Full text of Information Respecting United States Bonds, Paper Currency and Coin, Production of Precious Metals, Etc. : Revised July 1, 1915

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UNITED STATES TREASURY DEPARTMENT

INFORMATION
RESPECTING

UNITED STATES BONDS,
PAPER CURRENCY AND COIN,
PRODUCTION OF
PRECIOUS METALS,
ETC.




REVISED JULY 1 ,1915

WASHINGTON
GOVERNMENT PRINTING OFFICE

1915

T reasury D
O f f ic e

epartm ent,

of

the

Secretary,

Washington, July 1, 1915.

This publication, containing general information regarding United
States bonds, paper currency and coin, production of precious metals,
etc., has been compiled under my direction by the Division of Loans
and Currency of this office with the cooperation of other Treasury
offices. It is a revision of similar circulars of information issued by
the department in 1896, 1897, 1900, 1904, 1908, 1910, and 1912. All
comparative tables have been brought down to June 30, 1915, and
wherever other statistical information is set forth the latest available
figures have been used.




W . G . M cA d o o ,

Secretary.

a d d it io n a l

c o p ie s

OP THIS PUBLICATION MAY BE PROCURED FROM
THE SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D . C.
AT

15 CENTS PER COPY

TABLE OF CONTENTS.
I. HISTORY OF UNITED STATES BONDS SINCE 1865.

Page,

Debt at close of Civil W ar.....................................................................................................
Credit-strengthening act........................................................................................................
Refunding Civil War bonds..................................................................................................
Resumption, gold reserve, and maintenance of parity................................................
Bond issues of 1894, 1895, and 1896...................................................................................
Three per cent loan of 1908-1918........................................................................................
Two per cent consols of 1930................................................................................................
Refunding under department circulars of various dates, act March 14, 1900___
Panama Canal bonds...............................................................................................................
Act of June 28, 1902, section 8 ..........................................................................*.____
Act of August 5, 1909, section 39........... ....................................................................
Act of February 4, 1910, section 1 .............................................................................
Act of March 2, 1911.......................................................................................................
Panama Canal statement.......................................................................................................
Postal savings bonds................................................................................................................
Certificates of indebtedness..................................................................................................
Refunding 2 per cent bonds.................................................................................................
Interest-bearing debt June 30, 1915...................................................................................
Average rate of interest paid on United States bonds.................................................
Pacific Railroad bonds and settlements...........................................................................
Insular bonds.............................................................................................................................
District of Columbia bonds...................................................................................................
Principal of public debt, increase and decrease, fiscal years 1860-1915................
Principal of public debt, increase and decrease, annual periods March 1,
1885, to March 1, 1915.........................................................................................................

7
8
9
11
12
13
15
16
17
18
18
19
19
19
19
21
21.
22
23
23
24
25
25
27

II. THE SINKING FUND.

Statement of purchases and redemptions for..................................................................

29

III. HISTORY OF COINS AND CURRENCY.

Monetary system of the United States..............................................................................
Denominations, fineness, and weight of United States coins....................................
Legal-tender and redemption qualities of United States money.............................
Gold coins...................................................................................................................................
Standard silver dollars...........................................................................................................
Trade dollars..............................................................................................................................
Subsidiary silver.......................................................................................................................
Demand notes............................................................................................................................
United States notes.................................................................................................................
Gold certificates........................................................................................................................
Silver certificates.....................................................................................................................
Treasury notes of 1890............................................................................................................




(3)

31
34
35
37
37
38
39
40
40
41
42
43

4
Page.

Fractional currency.................................................................................................................
Portraits, etc., on current issues of paper currency......................................................
Paper currency of each denomination outstanding June 30, 1915...........................
Specie and bank-note circulation, 1800-1859, with amount per capita.................
Coin and paper circulation, 1860-1915, with amount per capita..............................
Sales of gold.................................................. .............................................................................
Premium on gold and value of United States legal-tender notes from 1862 to
January 1, 1879.....................................................................................................................
Total redemptions of notes in gold and exports and imports of that metal each
fiscal year 1879-1915............................................................................................................

43
44
45
45
46
49
49
50

IY. THE NATIONAL BANK CURRENCY.
Authorizing acts........................................................................................................................
Profits on circulation...............................................................................................................
Profits on capital invested.....................................................................................................
Additional national bank currency....................................................................................
National currency associations, with amounts additional circulation issued to
each...........................................................................................................................................
Amount of national bank circulation.................................................................................
Amount outstanding each year, 1864-1915......................................................................

51
53
53
53
55
57
57

Y. FEDERAL RESERVE SYSTEM AND CURRENCY.
Organization of system...........................................................................................................
Federal reserve districts.........................................................................................................
Federal reserve notes...............................................................................................................
Federal reserve bank notes...................................................................................................

57
58
58
59

VI. STATISTICS OF COINAGE AND PRODUCTION OP THE PRECIOUS METALS.
T able 1. Acts authorizing and discontinuing coinage, changes in weight and
fineness, and amount coined........................................................................
2. Coinage of the mints of the United States from their organization,
by calendar years.............................................................................................
3. Coinage, by pieces and values, fiscal year 1915.........................................
Additional coinages, year 1915, for certain Governments.......................
4. Fine ounces and value, gold and silver coinage, by fiscal years,
since 1873............................................................................................................
5. Monetary standards of foreign countries.......................................................
6. Coinage of nations, 1912,1913...........................................................................
7. Coinage of gold and silver of mints of the world, calendar years since
1873.......................................................................................................................
8. Production of gold and silver in world since discovery of Am erica..
9. Production of gold and silver in world since 1860....................................
10. Production of gold and silver in United States from 1792 to 1844 and
annually since...................................................................................................
11. World’s production of gold and silver, by countries................................
12. Value of pure silver in a silver dollar, at prices per fine ounce from
$0.40 to $1.2929, or parity............................................................................
13. Highest, lowest, and average price bar silver in London since 1833
and the equivalent in United States gold coin, taken at the aver­
age price..............................................................................................................




60
63
72
73
74
75
78
81
82
84
85
87
90

91

5
Page.
T a b l e 14. Bullion value of 371£ grains pure silver at annual average price since

1837...................................................................................................................... ....... 92
15. Coinage value in gold of an ounce of fine silver at the ratios 1 :15-1:40.
92
16. Commercial ratio of silver to gold since 1687..................................................... 93
17. Amount, cost, average price, and bullion value silver dollar coined
from bullion purchased under act of February 28, 1878................... ....... 94
18. Amount, cost, average price, and bullion value of a silver dollar
coinable from silver purchased under act of July 14, 1890.............. ....... 94
In dex........................................................................................................................................... ....... 95







INFORMATION RESPECTING UNITED STATES BONDS, PAPER
CURRENCY AND COIN, PRODUCTION OF PRECIOUS METALS,
ETC.
I.

H IS T O R Y

O F U N IT E D

STATES

BONDS

S IN C E

1865.

D EBT AT CLOSE OF CIVIL W AR.

According to the statement published October 31, 1865, the public
debt of the United States on that date was as follows:
Debt bearing interest in coin.
Authorizing acts.

Character of issue.

Authorized before the war

....................................... 6 per cent bonds................................
D o .............................................................................. 5 per cent bonds................................
July 17 and Aug. 5,1861............................................... 6 per cent bonds................................
Feb. 25, 1862.................................................................... ........d o ..................................................
June 30,1864 ................................................................ ........d o ..................................................
Mar. 3, 1865..................................................................... ........d o ..................................................
Mar. 3,1864...................................................................... 5 per cent bonds................................
Mar. 3, 1863..................................................................... 6 per cent bonds................................
Aggregate of debt bearing coin interest..........

Amount out­
standing.

$37,754,591.80
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.
Character of issue.

Authorizing acts.

temporary loan...............
temporary loan...............
temporary loan...............
certificates of indebted­

$612,727.98
31,309,710.65
67,185,306.83

1 and 2 year notes..........
3-year compound-inter-

32,536,901.00
173,012,141.00

est notes.
June 30, 1864................................................................... 7-30 notes (3-year).............................
Mar 3,1865
............................................................... ........d o ...................................................

234.400.000.00
595.600.000.00

July 11,1862....................................................................
D o ..............................................................................
D o ..............................................................................
Mar. 1,1862.....................................................................
Mar 3,1863.....................................................................
Mar. 3,1863, and June 30,1864....................................

4 per cent
5 per cent
6 per cent
6 per cent
ness.
5 per cent
6 per cent

Amount o u t­
standing.

Aggregate of debt bearing lawful-money

55,905,000.00

1,190,561,787.46

interest.
Total interest-bearing debt...............................




2,351,699,479.26

(7)

8

Debt bearing no interest:
Demand notes........................................................... .........................................
United States notes..........................................................................................
Fractional currency..........................................................................................
Matured debt, interest ceased.......................................................................
Unpaid requisitions..........................................................................................
Aggregate of debt bearing no interest............................................

$392,070.
427, 768, 499.
26, 057, 469.
1, 373, 920.
660, 900.

00
00
20
09
00

456, 252, 858. 29

Total indebtedness of the United States................................................... 2, 807, 952, 337. 55
Cash in the Treasury........................................................................................
68, 355, 578. 69
Total public debt, less cash in the Treasury............................... 2, 739, 596, 758. 86

The foregoing table does 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
Government then began using the surplus revenues in the purchase
of its unmatured bonds at the market price in currency. The aver­
age 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 September, 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-STRENGTH ENING 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




9

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 con­
tained 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 recog­
nized 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 Government to liquidate all its debts in paper money.
To settle the conflicting questions arising from this discussion, Con­
gress 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 earliest prac­
ticable 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 CIVIL W A R BONDS.

The refunding act of July 14, 1870, authorized the sale, at not less
than par in coin, of 5 per cent 10-year bonds, 4J per cent 15-year
bonds, and 4 per cent 30-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



10

and the 4 per cents 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.
The classes of bonds sold for refunding and the bonds redeemed
with the proceeds are shown in the following tables:
BONDS SOLD.

5 per cent loan of 1881............................................................................................
4J per cent loan of 1891..........................................................................................
4 per cent loan of 1907............................................................................................

$500, 000,000
185, 000, 000
710, 345, 950

Total................................................................................................................. 1,395,345,950
BONDS R ED EEM ED.

6
6
6
6
6
6
6
5
5

per
per
per
per
per
per
per
per
per

cent
cent
cent
cent
cent
cent
cent
cent
cent

five-twenties of 1862...........................................................................
five-twenties of March, 1864.............................................................
five-twenties of June, 1864...............................................................
five-twenties of 1865...........................................................................
consols of 1865......................................................................................
consols of 1867......................................................................................
consols of 1868......................................................................................
loan of 1858............................................................................................
ten-forties of 1864................................................................................

$401,143, 750
1, 327,100
59,185, 450
160,144, 500
211, 337, 050
316, 423, 800
37, 677, 050
14, 217, 000
193, 890. 250

Total................................................................................................................

1,395,345,950

A considerable amount of 6 per cent bonds (about sixty-five mil­
lions) was exchanged at the beginning of the refunding operations,
bond for bond, for 5 per cents. 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
refunding acts.
These last-mentioned bonds were purchased from time to time
with the surplus revenues or redeemed as they became redeemable,
though meantime some of them were continued at lower rates of
interest. The last of them, being the residue of the 4 per cent bonds




11

of 1907, were called for redemption April 2,1907, and ceased to bear
interest July 2 of that year. Of these latter bonds $441,728,950 had
been refunded into 2 per cent consols of 1930, and except for some
small amounts of matured bonds that have never been presented for
payment this is the amount of the Civil War interest-bearing debt
now outstanding.
The foregoing statement does not include the bonds, payable in
lawful money, which were issued in aid of Pacific railroads. (See
page 23.)
RESUM PTION, THE GOLD RESER VE, AND M AINTENANCE OF PA R ITY OF
VARIOUS KINDS OF MONEY.

TJie 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 class of bonds described in the refunding act approved
July 14, 1870. 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 prescribed by Congress as the limit to which the gold reserve
might be reduced without affecting the issue of gold certificates.
The act of March 14, 1900, increased the reserve fund to $150,000,000 of gold coin and bullion for the redemption of United States
notes and after setting forth the methods to be employed in main­
taining the fund provided that if at any time notwithstanding the
reserve should fall below $100,000,000 then “ it shall be his (the
Secretary’s) duty to restore the same to the maximum sum of $150,000,000 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.”
Section 8 of the act of May 30, 1908, directed that taxes received
on national bank circulation secured otherwise than by United
States bonds should be credited to the reserve fund held for the
redemption of United States notes. Under this provision $2,977,036.63 has been added to the gold reserve fund and it now stands at
$152,977,036.63.
Section 1 of the act of March 14, 1900, provides that it shall be
the duty of the Secretary of the Treasury to maintain the parity of
all forms of money issued or coined by the United States with the




12

gold dollar which is declared the standard unit of value. Section 26
of the Federal reserve act reaffirms the parity provision of the act
of March 14, 1900, and further provides that “ the Secretary of the
Treasury may for the purpose of maintaining such parity and to
strengthen the gold reserve, borrow gold on the security of United
States bonds authorized by section two of the Act last referred to
(act of March 14, 1900) or for one-year gold notes bearing interest
at a rate of not to exceed 3 per centum per annum, or sell the same if
necessary to obtain gold. When the funds of the Treasury on
hand justify, he may purchase and retire such outstanding bonds
and notes.” Net earnings derived by the United States from Federal
reserve banks may be used to supplement the gold reserve.
BOND ISSUES OF 1894, 1895, AND 1896.

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 10-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 Feb­
ruary, 1895, the Government was again obliged to replenish the gold
reserve, which it did by the purchase, under contract, of 3,500,000
ounces of gold coin, which were paid for with United States 4 per
cent 30-year bonds, amounting to $62,315,400. Another sale of
$100,000,000 of 4 per cent 30-year bonds was made through popular
subscriptions invited in January, 1896.
To recapitulate, the bonds sold in 1894, 1895, and 1896, as above
indicated, the average prices received, and the proceeds were as
follows:
Kind of bonds.

A mount.

Price.

Proceeds.

5 per cent bonds, loan of 1904..............................................................

$50,000,000
50,000,000

$117.266

$58,633,296

117.077
104.495
111.166

58,538,500
65,116,244

D o .......................................................................................................
4 per cent bonds, loan of 1925..............................................................
D o .......................................................................................................

62,315,400
100,000,000

T otal...............................................................................................

