UNITED STATES TREASURY DEPARTMENT. CIRCULAR No. 113. INFORMATION RESPECTING UNITED STATES BONDS, PAPER CURRENCY, COIN, PRODUCTION OF PRECIOUS METALS, ETC., o JULY 2, 1900. WASHINGTON: GOVERNMENT PRINTING OFFICE. 1900. 3 1924 076 526 247 UNITED STATES TREASURY DEPARTMENT. CIRCULAR No. 113. INFORMATION RESPECTING UNITED STATES BONDS, PAPER CURRENCY, COIN, PRODUCTION OF PRECIOUS METALS, ETC., JULY 2, 1900. WASHINGTON: GOVERNMENT PRINTING OFFICE. 1900. HG54G us Treasury Department, Office of the Secretary, Washington, D. C, July %, 1900. Sir: In view of the increasing number of inquiries for circulars of information similar to those which were published by the Department in 1896 and 1897, you are hereby authorized and directed to prepare such a circular, with the aid of the bureau officers of the Department, bringing down to July 1, 1900, the facts contained in the circulars above mentioned. Respectfully, yours, F. A. Vanderlip, Acting Secretary. Mr. A. T. Huntington, Chief of Division of Loans and Currency, Treasury Department. Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924076526247 INFORMATION RESPECTING UNITED STATES BONDS, PAPER CURRENCY, COIN, PRODUCTION OF PRECIOUS METALS, ETC. UNITED STATES BONDS. According to the statement of the public debt published October 31, 1865, the interest-bearing debt of the United States on that date was as follows: Debt Bearing Interest in Coin. Authorizing acts. Character of issue. Amount out- standing. Authorized before the war Do July 17 and August 5, 1861 February 25, 1862 June 30, 1864 March 3, 1865 March 3, 1864 March 3, 1863 Aggregate of debt bearing coin interest. 6 per cent bonds. . 5 per cent bonds. 6 per cent bonds. do do do 5 per cent bonds. 6 per cent bonds. S37, 754, 591. 80 27, 022, 000. 00 189,331,400.00 514,780,500.00 100,000,000.00 44,479,100.00 172,770,100.00 75,000,000.00 1,161,137,691.80 Debt Bearing Interest in Lawful Money. Authorizing acts. Character of issue. Amount out- standing. July 11, 1862 . . Do Do March 1, 1862 . March 3, 1863 March 3, 1863, and June 30, 1864. June 30, 1864 . . March 3, 1865 . Aggregate of debt bearing lawful-money interest. Total interest-bearing debt 4 per cent temporary loan 5 per cent temporary loan 6 per cen t temporary loan 6 per cent certificates of indebt- 5 per cent 1 and 2 year notes 6 per cent 3-year compound- interest notes. 7-30 notes (3-year) ....do 8612, 727. 98 31,309,710.65 67, 185, 306. 83 55,905,000.00 32,536,901.00 173,012,141.00 234,400,000.00 595,600,000.00 1,190,561,787.46 2,351,699,479.26 4 Besides the interest-bearing debt then outstanding there was a con- siderable debt bearing no interest, as follows: Demand notes $392, 070. 00 United States notes 427,768,499.00 Fractional currency 26, 057, 469. 20 Matured debt, interest ceased 1, 373, 920. 09 Unpaid requisitions 660, 900. 00 456, 252, 858. 29 The total ascertained indebtedness of the United States was there- fore 2,807,952,337.55 The cash in the Treasury was 68, 355, 578. 69 And the debt, less cash in the Treasury, was 2, 739, 596, 758. 86 The foregoing tables do not include bonds issued in aid of Pacific railroads. The first three items in the above table of debt bearing coin interest represent obligations which were negotiated prior to the suspension of specie payments, January 1, 1862, and were therefore sold for gold. A portion of these bonds was sold at a discount, the aggregate amount of such discount being $7,358,544.19. All the remainder of the obli- gations stated in the above tables were sold at not less than par in United States notes. Soon after the close of the civil war the revenues began to exhibit a surplus over expenditures. This surplus was applied from time to time to the redemption of short-term obligations, which consisted of debt bearing interest in lawful money (United States notes). Such portion of these obligations as could not be redeemed for lack of funds was converted into 5-20 bonds, as authorized by the act of March 3, 1865. These transactions were completed by May 1, 1869. The Gov- ernment then began using the surplus revenues in the purchase of its unmatured bonds at the market price in currency. The average price paid in May, 1869, was 115.84, which was equivalent to 82.72 in gold, or a discount of 17.28. These purchases were continued until Septem- ber, 1873. The total amount purchased was $323,253,800 ; the net cost in currency was $362,981,483.79 and the net cost in gold was $307,702,207.64. The average price in currency was 112.27 and the average price in gold was 95.19. CREDIT-STRENGTHENING ACT. During the civil war the necessities of the Government compelled the borrowing of money in many different ways. Some of the obliga- tions issued for money so borrowed were admittedly payable in lawful money; but other obligations, such as the 5-20 bonds, while bearing interest payable, under the laws authorizing them, in coin, contained no specific statement as to the kind of money in which the principal should be paid at maturity. In this respect these bonds did not differ from all the other bonds issued since 1791, since none of them contained any provision as to the kind of money in which they should be paid; but, before the war, gold and silver coins were the only recognized legal-tender money, while after the war the existence of the legal -tender United States notes gave rise to discussion as to the power of the Gov- ernment to liquidate all its debts in paper money. To settle the con- flicting questions arising from this discussion, Congress passed the act entitled "An act to strengthen the public credit," which was approved March 18, 1869. The text of the act was as follows: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That in order to remove any doubt as to the purpose of the Government to discharge all just obligations to the public creditors, and to settle conflicting questions and interpretations of the laws by virtue of which such obliga- tions have been contracted, it is hereby provided and declared that the faith of the United States is solemnly pledged to the payment in coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and silver. But none of said interest-bearing obligations not already due shall be redeemed or paid before maturity unless at such time United States notes shall be convertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. And the United States also solemnly pledges its faith to make provision at the ear- liest practicable period for the redemption of the United States notes in coin. Approved, March 18, 1869. By this act the United States solemnly pledged its faith to the pay- ment of all its obligations in coin, except those which were specifically payable in some other currency; but in order to prevent improper speculation in the public debt it was provided that the Government should not redeem any of its obligations in coin before their maturity, unless at the same time it should be able to redeem United States notes in coin, or until the public credit should have become so good that the Government could sell bonds bearing lower rates of interest at par in coin. REFUNDING. The refunding act of July 14, 1870, authorized the sale, at not less than par in coin, of 5 per cent ten-year bonds, 4£ per cent fifteen-year bonds, and 4 per cent thirty -year bonds, the proceeds to be applied to the redemption of the war debt. The refunding operations under this act began in 1871 and continued until the summer of 1879. At first the sales were confined to the 5 per cent bonds. In 1876, when the credit of the United States had sufficiently improved, the 4£ per cent bonds were offered for sale; and in 1877 they were withdrawn and the 4 percents of 1907 were substituted. All these classes of bonds were sold at not less than par for gold or its equivalent, and the proceeds were used in redeeming, in gold, an equal amount of the bonds representing the war debt. 6 The classes of bonds sold for refunding and the bonds redeemed with the proceeds, are shown in the following tables: Five per cent loan of 1881 $500,000,000 Four and one-half per cent loan of 1891 185, 000, 000 Four per cent loan of 1907 710,345,950 Total 1,395,345,950 Bonds redeemed. Six per cent five-twenties of 1862 $401,143,750 Six per cent five-twenties of March, 1864 1,327,100 Six per cent five-twenties of June, 1864 59, 185, 450 Six per cent five-twenties of 1865 160, 144, 500 Six per cent consols of 1865 211,337,050 Six per cent consols of 1867 316,423,800 Six per cent consols of 1868 37,677,050 Five per cent loan of 1858 „, 14, 217, 000 Five per cent ten-forties of 1864 193, 890, 250 Total 1,395,345,950 A considerable amount of 5 per cent bonds (about sixty -five mil- lions) was exchanged at the beginning of the refunding operations, bond for bond, for 6 percents. These exchanges are included in the above tables. The annual saving of interest to the Government by the refunding operations was $19,900,846.50. The greater part of the civil- war debt was sold for currency. Bonds amounting to $1,395,345,950 were redeemed in gold, and the gold with which they were redeemed was obtained from the purchasers of other bonds bearing lower rates of interest. The refunding operations included all the bonds which up to 1879 had become redeemable. Meanwhile resumption of specie payments had brought all the business of the country to the coin basis. As the remaining civil-war debt matured it was either continued at a lower rate of interest or redeemed in gold. The continued bonds were also redeemed from time to time, as the surplus revenues permitted, until no bonds remained outstanding except those authorized by the refund- ing acts. These last-mentioned bonds and all the bonds now out- standing except the 2 per cent Consols of 1930 authorized by the act of March 14, 1900, are payable in "coin." The 2 per cent Consols of 1930 are payable in gold coin. The foregoing statement does not include the bonds, payable in lawful money, which were issued in aid of Pacific railroads. RESUMPTION. The resumption act was approved January 14, 1875; it directed the Secretary of the Treasury to prepare and provide for the redemption of United States notes in coin on and after January 1, 1879, and it authorized him to use the surplus revenues for that purpose, from time to time, and to sell and dispose of, at not less than par in coin, either of the descriptions of bonds described in the refunding acts above mentioned. In pursuance of this authority $95,500,000 of the 4£ and 4 per cent bonds were sold for redemption purposes, and the proceeds ($96,000,000 in gold) were placed in the Treasury as a fund for such redemption. In time this fund became known as the " gold reserve," and in the bank act approved July 12, 1882, in a section providing for the issue of gold certificates, the sum of $100,000,000 was pre- scribed by Congress as the limit to which the gold reserve might be reduced without affecting the issue of gold certificates. The presentation of United States notes for redemption prior to 1893 was not great enough to reduce the reserve fund below $100,000,000. In April of that year, however, the minimum was reached, and the fund became so low that in February, 1894, an issue of bonds became necessary to enable the Government to restore the gold reserve and redeem the obligations of the United States. Accordingly, popular subscriptions were invited for an issue of $50,000,000 of ten-year 5 per cent bonds, which were dated February 1, 1894, and realized to the Government $58,633,295.71 in gold. In November, 1894, another issue of $50,000,000 of the same class of bonds was necessary, the sum realized being $58,538,500. In February, 1 895, the Government was again obliged to replenish the gold reserve, which it did by the pur- chase, under contract, of 3,500,000 ounces of gold coin, which were paid for with United States 4 per cent thirty-year bonds, amounting to $62,315,400. Another saleof $100,000,000 of 4 per cent thirty -year bonds was made through popular subscriptions, invited in January, 1896. To recapitulate, the bonds sold in 1894, 1895, and 1896, as above indi- cated, the average prices received, and the proceeds were as follows: Kind of bonds. Amount. Price. Proceeds. 5 per cent bonds, loan of 1894 5 per cent bonds, loan of 1894 4 per cent bonds, loan of 1925 4 per cent bonds, loan of 1925 Total S50,000,000 50,000,000 62,315,400 100,000,000 8117. 266 117.077 104. 495 111. 166 $58, 633, 296 58, 638, 500 65,116,244 111,166,246 262,315,400 293, 454, 286 All of these bonds, which were sold for resumption purposes, were sold at not less than par for gold coin, or its equivalent; they are all redeemable in coin of the standard value of July 14, 1870, which was the date of the first of the refunding acts. The standard weights and fineness for coins at that date were the same as at present, the gold dollar being of the standard weight of 25. 8 grains and the silver dollar of the standard weight of 412£ grains. The interest on all these bonds is payable quarterly in coin of the same standard. THREE PER CENT LOAN OF 1908-1918. In 1898 the war with Spain involved the Government in expendi- tures which could not be met by the revenues then being received under existing law. Congress accordingly enacted what was known as the war revenue act of 1898, which was approved by the Pi*esi- dent June 13, 1898. Besides providing for increased revenues, it authorized an issue of bonds. The section of the act providing for this issue was as follows: That the Secretary of the Treasury is hereby authorized to borrow on the credit of the United States, from time to time as the proceeds may be required to defray expend- itures authorized on account of the existing war (such proceeds when received to be used only for the purpose of meeting such war expenditures), the sum of four hun- dred million dollars, or so much thereof as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe, and in denominations of twenty dollars or some multiple of that sum, redeemable in coin at the pleasure of the United States after ten years from the date of their issue, and payable twenty years from such date, and bearing interest paya- ble quarterly in coin at the rate of three per centum per annum; and the bonds herein authorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That the bonds authorized by this section shall be first offered at par as a popular loan under such regulations, prescribed by the Secretary of the Treasury, as will give opportunity to the citizens of the United States to participate in the sub- scriptions to such loan; and in allotting said bonds the several subscriptions of indi- viduals shall be first accepted, and the subscriptions for the lowest amounts shall be first allotted: Provided further, That any portion of any issue of said bonds not sub- scribed for as above provided may be disposed of by the Secretary of the Treasury at not less than par, under such regulations as he may prescribe, but no commissions shall be allowed or paid thereon; and a sum not exceeding one-tenth of one per centum of the amount of the bonds and certificates herein authorized is hereby appropriated out of any money in the treasury not otherwise appropriated, to pay the expense of preparing, advertising, and issuing the same. The following is quoted from the annual report of the Secretary of the Treasury for 1898: Obedient to the fair spirit of the law the Treasury Department sought by every means to extend the opportunity for subscription to all the people. Every newspaper in the United States was supplied with interesting and instructive information relative to the issue, which, with few exceptions, was patriotically and free of charge promi- nently displayed. Blank forms for subscriptions, with circulars of information, were supplied to more than 22,000 money-order post-offices, every express office, and all the banks. A period of thirty-one days was allowed for the receipt of subscriptions. A summary of subscriptions received, classified as to amounts, is here given: Subscriptions for $500 and less. Less than $100 11, 483 $100 to $180 14, 974 $200 to $280 9, 902 $300 to $380 , 7, 594 $400 to $480 ^ 7, 698 $500 only . . .' 180, 573 Total 232,224 Subscriptions for more than $500. $520 to $980 11,862 $1,000 to $1,980 25,152 $2,000 to $2,980 10,349 $3,000 to $3,980 5, 165 $4,000 to $4,400 5, 223 $4,500 1,875 59, 626 More than $4,500 28, 376 Total 88,002 The total amount of bonds issued under this act was $198,792,640. The 3 per cent bonds are payable in coin, and while it is not speci- fied in their terms that they are payable in coin of the standard value of July 14, 1870, they are in effect payable in such coin. Up to this time the Government had never issued any bonds payable, by their terms, either principal or interest, in gold coin or in silver coin. Before the civil war the obligations of the Government contained no statement as to the kind of money in which they should be paid, and none of the civil-war obligations contained any such provision, except the certificates of temporary loan and the 7-30 notes of 1864 and 1865, which were all payable in lawful money. During the recent session of Congress, however, there was enacted a bill, popularly known as the financial bill, which became a law, by the approval of the President, March 14, 1900. Under section 11 of this act the Government, for the first time in its history, has issued bonds payable specifically in United States gold coin. The section of the act in question is as follows: That the Secretary of the Treasury is hereby authorized to receive at the Treasury any of the outstanding bonds of the United States bearing interest at five per centum per annum, payable February 1, 1904, and any bonds of the United States bearing interest at four per centum per annum, payable July 1, 1907, and any bonds of the United States bearing interest at three per centum per annum, payable August 1, 1908, and to issue in exchange therefor an equal amount of coupon or registerd bonds of the United States in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of two per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after thirty years from the date of their issue, and said bonds to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That such outstanding bonds may be received in exchange at a valuation not greater than their present worth, to yield an income of two and one-quarter per centum per annum; and in consideration of the reduction of interest effected the Secretary of the Treasury is authorized to pay to the holders of the outstanding bonds surren- dered for exchange, out of any money in the Treasury not otherwise appropriated, a sum not greater than the difference between their present worth, computed as aforesaid, and their par value, and the payments to be made hereunder shall be held to be payments on account of the sinking fund created by section 3694 of the Eevised Statutes: And provided further, That the two per centum bonds to be issued 10 under the provisions of this act shall be issued at not less than par, and they shall be numbered consecutively in the order of their issue and when payment is made the last numbers issued shall be first paid, and this order shall be followed until all the bonds are paid, and whenever any of the outstanding bonds are called for pay- ment interest thereon shall cease three months after such call. The new 2 per cent bonds are called consols of 1930, and the amount of them issued up to and including June 30, 1900, is $307,125,350. The following statement shows the amount of each of the three classes of bonds mentioned in the act of March 14, 1900, surrendered up to July 1, 1900, for exchange into new 2 per cent consols. It also shows the saving in interest by reason of the cancellation of the old bonds, the premium paid on account of their surrender, and the amount saved by the Government by reason of said exchanges: Refunding operations under the act of March 14, 1900, to June SO, 1900, inclumm. Issue. Amount re- funded. Saving in interest. Premium paid. Net saving. Loan of 1908-1918 $69,949,400 189,817,450 47,358,500 $5, 810, 669 27, 399, 696 5, 405, 379 $3,964,717 22,072,216 4,736,101 $1,845,952 5,327,480 669,278 Funded loan of 1907 Loan of 1904 Total 307,125,350 38, 615, 744 30,773,034 7,842,710 Note.— The "saving in interest" and "premium paid" are computed on the basis of an average date of redemption, and -may differ from absolute accuracy by not to exceed a few hundred dollars. Copies of the regulations of this Department for the issue, exchange, transfer, and redemption of United States bonds may be had upon application to the Secretary of the Treasury. THE STANDARD OF VALUE. In providing for the coinage of the precious metals Congress estab- lished, by the act of April 2, 1792, the standard of value, consisting of certain gold and silver coins, at a ratio of 15 to 1 — 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. A list of the coins authorized by the act of April 2, 1792, with their weights and fineness, will be found in another place. Both gold and silver coins were declared to be standards. The ratio of 15 to 1 was adopted in pursuance of investigations con- ducted by Alexander Hamilton, Secretary of the Treasury, who, in his report upon the subject, said that 15 to 1 was a near approximation to the commercial value of the two metals. It was soon discovered, however, that gold at the ratio of 15 to 1 was undervalued, and silver became practically the only metallic money available for use in the United States. In 1834 the ratio was changed to 16.002 to 1 and in 1837 it was changed to 15.988 to 1. That is the present ratio and is 11 . commonly called 16 to 1. By this change silver was undervalued and gold came into use in its place. By the act of February 12, 1873, the coinage of the standard silver dollar was discontinued, and the gold dollar of 25.8 grains of standard gold, 900 fine, was declared to be the unit of value. The subsequent restoration of the coinage of silver dollars under the act of February 28, 1878, was on Government account and did not restore the silver dollar to its former place as a standard of value. But while Congress provided for the so-called double or bimetallic standard, such double standard has never been effective in this country. From 1792 to 1834 silver was the metal by which all values were measured, and since 1834 gold has been, and still is, the sole actual standard. COINS AND PAPEB CURRENCY. There are ten different kinds of money in circulation in the United States, namely, gold coins, standard silver dollars, subsidiary silver, gold certificates, silver certificates, Treasury notes issued under the act of July 14, 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 attri- butes as to give it currency. The status of each kind is as follows: Gold coin is legal tender at its nominal or face value for all debts, public and private, when not below the standard weight and limit of tolerance prescribed by law; and when below such standard and limit of tolerance it 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 stipulated in the contract. Subsidiary silver is legal tender for amounts not exceeding $10 in any one payment. Treasury notes of the act of July llf,, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipu- lated 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-bank notes 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 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 12 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 25 cents. GOLD COINS. The coinage of legal-tender gold was authorized by the first coinage act passed by Congress, April 2, 1792. The gold unit of value is the dollar, which contains 25.8 grains of standard gold .900 fine. The amount of fine gold in the dollar is 23.22 grains, and the remainder of the weight is an alloy of copper. While the gold dollar is the unit and standard of value, the actual coinage of the $ 1 piece was discontinued under authority of the act of September 26, 1890. Gold is now coined in denominations of $2.50, $5, $10, and $20, called respectively quarter eagles, half eagles, eagles, and double eagles. The total coinage of gold by the mints of the United States from 1792 to June 30, 1900, is $2,167,088,113, of which it is estimated that $923,653,462 is now in existence as coin in the United States, while