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

CARL|SLE'S
| CIRCULAR.
A Pamphlet Issued For
J the Public Benefit.
GOLD, SILVER AND PAPER.
Information That Everybody
Wants to Know.
GOLD, SILVER AND PAPER
FACTS FROM AN OFFICIAL SOURCE.

Inc Relative PRODUCTION or Gold ana Sill
yer In the Whole World For a Century.
Different Kinds of Money Issued by the
tries-Amount of Money In Circulation.
Secretary of the Treasury Carlisle re-
Gently gave the following order to A. T.
Huntington, chief of the division of loans
and currency of the treasury:
In view of the great number Of requests for
information respecting United States bonds
the currency, coinage production of the pre-
ciouS metals and kindred subjects and the i'm
praoticability of responding to each request
separately, you are hereby directed to cause a
circular of information to be prepared. which
shall cover the questions most frequently ask
ed. The text of the circular should state, as
briefly and clearly as possible without COM
ment the historical facts *+* Respectfully
yours j. G. CARLISLE, Secretary.
In consonance with this order PAM
phlet was prepared, and the first edition
was quickly exhausted. Its most valuable
parts are given herewith
There are ten different kinds Of money
in circulation in the United States-name-
", gold coin, standard silve~ aolla~S sub.
sidiary silver, gold certificates silver Ger
tifcates, treasury notes issued under the
act of July IA, 1890, United States notes,
also called greenbacks and legal tenders,
national bank notes and nickel and bronze
coins. These forms of money are all avail
able 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 its nominal
or face value for all debts, public and pri-
vate, when not below the standard weight
and limit of tolerance prescribed by law,
and when below such standard and limit
Of tolerance it is legal tender in proportion
to its weight
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 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-
pressly 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
tional banks at par
The minor coins of nickel and copper
are 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.S grains of standard
gold 900 fine Gold is now coined in de-
nominations of SO. so, So, $40 and $50,
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 30,
1896, is 81, SI4, 692, $685. of which it is esti-
mated that S567, 9S1, 1923 is still in existence
as coin in the United States, while the
remainder, 1,246, 760, 430, has been ex-
ported or consumed in the fine arts. The
gold bullion now in the United States
amounts to $32, 1858, 955. 1t will be seen
that more than two-thirds of the gold coins
struck at tho minis of the United States
have disappeared from circulation.
Silver Coins.
The silver unit is the dollar, which con-
tains 412H grains Of standard silver 900
fine. The amount of fine silver in the dol
lar is 371L grains, and there are Az
grains Of copper alloy The standard sill
yer dollar was first authorized by the act
IF April 2, 1892. Its-weight was 416 grains
G92. fine The total amount coined from
1892 to 1873 was $8,O31, 1898, and the
amount coined from 1878 to June 80, 1895,
was $3.50, 100, GAL. The coinage ratio be-
tween gold and silver under the act of
1892 was Is to 1, but by the act'of 1887 it
was changed to 1875 to l Commonly
called Is, to y. This is the present ratio.
OF the $3.50, 790 O41 standard silver dol
lars coined since February, 1878, there
was held In the treasury June 80, 1896,
1878, 614, 043, and the amount outside the
treasury was s52, 175, 99S. Silver certifl-
Gates to- the amount of s342, 619,50 have
been issued against that amount Of the
Etandardsilxer dollars held in the treasury.
The commercial value Of an ounce of fine
silver June, 80, 1896, was 80 1924, and the
commercial value of the silver in the silver
dollar on that: date was 55 cents
Paper Money.
QtJso fro% nm nor ~, o,,cv ovor fca11nd tv f66