262,315,400

111,166,246
293,454,286

All these bonds, which were sold for redemption purposes, were
sold at not less than par for gold coin, or its equivalent, and under
the provisions of the authorizing acts were to be redeemed in coin of



13

the standard value of July 14, 1870, which was the date of the first of
the refunding acts, and the interest was to be paid quarterly in coin of
the same standard. 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 412J grains.
The 5 per cent loan of 1904, in amount $100,000,000, matured
February 2, 1904. However, before such date $72,071,300 of these
bonds had been refunded into 2 per cent consols of 1930 and $8,543,650
had been purchased. Following such refunding and purchasing
operations the balance of the loan was called and $19,372,000 of the
bonds were redeemed, and there now remain outstanding $13,050,
which have not been presented for payment.
Of the original issue of $162,315,400 of the 4 per cent loan of 1925,
$43,825,500 have been purchased, and $118,489,900 are outstanding,
being payable at the pleasure of the United States after February 1,
1925.
TH REE 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 President
June 13, 1898. Besides providing for increased revenues, it author­
ized an issue of bonds. The section of the act providing for this
issue was as follows:
33. 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 expendi­
tures 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 hundred
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 pre­
scribe, and in denominations of twenty dollars or some multiple of that sum, redeem­
able 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 payable quar­
terly in coin at the rate of three per centum per annum; and the bonds herein author­
ized shall be exempt from 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: 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 subscriptions to
such loan; and in allotting said bonds the several subscriptions of individuals shall be
first accepted, and the subscriptions for the lowest amounts shall be first allotted;
Providedfurther, That any portioli of any issue of said bonds not subscribed 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




14
in the Treasury not otherwise appropriated, to pay the expense of preparing, adver­
tising, and issuing the same.

On June 13, 1898, the department invited subscriptions at par for
an issue of $200,000,000 of these bonds. 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 prominently displayed. Circulars of
information with blank forms for subscription were supplied to more
than 22,000 money-order post offices, to every express office, and to
all the banks. A period of 31 days was allowed for the receipt of
subscriptions; 320,226 subscriptions, amounting to more than
$1,500,000,000, were received. A summary of the subscriptions
received, classified as to amounts, follows:
Subscriptions for less than $100.......................................................................................
11,483
Subscriptions $100 to $180.................................................................................................
14, 974
Subscriptions $200 to $280.................................................................................................
9, 902
Subscriptions $300 to $380.................................................................................................
7, 594
Subscriptions $400 to $480.................................................................................................
7, 698
Subscriptions $500 only...................................................................................................... 180, 573
Subscriptions $520 to $980.................................................................................................
11, 862
Subscriptions $1,000 to $1,980..........................................................................................
25,152
Subscriptions $2,000 to $2,980..........................................................................................
10, 349
Subscriptions $3,000 to $3,980..........................................................................................
5,165
Subscriptions $4,000 to $4,400...........................................................................................
5, 223
Subscriptions $4,500 only...................................................................................................
1, 875
Subscriptions more than $4,500........................................................................................
28, 376
Total.............................................................................................................................. 320,226

The total amount of bonds issued under this act was $198,792,660.
These bonds bear interest at 3 per cent and are payable in coin.
While it is not specified 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 United
States 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 are all payable in lawful money. Under
the terms of their issue these bonds are redeemable any time after
August 1, 1908, and are payable August 1, 1918. Of the original
amount issued $132,449,900 have been refunded into the 2 per cent
consols of 1930, $2,396,800 have been purchased for the sinking fund
and canceled, and $500 have been purchased and canceled under the
act of March 3, 1881, leaving outstanding at this time $63,945,460,



15
TW O PER CENT CONSOLS OF 1930.

During the first session of the Fifty-sixth Congress there was en­
acted a bill, popularly known as the financial bill, which became a
law, by the approval of the President, March 14, 1900. Under sec­
tion 11 of this act the Government, for the first time in its history,
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 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 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 outstand­
ing 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 3694 of the Revised Statutes: And
providedfurther, 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 consec­
utively 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 payment interest thereon shall
cease three months after such call.

The 2 per cent bonds are called consols of 1930, and the amount of
them issued is $646,250,150.
The statement following shows the amount of each of the three
classes of bonds mentioned in the act of March 14, 1900, surrendered
for exchange into 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, the premium received for the
new bonds, and the amount saved by the Government by reason
of said exchanges.
2023°— 15------ 2




16

Refunding under circulars of Mar. 14, 1900, Mar. 26 and Sept. 23, 1903,
and Apr. 2, 1907, authorized by act of March 14, 1900.
3 per cent.

Circular No. 29, Mar. 14, 1900:
A m ount refunded...............................

4 per cent.

5 per cent.

Loan of 1908- Funded loan of
1918A
1907.
Loan of 1904.
$98,879,700.00 $274,989,750.00 $72,071,300.00

.7905,

Total.

$445,940,750.00

Interest saved on old bonds to ma­
turity.................................................
Interest to be paid on new bonds to

24,139,929.00

77,343,136.00

13,050,355.00

114,533,420.00

maturity of old bonds....................
Premiums paid for old bonds...........

16,093,286.00
5,500,161.00
2,546,482.00

38,671,568.00
31,209,272.00
7,462,296.00

5,220,142.00

59,984,996.00
43,582,005.00
10,966,419.00

16,042,700.00

65,099,900.00

81,142,600.00

2,514,993.00

10,842,912.00

13,357,905.00

1,676,662.00
592,352.43
320,854.00
566,832.57

5,421,456.00
4,522,217.51
1,301,998.00
2,201,236.49

7,098,118.00
5,114,569.94

4,337,600.00

11,489,000.00

15,826,600.00

628,739.77

1,666,662.50

2,295,402.27

419,159.84
147,319.66
86,752.00
149,012.27

833,331.25
700,760.31
229,780.00
362,350.94

1,252,491.09
848,079.97
316,532.00
511,363.21

13,189,900.00

39,842,500.00

53,032,400.00

1,088,166.75

2,656,166.66

3,744,333.41

725,444.50
264,168.67
131,899.00

1,328,083.33
1,153,310.86
398,425.00

230,452.58

573,197.47

2,053,527.83
1,417,479.53
530,324.00
803,650.05

50,307,800.00

50,307,800.00

335,385.33

335,385.33

167,692.66
175,390.45

167,692.66
175,390.45

1,509,234.00
1,501,536.22

1,509,234.00
1,501,536.22

Net profit.....................................................

6,872,572.00
957,641.00

Circular No. 34, Mar. 26, 1903; discon­
tinued July 31, 1903:
Amount refunded.............. .. .........
Interest saved on old bonds to ma­
turity.................................................
Interest to be paid on new bonds to
maturity of old bonds....................
Premium paid for old bonds............
Premium received for new bonds. . .
Net profit.............................................
Circular No. 108, Sept. 23, 1903; discon­
tinued Dec. 31, 1903:
Am ount refunded...............................

1,622,852.00
2,768,069.06

Interest saved on old bonds to ma­
turity.................................................
Interest to be paid on new bonds to
maturity of old bonds....................
Premium paid for old b onds............
Premium received for new bonds. . .
Net profit.............................................
Circular No. 10C, Sept. 28, 1905:
Am ount refunded...............................
Interest saved on old bonds to ma­
turity.................................................
Interest to be paid on new bonds to
maturity of old bonds....................
Premium paid for old bon d s............
Premium received for new bond s. . .
Net profit.............................................
Circular No. 25, Apr. 2, 1907:
Amount refunded...............................
Interest saved on old bonds to ma­
turity.................................................
Interest to be paid on new bonds to
maturity of old bonds.......
...
Premium paid for old bonds............
Premium received for new bonds
Net profit.............................................




1 Here treated as maturing Aug. 1, 1908,

17
Refunding under circulars of Mar. 14,1900, Mar. 26 and Sept. 23, 1903, Sept. 28, 1905,
and Apr. 2, 1907, authorized by act of Mar. 14, 1900.— Continued.
R E C A P IT U L A T IO N .
3 per cent.

4 per cent.

Funded loan of
1907.
$441,728,950.00
sols of 1930................................................ $132,449,900.00
92,844,262.49
Interest saved on old bonds to maturity. 28,371,828.52
Interest to be paid on new bonds to ma­
18,914,552.34
46,422,131.24
turity of old b onds.................................
Amount refunded into 2 per cent con­

Premium paid for old b ond s...................
Premium received for new bonds...........
Net profit.....................................................

Loan of 19081918.

6,504,001.76
539,505.00
3,492,779.42

panam a

canal

37,760,951.13
3,439,437.00
12,100,617.12

5 per cent.

Total.

Loan of 1904•
$72,071,300.00
13,050,355.00

$646,250,150.00
134,266,446.01

5.220.142.00
6.872.572.00
957,641.00

70,556,825.58
51,137,524.89
3,978,942.00
16,551,037.54

bonds.

The act of June 28, 1902, provided for the issue of bonds to an
amount not exceeding the sum of $130,000,000; the bonds to be in
denominations of $20 or some multiple of that sum, redeemable in
gold coin at the pleasure of the United States after 10 years from
the date of their issue and payable 30 years from such date, and
bearing interest payable quarterly in gold coin at the rate of 2 per
cent per annum. Acting under this authority the department
issued $84,631,980 of such bonds, of which $30,000,000 were
issued in pursuance of a circular dated July 2, 1906, and $24,631,980
were issued in pursuance of a circular dated November 18, 1907.
Both of these issues were dated August 1, 1906, and together are
known as the Panama Canal loan, series of 1906. The average price
realized for the first issue was 104.036+ and accrued interest from
August 1, 1906, and the average price realized for the second issue
was 102.99 and accrued interest from November 1, 1907. An addi­
tional $30,000,000 were issued in pursuance of a circular dated
November 18, 1908, and the average price realized for this issue was
102.436+ and accrued interest from November 1, 1908. This issue is
known as the Panama Canal loan, series of 1908.
The act of August 5, 1909, modified the existing authority for 2
per cent bonds and provided for the issue of bonds amounting to
$290,569,000 at a rate of interest not to exceed 3 per cent. Under
authority of this act (supplemented by the acts of Feb. 4, 1910, and
Mar. 2, 1911) an issue of $50,000,000 3 per cent Panama Canal bonds
was made, they were dated June 1, 1911, and are payable June 1,
1961. The average price realized for this issue was 102.5825. These
bonds are not available as security for circulating notes of national
or Federal reserve banks.




18

The authorizing acts follow:
Act o f June 28, 1902.
A N A C T To provide for the construction of a canal connecting the waters o f the Atlantic and Pacific
Oceans.
*

*

*

*

*

*

*

S e c . 8. 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
expenditures authorized by this act (such proceeds when received to be used only
for the purpose of meeting such expenditures), the sum of one hundred and thirty
million dollars, or so much thereof as may be necessary, and to prepare and issue there­
for 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 gold coin at the pleasure of the United States after ten years from the date of their
issue, and payable thirty years from such date, and bearing interest payable quarterly
in gold coin at the rate of two 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 said
bonds may be disposed of by the Secretary of the Treasury at not less than par, under
such regulations as he may prescribe, giving to all citizens of the United States an
equal opportunity to subscribe therefor, 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 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.

Act of August 5, 1909.
A n A C T T o provide revenue, equalize duties, and encourage the industries of the United States, and for
other purposes.
*

*

*

*

*

*

*

S e c . 39. 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 expenditures on account of the Panama Canal and to reimburse the Treasury
for such expenditures already made and not covered by previous issues of bonds, the
sum of two hundred and ninety million five hundred and sixty-nine thousand dollars
(which sum together with the eighty-four million six hundred and thirty-one thou­
sand nine hundred dollars already borrowed upon issues of two per cent bonds under
section eight of the Act of June twenty-eighth, nineteen hundred and two, equals
the estimate of the Isthmian Canal Commission to cover the entire cost of the Canal
from its inception to its completion), and to prepare and issue therefor coupon or
registered bonds of the United States in such form as he may prescribe, and in denomi­
nations of one hundred dollars, five hundred dollars, and one thousand dollars, pay­
able fifty years from the date of issue, and bearing interest payable quarterly in gold
coin at a rate not exceeding 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 said bonds may be disposed of by the Secretary of the Treasury at not less than
par, under such regulations as he may prescribe, giving to all citizens of the United
States an equal opportunity to subscribe therefor, 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 herein authorized is hereby appropriated, out of any money in the
Treasury not otherwise appropriated, to pay the expenses of preparing, advertising,
and issuing the same; and the authority contained in section eight of the Act of June
twenty-eighth, nineteen hundred and two, for the issue of bonds bearing interest at
two per centum per annum, is hereby repealed.




19
Act of February 4, 1910.
A N A CT Prescribing certain provisions and conditions under which bonds and certificates of indebtedness
of the United States m ay be issued, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That any bonds and certificates of indebtedness of the United
States hereafter issued shall be payable, principal and interest, in United States gold
coin of the present standard of value; and that such bonds may be issued in such
denominations as may be prescribed by the Secretary of the Treasury.

*

*

*

*

*

*

*

Act of March 2, 1911.
A N ACT To restrain the Secretary of the Treasury from receiving bonds issued to provide m oney for the
building of the Panama Canal as security for the issue of circulating notes to national banks, and for
other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury be, and he is hereby, author­
ized to insert in the bonds to be issued by him under section thirty-nine of an Act
entitled “ An Act to provide revenue, equalize duties, and encourage the industries of
the United States, and for other purposes,’ ’ approved August fifth, nineteen hundred
and nine, a provision that such bonds shall not be receivable by the Treasurer of the
United States as security for the issue of circulating notes to national banks; and the
bonds containing such provision shall not be receivable for that purpose.
PANAM A CANAL STATEMENT (JUNE 30, 1915).

Total authorized expenditures for construction, reimbursable
through proceeds of sales of bonds............................................................. $375, 200, 980. 00
Expenditures:
Reimbursed through proceeds of sales of bonds—
Panama Canal bonds issued........................... $134, 631, 980. 00
Premium received on same............................
3, 968, 889. 02
Proceeds of sales of Panama Canal bonds..
Proceeds of sales of Postal Savings bonds..

138, 600, 869. 02
6, 441, 600. 00

Total proceeds of sales of bonds...............
Expenditures from general fund subject to re­
imbursement through sales of bonds...............

145, 042, 469. 02
213,030,036. 48

Total expenditures to date..........................................................

358,072, 505. 50

Balance expenditures authorized......................................................

17,128, 474. 50

POSTAL

S A Y IN G S

BON DS.