the remainder, $1,243,434,651, represents the excess of exports over imports and the amount consumed in the arts. The gold bullion now in the United States amounts to $112,378,182.56. The basis for the estimate of the amount of gold coin in the United States was established in 1873, when the amount in the vaults of the national banks and in the Treasury was ascertained from reports to be $98,389,864. To this was added $20,000,000 as an estimate of the amount of gold in use on the Pacific Coast, and $10,000,000 as the amount held by all other banks and by the people. The amount thus ascertained was $128,389,864, to which have been added from year to year the new coinage reported by the Director of the Mint, and the imports as shown by the custom-house reports, and from which have been deducted the exports and the amounts consumed in the arts. It will be seen that more than one-half of the gold coins struck at the mints of the United States have disappeared from circulation. SILVER COINS. The principal silver coin is the dollar, which contains 412£ grains of standard silver .900 fine. The amount of fine silver in the dollar is 371i grains, and there are 41i grains of copper alloy. The standard silver dollar was first authorized by the act of April 2, 1792. Its weight was 416 grains .892,4 fine. It contained the same quantity of fine silver as the present dollar, whose weight and fineness were established by the act of January 18, 1837. The coinage of the standard silver dollar was discontinued by the act of February 12, 1873, and it was restored by the act of February 28, 1878. The total amount coined from 1792 to 13 1873 was $8,031,238, and the amount coined from 1878 to June 30, 1900, was $498,496,215. The coinage ratio between gold and silver under the act of 1792 was 15 to 1, but by the acts of 1834 and 1837 it was changed first to 16.002 to 1 and finally to 15.988 to 1 (commonly called 16 to 1). This is the present ratio. Of the 498,496,215 standard silver dollars coined since February, 1878, 1,725,000 are reported to have been shipped to Cuba, Porto Rico, and the Philippines; there were held in the Treasury June 30, 1900, $430,341,739, and the amount outside the Treasury in the United States was $66,429,476. Silver certificates to the amount of $408,499,347 are in circulation against that amount of the standard silver dollars held in the Treasury. Of the amount held in the Treasury $408,499,347 were held for the redemption of an equal amount of silver certificates in circulation; $6,153,153 were held on account of Treasury notes of 1890, and $15,689,229 were held in the general cash as assets of the Govern- ment. The commercial value of an ounce of fine silver June 30, 1900, was $0.61876, and the commercial value of the silver in the silver dollar on that date was 47.857 cents. SUBSIDIARY SILVER. The silver coins of smaller denominations than one dollar, author- ized by the act of April 2, 1792, were half dollars, quarter dollars, dimes, and half dimes. They were the equivalent in value of the frac- tional parts of a dollar which they represented — that is, two half dollars were equal in weight to one silver dollar, and so on. These coins were full legal tender when of standard weight, and those of less than full weight were legal tender at values proportional to their respective weights. By the act of February 21, 1853, the weight of the fractional silver coins was reduced so that the half dollar weighed only 192 grains, and all the smaller denominations were reduced in proportion. Their legal-tender quality was at the same time limited to $5, and they thus became subsidiary coins. The present subsidiary coins are half dol- lars, quarter dollars, and dimes. Their weight is slightly different from that prescribed by the act of 1853; but the limit of their legal- tender quality has been raised to $10, and $117,845,395.85 have been coined since 1873. The amount of full-weight fractional silver coined prior to 1853 was $76,734,964.50, and the amount of subsidiary silver coined since that year is $176,892,792.05. There was a period, from 1862 to 1876, when there was no fractional silver coin in circulation in the United States except on the Pacific coast. During this period the small change of the country consisted of fractional paper currency, which will be described in its place. 14 ISSUE OF STANDARD SILVER DOLLARS AND SUBSIDIARY SILTER COIN. Standard silver dollars are issued by the Treasurer and assistant treasurers in redemption of silver certificates and Treasury notes of 1890, and are sent by express, at the expense of the Government, in sums or multiples of $500, for silver certificates or Treasury notes of 1890 deposited with the Treasurer or any assistant treasurer. Upon the deposit of an equivalent sum in United States currency or national-bank notes with the Treasurer or any assistant treasurer or national-bank depositary, subsidiary silver coin will be paid in any amount by the Treasurer or assistant treasurers in the cities where their several offices are, or will be sent by express, in sums of $200 or more, at the expense of the Government, or by registered mail, at the risk of the consignee, in packages of $50, registration free, from the most convenient Treasury office, to the order of the depositor. For this purpose drafts may be sent to the Treasurer or the assistant treas- urer in New York, payable in their respective cities to the order of .the officer to whom sent. PAPER MONEY. The first paper money ever issued by the Government of the United States was authorized by the acts of July 17 and August 5, 1861. The notes issued were called "demand notes," because they were pay- able on demand at certain designated subtreasuries. They were receivable for all public dues, and the Secretary was authorized to reissue them when received; but the time within which such reissues might be made was limited to December 31, 1862. The amount authorized by these acts was $50,000,000. An additional issue of $10,000,000 was authorized by the act of February 12, 1862, and there were reissues amounting to $30,000. The demand notes were paid in gold when presented for redemption and they were received for all public dues, and these two qualities prevented their depreciation. All other United States notes were depreciated in value from 1862 until the resumption of specie payments, as shown by the table herein- after following. The act of February 25, 1862, provided for the sub- stitution of United States notes in place of the demand notes, and the latter were therefore canceled when received. By July 1, 1863, all except $3,770,000 had been retired, and nearly three millions of this small remainder were canceled during the next fiscal year. These notes were not legal tender when first issued, but they were after- wards made so by the act of March 17, 1862. UNITED STATES NOTES. The principal issue of United States paper money was officially called United States notes. These were the well-known ' ' greenbacks " 15 or " legal tenders." The actof February 25, 1862, authorized the issue of $150,000,000, of which $50,000,000 were in lieu of an equal amount of demand notes, and could be issued only as the demand notes were canceled. A second issue of $150,000,000 was authorized by the act of July 11, 1862, of which, however, $50,000,000 was to be a temporary issue for the redemption of a debt known as the temporary loan. A third issue of $150,000,000 was authorized by the act of March 3, 1863. The total amount authorized, including the temporary issue, was $450,000,000, and the highest amount outstanding at any time was $449,338,902 on January 30, 1864. There are still outstanding $346,681,016. The reduction from the original permanent issue of $400,000,000 to $346,681,016 was caused as follows: The act of April 12, 1866, provided that United States notes might be retired to the extent of $10,000,000 during the ensuing six months, and that thereafter they might be retired at the rate of not more than $4,000,000 per month. This au- thority remained in force until it was suspended by the act of Febru- ary 4, 1868. The authorized amount of reduction during this period was about $70,000,000, bat the actual reduction was only about $44,000,000. No change was made in the volume of United States notes outstanding until after the panic of 1873, when, in response to popular demand, the Government reissued $26,000,000 of the canceled notes. This brought the amount outstanding to $382,000,000, and it so remained until the resumption act of January 14, 1875, provided for its reduction to $300,000,000. The process was, however, again stopped by the act of May 31, 1878, which required the notes to be reissued when redeemed. At that time the amount outstanding was $346,681,016, which is the present amount. The amount of United States notes redeemed from the fund raised for resumption purposes since January 1, 1879, to June 30, 1900, was $564,147,369; but the volume outstanding is undiminished because of the provisions of the act of May 31, 1878, which require the notes so redeemed to be paid out again and kept in circulation. The act of March 14, 1900, also directed the reissue of United States notes when redeemed, but they must first be exchanged for gold as provided in the said act. The act also provides that when silver cer- tificates of large denominations are canceled and small denominations issued in their place, a like volume of United States notes shall from time to time be canceled and notes of $10 and upward issued in sub- stitution therefor. 1 1 Note. — The act of March 14, 1900, may be found on pages 83 to 87. 3213 2 , . 16 GOLD CERTIFICATES. The act of March 3, 1863, authorized the Secretary of the Treasury to receive deposits of gold coin and bullion in sums not less than $20, and to issue certificates therefor in denominations not less than $20, said certificates to be receivable for duties on imports. Under this act deposits of gold were received and certificates issued until January 1, 1879, when the practice was discontinued by order of the Secretary of the Treasury. The purpose of the order was to prevent the holders of United States notes from presenting them for redemption in gold, and redepositing the gold in exchange for gold certificates. No cer- tificates were issued after January 1, 1879, until the passage of the bank act of July 12, 1882, which authorized and directed the Secretary of the Treasury to receive gold coin and bullion and issue certificates. This act, however, provided that "the Secretary of the Treasury shall suspend the issue of gold certificates whenever the amount of gold coin and gold bullion in the Treasury, reserved for the redemp- tion of United States notes, falls below one hundred millions of dol- lars." The act of March 14, 1900, reenacted this provision, and further provided that the Secretary may, in his discretion, suspend such issue whenever and so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treasury shall exceed $60,000,000. It provided further that of the amount of such certificates outstanding one-fourth, at least, shall be in denomina- tions of $50 or less. The amount of gold certificates now outside the Treasury is $200,555,469. The act of July 12, 1882, made them receivable for customs, taxes, and all public dues. SILVEE CERTIFICATES. The act of February 28, 1878, authorizing the issue of the standard silver dollars, provided that any holder of such dollars might deposit them in sums not less than $10 with the Treasurer or any assistant treasurer of the United States and receive certificates therefor, in denominations not less that $10, said certificates to be receivable for customs, taxes, and all public dues. The act of August 4, 1886, authorized the issue of the smaller denominations of $1, $2, and $5. Silver certificates have practically taken the place in circulation of the standard silver dollars which they represent. The amount outside the Treasury July 1, 1900, was $408,199,347, while the amount of standard silver dollars outside the Treasury was only $66,429,476. The act of March 14, 1900, provided that thereafter the issue of silver certificates should be limited to the denominations of $10 and under, except that 10 per cent of the total volume of such certificates, in the 17 discretion of the Secretary of the Treasury, may be issued in denomi- nations of $20, $50, and $100. Neither silver certificates nor silver dollars are redeemed in gold. TREASURY NOTES, ACT OF JULY 14, 1890.' These notes were authorized by the act of July 14, 1890, commonly called the "Sherman Act." The Secretary of the Treasury was directed to purchase each month 4,500,000 ounces of fine silver at the market price, and to pay for the same with Treasury notes redeema- ble on demand in coin and legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. It was provided in the act that when the notes should be redeemed or received for dues they might be reissued, but that no greater or less amount of such notes should be "outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom then held in the Treasury purchased by such notes." The authority for the purchase of silver bullion under this act was repealed by the act of November 1, 1893, up to which date the Government had purchased 168,674,682.53 fine ounces at a cost of $155,931,002, for which Treasury notes were issued. The amount of silver bullion purchased under said act, and now held in the Treasury, is 77,454,253.37 fine ounces, which cost $70,079,834.30.' When coined it will produce $100,142,873, of which $30,063,039 will be gain, or seigniorage. The amount of Treasury notes redeemed in gold up to the close .of the fiscal year 1900 was $106,556,655 and the amount redeemed in standard silver dollars was $70,703,410. Treasury notes redeemed in standard silver dollars are canceled and retired in accord- ance with the requirements of the act of 1890. Sections 5 and 8 of the act of March 14, 1900, also provide for the cancellation and retire- ment of Treasury notes to an amount equal to the coinage of standard silver dollars and subsidiary silver from the bullion purchased with such notes. The cancellation of notes on account of coinage since March 14, 1900, is $9,200,592, so that there remained outstanding June 30, 1900, but $76,027,000. Such notes redeemed in gold are reissued as required in the course of business. Copies of the Treasury regulations governing the issue and redemp- tion of currency can be procured' by application to the Treasurer of the United States. FRACTIONAL CURRENCY. When specie payments were suspended, about January 1, 1862, both gold and silver coins disappeared from circulation. The place 1 See sections 1, 2, and 3 of the Sherman Act, on pages 66 and 67. 18 of the subsidiary silver coins was for a time supplied by the use of tickets, duebills, and other forms of private obligations, which were issued by merchants, manufacturers, and others whose business required them to "make change." Congress soon interfered, and authorized, first, the use of postage stamps for change; second, a modified form of postage stamp called postal currency, and finally fractional paper currency in denominations corresponding to the sub- sidiary silver coins. The highest amount authorized was $50,000,000. The highest amount outstanding at any time was $49,102,660.27, and the amount still outstanding, though not in use as money, is $15,254,924.41, of which $8,375,934 is officially estimated to have been destroyed. REDEMPTION. Gold coins and standard silver dollars, being standard coins of the United States, are not "redeemable." Subsidiary coins and minor coins may be presented, in sums or mul- tiples of $20, to the Treasurer of the United States or to an assistant treasurer for redemption or exchange into lawful money. United States notes are redeemable in United States gold coin in any amount by the Treasurer and all the assistant treasurers of the United States. Treasury notes of 1890 are redeemable in United States gold coin in any amount by the Treasurer and all the assistant treasurers of the United States. National-bank notes are redeemable in lawful money of the United States by the Treasurer, but not by the assistant treasurers. They are also redeemable at the bank of issue. In order to provide for the redemption of its notes when presented, every national bank is required by law to keep on deposit with the Treasurer a sum equal to 5 per cent of its circulation. Gold certificates being receipts for gold coin, are redeemable in such coin by the Treasurer and all assistant treasurers of the United States. Silver certificates are receipts for standard silver dollars deposited, and are redeemable in such dollars only. "Coin" obligations of the Government are redeemed in gold coin when gold is demanded and in silver when silver is demanded. 19 FOREIGN COINS NOT LEGAL TENDEE. Section 3584 of the Revised Statutes of the United States provides that no foreign coins shall be a legal tender in the United States. DENOMINATIONS, WEIGHT, AND FINENESS OF THE COINS OF THE UNITED STATES. Denomination. One dollar ($1) Quarter eagle ($2.50) . Three dollars ($3) .... Half Eagle ($5) Eagle ($10) : Double eagle ($20) ... Fine gold contained. Grains. 23.22 58.05 69.66 116.10 232. 20 464.40 Alloy con- tained. 1 Grains. 2.58 6.45 7.74 12.90 25.80 51.60 Weight. Grains. 25.80 64.50 77.40 129.00 258.00 516.00 1 The alloy neither adds to nor detracts from the value of the coin. SILVER. Denomination. Fine silver contained. Alloy con- tained. Weight. Qrains. 371.26 173. 61 86.805 34.722 Qrains. 41.25 19.29 9.646 3.858 Qrains. 412.50 192.90 96.45 S8.58 Prior to the act of February 21, 1853, all silver coins were legal tender in all payments whatsoever. The act of February 21, 1863, reduced the weight of all silver coins of less denomination than the silver dollar about 7 per cent, to be coined on Government account only, and made them legal ten- der in payment of debts for all sums not exceeding $5. MINOR. Denomination. Five cents'. One cent 2 .. Fine copper contained. Grains. 57.87 45.60 Alloy con- tained. Qrains. 19.29 2.40 Weight. Qrains. 77.16 1 Seventy-five per cent copper, 25 per cent nickel. 2 Ninety-five per cent copper, 5 per cent tin and zinc. Troy weights are used, and while metric weights are by law assigned to the half and quarter dollar and dime, troy weights still continue to be employed, 15.432 grains being considered as the equivalent of a gram, agreeably to the act of July 28, 1866. ,■ , , , The weight of $1,000 in United States gold coin is 53. 75 troy ounces, equivalent to 3. 68 pounds avoirdupois. The weight of $l,000 r ie stand- ard silver dollars is 859.375 troy ounces, equivalent to 58.92 pound* avoirdupois, and the weight of $1,000 in subsidiary silVei is 8p3.,75 troy ounces, equivalent to 55.11 pounds avoirdupois- 20 COINAGE OF THE UNITED STATES. The following table exhibits the number of fine ounces and value of gold and silver coinage of the United States, by calendar years, from 1873 to 1899: Coinage op Gold and Silver by the Mints of the United States, 1873-1899. Gold. Silver. Calendar years. Fine ounces. Value. Fine ounces. Coining value. 1873 : 2,758,475 1,705,441 1, 594, 050 2, 253, 281 2, 128, 493 2,408,400 1,890,499 3,014,163 4,685,162 3,187,317 1,414,581 1, 160, 601 1,343,519 1,400,240 1,159,664 1,518,046 1,035,899 990,100 1,413,614 1, 682, 832 2,757,231 3,848,045 2,883,941 2,276,192 3,677,878 3,772,561 5,386,277 »57,022,748 35,254,630 32,951,940 46,579,453 43,999,864 49,786,052 39,080,080 62,308,279 96,850,890 65,887,685 29,241,990 23,991,756 27,773,012 28,945,542 23, 972, 383 31,380,808 21,413,931 20,467,182 29,222,005 34,787,223 56,997,020 79,546,160 59,616,358 47,053,060 76,028,485 77,985,757 111, 344, 220 3, 112, 891 5,299,421 11, 870, 635 18,951,777 21,960,246 22,057,548 21,323,498 21,201,232 21,609,970 21,635,469 22,620,701 22,069,935 22,400,433 24,817,064 27,218,101 25,543,242 27,454,465 30,320,999 21,284, 115 9,777,084 6,808,413 7,115,896 4,407,055 17,858,594 14,298,769 17,815,385 19,898,738 $4,024,748 1874 6,851,777 1875 . 15,347,893 1876 24,503,308 1877 28,393,045 1878 28,518,850 1879 27,569,776 1880 27,411,694 1881 , 27,940,164 1882 27,973,132 1883 - 29,246,968 1884 28,534,866 1885 28,962,176 1886 .' 32,086,709 1887 35,191,081 1888 33,025,606 1889 35, 496, 683 1890 39,202,908 1891 27,518,857 1892 , 12,641,078 1893 1894 8,802,797 9,200,351 1895 5, 698, 010 1896 23,089,899 1897 18,487,297 23, 034, 033 1898 1899 26,061,520 Total 63,846,502 1,309,488,513 490,731,676 634,815,226 21 Coinage op Gold and Silver since November 1, 1893, the Date of the Repeal of the Purchasing Clause of the Act of July 14, 1890, to June 30, 1900. November 1, 1893, to June 30, 1900. November and December, 1893 Calendar year 1894 Calendar year 1895 Calendar year 1896 Calendar year 1897 Calendar year 1898 Calendar year 1899 January to June, 1900 Total Gold. 820, 627, 917. 50 79,546,160.00 59,616,357.50 47,053,060.00 76,028,485.00 77,985,757.50 111,344,220.00 62,507,910.00 534,709,867.50 Silver dollars. 8227 3,093,972 862, 880 19,876,762 12,651,731 14,426,735 15, 182, 846 113,118,512 79,213,665 Subsidiary silver. 8848,533.30 6,106,378.85 4,835,130.25 3,213,137.05 6,835,566.30 8,607,298.45 10,878,673.90 4,772,242.45 45,096,960.45 i Includes 50,000 Lafayette dollars. Coinage of Silver Coins, by Acts and Denominations, from 1792 to June 30, 1900.- Denomination. 1792 to 1853. 1853 to Feb. 12, 1873. Feb. 12, 1873, to June 30, 1900. Total silver. 82,506,890.00 85,524,348.00 8498,496,215.00 35,965,924.00 50,000.00 8506,527,453.00 35,965,924.00 50,000.00 2,506,890.00 5,524,348 00 534,512,139.00 542,543,377.00 66,280,640.50 32, 666, 832. 50 46,041,036.00 2,501,052.50 41,889,190.50 10,005.75 271,000.00 27, 133, 111. 10 144, 988, 509. 00 2, 501, 052. 50 3,994,040.50 17,879,790.50 63, 763, 021. 50 10,005.75 271,000.00 3,890,230.10 1,825,126.40 744,927.00 4,908,520.00 3,055,093.00 537,160.20 35,931,861.20 4,880,219.40 1,282,087.20 76,734,964.50 59,047,396.20 117,845,395.85 253,627,756.55 79,241,854.50 64,571,744.20 652,357,534.85 796,171,133.55 Fractional silver coinage, 1792 to 1853 876,734,964.50 Subsidiary silver coinage, 1853 to February 12, 1873 59,047,396.20 Subsidiary silver coinage, February 12, 1873, to June 30, 1900 117, 845, 395 85 Total 253,627,756.55 22 Coinage Executed at the Mints of the United States during the Fiscal Year ended June 30, 1900. Denomination. Pieces. Value. 3,924,635 2, 177, 934 1,505,811 54,406 $78, 492, 700. 00 21,779,340.00 7,529,055.00 136, 015. 00 Total gold 7,662,786 107,937,110.00 18,244,984 50,000 10, 689, 717 19,263,569 27,160,984 18,244,984.00 50,000.00 5,344,858.50 4,815,892.25 2,716,098.40 75,409,254 31, 171, 833. 15 30, 749, 992 70,551,761 1,537,499.60 705,517.61 101,301,753 2,243,017.21 184,373,793 141,351,960.36 The following table exhibits the value of the pure silver in a silver dollar at prices of silver per ounce fine from $0.50 to $ 1.2929, or parity: Price of silver per fine ounce. Value of pure silver in a silver dollar. Price of silver per fine ounce. Value of pure silver in a silver dollar. Price of silver per fine ounce. Value of pure silver in a silver dollar. 80.50 $0,387 $0.77 $0,596 $1.04 $0,804 .51 .394 .78 .603 1.05 .812 .52 .402 .79 .611 1.06 .820 .53 .410 .80 .619 1.07 .828 .54 .418 .81 .626 1.08 .835 .55 .425 .82 .634 1.09 .843 .56 .433 .83 .642 1.10 .851 .57 .441 .84 .650 1.11 .859 .58 .449 .85 .657 1.12 .866 .59 .450 .86 .665 1.13 .874 .60 .464 .87 .673 1.14 .882 .61 .472 .88 .681 1.15 .889 .62 .480 .89 .688 1.16 .897 .63 .487 .90 .696 1.17 .905 .64 .495 .91 .704 1.18 .913 .65 .603 .92 .712 1.19 .920 .66 .510 .93 .719 1.20 .928 .67 .518 .94 .727 1.21 .936 .68 .526 .95 .735 ] 1.22 .944 .69 .534 .96 .742 1.23 .951 .70 .541 .97 .750 1.24 .959 .71 .549 .98 .758 1.25 -.967 .72 .557 .99 766 : 1.20 .975 .73 .565 1.00 .773 1.27 .982 .74 .572 1.01 .781 1.28 .990 .75 .580 1.02 .789 1.29 .998 .76 .588 1.03 .797 1 1. 2929 1.00 1 Parity. '23 Bullion Value of 371J Grains of Pure Silver at the Annual Average Price of Silver each Year from 1837 to 1899, inclusive. Year. Value. Year. Value. Year. Value. Year. Value. 1837 $1,009 1.008 1.023 1.023 1.018 1.007 1.003 1.008 1.004 1.005 1.011 1.008 1.013 1.018 1.034 1.026 1853 $1,042 1.042 1.039 1.039 1.046 1.039 1.052 1.045 1.031 1.041 1.040 1.040 1.035 1.036 1.027 1.025 1869 $1 09.4 1885 . $0,823 1838 1354 1870 1 1 1 1 027 025 022 004 988 964 894 929 891 868 886 880 878 858 861 1886 1887. . . .769 1839.. 