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SOUND CURRENCY 1895

A COMPENDIUM

OF

Accurate and Timely Information

ON

CURRENCY QUESTIONS

INTENDED FOR

WRITERS, SPEAKERS AND STUDENTS

vil I'Y

REFORM CLUB Sound CURRENCY COMMITTEE

NEW YORK

1895

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TABLE OF CONTENTS.

U. S. COINAGE AND CURRENCY LAWS.

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2

LAWS RELATING TO COINAGE..

Power granted by Constitution, Act of April 2, 1792, establishing a mint and regulating

coinage - Act of May 8, 1792, copper coinage-Act of January 14, 1793, copper coinage - Act

February 9, 1793, in reference to foreign coins-Subsequent legal tender legislation as to foreign

coins-Act of March 3, 1795, regulating the mint and coins of the U. S.-Act of April 21, 1806,

punishment of counterfeiting-Act of June 25, 1834, gold coins of U. S.-Act of January 18, 1837,

coinage revision-Act of March 3, 1849, coinage of gold dollars and double eagles--Act of March

3, 1851, coinage of three-cent silver piece--Act of February 21, 1853, relative to half and quarter

dollar, dime and half dime-Act of March 3, 1853. new coinage, arraying and regulation of dies-
Act of February 21, 1857, legal tender quality of foreign coins revoked, nickel cent, purchase of
bullion-Act of April 22, 1864, coinage of bronze cent, and legal tender of minor coins--Act of
March 3, 1865, coinage of nickel tbree-cent pieces, limited legaltender--Act of May 16, 1866, coinage
of five-cent piece-Act of March 3, 1871, redemption of copper and other token coins--Act of
February 12, 1873, revising coinage laws--Act of January 29, 1874, coinage of foreign coins at the
mint-Act of June 22. 1874, Revised Statutes of the U. S.-Act of March 3, 1875, coinage of twenty.
cent piece-Act of April 17, 1876, issue of silver coins-Joint resolution, July 22, 1876, issue
silver coins, purchase of silver bullion--Act of February 28, 1878, to authorize standard silver
dollar, purchase of bullion, monetary conference--Act of May 2, 1878, coinage of twenty-cent piece
prohibited--Act of June 19, 1878, assaying of bullion--Act of March 3, 1879, transportation of
securities, coin certificates--Act of June 9, 1879, redemption of silver coins, legal tender of silver
coins--Act of May 26, 1892. gold coin for gold bullion--Act of August 7, 1852, transportation of
silver coins--Act of August 4, 1856, issue of silver certificates, transportation of silver coin--Act
February 19, 1887, retirement and recoinage of trade dollar-Act March 2, 1989, disposal of
"silver profit fund”--Act July 14, 1890, purchase of silver bullion, issue of coin certificates--Act
of September 26, 189), amendment of section 3510, Revised Statutes--Act of September 26, 1890,
discontinues the coinage of three-dollar and one-dollar gold pieces and three-cent nickel-- Act of
February 10, 1891, counterfeiting--Act of March 3, 1891, exchange of gold coins for bars--Act of

November 1, 1893, purchase of silver bullion discontinued.

LAWS RELATING TO GOVERNMENT CURRENCY

Act of July 17, 1861, authorizing the issue of Treasury and 350,000,000 demand notes-Act of

August 5, 1861, form and manner of issuing Treasury notes,

Act of February 12, 1862, $10,000,000

additional demand notes-Act of February 25, 1862, issue of $150,000,000 legal tender United States

notes Act of March 17, 1862, demand notes made legal tender --Act of July 11, 1862, additional

issue of $150,000,000 United States legal tender notes-- Act of July 17, 1962, stamps received in pay-

ment of customs duties, fractional bank notes forbidden-Joini resolution January 17, 1863, non-

interest bearing United States notes authorized – Act of March 3, 1863, $150,000.000 additional legal

tender potes authorized, exchange of United States notes for interest bearing Treasury notes, issue

of gold certificates, $50,000,000 fractional currency-Act of June 3), 184, Treasury notes bearing

interest, redemption of Treasury and United States notes, temporary loan-Act of January 28,