The act of June 25, 1910, provides as follows:
A N A CT To establish postal savings depositories for depositing savings at interest with the security
of the Government for repayment thereof, and for other purposes.
*

*

*

*

*

*

*

S e c . 10. That any depositor in a postal savings depository may surrender his deposit,

or any part thereof, in sums of twenty dollars, forty dollars, sixty dollars, eighty
dollars, one hundred dollars, and multiples of one hundred dollars and five hundred
dollars, and receive in lieu of such surrendered deposits, under such regulations as




20
may be established by the board of trustees, the amount of the surrendered deposits
in United States coupon or registered bonds of the denominations of twenty dollars,
forty dollars, sixty dollars, eighty dollars, one hundred dollars, and five hundred
dollars, which bonds shall bear interest at the rate of two and one-half per centum
per annum, payable semiannually, and be redeemable at the pleasure of the United
States after one year from the date of their issue and payable twenty years from such
date, and both principal and interest shall be payable in United States gold coin
of the present standard of value: Provided, That the bonds herein authorized shall
be issued only (first) when there are outstanding bonds of the United States subject
to call, in which case the proceeds of the bonds shall be applied to the redemption
at par of outstanding bonds of the United States subject to call, and (second) at times
when under authority of law other than that contained in this Act the Government
desires to issue bonds for the purpose of replenishing the Treasury, in which case
the issue of bonds under authority of this Act shall be in lieu of the issue of a like
amount of bonds issuable under authority of law other than that contained in this
Act: Providedfurther, That the bonds authorized by this Act shall be issued by the
Secretary of the Treasury under such regulations as he may prescribe: And provided
further, That the authority contained in section nine of this Act for the investment
of postal savings funds in United States bonds shall include the authority to invest
in the bonds herein authorized whenever such bonds may be lawfully issued: And
provided further, That 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: And providedfurther, That no bonds authorized by this
Act shall be receivable by the Treasurer of the United States as security for the issue
of circulating notes by national banking associations.
S e c . 11. That whenever the trustees of the postal savings fund have in their pos­
session funds available for investment in United States bonds they may notify the
Secretary of the Treasury of the amount of such funds in their hands which they
desire to invest in bonds of the United States subject to call, whereupon, if there are
United States bonds subject to call, the Secretary of the Treasury shall call for redemp* tion an amount of such bonds equal to the amount of the funds in the hands of the
trustees which the trustees desire to thus invest, and the bonds so called shall be
redeemed at par with accrued interest at the Treasury of the United States on and
after three months from the date of such call, and interest on the said bonds shall
thereupon cease: Provided, That the said bonds when redeemed shall be reissued at
par to the trustees without change in their terms as to rate of interest and date of
maturity: And providedfurther, That the bonds so reissued may, in the discretion of
the Secretary of the Treasury, be called for redemption from the trustees in like man­
ner as they were originally called for redemption from their former owners whenever
there are funds in the Treasury of the United States available for such redemption.

*
*
*
Approved, June 25, 1910.

*

*

*

*

In pursuance of authority contained in the act quoted above postal
savings bonds have been issued. The first series was issued July 1,
1911, and an additional series has been issued January 1 and July 1
of each subsequent year. Postal savings depositors may make appli­
cation to the Post Office Department to convert their savings into
bonds, such applications to be made at least 30 days before the
date of issue of the bonds. The applications, after receiving the ap­
proval of the Post Office Department, are forwarded to the Treasury
Department and at the same time funds for the amount of the bonds
to be issued are deposited in the Treasury. Thereupon the Treasury



21

Department issues the postal savings bonds, which are United States
bonds and a direct obligation of the Government. The bonds bear
interest at the rate of 2 J per cent per annum payable semiannually on
January 1 and July 1 of each year, both principal and interest payable
in United States gold coin of the present standard of value; they are
redeemable after 1 year from date of issue and are payable 20 years
from such date; they are not receivable as security for national
or Federal reserve bank circulation. They are issued in coupon and
registered form, and in denominations of $20, $100, and $500. Postal
savings bonds may be issued only (1) when there are outstanding
bonds of the United States subject to call, the proceeds of the postal
savings bonds to be applied to the redemption at par of an equal
amount of the bonds called, or (2) at times when under authority of
law other than that contained in the postal savings act the Govern­
ment may issue bonds for the purpose of replenishing the Treasury,
in which case postal savings bonds may be issued in lieu of a like
amount of other bonds. At the present time the bonds of the 3 per
cent loan of 1908-1918 are subject to call, and the department has
authority for issuing Panama Canal bonds in order to reimburse the
Treasury for advances made from the general fund on account of the
expenses of construction of the canal.
Altogether eight series of postal savings bonds have been issued,
in total amount $6,441,600; all these bonds are outstanding.
CERTIFICATES OF IN D E BTE D N E SS.

Section 32 of the act of June 13, 1898, as amended by section 40 of
the act of August 5, 1909, authorizes the Secretary of the Treasury to
borrow, at not exceeding 3 per cent interest, such sums as may be
necessary to meet public expenditures and to issue therefor certificates
of indebtedness in denominations of $50 or some multiple thereof,
payable not exceeding one year from date of issue, and not more than
$200,000,000 to be outstanding at any time. The act of February 4,
1910, provides that certificates of indebtedness thereafter issued shall
be payable, principal and interest, in United States gold coin and
that they shall be exempt from all taxation.
Under authority of the original act the department, in November,
1907, issued certificates of indebtedness in the sum of $15,436,500.
These certificates were sold to national banks at par and accrued
interest and were used as a basis for circulation. They were redeemed
before or upon maturity in November, 1908.
REFUNDING 2 PER CENT BONDS.

Section 18 of the Federal reserve act which authorizes the retire­
ment of national bank circulation also permits the refunding of
the 2 per cent bonds acquired and held by Federal reserve banks




22

and available to secure circulation, but against which no circula­
tion is outstanding. Federal reserve banks owning bonds of such
character, that is, 2 per cent consols of 1930 or 2 per cent Panama
Canal bonds, may, with the approval of the Federal Reserve Board,
apply to the Secretary of the Treasury for the exchange of such bonds
for one-year gold notes of the United States to an amount not to
exceed one-half of the 2 per cent bonds so tendered for exchange and
for 30-year gold bonds of the United States for the remainder. At
the time of exchange the Federal reserve bank obtaining one-year
gold notes will be required to enter into an obligation to accept
renewal of the notes upon maturity and at each recurring maturity
for a term of 30 years. Both notes and bonds issued under authority
of this section will bear interest at 3 per cent, will be payable, principal
and interest, in gold coin of the United States of the present standard
of value and will be exempt from taxation in any form. They will
not be available as security for circulating notes.
IN TE REST-BEARIN G DEBT.

The interest-bearing debt June 30, 1915, was as follows:
Title of loan.

Authorizing act.

Consols of 1930..................... Mar. 14,1900..........
Loan of 1908-1918................ June 13,1898..........
Loan of 1925.........................
Panama Canal loan:
Series 1906.....................
Series 1908.....................
Series 1911.....................

Rate of
interest.
Per cent.
2
3

Jan. 14, 1875...........

4

June 28,1902; Dec.
21,1905.
June 28,1902; Dec.
21,1905.
Aug. 5,1909; Feb.
4, 1910; Mar. 2,
1911.

2
2
3

W hen redeemable or payable.

Amount.

Payable after Apr. 1, 1930............. $646,250,150
Redeemable after Aug. 1, 1908;
63,945,460
payable Aug. 1,1918.
Payable after Feb. 1,1925............. 118,489,900
Redeemable after Aug. 1, 1916;
payable Aug. 1, 1936.
Redeemable after N ov. 1, 1918;
payable N ov. 1, 1938.
Payable June 1,1961.......................

54,631,980
30,000,000
50,000,000

Postal savings bonds:
First series, 1911-1931.. June 25,1910..........

2i

Redeemable after July 1, 1912;
payable July 1,1931.

41,900

Second series, 1912- ........d o ......................
1932.
Third series, 1912-1932. ........d o ......................

2i

Redeemable after Jan. 1, 1913;
payable Jan. 1, 1932.

417,380

2i

Redeemable after July 1, 1913;
payable July 1, 1932.

854,860

Fourth, series, 1913- ........d o ......................

2i

Redeemable after Jan. 1, 1914;

1,074,980

2i

payable Jan. 1,1933.
Redeemable after July 1, 1914;

1,116,880

1933.
Fifth series, 1913-1933. ........d o ......................
Sixth series, 1914-1934. ........d o ......................

2§

payable July 1, 1933.
Redeemable after Jan. 1, 1915;
payable Jan. 1,1934.

Seventh series, 1914r- ........d o ......................

2i

Redeemable after July 1, 1915;

872,240

2i

payable July 1, 1934.
Redeemable after Jan. 1, 1916;
payable Jan. 1, 1935.

933,540

1934.
Eighth series, 1915- ........d o ......................
1935.
T otal...........................




1,129,820

969,759,090

23
Of the bonds above mentioned, the consols of 1930, the Panama
Canal bonds, and the postal savings bonds are payable, principal and
interest, in United States gold coin of the present standard of value.
The 3 per cent bonds of 1908-1918 and the 4 per cent bonds of 1925
are payable in “ coin. ”
The average rate of interest paid on the interest-bearing debt of
the United States since 1890, exclusive of bonds issued in aid of
Pacific railroads, is shown in the following table:
Average rate of interest paid on United States bonds.
Principal of
debt.

Years.

July 1, 1890......................
July 1,1891......................
July 1, 1892......................
July 1,1893......................
......................
July
July
July
July
July

1,
1,
1,
1,
1,

1895......................
1896......................
1897......................
1898......................
1899......................

July 1,1900......................
July 1,1901......................
July 1,1902......................

Average
interest
paid.

Years.

Principal of
debt.

Average
interest
paid.

4.0 7 7 4.041+
3.913+
3.913+

July 1, 1903......................

$914,541,410

2 .7 9 3 -

July 1, 1904......................
July 1, 1905......................
3uly 1,1906......................

895,157,440
895,158,340
895,159,140

2.701—
2.701—
2.597+

635,041,890July 31,.91894
9 9716,202,060
4.068+
847,363,890
4.058+
847,365,130
4.058+
4.058+
847,367,470
1,046,048,750
3.857+
3 .2 7 81,023,478,860
3 .0 1 8987,141,040
2.958+
931,070,340

July 1, 1907......................
July 1, 1908......................

894,834,280

2.417+

897,503,990
913,317,490
913,317,490
915,353,190
963,776,770
965,706,610

2.351+
2.329+
2.329+
2.331—
2.364+
2.365—
2 .3 6 5-

$711,313,110
610,529,120
585,029,330
585,037,100

July 1,1909......................
July
July
July
July
July
July

1,1910......................
1,1911......................
1,1912......................
1,1913......................
1,1914......................
1,1915......................

967,953,310
969,759,090

2.365+

Copies of the regulations of this department for the issue, ex­
change, transfer, and redemption of United States bonds may be
had upon application to the Secretary of the Treasury, Division of
Loans and Currency.
PACIFIC RAILROAD BONDS AND SETTLEMENTS.

Bonds were issued on account of Government aid to the Pacific
railroads under authority of the acts of July 1, 1862, and July 2, 1864,
as follows:
Railroad.

Central Pacific............................................
Union Pacific..............................................

Dates of issue.

Amount.

May 1 2,1865-Dec. 31,1869.............................................. $25,885,120
27,236,512

Feb. 1,1866-July 14,1870.................................
•
Kansas Pacific............................................ N ov. 1 , 1865-Nov. 5,1868...............................................
Central Branch Union Pacific................. July 27,1866-Jan. 21,1868..............................................

6.303.000
1.600.000

Sioux City and Pacific.............................. Mar. 1 6,1868-Mar. 3, 1869.................................
Western Pacific.......................................... Jan. 24,1867-Jan. 8,1872..............................
T o ta l.........................................................

1,628,320
1,970,560
.

.

64,623,512

The United States paid the interest on these bonds as it became
due, and also redeemed the bonds at maturity. The Treasury was
reimbursed through services rendered the Government for trans­



24
portation, through a percentage of net earnings, through various
sinking funds established by the railroads, through foreclosure pro­
ceedings and sale of railroad properties, and, finally, through cash
settlements. The entire indebtedness to the Government on account
of the aid extended the Pacific railroads has been settled, with the
exception of that due from the Central Branch Union Pacific Rail­
road, which on June 30, 1915, amounted to $1,600,000 for principal
and $2,011,812.98 for interest, a total of $3,611,812.98.
IN SU LA R BONDS.

Philippine Islands.— The act of July 1, 1902, providing for civil
government in the Philippine Islands, as amended by the act of
February 6, 1905, authorized the issue of loans for certain public
improvements. While such issues are not obligations of the United
States, they require the authority of the President and are made
under the auspices of the United States Government through the
War Department, the Treasury Department acting as registering and
transfer agent and making disbursements on account of principal
and interest from funds furnished by the Philippine government.
They are sold for not less than par, are payable in gold coin of the
United States of the present standard of value, and are exempt
from any form of taxation.
Loans as follows have been issued and are now outstanding, all
bearing interest at 4 per cent:
Philippine land purchase loan of 1914-1934..........................................................
Philippine public improvement loans—
First series 1915-1935............................................................................................
Second series 1916-1936.......................................................................................
Third series 1919-1939..........................................................................................
City of Manila sewer and water bonds—
First series 1915-1935............................................................................................
Second series 1917-1937.......................................................................................
Third series 1918-1938..........................................................................................
City of Cebu loan 1921-1941.......................................................................................

$7, 000, 000
2, 500, 000
1, 000, 000
1, 500, 000
1, 000, 000
2, 000, 000
1, 000, 000
125, 000

Total....................................................................................................................... 16,125,000

Porto Rico.— The act of April 12, 1900, authorizes the issue by the
Porto Rican government under the auspices of the United States
Government of loans for certain public improvements. These bonds
are payable in gold coin of the United States of the present standard
of value, bear interest at 4 per cent per annum, are exempt from
any form of taxation under the Porto Rican government, and are
exempt from taxation under the Federal income law. They are not
obligations of the United States.
The following loans are now outstanding, the Treasury Department
acting as registering and transfer agent and making disbursements



25
on account of principal and interest from funds furnished by the
Porto Rican government for all the loans except the first two, which
are handled through a fiscal agent in New York:
Road loan, 1907-8............................................................................................................
$600, 000
Irrigation loan, 1909-1914.............................................................................................. 2, 700, 000
Road loan, 1910-1920-1927............................................................................................
425,000
San Juan Harbor improvement loan, 1912-1922-1937..........................................
100, 000
Irrigation loan, 1913-1933-1943................................................................................... 1, 000, 000
Irrigation loan, 1913-1933..............................................................................................
700,000
San Juan Harbor improvement loan, 1914-1924-1939..........................................
200, 000
Irrigation loan, 1914-1951..............................................................................................
400, 000
Public improvement loan, 1914-1925-1939............................................................. 1, 000, 000
Refunding loan, 1914-1923, etc...................................................................................
655,000
San Juan Harbor improvement loan, 1915-1925-1940..........................................
200, 000
Total......................................................................................................................... 7,980,000
D ISTRICT OF COLUMBIA BONDS.

The Treasury Department registers, transfers, and redeems the
3.65 per cent District of Columbia bonds and disburses the interest
thereon as agent of the District. The total issue of these bonds was
limited by law to $15,000,000; of this amount $14,997,300 have
been issued and $8,479,300 have been redeemed, leaving outstand­
ing on June 30, 1915, $6,518,000.
PR IN CIPAL

OF

THE

PUBLIC

DEBT

AND

INCREASE

AND

DECREASE

TH EREIN FROM 1860 TO 1915.