1855 1871 .756 1840 1856 1872 1888. . . .727 1841 1857 1873 1889. .723 1842 1858 1874 1890... .809 1843 1859 1875 1891 .764 1844 1860 1876 1892 .673 1845 1861...- 1877 1893 .603 1846 1862 1878 1894 .491 1847 1863 1879 1895 .505 1848 1864 1880 1896 .522 1849 1865 1881 1897 .467 1850 1866 1882 1898 .456 1851 1867 1883 1899 .465 1852 1868 1884 1900 (6 mos.) . . .472 Coinage Value in Gold of an Ounce of Fine Silver at the Ratios 1:15-1:40. Ratio. Value of an ounce of fine silver. Ratio. Value of an ounce of fine silver. Ratio. Value of an ounce of fine silver. $1.3780 1.3336 1.2929 1.2919 1.2527 1.2159 1. 1811 1.1483 1. 1173 1.0879 1.0600 1.0335 1.0083 .9843 .9614 .9396 .9187 1 to 23 $0. 8987 .8796 .8613 .8437 .8268 .8106 .7950 .7800 .7656 .7517 .7382 .7253 .7109 .7007 .6890 .6777 .6668 .6562 1 to.32 $0. 6459 1 to 23J lto32£ .6360 1 to 15.988 (United 1 to 24 . . 1 to 33 ■ .6264 1 to24J „. lto33i .6171 1 to 25 lto34 .6080 1 to 25£ 1 to34i .5992 ltol7 lto26 lto35 .5906 1 to 26J 1 to35J .5823 1 to 27 lto36 .5742 1 to 27 J lto36J .5663 1 to 28 lto37 .5587 1 to 28i lto37J .5512 1 to 29 1 to 38 .5439 1 to 29i lto38J .5369 1 to 30 , lto39 .5300 1 to 30$ 1 to 395 .5233 1 to 31 Ito40 .5168 1 to31J 24 Highest, Lowest, and Average Price of Bar Silver in London per Ounce, British Standard (.925), since 1833, and the -Equivalent in United States Gold Coin op an Ounce 1,000 fine taken at the Average Price. Calendar year. 1833. 1834 1835 1836. 1837 1838 1839. 1840 1841 1842 1843 1844. 1845 1846 1847 1848. 1849. 1850. 1851. 1852. 1853. 1854. 1855. 1856. 1857. 1858. 1859. 1860. 1861. 1862. 1863. 1864. 1865. 1866. Lowest quota- tion. d. 58} 593 59* 598 59 59* 60 60J 59} 59* 59 59* 581 59 58} 585 59* 59* 60 59} 00J 60| 60 60* 61 60} 61} 61* 60* 61 61 60J Highest quota- tion. d. 59} 60} 60 60| 60| 60* 60| 60} 002 60 m 59} 59} 60* 60} 60 60 61* 61 1 615 61} 61} 618 62J 02J 61} 62} 62| 61f 621 61} 62* 61 1 621 Aver- age quota- tion. d. 59ft 59*£ 59** 60 59ft 59* 60* OOg 60ft 59ft 69ft 59i 591 59ft 59** 59* 59} 61ft 61 60* 61* 61* 61ft 61ft 61} 61ft 62ft 61H 60*8 61ft 61! 61| 61ft 61* Value oi an ounce, fine, at av erage quotation DoUars. 1.297 1.313 1.308 1.315 1.305 1.304 1.323 1.323 1.316 1.303 1.297 1.304 1.298 1.300 1.308 1.304 1.309 1.316 1.337 1.326 1.348 1.348 1.344 1.344 1.353 1.344 1.360 1.352 1.333 1.346 1.345 1.345 1.338 1.339 Calendar year. 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879. 1880. 1881 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. 1890. 1891. 1892. 1893. 1894. 1895. 1896. 1897. 1898. 1899. Lowest quota- tion. d. 60| 60* 60 59* 57} 5"i 55* 46} 53J 49* 48} 51| 50} 50 50 49* 46} 42 431 41 1 42 438 43* 37} 30* 27 27ft 29} 23j 25 26| Highest quota tion. d. 61} 61* '61 60} 61 61* 59*$ 59* 578 58* 58* 55* 53} 52} 52} 528 51ft 51 f 50 47 47* 44ft 44* 548 48} 43} 38} 31} 318 31*1 29*8 28* 29 Aver- age quota- tion. 60ft 60ft 60* 60ft 59* 58ft 56} 52} 54*8 52ft 51* 52* 51H 51*8 508 50} 48ft 468 44J 42} 41 H 47} 45ft 39} 35ft 28} 29*8 30} 2'ft 26*| 27ft Value of an ounce, fine, atav- erage quotation. Dollars. 1.328 1.326 1.325 1.328 1.326 1.332 1.298 1.278 1.246 1.156 1.201 1.152 1.123 1.145 1.138 1.136 1.110 1.113 1.0645 .9946 .97823 .93974 .93512 1.04633 .98782 .87106 .78031 . 63479 .65406 .67437 .60483 .59010 .60154 25 Commercial Ratio op Silver to Gold Each Year since 1687. [Note.— From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer; from 1883 to 1H78 from Pixley and Abell's tables, and from 1879 to 1894 from daily cablegrams from London to the Bureau of the Mint.] Year. Ratio. Year. Ratio. Year. Ratio. Year. Ratio. Year. Ratio. Year. Ratio. 1687.... 14.94 1723... 15.20 1759... 14.15 1795... 15.55 1831... 15.72 1867... 15.57 1688.... 14.94 1724... 15.11 1760... 14.14 1796... 15.66 1832... 15.73 1868... 15.59 1689.... 15.02 1725... 15.11 1761... 14.54 1797... 16.41 1833... 15.93 1869... 15.60 1690.... 15.02 1726... 15.15 1762... 15.27 1798... 15.59 1834... 15.73 1870... 15.67 1691.... 14.98 1727... 15.24 1763... 14.99 1799. . . 15.74 1836... 16.80 1871... 15.57 1692.... 14.92 1728... 15.11 1764... 14.70 1800... 15.68 1836... 16.72 1872. . . 15.63 1693.... 14.83 1729... 14.92 1765... 14.83 1801... 15.46 1837... 15.83 1873... 15.92 1694.... 14.87 1730... 14.81 1766... 14.80 1802... 15.26 1838... 15.85 1874... 16.17 1695.... 15.02 1731... 14.94 1767... 14.85 1803... 16.41 1839... 15.62 1876. . . 16.69 1696.... 15.00 1732. . . 15.09 1768... 14.80 1804... 15.41 1840... 15.62 1876... 17.88 1697.... 15.20 1733... 15.18 1769. . . 14.72 1805... 16.79 1841... 15.70 1877... 17.22 1698.... 15.07 1734... 15.39 1770... 14.62 1806... 16.52 1842... 15.87 1878... 17.94 1699. . . . 14.94 1735... 15.41 1771... 14.66 1807... 15.43 1848... 15.93 1879... 18.40 1700.... 14.81 1736... 15.18 1772... 14.52 1808. . . 16.08 1844... 16.85 1880... 18.05 1701.... 15.07 1737... 15.02 1773... 14.62 1809... 15.96 1846... 15.92 1881... 18.16 1702.... 15.52 1738... 14.91 1774... 14.62 1810. . . 15.77 1846. . . 15.90 1882... 18.19 1703.... 15.17 1739... 14.91 1776... 14.72 1811... 15.53 1847... 16.80 1883... 18.64 1704.... 15.22 1740... 14.94 1776... 14.55 1812. . . 16.11 1848... 15.85 1884... 18.57 1705.... 15.11 1741... 14.92 1777... 14.54 1813. . . 16.25 1849... 16.78 1885. . . 19.41 1706.... 15.27 1742... 14.85 1778... 14.68 1814... 15.04 1850... 16.70 1886... 20.78 1707.... 15.44 1743... 14.85 1779... 14.80 1815... 16.26 1851... 16.46 1887... 21.13 1708.... 15.41 1744... 14.87 1780... 14.72 1816... 15.28 1862... 15.59 1888... 21.99 1709.... 15.31 1745... 14.98 1781... 14.78 1817... 15.11 1863... 16.33 1889... 22. 10 1710.... 15.22 1746... 15.13 1782... 14.42 1818... 15.35 1854... 16.33 1890. . . 19.76 1711.... 15.29 1747... 15.26 1783. . . 14.48 1819... 15.33 1855... 15.38 1891... 20.92 1712.... 15.31 1748... 15.11 1784... 14.70 1820... 15.62 1866... 15.38 1892... 23.72 1713.... 15.24 1749... 14.80 1785. . . 14.92 1821.., 15.95 1867... 15.27 1893. . . 26.49 1714.... 15.13 1750... 14.56 1786... 14.96 1822. . . 16.80 1858... 16.38 1894... 32.56 1715.... 15.11 1751... 14.39 1787... 14.92 1823... 16.84 1859... 15.19 1895... 31.60 1716.... 15.09 1752... 14.54 1788... 14.65 1824... 15.82 1860... 16.29 1896... 30.66 1717.... 15.13 1753... 14.54 1789... 14.75 1825... 15.70 1861... 16.60 1897... 34.20 1718.... 15.11 1754... 14.48 1790... 15.04 1826... 15.76 1862... 16.35 1898. . . 35.03 1719.... 16.09 1755... 14.68 1791... 15.05 1827... 15.74 1863... 16.37 1899. . . 34.36 1720.... 15.04 1756... 14.94 1792... 16.17 1828... 15.78 1864... 16.37 1721.... 15.05 1757... 14.87 1793... 15.00 1829. . . 15.78 1865... 15.44 1722.... 15.17 1758... 14.86 1794... 16.37 1830... 16.82 1866... 16.43 26 Amount, Cost, and Average Peice Paid Each Year and Bullion Value op a Silver Dollar Coined from Bullion Purchased Under the Act ok February 28, 1878. Fiscal year. Pine ounces. Cost. Average price per fine ounce. Bullion value of a silver dollar. 1878 10,809,350.58 19,248,086.09 22,057,862.64 19,709,227.11 21,190,200.87 22,889,241.24 21,922,951.52 21,791,171.61 22,690,652.94 26,490,008.04 25,386,125.32 26,468,861.03 27,820,900.05 2,797,379.52 813,023,268.96 21,593,642.99 25,235,081.53 22,327,874.75 24,054,480.47 25,577,327.58 24,378,383.91 23,747,460.26 23,448,960.01 25,988,620.46 24,237,553.20 24,717,853.81 26,899,326.33 3,049,426.46 $1.2048 1. 1218 1.1440 1.1328 1.1351 1.1174 1. 1120 1.0897 1.0334 .9810 .9547 .9338 .9668 1.0901 $0.9318 1879 .8676 1880 .8848 1881 .8761 1882 .8779 1883 .8642 1884. .8600 1885 .8428 1886 .7992 1887 .7587 1888 .7384 1889 .7222 1890 .7477 1891 .8431 291,272,018.56 308,279,260.71 1.0583 .8185 Amount, Cost, Average Price, and Bullion Value of the Silver Dollar of Silver Purchased Under the Act of July 14, 1890. Fiscal year. Fine ounces. Cost. Average price per fine ounce. Bullion value of a silver dollar. 1891 48, 393, 113. 05 54,355,748.10 54,008,162.60 11,917,658.78 $50,577,498.44 51,106,607.96 45,531,374.53 8,715,521.32 $1.0461 .9402 .8430 .7313 $0.8083 1892 .7271 1893 .6520 1894 .5656 Total 168,674,682.53 155,931,002.26 .9244 .7160 27 Highest, Lowest, and Average Value of a United States Silver Dollar, Measured by. the Market Price op Silver, and the Quantity op Silver Purchasable with a Dollar at the Average London Price of Silver, each Year since 1873. Calendar year. Bullion value of a silver dollar. Grains of pure silver at aver- age price pur- chasable with a United States silver dollar. 1 Highest. Lowest. Average. 1873 $1,016 1.008 .977 .991 .987 .936 .911 .895 .896 .888 .868 .871 .847 .797 .799 .755 .752 .926 .827 .742 .657 .538 .532 .541 .505 .481 .484 JO. 981 .970 .941 .792 .902 .839 .828 .873 .862 .847 .848 .839 .794 .712 .733 .706 .711 .740 .738 .642 .517 .157 . !61 .504 .400 .424 .451 $1,004 .989 .961 .900 .929 .892 .869 .885 .876 .878 .858 .861 .823 .769 .758 .727 .723 .809 .764 .674 .604 .491 .505 .522 .467 .456 .464 369. 77 1874 375.38 1875 385.31 1876 412. 50 1877 399. 62 1878 416. 20 1879 427. 21 1880 423.80 1881 422.88 1882 422.83 1883 432.69 1884 i 432. 18 1885 451.09 1886 482. 77 1887 489. 78 1888 510. 66 513.48 1890 458.90 1891 485.93 1892 550. 81 1893 614. 65 1894 756. 11 1895 735. 14 1896 711.20 1897 794.96 1898 814. 14 800.00 1 371.25 grains of pure silver are contained in a silver dollar. 28 Coinage of Gold and Silver of the Mints of the World Years 1873-1898. or the Calendar Gc Fine ounce*. Id. Sil vcr. Value. Fine ounces. Coining value. 1873 12,462,890 6,568,279 9,480,892 10,309,645 9,753,196 9,113,202 4, 390, 167 7,242,951 7, 111, 864 4,822,851 5,071,882 4,810,061 4,632,273 5,578,310 6,046,510 6,522,346 8,170,611 7,219,725 5,782,463 8,343,387 11,243,342 11,025,680 11,178,855 9,476,639 21,174,850 :9, 131, 244 $257,630,802 135, 778, 387 195,987,428 213,119,278 201,616,466 188,386,611 90,752,811 149, 725, 081 147,015,275 99, 697, 170 104,845,114 99,432,795 95,757,582 94,642,070 124, 992, 465 134,828,855 168,901,519 149,244,965 119,534,122 172,473,124 232,420,517 227,921,032 231,087,438 195,899,517 437, 722, 992 395, 477, 905 101,741,421 79,610,875 92, 747, 118 97,899,525 88,449,796 124, 671, 870 81,124,555 65,442,074 83,539,051 85,685,996 84,541,904 74,120,127 98,044,475 96,566,844 126,388,502 104,354,000 107,788,256 117, 789, 228 106,962,049 120,282,947 106,697,783 87,472,523 98,128,832 123,394,239 129,775,082 115,461,020 8131,544,464 102,931,232 1875 119,915,467 126,577,164 414,359,332 161,191,913 1879 104,888,313 1880 84,611,974 1881 108,010,086 1882 110,785,934 1883 109,306,705 1884 95,832,084 1885 126,764,574 1886 124,854,101 1887 163,411,397 1888 1889 1890 134,922,344 139,362,595 152,293,144 1891 138,294,367 1892 155,517,347 1893 137,952,690 1894 113,095,788 1895 126,873,642 1896 159,540,027 1897 167,790,006 1898 149,282,935 Total 225,664,115 4,664,891,321 2,598,680,092 3,359,909,625 Note. — This table includes recoinages. The amount of recoinage of gold coins in the United States during the above period is $49,362,999, and of silver coins $54,526,841. It is not practicable to state the recoinage of other nations, as the reports received do not state it separately. The recoinage of gold in the United States is much smaller in proportion to our total coinage of gold than in most foreign countries, because in the United States coin is represented in circulation principally by paper money. 29 The following table shows the production of the precious metals in the world for the calendar years 1860-1898: Product of Gold and Silver in the World since 1860. [The annual production of 1860 to 1872 is obtained from 5-year period estimates, compiled by Dr. Adolph Soetbeer. Since 1872 the estimates are those o£ the Bureau of the Mint.] Calendar year. Gold. Silver. Fine ounces. Value. Fine ounces. Commercial value. Coining value. 1860 6,486,262 5,949,582 5, 949, 582 5,949,582 5,949,582 5,949,582 6, 270, 086 6, 270, 086 6,270,086 6,270,086 6, 270, 086 5, 591, 014 5,591,014 8134,083,000 122, 989, 000 122,989,000 122,989,000 122, 989, 000 122,989,000 129,614,000 129,614,000 129, 614, 000 129, 6f4, 000 129,614,000 115,577,000 115 577,000 29, 095, 428 35,401,972 35,401,972 35,401,972 35, 401, 972 35,401,972 43,051,583 43, 051, 583 43, 051, 583 43,051,583 43,051,583 63,317,014 63,317,014 $39, 337, 000 46,191,000 47,651,000 47,616,000 47, 616, 000 47,368,000 57,646,000 57, 173, 000 57, 086, 000 57,043,000 57, 173, 000 83,958,000 83, 705, 000 537,618,000 15,772,000 45, 772, 000 45, 772, 000 45,772,000 45,772,000 55,663,000 55, 663, 000 55, 663, 000 55, 663, 000 ,55,663,000 81,864,000 81,864,000 1861 1862 1863 1864 1866 1866 1867 1868 1869 1870 1871 1872 Total 1873 78, 766, 630 1,628,252,000 547,997,231 729,563,000 708,521,000 4, 653, 675 4, 390, 031 4,716,563 5,016,488 5,612,196 5, 761, 114 5,262,174 5, 148, 880 4,983,742 4,934,086 4,614,588 4, 921, 169 5,245,572 5, 135, 679 5,116,861 5,330,775 5, 973, 790 5,749,306 6,320,194 7, 094, 266 7,618,811 8, 764, 362 9, 615, 790 9,783,914 11,552,532 13,904,363 96,200,000 90,750,000 97,500,000 103,700,000 113,947,200 119,092,800 108, 778, 800 106,436,800 103,023,100 101, 996, 600 95,392,000 101, 729, 600 108,435,600 106, 163, 900 105, 774, 900 110,196,900 123, 489, 200 118,848,700 130,650,000 146, 661, 600 157,494,800 181, 175, 600 198, 763, 600 202, 251, 600 238,812,000 287,428,600 63,267,187 55, 300, 781 62,261,719 67,753,125 62, 679, 916 73,385,451 74,383,495 74, 795, 273 79,020,872 86,472,091 89, 175, 023 81,567,801 91, 609, 959 93,297,290 96,123,586 108,827,606 120, 213, 611 126, 095, 062 137,170,919 153,151,762 165,472,621 164, 610, 394 167,500,960 157,061,370 164,073,172 165,295,572 82,120,800 70,674,400 77, 578, 100 78,322,600 75,278,600 84,540,000 83,632,700 85, 640, 600 89,925,700 98,232,300 98,984,300 90,785,000 97,518,800 92,793,500 94,031,000 102, 185, 900 112,414,100 131,937,000 135, 500, 200 133, 404, 400 129, 119, 900 104,493,000 109, 545, 600 105, 859, 300 98,443,800 97,524,500 81,800,000 71,500,000 80,600,000 87,600,000 81,040,700 94,882,200 96,172,600 96,705,000 102,168,400 111,802,300 115,297,000 105,461,400 118,445,200 120, 626, 800 124, 281, 000 140, 706, 400 155,427,700 163, 032, 000 177,352,300 198,014,400 213,944,400 212, 829, 600 216,566,900 203,069,200 212, 134, 800 213,715,400 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 Total Grand total.. 167, 120, 321 3,454,683,800 2, 780, 566, 618 2, 560, 386, 100 3,595,075,700 245,886,951 5, 082, 935, 800 3,328,563,849 3,289,949,100 4,303,596,700 30 The following table shows the production of gold and silver from the mines of the United States in the years 1860 to 1899. (The silver product is given at its commercial value, reckoned at the average market price of silver each year, as well as its coining value in United States dollars.) Pkoduct of Gold and Silver from Mines in the United States, 1860-1899. [The estimate fof 1860-1872 is by R. W. Raymond, commissioner, and since 1872 by the Bureau of the Mint.] Calendar year. Gold. Fine ounces. Value. Silver. Fine ounces. Commercial value. Coining value. 1860. 1861. 1862. 1863. 1864. 1865. 1866.. 1867.. 1868. . 1869., 1870. . 1871.. 1872. . 2,225,250 2, 080, 125 1, 896, 300 1,935,000 2,230,088 2,574,759 2,588,063 2, 502, 197 2,322,000 2,394,563 2, 418, 750 2,104,313 1,741,500 29, 012, 908 1873. 1874. 1875. 1876. 1877. 1878. 1879.. 1880. 1881.. 1882.. 1883.. 1884.. 1885.. 1886.. 1887.. 1888.. 1889.. 1890.. 1891 . . 1892.. 1894... 1895... 1896... 1897... 1898... 1899 i . Total Grand total. 1,741,500 1,620,563 1,615,725 1,930,162 2,268,788 2,476,800 1,881,787 1, 741, 500 1,678,612 1, 572, 187 1,451,250 1,489,950 1,538,325 1, 693, 125 1,596,375 1,604,841 1,587,000 1, 588, 880 1,604,840 1,596,375 1,739,323 1, 910, 813 2, 254, 760 2,568,132 2, 774, 935 3, 118, 398 3,446,958 52,091,904 846,000,000 43,000,000 39,200,000 40,000,000 46,100,000 53,225,000 53, 500, 000 51,725,000 48,000,000 49,500,000 50, 000, 000 43,500,000 36,000,000 599,750,000 36, 000, 000 33,500,000 33,400,000 39,900,000 46,900,000 51, 200, 000 38, 900, 000 36,000,000 34,700,000 32, 500, 000 30, 000, 000 30, 800, 000 31,800,000 35,000,000 33,000,000 33, 175, 000 32,800,000 32,845,000 33,175,000 33,000,000 35,955,000 39, 500, 000 46,610,000 53,088,000 57,363,000 64,463,000 71,255,000 81, 104, 812 1,076,803,000 1,676,779,000 116,015 1,546,875 3,480,469 6,574,219 8, 507, 812 8,701,171 7, 734, 375 10,441,406 9,281,250 9,281,250 12,375,000 17,789,062 22,236,328 118, 065, 232 27, 650, 000 28,849,000 24,518,000 30,009,000 30, 783, 000 34,960,000 31,550,000 30, 320, 000 33,260,000 36,200,000 35,730,000 37,800,000 39,910,000 39,440,000 41,260,000 45, 780, 000 50,000,000 54,500,000 58,330,000 63,500,000 60,000,000 49,500,000 55,727,000 58,835,000 53, 860, 000 64,438,000 55,295,000 1,162,004,000 1,280,069,232 8157, 000 2,062,000 4,685,000 8,842,000 11,443,000 11,642,000 10, 356, 000 13,866,000 12,307,000 12,298,000 16, 734, 000 23, 578, 000 29,396,000 157,366,000 35, 890, 000 36, 869, 000 30, 549, 000 34,690,000 36,970,000 40,270,000 35, 430, 000 34, 720, 000 37,850,000 41,120,000 39,660,000 42,070,000 42, 500, 000 39,230,000 40,410,000 43,020,000 46,750,000 57,225,000 57, 630, 000 55,563,000 46,800,000 31,422,000 36, 445, 000 39,655,000 32,316,000 32, 118, 000 33, 177, 000 1, 080, 349, 000 1,237,715,000 $150,000 2,000,000 500,000 500,000 000,000 250,000 000,000 500,000 000,000 000,000 000,000 000,000 750,000 152 650,000 750,000 300, 000 700,000 800,000 800,000 200,000 800,000 200, 000 000,000 800,000 200,000 800,000 600,000 000,000 350,000 195,000 646,000 465,000 417,000 101,000 576,000 000,000 051,000 069,000 637,000 384,000 493,000 334,000 984,000 i Estimated, 31 Product of Gold and Silver in the United States from 1792 to 1844, and Annually Since. [The estimate for 1792-1873 is by R. W. Raymond, Commissioner, and since by Director of the Mint.] Year. April 2, 1792-July 31, 1834 July 81, 1834-Deeember 31, 1844 . 1845 1846 1847 1848 1849 1850 1861 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1884. 1885. 1886.. 1887. 1888. 1889.. 1890.. 1891. 1892.. 1893.. 1894.. 1895.. 1896.. 1897.. Gold. *14, 7 18991 . Total 2,306,116,000 40 55 65 ; 000,000 500,000 008,327 140,000 889,000 000,000 000,000 000,000 000, 000 000,000 000,000 000,000 000, 000 000,000 000,000 000, 000 000,000 000,000 000,000 200,000 000,000 100,000 225,000 500,000 725,000 000,000 500,000 000,000 500,000 000,000 000,000 500,000 400,000 900.000 900,000 200,000 900,000 000, 000 700, 000 600,000 000,000 800,000 800,000 000,000 000,000 175,000 800,000 845,000 175,000 000,000 965,000 600,000 610,000 088,000 363,000 463,000 265,000 Silver. Total. Insignificant. $250, 000 50,000 50,000 60,000 50,000 60,000 50,000 50, 000 60,000 50,000 50,000 50,000 50,000 50,000 600,000 100, 000 150,000 2,000,000 4,500,000 8,500,000 11,000,000 11,250,000 10,000,000 13,500,000 12, 000, 000 12, 000, 000 16, 000, 000 23,000,000 28,750,000 35,750,000 37,300,000 31, 700, 000 38,800,000 39, 800, 000 45,200,000 40, 800, 000 39,200,000 43,000,000 46,800,000 46,200,000 48,800,000 61,600,000 57,000,000 53, 350, 000 59,195,000 64, 646, 000 70,465,000 75,417,000 82,101,000 77,576,000 64,000,000 72,051,000 76,069,000 69,637,000 70,384,000 71,493,000 814 57, 64, 63 65, 60 : 61 66 : 66 : 64, 71, .70, 65, 78, 86, 96, 79, 75, 77, 79, 76, 79, 83, 86, 86 92 97 103, 108, 115 113, 103, 118. 129, 127, 134, 142, 000, 000 750,000 058,000 190, 000 939, 000 050,000 050,000 050,000 050,000 050,000 050, 000 050,000 050, 000 050,000 050,000 600, 000 100,000 160,000 000,000 700,000 500,000 100,000 475,000 500,000 225,000 000,000 600,000 000, 000 600,000 750,000 750,000 800, 000 100,000 700, 000 700, 000 400,000 700,000 200, 000 700, 000 300,000 200,000 600, 000 400,000 000,000 350, 000 370, 000 446,000 310, 000 592,000 101,000 531, 000 500,000 661,000 157, 000 000,000 847,000 748,000 1, 656, 484, 000 3, 962, 600, 000 3213- 1 Estimated. 32 Monetary Systems and Approximate Stocks op Money in the Aggkegate and Countries. Monetary system. Ratio be- tween gold and full legal-ten- der silver. Ratio be- tween gold and limit- ed-tender silver. Population. Stock of gold United States 1 United Kingdom France Germany Belgium Italy Switzerland Greece Spain Portugal H oilman i a Servia Austria-Hungary Netherlands Norway Sweden Denmark Russia Turkey Australasia Egypt Mexico Central American States South American States . . Japan India China Straits Settlements Canada Cuba Haiti Bulgaria Siam Hawaii Cape Colony South African Republic. Finland Gold and silver. Gold Gold and silver- Gold Gold and silver. do do do do Gold Gold and silver. ....do Gold Gold and silver. Gold ....do..: ....do ....do Gold and silver. Gold ....do Silver ....do do8 Gold Gold and silver. Silver ....do Gold Gold and silver. ....do ....do Silver Gold and silver. Gold ....do ....do 1 to 15. 98 1 to 154 1 to 15| 1 to 15* 1 to 154 1 to 154 1 to 154 1 to 15| 1 to 15J 1 to 164 1 to 15* ltol5 1 to 155 1 to 154 1 to 154 1 to 15. S Total. 1 to 14. 95 1 to 14. 28 1 to 14. 38 1 to 13. 957 1 to 14. 38 1 to 14. 38 1 to 14. 38 1 to 14. 38 1 to 14. 38 1 to 14. 08 1 to 13. 69 ltol5 1 to 14. 88 1 to 14. 88 1 to 14. 88 1 to 23.24+ ltol5J 1 to 14. 28 1 to 15. 68 1 to 32. 36 1 to 14. 28 1 to 14. 39 1 to 14. 95 1 to 14. 28 1 to 14. 28 1 to 154 76,100,000 40,200,000 38,500,000 52, 300, 000 6,600,000 31,700,000 3,100,000 2,400,000 18,300,000 5,100,000 5,400,000 2,400,000 45,900,000 5,000,000 2,100,000 5,000,000 2,300,000 130,000,000 24,100,000 6,100,000 9,800,000 13,000,000 3,400,000 38,000,000 45,000,000 296,900,000 383,500,000 4,500,000 5,400,000 1,800,000 1,000,000 3,300,000 5,000,000 100,000 2,100,000 1,100,000 2,600,000 8962,900,000 2 462,300,000 2 810,600,000 6 672,800,000 6 80, 000,000 2 98,000,000 424,000,000 s 500,000 '53,400,000 25,200,000 2 113,100,000 '1,000,000 2 221,400,000 230,200,000 28,600,000 213,000,000 216,900,000 2740,400,000 '50,000,000 2132,100,000 630,000,000 =8,600,000 21,000,000 272,700,000 254,000,000 2 620,000,000 62,000,000 21,200,000 61,000,000 220,000,000 24,000,000 537,500,000 329,200,000 '4,100,000 1,318,100,000 4,631,700,000 1 July 1,1899. 2 Information furnished through United States representatives, s Money and prices, State Department, United States. 4 C. Cramer Frey. 33 Per Capita in the Principal Countries of the World on January 1, 1899. Stock of silver. Uncovered paper. Per capita. Full tender. Limited tender. Total. Gold. Silver. Paper. Total. 8563,600,000 875,700,000 111,900,000 264,000,000 6119,500,000 6 5,000,000 6 27,900,000 no, 700, ooo 51,000,000 37, 800, 000 9,600,000 7,100,000 1,800,000 6 97,300,000 3,500,000 2,300,000 6,500,000 5,400,000 2 81,900,000 610,000,000 2 7,000,000 2 6,400,000 8639,300,000 2111,900,000 420, 100, 000 208,200,000 45,000,000 243,900,000 10,700,000 1,500,000 '37,800,000 '9,600,000 2 '7, 100, 000 '1,800,000 2147,300,000 56,400,000 22,300,000 2 6,500,000 25,400,000 81,900,000 40,000,000 7,000,000 6,400,000 106,000,000 211,400,000 229,000,000 2 25,300,000 2 568,400,000 750,000,000 242, 000, 000 5,000,000 1,500,000 2 3,500,000 6,800,000 2193,400,000 21,000,000 *1, 000, 000 21,200,000 '500,000 8319,500,000 2111,600,000 2161,100,000 2156,700,000 2 82,500,000 2174,900,000 217,400,000 2 29,100,000 '187,500,000 2 75,200,000 '20,200,000 '3,600,000 2103,000,000 247,200,000 2 5,100,000 2 29,500,000 25,900,000 812.65 11.50 21.05 12.86 4.54 3.09 7.74 .21 2.92 1.02 2.42 .41 4.82 6.04 4.10 2.60 7.35 5.69 2.07 25.90 3.06 .66 .30 1.91 1.20 88.40 2.78 10.92 3.98 6.82 1.38 3.45 .62 2.U6 1.88 1.31 .75 3.21 11.28 1.09 1.30 2.35 .63 1.66 1.37 .65 8.15 3.35 .76 .55 1.91 1.96 53.82 .93 .83 3.50 2.06 38.68 10.00 .47 1.09 .19 84.20 2.77 4.18 3.00 12.50 5.52 5.61 12.12 10.24 14.74 3.75 1.50 2.24 9.44 , 2.43 5.90 2.56 4.41 .31 5.32 30.51 .16 7.50 3.70 4.15 825.25 17.05 36.15 19.84 23.86 9.99 16.80 12.95 15.22 17.64 7.48 2.66 10.27 26.76 7.62 9.80 12.26 6.32 3.73 31.68 3.71 9.12 8.97 33.18 1.75 2.07 1.96 53.82 12.13 1.94 8.40 2.36 42.68 50.00 18.33 27.63 5.92 1 2 366,100,000 6 88,700,000 5 40,000,000 616,000,000 3 4 6 6 7 6 500,000 8 9 10 11 12 6 50,000,000 252,900,000 13 14 15 16 17 18 530,000,000 19 2 22,500,000 20 21 2106,000,000 11,400,000 619,000,000 2 4,000,000 218,100,000 21,159,300,000 22 23 610,000,000 25, 300, 000 24 25 568,400,000 6 750,000,000 6 240,000,000 2 47,400,000 26 27 52,000,000 25,000,000 61,500,000 61,500,000 53,400,000 ?S 2 40,500,000 3.70 1.11 1.20 .30 4.00 40.00 17.86 26.54 - 1.58 29 30 5 2,000,000 5 3,400,000 193,400,000 1,000,000 2 3,700,000 31 32 33 34 1,000,000 1,200,000 500,000 35 36 '10,800,000 37 3,102,400,000 733,700,000 3,836,100,000 2,836,300,000 3.51 2.91 2.15 i 8.57 6 Estimate, Bureau of the Mint. Includes Aden, Perim, Ceylon, Hongkong, Labuan, and Straits Settlements. ' Bulletin de Statistique, Paris, January, 1899. 