The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-21

sidiary silver, gold certificates, silver GER
tif1cates, 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 AZ to give 1t 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 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 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 al 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 ut par.
The minor coins Of nickel and copper
are legal tender to the extent OF 25 cents.
Gold Coins.
The coinage Of legal tender gold was au-
thorized by the first coinage act passed by
congress, April Q, 1893.
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 81. 90, $5, el0 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 l79e to June 80,
1895. is 81, sl4, 500, 1858, of which it Is esd
mated that 1857, 93l 1893 Is still In existence
as coin In the United States while the
remainder, sl,246, 200, $50, has been ex-
ported or consumed In the nne arts. The
roid bullion now in the United States
amounts to e32, 26s, 955. 1t will be seen
that moro 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-
taips 4f2X grains of standard silver 300
fipa The amount Of fine silver In the dol
lar In s71k grains, and there are 4lH
grains Of copper alloy The standard sill
YER dollar was first authorized by the act
of April Q, 1792. Its weight was 416 grains
400 4 fine. The total amount coined from
1893 to 1878 was ss,0si ,a3s, and the
amount coined from 1878 to June 30, 1895.
was 1880, 700, O4l. The coinage ratio be-
sweeD gold and silver under the scs of
1893 was Is to I, but by the act OF 1887 IL
was changed to l5.9so to ! commonly
called 10 to H. This Is the present ratio
OF the $3.50, 700, 04i standard silver dol
lars coined since February, 1878, there
was held In the treasury june 30, 1885,
Ss7s, ei4, 048, and tho amount outside the
treasury was t5e, l75,99s Silver certif-
oates TO the amount of s942, $40, 5o& have
been issued against that amount OF the
standard silver dollars held In the treasury.
The commercial value Of an ounce OF fine
silver June 80, 1896, was 20, 6ss4 and the
commercial value Of the silver In the silver
dollar on that date was So cents
Paper Money.
The first paper money ever issued by the
government Of the United states was an-