Statement showing the principal of the public debt, exclusive of gold, silver, and currency
certificates and Treasury notes of 1890, the increase and decrease therein, and premium
paid, for eachfiscal yearfrom 1860 to 1915, both inclusive.

July 1—

Principal of debt,
exclusive of
certificates and
Treasury notes.

Increase.

1860.................................................
1861................................................
1862.................................................

$64,842,287.88
90,580,873.72
524,176,412.13

$25,738,585.84

1863.................................................
1864...................... ..........................
1865.................................................

1,119,772,138.63
1,815,784,370.57
2,680,647,869.74

595,595,726.50
696,012,231.94

1866.................................................
1867.................................................
1868.................................................
1869.................................................

2,762,454,033.69
2,659,358,323.87

Decrease.

Premium
paid.

433,595,538.41

864,863,499.17

$1,717,900.11
58,476.51

81,806,163.95
$103,095,709.82
52,643,177.25

10,813,349.38
7.001.151.04
1.674.680.05

1871.................................................

2.594.009.211.19
2.541.366.033.94
2,432,125,307.81
2,319,325,032.32

109,240,726.13
112,800,275.49

15,996,555.60
9,016,794.74

1872.................................................

2,207,165,028.78

112,160,003.54

1873.................................................
1874.................................................

2.149.292.993.20

57,872,035.58

6,958,266. 76
5,105,919.99
1,395,073.55

1870.................................................

1875.................................................




2,156,105,368.43
2.138.073.231.95

65,349,112.68

6,812,375.23
18.032.136.48

26
Statement showing the principal o f the public debt, exclusive of gold, silver, and currency
certificates and Treasury notes of 1890, the increase and decrease therein, and premium
paid, for each fiscal year from 1860 to 1915, both inclusive— Continued.

July 1—

Principal of debt,
exclusive of
certificates and
Treasury notes.

1876.................................................
....................
1877

$2,104,873,667.15
2,094,768,792.10

1878 ...............................................
1879 .
....................

2.149.621.292.53
2,183,244,422.04

1880.................................................
1881.................................................
1882
.....................................
1883.................................................
1884.................................................
1885.................................................

2.071.571.500.63
1,986,139,119.58
1.819.859.164.03

1886.................................................
1887.................................................
1888.................................................
1889.................................................
1890.................................................
1891.................................................
1892.................................................
1893................................................

1911
1012..............................................
1913.................................................
1 914..........................................
1915.................................................




1.343.838.505.16
1,343,047,744.66

74.813.563.05
121,259,438.35

8,270,842.46
17,292,362.65

104,642,149.50
60,970,914.12
37,587,719.98
6,787,074.50

20,304,224.06

23,283,791.25
41,844,667.78
43.540.888.00
18.625.444.00
23,146,896.75
3,901,921.30

33.147.054.81
14,649,572.95
14,043,391.14
10.907.119.82
1,257,578.01

10,401,220.61

55,466,050.55
80,015,303.57
125,816,230.15
4,064,362.50
5,949,350.00
203,957,641.02

10,165,875.20
4,655,222.50
30,512,210.00

1,417,479.53
225,095.97
29,375,030.50
1,375,403.00

7,044,968.65
39,853,567.47
790,760.50
4,812,344.50

1.338.235.400.16
1.344.241.104.16

1,061,248.78

44,543,993.36
127,918,468.15

1.298.315.372.04
1.296.939.969.04
1.303.984.937.69

$2,795,320.42

85.432.381.05

99,861,684.50
45,984,485.43

968,218,840.63
961,431,766.13

1.327.690.402.54

111,672,921.41
166,279,955.55
134,057,906.96

1.292.679.062.58
1,171,419,624.23
1,066,777,474.73
1,005,806,560.61

1908............................................
1909 ..........................................

Premium
paid.

$54,852,500.43
33,623,129.51

1.367.492.625.63

1.016.897.816.68
1,096,913,120.25
1,222,729,350.40
1,226,793, 712.90
1,232,743,062.90
1,436,700,703.92
1,413,416,912.67
1.371.572.244.89
1.328.031.356.89
1.309.405.912.89
1.286.259.016.14
1,282,357,094.84
1.292.522.970.04
1.297.178.192.54

Decrease.

$33,199,564.80
10,104,875.05

1,685,801,257.07
1.585.939.572.57
1.539.955.087.14
1,495,411,093.78

1 8 9 4 ...,..........................................
1895.................................................
1896.................................................
1897.................................................
1898.................................................
1899.................................................
1900.................................................
1901...............................................
1902
...........................
1903...............................................
1904..............................................
1905...............................................
1906..............................................
1907........................................

1910..............................................

Increase.

6,005,704.00

27
Statement showing the principal o f the public debt, exclusive o f gold, silver, and currency
certificates and Treasury notes o f 1890, the decrease and increase therein and premium
paid, for each annual periodfrom Mar. 1, 1885, to Mar. 1, 1915.

Mar. 1—

1885 ..............................................
1886
.............................
1887 ..............................................
1888
1889...............................................

Principal of debt,
exclusive of
certificates and
Treasury notes.

Increase.

$1,541,257,867.93
1,530,284,465.03
1,400,847,399. 78
1,319,561,586.38
1,199,809,418.73

Decrease.

$10,973,402.90
129,437,065.25
81,285,813.40
$2,852,015.88
119,752,167.65

19,525,107.23

341,448,449.20

22,377,123.11

109,294,810.50
72,528,822.25

19,688,510.58

Total for four years. .
1890 .............................................

1,090,514,608.23
1,017,985,785.98
1891..............................................

1892...............................................

972,282,890.61

1893...............................................

963,281,752.63

1,007,356,015.43

1895...............................................
1896.................................................
1897.................................................

1,068,610,527.18
1.199.774.479.40
1.225.437.709.40

Total for four years..........
1898...............................................
1899.................................................
1900.................................................
1901..............................................

33,891,526.67

9,759,022.73
31,314,229.00

2,373,502.40
42,582,004.59

131,163,952.22
25,663,230.00
1 262,155,956.77

1.235.668.419.90
1.427.007.904.90
1.417.248.882.17

10,230,710.50
191,339,485.00

1.385.934.653.17

Total for four years. -

Total for four years..........

236,527,666.10
$44,074,262.80
61,254,511.75

201,570,195.50

1902.................................................
1903.................................................
1904.................................................
1905.................................................

14,203,016.09

45,702,895.37
9,001,137.98

Total for four years..........
1894.................................................

Premium
paid.

41,073,251.73

2 160,496,943.77
1,329,917,918.64
1,312,516,368.89
1,291,103,139.39
1,280,255,997.14

45,955,506.99
56,016,734.53
17,401,549.75
21,413,229.50
10,847,142.25

14,426,927.34
7,659,632.49
5,962,649.91

105,678,656.03

28,049,209.74

1 The debt during the four-year period 1894 to 1897 was increased b y sales of b o n d s ............$262,315,400.00
15,290.00
B y issue of 4 per cent bonds for interest on refunding certificates............................................
B y national-bank notes deposited in the Treasury in excess of redemptions thereof............
817,883.25
263,148,573.25
The debt during the same period was decreased b y the redemption of bonds and other
securities.............................................................................................................................................
Net increase for the period......................................................................................................
2 The debt during the four-year period 1898 to 1901 was increased by sales of bonds under
act of June 13, 1898, to meet expenditures of the War with Spain........................................
B y issue of 4 per cent bonds for interest on refunding certificates.............................................
B y national-bank notes deposited in the Treasury in excess of redemptions thereof............

992,616.48
262,155,956.77
198,792,640.00
7,970.00
5,901,282.50
204,701,892.50

The debt during the same period was decreased—
B y bonds purchased......................................................................................... $19,300,650.00
B y bonds and other securities redeemed...................................................... 24,904,298.73
44,204,948.73
Net increase for the period




160,496,943.77

28

Statement showing the principal o f the public debt, exclusive o f gold, silver, and currency
certificates and Treasury notes of 1890, the decrease and increase therein and premium
paid, for each annual period from Mar. 1, 1885, to Mar. 1, 1915— Continued.

March 1—

Principal of debt,
exclusive of
certificates and
Treasury notes.

$1,290, 239,641.34
1,320, 799,508.04
1,319, 267,550.44

1908.
1907.
1908.
1909.

Increase.

$9,983,644.20
30,559,866.70

40,543,510.90

1,299, 299,966.54
1,304, 701,497.69
1,344, 897.471.16
1,343; 844.502.16

11,651,792.00
40,195,973.47
1,052,969.00

Total for two years.

12,704,761.00

232,892,743.62
1,339, 884.968.16
1,341, 703.694.16

1914.
1915.

1,642,575.50

5,401,531.15

45,597,504.62
Total for four years.

176,775.84

9,847,749.50

130,695,761.40

Total for four years.

Premium
paid.

$1,417,479.53
48,320.13
$1,531,957.60
8,315,791.90

1,310, 951,758.54

1910.
1911.
1912.
1913.

Decrease.

3,959,534.00
1,818,726.00
3 2,140,808.00

i The debt during the four-year period from 1906 to 1909 was increased b y sales of bonds
for construction of Isthmian Canal under acts of June 28,1902, and Dec. 21,1905................. $84,631,980.00
B y issue of 3 per cent certificates of indebtedness, act of June 13, 1898...................................... 15,436,500.00
B y issue of 4 per cent bonds for interest on refunding certificates..............................................
8,950.00
B y national-bank notes deposited in the Treasury in excess of redemptions thereof............. 10,622,309.00
110,699,739.00
The debt during the same period was decreased—
B y bonds purchased.............................................................................................. $5,237,550.00
B y 3 per cent certificates redeemed................................................................. 15,436,500.00
B y bonds and other securities redeemed. ........................................................ 59,329,927.60
80,003,977.60
Net increase for the period......................................................................................................... 30,695,761.40
2 The debt during the four-year period from 1910 to 1913 was increased b y sales of bonds for
construction of the Isthmian Canal under acts of Aug. 5,1909, Feb. 4,1910, and Mar. 2,1911.. 50,000,000.00
B y issue of 2| per cent postal savings bonds, act of June 25, 1910...............................................
2,389,120.00
52,389,120.00
The debt during the same period was decreased—
B y bonds and other securities redeemed.......................................................... $1,667,327.38
B y national-bank notes redeemed in excess of deposits in the Treasury.. 17,829,049.00
19,496,376.38
Net increase for the period........................................................................................................
3 The debt during the two-year period from 1914 to 1915 was decreased—
B y bonds and other securities redeemed..........................................................
$166,915.00
B y national-bank notes redeemed in excess of deposits in the Treasury.. 6,026,373.00

32,892,743. 62

6.193.288.00
The debt during the same period was increased—
B y issue of 2| per cent postal savings bonds, act of June 25, 1910........................................
Net decrease for the period........... .................................................................................. . . .




4.052.480.00
2 , 140,808.00

29
II.

THE

S IN K IN G

FUND.

The act of February 25, 1862, which provided for the issue of
United States notes and for refunding thereof, and for funding the
floating debt of the United States, contained in section 5 a provision
that all duties on imported goods should be paid in coin, and that the
coin so paid should be set apart as a special fund and applied, first, to
the payment in coin of the interest on the bonds and notes of the
United States, and, second, to the purchase or payment of 1 per cent
of the entire debt of the United States to be made within each fiscal
year after the 1st day of July, 1862, which was to be set apart as a
sinking fund, and the interest of which should, in like manner, be
applied to the purchase or payment of the public debt as the Secretary
of the Treasury should from time to time direct. This provision of
law is authority for the establishment of the 11sinking fund.”
The bonded principal of the public debt purchased and redeemed for
the sinking fund since its establishment and prior to the fiscal year
1901, amounted in the aggregate to $837,872,275 and the net cost in
coin was $861,993,921.61. The purchases and redemptions of United
States bonds for the sinking fund since the fiscal year 1900 are shown
in the following table. Other items of debt which have been charged
to the sinking fund are not here included.
Sinkingfund, 1901-1915.
Purchases and redemptions for the sinking fund.

Bonds.

Premium.

$291,520
12,983, 700
1,084,300
14,000

$24,832.76
1,724,471.33
91,816.68

Cost.

Fiscal year 1901:
3 per cent, 1908-1918............................................................
4 per cent, 1907....................................................................
5 per cent, 1904..................................................................
6 per cent, July and August, 1861....................................
6 per cent, July and August, 1861, continued at 3J per
cent..................................................................................
6 per cent, 1863..................................................................
4J per cent, 1891............................................................
4J per cent, 1891, continued at 2 per c e n t ......................

14,000.00

500
3,000
5,850
21,705,250
36,088,120

$316,352.76
14,708,171.33
1,176,116.68

500.00
3,000.00
5,850.00
21,705,250.00
1,841,120. 77

37,929,240.77

173,880.64

2,279,160.64
27,159,620.95
2,619,430.25

Fiscal year 1902:
3 per
4 per
5 per
4 per

cent,
cent,
cent,
cent,

1908-1918............................................................
2,105,280
1907..................................................................... ■ 24,201,000
1904...................................................................... 1
2,443,750
1925................................................
27,321,200
6 per cent, Oregon War debt.............................................
100
6 per cent, 1863.....................................................
1,000

2,958,620.95
175,680.25
10,735,209.30

38,056,409.30
100.00
1,000.00

4h per cent, 1891....................................................................

6,250

6,250.00

4J per cent, 1891, continued at 2 per cent........................

120,900

120,900.00

5 per cent, 1881, continued at 3J per cent........................

100

100.00




56,199,580

14,043,391.14

70,242,971.14

30
Sinking fund, 1901-1915— Continued.
Purchases and redemptions for the sinking fund.

Premium.

Bonds.

Cost.

Fiscal year 1903:
....
4 per cent, 1925............. ...............
5 per cent, 1904......................................................................
4J per cent, 1891..............................................
........
4£ per cent, 1891, continued at 2 per cent........................
5 per cent, 1881, continued at 3§ per c e n t ......................

$16,504,300
25,300
6,400
63,500
500

$6,201,025.41

16,600,000

6,202,047.92

1,022.51

$22,705,325.41
26,322.51
6,400.00
63,500.00
500.00
22,802,047.92

Fiscal year 1904:
5 per cent, 1904.....................................................................

18,607,200

4J per cent, 1891....................................................................

1,300
7,000

18,607,200.00
1,300.00
7,000.00

18,615,500

18,615,500.00

483,000
300

483,000.00
300.00
10,000.00

Fiscal year 1905:
4 per cent, 1907......................................................................
6 per cent, 5-20s of 1862.......................................................
4J per cent, 1891..................................................... ' ............
4£ per cent, 1891, continued at 2 per c e n t ......................

10,000
200
10,750
1,000

200.00
10,750.00
1,000.00

505,250

505,250.00

170,150
19,100
42,000

170,150.00
19,100.00
42,000.00

231,250

231,250.00

Fiscal year 1906:
5 per cent, 1904.....................................................................
4J per cent, 1891....................................................................
4§ per cent, 1891, continued at 2 per c e n t ......................

