River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-05-19
Our Money.

I1lO 1ull1SdSl VI Jul lI4dhS4ol D1 D
tenn produces a state of confusion
in the mind of the average reader.
We have ten different forms of
currency: gold coins, silver dollars,
subsidiary silver coins, minor coins,
gold certificates, United States notes,
currency certificates, Treasury notes
of 1890, and national bank notes.
An explanation of the origin, char
acter and aggregate amounts of each
one of these different forms would
be of interest. We will briefly give
mere outline of them without
going into the minute details of so
complicated system:
/. Gold Coins. These form the
basis of the whole financial fabric,
and all the other forms are referable
to these and are measured by them.
While the stock of gold coin in
private hands cannot be accurately
determined the Treasury estimates
the whole amount in the country at
1929, 661, ITO, of which $16S,S88,179
is in the United States Treasury and
about $200,000,O0O is held by
national banks.
2. Silver Dollars. Up to 1878 but
100000 silver dollars had been
coined. But to Nov. 1, 1897 the
government had coined 452,713,792,
of which only 60,197 900 are in
circulation, the balance remaining
in the Treasury. AS against the
greater part of this amount in the
Treasury silver certificates have
been issued and these circulate as a
more convenient medium than the
silver dollars. Besides these silver
dollars there is in the Treasury
silver bullion worth $155, 931 900
against which treasury notes of 1890
are in circulation.
3. Subsidiary Silver, Fractions of a
dollar, of which there is $75,414,007
worth extant, all of which is in
circulation except about $11, 100000
which is in the Treasury.
4. Minor "nickels" and
the one cent coins-about $20,O00,-
900 worth.
5. Gold Certificates, issued for
gold coin deposited in the Treasury,
ofwhich there are $3S,348, 1869 worth
outstanding.
9. Silver certificates referred to
in 2, issued for silver dollars in the
Treasury, amounting to 1884, l70,504,
of which all is in circulation except
about S11 ,00O,OO0-which is held in
the Treasury.
Z. Treasury Notes, issued under
the law of 1890 in payment of the
silver bullion purchased and in the
Treasury-$155, $751; 900.
8. United States Notes green
backs) issued in war times-(1862)
amounting at one time to $450,000,-
600, but since 1873 by a law of
Congress kept at $346,681,015. The
most of this currency is in circula-
ton. These greenbacks are a credit
currency, and the Treasury Notes of
1890 and the silver dollars are kept
at par by the ability of the Govern
ment to redeem them by the pay
ment of gold. The Government
holds in the vaults of the Treasury
Sl6S, 100000 of gold besides the
silver upon which the Treasury
Notes of 1890 and the Silver Certif-
Gates are based. The market value
of the silver is only a little more
that one half the face value of the
circulating representatives.
8. Currency Certificates, issued
upon the deposit of greenbacks, a
species of duplication, but both sets,
the greenbacks and the Currency
Certificates, do not circulate at the
same time-the Currency Certificates
being in the nature of a Government
receipt. About s48,625,000 of this
form is outstanding.
10. National Bank Notes, the
amount of which is s23O,132,278.
There are now about 5000 National
Banks in the country with a SUBJ
scribed amount of capital stock of
s631 100000. The deposits in these
National Banks amount to more
than two thousand million dollars.