8 Except Venezuela, Chile, and Peru. 34 Production of Gold and Silver in the [From 1493 to 1885 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer. Period. Annual average for period. Fine ounces. Value. Total for period. Fine ounces. Value. 1493-1520. 1521-1544. 1545-1560. 1561-1580. 1581-1600. 1601-1620. 1621-1640. 1641-1660. 1661-1680. 1681-1700. 1701-1720. 1721-1740. 1741-1760. 1761-1780. 1781-1800. 1801-1810. 1811-1820. 1821-1830. 1831-1840. 1841-1850. 1851-1855. 1856-1860. 1861-1865. 1866-1870. 1871-1875. 1876-1880. 1881-1885. 1886-1890. 1891-1895. 1896 1897...... 1898 186,470 230, 194 273, 596 219, 906 237,267 273, 918 266, 845 281,955 297,709 346,095 412,163 613,422 791, 211 665, 666 571, 948 571, 563 367, 957 457,044 652,291 760,502 410, 324 486,262 949,582 270,086 591,014 543,110 794,755 461,282 882,565 783,914 552,532 904,363 S3, 855, 000 4,759,000 5, 656, 000 4,546,000 4,905,000 5,662,000 5,516,000 5,828,000 6,154,000 7,154,000 8,520,000 12, 681, 000 16,356,000 13,761,000 11,823,000 11,815,000 7,606,000 9,448,000 13,484,000 36,393,000 132,513,000 134,083,000 122,989,000 129, 614, 000 115,577,000 114,586,000 99,116,000 112,895,000 162,947,000 202,251,600 238,812,000 287,428,600 5,221,160 5, 524, 656 4,377,544 4,398,120 4, 745, 340 5,478,360 5,336,900 5,639,110 5,954,180 6,921,895 8,243,260 12,268,440 15,824,230 13,313,316 11,438,970 5,715,627 3,679,568 4,570,444 6,522,913 17,605,018 32,051,621 32,431,312 29,747,913 31,350,430 27,955,068 27,715,550 23,973,773 27,306,411 39,412,823 9,783,914 11,552,532 13,904,363 $107,931,000 114,205,000 90,492,000 90,917,000 98,095,000 113,248,000 110,324,000 116,571,000 123,084,000 143,088,000 170,403,000 253,611,000 327,116,000 275,211,000 236,464,000 118,152,000 76,063,000 94,479,000 134,841,000 363,928,000 662,566,000 670,415,000 614,944,000 648,071,000 577,883,000 572,931,000 495,582,000 564,474,000 814,736,000 202,251,600 238,812,000 287,428,600 Total . 489,964,760 9,508,317,200 35 the World since the Discovery of America. For the years 1886 to 1898 the production is the annual estimate of the Bureau of the Mint.] SILVER. PERCENTAGE OP PRODUCTION. Annual average for period. Total for period. By weight. By value. Fine ounces. Coining value. Fine ounces. Coining value. Gold. Silver. Gold. Silver. 1,511,060 81,954,000 42,309,400 $54,703,000 11 89 66.4 33.6 1 2,899,930 3,740,000 69,598,320 89,986,000 7.4 92.6 55.9 4.1 2 10,017,940 12,952,000 160,287,040 207,240,000 2.7 97.3 30.4 69.6 3 9,628,925 12,450,000 192,578,500 248,990,000 2.2 97.8 26.7 73.3 4 18,467,635 17,413,000 269,352,700 348,254,000 1.7 98.3 22 78 5 13,596,235 17,679,000 271,924,700 351,579,000 2 98 24.4 75.6 6 12,654,240 16,361,000 253,084,800 327,221,000 2.1 97.9 25.2 74.8 7 11,776,545 15,226,000 235,530,900 304,525,000 2.3 97.7 27.7 72.3 8 10,834,550 14,008,000 216,691,000 280,166,000 2.7 97.3 30.5 69.5 9 10,992,085 14,212,000 219,841,700 284,240,000 3.1 96.9 33.5 66.5 10 11,432,540 14,781,000 228,650,800 295,629,000 3.5 96.5 36.6 63.4 11 13,863,080 17,924,000 277,261,600 358,480,000 4.2 95.8 41.4 58.6 12 17,140,612 22,162,000 342,812,235 443,232,000 4.4 95.6 42.5 57.5 13 20,985,591 27,133,000 419,711,820 542,658,000 3.1 96.9 33.7 66.3 14 28,261,779 36, 540, 000 565,235,580 730,810,000 2 98 24.4 75.6 15 28,746,922 37,168,000 287,469,225 371,677,000 1.9 98.1 24.1 75.9 16 17,385,755 22,479,000 173,857,555 224,780,000 2.1 97.9 25.3 74.7 17 14,807,004 19,144,000 148,070,040 191,444,000 3 97 33 67 18 19,175,867 24,703,000 191,758,675 247, 930, 000 3.3 96.7 35.2 64.8 19 25, 090, 342 32,440,000 250,903,422 324,400,000 6.6 93.4 52.9 47.1 20 28,488,597 36,824,000 142,442,986 184,169,000 18.4 81.6 78.3 21.7 21 29,095,428 37,618,000 145,477,142 188,092,000 18.2 81.8 78.1 21.9 22 35,401,972 45,772,000 177,009,862 228,861,000 14.4 85.6 72.9 27.1 23 43,051,583 55,663,000 215,257,914 278, 313, 000 12.7 87.3 70 30 24 63, 317, 014 81,864,000 316,585,069 409, 322, 000 8.1 91.9 58.5 41.5 25 78,775,602 101,851,000 393,878,009 509, 256, 000 6.6 93.4 63 47 26 92,003,944 118,955,000 460,019,722 594,773,000 5 95 45.5 54.5 27 108,911,431 140,816,000 544,557,155 704,074,000 4.8 95.2 44.5 55.5 28 157,581,331 203,742,000 787,906,656 1,018,708,000 4.8 95.2 44.4 65.6 29 157,061,370 203,069,200 157,061,370 203,069,200 6.9 94.1 49.9 60.1 30 164,071,172 212,134,800 164,073,172 212,134,800 6.6 93.4 52.9 47.1 31 165,295,572 213,716,400 165,295,672 213,715,400 7.8 92.2 57.3 42.7 32 8,486,494,641 10,972,431,400 5.1 94.9 46.4 53.6 36 World's Production of wold and Silver for Calendar Years 1896, 1897, and 1898. [Kilogram of gold, $664.60; kilogram of silver, $41.56, coining rate in United States silver dollars. Fine ounce of gold, $20.671334 + ; fine ounce of silver, $1.292929+, coining rate in United States silver dollars.] 1896. Countries. Gold. Silver. Kilos (fine). Ounces (fine). Value. Kilos (fine). Ounces (fine). Coining value. Commer- cial value. North America: United States 79,880 9,780 4,238 67,080 65,868 32,404 2,568,132 314,437 136,274 2,156,609 2,117,673 1,041,794 104, 137 255,104 853,088,000 16,500,000 2,817,000 44,581,100 43,'776,200 21,535,800 2, 152, 700 1, 139, 100 1,830,347 1,422,315 99,718 58,834,800 45,718,982 3,205,343 $76,069,200 59,111,400 4,144,300 $39,654,700 30,814,600 2,160,400 Canada and New- foundland 380,746 10,457 57,986 183,252 5,046 554 27,245 179,795 12,238,700 336,127 1,863,921 5,890,500 162,198 17,822 875,763 5,779,357 15,823,800 434,600 2,409,900 7,616,000 209,700 23,000 1,132,300 7,472,300 8,248,900 226,600 1,256,300 3,970,200 109,300 12,000 590,300 3,895,300 Europe: Austria-Hungary . . Germany 3,239 1,714 114 211 3,681 6,782 76,100 140,200 Italy Portugal 28 896 •18,500 32,000 7,007 570 16,353 8,169 10,210 198,302 100,688 105,991 240 1,028,609 225,225 18,322 525,628 262,567 328,170 6,374,240 3,236,536 3,407,004 7,734 1,329,900 291,200 23,700 679,600 339,500 3 424,300 18,241,400 1 4, 184, 600 4,405,000 * 10, 000 693,300 151,800 12,300 354,300 177,000 221,200 4,296,200 2,181,400 2,296,300 5,200 11 20 353 643 7,300 13,300 Great Britain South America: 37 474 377 919 3,310 200 1,506 1,427 • 3,330 725 3,171 175 50 560 962 12,125 1,086 9,224 1,188 15,238 12, 110 29,559 106,428 6,429 48,426 45,882 107,059 23,309 101,945 5,639 1,625 18,008 30,927 389,836 34,915 296,565 24,600 a 315, 000 ■250,300 1611,000 2,200,100 132,900 1,001,100 948,500 8 2,213,100 481,800 2, 107, 400 116,600 33,600 1 372, 300 639,300 18,058,600 721,800 6, 130, 500 Brazil Guiana (British) . . . Guiana (Dutch) . . . Guiana (Trench) .. 119,682 3,847,078 4,974,000 2,592,900 Uruguay Central America Asia: 25,158 64,337 808,676 2,068,068 11,045,600 2,673,900 545,000 1,393,900 ChiTln. Tnflia (British) East Indies (Brit- East Indies (Dutch) 72 2,311 47,800 Total 304,317 9,783,914 202,251,600 4,886,168 157,061,370 203,069,200 105,859,300 i Estimate of the Bureau of the Mint. 2 Gold separated from silver in Germany, whose gold contents do not figure in the statistics of any other country, a Official figures for 1895. * Official figures for 1893. 37 World's Production op Gold and Silver for Calendar Years 1896, 1897, and 1898 — Continued. [Kilogram of gold, ((664.60; kilogram of silver, $41.56, coining rate in United States silver dollars. Fine ounce of gold, $20.671834+; fine ounce of silver, $1.292929+, coining rate in United States silver dollars.] 1897. Countries. Gold. Silver. Kilos (fine). Ounces (fine). Value. Kilos (fine). Ounces (fine). Coining .value. Commer- cial value. North America: United States 86,312 11,285 9,163 88,111 79,244 34,977 3,364 2,066 2,774,935 362,812 294,582 2,832,776 2,547,704 1,124,511 108,147 266,424 857,363,000 17,500,000 6,089,500 58,558,700 52,665,700 23,245,700 2,235,600 1,373,100 1,675,582 1,676,925 172, 923 53, 860, 000 63,903,180 5,558,446 869,637,200 69,693,000 7,186,700 $32,316,000 32,341,900 3,335,100 Canada and New- foundland 369,523 8,856 61, 297 171,047 5,260 645 22, 933 185,352 73 37,431 7,007 570 16,890 7,221 11, 930 255,244 80,637 157, 022 240 11,878,000 284,625 1,970,332 5, 498, 135 169,078 20,728 737, 163 5,957,965 2,349 1,203,184 ° 225, 225 = 18,322 542,913 232, 108 383,479 8,204,568 2,591,998 5,047,328 7,734 15,357,400 368, 000 2,547,500 7, 108, 700 218,600 26,800 953, 100 7,703,200 3,000 1,555,600 291,200 23,700 701,900 300, 100 495,800 ■10,607,900 13,351,300 6,525,800 * 10, 000 7,126,800 170,800 1,182,200 3,298,900 101,400 12,400 442,300 3,574,800 1,400 721,900 Europe: Austria-Hungary . . 127 292 57 16 4,083 9,404 1,833 501 84,400 194,400 37,900 10,400 Italy 11 20 8 353 »643 7,300 13, 300 11,000 326, 700 139,300 230,100 4,922,700 1, 555, 200 3,028,400 4,600 Great Britain South America: 53 207 517 513 3,351 200 1,812 1,591 3,140 906 2,311 945 58 701 1,044 13,291 1,536 10,905 1,033 175 1,698 6,661 16,617 16,482 107,740 3 6, 429 58,251 51,151 100,945 29,127 74, 299 30,380 1,862 22,535 33,555 427,321 49, 350 350,585 33,206 5,630 35,100 137,700 1843,500 •340,700 2,227,200 132,900 1,204,200 1, 057, 400 2,086,700 602,000 1,535,000 628,000 38,000 •465,000 693,000 18,833,000 1,020,200 7,247,200 686,000 116,000 Chile Guiana (British) . . Guiana (Dutch) . . . Guiana (French).. 101,997 3,278,602 4,239,000 1,967,200 Asia: 26,268 52,446 811,892 1,685,818 11,049,700 2,179,600 487,100 1,011,500 India (British) East Indies (Brit- ish) Total 559,333 11,552,532 238,812,000 5,104,309 164,073,172 212,134,800 98,443,800 i Estimate of the Bureau of the Mint. 2 Gold separated from silver in Germany, whose gold contents do not figure in the statistics of any other country. 8 Official figures for 1896. * Official figures for 1893, 38 - World's Production of Gold and Silver for Calendar Years 1896, 1897, and 1898 — Continued. [Kilogram of gold, $664.60; kilogram 61 silver, 841.56, coining rate in United States silver dollars. Fine ounce of gold, $20.671834+; fine ounce of silver, $1.292929+, coining rate in United States silver dollars.] Countries. Gold. Kilos Ounces (fine) . (fine) . North America: United States Mexico Canada and New foundland Africa Australasia Europe: Russia Austria-Hungary Germany Norway Sweden Italy Spain Portugal Greece Turkey Servia France Great Britain South America: Argentina Bolivia Chile Colombia Ecuador Brazil Venezuela Guiana (British) .. Guiana (Dutch) . . . Guiana (French) . . Peru Uruguay Central America Asia: Japan China Korea India (British) East Indies (Brit- ish) East Indies (Dutch) Total 96,995 12,790 20,822 121, 017 97, 594 38,314 2,798 111 126 250 57 16 207 517 513 3,405 59 2,383 1,591 3,082 856 2,474 946 68 713 1,190 9,146 1,535 11,709 994 176 ;, 118, 398 411,187 2 669,445 ,890,704 Value. $64,463,000 18,500,000 3,137,644 64 : 1,231, ^363 1643 6, 16, 16, 109, 1, 76, 8 51, 99, 27, 79, 8 30, »1, 22 321 661 617 482 483 911 613 151 105 532 547 380 862 917 432,483 38,253 294,059 8 49,350 376,431 31, 973 6,630 13,904,363 13,838,700 80,428,000 Silver. Kilos (fine). 1,693,563 1,765,116 138,512 25,463,400 1,859,600 73,600 83, 600 165,900 37, 900 10,400 7,300 13,300 6,600 8137,700 8 343, 500 8 340, 700 2,263,200 39,500 1,583,700 1,057,400 2,048,700 569,100 1,644,400 628,000 38,500 1473,700 790,800 16,078,700 1,020,200 7,781,500 6 660, 900 s 116, 400 287,428,600 Ounces (fine) . 54,438,000 66,738,000 4,452,333 Coining Commer- value. cial value. 373,994 12,021,682 8,664 56,443 173,329 6,392 2,033 26,028 185,352 73 30,530 7,007 570 16,890 6,575 11, 930 255,244 80,637 170, 598 240 60, 703 61,638 $70,384,500 73,358,200 5,756,500 15,543,200 278,492 1,814,294 5,571,516 173,321 65,345 804, 512 '5,957,965 8 2,349 981,356 4 225,225 < 18, 322 8 542, 913 211,347 383,479 8,204,568 2,591,998 5, 483, 717 7,734 360,100 2,345,700 7,203,600 224,100 84,500 1,040,200 7,703,200 3,000 1,268,800 291,200 23,700 701,900 273,300 8 495,800 '10,607,900 8 3,351,300 7,090,100 s 10,000 $32,118,400 33,475,400 2,626,900 1,951,240 716, 008 1, 659, 856 5,142,3 165,295,572 2,522,-800 •* 925, 700 2,146,100 218,715,400 7,092,800 164,300 1,070,400 3,287,200 102,300 38,600 474,700 3,515,200 1,400 579,000 132,900 10,800 320,300 124,700 226,300 4,840,700 1,529,300 3,235,400 4,600 1,151,200 422,400 979,300 97,524,500 1 Estimate of the Bureau of the Mint. 3 Official figures for 1897. • Newfoundland product for 1897 included. . * Official figures for 1893. 6 New Guinea product for 1897 included. 39 Coinage of Nations. Countries. 1896. Gold. Silver. 1897. Gold. Silver. Gold. Silver. United States Mexico Great Britain Australasia India 1 France Germany Russia 2 Austria-Hungary *. . . Lichtenstein Eritrea Spain Italy San Marino Servia Japan Portugal Netherlands Norway Sweden Denmark Belgium Switzerland Turkey Arabia Egypt Abyssinia Persia Liberia Hongkong China Indo-China Tunis Canada Newfoundland Costa Rica Argentina Bolivia Peru Colombia Ecuador Chile British Honduras Santo Domingo Porto Rico German East Africa . Monaco Straits Settlements . . Congo State Morocco Mauritius Ceylon Siam Total 847,053,060 565,985 23,402,560 34,602,786 $23,089,899 21,092,397 6,470,352 $76,028,485 417,176 8,654,764 37,289,873 $18,487,297 19,608,459 4,583,688 $77,985,758 599,442 28,204,336 39,453,387 $23,034,033 22,066,445 6,200,237 5,579,692 21,719,880 25,133,476 10,284 33,898,739 2,718,368 30,985,566 7,904,911 42,726,251 30, 145, 656 170,618,508 33,640,553 25,227,996 8,492 '35,393,252 5,722,330 34,224,022 42,675,087 135,788,949 14,367,363 112 26,686,134 7,720,000 3,704,600 821,373,189 1,369,352 771,800 5,386,942 2,890,407 147, 965 1,125,000 13,399,062 1,900,800 428,130 67,000 109,007 31,600,410 6,724,106 307, 957 28,950 1, 014, 624 4,266,028 864,000 964,800 147,400 535,319 135,513 16,002,641 437,269 1,680,022 267,046 1,544,000 60,114 1,930 7,473 1,544,000 920,962 440,435 1,544,000 1,388,586 562,770 376 619,830 720,133 85,200 12,000 7, 835, 617 8, 638, 630 12,542,772 347 140,000 98,000 632,500 23,836,427 10,636,955 2,773,428 347 65,964 579,232 465,433 982,715 1,508,087 2,704,831 5,424,686 169, 798 677, 877 1,189,282 449,807 552,480 623,687 195,161 20,000 606,071 167,240 392 453,554 193,000 698,655 127,440 134,000 873, 509 50,000 150,000 628,650 7,720 143,399 8,159,857 1,100,844 562,800 147,400 795,072 53,800 96,500 424,600 442,721 1,022 856,114 401,440 5,964,000 3,160,000 4,589,800 347 217,000 39,804 1,348,094 120,000 1,415,102 174,900 452,000 606,918 3,322,752 <\ svi 195,899,517 169,540,027 437,722,992 167, 790, 006 ,»042 477,905 149,282,989; iRupee calculated at coining rate, $0.4737. p- , , 2 Silver ruble calculated at coining rate, $0.7718. 3 Ruble calculated at coining rate, $0.514566. Ukase January 3, 1897^ ;, • * Florin calculated at coining rate, $0.4052, under the coinage act of August 2, 1892, 40 SUMMARY OF MONETARY EVENTS SINCE 1786. W86. —Establishment of the double standard in the United States with a ratio of 1 to 15.25; that is, on the basis of 123.134 grains of fine gold for the half eagle, or $5 piece, and 375.64 grains of fine silver for the dollar, without any actual coinage. 1^02, —Adoption of the ratio of 1 to 15 and establishment of a mint with free and gratuitous coinage in the United States; the silver dollar equal to 371 i grains fine, the eagle to 247£ grains fine. 1803.— Establishment of the double standard in France on the basis of the ratio of 1 to 15J, notwithstanding the fact that the market ratio was then about 1 to 15. 1810. — Introduction of the silver standard in Russia on the basis of the ruble of 17.99 grams of fine silver, followed in 1871 by the coinage of imperials, or gold pieces of 5 rubles, of 5.998 grams; therefore, with a ratio of 1 to 15. This ratio was changed by the increase of the imperial to 5 rubles 15 copecks, and later to 1 to 15.45. 1815. — Great depreciation of paper money in England, reaching 26^ per cent in May. Course of gold, £5 6s. , and of silver, 71 id. per ounce standard. In December the loss was only 6 per cent; gold at this period was quoted at £4 3s. , and silver at 64d^ 1816. — Abolition of the double standard in England, which had had as its basis the ratio of 1 to 15.21, and adoption of the gold standard on the basis of the pound sterling at 7.322 grams fine in weight. Coinage of divisional money at the rate of 66d. per ounce. Extreme prices, £4 2s. for gold and 64d. for silver; in January, £3 18s. 6d., and- 59Jd. in December. 1816. — Substitution for the ratio of 1 to 15.5 in Holland, established by a rather confused coinage, of the ratio of 1 to 15f . 1819. — Abolition of forced currency in England. Price of gold, £3 17s. 10|d., and of silver, 62d. x per ounce in October, against .£4 Is. 6d. and 67d. in February. 1832. — Introduction of the monetary system of France in Belgium, with a decree providing for the coinage of pieces of 20 and 40 francs, which, however, were not stamped. Silver, 59fd. 1834..— Substitution of the ratio of 1 to 16 for that of 1 to 15 in the United States by reducing the weight of the eagle, ten-dollar gold piece, from 270 grains to 258 grains. In 1837 the fineness of the United States gold coins was raised from -899,225 to .900, and the silver coins from .892,4 to .900, giving a ratio of 1 to 15.988 and fixing the standard weight of the silver dollar at 412,4 grains; Silver, 59J |d. 1 The price of silver given hereafter represents the average rate per ounce stand- ard-^that ' is, the mean between the highest price and the lowest price quoted during the year. 41 1835. — Introduction of the company rupee, a piece of silver weigh- ing 165 grains fine, in India in place of the sicca rupee. Creation of a trade coin — the mohur, or piece of 15 rupees — containing 165 grains of fine gold. Silver, 59Hd. 18£4- — Introduction of the double standard in Turkey, with the ratio of 1 to 15.10. Silver, 59£d. 1847. — Abolition of the double standard in Holland by the intro- duction of the silver standard on the basis of a 1-florin piece 0.945 grams fine, the coinage of which had already been decreed in 1839. Silver, 59Hd. 1847. — Discovery of the gold mines of California. 1848. — Coinage in Belgium of pieces of 10 and 25 francs in gold, a shade too light. These pieces were demonetized and withdrawn from circulation in 1884. Silver, 59£d. 1848. — ^Replacing the ratio of 1 to 16 in Spain, which had been in force since 1786, by that of 1 to 15.77. 1850. — Introduction of the French monetary system in Switzerland without any actual coinage of gold pieces. Silver, 60tVd. 1851. — Discovery of the gold mines of Australia. 1853. — Lowering of the weight of silver pieces of less value than %1 to the extent of 7 per cent in the United States, and limitation of their legal-tender power to $5. Silver, 61£d. 1853. — Maximum of the production of gold reached in California when it amounted to $65,000,000. 1854- — Introduction of the gold standard in Portugal on the basis of the crown of 16.257 grams fine. Before this period the country had the silver standard, with a rather large circulation of gold coins stamped, on the basis of 1 to 15i in 1835 and 1 to 16£ in 1847. Silver, 61id. 1854- — Modification of the ratio of 1 to 15.77 in Spain by raising it to 1 to 15.48, and by lowering the piaster from 23.49 grams to 23.36 grams fine. 1854- — Introduction of the silver standard, as it existed in the mother country, in Java, in place of the ideal Javanese money, and coinage of colonial silver pieces. 1857. — Conclusion of a monetary treaty between Austria and the German States, in accordance with which 1 pound of fine silver (one- half a kilogram) was stamped into 30 thalers or 52£ florins of south Germany, or 45 Austrian florins, resulting in 1 thaler equaling If German florins or \\ Austrian florins. Silver, 61f d. 1861. — Law decreeing the coinage of gold pieces of 10 'and 20 francs exactly equal to French coins of the same denomination in Belgium. Silver, 61fd. 186%. — Adoption of the French monetary system by Italy. Silver, 61 T \d. 42 1865. — Formation of the Latin Union between France, Belgium, Switzerland, and Italy on the basis of a ratio of 1 to 15i. Silver, 1868. — Adoption of the French monetary system by Roumania, with the exclusion of the 5-f ranc silver piece, which was, however, stamped in 1881 and 1883. Silver, 60£d. 1868. — Admission of Greece into the Latin Union. The definite and universal introduction of the French monetary system into the country was effected only in 1883. 1868. — Adoption of the French monetary system, with the peseta or franc as the unit, by Spain. The coinage of gold alphonses d'or of 25 pesetas was made only in 1876. 1871. — Replacing of the silver standard in Germany by the gold standard. Coinage in 1873 of gold pieces of 5, 10, and 20 mark pieces, the latter weighing 7.168 grams fine. Silver, 60£d. 1871. — Establishment of the double standard in Japan with the ratio of 1 to 16.17 by the coinage of the gold yen of 1.667 grams and of the silver yen of 26.956 grams, both with a fineness of .900. 1873. — Increase of the intrinsic value of the subsidiary coins of the United States. Replacing of the double standard by the gold standard. Reduction of the cost of coinage of gold to one-fifth per cent, the total abolition of which charge was decreed in 1875. Creation of a trade dollar of 420 grains with a fineness of .900. Silver, 59£d. 1873. — Suspension of the coinage of 5-franc pieces in Belgium. 1873. — Limitation of the coinage of 5-francs on individual account in France. 1873. — Suspension of the coinage of silver in Holland. 1873. — Formation of the Scandinavian Monetary Union. Replacing of the silver standard in Denmark, Sweden, and Norway by that of gold on the basis of the krone. Coinage of pieces of 10 and 20 kroner, the latter weighing 8.961 grams, with a fineness of .900. 187%.. — Introduction of the system of contingents for the coinage of 5-franc silver pieces in the Latin Union. Silver, 58^. 1875. — Suspension of the coinage of silver on individual account in Italy. Silver, 56|d. 1875.— Suspension of the coinage of silver on account of the Dutch colonies. 1875. — Introduction of the double standard in Holland on the basis of the ratio of 1 to 15.62 by the creation of a gold piece of 10 florins, weighing 5.048 grams fine, with the maintenance of the suspension of the coinage of silver. 1876. — Great fluctuations in the price of silver, which declined to 46fd., representing the ratio of 1 to 20.172, in July. Recovery, in December, to 58£d. Average price, 52|d. 43 1877. — Coinage of 5-franc silver pieces by Spain continued later, notwithstanding the decline of silver in the market. Silver, 54f d. 1877. — Replacing of the double standard in Finland by that of gold on the basis of the mark or franc. 1878. — Act of United States Congress providing for the purchase, from time to time, of silver bullion, at the market price thereof, of not less than $2,000,000 worth per month as a minimum, nor more than $4,000,000 worth per month as a maximum, and its coinage as fast as purchased into silver dollars of 412£ grains. The coinage of silver on private account prohibited. Silver, 52 T 9 ff d. 1878. — Meeting of the first international monetary conference in Paris. Prolongation of the Latin Union to January 1, 1886. 1879. — Suspension of the sales of silver by Germany. Silver, 51id. 1881. — Second international monetary conference in Paris. Silver, 61Ud. 1885. — Introduction of the double standard in Egypt. Silver, 48|d. 1885. — Prolongation of the Latin Union to January 1, 1891. 