Fiscal year 1907:
5 per cent, 1904.....................................................................
4 per cent, 1907.....................................................................
6 per cent, Oregon War debt ..........................................
4J per cent, 1891, continued at 2 per c e n t ......................

27,900
30,326,300
150
8,200
30,362,550

49,705.52

27,900.00
30,376,005.52
150.00
8,200.00

49,705.52

30,412,255.52

Fiscal year 1908:
5 per cent, 1904.....................................................................
4 per cent, 1907.....................................................................

24,200
33,060,600

5 per cent, 1881.....................................................................
4^ per cent, 1891....................................................................

100
2,100

24,200.00
33,060,600.00
100.00
2,100.00

33,087,000

33,087,000.00

28,850
1,208,200
5,050
750

28,850.00
1,208,200.00
5,050.00
750.00

1,242,850

1,242,850.00

Fiscal year 1909:
5 per cent, 1904.....................................................................
4 per cent 1907
.......................................................
5 per cent, 1881
..............................................................
4J per cent, 1891....................................................................




31
Sinkingfund, 1901-1915— Continued.
Purchases and redemptions for the sinking fund.

Premium.

Bonds.

Cost.

Fiscal year 1910:

Fiscal year 1911:
4^ per cent, 1891....................................................................

$29,300
728,100

$29,300.00
728,100.00

200

200.00

757,600

757,600.00

100
25,000
212,550

100.00
25,000.00
212,550.00

5 per cent, 1904......................................................................
1,000

1,000.00

238,650

238,650.00

200
116,350
2,000

200.00
116,350.00
2,000.00

118,550

118,550.00

99,950
100

99,950.00
100.00

100,050

100,050.00

105,500
200
1,000

105,500.00
200.00
1,000.00

106,700

106,700.00

42,550
50

42,550.00
50.00

42,600

42,600.00

Fiscal year 1912:
5 per cent, 1904.....................................................................
4 per cent, 1907......................................................................
4§ per cent, 1891, continued at 2 per cent........................

Fiscal year 1913:
4 per cent, 1907......................................................................
5 per cent, 1864 (10-40s)......................................................

Fiscal year 1914:
4 per cent, 1907.....................................................................
5 per cent, 1904......................................................................
4 per cent, 1891, continued at 2 per cent..........................

Fiscal year 1915:
4 per cent, 1907......................................................................
6 per cent, 1882......................................................................

III.

H IS T O R Y

OF

C O IN S

AND

CURRENCY.

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 col­
onies 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
2023°— 15-------3




32
$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 0.916§ 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
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 2J-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 pay­
ments 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 pro­
portion 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



33
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 2 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 412^ 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 nom­
inal value for all debts and dues, public and private, except where
otherwise 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 $2,000,000 worth nor more
than $4,000,000 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, provided that the Secretary of the Treasury
should purchase silver bullion to the aggregate amount of 4,500,000
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 there­
after as much as might be necessary to provide for the redemption 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.
The act of March 14, 1900, declares that the dollar, consisting of
25.8 grains of gold 0.900 fine, “ shall be the standard unit of value,”
and makes it the duty of the Secretary of the Treasury to maintain
at a parity of value with this standard all forms of money issued or
coined by the United States. The Federal reserve act of December
23, 1913, reaffirms such parity provisions and authorizes the Secretary
of the Treasury to borrow or buy gold in order to maintain such parity.



34
Denominations, fine metal, aZZo?/, and weight of the coins o f the United States.
G O LD.
Fine gold
contained.

Denominations.

Grains.
One dollar ($1)...................................................................................................
Quarter eagle ($2.50).........................................................................................
Three dollars ($3)...............................................................................................
H alf eagle ($5)....................................................................................................
■TCafrTAfffim............... .........................................................................................
Dnnhle
<'3K‘20'>_____

23.22
58.05
69.66

A lloy con­
tained.1

Grains.
2.58
6.45
7.74

116.10
232.20

12.90
25.80

464.40

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.
S IL V E R .

Denominations.

Standard dollar..................................................................................................
H alf dollar ........................................................................................................
Quarter dollar....................................................................................................

Fine silver
contained.

A lloy con­
tained.

Grains.
371.25
173.61
86.805
34.722

Grains.
41.25

Grains.
412.50

19.29
9.645
3.858

192.90
96. 45
38.58

Weight.

Prior to the act of February 21,1853, all silver coins were legal tender in all payments whatsoever. The
act of February 21, 1853, 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 tender in payment of
debts for all sums not exceeding $5; the act of June 9, 1879, increased their legal-tender quality to $10.
M IN O R .

Denominations.

F ive cen ts1.........................................................................................................
One c e n t2...........................................................................................................

Fine copper Alloy con­
contained.
tained.

Grains.
57.87
45.60

Grains.
19.29
2.40

Weight.

Grains.
77.16
48

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.
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.



35
The weight of $1,000 in United States gold coin is 53.75 troy ounces,
equivalent to 3.68 pounds avoirdupois. The weight of $1,000 in
standard silver dollars is 859.375 troy ounces, equivalent to 58.92
pounds avoirdupois, and the weight of $1,000 in subsidiary silver is
803.75 troy ounces, equivalent to 55.11 pounds avoirdupois.
L E G A L -T E N D E R

AND

R EDEM PTION

Q U ALITIES

OF

U N IT E D

STATES

M ONEY.

The money in circulation in the United States consists of gold,
silver, nickel, and bronze coins, certificates representing coin, and
notes, all issued by the Government, and notes issued through the
Federal reserve banks and national banks under Government regula­
tion. The gold dollar is the standard unit of value. Both gold
coins and standard silver dollars are standard money. Lawful
money is a term used to denote the legal-tender quality of money
and first originated in the act of February 25, 1862, authorizing the
issue of United States notes. Legal tender is a quality given a cir­
culating medium by Congress, and possessing this quality it becomes
lawful money. All forms of money do not possess full legal-tender
qualities yet each kind has attributes as to give it currency, and all
forms are convertible into standard money. The Secretary of the
Treasury is required to maintain the parity of all kinds of money
with the standard unit of value, and if necessary to maintain such
parity he is authorized to borrow or buy gold.
The status of each kind of money is as follows:
1. Gold coin is legal tender at its nominal or face value in pay­
ment of all debts, public and private, when the coin is not below the
standard weight and limit of tolerance prescribed by law, and when
below such standard weight and limit of tolerance it is legal tender
in proportion to its weight. Being standard money gold coins are
not redeemable.
2. Gold certificates are not legal tender, but are receivable for all
public dues and when so received may be reissued, and they may be
held by Federal reserve and national banks as lawful reserve. Gold
certificates are receipts for actual deposits of gold in the Treasury
and are redeemable in gold coin by the Treasurer and all assistant
treasurers of the United States.
3. 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. Being standard money standard silver dollars are not
redeemable.
4. Silver certificates are not legal tender, but like gold certificates
they are receivable for all public dues and when so received may be




36

reissued, and they may be held by Federal reserve and national
banks as lawful reserve. Silver certificates are receipts for actual
deposits of standard silver dollars in the Treasury and are redeemable
in such dollars only.
5. Treasury notes of the act of July 14, 1890, are legal tender for all
debts, public and private, except where otherwise expressly stipulated
in the contract. They are redeemable in United States gold coin or
in standard silver dollars at the option of the holder by the Treasurer
and all assistant treasurers of the United States. When received by
the Treasurer they are canceled and replaced by silver certificates.
6. United States notes (also known as greenbacks and legal ten­
ders) are legal tender for all debts, public and private, except duties
on imports and interest on the public debt. Upon the resumption of
specie payments January 1, 1879, these notes were accepted in pay­
ment of customs dues and have been freely received on that account
since though the law has not been changed. They are redeemable
in United States gold coin in any amount by the Treasurer or any
assistant treasurer of the United States, and when received are
reissued.
7. Federal reserve notes are not legal tender, but are receivable by
the Government for all public dues and are receivable on all accounts
by all Federal reserve banks, national banks, and other banks
members of the Federal Reserve System. They are redeemable in
gold coin of the United States by the Treasurer and in gold or lawful
money by any Federal reserve bank.
8. Subsidiary silver coins are legal tender for amounts not exceed­
ing $10 in any one payment. They may be presented in sums or
multiples of $20 to the Treasurer or any assistant treasurer of the
United States for redemption or exchange into lawful money.
9. Minor coins of nickel and bronze are legal tender to the extent
of 25 cents. They may be presented for redemption or exchange
under the same conditions as are provided for subsidiary silver coins.
10. National bank notes are not legal tender but are receivable for
all public dues except duties on imports, and may be paid out by
the Government for all purposes except interest on the public debt
and for redemption of national bank notes. They are redeemable in
lawful money of the United States by the Treasurer but not by the
assistant treasurers, and are also redeemable at the bank of issue.
11. Federal reserve bank notes are identical in all their attributes
with national bank notes.
Foreign coins are not legal tender.— Section 3584 of the Revised
Statutes of the United States provides that no foreign coin shall be
a legal tender in the United States.
“ Coin” obligations of the Government are redeemed in gold coin
when gold is demanded and in silver when silver is demanded.



37

Copies of the Treasury Department regulations governing the issue
and redemption of currency may be procured through application to
the Treasurer of the United States.
S t a n d a r d Co in s ,
gold

COINS.

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, 1915, was $3,378,099,628, of which it is estimated
that $1,606,405,032 was in existence as coin in the United States,
while the remainder, $1,771,694,596, represented the excess of exports
over imports and the amount consumed in the arts. The amount of
gold bullion was $379,134,140.
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 $71,188,548. To this was added $20,000,000 as an estimate of the
amount of gold in use on the Pacific coast, $10,000,000 as the amount
held by all other banks and by the people, and $3,818,086 in national
banks. The amount thus ascertained was $105,006,634, 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 customhouse
reports, and from which have been deducted the exports and the
amounts consumed in the arts. It will be seen that more than onehalf of the gold coins struck at the mints of the United States have
disappeared from circulation.
In 1907 the Director of the Mint revised the estimates of the
amount of gold in the United States, and as a result of the revision
the amount was reduced by $135,000,000.
STANDARD SILVER DOLLARS.

The standard silver dollar was first authorized by the act of April
2, 1792. Its weight was 416 grains 0.8924 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 coin­
age of the standard silver dollar was discontinued by the act of Feb­
ruary 12, 1873, and it was restored by the act of February 28, 1878.
The total amount coined from 1792 to 1873 was $8,031,238, and the




38
amount coined from 1878 to December 31, 1904, when the coinage
was discontinued, was $570,272,610. 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.
The total expenditure by the United States for silver bullion, exclu­
sive of subsidiary silver coinage, has been—
Under act of Feb. 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 $570,272,610 and subsidiary silver
coin of the face value of $33,118,575.05, consuming the entire amount
of bullion purchased under the act of July 14, 1890.
The bullion value (July 1, 1915) of the standard silver dollars
coined was $216,786,014.
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 sub treasuries June 30, 1915, amounting to
503,624,499, require 125,906 cubic feet of space.
Of the 570,272,610 standard silver dollars coined since February,
1878, plus 500,000 coined for Hawaii, 2,495,000 are reported to have
been shipped to Cuba, Porto Rico, and the Philippines, of which
646,859 have been returned; 197,673 which were mutilated were
purchased by the Government as bullion and melted, 455,141 have
been returned from Hawaii and melted, and 503,624,499 were held in
the Treasury on June 30, 1915; the amount outside of the Treasury,
including $44,859 in Hawaii, was $64,647,156.
Of the amount held in the Treasury $493,459,000 were held for the
redemption of an equal amount of silver certificates outstanding;
$2,254,000 were held on account of Treasury notes of 1890, and
$7,911,499 were held in the general cash as assets of the Government.
The commercial value of an ounce of fine silver June 30, 1915, was
$0.49150, and the commercial value of the silver in the silver dollar
on that date was 38.014 cents.
TRADE DO LLARS.

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.




39
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
retirement of trade dollars and their recoinage into standard silver
dollars or subsidiary silver. For six months after the passage of the
act they could be exchanged at the Treasury or any sub treasury, dol­
lar for dollar, for standard silver dollars or subsidiary coin.
The total number of trade dollars coined was 35,965,924. The
number 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 subsidiary 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 pre­
sented at the mints.
SU B SID IAR Y SIL V E R .

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
fractional 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 legaltender quality has been raised to $10.
The amount of full-weight fractional silver coined from 1792 to 1853
was $76,734,964.50andfrom 1853 to February 12,1873, $59,047,396.20;
from February 12, 1873, to June 30, 1915, $239,196,538.60, a total
subsidiary coinage of $374,978,899.30.
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.
A revised estimate by the Director of the Mint of the stock of sub­
sidiary silver coin was adopted in 1910; there was a reduction of
$9,700,000.




40
Paper M

oney.

D E M AND N O TES.

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 11demand notes,” because they were
payable 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 on page 49.
The act of February 25, 1862, provided for the substitution of United
States notes in place of the demand notes, and the latter were there­
fore canceled when received. By July 1, 1863, all except about
$3,350,000 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 afterwards
made so by the act of March 17, 1862. The amount outstanding on
June 30, 1915, was $53,152.50.
U N IT E D STATES NO TES.

The principal issue of United States paper money was officially
called United States notes. These were the well-known 11green­
backs” or “ legal tenders.” The act of 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 were 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 tem­
porary 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, pro­
vided that United States notes might be retired to the extent of
$10,000,000 during the ensuing six months, and that thereafter they




41

might be retired at the rate of not more than $4,000,000 per month.
This authority remained in force until it was suspended by the act of
February 4, 1868. The authorized amount of reduction during this
period was about $70,000,000, but 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 oustanding 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 oustanding 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, 1915, was $971,241,137; 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
certificates of large denominations are canceled, and small denomina­
tions issued in their place, a like volume of small United States notes
shall from time to time be canceled and notes of $10 and upward
issued in substitution therefor.
The act of March 4, 1907, provides for the issue, under certain con­
ditions, of United States notes in denominations of $1, $2, and $5, and
upon such issue an equal amount of United States notes of higher
denominations shall be retired and canceled.
The gold reserve fund maintained for the redemption of United
States notes is discussed on pages 11-12.
GOLD CER TIFICATES.

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




42
bank act of July 12, 1882, which authorized and directed the Secre­
tary of the Treasury to receive gold coin and issue certificates, and
made them receivable for customs, taxes, and all public dues.
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 redemption
of United States notes, falls below one hundred millions of dollars.”
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 and authorized the issue of certificates in $10,000
denomination, payable to order.
The act of March 4, 1907, provides for the receipt of deposits of
gold coin in sums of not less than $20 and the issue of gold certifi­
cates therefor in denominations of not less than $10, and the act of
March 2, 1911, authorizes the issue of certificates against the deposits
of gold bullion or foreign coin.
The amount of gold certificates in circulation on June 30, 1915,
was $1,072,847,819.
SILVER CER TIFICATES.

