as the French 5-franc gold piece. Gold coins are full legal tender. The law restricted the coinage and use of silver, which is legal tender only to the amount of 10 pesos. The country should, therefore, be classed as a gold standard country.

The actual currency is depreciated paper, fluctuating greatly in value. The amount in circulation at the close of 1893 was $306,000,000, of which $85,000,000 was Government notes, and $221,000,000 bank notes.

BOLIVIA.-Bolivia has the single silver standard. The real monetary unit is the boliviano, of 20.25 grams fine, in which all bank notes are redeemed, and which is the basis of foreign exchange.

The Bank of Bolivia issues paper money redeemable on demand, and generally on a par with silver. June 30, 1893, the bank notes in circulation amounted to $1,022,121.40 bolivianos. The reserve of the National Bank of Bolivia at the same time was 744,576 bolivianos.

BRAZIL-In 1849 the gold standard was adopted by Brazil, with coins of 20, 10 and 5 milreis in gold and smaller coins in silver. The 20-milreis gold piece weighs 276.695 grains, .9163 fine ($10.923). Silver is legal tender to the amount of 20 milreis.

The present money is, however, inconvertible Government notes, dating from 1835, and bank notes. About 1850 the Bank of Brazil received the privileges of issue, and until 1864 its notes were convertible into gold coin or Government notes. In 1864 specie payments were suspended. Notes as small as 500 reis (27.3 cts.) are issued. Soon after the declaration of the present Republic, additional banks of issue were authorized, whose issues expanded the total circulation from $100,000,000 in 1889 to $250,000,000 in 1891. In the same time, the paper, which, after being at a discount for many years, had stood at par in 1889, depreciated to less than33 per cent. of its par value. In 1892 the two chief banks of issue, the Banco do Brazil, and the Banco da Republica were united as the Banco da Republica do Brazil, becoming responsible for the existing circulation, while the ultimate liability rests with the Government.

COLOMBIA-The dollar unit is silver, the weight of the 5-franc piece. Legal tender bills have been issued since 1886 through the National bank, the maximum issue being fixed at $12,000,000.

URUGUAY-The total monetary circulation in July, 1892, is stated as $5,000,000, of which $2,388,000 was paper, issued by two banks.

VENEZUELA-The monetary unit is the bolivar, corresponding in weight and fineness with the franc. Both gold and silver are in circulation. There are only two banks of issue, both private corporations, and their notes are at par with the national currency.

SITUATION PRINCIPAL BANKS OF ISSUE, SEPTEMBER 30, 1894.
[From the Bulletin de Statistique, October, 1894.]

0.1917 0.1951 0.2083 0.2029 0.2048 0.4707 0.0974 4.8363 4.9214 5.2540 5.0971 5.1667 11.8720 2.4562 3.9174 3.9863 4.2557 4.1287 4.1850 9.6161 1.9887 1.9345 1.9685 2.1016 2.0388 2.0667 4.7488 0.9821 2.3185 2.3592 2.5187 2.4435 2.4768 5.6912 1.1874 1.1703 1.1909 1.2714 1.2335 1.2503 2.8728 0.5941 1.8601 1.8928 2.0207 1.9605 1.9871 4.5661 0.9443 3.4822 3.5434 3.7827 3.6700 3.720 8.5477 1.7677 0.8637 0.8788 0.9382 0.9143 0.9227 2.1201 0.4000 1.7086 1.7386 1.8561 1.8007 1.8253 4.1942 0.8671 0.9332 0.9496 1.0137 0.9835 0.9969 2.2908 0.4737 0.9487 0.9653 1.0305 0.9999 1.0134 2.3287 0.4816 0.9673 0.9843 1.0508 1.0195 1.0334 2.3745 0.4911 1.0228 1.0408 1.1111 1.0780 1.0927 2.5107 0.5194 0.8992 0.9510 0.9768 0.9477 0.9606 2.2073 0.4564 0.9673 0.9843 1.0508 1,0194 1.0333 2.3744 0.4909 1.0130 1.0864 1.0503 1.0683 2.4548 0.5077 1.0676 1.0357 1.0496 2.4123 0.4989 0.9701 0.9834 2.2979 0.4673 1.0136 2.3291 0.4817 2.2978 0.4752 0.2068

66 Ecuador 1.0539 1.03% 1.016 0.9608 1.0929 1.0114 0.9600 Nfld..... 0.9864 0.9703 0.9516 0.9 1.0203 0.9517 .. P. I.... 1.0168 1.0002 0.9809 0.9277 1.0552 0.9809 Yen.. 1.003 0.9867 0.9677 0.9152 1.041 0.9677 Toman 0.4366 0.4294 0.4211 0.3983 0.4528 0.4209 Rupee 2.1109 2.0765 2.04 1.926 2.1907 2.0365 Piastre, Tunis. 8.5646 8.425 8.2623 7.14 8.8883 8.2628 Egypt. 20.074 19.832 19.366 18.315 20.8332 19.367 Turkey 22.763 22.3928 21.9598 20.7685 23.6237 21.9611

66

0.9205 0.9367 0.9488 0.9655 1.0308 0.9361 0.9525 1.0165 0.9865 0.4074 0.4145 0.4435 0.4293 0.4352] 1.9700 2.0045 2.1400 2.0760 2.1044 4.8356 7.9923 8.1329 8.6825 8.4234 8.5383 19.619 18.7331 19.0625 20.394 19.7434 20.059 45.9933 9.5100 21.2424 21.6158 23.0765 22.388 22.6932 52.144 10.7835

From The World's Metal Monetary Systems, by John Henry Norman, 1892,

4.0573

Dollar.

Ecuador.

Newfound

land.

Phillipine

Íslands.

Yen.

Toman.

Rupee.

Kroner.

70

THE WORLD'S CURREN CIES.

GOLD PAR EQUIVALENTS.*

Portuguese.

Brazilian.

Milreis.

Turkey.

Piastre.

WEIGHTS OF GOLD AND SILVER COINS.*

Table of weights of gold and silver coins on issue from the mints. These coins are, or should be, current in the World's present twenty-nine monetary systems. Col. I.-Pure goid or pure silver in 1000 parts of metal. Col. II.-Proportion of silver to 1 of gold between the weights of both indicated by one money of account under mintage regulations. Col. III.-Names of the coins. Col. IV. Total weight and weight of pure gold (G.) and pure silver (S.) in grams. Col. V.-Total weight and weight of pure gold and pure silver in Troy grains.

* From The World's Metal Monetary Systems, by John Henry Norman, 1892.

GOLD AND SILVER RATIOS AND PRICES.

COMMERCIAL RATIO OF SILVER TO GOLD EACH YEAR SINCE 1687.

(From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer; from 1833 to 1878 from Pixley and Abell's tables; and for subsequent years from daily cablegrams from London to the Bureau of the Mint.)