1-65, issue of Treasury notes Act of March 3, 1065, conversion of Treasury notes into bonds
Act of April 12, 1865, retirement of United States notes--Act of March 2, 1867, is-ne of temporary
loan certificates in payment of compound interest notes-Act February 4, 18 8, suspension of
further reduction of the currency--Aci of July 25, 1868, redemption and retirement of compound
interest notes--Act of March 18, 1869, to strengthen public credit--Act of July 13, 1970, redemption
of 3 per cent. temporary loan certificates--Act of June 20, 1874, amount of United States notes
fixed-Revised Staiutes relating to currency--Act January 14, 1875, resumption of specie payments

--Actof May 31, 1878, further retirement of United States notes forbidden--Act of August 4, 1886,

issue of silver certificates.

LAWS RELATING TO BANK CURRENCY.

Act of February 25, 1791, incorporation of the Bank of the United States--Act June 27, 1798, coun-

terfeiting--Act of April 10, 1816, Second Bank of the United States--Act of February 25, 1863, to

provide a natlonal bank currency--Act of June 3, 1864, National Bank Act--Act of March 3, 1865,

formation of national banks--Act of July 13, 1936, tax on State banks-Act of March 2, 1867, certi-

ficates of temporary loans-Act of March 26, 1867, tax on county or municipal notes--Act of March

8, 1839, reports of national banks-Act of July 12, 1870, increase of national bank circulation-Re-

vised Statutes of the United States--Act of June 20, 1874, organization of national banks--Act of

June 23, 1874, destruetion of notes--Act of January 19, 1875, limitation of aggregate amount of na-

tional bank notes removed--Act of February 8, 1975, tax on notes other than national bank-Act

of March 3, 1875, printing of the notes--Act of February 14, 1880, conversion of national gold

banks--Act of July 12, 1882, corporate existence of national banks extended-Act of March 3,

1887, reserve cities--Act of July 14, 1890, 5 per cent. redemption fund.

APPENDIX

Coins of the United States, authority for coining and changes in weight and fineness, total

amount coined, legal tender quality.

INDEX

80

THE WORLD'S CURRENCIES.

CNITED STATES

Gold-Silver-United States Notes ("Greenbacks")- United States Treasury Notes of 1890–
Gold certificates-Currency certificates-Denominations --Legal tender qualities - National Bank
notes-Issue limited ---Central redemption agency-Denominations-Shareholders' liability-Quasi-
legal tender-Number and Capital of Banks ---Tax on State Banks-Statement of circulation, Jan.

uary 1, 1995.

GREAT BRITAIN AND COLONIES

Double standard in England-Exportation of gold, 1785—Silver coinage prohibited, 1798-Gold

standard legalized, June 22, 1816- The Sovereign-Weight-Monetary Unit-Actual Circulation-

Right to have gold coined--Price paid for bullion sold to Bank of England-Silver coins - Denom-

inations-Weight-Limited legal tender-Ratio-Coined only for Government account - Bank of

England-Founded, 1694, by Montague-Present charter, 1811-Issue and banking departments-

Circulation-How guaranteed-Reserve may be one-fifth in silver-Actual issues made only against

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gold-Permanent debt of State to bank partial basis of issue -- Notes legal tender except in payment to
branches of the bank -Not legal tender in Scotland and Ireland-Joint stock banks- Banknote issue
in Scotland -- Uncovered issues - Ireland, banks -- Issue of notes --Statement of outstanding bank

notes, 1893—Estimated Stock of Money in Great Britain.

Canada

52

No gold coinage of her own-United States and Great Britain coins used-Amount of gold in

reserves-Silver coinage from 1870–Subsidiary in character-Total coinage, $6.300.000-Dominion

Notes--Limited to $15,000,000-Redeemable in gold-Secured by reserve, gold and securities-

Banks--Limit of note issue-Daily redemption- Elasticity of the system-Aggregate circulation,

November 1, 1991- Estimated Stock of money in the Dominion of Canuda.