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 than $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.
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
discretion of the Secretary of the Treasury, may be issued in denom­
inations of $20, $50, and $100. Neither silver certificates nor silver
dollars are redeemable in gold.
Silver certificates have practically taken the place in circulation
of the standard silver dollars which they represent. The amount
in circulation on June 30, 1915, was $481,970,395, while the amount
of standard silver dollars in circulation was only $64,647,156.




43
TREASU RY

NOTES

OF

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
redeemable 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 11outstanding 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
Treasury notes redeemed in gold up to the close of the fiscal year
1915 was $110,712,364 and the amount redeemed in standard silver
dollars was $84,556,867. Treasury notes redeemed in standard silver
dollars are canceled and retired in accordance 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 retirement 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,
was $69,120,135, so that there remained outstanding June 30, 1915
but $2,254,000.
FR AC TIO N AL

CURRENCY.

.VTien specie payments were suspended, about January 1, 1862,
both gold and silver coins disappeared from circulation. The place
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, fin ally,
fractional paper currency in denominations corresponding to the
subsidiary 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 outstanding on June 30, 1915,
though not in use as money, was $15,226,173.90, of which $8,375,934
is officially estimated to have been destroyed.




44
PORTRAITS

OR

OTHER

CUR R ENT

CHARACTERISTIC
ISSUES

OF

PAPER

DESIGNS

A P P E A R IN G

ON

CU R RENCY.

Silver certificates— blue seals:
*■* $1 American eagle, with Capitol in background; small portraits of Lincoln
and Grant.
$2 Washington, with “ Mechanics” and “ Agriculture.”
$5 Indian chief.
$10 T. A. Hendricks.
$20 Daniel Manning, with “ Mechanics” and “ Agriculture.”
$50 Edward Everett.
Gold certificates— yellow seals:
$10 Michael Hillegas. Reverse, seal of United States.
$20 Washington. Reverse, seal of United States.
$50 Grant.
$100 Benton. Reverse, eagle.
$500 Lincoln. Reverse, eagle.
$1,000 Hamilton. Reverse, seal of United States.
$5,000 James Madison. Reverse, eagle.
$5,000 To order. James Madison.
$10,000 Andrew Jackson. Reverse, eagle.
$10,000 To order. Andrew Jackson.
United States notes— red seals:
^ ^ $5 Woodsman with axe and rifle, portrait of Andrew Jackson.
$10 Buffalo, small portraits of Lewis and Clark. Reverse, female figure
between two columns, representing “ Enlightenment.”
$20 Alexander Hamilton and female figure “ Liberty.”
$50 Benjamin Franklin and female figure “ America.”
$100 Lincoln and vignette “ Reconstruction.”
$500 Gen. J. K . Mansfield and female figure “ Victory.”
$1,000 De W itt Clinton and vignette “ Columbus in study.”
National bank notes— blue seals:
—
$5 Benjamin Harrison. Reverse, “ Landing of Pilgrims.”
—
$10 William McKinley. Reverse, female figure and ships.
—
$20 Hugh McCulloch. Reverse, female figure and Capitol.
$50 John Sherman. Reverse, railroad train, male and female figures.
$100 John Jay Knox. Reverse, eagle on shield and two male figures, repre­
senting “ Agriculture” and “ Mechanics.”
Federal reserve notes— red seals (blue on those printed after August 9, 1915):
$5 Lincoln. Reverse, “ Discovery of land” and “ Landing of the Pilgrims.”
— $10 Jackson. Reverse, “ Agriculture” and “ Manufacture.”
— $20 Cleveland. Reverse, “ Transportation on land, and water, and in air.”
_ $50 Grant. Reverse, “ America” guarding Panama at meeting of Atlantic
and Pacific Oceans.
— $100 Franklin. Reverse, “ America,” with “ Peace” and “ Plenty” on either
side. Labor bringing in the fruits of industry and Mercury distrib^
^
uting them.
Fe^te^af reserve bank notes—blue seals:
Issued in same denominations and with same portraits on face and with
same designs on reverse as Federal reserve notes.




45
Paper currency of each denomination outstanding June 30, 1915.
United
States
notes.

Denomination.

$1

................. $1,819,540

$2........................
1,363,613
$5
. .. 202,123,160
$10....................... 107,957,996
8,092,632
$20......................
$50....................... 2,030,375
$100..................... 2,983,700
2,749,000

$500

Treasury
notes of
1890.

Nationalbank
notes.

Gold
certificates.

$342,317
$354,076
163,568
225,319
543,885 $31,379,000 137,881,535
633,490 28,054,060 354,680,300
291,330 14,837,440 249,959,860
11,900
4,990,000 32,964,600
116,000
5,000,000 45,305,700
88,500

18,551,000

$1,000

Federal
reserve
notes.

22,000

78,000

$174,838,421

Total.

$177,354,354

59,748,881

61,501,381

182,868,967
$214,940,420 24,707,751
214,285,894 19,159,400
46,567,355 31,755,660
79,354,100
343,420
19.801.500
18,500

554,796,547

85.348.500

730,974,017
506,626,556
118,319,890
133,102,920
22,657,500

18,000

104,017,500

95,885,000
462,250,000

$5,000 ...............
10,000

$10,000
Fractional parts

Silver
certifi­
cates.

95,885,000
462,260,000

54,143

54,143

Total........ 347,681,016 2,254,000
D educt............. 11,000,000

84,260,500 821,462,523 1,218,432,769 493,459,000
22,188,930
8 44,723,780

2,967,549,808
47,912,710

346,681,016 2,254,000

84,260,500 819,273,593 1,173,708,989 493,459,000

2,919,637,098

Net.

1 Unknown, destroyed.
2 Redeemed but not assorted b y denominations.
3 Demand gold certificates received in exchange for gold and order gold certificates.

Statement of the specie and bank-note circulation of the United States in the years specified
from 1800 to 1859, with amount of circulation per capita.

Years.

1800....
1810....
1820....
1830....
1 831....
1832....
1833....
1834....
1835....

Number Estimated
bank
of banks
and
notes out­
branches. standing.

Estimated
specie in
United
States.

$10,500,000

$17,500,000

28,000,000

30,000,000
24,300,000

..........
..........

1836....
1837....
1838....
1839....

713
788
829
840

44,800,000
61,000,000
77,000,000
91,500,000
91,500,000
94,839,570
103,692,495
140,301,038
149,185,890
116,138,910
135,170,995

1840....

901
784

106,968,572
107,290,214

1841....

..........
..........
506
704

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

1842....

692

83,734,011

1843....
1844....

691

58,563,608

696
707

75,167,646
89,608,711

707
715

105,552,427

97,000,000
120,000,000

751

105,519,766
128,506,091

782
824
879

114,743,415
131,366,526
155,165,251

1845....
1846....
1847....
1848....
1849....
1850....
1851....
1852

171,673,000




90,000,000
100,000,000
96,000,000

112,000,000

Total
money in
United
States.

Specie in
Treasury.

Money in
circulation.

Popula­
tion.

$28,000,000 i $1,500,000
58,000,000 13,000,000
69,100,000 12,000,000
93,100,000
5,755,705
109,100,000
6,014,540
121,900,000
4,502,914
122,150,000
2,011,778
135,839,570 11,702,905
154,692,495
8,892,858
205,301,038 1 5,000,000
222,185,890 1 5,000,000
203,638,910 15,000,000
222,170,995
2,466,962

$26,500,000

5,308,483

55,000,000
67,100,000
87,344,295
103,085,460
117,397,086
120,138,222
124,136,665
145,799,637
200,301,038
217,185,890
198,638,910

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

219,704,033

16,584,000

186,305,488
186,302,869
163,503,527

17,069,453
17,591,000
18,132,000

10.59

147,114,136
167,310,266
177,950,405

18,694,000

7.87

19,276,000
19,878,000

8.68
8.95

193,425,988
223,818,515

20,500,000

9.44

21,143,000

10.59

232,404,738
232,558,451
278,761,982
330,253,605
361,040,864

21,805,000
22,489,000
23,191,876
23,995,000
24,802,000

10.66
10.34

189,968,572
187,290,214

3,663,084

163,734,011

987,345
230,484

148,563,608

1,449,472

175,167,646
185,608,711

7,857,380
7,658,306
9,126,439

202,552,427
225,519,766
240,506,091

1,701,251

8,101,353
2,184,964
285,366,526
6,604,544
341,165,251 10,911,646
204,000,000 375,673,000 14,632,136
1 Specie in Treasury estimated.
120,000,000
154,000,000
186,000,000

234,743,415

Per
capita.

$4.99
7.60
6.96
6.78
7.79
8.64
8.60
8.64
9.86
13.17
13.87
12.33
13.25
10.91
9.02

12.06
13.72
14.56

46
Statement of the specie and bavlc-note circulation of the United States in the years specified
from 1800 to 1859, with amount of circulation per capita— Continued.
Years.

Number Estimated
of banks
bank
and
notes out­
branches. standing.

Estimated
specie in
Uiited
States.

Total
m oney in
U nited
States.

Specie in
Treasury.

1853
1854....

1,208

1855....

1,307

186,952,223

250,000,000

436,952,223

1856....
185 7 ....

1,398
1,416
1,422

195,747,950
214,778,822
155,208,344

250,000,000
260,000,000
260,000,000

445,747,950
474,778,822
415,208,344

1,476

193,306,818

250,000,000

443,306,818

185 8 ....
185 9 ....

Money in
circulation.

$188,181,000 $236,000,000 $424,181,000 $21,942,893 $402,238,107
204,689,207 241,000,000 445,689,207 20,137,967 425,551,240

Popula­
tion.

Per
capita.

25,615,000

$15.70

26,433,000

16.10

418,020,247

27,256,000

425,846,625

28,083,000

15.34
15.16

457,068,708
408,810,028

28,916,000

6,398,316

29,753,000

15.81
13.74

4,339,276

438,967,542

30,596,000

14.35

18,931,976
19,901,325
17,710,114

N o t e .— T h e fig u r e s u s e d i n t h i s ta b le are t a k e n fr o m th e e a r ly fin a n c e r e p o r ts a n d are n o t u n if o r m a s
t o t h e m o n t h i n e a ch y e a r w h ic h th e fig u r e s rep re sen t.

Statement of the coin andpaper circulation of the UnitedStatesfrom 1860 to 1915, inclusive,
with amount of circulation per capita.
R E C A P IT U L A T IO N .
Coin,
Coin, including United States
bullion, and
Year
ending
notes and
Total money. paper money
bullion
bank notes.
in Treasury,
June 30— in Treasury.
as assets.

1860
1861

$235,000,000
250,000,000

$207,102,477
202,005,767

$442,102,477
452,005,767

$6,695,225
3,600,000

1862

25,000,000
25,000; 000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000

333,452,079

358,452,079

649,867,283
680,588,067
745,398,620
729,430,711
703,334,669
692,336,115

674,867,283
705,588,067
770,398,620
754,430,711
728,334,669
717,336,115

23,754,335
79,473,245
35,946,589
55,426,760
80,839,010
66,208,541

691,471,653
698,940,094

716,471,653
723,940,094

719,539,283
740,960,724

744,539,283
765,960,724

751,363,213
781,024,781

776,363,213
806,024,781

773,273,509
738,264,550
697,216,341

798,273,509
790,683,284

1863,,
1864 . , .
1865
1866
1867
1868...
1869 . .
1870
1871 ......
1872 ..
1873..
1874
1875

25,000,000
52,418,734

1876

65,837,506

1877
1878 ..

102,047,907
357,268,178
494,363,884
647,868,682

1879...
1880
1881.
1882
1883
1884
1885. .
1886.,

763,053,847
789,790,976

676,372,713
691,186,443

1,033,640,891

215,009,098

1,185,550,327

212,168,099
235,354,254

703,974,839

701,723,691
705,423,050

769,740,048

703,496,526

801,068,939
872,175,823
903,027,304

1,349,592,373

595,394,038
669,641,478
714,971,860
673,591,701

33,365,000
34,046,000
34,748,000
35,469,000
36,211,000
36,973,000
37,756,000
38,558,371
39,555,000
40,596,000
41,677,000
42,796,000

10.23
17.84

662,126,128
680,886,198
665,573,364
676,284,427
718,616,114
741,548,708
753,799,412
776,083,031
754,101,947
727,609,388
722,314,883
729,132,634
818,631,793
973,382,228
1,114,238,119

242,188,649

1,487,249,838

243,323,869
244,864,935

1,243,925,969
1,293,061,836

308,707,249
315,873,562

1,250,011,531
1,317,539,143
1,372,164,870

1,537,926,771
1,558,718,780
1,633,412,705
1,691,435,027

558,059,979

1,152,471,638

532,651,791
564,837,007

1,658,672,413
1,685,123,429
1,677,793,644

621,076,937
672,584,935

1,752,219,197
1,738,808,292




13.98

32,704,000

686,180,899
665,750,948
655,691,476
625,898,804
599,043,337

1,066,223,357

32,064,000

1,174,290,419
1,231,047,925

1,092,391,690
1,100,612,434

„

31,443,321

448,405,767
334,697,744

235,107,470

1,007,513,901

1893

60,658,342

319,270,157
278,310,764
255,872,159
180,353,337
150,872,010
142,107,227

Circula­
Population. tion per
capita.

$435,407,252

1,409,397,889
1,473,236,574

1888

1891.
1,112,956,637
1892........ 1,131,142,260

44,171,562
63,073,896
40,738,964

687,743,069

1887.
1889........
1890........

36,449,917
50,898,289
47,655,667
25,923,169
24,412,016
22,563,801
29,941,750

Circulation.

1,380,361,649
1,429,251,270
1,497,440,307
1,601,347,187
1,596,701,065

$13.85

19.67
20.58
18.99
18.29
18.42
17.63
17.51
18.17
18.27
18.09
18.13

43,951,000

17.16

45,137,000
46,353,000

16.12

47,598,000
48,866,000
50,155,783
51,316,000
52,495,000
53,693,000
54,911,000
56,148,000
57,404,000
58,680,000
59,974,000

15.58
15.32
16.75
19.41
21.71
22.37
22.93
22.65
23.03
21.78
22.45
22.88

61,289,000

22.52

62,622,250
63,844,000
65,086,000
66,349,000

22.82
23.45
24.60
24.06

47
Statement of the coin and paper circulation of the United States from 1860 to 1915,
inclusive, with amount of circulation per capita— Continued.
R E C A P IT U L A T IO N —Continued.
Coin,
Year Coin, including United States
bullion, and
ending
bullion
notes and
Total money. paper money
June 30— in Treasury.
bank notes.
in Treasury,
as assets.
1894........ $1,098,958,741
1895........ 1,114,899,106
1896........ 1,097,610,190
1897
1,213,78C, 289
1898
1,397,785,969
1899
1900
1901

1,508,543,738

1902

1,829,913,551
1,905,116,321
1,994,610,024

1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915

Circulation.

