The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-08-12
POLITICAL.
Coins and Paper Currency.


There are ten different kinds of
money in circulation in the United
States, namely: Gold coin, standard
silver dollars, subsidiary silver, gold
certificates, silver certificates, 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
available as circulation. While they
do not all possess the full legal tender
quality, each kind has such attributes
as to give it currency. The status of
each kind is as follows:
Gold coin is legal tender at its NOM
inal or face value for all debts, public
and private, when not below the stand
ard weight and limit of tolerance pre-
scribed by law, and when below such
standard and limit of tolerance 1t 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 otherwise expressly stip-
ulated in the contract.
Subsidiary silver is legal tender for
amounts not exceeding $40 in any one
payment.
Treasury notes of the act of July Ia,
1890, are legal tender for all debts, pub
lie and private, except where otherwise
expressly 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 receivable for all public dues, while
national banknotes are receivable for
all public dues, except duties on i'm
ports, and may be paid out by the gov
eminent 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 public debt, and
in redemption of the national currency.
All national banks are required by law
to receive the notes of other national
banks at par.
The minor coins of nickel and copper
are legal tender to the extent of twenty
five cents.
GOLD COINS.
The coinage of legal tender gold was
authorized by the first coinage act
passed by congress April 2, 1892
The gold unit of value is the dollar,
which contains 25S grains of standard
gold 900 fine. Gold is now coined in
denominations of $3.50, IS, SO and
$40, 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, S14 ,692 ,253, of
which it is estimated that 1857 ,931 1923
is still in existence as coin in the
United States, while the remainder,
81 ,246, 760, 430, has been exported or
consumed in the fine arts. The gold
bullion now in the United States
amounts to $32, 26S,955. 1t will be
seen that more than two-thirds OF the
gold coins struck 1T the minis of the
United States have disappeared from
circulation.
SILVER COINS.
The silver unit is the dollar, which con-
tains 4125 grains of standard silver 900
fine. The amount of fine silver in the
dollar is 3714 grains, and there are Al
grains of copper alloy. The standard
silver dollar was first authorized by the
act of April 2, 1892. 1t weight was 4l6
grains 1924 fine, The total amount
coined from 1892 to 1873 was $9,031,
23S, and the amount coined from 1878
10 June 30, 1896, was $430, 100, 041.
The coinage ratio between gold and
silver under the act of 1892 was Is to /,
but by the act of 1887 it was changed
to l5.9SS to Commonly called l6 to y.
This ia thp ratio
OF the $430, ,041 standard silver
dollars coined since February 1878,
there were held in the treasury June
30, 1896, 1913 GA ,043 and the amount
outside the treasury was $50 1888.
Silver certificates to the amount Of
$4,000, 504 have been issued against
that amount of the standard silver dol
lars held in the treasury The COM
mercal value of an ounce of fine silver
June 30, 1896, was $06924, and the
commercial value of the silver in the
silver dollar on that date was 50 55
t.u ~