1886. — Great decline in the price of silver, which fell in August to 42d., representing a ratio of 1 to 22.5, and recovery in December to 46d. Modification of the coinage of gold and silver pieces in Russia. Silver, 45|d. 1887. — Retirement of the trade dollars by the Government of the United States in February. Demonetization of the Spanish piasters, known as Ferdinand Carolus, whose reimbursement at the rate of 5 pesetas ended on March 11. New decline of silver in March to 44d., representing the ratio of 1 to 21.43. Silver, 44|d. 1890. — United States — Repeal of the act of February 28, 1878, com- monly known as Bland-Allison law, and substitution of authority for purchase of 4,500,000 fine ounces of silver each month, to be paid for by issue of Treasury notes payable in coin. (Act of July 14, 1890.) Demonetization of 25,000,000 lei in pieces of 5 lei in Roumania in consequence of the introduction of the gold standard by the law of October 27. Silver, 47Hd. 1891. — Introduction of the French monetary system in Tunis on the basis of the gold standard. Coinage of national gold coins and billon. Silver, 45^d. 189*2. — Replacing of the silver standard in Austria-Hungary by that of gold by the law of August 2. Coinage of pieces of 20 crowns, con- taining 6,098 grams fine. The crown equals one-half florin. Meeting of the third international monetary conference at Brussels. Produc- tion of gold reaches its maximum, varying between 675,000,000 and 734,000,000 francs. Silver, 39||d. 1893. — Suspension of the coinage of silver in British India and of French trade dollars on individual account. Panic in the silver mar- 44 ket in July in London, when the price fell below 30d. , representing the ratio of 1 to 31.43. Repeal of the purchasing clause of the act of July 14, 1890, by the Congress of the United States. 1895. — Adoption of the gold standard by Chile. 1895.— Russia decides tocoin 100,000,000 gold rubles in 1896. 1896. — Costa Rica adopts the gold standard. 1896. — Russia decides to resume specie payments. 1897. — Adoption of the gold standard by Russia and Japan. 1897.- — Peru suspends the coinage of silver and prohibits its impor- tation. 1899. — Adoption of the gold standard by India. MONETARY SYSTEM OF THE UNITED STATES. In 1786 the Congress of the Confederation chose as the monetary unit of the United States the dollar of 375.64 grains of pure silver. This unit had its origin in the Spanish piaster or milled dollar, which constituted the basis of the metallic circulation of the English colonies in America. It was never coined, there being at that time no mint in the United States. The act of April 2, 1792, established the first monetary system of the United States. The bases of the system were: The gold dollar or unit, containing 24.75 grains of pure gold, and stamped in pieces of $10, $5, and $2|, denominated, respectively, eagles, half eagles, and quarter eagles; the silver dollar or unit, containing 371.25 grains of pure silver. A mint was established. The coinage was unlimited, and there was no mint charge. The ratio of gold to silver in coinage was 1 to 15. Both gold and silver were legal tender. The standard was double. The act of 1792 undervalued gold, which was therefore exported. The act of June 28, 1834, was passed to remedy this, by changing the mint ratio between the metals to 1 to 16.002. This latter act fixed the weight of the gold dollar at 25.8 grains, but lowered the fineness from 0.916f to 0.899225. The fine weight of the gold dollar was thus reduced to 23.2 grains. The act of 1834 undervalued silver, as that of 1792 had undervalued gold, and silver was attracted to Europe by the more favorable ratio of 1 to 15£. The act of January 18, 1837, was passed to make the fineness of the gold and silver coins uniform. The legal weight of the gold dollar was fixed at 25.8 grains and its fine weight at 23.22 grains. The fineness was therefore changed by this act to 0.900 and the ratio to 1 to 15.988+. Silver continued to be exported. The act of February 21, 1853, reduced the weight of the silver coins of a denomination less than $1, which the acts of 1792 and 1837 had made exactly proportional to the weight of the silver dollar, and provided that they should be legal tender to the amount of only $5. Under the acts of 1792 and 1837 45 they had been full legal tender. By the act of 1853 the legal weight of the half dollar was reduced to 192 grains and that of the other fractions of a dollar in proportion. The coinage of the fractional parts of the dollar was reserved to the Government. The act of February 12, 1873, provided that the unit of value of the United States should be the gold dollar of the standard weight of 25.8 grains, and that there should be coined besides the following gold coins: A quarter eagle, or 2i-dollar piece; a 3-dollar piece; a half eagle, or 5-dollar piece; an eagle, or 10-dollar piece, and a double eagle, or 20-dollar piece, all of a standard weight proportional to that of the dollar piece. These coins were made legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided in the act for the single piece, and when reduced in weight they should be legal tender at a valuation in proportion to their actual weight. The silver coins provided for by the act were a trade dollar, a half dollar, or 50-cent piece, a quarter dollar, and a 10-cent piece; the weight of the trade dollar to be 420 grains troy; the half dollar 12£ grams; the quarter dollar and the dime, respectively, one-half and one-fifth of the weight of the half dollar. These silver coins were made legal tender at their nominal value for any amount not exceeding $5 in any one payment. The charge for converting standard gold bullion into coin was fixed at one-fifth of 1 per cent. Owners of silver bullion were allowed to deposit it at any mint of the United States, to be formed into bars or into trade, dollars, and no deposit of silver for other coinage was to be received. Section II of the joint resolution of July 22, 1876, recited that the trade dollar should not thereafter be legal tender, and that the Secre- tary of the Treasury should be authorized to limit the coinage of the same to an amount sufficient to meet the export demand for it. The act of February 19, 1887, retired the trade dollar and prohibited its coinage. That of September 26, 1890, discontinued the coinage of the 1-dollar and 3-dollar gold pieces. The act of February 28, 1878, directed the coinage of silver dollars of the weight of 412i grains troy, of standard silver, as provided in the act of January 18, 1837, and that such coins, with all standard silver dollars theretofore coined, should be legal tender at their nominal value for all debts and dues, public and private, except where other- wise expressly stipulated in the contract. The Secretary of the Treasury was authorized and directed by the first section of the act to purchase from time to time silver bullion at the market price thereof, not less than 12,000,000 worth nor more than 14,000,000 worth per month, and to cause the same to be coined monthly, as fast as purchased, into such dollars. A subsequent act, that of July 14, 1890, enacted that the Secretary of the Treasury should purchase silver bullion to the aggregate amount of 4,500,000 46 ounces, or so much thereof as might be offered, each month, at the market price thereof, not exceeding $1 for 371.25 grains of pure silver, and to issue in payment thereof Treasury notes of the United States, such notes to be redeemable by the Government, on demand, in coin, and to be legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract. The act directed the Secretary of the Treasury to coin each month 2,000,000 ounces of the silver bullion purchased under the provisions of the act into standard silver dollars until the 1st day of July, 1891, and thereafter as much as might be necessary to provide for the redemp- tion of the Treasury notes issued under the act. The purchasing clause of the act of July 14, 1890, was repealed by the act of November 1, 1893. The act of June 9, 1879, made the subsidiary silver coins of the United States legal tender to the amount of $10. The minor coins are legal tender to the amount of 25 cents. COINS OF THE UNITED STATES, AUTHORITY FOR COINING, AND CHANGES IN WEIGHT AND FINENESS AND AMOUNT COINED. GOLD COINS. DOUBLE EAGLE. Authorized to be coined, act of March 3, 1849. Weight, 516 grains; fineness, .900. Total amount coined to June 30, 1900, $1,538,826,060. EAGLE. Authorized to be coined, act of April 2, 1792. Weight, 270 gains; fineness, .916|. Weight changed, act of June 28, 1834, to 258 grains. Fineness changed, act of June 28, 1834, to .899,225. Fineness changed, act of January 18, 1837, to .900. Total amount coined to June 30, 1900, $319,061,160. HALF EAGLE. Authorized to be coined, act of April 2, 1792. Weight, 135 grains; fineness, .916|. Weight changed, act of June 28, 1834, to 129 grains. Fineness changed, act of June 28, 1834, to .899,225. Fineness changed, act of January 18, 1837, to .900. Total amount coined to June 30, 1900, $259,066,545. QUARTER EAGLE. Authorized to be coined, act of April 2, 1792. Weight, 67.5 grains; fineness, .916|. Weight changed, act of June 28, 1834, to 64.5 grains. Fineness changed, act of June 28, 1834, to .899,225. Fineness changed, act of January 18, 1837, to .900. Total amount coined to June 30, 1900, $29,015,635. THREE-DOLLAR PIECE. Authorized to be coined, act of February 21, 1853. Weight, 77.4 grains; fineness, .900. Total amount coined to September 26, 1890, $1,619,376. Coinage discontinued, act of September 26, 1890. ONE DOLLAR. Authorized to be coined, act of March 3, 1849. Weight, 25.8 grains; fineness, .900. Total amount coined to September 26, 1890, $19,499,337. Coinage discontinued, act of September 26, 1890. SILVER COINS. Authorized to be coined, act of April 2, 1792. Weight, 416 grains; fineness, .892,4. Weight changed, act of January 18, 1837, to 412£ grains. Fineness changed, act of January 18, 1837, to .900. Coinage discontinued, act of February 12, 1873. Total amount coined to February 12, 1873, $8,031,238. Coinage reauthorized, act of February 28, 1878. Amount coined from March 1, 1878, to June 30, 1900, $498,496,215. Total amount coined to June 30, 1900, $506,527,453. LAFAYETTE DOLLAR. Authorized to be coined by act of March 3, 1899. Weight, 412^ grains; fineness, .900. Total amount coined, $50,000. TRADE DOLLAR. Authorized to be coined, act of February 12, 1873. Weight, 420 grains; fineness, .900. Coinage limited to export demand, joint resolution July 22, 1876. Coinage discontinued, act of February 19, 1887. Total amount coined, $35,965,924. HALF DOLLAR. Authorized to be coined, act of April 2, 1792. Weight, 208 grains; fineness, .892,4. Weight changed, act of January 18, 1837, to 206i grains. Fineness changed, act of January 18, 1837, to .900. 3213 4 48 Weight changed, act of February 21, 1853, to 192 grains. Weight changed, act of February 12, 1873, to 12£ grams, or 192. 9. grains. Total amount coined to June 30, 1900, $144,988,509. COLUMBIAN HALF DOLLAR. Authorized to be coined, act of August 5, 1892. Weight, 192.9 grains; fineness, .900. Total amount coined, $2,501,052.50. QUARTER DOLLAR. Authorized to be coined, act of April 2, 1792. Weight, 104 grains; fineness, .892,4. Weight changed, act of January 18, 1837, to 103£ grains. Fineness changed, act of January 18, 1837, to .900. Weight changed, act of February 21, 1853, to 96 grains. Weight changed, act of February 12, 1873, to 6i grams, or 96.45 grains. Total amount coined to June 30, 1900, $63,763,021.50. COLUMBIAN QUARTER DOLLAR. Authorized to be coined, act of March 3, 1893. Weight, 96.45 grains; fineness, .900. Total amount coined, $10,005.75. TWENTY-CENT PIECE. Authorized to be coined, act of March 3, 1875. Weight, 5 grams, or 77.16 grains; fineness, .900. Coinage discontinued, act of May 2, 1878. Total amount coined, $271,000. Authorized to be coined, act of April 2, 1792. Weight, 41.6 grains; fineness, .892,4. Weight changed, act of January 18, 1837, to 41i grains. Fineness changed, act of January 18, 1837, to .900. Weight changed, act of February 21, 1853, to 38.4 grains. Weight changed, act of February 12, 1873, to 2£ grams, or 38.58 grains. Total amount coined to June 30, 1900, $35,931,861.20. HALF DIME. Authorized to be coined, act of April 2, 1792. Weight, 20.8 grains; fineness, .892,4 49 Weight changed, act of January 18, 1837, to 20f grains. Fineness changed, act of January 18, 1837, to .900. Weight changed, act of February 21, 1853, to 19.2 grains. Coinage discontinued, act of February 12, 1873. Total amount coined, 14,880,219.40. THREE-CENT PIECE. Authorized to be coined, act of March 3, 1851. Weight, 12f grains; fineness, .750. Weight changed, act of March 3, 1853, to 11.52 grains. Fineness changed, act of March 3, 1853, to .900. Coinage discontinued, act of February 12, 1873. Total amount coined, $1,282,087.20. MINOE COIN'S. FIVE CENT (NICKEL). Authorized to be coined, act of May 16, 1866. Weight, 77.16 grains; composed of 75 per cent copper and 25 per cent nickel. Total amount coined to June 30, 1900, $17,967,308.10. THREE CENT (NICKEL). Authorized to be coined, act of March 3, 1865. Weight, 30 grains; composed of 75 per cent copper and 25 per cent nickel. Coinage discontinued, act of September 26, 1890. Total amount coined, $941,349.48. TWO CENT (BRONZE). Authorized to be coined, act of April 22, 1864. Weight, 96 grains; composed of 95 per cent copper and 5 per cent tin and zinc. Coinage discontinued, act of February 12, 1873. Total amount coined, $912,020. CENT (COPPER). Authorized to be coined, act of April 2, 1792. Weight, 264 grains. Weight changed, act of January 14, 1793, to 208 grains. Weight changed by proclamation of the President, January 26, 1796, in conformity with act of March 3, 1795, to 168 grains. Coinage discontinued, act of February 21, 1857. Total amount coined, $1,562,887.44. 50 CENT (NICKEL). Authorized to be coined, act of February 21, 1857. Weight, 72 grains; composed of 88 per cent copper and 12 per cent nickel. Coinage discontinued, act of April 22, 1864. Total amount coined, $2,007,720. CENT (BRONZE). Coinage authorized, act of April 22, 1864. Weight, 48 grains; composed of 95 per cent copper and 5 per cent tin and zinc. Total amount coined to June 30, 1900, $10,072,758.59. HALF CENT (COPPER). Authorized to be coined, act of April 2, 1792. Weight, 132 grains. Weight changed, act of January 14, 1793, to 104 grains. Weight changed by proclamation of the President, January 26, 1796, in conformity with act of March 3, 1795, to 84 grains. Coinage discontinued, act of February 21, 1857. Total amount coined, $39,926.11. TOTAL COINAGES. Gold $2,167,088,113.00 Silver 796,171,133.55 Minor 33,503,969.72 Grand total 2,996,763,216.27 51 Coinage op the Mints of the United States from theih Organization to June 30, 1900. Denominations. Double eagles. Eagles Half eagles Three-dollar pieces (coinage discontinued under act of September 26,1890) Quarter eagles Dollars (coinage discontinued under act of September 26, 1890) Total gold Dollars (coinage discontinued under act of February 12, 1873, and resumed under act of February 28, 1878 Trade dollars Lafayette dollars Half dollars Half dollars (Columbian souvenir) Quarter dollars Quarter dollars (Columbian souvenir) Twenty-cent pieces (coinage discontinued, act of May 2, 1878 Dimes Half dimes (coinage discontinued, act of February 12, 1873) Three-cent pieces (coinage discontinued, act of February 12, 1873) . Total silver MINOE. Five-cent nickel pieces Three-cent nickel pieces (coinage discontinued, act September 26, 1890) Two-cent bronze pieces (coinage discontinued, act February 12, 1873) One-cent copper pieces (coinage discontinued, act February 21, 1857) One-cent nickel pieces (coinage discontinued, act April 22, 1864) . . . One-cent bronze pieces Half-cent copper pieces (coinage discontinued, act February 21, 1857) Total minor 76,941,303 31,906,116 51,813,309 639,792 11,606,254 19,499,337 192,306,111 1506,527,453 35,965,924 50,000 289,977,018 5,002,105 255,052,086 40,023 1,355,000 369,318,612 97, 604, 388 42,736,240 1,593,628,849 859,346,162 31,378,316 45,601,000 156,288,744 200, 772, 000 1,007,275,859 7,985,222 1,808,647,303 Value. 81,538,826,060.00 319,061,160.00 259,066,545.00 1,619,376.00 29,016,635.00 19,499,337.00 2,167,088,113.00 506,627,453.00 35,965,924.00 50,000.00 144,988,509.00 2,501,052.50 63,763,021.50 10,005.75 271,000.00 35,931,861.20 4,880,219.40 1,282,087.20 796,171,133.55 17,967,308.10 941,349.48 912,020.00 1,562,887.44 2,007,720.00 10,072,758.59 39,926.11 33,503,969.72 1 Silver-dollar coinage under acts of— April 2, 1792 $8,031,238.00 February 28, 1878 $378,166,793 July 14, 1890 115,250,950 March 3, 1891 5,078,472 498, 496, 215. 00 Total - 506,527,453.00 52 Coinage of the Mints of the United States GOLD COINAGE. Calendar years. Double eagles. Eagles. Half eagles. Three dollars. Quarter eagles. Dollars. 1793-1795 827,950 60,800 91,770 79,740 174,830 259,650 292,540 150,900 89,790 97,950 £43,635 16, 995 32,030 124,335 37,255 58, 110 130,030 265,880 167,530 152, 375 165,915 320,465 420,465 277,890 169,375 501,435 497, 905 290,435 477,140 77, 270 3,175 1796 8165.00 4,390.00 1,535.00 1,200.00 1797 1798 1799 1800 1801 1802 6,530.00 1,057.50 8,317.50 4,452.50 4,040.00 17,030.00 6, 775. 00 1803 1804 1805 1806 1807 1808 1809 1810 1811 1814 1815 1816 1817 242,940 258,615 1,319,030 173,205 88,980 72,425 86,700 145,300 90,345 124,565 140,145 287,210 631,755 702, 970 787,435 968,150 3, 660, 845 1,857,670 2,765,735 1,035,605 1,600,420 802, 745 1,048,530 380,945 655,330 4,275,425 4,087,715 2, 743, 640 2,736,165 5,382,685 1,863,560 1,184,645 1820 16,120.00 1822 1823 1824 6,500.00 11,085.00 1,900.00 7,000.00 1826 1827 1829 8,507.50 11,350.00 11,300.00 11,000.00 10,400.00 293,425.00 328,505.00 1,369,965.00 112,700.00 137,346.00 191,622.50 153,572.50 54,602.50 85,007.50 1,327,132.50 89,345.00 276,277.50 279,272.60 482,060.00 98, 612. 50 111,147.60 1832 72,000 382,480 473,380 666,310- 1,089,070 2,506,240 1,250,610 736,530 1,018,750 14,337,580 1,813,340 6,776,180 1840 1841 1843 1844 1845 1848 1849 936,789 53 FROM THEIR ORGANIZATION, BY CALENDAR *1?EARS. SILVER COINAGE. Trade dollars. Dollars. Half dollars. Quarter dollars. Twenty cents. Dimes. Half dimes. Three cents. $204,791 72,920 7,776 327,636 423,615 220,920 54,454 41,650 66,064 19,570 321 8161,572.00 $4,320.80 511.50 2,226.35 81,473.60 63.00 $2,213.50 2,526.10 2,755.00 1,959.00 2,176.00 3,464.00 1,097.50 3, 304. 00 826.50 12,078.00 1,200.00 1,695.50 650.50 1,892.50 15,144.50 14,945.00 15,857.50 78,259.50 105,861.00 419,788.00 525,788.00 684,300.00 702,905.00 638,138.00 601,822.00 814,029.50 620,951.50 519,537.50 1,684.50 30,348.50 51,531.00 55,160.75 780.00 16,500.00 4,471.00 635.50 6,518.00 :::::::::::::::::" 42,150.00 17,308.00 5,000.75 23,575.00 607,783.50 980,161.00 1,104,000.00 375,561.00 652,898.50 779,786.50 847,100.00 1,752,477.00 1,471,583.00 2,002,090.00 2,746,700.00 1,537,600.00 1,856,078.00 2,382,400.00 2,936,830.00 2,398,500.00 2,603,000.00 3,206,002.00 2,676,003.00 3,273,100.00 1,814,910.00 1,773,000.00 1,748,768.00 1,145,054.00 355,500.00 1,484,882.00 3,056,000.00 1,885,500.00 1,341,500.00 2,257,000.00 1,870,000.00 1,880,000.00 1,781,000.00 90,293.50 36,000.00 31,861.00 54,212.75 16,020.00 4,450.00 94,258.70 118, 651. 20 10,000.00 44,000.00 42,000.00 51,000.00 1,000.00 25,500.00 121,600.00 12,500.00 77,000.00 51,000.00 77,135.00 62,250.00 48,500.00 63,500.00 141,000.00 119,000.00 104,200.00 239,493.40 229, 638. 70 253,358.00 363, 000. 00 390, 750. 00 152,000.00 7,250.00 198,500.00 3,130.00 24, 500. 00 45,150.00 113,900.00 61,500.00 62,000.00 62,135.00 48,250.00 68,500.00 74,000.00 138,000.00 95,000.00 113,800.00 112,750.00 108,285.00 113,954.25 98,250.00 58,250.00 58,250.00 32,500.00 78,200.00 1,350.00 63,700.00 63,400.00 72,450.00 99,500.00 80,000.00 39,000.00 71,500.00 488,000.00 118,000.00 63,100.00 208,000.00 122,786.50 153,331.75 143, 000. 00 214,250.00 403,400.00 290,300.00 230,500.00 127,500.00 275,500.00 36,500.00 85,000.00 1,000 300 61,005 173,000 184,618 165,100 20,000 24,500 169,600 140, 750 15,000 62,600 54 Coinage of the Mints op the United States from Calendar years. GOLD COINAGE. Double Eagles. Half eagles. Three dollars. Quarter Dollars. 1850. 1851. 1862. 1863. 1864. 1855. 1866. 1857. 1858. 1859. 1860. 1861. 1862. 1863. 1864.. 1865. 1866.. 1867.. 1868.. 1869.. 1870.. 1871.. 1872.. 1873.. 1874.. 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. 1881.. 1882.. 1883.. 1884.. 1885.. 1886.. 1887.. 1888.. 1889.. 1890.. 1891.. 1892.. 1894. 1895.. 1896.. 1897., 1900 (6 months). Total $26,225,220 48,043,100 44,860,520 26, 646, 520 18,052,340 26,046,820 30,437,560 28,797,500 21,873,480 13,782,840 22,584,400 74,989,060 18,926,120 22,187,200 19,958,900 27,874,000 30,820,500 23,436,300 18,722,000 17,238,100 22,819,480 20,456,740 21,230,600 55,456,700 33,917,700 32,737,820 46, 386, 920 43,504,700 45, 916, 500 28,889,260 17, 749, 120 14,586,200 23,295,400 24,980,040 19,944,200 13,875,560 22, 120 5,662,420 21,717,320 16, 995, 120 19, 399, 080 25,891,340 19,238,760 27,178,320 48,350,800 45,163,120 43,931,760 67,070,220 54,912,900 73,593,680 62, 550, 680 1,537,926,060 $3,489,510 4,393,280 2,811,060 2,522,530 2,305,760 1,487,010 1,429,900 481,060 343,210 253,930 278,830 1,287,330 234,950 112,480 60,800 207, 050 237,800 121,400 241, 560 82,850 164,430 254,650 244,500 173,680 799,270 78,350 104,280 211,490 1,031,440 6,120,320 21,715,160 48,796,250 24,740,640 2,695,400 2,110,800 4,815,270 10,621,600 8,706,800 8,030,310 4,298,850 765,430 1,956,000 9,817,400 20,132,450 26,032,780 7,148,260 2,000,980 12,774,090 12,867,970 21,403,620 3,749,110 319,061,160 $860,160 2,651,955 3,689,635 2,305,095 1,513,235 1,257,090 1,806,665 1,232,970 439,770 361,235 352, 365 3,332,130 69,825 97,360 40,540 144,635 253,200 179,600 288,625 163,925 143,550 245,000 275,350 754,605 203,530 105,240 61,820 182, 660 1,427,470 3,727,155 22, 831, 765 33,458,430 17,831,885 1,647,990 1,922,250 9,065,030 18,282,160 9,560,435 1,560,980 37,825 290,640 1,347,066 6,724,700 9,610,985 5,162,275 7,289,680 1,072,315 6, 109, 415 10,154,475 16,278,645 5,240,340 259,066,545 $491,214 171,465 181,530 104,673 6,399 46, 914 42,465 18,216 17,355 15, 117 8,040 3,495 12,090 7,950 14,625 7,575 10, 605 3,990 6,090 75 125,460 60 136 4,464 246,972 9,090 3,108 1,660 4,620 2,820 3,318 2,730 3,426 18,480 15,873 7,287 1,619,376 $895,547.60 3,867,337.50 3,283,827.50 3,519,615.00 1,896,397.60 600,700.00 1,213,117.50 796,235.00 144,082.60 142,220.00 164,360.00 3,241,295.00 300,882.50 27,075.00 7,185.00 62,302.50 105,175.00 78,125.00 94,062.50 84,612.50 51,387.50 68,375.00 52,575.00 512, 562. 50 9,850.00 30,050.00 23,052.50 92,630.00 1,160,650.00 331,225.00 7, 490. 00 1, 700. 00 10,100.00 4,900.00 4,982.60 2,217.60 10,220.00 15,705.00 40,245.00 44,120.00 22,032.60 27,600.00 6,362.50 75,265.00 10,306.00 16,297.50 48,005.00 74,760.00 60,412.50 68,375.00 67, 780. 00 29, 015, 635. 00 $511,301 3,658,820 2,201,145 4,384,149 1,657,016 824,883 1,788,996 801,602 131,472 193,431 51,234 527,499 1,326,865 6,250 5,950 3,726 7,180 5,250 10,525 6,925 9,335 8,930 3,530 125,125 198,820 420 3,245 8,920 3,020 3,030 1,636 7,660 5,040 10,840 6,206 12,205 6,016 8,643 16,080 30,729 19,499,337 55 their Organization, by Calendar Years — Continued. SILVEK COINAGE. Tra4e dollars. Dollars. Half dollars. Quarter dollars. Twenty cents. Dimes. Half dimes. Three cents. $47,500 1,300 1,100 46,110 33, 140 26,000 63,500 94,000 81,225,000 4,910,000 6,279,600 6,192,150 13,092,710 4,259,900 1,541 1,987 960 1,097 979 636,500 733,930 78,500 12,090 27,660 81,170 47,000 49,625 60,325 182,700 424,300 445,462 1,117,136 1,118,600 296,600 22,495,550 27,560,100 27,397,355 27,927,975 27,574,100 28,470,039 28,136,875 28,697,767 31,423,886 33,611,710 31,990,833 34,651,811 38,043,004 23,562,735 6,333,245 1,455,792 3,093,972 862,880 19,876,762 12,651,731 14,426,735 15,182,846 U3,U8,512 81,341,500.00 301,375.00 110,565.00 2,430,354.00 4,111,000.00 2,288,726.00 1,903,500.00 1,482,000.00 5,998,000.00 2,074,000.00 1,032,850.00 2,078,950.00 802,175.00 709,830.00 518,785.00 593,450.00 899,812.50 810,162.50 769,100.00 725,950.00 829,758.50 1,741,655.00 866,775.00 1,593,780.00 1,406,650.00 5,117,750.00 7,451,575.00 7,540,255.00 726,200.00 2, 950. 00 4,877.50 5,487.50 2,750.00 4,519.50 2,637.50 3,065.00 2,943.00 2,855.00 6,416.50 6,355.50 6,295.00 100,300.00 11,652,136.50 2 4,003,948.50 3,667,831.00 2,354,652.00 1,507,855.00 2,023,315.50 3,094,642.50 4,474,628.50 1,775,417.00 85,965,924 506,577,453 147,489,561.50 $150, 700. 62,000. 68,265. 4,146,555. 3,466,000. 857,350. 2,129,500. 2,726,500. 2,002,250. 421,000. 312,350, 1,237,650. 249,887, 48, 015. 28,517. 25,075. 11,381, 17, 156. 31,500. 23,150. 23,935. 53,255. 68, 762. 414,190. 215, 975. 1,278,375. 7,839,287. 6,024,927. 849, 200. 3,675. 3,738, 3,243. 4,075. 3,859. 2, 218. 3,632. 1,471. 2,677. 306.708. 3,177. 20,147. 1, 551, 150. 2,960,331. '2,583,837. 2,233,448. 2,255,390 1,386,700. 2,524,440. 3,497,331 3,994,211 1, 931, 774. 63,773,027.25 5,180 102 120 271,000 8244,150.00 142, 650. 00 196, 550. 00 1,327,301.00 624,000.00 207,500.00 703,000.00 712,000.00 189,000.00 97,000.00 78,700.00 209,650.00 102,830.00 17,196.00 26, 907. 