$706,618,677 $1,805,577,418 $144,270,253 $1,661,307,165
704,460,451 1,819,359,557 217,391,084 1,601,968,473
702,364,843 1,799,975,033 293,540,067 1,506,434,966
692,989,982 1,906,770,271 265,787,100 1,640,983,171
675,788,473 2,073,574,442 235,714,547 1,837,859,895
681,550,167 2,190,093,905 286,022,024 1,904,071,881
732,348,460 2,339,700,673 284,549,675 2,055,150,998
748,206,203 2,483,067,977 307,760,015 2,175,307,962
733,353,107 2,563,266,658 313,876,107 2,249,390,551

1,607,352,213
1,734,861,774

Circula­
Population. tion per
capita.

67,632,000
68,934,000
70,254,000

$24.56
23.24
21.44

71,592,000
72,947,000

22.92

74,318,000
76,303,387
77,754,000

25.19
25.62
26.93
27.98

779,594,666
808,894,111

2,684,710,987
2,803,504,135

317,018,818
284,361,275

2,367,692,169
2,519,142,860

79,117,000
80,487,000
81,867,000

2,883,109,864

2,154,797,215
2,159,103,301

851,813,822
915,179,376
956,457,706

295,227,211
333,329,963
342,604,552

2,587,882,653
2,736,646,628
2,772,956,455

83,260,000
84,662,000
86,074,000

30.77
31.08
32.32
32.22

2,328,767,087
2,365,512,264

1,049,996,933
1,040,816,090

340,748,532

3,038,015,488

87,496,000

34.72
34.93

1,063,783,749
1,078,121,524

3,106,240,657
3,102,355,605
3,214,002,596
3,284,513,094
3,363,738,449

88,926,000

2,355,807,734

300,087,697
317,235,878
341,956,381

90,363,000
93,983,000
95,656,000
97,337,000

34.33
34.20

2,031,296,042

2,477,837,453
2,554,125,643
2,611,571,094

1,094,745,008
1,108,498,922
2,638,496,956 1,099,791,915
2,739,241,077 U,250,215,109

3,069,976,591
3,115,561,007
3,378,764,020
3,406,328,354
3,419,591,483
3,555,958,977
3,648,870,651
3,720,070,016

364,357,557
356,331,567
3,738,288,871 336,273,444 3,402,015,427 99,027, COO
3,989,456,186 2420,236,612 13,569,219,574 100,725,000

28.43
29.42

34.34
34.56
34.35
35.44

1 Includes Federal reserve notes—first issue in Novem ber, 1914.
2 Includes amount held b y Federal reserve banks and Federal reserve agents against Federal reserve
notes.
N o t e 1.—Specie payments were suspended from Jan. 1, 1862, to Jan. 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 circulation was generally about $25,000,000. This estimated amount is the only coin included
in the above statement from 1862 to 1875, inclusive.
N o t e 2.—In 1876 subsidiary silver again came into use, and is included in this statement, beginning
with that year.
N o t e 3.— The coinage of standard silver dollars began in 1878, under the act of Feb. 28, 1878.
N o t e 4.—Specie paym ents were resumed Jan. 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.
N o t e 5. —This table represents the circulation of the U nited States as shown b y the revised statements
of the Treasury Department for June 30 of each of the years specified.
N o t e 6.— The Director of the Mint revised the estimates of the stock of gold coin in the United States
so that in August, 1907, there was a reduction of $135,000,000, and a revision of the stock of subsidiary
silver coin resulted in a reduction of $9,700,000 as of June 30,1910.

The foregoing table, showing the coin and paper circulation of the
United States from 1860 to 1915, 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
2023°— 15-------4




48

from the fact that there were outstanding that year $154,048,552 gold
certificates and $262,629,746 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
available 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.
The change in this table has been made to conform to the new
form of the circulation statement published by this department
monthly since January 1, 1900.
During the fiscal year 1915 the Treasury notes of 1890 were elimi­
nated as a part of the general stock of money in the United States,
being replaced by an equal amount of standard silver dollars held for
the redemption of such notes.
The circulation statement for July 1, 1915, revised, shows the fol­
lowing at close of business June 30, 1915:

Circulating medium.

in the
General stock Held
Treasury as
of m oney in the assets
of the
United States.
Government.1

Gold coin (including bullion in Treasury).. $1,985,539,172
Gold certificates2..............................................
Standard silver dollars.....................................

$209,251,000
38,495,370

H eld b y Fed­
eral reserve
banks and
Federal re­
serve agents
against Fed­
eral reserve
notes.
$12,445,564
62,365,800

Money in cir­
culation.

$590,133,619
1,072,847,819

568,271,655

Silver certificates2............................................
Subsidiary silver...............................................
Treasury notes of 18902 ................................

7,911,499
11,488, 605

64,647,156
481,970,395

185,430,250

26,164,295

159,265,955

9,313

United States notes..........................................

346,681,016

14,338,770

2,244,687
332,342,246

Federal Reserve notes......................................

84,260,500

3,885, 850

80,374,650

National bank notes.........................................

819,273,593

33,880,546

T otal.........................................................

3,989,456,186

345,425,248

Federal reserve bank notes.............................
785,393,047
74,811,364

3,569,219,574

Population of continental United States estimated a t........................................................................ 100,725,000
Circulation per capita................................................................................................................................
$35.44
1 This statement of m oney held in the Treasury as assets of the Government does not include deposits
of public m oney in national bank depositaries to the credit of the Treasurer of the United States, amount­
ing to $53,454,547.87. For a full statement of assets see Public Debt Statement, published monthly.
2 For redemption of outstanding certificates and Treasury notes of 1890 an exact equivalent in amount
of the appropriate kinds of m oney is held in the Treasury, and is not included in the account of money
held as assets of the Government.




49
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 cur­
rency received therefor amounted to $633,334,089.67.
The average premium obtained was 20.3 per cent.
Premium on gold, and gold value of United States legal-tender notes from 1862 to Jan. 19
1879.

Years.

Average gold
Average cur­
rency value of value of United
States notes
gold each
each calendar
calendar year
year during
during suspen­
suspension of
sion of specie
specie pay­
payments,
Jan. 1, 1862, to ments, Jan. 1,
1862,
to Jan. 1,
Jan. 1, 1879.
1879.

1862......................
1863..........................
1864..........................
1865..........................
1866..........................
1867..........................
1868........................
1869..........................
1870..........................




113.3
145.2
203.3
157.3
140.9
138.2
139.7
133.0
114.9

88.3
68.9
49.2
63.6
71.0
72. 4
71.6
75.2
87.0

Years.

1871..........................
1872..........................
1873..........................
1874..........................
1875..........................
1876........................
1877......................
1878..........................

Average gold
Average cur­
rency value of value of United
States notes
gold each
each calendar
calendar year
year during
during suspen­
suspension of
sion of specie
specie
pay­
payments,
Jan. 1, 1862, to ments, Jan. 1,
1862,
to
Jan. 1,
Jan. 1, 1879.
1879.
111. 7
112.4
113.8
111.2
114.9
111.5
104.8
100.8

89.5
89.0
87.9
89.9
87.0
89.8
95.4
99.2

50
Total redemptions of notes in gold and exports and imports of that metal during eachfiscal
year since the resumption of specie payments.
Fiscal y e a r -

Treasury
United
States notes. notes of 1890.

Total.

E xports of
gold.

Imports of
gold.

...................................

$7,976,698

$7,976,698

$4,587,614

$1,100,050

1880............................................

3,780,638
271,750

3,780,638
271,750

3,639,025

80,758,396
100,031,259

40,000

40,000

75,000
590,000
2,222,000

75,000
590,000

32,587,880
11,600,888
41,081,957

17,734,149
22,831,317

2,222,000
6,863,699

8,477,892
42,952,191

26,691,696
20,743,349

4,224,073

9,701,187
18,376,234
59,952,285

42,910,601
43,934,317
10,284,858
12,943,342
18,232,567

1879

1881............................................
1882
...............................
1883
1884

.....................................
......................

1885
1886

.................................
......................

1887
1888
1889
1890
1891

.................................
....................................
...................................
...................................

1892............................................
1893.............................................
1894.............................................
1895.............................................
1896.............................................

6,863,699
4,224,073
692,596
730,143
732,386
5,986,070
5,352,243
55,319,125
68,242,408
109,783,800
153,307,591

1898.............................................
1899.............................................

68,372,923
22,301,710
18,645,015

1897.............................................

692,596
730,143
732,386
5,986,070
$3,773,600

9,125,843

46,781,220
16,599,742

102,100,345
84,842,150

7,570,398

117,354,198

5,348,365

76,978,061

49,699,454
21,174,381
72,449,119

66,468,481
112,409,947
40,361,580

35,146,734
31,720,487
115,173,988
84,280,674

24,997,963
25,642,265
35,598,337
24,223,111
18,757,180
8,267,245
11,555,044
11,858,254
11,645,005
12,792,165
21,320,012
20,015,941
11,704,892
22,892,795
45,498,305
67,918,787

15,406,391
37,522,086
48,266,759
53,185,177
48,568,950
47,090,595
80,726,919
91,658,950
38,573,591
51,399,176
72,432,924
91,531,818
118,563,215
73,607,013
48,936,500
69,194,025

73,199,076
49,601,665

66,538,659
171,568,755

146,224,148

110,712,364 1,081,953,501

2,019,025,173

2,018,304,056

1900.............................................

28,637,501
23,776,433
17,482,590

446,678
1,274,590

1903.............................................
1904.............................................
1905.............................................
1906.............................................
1907.............................................
1908.............................................
1909.............................................
1910.............................................
1911.............................................
1912.............................................

7,154,718
11,081,068
11,517,579
11,452,195
12,690,887

1,112,527
473,976
340,675
192,810
101,278
41,705
31,405
9,880
48,160
7,955

73,194,576

67,830
4,500

1915.............................................

49,599,925

1,740

Total...............................

971,241,137




50,195,327
108,680,844

9,828,991

1901.............................................
1902.............................................

1913.............................................
1914.............................................

17,274,491
86,362,654

34,377,054

158,655,956
78,201,914

2,696,253
6,997,250
6,960,836

21,278,307
19,984,536
11,695,012
22,844,635
45,490,350
67,850,957

2,565,132

81,411,533

30,961,698
45,445,734
27,205,657
26,306,190
77,535,222
44,318,946
91,349,507
100,007,262
148,337,321
44,003,989
43,339,905
22,509,653
57,328,348
77,762,622
112,038,529

51
IV .

THE

N A T IO N A L B A N K

CURRENCY.

AU T H O R IZIN G ACTS.

The issue of circulating notes by national banking associations was
first authorized by the act of February 25, 1863. This act was found
to be defective and was superseded by the act of June 3, 1864,
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.”
The act of June 3, 1864, is the basic act for the national banking
system. This act was embodied in the Revised Statutes of the United
States compiled in 1873 and, by the act of June 20, 1874, is designated
u The national bank act.” The basic act provided for the organization
of national banks with a capital of not less than $100,000, nor less than
$200,000 in cities with a population in excess of 50,000, except, that
in places not over 6,000 population, banks might be organized with
a capital of not less than $50,000. Organizing banks were required
to deposit with the Treasurer of the United States registered interestbearing bonds to an amount not less than $30,000 nor less than onethird of their paid-in capital stock. Upon the transfer and delivery
of bonds to the Treasurer of the United States, banking associations
were entitled to receive from the Comptroller of the Currency circu­
lating notes of different denominations in blank equal in amount to
90 per cent of the current market value but not to exceed 90 per
cent of the par value of the bonds deposited. Issues were limited to
an amount equal to the paid-in capital of each bank depositing bonds
and to a total of $300,000,000 for the entire country. The notes
authorized by this act were made receivable at par in all parts of
the United States for all public dues to the United States except
duties on imports and also for obligations of the Government except
interest on the public debt and in the redemption of national cur­
rency. The notes were made receivable for all purposes by national
banks and were redeemable in lawful money at the bank of issue
and at designated agencies in reserve cities. Taxation upon the
average outstanding circulation was imposed at the rate of one-half
of 1 per cent semiannually.
Various and material amendments to the basic act have been made.
The act of March 3, 1865, provided that one-half of the total circu­
lation authorized should be apportioned according to population and
the remainder according to banking requirements. This apportion­
ment and the limitation on the aggregate amount of circulation were
repealed January 14, 1875. Provision was made by the act of June
20, 1874, for the deposit of lawful money by each bank with the
Treasurer of the United States of an amount equal to 5 per cent of




52
its outstanding circulation to be used for the redemption of the
national bank notes. The provision authorizing redemption agents
in various cities was repealed. At the same time provision was made
for the retirement of circulation by the deposit of lawful money with
the Treasurer of the United States. The destruction of notes upon
redemption by maceration instead of by burning was authorized by
act of June 23, 1874.
No material modification affecting national bank circulation was
made subsequent to 1874 until 1882. By the act approved July 12,
1882, national banks with a capital of $150,000 or less were not
required to deposit or to keep on deposit with the Treasurer of the
United States bonds in excess of one-fourth of their capital stock as
security for circulating notes. The act of June 20, 1874, provided
that the amount of bonds on deposit for circulation should not be
reduced below $50,000, which determined the amount of bonds
required to be deposited by banks organizing with a capital stock of
over $150,000.
A limitation of $3,000,000 was placed in 1882 on the total amount
of circulation that might be retired in any one month by the deposit
of lawful money. This amount was increased by the act of March 4,
1907, to $9,000,000.
The act of March 14, 1900, fixed the tax on circulation secured by
2 per cent bonds at one-fourth of 1 per cent semiannually and pro­
vided for the organization of banks of not less than $25,000 capital
in places with population not in excess of 3,000. This act increased
the amount of circulation allowed from 90 per cent of par to par
value of the bonds deposited, but did not modify the requirement
that banks should deposit bonds for circulation.
The Federal reserve act, approved December 23, 1913, provides
that national banks thereafter organized shall not be required to
deposit United States bonds as a condition precedent to being author­
ized to begin business. Banks organized since that date may be
banks of issue in accordance with previously existing law. The
Federal reserve act further provides that after 2 years from its
passage and for 20 years thereafter any member bank desiring to
retire the whole or any part of its circulation may file with the
Treasurer of the United States an application to sell for its account,
at par and accrued interest, United States bonds securing the circu­
lation to be retired. Provision also is made for the purchase by the
Federal reserve banks of the bonds offered for sale by the national
banks, the purchase money to be deposited in the Treasury for the
redemption of the circulation to be retired.




53
PROFITS ON CIRCULATION.

Tables published, annually by the Comptroller of the Currency 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 Reports of Comptroller of the Currency.)
PROFITS ON CAPITAL IN V EST E D .

