Temporary pressure on the market-London leading free market for gold-The movement of gold in Bank of England-Par of exchange-Distribution of gold in leading State banks of THE REAL CAUSE OF TROUBLE IN THE UNITED STATES.. Gold accumulating in European centres-No difficulty to get gold-Example of Chili-Anxiety The foreign investor demands gold-Gold required by all-Treasury not able to hold its sub- ply-Redemption of notes-Treasury supply only one easily drawn on-Net gold in the Treasury, Treasury compelled to sell bonds-Act of January 14, 1875, the authority for bond sale-Con- ditions of the law-Returns from the sale-The reserve in February, 1895. The agreement with the Syndicate-The attempt to regulate exchange a novel one-Difficult? of retaining gold in the Treasury-Obstacles to success-Justification of the Bond Syndicate by Rate high, but little export of gold-The power of regulating the exchanges-Loss and gain in gold-Falling off of gold exports to Europe-The profits of Syndicate measured by risks. The final payment-he plan of the Syndicate-The hope of the Treasury-The movement of the crops delayed - Highest joints of exchange-London exchange on New York-Rates of exchange at New York-Net movement of gold-Demand for bills-Maintenance of public confidence-The only safety-The value of the assistance received from the Syndicate. Fear of silver excess removed-Other factors of mischief-The necessity of a reserve under the present system-Percentage of Treasury reserve-Amount of gold in the country 1894-The Treas- ury has no command over its gold-The Treasury notes 1890 considered as good as gold-They Condition of currency due to war legislation-Circulation 1878 and 1895-Increase in gold since 1879-Treasury notes of 1890-Redemption of them-No excuse for the continuance of the legal- tender note-Expense of redemption-The result of retiring legal-tender and Treasury notes of The necessity of a reserve-Legal tender notes a lien against reserve-Gold alone leaves the country in case of inflation-Elastic elements of the currency-The weak points of our system-- Treasury should be given more power-Deficit legislation almost unknown-Treasury cannot issue temporary notes or Exchequer bills-Should be given this power. National Banks, general statistics, 1833-1895-Abstract of Reports, September 28, 1895-Taxa- tion, assessments and note redemptions, 1883-1894-State Banks, general statistics, 1834-1863-- Aggregate resources and liabilities of all State Banks, Loan and Trust Companies, etc., 1893-94-- Situation of the World's principal banks of issue, September 30, 1895-References. Coin and paper in circulation and in the Treasury, November 1, 1895--Estimated amount of money in actual circulation at close of each fiscal year from 1860 to 1895-Explanation of basis of estimates--Coin and paper ci culation on June 30, from 1860 to 1895--Paper currency outstanding at the close of each fiscal year, 1862 to 1-95--World s aggregate and per capita stocks of money, 1893--Chart showing World s metallic circulation-Chart showing circula ing media of the U. S., Transactions of New York Clearing-house, 1854-1895-Comparative statement of Exchanges of certain Clearing-houses of the United States for 1898 and 1894. Coinage of the Mints of the United States annually, 1792-1891--Coinage of gold and silver in the United States by periods-Chart showing same-Coinage of principal nations, 1891-1893. Percentage of Credit Instruments in total receipts of National Banks, 1881, 1890, 1892--Credit Currency value of $100 in gold, monthly, 1862 to 1878-Chart showing same--Net gold coin and bullion in the Treasury, 1879-1895; together with monthly receipts from customs, showing percent- age of each kind of money received--Charts illustrating same. Production in the world, 1492-1894-Production in the United States, 1792-1894-Ownership in the United States, 1893, 1894 and 1895-Imports and exports, 1864-1895-Chart showing same- Relative prices and wages in the United States and elsewhere, according to the Aldrich Re- port and the tables of Soetbeer, Sauerbeck and the London Economist-Chart showing course of wages and prices in the United States, 1860 to 1891-References. Statement of the outstanding principal of the Public Debt annually, 1791-1895-Statement of Purchases by the United States under Acts of 1878 and 1890-Commercial ratio of silver to gold each year since 1687--Chart showing production and price of silver since 1792-Highest, lowest and average prices of silver in London and New York, and average bullion