00 18, 550. 00 14,372.50 14,662.50 72,625.00 70,660.00 52,150.00 109,371.00 261,045.00 443, 329. 10 319,151.70 2,406,570.00 3,015,115.00 1,735,051.00 187,880.00 1,510.00 3,735.50 2,497.50 391,110.00 767,571.20 393,134.90 257,711.70 658,409.40 1,573,838.90 721,648.70 835,338.90 1,133,461.70 2,304,671.60 1,695,365.50 759,219.30 205,099.60 225,088.00 318,581.80 1,287,810.80 2,015,324.20 2,409,833.90 1,065,051.20 $82,250.00 82,050.00 63,025.00 785,251.00 365, 000. 00 117,500.00 299,000.00 433,000.00 258,000.00 45,000.00 92,950.00 164,050.00 74,627.50 5,923.00 4,523.50 6, 675. 00 6,536.25 6,431.25 18,295.00 21,930.00 26,830.00 82,493.00 189,247.50 51,830.00 35,931,861.20 $185,022.00 559,905.00 342,000.00 20,130.00 4,170.00 43,740.00 31,260.00 48,120.00 10,950.00 8,610.00 14,940.00 10,906.50 643.80 14.10 255.00 681.75 138.75 123.00 153.00 120.00 127.80 58.50 18.00 1,282,087.20 i Includes $50,000 Lafayette dollars. 2 Includes $475,000 in Columbian coins. * Includes $2,026,052.50 in Columbian coins. * Includes $10,006.75 in Columbian coins. 56 Coinage of the Mints op the United States from MINOR COINAGE. Calendar years. Five cents. Three cents. Two cents. 1815 . 1817 . 1818 1819 1820 1821 1822 1823 1824 1825 1826 ... 1827 1828 1829 1830 . 1831 1832 1833 1834 1835 1836 1837 1838 1839 1840 1841 1842 1843 1844 1845 1846 1849 57 their Organization, by Calendar Years — Continued. MINOR COINAGE. TOTAL COINAGE. Cents. Half cents. Gold. Silver. Minor. Total. $10,660.33 $712. 67 $71,485.00 $370,683.80 $11,373.00 $453,541.80 9,747.00 577.40 77,960.00 77,118.50 10,324.40 166,402.90 8,975.10 535.24 128, 190. 00 14,550.45 9,510.34 152,250.79 9,797.00 205,610.00 213,285.00 330,291.00 423,515.00 9,797.00 9,106.68 545, 698. 00 9,045.85 60.83 645,906.68 28,221.75 1,057.65 317,760.00 224,296.00 29.279.40 571,335.40 13,628.37 34,351.00 422,570.00 74,758.00 13,628.37 510, 956. 37 71.83 423,310.00 58,343.00 34,422.83 516,075.83 24,713.53 489.50 258, 377. 50 87,118.00 25,203.03 370,698.53 7,568.38 5,276.56 258, 642. 50 100,340.50 12,844.94 371,827.94 9,411.16 4,072.32 170,367.50 149,388.50 13,483.48 333,239.48 3,480.00 1,780.00 324,505.00 471,319.00 5,260.00 801,084.00 7,272.21 2,380.00 437,495.00 597,448.75 9,652.21 1,044,595.96 11,090.00 2,000.00 284,665.00 684,300.00 13,090.00 982,056.00 2,228.67 5,772.86 169,375.00 707,376.00 8,001.53 884, 752. 53 14,585.00 1,075.00 501,435.00 638,773.50 15,660.00 1,156,868.50 2,180.25 315.70 497,905.00 608,340.00 2,495.95 1,108,740.95 10,755.00 4,180.00 290,435.00 814,029.50 10,755.00 1,115,219.50 477,140.00 620,951.50 4,180.00 1,102,271.50 3,678.30 77,270.00 561,687.50 3,578.30 642,535.80 3,175.00 17,308.00 28,575.75 20,483.00 28,209.82 39,484.00 31,670.00 26,710.00 44,075.50 3,890.00 20,723.39 28,209.82 56,785.57 607,783.50 39,484.00 647,267.50 242,940.00 1,070,454.50 31,670.00 1,345,064.50 258,615.00 1,140,000.00 26,710.00 1,425,325.00 1,319,030.00 501, 680. 70 44,075.50 1,864,786.20 189,325.00 825,762.45 3,890.00 1,018,977.45 88,980.00 805,806.50 20,723.39 915,609.89 72,425.00 895,550.00 967,975.00 12,620.00 14,611.00 93,200.00 1,752,477.00 12,620.00 1,858,297.00 315.00 156,385.00 1,564,583.00 14,926.00 1,735,894.00 15,174.25 1,170.00 92,245.00 2,002,090.00 16,344.25 2,110,679.25 23, 677. 32 131,565.00 2,869,200.00 23,577.32 3,024,342.32 22,606.24 3,030.00 140,145.00 1,575,600.00 • 25,635.24 1,741,381.24 14,145.00 2,435.00 295,717.50 1,994,578.00 16, 580. 00 3,306,875.50 17,115.00 33,592.60 643,105.00 2,495,400.00 17,115.00 3,165,620.00 11.00 714,270.00 3,175,600.00 33,603.60 3,923,473.60 23,620.00 27,390.00 798,435.00 2,579,000.00 23,620.00 3,401,055.00 770.00 978,550.00 2,759,000.00 28,160.00 3,765,710.00 18,551.00 600.00 3,954,270.00 3,415,002.00 19,151.00 7,388,423.00 38,784.00 705.00 2,186,175.00 3,443,003.00 39, 489. 00 5,668,667.00 21,110.00 1,990.00 4,135,700.00 3,606,100.00 23,100.00 6,764,900.00 55,583.00 63,702.00 1,148,305.00 ■ 1,809,765.00 2,096,010.00 2,333,243.40 56,583.00 63,702.00 3,299,898.00 4,206,710.40 31,286.61 24,627.00 1,376,847.50 1,675,482.50 2,209,778.20 1,726,703.00 31,286.61 24,627.00 3,617,912.31 3,426,812.50 15,973.67 23,833.90 24,283.20 23,987.52 38,948.04 41,208.00 61,836.69 1,091,857.50 1,132,750.00 15,973.67 2,240,681.17 1,829,407.50 2,332,750.00 23,833.90 4,185,991.40 8,108,797.50 5,427,670.00 3,884,750.00 2,235,550.00 24,283.20 23,987.52 11,967,830.70 7,687,207.52 3,756,447.50 1,873,200.00 38,948.04 5,668,595.54 4,034,177.50 20,202,325.00 2,558,580.00 2,374,450.00 41,208.00 61,836.69 6,633,965.50 22, 638, 611. 69 64,157.99 41,785.00 3,775,512.50 9,007,761.50 2,040,050.00 2,114,950.00 64,157.99 41,984.32 5,879,720.49 199. 32 11,164,695.82 58 Coinage of the Mints of the United States Calendar years. MINOB COINAGE. Five cents. Three cents. Two cents. 1850 — - 1851 1852 - 1853 ._ 1854 1855... 1856 _ 1857.... 1858 1859 1860 1862.... 1863 1864 8396,950.00 272,800.00 63,540.00 58,775.00 56,075.00 30,930.00 17,225.00 14,425.00 1,300.00 1865 $341,460.00 144,030.00 117,450.00 97,560.00 48,120.00 40,050.00 18,120.00 25,860.00 35, 190. 00 23,700.00 6,840.00 4,860.00 1866 8737,125.00 1,545,475.00 1,440,850.00 819,750.00 240,300.00 28,050.00 301, 800. 00 227,500.00 176,900.00 104,850.00 126,600.00 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 117.50 1,455.00 997.75 3,618.75 573,830.00 1,148,471.05 563, 697. 10 73,824.50 166,514.50 763,182.60 536,024.15 794,068.05 812,963.60 841,717.60 584,982.10 668,509.75 270,656.60 498,994.20 442,146.00 1,021,436.75 626,604.35 1,301,451.55 522,944.65 70.50 1,236.00 748.65 32,417.25 759.00 318.27 169.26 143.70 128.70 238.83 1,232.49 646.83 1879 1880 1881 1882 1883 1884 1885 1886 1887 1890 1891 1892 1893 1894 1896 18% 1897 1899 1900 (6months) Total 17, 967, 308. 00 941,349.48 912,020.00 59 prom their Organization, by Calendar Years — Continued. MINOR COINAGE. TOTAL COINAGE. Cents. Half cents. Gold. Silver. Minor. Total. $44,268.44 98,897.07 60,630.94 66,411.31 42,361.56 15,748.29 26,904.63 177,834.56 246,000.00 364,000.00 j $199. 06 738.86 $31,981,738.50 62,614,492.50 56,846,187.50 89,377,909.00 25,915,962.50 29,387,968.00 36,857,768.50 32,214,040.00 22,938,413.50 14,780,570.00 23,473,654.00 83,395,530.00 20,875,997.50 22,445,482.00 20,081,415.00 28,295,107.50 31,435,945.00 23,828,625.00 19,371,387.50 17,582,987.50 23,198,787.50 21,032,685.00 21,812,645.00 57,022,747.50 35,254,630.00 32,951,940.00 46,579,452.50 43,999,864.00 49,786,052.00 39; 080, 080. 00 62,308,279.00 96,850,890.00 65,887,685.00 29,241,990.00 23,991,756.50 27,773,012.50 28,945,542.00 23,972,383.00 31,380,808.00 21,413,931.00 20,467,182.50 29,222,005.00 34,787,222.50 56,997,020.00 79,546,160.00 59,616,357.50 47,053,060.00 76,028,485.00 77,985,757.50 111,344,220.00 61,607,910.00 $1,866,100.00 774,397.00 999,410.00 9,077,571.00 8,619,270.00 3,501,245.00 5,142,240.00 5,478,760.00 8,495,370.00 3,284,450.00 2,259,390.00 3,783,740.00 1,252,516.50 809, 267. 80 609,917.10 691,005.00 982,409.25 908,876.25 1,074,343.00 1,266,143.00 1,378,255.50 3,104,038.30 2,504,488.50 4,024,747.60 6,851,776.70 15,347,893.00 24,503,307.50 28,393,045.50 28,518,850.00 27,569,776.00 27, 411, 693. 75 27,940,163.75 27,973,132.00 29,246,968.45 28,534,866.16 28,962,176.20 32,086,709.90 35,191,081.40 33,025,606.45 35,496,683.15 39,202,908.20 27,518,856.60 12,641,078.00 8,802,797.30 9,200,350.85 6,698,010.25 23,089,899.15 18,487,297.30 23,034,033.45 26,061,519.90 17,840,754.45 $44,467.50 99,635.43 60, 630. 94 67,059.78 42,638.35 16,030:79 27, 106. 78 178,010.46 246,000.00 364.000.00 205,660.00 101,000.00 280,750.00 498,400.00 926, 687. 14 968,552.86 1,042,960.00 1,819,910.00 1,697,150.00 963,000.00 350,325.00 99, 890. 00 369,380.00 379,455.00 842,475.00 246,970.00 210,800.00 8, 525. 00 58,186.50 165,003.00 391,395.96 428,151.75 960,400.00 1, 604, 770. 41 796,483.78 191,622.04 343,186.10 1,215,686.26 912,200.78 1,283,408.49 1,384,792.14 1,312,441.00 981,480.42 1,134,931.70 438, 177. 92 882,430.56 832,718.93 1,626,100.05 1,124,835.14 1,837,451.86 818,901.29 $33,892,306.00 63, 488, 524. 93 57,896,228.44 648.47 276.79 282.50 202.15 175.90 48,522,539.78 34,577,870.85 32,905,243.79 42,027,115.28 37,870,810.46 31,679,783.50 18,429,020.00 205,660.00 101,000.00 280,750.00 498,400.00 529,737.14 354,292.86 98,265.00 98,210.00 102,665.00 64,200.00 52,750.00 39,295.00 40,420.00 116,765.00 141,875.00 135,280.00 79,440.00 8 525.00 25,938,704.00 87, 280, 270. 00 22,409,264.00 23,753,149.80 21,618,019.24 29,954,665.36 33,461,314.25 26,557,411.25 22,142,880.60 19,812,130.50 24,927,368.00 24,236,613.30 24,686,513.50 61,426,950.10 42,448,881.70 48,546,803.00 71,293,560.00 72,401,434.50 57 998.50 78,363,088.50 162 312.00 66,814,859.00 389,649.55 392,115.75 385 811. 00 90,111,368.70 125,219,205.50 94,821,217.00 455,981.09 232,617.42 117,653.84 176, 542. 90 452,264.83 374,944.14 488,693.61 571,828.54 470,723.50 .376,498.32 466,421.95 167,521.32 383,436.36 390,572.93 504,663.30 498,230.79 536,000.31 295, 956. 64 60,093,728.86 53,323,106.43 56,926,810.74 61,375,438.00 60,379,150.66 65,318,615.23 58,194,022.64 61,054,882.84 58,053,302.60 48,389,780.92 66,934,749.00 89,184,688.77 66,196,781.31 70,975,677.98 96,041,882.35 102,144,626.09 139,243,191.76 80,267,565.74 13,633,366.03 39,926.11 2,166,188,113.00 796,171,133.65 31,727,113.37 2,994,086.359.72 60 Premium on gold, and gold value of United States legal-tender notes from 1862 to January 1, 1879. Year. Average cur- rency value of gold each calendar year during suspen- sion of specie payments, Jan. 1, 1862, to Jan. 1, 1879. Average gold value of U.S. notes each calendar year during suspen- sion of specie payments, Jan. 1, 1862, to Jan. 1, 1879. 1862 113.3 145.2 203.3 157.3 140.9 138.2 139.7 133 114.9 111.7 112.4 113.8 111.2 114.9 111.5 104.8 100.8 88.3 68.9 49.2 63.6 71 72.4 71.6 75.2 87 89.5 89 87.9 89.9 87 ' 89.8 95.4 99.2 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 The total redemptions of notes in gold and the exports of that metal during each fiscal year since the resumption of specie payments have been as follows: Fiscal year. United States notes. Treasury notes of 1890. Total. Exports of gold. 1879 87,976,698 3,780,638 271,750 40,000 75,000 590,000 2,222,000 6,863,699 4,224,073 692,596 730, 143 732,386 5,986,070 5, 352, 243 56,319,126 68,242,408 109,783,800 153,307,591 68,372,923 22,301,710 18,645,015 28,637,501 87, 976, 698 3,780,638 271,750 40,000 75,000 590,000 2,222,000 6,803,699 4,224,073 692,596 730,143 732,386 5,986,070 9,125,843 102,100,345 84,842,150 117, 354, 198 158, 655, 956 78,201,914 24, 997, 963 25,642,265 35,598,337 84,587,614 3,639,025 2,565,132 32,687,880 11,600,888 41,081,957 8,477,892 42,952,191 9,701,187 18,876,234 59,952,285 17,274,491 86,362,654 50,195,327 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 83,773,600 46,781,220 16,599,742 7,570,398 6,348,365 9,828,991 2,696,263 6,997,250 6,960,836 1893 1894 76,978,061 66,131,183 112,309,186 40,361,580 15,324,929 37,507,771 1895 1896 1897 1898 1899 1900 Total 564, 147, 369 106,556,655 670,704,024 61 Statement op the Specie and Bank-Note Circulation op the United States in the Yeaks Speoipied prom 1800 to 1859, with Amount op Circulation Per Capita. Year. Number of banks and branches. Estimated bank notes out- standing. Estimated specie in United Total money in United States. Specie in Treasury. Money in circulation. Popula- tion. Per capita. 1800. 1810. 1830.. 1831.. 1832.. 1833.. 1834.. 1835.. 1836.. 1837.. 1838.. 1839.. 1840.. 1841.. 1842.. 1843.. 1844.. 1845.. 1846.. 1847.. 1848.. 1849.. 1850.. 1851.. 1852.. 1853.. 1854.. 1855.. 1856.. 1857.. 1858.. 506 704 713 788 829 840 901 784 692 691 696 707 707 715 751 782 824 879 1,208 1,307 1,398 1,416 1,422 1,476 (510,500,000 28,000,000 44,800,000 61,000,000 77,000,000 91,500,000 91,500,000 94,839,570 103,692,496 140,301,038 149,185,890 116,138,910 135,170,995 106,968,672 107,290,214 83,734,011 58,563,608 75,167,646 89,608,711 105,552,427 105,619,766 128,606,091 114,743,415 131, 366, 526 155,165,251 171,673,000 188,181,000 204,689,207 186,952,223 195, 747, 950 214,778,822 155,208,344 193,306,818 $17,500,000 30,000,000 24,300,000 32,100,000 32,100,000 30,400,000 30,650,000 41,000,000 51,000,000 65,000,000 73,000,000 87,500,000 87,000,000 83,000,000 80,000,000 80,000,000 90,000,000 100,000,000 96, 000, 000 97,000,000 120,000,000 112,000,000 120,000,000 154,000,000 186,000,000 204,000,000 236,000,000 241,000,000 250,000,000 250,000,000 260,000,000 260,000,000 250,000,000 $28,000,000 58,000,000 69,100,000 93,100,000 109,100,000 121,900,000 122,150,000 135,839,570 154,692,495 205,301,038 222,185,890 203,638,910 222,170,996 189,968,672 187,290,214 163,734,011 148,563,608 175,167,646 185,608,711 202,552,427 225,519,766 240, 506, 091 234,743,415 285,366,526 341, 165, 251 375, 673, 000 424, 181, 000 445,689,207 436, 952, 223 445, 747, 950 474,778,822 415,208,344 443,306,818 '81,500,000 13,000,000 12,000,000 5,755,705 6,014,540 4,502,914 2,011,778 11,702,905 8,892,858 16,000,000 15,000,000 15,000,000 2,466,962 3,663,084 987,345 230,484 1,449,472 . 7,867,380 7,658,306 9,126,439 1,701,251 8,101,353 2,184,964 6,604,544 10,911,646 14, 632, 136 21,942,893 20,137,967 18,931,976 19,901,325 17,710,114 6,398,316 4,339,276 826,500,000 55,000,000 67,100,000 87,344,295 93,085,460 117,397,086 120,138,222 124, 136, 665 145,799,687 200,301,038 217,185,890 198,638,910 219,704,033 186,305,488 186,302,869 163,503,527 147, 114, 136 167,310,266 177,950,405 193,425,988 223,818,515 232,404,738 232,558,451 278,761,982 330, 253, 605 361,040,864 402,238,107 425,551,240 418,020,247 425,846,625 457,068,708 408,810,028 438,967,542 5,308,483 7,239,881 9,633,822 12,866,020 13,221,000 13,590,000 13,974,000 14,373,000 14,786,000 15,213,000 15,655,000 16,112,000 16,584,000 17,069,453 17,691,000 18,132,000 18,694,000 19,276,000 19,878,000 20,500,000 21,143,000 21,805,000 22,489,000 23,191,876 23,995,000 24,802,000 25,615,000 26,433,000 27,256,000 28,083,000 28,916,000 29,753,000 30,596,000 $4.,99 7.60 6.96 6.69 7.04 8.64 8.60 8.64 9.86 13.17 13.87 12.33 13.26 10.91 10.59 9.02 7.87 8.68 8.95 9.43 10.59 10.66 10.34 12.02 13.76 14.63 15.80 16.10 15.34 15.16 15.81 13.78 14.35 i Specie in Treasury estimated. 62 Statement of the Coin and Paper Circulation of the United States from 1860 to 1900, Inclusive, with Amount of Circulation per Capita. Year. Coin, repre- sentative cer- tificates, and bullion in Treasury. U. S. notes and bank notes. Total money. Coin,bullion, and paper money in Treasury, as assets. Circulation. Popula- tion. Circu- lation per capita. I860.... 8253,000,000 8207,102,477 $442,102,477 86,695,225 $435,407,252 31,443,321 813.85 1861.... 250,000,000 202,005,767 452,005,767 3,600,000 448,405,767 32,064,000 13.98 1862.... 25,000,000 333,452,079 358,452,079 23,754,335 334,697,744 32,704,000 10.23 1863.... 25,000,000 649,867,283 674,867,283 79,473,245 595,394,038 33,365,000 17.84 1864.... 25,000,000 680,588,067 705,588,067 35,946,589 669,641,478 34,046,000 19.67 1865.... 25,000,000 745,129,755 770,129,755 55,426,760 714,702,995 34,748,000 20.57 1866.... 25,000,000 729,327,254 754,327,254 80, 839, 010 673,488,244 35,469,000 18.99 1867.... 25,000,000 703,200,612 728,200,612 66,208,543 661,992,069 36,211,000 18.28 1868.... 25,000,000 691,553,578 716, 553, 578 36,449,917 680,103,661 36,973,000 18.39 1869.... 25,000,000 690,351,180 715,351,180 60, 898, 289 664,452,891 37,756,000 17.60 1870.... 25,000,000 697,868,461 722,868,461 47,655,667 676,212,794 38,558,371 17.60 1871.... 25,000,000 716,812,174 741,812,174 25, 923, 169 715,889,005 39,555,000 18.10 1872.... 25,000,000 737,721,665 762,721,565 24,412,016 738,309,549 40,596,000 18.19 1873.... 25,000,000 749,445,610 774,445,610 22,663,801 751,881,809 41,677,000 18.04 1874.... 25,000,000 781,024,781 806,024,781 29,941,750 776,083,031 42,796,000 18.13 1875.... 25,000,000 773,273,509 798,273,509 44,171,562 754,101,947 43,951,000 17.16 1876.... 52,418,734 738,264,550 790,683,284 63,073,896 727,609,388 45,137,000 16.12 1877.... 65, 837, 506 697, 216, 341 763,053,847 40,738,964 722,314,883 46,353,000 15.58 1878.... 102, 047, 907 687,743,069 789,790,976 60,658,342 729,132,634 47,598,000 15.32 1879.... 357,268,178 676,372,713 1, 033, 640, 891 215, 009, 098 818, 631, 793 48,866,000 16.75 1880.... 494,363,884 691,186,443 1, 185, 550, 327 212, 168, 099 973, 382, 228 60,155,783 19.41 1881.... 647,868,682 701,723,691 1,349,592,373 235,354,254 1,114,238,119 61,316,000 21.71 1882.... 703,974,839 705,423,050 1,409,397,889 235,107,470 1,174,290,419 62,495,000 22.37 1883.... 769,740,048 702,754,297 1,472,494,345 242,188,649 L, 230, 305, 696 63, 693, 000 22.91 1884.... 801,068,939 686,180,899 1,487,249,838 243,323,869 1,243,925,969 64, 911, 000 22.65 1885.... 872,176,823 665,257,727 1, 537, 433, 550 244, 864, 935 L, 292, 568, 615 56, 148, 000 23.02 1886.... 903,027,304 658, 380, 470 1,561,407,774 308,707,249 L, 252, 700, 525 67,404,000 21.82 1887.... 1,007,513,901 625, 898, 804 1,633,412,705 315,873,562 1,317,539,143 68,680,000 22.45 1888.... 1,092,391,690 599, 049, 337 1,691,441,027 319,270,157 L, 372, 170, 870 69,974,000 22.88 1889.... 1,100,612,434 558,059,979 1,658,672,413 278,310,764 1,380,361,649 61,289,000 22.52 1890.... 1,152,471,638 532,651,791 1,685,123,429 255,872,159 1,429,251,270 62,622,250 22.82 1891.... 1,112,956,637 564,837,407 1,677,794,044 180,353,337 1,497,440,707 63,976,000 23.41 1892.... 1,131,142,260 621,076,937 1, 752, 219, 197 150,872,010 1,601,347,187 65,520,000 24.44 1893.... 1,066,223,357 672,585,115 1, 738, 808, 472 142,107,229 1,596,701,245 66,946,000 23.85 1894.... 1,098,958,741 706,120,220 1, 805, 078, 961 144,270,253 1,660,808,708 68,397,000 24.28 1895.... 1,114,899,106 704,460,451 1,819,359,557 217,391,084 1,601,968,473 69,878,000 22.93 1896.... 1,097,610,190 702,364,843 1, 799, 975, 033 293,640,067 1,506,434,966 71,390,000 21.10 1897.... 1,213,780,289 692,216,330 1,905,996,619 265,787,100 1,640,209,519 72,937,000 22.49 1898.... 1,397,785,969 675, 788, 473 2,073,574,442 235,714,547 1,837,859,895 74,622,000 2.4.66 1B99.... 1,508,543,738 681,550,167 2,190,093,905 286,022,024 1,904,071,881 76,148,000 25.01 1900.... 1,609,550,720 732,348,460 2,341,899,180 279,473,684 2,062,425,496 77,816,000 26.50 Note 1.— Specie payments were suspended from, January 1, 1862, to January 1, 1879. During the greater part of that period gold and silver coins were not in circulation except on the Pacific coast, where, it is estimated, the specie circulationjwas generally about $25,000,000. This estimated amount is the only coin included in the above statement from 1862 to 1876, inclusive Note 2.— In 1876 subsidiary silver again came into use, and is included in this statement, begin- ning with that year. Note 3.— The coinage of standard silver dollars began in 1878, under the act of February 28, 1878. Note 4.— Specie payments were resumed January 1, 1879, and all gold and silver coins, as well as gold and silver bullion in the Treasury, are included in this statement from and after that date. Note 5.— This table represents the circulation of the United States as shown by the revised state- ments of the Treasury Department for June 30 of each of the years specified. See next page. 63 The foregoing table, showing the coin and paper circulation of the United States from 1860 to 1900, inclusive, differs as to the first three columns from the tables published in 1896 and 1897. The earlier tables included as a part of the available stock of money in the United States certain amounts of paper money, which, in reality, represented other money held in the Treasury for their redemption. For example: The amount stated in the circular for 1896 as paper money in the United States July 1, 1889, was $974,738,277, while the amount in the present circular is $558,059,979. This difference arises from the fact that there were outstanding that year $154,028,552 gold certificates and $262,649,746 silver certificates, against which equal amounts of gold coin and standard silver dollars were held in the Treasury. To state this amount of paper money as available, and to state the same amount of gold and standard silver dollars as also avail- able, was a duplication, which has been eliminated from the present statement. It will be observed that the amounts of money in circulation remain the same as before. It will also be noticed that the amount of coin, bullion, and paper money in the Treasury is less in the present state- ment than in the statements for 1896 and 1897. That is because these same duplications have been eliminated from that column also, so that the column in the present statement shows only the money held in the Treasury as assets of the Government. The other amounts of money which are held on account of the several forms of outstanding paper money are no longer included. This change in this table has been made to conform to the new form of the circulation statement published bv this Department monthly since January 1, 1900. 3213 5 64 Paper Currency of each Denomination Outstanding June 30, 1900. Denomination. United • States notes. Treasury notes of 1890. National- bank notes. Gold cer- tificates. Silver cer- tificates. Total. Currency certifi- cates is- sued under act of Juneg, 187?, and rep resentiu ' United States notes de- posited in the Treas- ury. $2,131,554 1,899,702 77,056,202 99,922,211 77,031,172 13,564,175 23,090,750 10,835,250 42,125,000 15,000 10,000 85,458,662 4,970,758 27,153,260 27,253,690 8,522,830 119,300 1,224,500 $347,945 167,244 74,539,555 108,727,430 78,552,820 15,522,050 31,618,000 105,500 27,000 $52,222,038 30,838,684 114,004,972 133,137,351 64,832,150 15,791,585 3,731,220 113,000 1,344,000 $60, 160, 199 37,876,388 292,753,989 369,040,682 284,435,296 65,386,665 80,819,770 20,979,250 76,260,500 25,485,000 63,930,000 32,899 $55,496,324 20,389,555 21,155,300 9,925,500 31,440,500 25,470,000 63, 920, 000 Fifty dollars 1,324,000 $35,000 3,670,000 32,899 Total 347,681,016 1,000,000 76,027,000 309,640,443 227,797,179 416,015,000 1 1,377,160,638 1,000,000 3,705,000 *"" 1 Net 346,681,016 76,027,000 309,640,443 1,376,160,638 3,705,000 NATIONAL-BANK CURRENCY. AUTHORIZING ACTS. The issue of circulating notes by national banking associations was first authorized by an act entitled "An act to provide a national cur- rency secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," approved February 25, 1863, which act was repealed by an act entitled "An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof," approved June 3, 1864. The act approved June 3, 1864, with subsequent amendments thereof, was embodied in the Revised Statutes of the United States in 1873. The law as embodied in the Revised Statutes has been amended from time to time, and is now contained in what is known as the National- Bank Act, with amendments thereof. SECURITY. Under the provisions of existing law a national bank is required to deposit interest-bearing bonds of the United States with the United States Treasurer as security for its circulating notes in the following minimum amounts: (1) Banks with a capital not exceeding $150,000 must deposit bonds, par value, to an amount not less than one-fourth of their capital stock. 65 (2) Banks with a capital exceeding $150,000 must deposit bonds to the amount of at least $50,000, par value. The maximum amount of bonds, at their par value, which may be deposited by a national bank must not exceed the amount of the bank's capital stock. Circulating notes are issued against bonds deposited as security therefor to the par value of said bonds, or of the market value of said bonds if the bonds are below par. PROFITS ON CIRCULATION. Tables published annually by the Comptroller show the profit arising from a bank investing its funds in bonds and taking out circulation thereon, compared with the profits from investment of the same funds at 6 per cent per annum. This profit varies with the cost of the bonds and the rates of interest current where a bank is located. (See page 350, Comptroller's Report, 1899, vol. 1.) OWNERSHIP OF STOCK. An official investigation made by the Comptroller in 1897 shows that on July 5, 1897, the stock of 3,615 national banks, with a capital of $633,711,400, was owned by 281,225 shareholders. PROFITS ON CAPITAL INVESTED. On page 514, volume 1, Comptroller's report for 1899, is a table showing annual profits on capital invested made by national banks for thirty years, based upon sworn reports made by the banks. The annual average percentage of profit for this period was 8.2 per cent, the profit for the year 1897 being 6.7 per cent, for 1898 6.9 per cent, and 1899 7.6 per cent. Every national bank is required by law to make to the Comptroller not less than five sworn reports every year, showing in detail its resources and liabilities, and it is required to publish same in a local newspaper; also, to make a sworn report of every dividend declared, which also shows gross earnings, losses, expenses, and net profits. The affairs of every bank are also examined about twice a year by an examiner, who verifies its assets and audits its accounts, and the examiner is empowered by law to examine every officer and employee of the bank under oath, if necessary, to find out its true condition. CAPITAL BASED ON POPULATION. A national bank may be organized by not less than five shareholders anywhere in the United States, subject to the following-mentioned requirements as to capital and population: 1. With not less than $25,000 capital in any place having 3,000 inhabitants or less. 66 2. With not less than $50,000 capital in any place having 6,000 inhabitants or less. 3. "With not less than $100,000 capital in any city having over 6,000 but not more than 50,000 inhabitants. 