Australasia

53

Monetary system like Great Britain's - Banking in Victoria-Basis of present system-Sub-

scribed capital of £50,000, half paid up-Number of Banks and branches - Circulation and depos-

its -- Banking in Queensland-South Australia -Western Australia-New South Wales, New

Zealand

British India,

Fundamental Monetary law-Standard-History of the Free Coinage of Silver-How rupees are

estimated-Legal tender value of rupee--Coinage charge-Ra'io-Gold not legal tender-Denomin-

ations, etc., of gold and silver coins of British India-Banks previous to 1:01 - Issues of present

currency notes--Geographical circles of issue.-Exchange gold or bullion-Reserve invested in Gov-

ernment securities-Maximum limit--Amount of circulation- Estimated stock of money.

Minor British Colonies

54

Except as noted monetary systems same as England's-The Bermudas—Turk and Caicos

Islands-Newfoundland - British Honduras, Banks of issue ; Recent suspension of specie pay-

ments -- Mauritius, Africa—The Gambia, Africa-Sierra Leone, Africa-Gold Coast, Africa-Gibral-

tar-Cyprus-British Guiana, Bank notes-Ceylon-The Straits Seitlements, silver, legal tender;

Bank notes, banks bound to maintain specie ; circulation--Hong Kong, silver dollar, Bani notes,

Banks, circulation-Cape of Good Hope.

GERMAN EMPIRE.

55

Foundation of present system in monetary laws of 1871-74 - Retirement of old gold coins,

current silver coins - Gold coins-Effect of the law of 1873-Silver--Coinage limited-old coins

called in-Thalers-Sale o silver-Loss by abrasion-Denominations, weight and comparative

value of coius-Imperial Treasury notes, legal tender-Amount-Bank notes-Banks of issue-

Imperial Bank-Tuk on issues above limit-Renewal of charter-Total circulation-Estimated

stock of money in the Empire.

AUSTRIA-HUNGARY.

56

Monetary system established, 1857-1858, 1967, 1870-1891-Coinage of silver suspended, 1879–

Legally single silver standard --Practically no metallic money in circulation-Paper money-

Premium on silver up to 1878 Currency reform-New system gold monometallic--Coins of new

currency-Gold, denominations, weight, etc., of coins-Silver coing-Coinage charges-Ratio-

Coinage of silver--Limited legal tender-Monetary agreement between Austria and Hungary-

Coins of the new system-Staie Treasury notes - Mutual guaranty-Maximum issue-Circulation

-Denominations --Legal tender-Bank notes-One bank of issue-Loans to the State-Bank pays

taxes--Debt of State to bank-Circulation-Must be covered above certain limit-Xotes above

metallic reserve must be guarauteed-Legal tender-Renewal of charter-Estimated stock of

money.

THE LATIN UNION (France, Belgium, Italy, Switzerland and Greece)

58

Previous union - The money syftem-Ratio-Increase in supply of gold-Causes substitution

of gold for silver in the monetary systems-Formation of the Latin Union, 1865– To maintain

double standard --Each State to receive the coins manufactured by the others--Legal tender value

-First convention--Greece joins the Union - Union of last 15 years--Provides for free coinage of

both metala--Bimetallic--Depreciation of silver limits coinage--Compact prolonged five years-

Coins of each country to be received by the Treasuries of the Union-- Union terminable upon one

year's notice--Balances due after termination of Lnion to be paid in gold or bills of exchange on

the debtor State--Latin Union cha to goll standard-Coinage of gold unlimited, silver

suspended--The ratio still 1814 to 1--Coinage charges-Legal tender.

France-Bank notes, Bank of France and branches-Foundation charter, 1800-Renewal of-Capital

--Note limitation, 4,000,000,000 francs - Legal tender--Estimated stock of money in France. 69

Belgium--National Bank of Belgium-Only joint stock company to issue notes--Individuals and

associations free to issue bauk notes-State receives a share of bank profits-Government may

veto any measure - Branches and agencies-- Note limitations--Amount of bank notes- Estimated

stock of money in Belgium

59

Italy --State notes - Bank syndicate--Government borrows $200,000,000—Banks issue notes in repre-

sentation of amount loaned-Syndicate dissolved - Notes become a state debt-$70,000,000 siate

notes outstanding - Bank notes- No state bank-Six banks of issue--Limitations on pote issues

Legal limit - Forced currency abolished- Additional notes to be covered by a second metallic

reserve-A fusion of banks in 1893--New bank of Italy-Limit of bank circulations--Notes beyond

livnit may be issued when covered in full by metallic reserve-$235,000,000 bank notes outstand-

ing-Estimated stock of money in Itals.

