand notes We're Cancelled. A second issue
of $3.50, 900, 900 was authorized by the act
of July II, 1862, of which, however, $780,
O00,O 900 was to be q temporary issue for
the redemption of a debt known as the
temporary loan. A third issue Of $780,
600, 900 was authorized by the act Of March
8, 1863 The total amount authorized in
Guiding the temporary issue, was $3.50, 00O,-
900, and the highest amount outstanding
at any time was SAC, 33S, 900, on Jan. 80,
1864. There is still outstanding $780,,
6S1 ,O16.
The reduction from the original perma-
nent issue Of $500, 900, 900 to $346, 6S1 ,O16
was caused as follows: The act of April 10,
1866, provided that United States notes
might be retired to the extent of $4,000
900 during the ensuing six months, and
that thereafter theymight be retired at the
rate of not more than $4,000, 0Oe. per
month. This authority remained in force
4, 1868. The authorized amount of reduc-
tion during this period was about $40, Oo0,-
600, but the actual reduction was only
about 1000, 900. No change was made
in the volume Of United States notes out
standing until after the panic of 1878,
when, in response to popular demand, the
government reissued 26,000,000 of the
Cancelled notes.
This brought the amount outstanding to
$3.50, 000, 900, and it so remained until the
resumption act of Jan. IA, 1875, provided
for it's reduction to $500, 900, 900. The proc
ess was, however, again stopped by the
act of May 81, 1878, which required the
notes to be reissued when redeemed. At
that time the amount outstanding was
$346, 6S1 ,O16, which is the present amount
Gold Certifestes.
The act of March 3, 1868, authorized
the secretary of the treasury to receive de-
posits of gold coin and bullion in sums not
less than $40 and to issue certificates
therefor in denominations not less than
$50, said certificates to be receivable for
duties on imports. Under this act deposits
of gold were received and certificates issued
until Jan. l, 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 redemp-
ton in gold and fedepositing the gold in
exchange for gold certificates No certif-
Gates were issued after Jan. 1, 1879, until
the passage OF the bank act Of July 10,
1882, which authorized and directed the
secretary of the treasury to receive gold
coin and bullion and issue certificates.
Silver Certificates.
The act of Feb. %, 1878, authorizing the
issue of the standard silver dollar, provid-
ed that any holder OF such dollars might
deposit them in sums not less than SIC
with the treasurer or any assistant treasrr-
er of the United States and receive certifi-
Gates therefor in denominations not less
than $40, said certificates to be receivable
for customs, taxes and ala public dues.
The act of Aug. L. 1885, authorized the is
sue of the smaller denominations of 81, 80
and So. Silver certificates have practically
taken the place in circulation Of the stand
ard silver dollars which they represent.
The amount outside the treasury July 1,
1896, was 1881, 1853, 500, while the amount
of standard silver dollars outside the treas
ury was only S52, 1T5, 998. Neither silver
certificates nor silver dollars are redeemed
In gold.
Treasury Notes.. Act of July Ia, 1890.
These notes were authorized by the act of
July Ii, 1890, commonly called the ''Sher
man act" The secretary of the treasury
was. directed to purchase each month
100000 ounces of fine silver at she mar
ket price, and to pay for the same with
treasury notes redoemable on demand in
coin and legal tender for all debts, public
and private, except where otherwise ex-
pressly stipulated in the contract 1t was