4. With not less than $200,000 capital in any city having over 50,000 inhabitants. AMOUNT OF NATIONAL-BANK CIRCULATION. The aggregate capital of the 3,816 national banks on June 30, 1900, was $627,503,095. Under the law the banks were entitled to issue circulation to the amount of their capital. The actual amount of circulation outstanding on that date was $309,559,719, including $35,444,167 notes of banks which have failed, gone into liquidation, or have reduced their circulation. AN ACT DIRECTING THE PURCHASE OF SILVER BULLION AND THE ISSUE OF TREASURY NOTES THEREON, AND FOR OTHER PURPOSES. [Public— No. 214. 1890.] Be it enactedby the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby directed to purchase, from time to time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month, at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty-five hundredths grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United States to be prepared by the Secretary of the Treasury, in such form and of such denominations, not less than one dollar nor more than one thousand dollars, as he may prescribe; and a sum suffi- cient to carry into effect the provisions of this act is hereby appropri- ated, out of any money in the Treasury not otherwise appropriated. Sec. 2. That the Treasury notes issued in accordance with the pro- visions of this act shall be redeemable on demand, in coin, at the Treasury of the United States, or at the office of any assistant treas- urer of the United States, and when so redeemed may be reissued; but no greater or less amount of such notes shall be outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom, then held in the Treasury purchased by such notes; and such Treasury notes shall be a legal tender in pay- ment of all debts, public and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues, and when so received may be reissued; and such notes, when held by any national banking association, may be counted as a part of its lawful reserve. That upon demand of the holder of 67 any of the Treasury notes herein provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it being the estab- lished policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law. Sec. 3. That the Secretary of the Treasury shall each month coin two million ounces of the silver bullion purchased under the provi- sions of this act into standard silver dollars until the first day of July, eighteen hundred and ninety-one, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seigniorage arising from such coinage shall be accounted for and paid into the Treasury. ******* Approved, July 14, 1890. MEANING OF 16 TO 1. The phrase "16 to 1," as applied to coinage, means that the mint value of 16 ounces of silver shall be equal to the mint value of 1 ounce of gold; that is, that 16 ounces of silver shall be coinable into as many standard silver dollars as 1 ounce of gold is coinable into standard gold dollars. STANDARD BULLION. Standard bullion contains 900 parts of pure gold or pure silver and 100 parts of copper alloy. The coining value of an ounce of pure gold is $20.67183, and the coining value of an ounce of standard gold is $18.60465. The coining value in standard silver dollars of an ounce of pure silver is $1.2929, and the coining value of an ounce of standard silver is $1.1636. WHAT IS SEIGNIORAGE. This term, as used in the United States, means the profit arising from the coinage of bullion. The Government does not purchase gold bullion, but coins it on private account. There is no profit from the coinage of gold bullion, the face value of gold coins being the same as their bullion value, but at the present ratio of 16 to 1 the face value of the silver dollar is greater than its bullion value; therefore when silver bullion is purchased and coined into dollars there is a profit arising from such coinage, the amount of which depends upon the price paid for the bullion. For example, there are 371i grains of pure silver in a dollar and there are 480 grains of pure silver in a fine ounce. The coinage value of a fine ounce is therefore $1.2929 — . If the fine ounce can be purchased for 70 cents, the profit of its coinage 68 (the seigniorage) is $0.5929 — , and the profit on the 371i grains of pure silver in the single dollar is $0.4586 — , which is the difference between the actual cost of the bullion in the dollar and the nominal value of the coin. The silver purchased by the Government is carried on the books of the Treasury at its actual cost, and the seigniorage is declared on the coinage of each month aad paid into the Treasury. COINAGE OF GOLD. In the United States there is free and unlimited coinage of gold; that is, standard gold bullion may be deposited at the mints in any amount, to be coined for the benefit of the depositor, without charge for coinage; but when other than standard bullion is received for coinage a charge is made for parting, or for refining, or for copper alloy, as the case may be. Refining is the elimination from the bullion of all base metals. Parting is the separation of any silver which may be contained in the bullion. The charges for these operations vary according to the actual expenses. When copper is added for alloy, a charge of 2 cents per ounce is made for the amount actually added. The depositor receives in gold coin the full value of the gold in his bullion, less such charges as are indicated above. The mints may lawfully refuse to receive gold bullion of less value than $100, or when it is too base for coinage; but in practice deposits of gold bullion are accepted without regard to amounts, and rejected only when too base for coinage. COINAGE OF SILVER. Under existing law in the United States subsidiary silver and stand- ard silver dollars are coined only on Government account. They are coined from bullion purchased by the Government, and the profits of such coinage belong to the Government. There is at present no authority for the purchase of bullion for the coinage of standard silver dollars, but, if necessary, sufficient bullion may be purchased to maintain the stock of subsidiary silver. The Government is still coining standard silver dollars from the bullion purchased under the act of July 14, 1890. The amount of bul- lion on hand November 1, 1893, when the purchasing clause of that act was repealed, was 140,699,852.67 fine ounces, costing $126,758,280, the coining value of which was $181,914,961. Between November 1, 1893, and July 1, 1900, there were coined from this bullion 79,165,665 standard silver dollars, of which $54,853,083 represent the cost of the bullion coined and are held in the Treasury for the redemption, of Treasury notes of 1890, while the remainder, $24,310,582, constitute the gain or seigniorage, and, being the property of the United States, have been paid into the Treasury, to be used like other available funds. 69 The seigniorage is an addition to the volume of money in the country, while the silver dollars representing the cost of the bullion are not, since they are paid out only in redemption of the Treasury notes of 1890, whereupon the latter are canceled and retired, as prescribed by the act of July 14, 1890. The total expenditure by the United States for silver bullion, exclu- sive of subsidiary silver coinage, is: Under act of February 28, 1878 $308, 279, 260. 71 Under act of July 14, 1890 155, 931, 002. 00 Total 464,210,262.71 There have been coined from the bullion thus purchased standard silver dollars of the face value of $498,496,215, and there remain uncoined 77,454,253.37 fine ounces, which cost $70,079,834.30. The present bullion value (July 1, 1900) of the standard silver dol- lars coined is $238,566,424.07 And the present bullion value of the uncoined bullion is 47, 925, 593. 82 Making a total bullion value of 286,492,017.89 The space required for the storage of 1,000,000 standard silver dol- lars is 250 cubic feet. The standard silver dollars in the vaults of the Treasury and the several subtreasuries, June 30, 1900, amounting to about 430,000,000, require 107,500 cubic feet of space. For other particulars respecting silver dollars and subsidiary silver, see pages 11, 12, and 13 and the coinage tables herein contained. TRADE DOLLARS. The trade dollar of 420 grains troy was authorized by the act of February 12, 1873. It was intended for circulation in oriental coun- tries as a substitute for the Mexican dollar, which it slightly exceeded in weight; but by the terms of the authorizing act it was made legal tender in the United States in sums not exceeding $5. This legal-tender quality was withdrawn by the joint resolution approved July 22, 1876, and the coinage was limited to such amount as the Secretary of the Treasury should consider sufficient to meet the export demand. The act of February 19, 1887, provided for the retire- ment of trade dollars and their recoinage into standard silver dollars or subsidiary silver. For sjx months after the passage of the act they could be exchanged at the Treasury or any subtreasury, dollar for dol- lar, for standard silver dollars or subsidiary coin. The total number of trade dollars coined was 35,965,924. The num- ber redeemed under the act of 1887 was 7,689,036, and from the bullion resulting from the melting of these dollars there were coined in sub- sidiary silver $2,668,674.30, and into standard silver dollars $5,078,472. Since the expiration of the period of redemption above mentioned, trade dollars have been purchased as bullion when presented at the mints. 70 FREE AND UNLIMITED COINAGE OF SILVER. This term, as used at present in the discussion of the coinage ques- tion, means the right of any person to deposit standard silver bullion in any amount at the mints of the United States and have it coined at the expense of the Government, such depositor to receive in return for his bullion silver coins containing in the aggregate the same weight of fine silver as brought to the mint. Any coinage under a future law would depend upon the terms of that law. (See "Coinage of gold.") UNLIMITED COINAGE. Coinage may be unlimited without being entirely free. It would be unlimited if any owner of bullion had the right to deposit it at the mint and have it converted into coins without any restrictions as to the amount. wobld's stock of gold and silver coin IN 1873 AND 1899. The stock of gold and silver in the world in 1873 and 1899 is esti- mated to have been as follows: 1873. 1899. $3,045,000,000 1,817,000,000 84,631,700,000 8,836,100,000 SALES OF GOLD. During the period of the suspension of specie payments — January 1, 1862, to January 1, 1879 — the customs revenues of the Government were collected in gold. A sufficient amount of this gold was reserved to meet that portion of the interest on the public debt which was pay- able in coin, and the remainder was sold from time to time for cur- rency at the market price by the several assistant treasurers of the United States, under instructions from the Secretary of the' Treasury. The currency so obtained, with the currency collected from internal revenue and from other sources, was used to defray the ordinary expenses of the Government. The surplus, if any, was applied, as far as it would go, to the redemption of lawful-money obligations as they fell due, and after their maturity to the purchase of bonds at the market price. The total amount of gold sold was $526,506,273.81, and the currency received therefor amounted to $633,334,089.67. The average premium obtained was 20.3 per cent. 71 REVENUES AND EXPENDITURES. Statement showing the Total Revenues op the Government, Exclusive op Postal and Proceeds op Sales op Bonds, and Total Expenditures, Exclu- sive op Postal, Principal op Debt, and Premium, por each Fiscal Year from 1875 to 1900, both inclusive. Fiscal year ending June 30— Revenues, ex- clusive of postal and proceeds of bond sales. Expenditures, exclusive of postal, principal of debt, and pre- mium. Excess of reve- nues. Excess of ex- penditures. 1875 $288,000,051.10 287,482,039,16 269,000,586.62 257,763,878,70 273,827,184,46 333,526,610.98 360,782,292.57 403,525,250.28 398,287,581.95 348,519,869.92 323,690,706.38 336,439,727.06 371,403,277.66 379,266,074.76 387,050,058.84 403,080,982.63 392,612,447.31 354,937,784.24 385,819,628.78 297,722,019.25 313,390,075.11 326,976,200.38 347,721,705.16 405,321,335.20 515,960,620,18 568,988,948.21 $274,623,392,84 258,459,797.33 238,660,008.93 236,964,326.80 266,947,883.53 264,847,637.36 259,651,638.81 257,981,439.57 265,408,137.54 244,126,244.33 260,226,935.11 242,483,138.60 267,932,179.97 259,653,958.67 281,996,615.60 297,736,486.60 356,372,684.74 345,023,330.58 383,477,954.49 367,625,279.83 356,195,298.29 352,179,446.08 365,774,159.67 443,368,582.80 605,072,179.85 487,713,791.71 813,376,658.26 29,022,241.83 30,340,577.69 20,799,551.90 6,879,300.93 68,678,973.62 101,130,653.76 145,643,810.71 132,879,444.41 104,393,625.59 63,463,771.27 93, 956, 588. 56 103,471,097.69 119,612,116.09 105,053,443.24 105,344,496.03 37,239,762.57 9,914,453.66 2,341,674.29 1876 '..... 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 869,803,260.58 1895 42,805,223.18 1896 25,203,246.70 1897 18,052,454.41 1898 38,047,247.60 1899 89,111,559.67 H900 81,276,156.50 1 Subject to slight change after complete adjustment of accounts. Note.— The receipts include amounts received in settlements with Pacific railroads as follows: In 1898,864,751,224; in 1899,811,798,314; in 1900, 84,159,914. The expenditures include payments made on account of the war with Spain, including the Philip- pines, as follows: In 1898,856,000,000; in 1899, 8230,122,000; in 1900, $108,878,000. n Statement showing the Total Revenues of the Government, Exclusive op Postal and Proceeds of Sales of Bonds, and Total Expenditures, Exclusive of Postal, Principal of Debt, and Premium, for each Annual Period from March 1, 1885, to March 1, 1900. Period. Revenues, ex- clusive of postal and proceeds of bond sales. Expenditures, exclusive of postal, principal of debt, and pre- mium. Excess of reve- nues. Excess of ex- penditures. From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, From Mar. 1, 1886, to Mar. 1886, to Mar. 1887, to Mar. 1888, to Mar. 1889, to Mar. 1890, to Mar. 1891, to Mar. 1892, to Mar. 1893, to Mar. 1894, to Mar. 1895, to Mar. 1896, to Mar. 1897, to Mar. 1898, to Mar. 1899, to Mar. 1, 1886 . 1,1887. 1,1888. 1,1889. 1,1890. 1,1891. 1,1892. 1,1893. 1,1894. 1. 1895 . 1. 1896 . 1,1897. 1,1898. 1, 1899 - 1,1900. 8327,039, 3j56,868, 384,729, 379,275, 390,117, 420,726, 349,829, 376,407, 323,463, 308, 725, 325,254, 308,481, 413,106, 455,780, 568,647, 396. 22 395.82 389.13 714.95 206.98 029.04 661. 09 262.79 100.76 956.68 564.51 047.69 833.26 266.34 503.28 262, 259, 288, 286, 326. 341, 377, 371, 366, 351, 364, 381, 596, 521, 56 865,612,311.66 94,550,528.02 125,502,174.45 90,783,875.42 104,070,290.37 93,949,838.84 8,149,099.88 8619,730.50 47,806,475.52 57,924,485.21 25,839,743.02 56,078,019.86 31,223,634.99 47,171,002.43 140,635,359.30 Statement showing the Revenues and Expenditures of the Post-Office De- partment for Each Fiscal Year from 1875 to 1900, both inclusive. Fiscal year ending June 30 — Revenues. Expenditures. Excess of ex- penditures. Excess of rev- enues. 1875 826,791,360.59 28,644,197.50 27,531,685.26 29,277,516.95 30,041,982.86 33,315,479.34 36,785,397.97 41,876,410.15 45,508,692.61 43,325,958.81 42,560,843.83 43,948,422.95 48,837,609.39 52,695,176.79 56,175,611.18 60,882,097.92 65,931,785.72 70,930,475.98 75,896,933.16 75,080,479.04 76,983,128.19 82,499,208.40 82,665,462.73 89,012,618.55 95,021,384.17 102,287,458.99 833,611,309.45 33,263,487.58 33,486,322.44 34,165,084.49 33,449,899.45 36,542,803.68 39,592,566.22 40,482,021.23 43,282,944.43 47,224,560.27 60,046,235.21 51,004,743.80 53,006,194.39 56,468,315.20 62,317,119.36 66,259,547.84 73,059,519.49 76,980,846.16 81,581,681.33 84,994,111.62 87,179,551.28 90,932,669.50 94,077,242.38 98,033,523.61 101,632,160.92 107, 776, 704. 70 86,819,948.86 4,619,290.08 5,954,737.18 4,887,567.54 3,407,916.59 3,227,824.34 2,807,168.25 1876 1877 1878 1879 1880 1881 '. 1882 81,394,388.92 2,225,748.18 1883 1884 3,898,601.46 7,485,391.38 7,056,320.85 4,168,585.00 8,773,138.41 6,141,508.18 5,377,449.92 7, 127, 783. 77 6,050,370.18 5,684,748.17 9,913,632.58 10,196,423.09 8,433,461.10 11,411,779.65 9,020,905.06 6,610,776.75 5,489,245.71 1886 1886 1887 1889 1891 1894 1899 1900 (June quarter estimated) Note.— As accounts of the postal service are settled quarterly only, it is not possible to furnish the postal revenues and expenditures for annual periods beginning March 1. 73 PRINCIPAL OF THE PUBLIC DEBT AND INCREASE AND DECREASE THEREIN FROM 1865 TO 1900. Statement showing the Principal of the Public Debt, Exclusive of Gold, Silver, and Currency Certificates and Treasury Notes of 1890, the Decrease and Increase therein, and Premium Paid, for Each Fiscal Year from 1864 to 1900, both inclusive. July 1- Principal of debt, exclusive of certifl- catea and Treas- ury notes. Increase. Decrease. Premium paid. 1864 1866 1866 1867 1868 1869 1870 1871 1872 1873 1874 1876 1876 1877 1878 1879 1880 1881 1882 1883 1884 1886 1886 1887 1888 1889. 1890. 1891. 1892. 1893. 1894. 1895. 1896. 1897. 1898. 1899. 1900. 81,815,784 2,680,647, 2,762,454; 2,659,368, 2,594,009, 2,641,866, 2,432,126, 2,819,825, 2,207,165, 2,149,292, 2,156,105. 2,138,073, 2,104,873, 2,094,768, 2,149,621 2,183,244, 2,071,671, 1,986,139, 1,819,859, 1,685,801, 1,585,939, 1,539,955, 1,495,411, 1,367,492, 1,292,679, 1,171,419, 1,066,777, 1,005,806, 968,218, 961,431, 1,016,897. 1,096,913, 1,222,729. 1,226, 1,232,743, 1,436,700, 1,413,416, 370.57 869.74 033.69 323.87 211.19 033.94 307.81 032.32 028.78 993.20 368.43 231.95 667. 16 792.10 292.63 422.04 500.63 119.58 164.03 257.07 572.57 087.14 093.78 625.63 062.58 624.23 474.73 560.61 840.63 766.13 816.68 120.25 350.40 712.90 062.90 703.92 912.67 $864,863,499.17 81,806,163.95 6,812,376.23 64,862,600.43 33,623,129.61 55,466,050.66 80,015,803.57 125,816,280.15 4,064,362.50 5,949,850.00 208,957.641.02 $103,095,709.82 66,349,112.68 52,643,177.25 109,240,726.13 112,800,275.49 112,160,003.54 57,872,035.58 18,032,136.48 33,199,664.80 10,104,875.05 111,672,921.41 85,432,381.05 166,279,955.55 134,057,906.96 99,861,684.50 45,984,485.43 44,543,993.36 127,918,468.15 74,813,563.05 121,259,438.35 104,642,149.50 60,970,914.12 37,587,719.98 6,787,074.50 $1,717,900.11 58,476.51 10,813,349.38 7,001,151.04 1,674,680.05 15,996,555.60 9,016,794.74 6,958,266.76 5,105,919.99 1,395,073.65 2,795,320.42 1,061,248.7* 8, 270, 842. 4( 17, 292, 362. 6E 20, 804, 224. 06 10,401,220.61 23,283,791.25 3,147,054.81 74 Statement showing the Principal op the Public Debt, Exclusive op Gold, Silver, and Currency Certificates and Treasury Notes op 1890, the Decrease and Increase therein and Premium Paid, for Each Annual Period prom March 1, 1885, to March 1, 1900. March 1 — Principal of debt, exclusive of certificates and Treasury notes. Decrease. Increase. Premium paid. 81,541,257,867.93 1,630,284,465.03 1,400,847,399.78 1,319,561,586.38 1,199,809,418.73 $10,973,402.90 129,437,065.25 81,285,813.40 119,752,167.65 J2r852,015.88 19,525,107.23 341,448,449.20 22,377,123.11 1,090,614,608.23 1,017,985,785.98 972,282,890.61 963,281,752.63 109,294,810.50 72,528,822.25 46,702,895.37 9,001,137.98 19,688,510.58 14,203,016.09 236,527,666.10 33,891,526.67 1,007,356,015.43 1,068,610,527.18 1,199,774,479.40 1,225,437,709.40 $44,074,262.80 61,254,511.75 131,163,952.22 25,663,230.00 1262,155,956.77 1,235,668,419.90 1,427,007,904.90 1,417,248,882.17 10,230,710.50 191,339,485.00 1899 1900 9,759,022.73 2,373,502.40 9,759,022.73 201,570,195.50 2 191,811,172.77 1 The debt during the four-year period 1894 to 1897 was increased by sales of bonds. . . Net redemptions of the debt, same period 8262,315,400.00 159,443.23 Net increase for the period 262,155,956.77 2 The debt during the three-year period 1898 to 1900 was increased by the sale of bonds under act of June 13, 1898, to meet expenditures of the war with Spain 198, 791, 440. 00 By national-bank notes deposited in the Treasury in excess of redemptions thereof. . 12, 473,395. 50 211,264,835.50 The debt during the same period was decreased by the purchase and redemption of bonds to the amount of 819,300,650.00 By net miscellaneous redemptions 153,012.73 19,453,662.78 Net increase for the period 191,811,172.77 75 The McKinley tariff act took effect on the 6th day of October, 1890. Receipts from Customs and Total Receipts fkom all Sources under McKinley Act. Customs. All sources. Twelve months ending September 30, 1891 $196,794,357.89 185,838,859.19 189,182,905.46 113,032,166.69 8371,932,536.81 364,847,601.72 365, 634, 609. 55 293,202,844.89 Twelve months ending September 30, 1892 Twelve months ending September 30, 1893 Eleven months ending August 31, 1894 684,848,289.23 1,395,517,492.97 Note.— In the closing months of the McKinley law the revenues were largely reduced awaiting the passage of the Wilson tariff, which accounts to the extent of some $55,000,000 for the reduced customs receipts reported in the last period of the McKinley law; therefore the revenues in the first months of the Wilson law were correspondingly increased. The Wilson tariff act took effect on the 28th day of August, 1894. Receipts prom Customs and Total Receipts from all Sources under Wilson Act. Customs. All sources. $161,774,901.84 154,364,261.88 168,888,654.11 $296,879,814.42 322,707,732.25 331,176,350.69 485,027,817.83 950,763,897.36 The Dingley tariff act took effect on the 24th day of July, 1897. Receipts from Customs and Total Receipts from all Sources under the Dingley Act. Customs. All sources. i $147, 777, 941. 66 207,930,255.00 216,886,504.25 2$410,141,079.53 8 520,167,769.65 « 520, 934, 690. 16 572,594,700.91 1,451,243,539.34 1 For several months prior to the enactment of the Dingley law the revenues were largely antici- pated and paid into the Treasury under the Wilson tariff, thereby decreasing by about $45,000,000 the revenues naturally accruing in the first month of the Dingley law. a Includes $64,751,223.75 sale of Union Pacific and Kansas Pacific railroads. 'Includes $11,798,314.14 part- payment of Central Pacific Railroad indebtedness. 1 Includes 84,159,914.19 part payment of Central Pacific Railroad indebtedness. 76 Statement of Receipts and Expenditures under the Dingley Law, Exclusive op Revenues Received under War-Revenue Act op June 13, 1898, and Exclusive of Expenditures on Account op the War with Spain, Including the Philippines. receipts. Customs: Total customs receipts from August 1, 1897, to July 1, 1900 $572, 594, 702 Receipts from duty on tea (war-revenue act), June 13, 1898, to July 1, 1900 (estimated) 12,500,000 Total customs receipts, exclusive of war revenues, August 1, 1897, to July 1, 1900 560,094,702 Internal revenue: Total internal-revenue receipts from August 1, 1897, to July 1, 1900 720,869,359 Internal-revenue receipts under war-revenue act June 13, 1898, to July 1,1900 209,000,000 Total internal-revenue receipts, exclusive of war-revenue act, August 1, 1897, to July 1, 1900 511,869,359 Miscellaneous: Total miscellaneous receipts, August 1, 1897, to July, 1, 1900 157, 779, 479 Total receipts from Pacific railroads, August 1, 1897, to July 1, 1900. 