60

Switzerland - Bank notes - Recent banks-Oldest banks - Federal law on issue and redemption

of bank notes--Bank of issues must have government authority-Amount of issue regulated by

the Federal Assembly-Metallic reserve Circulation-Redemption of notes, The Confederation

hereafter to take charge of note issue-State bank decided npon, 1894-Plan of the bank-Incor-

poration of present baks as branches-Obligatory acceptance of bank notes not decreed by Con-

federation except in case of war - Estimated stock of money in Switzerland.

60

Greece-Bank notes-Forced currency-Metallic reserves merely nominal-Irreleemable paper

money rules-Amount of bank notes-Government notes-Gold at a premium-Estimated stock

of money

61

SPAIN..

61

Monetary system that of Latin Union, with gold 25-peseta piece added-Gold coinage free-

Delay in getting coins-Silver coinage only on account of state-Ratio 154 to 1--Legal tender

coins--Bank notes - Bank of Spain-State no share in, but may require advances-Metallic re-

serve of 25 per cent. - Its notes legal tender-$185,000,000 outstanding-Premium on gold

Estimated stock of money in Spain.

SCANDINAVIAN UNION (Sweden, Norway and Denmark).

61

Monetary union--Convention 1873-1875--Gold standard-Gold and silver coins--Coinage of

gold unlimited-Silver coined on account of State only-Limited legal tender-Exchange of frac-

cional coins for gold at the public treasuries.

PAGE

Sweden-State bank of issue- Banks of issue may be established by joint stock companies-Char-

ters-Liability of shareholders unlimited - Right to issue poteg - Capital of Bank of Sweden-

Legal currency guaranteed by the Constitution-Circulation limited-Private bank notes not legal

reuer-The limit of their issue elastic--Statement of notes issued-Uncovered notes of both

banks..

62

Norway-Bank notes-Central bapk of issue-Bank of Norway, founded in 1814–Capital and

organization-Circulation limited-Notes legal tender-Reserve-One-third placed with foreign

correspondente.

62

Denmark - Bank notes-National bank, founded in 1918—-Only bank of issue-Capital—Note isgue

over metallic reserve limited-Aggregate circulation--Estimated stuck of money in Scandinavian

Union..

69

THE NETHERLANDS

68

Adopts double standard, 1816-Silver standard, 1817--Double standard, 1875— Monetary unit-

Gold and silver coins-Only standard gold and silver coins are unlimited lezal tender-Coinage

of silver suspended in 1877 - Colonial monetary system the same-Bank notes-Bank of Nether.

lands-- Chartered in 1814–Renewed three times—Terminates 1914–Not a State bank-Monopoly

of issue-Surveillance over Bank by Government--Note issue not absolutely fixed-Security or--

Metallic reserve, 40 per cent.--$80,000,000 of notes in circulation-Government notes-$3,000,000 in

circulation - Estimaied stock of money in the Netherlands.

RUSSIA

68

Fundamental monetary law 1895–Unit the silver rouble - Coinage ratio, 154-Gold coins--

Coinage of gold unlimited--Mint Charges--Silver-Coined only for State account-Bank notes-

National Bank of Russia, a State bank, capital and reserve fund furnished by Government-State

cannot touch these--State shares profits-Paper money of Russia issued by Bank - Denominations

of credit roubles-Amount of notes depend on exigencies of the Government-Estimated stock of

money in Russia.

PORTUGAL

Monetary system established, 1854 – Gold monometallic--Unit-Gold coins, weight, fineness

and vilue in U. s. gold coin--Silver coins--Bank notes--Bank of Portugal and several others to

issue notes--Not legal tender, except to public treasuries--Bank notes to represent gold ex-

clusively and be paid in that metal-Estimated stock of money in Portugal.