value of silver dollar (1) A Call to Arms-(2) Uncle Sam's Hoodoo-(3) Christian and Demas-(4) What Free Coinage Would Do-(3) Amos—(7) Light-weight Hypnotism-(8) " Coin" the Dunce-(9) Cade Resurrected -(10) Choose Your Wage Standard-(11) Called Down--(12) Pig in the Garden--(13) The Two Yard Sticks (14) Fiat Weather-(15) June Grub of 1835--(16) Anti-Fat-(17) Pig Silver-(18) Free Silver Beauty Scorned-(19) Demetrius Blackburn and the Silversmiths-(20) The Unjust Steward-(21) Two for One-(22) Up in a Balloon-(23) They Stand It; Why Should Not You (24) The 16 to 1 Locust (25) The Gadarene Pigs-(26) "Coin" Dreamed He Was David-(27) Simple Simon Up to Date (28) There Was a Man in Our Town--(29) Bimetallic" Exercise-(30) Humpty Dumpty (31) An Honest Man's Dilemma-(32) Dog in the Manger-(33) Mexico's Object Lesson-(24) It All Depends on What You Look Through-- 35) How Depreciation Would Work-(36) Sing a Song of Sixpence (37) Bottom Appreciated--(38) Jilted by Both Parties-(39) The Lions Are Chained- (40) Red Riding Hood Up to Date--41) Uncle Sam's Wooing-(42) A Great Day for the Blue Grass Don Quixote-(43) Don't Monkey with the Buzz-Saw--(44) Too Much Business- 45) The Infant Samson-(46) Our Adullam--(47) Christian and the Mountebanks-(48) Three Children Slid- ing on the Ice--(49) Little Tee Wee-(50) Lady of Lyons Up to Date-(51) Three Blind Mice--(52) PUBLISHED SEMI-Monthly by the Sound Currency Committee of the Reform CLUB. ENTERED AS SECOND-CLASS MATTER AT THe New York, N. Y., Post-Office. Publication Office, No. 52 William Street, New York City. (SUBSCRIPTION, $1.00 Vol. II., No. 17. NEW YORK, AUGUST 1, 1895. SINGLE COPIES, 5 CENTS. * * coin money, regulate the value thereof "The Congress shall have power to and of foreign coin, and fix the standard of weights and measures.' "No State shall * coin money, emit bills of credit, or make anything but gold and silver a tender in payment of debts."-Constitution United States, 1787. * * "The gold coins of the United States shall contain the following quantities of metal, that is to say: Each eagle shall contain 232 grains of pure gold and 258 grains of standard gold."-Act of June 28, 1834. "Such notes herein authorized (greenbacks) shall also be lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest as aforesaid."—Act of Feb. 25, 1862. "From and after the passage of this Act it shall not be lawful for the Secretary of the Treasury or other officer under him to cancel or retire any more of the United States legal but they shall be reissued and paid out again and kept in circulation."-Act of May 31, 1878. tender notes * * * * * * "There shall be coined, at the several mints of the United States, silver dollars of the weight of 4121⁄2 grains Troy, of standard silver which coins, together with all silver dollars heretofore coined by the United States, of like weight and fineness, shall be a legal tender at their nominal value, for all debts and dues, public and private, except where otherwise expressly stipulated in the contract."-Act of Feb. 28, 1878. COINAGE AND CURRENCY LAWS.* LAWS RELATING TO COINAGE... ACT OF APRIL 2, 1792, ESTABLISHING THE MINT. ACT OF FEB. 9, 1793, LEGAL TENDER OF FOREIGN COINS. ACT OF JUNE 28, 1834, REDUCING THE WEIGHT OF GOLD COINAGE, ACT OF FEB. 21, 1853, REDUCING WEIGHT OF SUBSIDIARY SILVER COINS. ACT OF FEB. 28, 1878, COINAGE OF SILVER DOLLARS (BLAND ACT). LAWS RELATING TO GOVERNMENT NOTES + ACT OF FEB. ACT OF FEB. 4, 1868, TO SUSPEND FURTHER REDUCTION OF THE CURRENCY 28 LAWS RELATING TO BANK CURRENCY +. ACT OF FEB. 25, 1791, UNITED STATES BANK (IST).. ACT OF APRIL 10, 1816, 66 20 30 ACT OF MAY 31, 1878, FORBIDDING FURTHER RETIREM'T OF LEG. TENDERS 30 ACT OF MICH 3. 1865, TEN PER CENT, TAX ON NOTES OF STATE BANKS, ETC. ACT OF JUNE 22, 1874, REVISED STATUTES.. ACT OF JULY 12, 1882, ENABLING BANKING ASS'NS TO RENEW CHARTERS.... 43 APPENDIX-SUMMARY DATA AS TO EACH COIN. 34 36 45 ACT OF JUNE 3, 1864, NATIONAL BANK ACT. ALPHABETICAL INDEX 47 *Matter in [] indicates condensation or summary of the more voluminous phrasing of the original law. +In each case the laws here noted are only the more important of the far greater number included within. I.