80, 709, 452 Total miscellaneous receipts, exclusive of Pacific railroads, August 1, 1897, to July 1, 1900 77,070,027 RECAPITULATION OP RECEIPTS. Total customs receipts, exclusive of duty on tea, August 1, 1897, to Julyl, 1900 560,094,702 Total internal-revenue receipts, exclusive of war revenue, August 1, 1897, to Julyl, 1900 511,869,359 Total miscellaneous receipts, exclusive of Pacific railroads, August 1, 1897, to July 1, 1900 77,070,027 Total ordinary receipts, exclusive of war revenue and Pacific railroad items, August 1, 1897, to July 1, 1900 1,149,034,088 EXPENDITURES. Total net ordinary expenditures, August 1, 1897, to July 1, 1900 1, 486, 099, 026 Estimated expenditures on account of war with Spain, including the Philippines, to July 1, 1900 395,000,000 Total net ordinary expenditures, exclusive of war with Spain, August 1, 1897, to July 1, 1900 1,091,099,026 SUMMARY. Total receipts, exclusive of war revenue and Pacific Railroad settle- ments, August 1, 1897, to July 1, 1900 1,149,034,088 Total net ordinary expenditures, exclusive of war with Spain, August 1, 1897, to July 1, 1900 1,091,099,026 Excess of receipts, exclusive of war revenue and Pacific Rail- road settlements, over expenditures, exclusiveof war accounts, Augustl, 1897, to July 1, 1900 57,935,062 77 Comparison op the Receipts and Expenditures under the Wilson and Dingley Laws. under the wilson law. Total receipts from customs, internal revenue, and miscellaneous dur- ing existence of Wilson law (35 months) $950, 763, 897 Total expenditures during existence of Wilson law 1, 055, 944, 598 Deficit under Wilson law 105, 180, 701 UNDER THE DINGLEY LAW. Total ordinary receipts, exclusive of war revenue and Pacific Rail- road settlements, during existence of Dingley law (35 months) ... $1, 149, 034, 088 Total ordinary expenditures, exclusive of war with Spain, including the Philippines, during same period 1,091,099,026 Surplus under Dingley law 57, 935, 062 CONDITION OF THE TREASURY MARCH 1, 1889, MARCH 1, 1893, MARCH 1, 1897, AND JUNE 30, 1900. On the 1st day of March, 1889, the beginning of President Harri- son's Administration, the available funds in the Treasury, exclusive of the $100,000,000 gold reserve, were as follows: Agency account $64, 502, 445. 02 Net balance in Treasury 165,846,471.10 Total 230,348,916.12 In addition to the ordinary revenues received during President Harrison's Administration, there was covered into the Treasury by direction of the act of Congress of July 14, 1890, $54,207,975.75,which had been held in trust under the law as a fund for the redemption of national-bank notes; and such notes are now redeemed, upon presen- tation, from the general cash in the Treasury. On the 1st day of March, 1893, the available funds in the Treasury, exclusive of the $100,000,000 gold reserve, were as follows: Agency account $38,365,832.90 Net balance in Treasury 24,084,742.28 Total 62,450,575.18 On the 1st day of March, 1897, the beginning of the present Admin- istration, the available funds in the Treasury, exclusive of the $100,000,000 gold reserve, were as follows: Agency account $44, 523, 338. 35 Net balance in Treasury 112,690,293.73 Total 157,213,632.08 On June 30, 1900, the available funds in the Treasury, exclusive of the $150,000,000 gold reserve, were as follows: Agency account $ 76 > 246 > 656 - 45 Net balance in Treasury - 155, 705, 654. 78 Total 231,952,311.23 78 PACIFIC RAILROAD SETTLEMENTS. During the present administration, beginning in March, 1897, the debt of the Pacific railroads on account of bonds issued by the United States in aid of the construction of the roads, together with interest on said bonds, has been largely collected and secured to the Government, and the following sums paid into the Treasury: From Union Pacific Railroad, principal and interest paid in full $58,448,224 From Kansas Pacific Railroad — Principal paid in full $6, 303, 000 Dividend received on suit instituted by Attorney-Gen- eral on interest account 821, 898 7, 124, 898 From Central Pacific and Western Pacific railroads, part payment of principal and interest 15, 136, 330 Total 80,709,452 In the adjustment of the Central Pacific and "Western Pacific debt, under settlement agreement of February 1, 1899, the entire debt as of that date, namely, $58,812,715, is secured to the United States by 20 semiannual notes of $2,940,635.78 each, bearing interest at 3 per cent per annum (5 of which have already been anticipated and paid), secured by collateral bonds bearing interest at 4 per cent per annum, so that the above sum of $80,709,452 received from the Pacific rail- roads should be increased by the sum of $44,109,536, the amount of the Central Pacific and Western Pacific debt still unpaid but guar- anteed to the United States, which would make an aggregate of $124,818,988 settled and secured to the Government on account of the indebtedness of the roads to the present date. These settlements have been secured to the Government as the results of proceedings conducted during the present Administration. Under a deficiency suit instituted by the Attorney-General for recovery of interest from the Kansas Pacific road, amounting to $6,624,107, the sum of $821,898 has already been received and paid into the Treasury, as shown in the above statement, and further pay- ment on said account is expected to be made at an early date. The remaining indebtedness of the Pacific railroads not yet settled on June 30, 1900, was as follows: Central Branch Union Pacific Railroad $3,750,125.13 Sioux City and Pacific Railroad 4,198,725.71 Total 7,948,850.84 Under act of Congress of June 6, 1900, in the case of the Sioux City and Pacific Railroad, and proceedings taken by the Attorney- General in the case of the Central Branch Union Pacific Railroad, settlement with these roads will soon be effected. 79 Values of Imports and Exports of Merchandise under the McKinley Tariff Act. Imports. Exports, domestic and foreign. October 1 , 1890, to September 30, 1891 $824,716, 842 837,280,798 830,150,318 603,865,896 8923, 362, 015 October 1,1891, to September 30, 1892 998,226,775 876,332,434 October 1,1892, to September 30, 1893 October 1,1893, to August 31, 1894' 790,706,509 1 Eleven months. Values of Imports and Exports of Merchandise under the Wilson Tariff Act. September 1, 1894, to August 31, 1895 . September 1, 1895, to July 31, 1896 August 1, 1896, to July 31, 1897 8759,108,416 687, 695, 637 766,296,619 8806,670,050 837,802,519 1,054,379,735 Values of Imports and Exports of Merchandise under the Dingley Tariff Act. August 1, 1897, to July 31, 1898. . August 1, 1898, to July 31, 1899. . August 1, 1899, to June 30, 1900 . 8613,359,276 706,265,852 789,612,585 81,232,903,411 1,249,424,423 1,299,553,044 Excess of Exports of Merchandise Alone and of Merchandise and Silver under McKinley Act. Merchnnfliap Merchandise Merchandise. and silver _ October 1, 1890, to September 30, 1891 October 1, 1891, to September 30, 1892 October 1, 1892, to September 30, 1893 October 1, 1893, to August 31, 1894 . . . 898,645,173 160,945,977 46,182,116 186,840,613 8103,537,310 175,091,707 68,672,711 221,327,708 Excess of Exports of Merchandise Alone and of Merchandise and Silver under Wilson Act. September 1, 1894, to August 31, 1895 September 1, 1895, to July 31, 1896 . . . August 1, 1896, to July 31, 1897 847,561,634 150,106,882 288,083,116 $84,876,022 179,560,567 318,379,772 Excess of Exports of Merchandise alone and of Merchandise and Silver under Dingley Act. August 1, 1897, to July 31, 1898 . . August 1, 1898, to July 31, 1899 . . August 1, 1899, to June 30, 1900 . 8619,544,135 543,168,571 509,940,459 8643,941,479 567,843,070 530,144,361 Annual Average Excess of Exports of Merchandise Alone. Under McKinley Act of 1890 $123,153,470 Under Wilson Act of 1894 161,917,210 Under Dingley Act of 1897 554,214,388 Annual Average Excess of Exports of Merchandise and Silver. Under McKinley Act of 1890 $141,157,359 Under Wilson Act of 1894 194,272,120 Under Dingley Act of 1897 580,642,970 3213 6 80 < H OQ a m n S 1= a K £ S£ •a . 1| CO O to as r^ CM os O) rl CD IS CO" Q f-T CO* CO CM I- .-I ]> OS m lO sis •~ e 3 =! S9 a? SI5H?? I- >o l> CO ifS os iO v5 n tc 10 CO t~ CO CO tO CO 3! 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A % ■fa* )i U. JS ! 1 3 n O H S la 83 ACT OP MARCH 14, 1900, COMMONLY KNOWN AS TPE FINANCIAL BILL. [Public— No. 39.] An Act To define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes. Be it enacted hy the Senate and Souse of Representatives of the United States of America m, Congress assembled, That the dollar consisting of twenty -five and eight-tenths grains of gold nine-tenths fine, as estab- lished by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity. Sec. 2. That United States notes, and Treasury notes issued under the Act of July fourteenth, eighteen hundred and ninety, when pre- sented to the Treasury for redemption, shall be redeemed in gold coin of the standard fixed in the first section of this Act, and in order to secure the prompt and certain redemption of such notes as herein pi'ovided it shall be the duty of the Secretary of the Treasury to set apart in the Treasury a reserve fund of one hundred and fifty million dollars in gold coin and bullion, which fund shall be used for such redemption purposes only, and whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the Secretary of the Treasury to use said notes so redeemed to restore and maintain such reserve fund in the manner following, to wit: First, by exchanging the notes so redeemed for any gold coin in the general fund of the Treasury; second, by accepting deposits of gold coin at the Treasury or at any subtreasury in exchange for the United States notes so redeemed; third, by procuring gold coin by the use of said notes, in accordance with the provisions of section thirty-seven hun- dred of the Revised Statutes of the United States. If the Secretary of the Treasury is unable to restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in said fund shall at any time fall below one hundred million dollars, then it shall be his duty to restore the same to the maximum sum of one hundred and fifty million dollars by borrowing money on the credit of the United States, and for the debt thus incurred to issue and sell coupon or registered bonds, of the United States, in such form as he may prescribe, in denominations of fifty dol- lars or any multiple thereof, bearing interest at the rate of not exceed- ing three per centum per annum, payable quarterly,, such bonds to be payable at the pleasure of the United States after one year from the elate ol their issue, and to be payable, principal and interest,, in gold coin of the present standard value, and to be exempt from the pay- ment of all taxes or duties of the United States, as well as from taxa- tion in any form by or under State, municipal, or local authority; and the gold coin received from the sale of said bonds shall first be covered into the general fund of the Treasury and then exchanged, in the man- ner hereinbefore provided, for an equal amount of the notes redeemed and held for exchange, and the Secretary of the Treasury may, in 84 his discretion, use said notes in exchange for gold, or to purchase or redeem any bonds of the United States, or for any othei lawful pur- pose the public interests may require, except that they'dhall not be used to meet deficiencies in the current revenues. That United States notes when redeemed in accordance with the provisions of this section shall be reissued, but shall be held in the reserve fund until exchanged for gold, as herein provided; and the gold coin and bullion in the reserve fund, together with the redeemed notes held for use as pro- vided in this section, shall at no time exceed the maximum sum of one hundred and fifty million dollars. Sec. 3. That nothing contained in this Act shall be construed to affect the legal-tender quality as now provided by law of the silver dol- lar, or of any other money coined or issued by the United States. Sec. 4. That there be established in the Treasury Department, as a part of the office of the Treasurer of the United States, divisions to be designated and known as the division of issue and the division of redemption, to which shall be assigned, respectively, under such regu- lations as the Secretary of the Treasury may approve, all records, and accounts relating to the issue and redemption of United States notes, gold certificates, silver certificates, and currency certificates. There shall be transferred from the accounts of the general fund of the Treasury of the United States, and taken up on the books of said divisions, respectively, accounts relating to the reserve fund for the redemption of United States notes and Treasury notes, the gold coin held against outstanding gold certificates, the United States notes held against outstanding currency certificates, and the silver dollars held against outstanding silver certificates, and each of the funds repre- sented by these accounts shall be used for the redemption of the notes and certificates for which they are respectively pledged, and shall be used for no other purpose, the same being held as trust funds. Sec. 5. That it shall be the duty of the Secretary of the Treasury, as fast as standard silver dollars are coined under the provisions of the Acts of July fourteenth, eighteen hundred and ninety, and June thirteenth, eighteen hundred and ninety-eight, from bullion purchased under the Act of July fourteenth, eighteen hundred and ninety, to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the pro- visions of this Act or in the ordinary course of business, and upon the cancellation of Treasury notes silver certificates shall be issued against the silver dollars so coined. Sec. 6. That the Secretary of the Treasury is hereby authorized and directed to receive deposits of gold coin with the Treasurer or any assistant treasurer of the United States in sums of not less than twenty dollars, and to issue gold certificates therefor in denominations of not less than twenty dollars, and the coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other purpose. Such certificates shall be receivable for customs, taxes, and all public dues, and when so received may be reissued, and when held by any national banking association may be counted as a part of its lawful reserve: Provided, That whenever and so long as the gold coin held in the reserve fund in the Treasury for the redemption of United States notes and Treasury notes shall fall and remain below one hundred million dollars the authority to issue certificates as herein provided shall be suspended: And provided fur- 85 ther, That whenever and so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treasury shall exceed sixty million dollars the Secretary of the Treasury may, in his discretion, suspend the issue of the certificates herein provided for: And provided further, That of the amount of such outstanding certificates one-fourth at least shall be in denominations of fifty dol- lars or less: And provided further, That the Secretary of the Treasury may, in his discretion, issue such certificates in denominations of ten thousand dollars, payable to order. And section fifty -one hundred and ninety-three of the Revised Statutes of the United States is hereby repealed. Sec. 7. That hereafter silver certificates shall be issued only of denominations of ten dollars and under, except that not exceeding in the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of twenty dollars, fifty dollars, and one hundred dollars; and silver certificates of higher denomination than ten dollars, except as herein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations . of ten dollars or less shall be substituted therefor, and after such sub- stitution, in whole or in part, a like volume of United States notes of less denomination than ten dollars shall from time to time be retired and canceled, and notes of denominations of ten dollars and upward shall be reissued in substitution therefor, with like qualities and restrictions as those retired and canceled. Sec. 8. That the Secretary of the Treasury is hereby authorized to use, at his discretion, any silver bullion in the Treasury of the United States purchased under the Act of July fourteenth, eighteen hundred and ninety, for coinage into such denominations of subsidiary silver coin as may be necessary to meet the public requirements for such coin: Provided, That the amount of subsidiary silver coin outstanding shall not at any time exceed in the aggregate one hundred millions of dollars. Whenever any silver bullion purchased under the Act of July fourteenth, eighteen hundred and ninety, shall be used in the coinage of subsidiary silver coin, an amount of Treasury notes issued under said Act equal to the cost of the bullion contained in such coin shall be canceled and not reissued. Sec. 9. That the Secretary of the Treasury is hereby authorized and directed to cause all worn and uncurrent subsidiary silver coin of the United States now in the Treasury, and hereafter received, to be recoined, and to reimburse the Treasurer of the United States for the difference between the nominal or face value of such coin and the amount the same will produce in new coin from any moneys in the Treasury not otherwise appropriated. Sec. 10. That section fifty-one hundred and thirty-eight of the Revised Statutes is hereby amended so as to read as follows: "Section 5138. No association shall be organized with a less capital than one hundred thousand dollars, except that banks with a capital of not less than fifty thousand dollars may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants, and except that banks with a capital of not less than twenty-five thousand dollars may, with the sanction of the Secretary of the Treasury, be organized in any place the population of which does not exceed three thousand 86 inhabitants. No association shall be organized in a city the popula- tion of which exceeds fifty thousand persons with a capital of less than two hundred thousand dollars." Sec. 11. That the Secretary of the Treasury is hereby authorized to receive at the Treasury any of the outstanding bonds of the United States bearing interest at five per centum per annum, payable February first, nineteen hundred and four, and any bonds of the United States bear- ing interest at four per centum per annum, payable July first, nineteen hundred and seven, and any bonds of the United States bearing inter- est at three per centum per annum, payable August first, nineteen hundred and eight, and to issue in exchange therefor an equal amount of coupon or registered bonds of the United States in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of two per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after thirty years from the date of their issue, and said bonds to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority: Provided, That such outstanding bonds may be received in exchange at a valuation not greater than their present worth to yield an income of two and one- quarter per centum per annum; and in consideration of the reduction of interest effected, the Secretary of the Treasury is authorized to pay to the holders of the outstanding bonds surrendered for exchange, out of any money in the Treasury not otherwise appropriated, a sum not greater than the difference between their present worth, computed as aforesaid, and their par value, and the payments to be made hereunder shall be held to be payments on account of the sinking fund created by section thirty-six hundred and ninety -four of the Revised Statutes: And provided further, That the two per centum bonds to be issued under the provisions of this Act shall be issued at not less than par, and they shall be numbered consecutively in the order of their issue, and when payment is made the last numbers issued shall be first paid, and this order shall be followed until all the bonds are paid, and when- ever any of the outstanding bonds are called for payment interest thereon shall cease three months after such call; and there is hereby appropriated out of any money in the Treasury not otherwise appro- priated, to effect the exchanges of bonds provided for in this Act,'a sum not exceeding one-fifteenth of one per centum of the face value of said bonds, to pay the expense of preparing and issuing the same and other expenses incident thereto. Sec. 12. That upon the deposit with the Treasurer of the United States, by any national banking association, of any bonds of the United States in the manner provided by existing law, such association shall be entitled to receive from the Comptroller of the Currency circulating notes in blank, registered and countersigned as provided by law, equal in amount to the par value of the bonds so deposited; and any national banking association now having bonds on deposit for the security of circulating notes, and upon which an amount of circulating notes has been issued less than the par value of the bonds, shall be entitled, upon due application to the Comptroller of the Currency, to receive addi- tional circulating notes in blank to an amount which will increase the circulating notes held by such association to the par value of the bonds 87 deposited, such additional notes to be held and treated in the same wav as circulating notes of national banking associations heretofore issued, and subject to all the provisions of law affecting such notes: Provided, That nothing herein contained shall be construed to modify or repeal the provisions of section fifty-one hundred and sixty-seven of the Revised Statutes of the United States, authorizing the Comptroller of the Currency to require additional deposits of bonds or of lawful money in case the market value of the bonds held to secure the circu- lating notes shall fall below the par value of the circulating notes out- standing for which such bonds may be deposited as security: And provided further, That the circulating notes furnished to national banking associations under the provisions of this Act shall be of the denominations prescribed by law, except that no national banking association shall, after the passage of this Act, be entitled to receive from the Comptroller of the Currency, or to issue or reissue or place in circulation, more than one-third in amount of its circulating notes of the denomination of five dollars: And provided further, That the total amount of such notes issued to any such association may equal at any time but shall not exceed the amount at such time of it's capital stock actually paid in: And provided further, That under regulations to be prescribed by the Secretary of the Treasury any national bank- ing association may substitute the two per centum bonds issued under the provisions of this Act for any of the bonds deposited with the Treasurer to secure circulation or to secure deposits of public money; and so much of an Act entitled "An Act to enable national banking associations to extend their corporate existence, and for other pur- poses," approved July twelfth, eighteen hundred and eighty-two, as prohibits any national bank which makes any deposit of lawful money in order to withdraw its circulating notes from receiving any increase of its circulation for the period o± six months from the time it made such deposit of lawful money for the purpose aforesaid, is hereby repealed, and all other Acts or parts of Acts inconsistent with the pro- visions of this section are hereby repealed. Sec. 13. That every national banking association having on deposit, as provided by law, bonds of the United States bearing interest at the rate of two per centum per annum, issued under the provisions of this Act, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said .two per centum bonds ; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section fifty -two hundred and fourteen of the Revised Statutes. Sec. 14. That the provisions of this Act are not intended to preclude the accomplishment of international bimetallism whenever conditions shall make it expedient and practicable to secure the same by concur- rent action of the leading commercial nations of the world and at a ratio which shall insure permanence of relative value between gold and silver. Approved, March 14, 1900. 3213 7