TURKEY

65

Monetary system--Gold coins--Mint charges--Silver--Coing--Weight of coins--Ratio of coin.

age lowered--Coinage of silver suspended--Bank notes-Imperial Ottoman Bank sole bank of

issue-- Notes payable in gold-Reserve generally greater than circulation--Estimated stock of

money in Turkey.

ROUMANIA

68

Latin Union system introduced-Double standard abrogated -Single gold standard 1890—

Bank potes-National Bank of Roumania-Notes issued by law of 1890 – 40 per cent. metallic re-

serve.

SERVIA

65

Monetary system like that of Latin Union-Coins-Silver limited legal tender-Country gold
monometallic-Bank of Issue-National Bank of Servia-Location and branch-Issue three times

metallic reserve-Circulation - Metallic reserve.

PERSIA.

65

Monetary unit the silver kran-Coins-Gold-Unit-Circulates only as a commodity-Value of

the toman in United States gold coin-Bank notes-Imperial bank-Head offices at Teheran-

Branches-Incorporated under an English charter-Note issues limit.d to $4,000,000—Coin reserve

at first 50 per cent. - Reduced to 3343.

CHINA

65

Silver standard country--Actual currency is cash-Varieties of cash-Depreciation of, measured

in taels - Silver hy weight, medium of exchange in large transactions- Assay of coins-Denom-

inations used in indicating weight of silver-Variat ons in ditferent parts of China-Banks numer-

ous-Capital small and not under Government control-Circulation limited to immediate vicinity.

JAPAN

66

Currency before and after admission of foreigners-Silver and gold - Early ratio, 1 to 4Ratio

soon changed - The legal money-Basis of new monetary system 1871 the Mexica dollar-Double

standard established-Gold rated too high--Change in coinage, 1872–Actual Japanese standard now

silver-Attempt to drive out the Mexican dollar-Japanese trade dollar discontinued - The silver

yen made legal tender-Drives ont the Mexican dollar -Japan established as a silver country by a

silver loan-Government and bank notes-Gold and silver reserve-Bank votes outstanding.

MEXICO.

66

Single silver standard-Provisions of the monetary system-Mints open to all for coinage of

gold or silver-Charges Government dues payable in any legal coin-Circulation of Mexican sil.

ver dollar-Denominations, fineness and weight of gold and silver coins.

CENTRAL AMERICAN STATES..

67

Accounts in Costa Rica, Guatemala, Honduras, Nicaragua and Salvador kept in silver dollars-

Circulation silver supplanted by paper-Guatemala circulation of bank notes, Luncovered-Costa

Rica --Circulation- At par with fractional silver-Honduras–One bank—May issue notes which are

legal tender.

SOUTH AMERICAN STATES.

67

Chile - Legally double standard-Gold all exported – Really on silver basis-Real medium de-
preciated paper - Monetary unit-Coinage restricted to account of State-Free coinage of gold au-

thorized - Actual circulation paper currency and bank notes-Nominal value guaranteed to the ex-

tent of 50 per cent.-Gold at a premium of 250 per cent in 1893-Paper currency to be redeemed in gold

July 1. 1896–Cease to be legal tender after January 1, 1897 – Banks consolidated into Bank of Chile

--Similar to Bank of England - Argentine Republic-Attempt to establish a coinage system. 1875 –

Attempted in 1881 with more succesw-Gold coins full legal tender-Coinage and use of silver re-
stricted - Actual currency depreciated paper-Amount in circulation - Bolivia--Silver standard-
Bank of Bolivia --Circulation-Reserve--Brazil-Gold standard 1819–Gold coins, weight of - Silver
legal tender limited - Present money inconvertible paper-Specie payments suspendel, 1864-bis-
tory of paper issues Banks of issue -- Banco do Brazil - Banco da Republica-- These two united as
Banco da Republica do Brazil-Ultimate liability with the Government-Columbia-Uruguay-Ven-

ezuela-Banks of issue private.

SITUATION PRINCIPAL BANKS OF ISSUE..

68

APPROXIMATE STOCKS OF MONEY IN PRINCIPAL COUNTRIES..

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