-LAWS RELATING TO COINAGE. * * * Constitution of the United States-Article 1, Section 8, Paragraph 5. The Congress shall have power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures. Article 1, Section 10, Paragraph 1. No state shall * * * coin money, emit bills of credit, make anything but gold and silver coin a tender in payment of debts. * * Act of April 2, 1792—Establishing a Mint and Regulating the Coins of the United States. SECTION 1. Be it enacted, etc., That a Mint for the purpose of a national coinage be and the same is established; to be situate and carried on at the seat of the Government of the United States, for the time being: And that for the well conducting of the business of the said Mint, there shall be the following officers and persons, namely, -a Director, an assayer, a chief coiner, an engraver, a treasurer. [SECS. 2, 3, 4, 5, 6 and 7 relate to the duties of the several mint officers, their oaths, bonds, salaries and accounts.] SEC. 8. And be it further enacted, That in addition to the authority vested in the President of the United States by a resolution of the last session, touching the engagement of artists and the procuring of apparatus for the said Mint, the President be authorized, and he is hereby authorized, to cause to be provided and put in proper condition such buildings, and in such manner as shall appear to him requisite for the purpose of carrying on the business of the said Mint; and that as well the expenses which shall have been incurred pursuant to the said resolution as those which may be incurred in providing and preparing the said buildings, and all other expenses which may hereafter accrue for the maintenance and support of the said Mint, and in carrying on the business thereof, over and above the sums which may be received by reason of the rate per centum for coinage hereinafter mentioned, shall be defrayed from the Treasury of the United States, out of any monies which from to time shail be therein, not otherwise appropriated. Half SEC. 9. And be it further enacted, That there shall be from time to time struck and coined at the said mint coins of gold, silver and copper of the following denominations, values and descriptions, viz.: Eagles-each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four-eighths of a grain of pure, or two hundred and seventy grains of standard gold. Fagles-each to be of the value of five dollars, and to contain one hundred and twentythree grains and six-eighths of a grain of pure, or one hundred and thirty-five grains of standard gold. Quarter Eagles-each to be of the value of two dollars and a half dollar, and to contain sixty-one grains and seven-eighths of a grain of pure, or sixty-seven grains and four-eighths of a grain of standard gold. Dollars or unitseach to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. Half Dollars-each to be of half the value of the dollar or unit, and to contain one hundred and eightyfive grains and ten-sixteenth parts of a grain of pure, or two hundred and eight grains of standard silver. Quarter Dollars-each to be of one-fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen-sixteenth parts of a grain of pure, or one hundred and four grains of standard silver. Dismes each to be of the value of one-tenth of a dollar or unit, and to contain thirty seven grains and two-sixteenth parts of a grain of pure, or forty-one grains and three-fifth parts of a grain of standard silver, Half Dismes-each to be of the value of one-twentieth of a dollar, and to contain eighteen grains and nine-sixteenth parts of a grain of pure, or twenty grains and four-fifth parts of a grain of standard silver. Cents-each to be of the value of the one hundredth part of a dollar, and to contain eleven pennyweights of copper.1 Half Cents-each to be of the value of half a cent, and to contain five pennyweights and half a pennyweight of copper. SEC. 10. And be it further enacted, That, upon the said coins respectively, there shall be the following devices and legends, namely: Upon one side of each of the said coins there shall be an impression emblematic of liberty, with an inscription of the word Liberty, and the year of the coinage; and upon the reverse of each of the gold and silver coins there shall be the figure or representation of an eagle, with this inscription, "UNITED STATES OF AMERICA," and upon the reverse of each of the copper coins there shall be an inscription which shall express the denomination of the piece, namely, cent or half-cent, as the case may require. SEC. 11. And be it further enacted, That the proportional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold, and so in proportion as to any greater or less quantities of the respective metals. Weight changed by Act of January 14, 1793, and March 3, 1795, sec. 8. For change of standard-See Act of June 28, 1834, and Act January 18, 1837, secs. 8 and 16. |