The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-08-13
TEN KINDS OF MONEY.
HANDY FACTS ABOUT CURRENCY
IN TREASURY PAMPHLET
Billions Coined or Made-COins That
Have Passed Out of Use and Coins
That Are Stsn Being Turned Out
of the Mint.

prepared by A. T. Huntington, chief OF
the division of loans and currency some
interesting information is given in regard
to the bonds and currency of the coun-
try Mr. Huntington says in regard to
the standard of value:
IN the providing for she coinage of the
precious metals Congress established by
the act of April 3 1892. the standard of
value, consisting of certain gold and sill
yer coins. at a ratio of 10 to THAT is
to say, the value of an ounce of fine gold
was in effect declared to be equal to the
value of fifteen ounces of fine silver. Both
gold and silver coins were declared TO be
standards.
THE ratio of 10 TO l was adopted in
pursuance OF investigations conducted by
Alexander Hamilton, Secretary OF The
Treasury who. in his report upon the sub
ject said that Is to was a near approx
nation to the commercial value of che
two metals 1t was soon discovered, how
ever that gold al the ratio of 10 10 ! was
undervalued, and silver became practical
~ the only metallic money available for
use in the United States. In 1884 the
ratio was changed 10 1902 to l, and in 1897
II was changed TO 15,9SS to !. That Is
the present ratio and is commonly called
ID 10 l.. by TINS cildllst Si4Nt4 was N'i
dervalued and gold came into use in its
place.
by the act of Feb T. 1873. the coinage
Of the standard silver dollar was discon-
tinued and the gold dollar of 25.S grains
of standard gold, 900 fine was declared 20
be the unit Of value. The subsequent res
toration of the coinage of silver dollars
under the act of Feb. S, 1873. was on gov
eminent account and did not restore the
silver dollar to its former place as
standard of value.
"Rut while Congress provided for the
eo-cailed double or bimetallic standard,
such double standard has never been ef-
fective in this country. From lIs2 10
1884 silver was the metal by which all
values were measured and since 1884 gold
has been, and still is. the sole actual
standard.
There are ten different kinds of money
in circulation in the United States, name
iy: Gold coin, standard silver dollars. sub
sidiary silver, gold certificates, silver GER
tihcates. treasury notes issued under the
act of July A. 1880, United States notes
(also called greenbacks and legal ten
ders), 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
kind is as follows;
Gold coin is Legal tender at its nominal
or face value for debts, public or private
when not below the standard weight and
limit of tolerance prescribed by law. and
when below such standard and limit of
tolerance il is legal tender in proportion
to its weight.
STANDARD silver dollars are legal ten
der at their nominal or face value in pay
- III ,11l.. r7rfrr
without regard to the amount. except
where otherwise expressly stipulated in
the contract.
Subsidiary silver is legal tender for
amounts not exceeding ten dollars in any
one payment
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 public debt
Gold certificates silver certificates and
national banknotes are not legal tender.
but both classes of certificates are re-
ceivabie for all public dues. while ma
sional banknotes are receivable for all
public dues except duties on imports, and
may be paid out by the government for
all salaries and other debts and demands
corporations and associations within the
United States, except interest on the puO-
lie debt and the redemption of the national
currency. All national banks are required
by law toereceive the notes of other ma
tional banks at par. The minor coins of
nickels and copper are legal tender to the
amount of Is cents
The coinage of legal tender gold was a,I-
thorized by the first coinage act passed
Aari -
value is the dollar containing 25s grains
of standard gold 800 fine
The total coinage of gold by the United
States minis from 1882 to June 30, 1900, is
S,le7. oSS llS, of which it is estimated $923.-
653, 462 is now in existence. the remainder
$l,24S, 4S465l, representing the excess of ex-
ports over imports and the amount con-
sumed in the arts The gold bullion now
in the United States amounts to Sll237S.-
1872.
The silver dollar contains 412iA grains
of silver 800 fine or BIN grains of fine
silver and 41A grains of copper alloy The
standard silver dollar was first author
lied April 2, 1882, and contained 416 grains
1924 fine, or the same quality of fine sill
yer the present dollar. whose weight
and fineness was established Jan. 49, 1897
The coinage of the standard silver dollar
was discontinued by act of Feb u. 1873.
and restored Feb q. 1873 Between 1892
and 1873, $s.03l ,2Ss of silver dollars was
coined, and between 1878 and June 80. 1909.
s4ss 1856 2l5
OF the half billion of silver dollare
1903 1,739 are in the treasury, and only
e6,42s.476 in circulation. 81. 725, 900 having
been shipped to the Philippines, Cuba and
Porto Rico.
The United States commenced business
in 1872 with eagle. half-eagle, quarter
eagle, silver dollar half-dollar, quarter
dollar, dime, half-dime, cent and half
cent At various times we have had the
double eagle, the 50 gold piece. the 81 gold
piece, the Lafayette dollar (silveD. the
9-cent piece, the scent (nickeD, 3-cent
(nickeD 2-cent (bronze), the nickel cent
and the copper cent. The present cent is
of bronze.
The only coins now minted are the
double eagle, eagle. half-eagle. quarter
eagle. in gold, and the silver dollar. half.
quarter and dime, the 5-cent nickel and
the bronze cent.
The first notes issued by the United
States was in 1861. which were paid in
god and were receivable for public dues
They were known as demand notes. and
never deprecated ia value The total
amount OF greenba cks uthorized was $780,
10000, Of which sl49,33s. 9,2 were outstand-
Ing at one time, There are still outstand-
ing $S46,6s1.016 Congress was compelled
TO provide fractional currency, because
when glld end silver went to a premium
all the fractional coins disappeared. Fiji
ty million dollars In fractional currency