The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-12-27

In February, 1862, an additional issue
OF Slo'oOO,OOO was authorized and there
were also reissues.
One Item of $50 100000.
Inc notes were paid in gold when
presented for redemption, and they
were receivable for all public dues.
These two qualities of the notes are
officially credited with preventing their
depreciation in value when all other
United States notes slumped between
1867 and the resumption of specie pay
ments sixteen years later
United States notes were substituted
for the demand notes by the act of
February 25, 1862. After that the de-
mand notes were cancelled when they
were received, and United States notes
were issued in their stead. As a re-
suit of this law practically the entire
issue of demand notes was retired.
There Is small amount of them out
standing, but it is only a few thousand
dollars out of an issue of $50, 600, 900.
The United States notes issued to
take the place of the demand notes
were not legal tender when they first
came out, but We're made so by the act
OF March II, 1862, almost Immediately
after they We're issued.
Treasury figures show that on June
30, 1915. the total of United States
notes outstanding--the notes issued to
|supplant the demand notes-was $751;
1880 only. This figure has since been
reduced somewhat, but the exact
amount has not been officially COM
puted.
OF the United States notes in add-
ton to the $50,000,0O0 to replace the
old demand notes, an issue of $780,
100000 was authorized in February
1862, and a second issue of $4,000
600 in July of the same year one
third Of this second issue was to be
used for the redemption of a debt
known as the temporary loan. Still a
third issue was authorized in March,
1868, for $1500O0000, making the total
authorization $450,OO0,O0O, including
$50, 100000 for the redemption of the
temporary loan.
The highest amount of these notes
outstanding at any time was $449,33S,-
9O2. Outstanding at present there are
notes of this issue amounting to $780,
6S1 ,016. On the basis of the pencent-
age officially estimated with respect
to the issue of fractional paper money
more than $5O,000,000 of this amount
can be regarded as lost and destroyed. |
notes must be held in the treasury un-
til law is passed making it available
for other government purposes.
Gold and Silver UncaIIed for.
From March, 1863, the secretary of
the treasury was authorized to receive
deposits of gold coin and bullion in
sums of not less than $40, and to issue
certificates therefor in denominations
Of not less than 500. These certificates
were receivable for duties on imports.
This practice continued until January
l, 1879, when the secretary of the
treasury ordered it discontinued to
prevent holders of United States notes
from presenting them for redemption
in gold and then depositing the gold
for gold certificates.
The practice was resumed in 1882,
when the secretary of the treasury
was directed by law to receive gold
coin and issue certificates which
would be legal tender for customs,
taxes and all public dues. The same
law, however, provided that the sec
rotary should suspend the issue of
gold certificates whenever the gold re-
serve in the treasury fell below $780,,
OO0, 900. In 1900 the secretary receiv-
ed authority to suspend the issue of
gold certificates whenever the amount
of United States notes and silver GER
tificates in the general fund of the
treasury exceeded $60,00O,0OO.
On June Is, 1915, gold certificates
to the huge total OF $1,O72,-
S47,S19 were in circulation, according
to the figures of the treasury depart
ment. If only per cent of these GER
tificates have been destroyed it would
mean that the government would have
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