The Comptroller of the Currency’s report for 1914 shows the annual
net earnings and dividends on the capital of national banks for the
past 45 years, based upon sworn reports made to the comptroller by
the banks. The annual average net earnings and dividends paid dur­
ing this period were $79,255,384 and $59,954,882, respectively. The
average rate of dividends for the 45 years was 9.33 per cent, the
average rate for the year 1913 being 11.40 and for 1914, 11.37.
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 the reports in a
local newspaper; also to make a sworn report of every dividend
declared, which report must also show the amount of undivided profits
in excess of such dividend.
The affairs of every bank are also examined at least twice a year by
an examiner, who verifies its assets and inspects 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.
A D D IT IO N A L N A T IO N A L B A N K CU R REN CY.

The act of May 30, 1908, the so-called Aldrich-Vreeland Act,
amended the national banking law by providing for the issue of
additional circulation secured otherwise than by the deposit of
United States bonds. Two methods of issuing additional circulation
were provided: (1) Direct issues by a national bank upon applica­
tion to the Comptroller of the Currency and the deposit as
security with the Treasurer of the United States of bonds or other
interest-bearing obligations of any State or any legally authorized
bonds issued by any city, town, or county of the United States, and
(2) Issues by a national bank upon application to the Comptroller of
the Currency through a national currency association and the de­
posit as security with* the association of any securities of domestic
origin, including commercial paper, held by the bank. In either case
the security offered must be acceptable to the Secretary of the
Treasury.




54
Additional circulation might be issued in the second way only
through membership in a national currency association, and for this
purpose the act authorized national banks to form national currency
associations. No bank could be a member of a national currency
association or receive additional circulation under either method
unless it possessed an unimpaired capital and a surplus equal to 20
per cent of its capital and had outstanding circulation secured by
United States bonds equal to 40 per cent of its capital. The act
provided that not over $500,000,000 additional circulation might
be outstanding at any one time, and issues were to be apportioned
among the States according to the proportion of national bank
capital and surplus. No bank could issue circulation, including
bond-secured circulation, in excess of its combined capital and
surplus. The law provided that State, municipal, and county bonds
might be accepted at not more than 90 per cent of their market value,
and other securities, including commercial paper, might be accepted
at not more than 75 per cent of their cash value; with the further
restriction that authorized additional circulation based on com­
mercial paper should not exceed 30 per cent of the unimpaired capital
and surplus of any bank. Taxation was imposed at the rate of 5 per
cent per annum for the first month, increasing each month thereafter
at the rate of 1 per cent per annum until a maximum of 10 per cent
was reached. Additional circulation, however, was only authorized
to be issued at such times and under such conditions as, in the judg­
ment of the Secretary of the Treasury, an increase in national bank
circulation was warranted.
The act of May 30, 1908, would have expired by limitation on
June 30, 1914, but by section 27 of the Federal reserve act it was ex­
tended to June 30, 1915, and at the same time the rate of taxation on
additional circulation was reduced to 3 per cent per annum for the first
three months, increasing thereafter monthly at the rate of one-half of
1 per cent per annum until a maximum of 6 per cent was reached.
The act was further amended on August 4, 1914, by conferring upon
the Secretary of the Treasury power to suspend the limitation that
additional circulation could be issued only to national banks having
40 per cent United States bond-secured circulation and the further
limitations relating to the amount of circulation issuable by a bank
and in the aggregate. It was provided that banks with the approval
of the Secretary of the Treasury might issue circulation to the extent
of 125 per cent of their unimpaired capital and surplus combined.
Additional circulation might be retired at ariy time by depositing
lawful money or national bank notes with the Treasurer of the United
States, when the securities deposited with the national currency asso­
ciations or with the Treasurer might be withdrawn, subject to the




55
consent of the Comptroller of the Currency and with the approval of
the Secretary of the Treasury.
Under authority of this act and from time to time national currency
associations were organized, although the act was practically a dead
letter until after the amendment of August 4, 1914, was adopted.
The first association organized was that of Washington, D. C., on
July 18, 1908. Subsequently other associations were formed, or the
territory of existing associations was extended, until with the organi­
zation of the Association of the State of Vermont on December 16,
1914, the entire country was covered except the States of Maine and
Wyoming, in which States organizations were not effected nor was
the territory attached to associations already formed. In the follow­
ing table is shown the date of organization of each national currency
association, and the number of banks with their capital and surplus
holding membership in each association, together with the amount of
additional circulation issued. Four of the currency associations did
not request the issue of additional circulation.
The act expired by limitation on June 30, 1915, prior to which date
deposits in full had been made by all banks which had taken out
additional circulation, thereby removing their liability therefor, except
one insolvent bank which had $200,000 additional circulation out­
standing.
National currency associations, act of May 30, 1908.

Associa­
tion No.

Association name.

Date of ap­
proval of
organization.

Number
of banks.

Capital and surplus as re­
ported to Comptroller
Dec. 31,1914.
Capital.

1
2
3
4
5
6
7
8
9

National Currency Asso­
ciation of—
* Washington, D . C.. .
City of New Y o r k ...

July 18,1908
July 30,1910

City of Philadelphia,
P a............................ Aug. 9,1910
State of Louisiana... Aug. 18,1910
City
of
Boston
(M ass.)................... Sept. 15,1910

Total addi­
tional circu­
lation issued.

Surplus.

12
40

$6,752,000
114,750,000

$5,128,000
126,835,000

$637,000
141,249,650

65
45

31,240,000
9,735,000

49,635,000
6,342,865

14,883,750
5,727,000
28,674,500
7,309,625
27,169,990

70

39;460,000

28,525,500

Sept. 16,1910
City of Chicago (111.). Oct. 14,1910
St. Louis (M o .)........ Oct. 31,1910
The Twin Cities (St.

93
13
43

14,957,500
43,300,000
25,855,000

9,849,435
26,855,000
12,075,000

Paul, M inn.)......... ........d o .............

34

19,475,000

13,695,000

12,798,500

20

9,950,000

5,675,000

2,401,000

35

6,175,000

5,963,500

4,747,000

11,725,000

6,531,000

5,467,750

Georgia......................

10

City
of
Detroit
(M ich .)...................

11

Albany, Rensselaer,

12

and S c h e n e c ­
tady C o u n t i e s
( N . Y . ) ................... Dec. 12,1910
Kansas City and St.
Joseph (M o.).........




N ov. 28,1910

Dec. 14,1910

i

44

10,836,500

56
National currency associations, act of May 30, 1908— Continued.

la-

Jo.

Association name.

Date of ap­
proval of
organization.

Number
of banks.

Capital and surplus as re­
ported to Comptroller
Dec. 31,1914.
Capital.

13

15
16
17

18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

Cincinnati, O h io___
Dallas, T e x ...............
Alabama....................
Denver,
Colorado
Springs, and
Pueblo (C olo.)___
Los Angeles (C a l.)...
Louisville (K y .).......
San Francisco (Cal.).
Pittsburgh (P a .)___
Cleveland (O h io)___

Dec. 20,1910
Dec. 22,1910

25
105

Jan.
July

9,1911
8,1911

289
76

N ov. 15,1911
Apr. 18,1912

19
75
81
26
35

Aug. 25,1913
Sept. 5,1913

Dec. 9,1913
Aug. 6,1914
Indiana...................... Aug. 8,1914
Richm ond (V a .)....... Aug. 12,1914
Western New York,
Buffalo................... Aug. 13,1914
North Carolina......... Aug. 17,1914
Iowa........................... Aug. 18,1914

27
29
48
39
60
177
19
12
12
54

Omaha (N ebr.)........
State of Washington.
Central Illinois.........
South Carolina.........
Northeastern Penn­

........d o ............
Aug. 19,1914
Aug. 20,1914
Aug. 21,1914

sylvania.................
Fort W orth, T e x ___
Houston (T e x .)........
Rochester, N. Y .......
Northern New York.
City of Milwaukee
(W is .).....................

Aug. 22,1914
Aug. 24,1914
........d o ............
........d o .............
........d o ............

12
153
41

Aug. 26,1914

23
12

$11,645,710
29,545,000
25,360,000
9,695,000

$8,383,010
16,424,500
13,912,000

5,250,000
12,250,000

5,023,000
5,853,000
8,323,650
19,491,250
24,824,500
8,976,500
5,230,000
9,057,000

1,395,000
4,603,250
7,800,000
8,634,500
10,978,000

10,193,300

8,556,500

5,961,000

7,945,000
14,530,000

3,272,750
7,144,333

3,904,950
3,018,400

6,160,000

3,718,000
2,315,000
2,050,000
2,710,900

2,083,000
530,000
262,000
3,285,380

6,725,000
6,506,235

300,0C0
4,626,400
2,652,950
783,450

17,175,000
33,650,000
31,850,000
16,270,000
11,060,000
12,670,000

6,850, COO
3,150,000
7,415,000
4,835,000
12,760,000
8,050,000
4,000,000
4.225.000

22

9.165.000

38

Rhode Island

Aug. 29,1914

12

39
40
41

Oregon....................... Aug. 31,1914
State of Connecticut ........d o ............
San Antonio (T e x .). Sept. 9,1914
Florida....................... ........d o ............
New Hampshire___ Sept. 14,1914

17
42
38
30

5.420.000
6.875.000

42
43
44
45

Central New Y o r k ...
State of V erm ont___
Total (45 associa­
tions) ...................

Ler s

Surplus.

National Currency Asso­
ciation of—
City of Baltimore,
M d...........................

14

Total addi­
tional circu­
lation issued.

Oct. 1,1914
Dec. 16,1914

15,244,200
4,745,000

29
10
34

4.280.000
3.495.000
3,255,000
3,960,000

2,197

696,347,710

6,066,800

3,492,000
3,642,300
3.275.000

$8,169,000
9,592,500
11,317,000
4,120,650

8; 219,000
569,500
6; 458,100

4.603.000
4.390.000

4,632,000

3.280.000

2,053,000

9,636,800
2,475,000
1,957,500

1,251,000

2,843,000
1,770,000
1,685,000

514,723,829

769,350
1,368,500
352,000

381,592,145

3 of the act of May 30, 1908, there were also issued to eight national banks $910,500 in addig notes.




57
AMOUNT OF N ATION AL BA N K CIRCULATION.

The aggregate capital of the 7,614 national banks on June 30, 1915,
was $1,076,301,175. The actual amount of circulation outstanding
on that date was $819,273,593, including $93,240,891 notes of banks
which have failed, gone into liquidation, or have reduced their
circulation.
In the following statement is shown the amount of national bank
circulation outstanding at the close of each year ended June 30, 1864,
to 1915, inclusive:

Years.

National-bank
circulation
outstanding.

$31,235,270
146,406,725

865.

281,583,365
298,759,436
300,545,392

866 .

867.
868 .

869.
870.

300,862,948

871.
872.
873.
874.

320,988,350
340,903,954
349,184,664

300,838,617

351,981,032
354,408,008
332,998,336
317,048,872
324,514,284

875.
876.
877.
878.
879.
880.
881.
882.
883.
884.
885.
886 .

887.

National-bank
circulation
outstanding.

1890
1891
1892

$185,970,775
167,927,574

1893.

172,683,850
178,713,692

1894.

207,353,244

1895.
1896.

211,691,035
226,000,547
231,441,686
227,900,176

1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.

329,691,697
344,505,427

1905.
1906.

355,042,675
358,742,034

1907.
1908.

356,815,510
339,499,883
319,069,932
309,010,460
279,217,788
252,362,321
211,378,963

1909.
1910.
1911.
1912.
1913.
1914.
1915.

241,350,871
309,640,443
353,742,186
356,672,091
413,670,650
449,235,094
495,719,806
561,112,360
603,788,690
698,333,917
689,920,074
713,430,733
728,194,508
745,134,992
759,157,906
750,671,899
819,273,593

i First issue of national-bank circulation was on Dec. 21, 1863, and first redemption Apr. 5, 1865.

Y . F E D E R A L R ESER VE S Y S T E M AN D C U R R E N C Y .
ORGANIZATION OF SYSTEM.

Under authority of the Federal reserve act, which was approved
on December 23, 1913, the United States has been divided into 12
Federal reserve districts, each known by a number. The Federal
Reserve Board, with headquarters in Washington, has been organ­
ized. This board consists of seven members, the Secretary of the
Treasury and the Comptroller of the Currency being ex officio members,
the other five being appointed by the President. It has general su­



58
pervision of the Federal reserve system. All national banks must and
any properly qualified State bank or trust company may become a
member of the system. The reserves of the member banks in each
district are deposited with the reserve bank of that district and under
the direction of the Federal Reserve Board are subject to uniform
management for the entire country. Elasticity in note issues is
provided by a new form of currency, based primarily upon the
rediscount of commercial paper, and this currency may be increased
at any time through the seasonal demands of business and may
then automatically be retired when such demands have been satis­
fied. The act also permits the gradual retirement of the rigid bondsecured national bank circulation, and at the same time permits
Federal reserve banks to take out circulation secured by United
States bonds in the same manner as provided by law for national
banks.
The Federal reserve system was placed in operation on Novem­
ber 16, 1914, when the 12 Federal reserve banks were declared
formally opened. The following table shows for each Federal
reserve district the location of the Federal reserve bank therein,
together with the authorized capital and the capital paid in on
June 30, 1915.
Federal
reserve
district.
1
2
3
4
5
6
7
8
9
10
11
12

Federal reserve bank.

B oston................................................................................................
New Y o r k ...........................................................................................
Philadelphia......................................................................................
Cleveland............................................................................................
R ichm ond..........................................................................................
Atlanta................................................................................................

Authorized
capital
May 1,1915.

$9,608,587.56
19,834,612. 77
12,446,062.35
11,857,149.85
6,759,622.04
4,827,428.97

St. L ouis.............................................................................................
Minneapolis.......................................................................................
Kansas C ity.......................................................................................
Dallas..................................................................................................
San Francisco....................................................................................

13,216,665.60
5,581,007.94
4,678,668.87
5,581,224.08
5,870,352.30
7,876,409.72

Total.........................................................................................

108,137,792.05

Capital paid
in
June 30, 1915.

$4,777,750.00
19,957,650.00
6,224,900.00
5,976,150.00
3,364,850.00
2,414,950.00
6,605,450.00
2,787,533.34
2,376,650.00
2,776,850.00
2,926,649.97
3,934,066.65
154,123,449.96

1 E xclusive of $4,000 reported under caption “ Suspense account capital” b y the New Y ork Federal
Reserve Bank.

FED ER AL RESE R V E NOTES.

Section 16 of the Federal reserve act authorizes the issue, at the
discretion of the Federal Reserve Board, of Federal reserve notes to
Federal reserve banks through Federal reserve agents. These notes
are issued for the purpose of making advances to Federal reserve banks
and any Federal reserve bank may make application therefor to its
Federal reserve agent, tendering collateral acceptable for rediscount



59
under the provisions of section 13 of the act in an amount equal to the
face value of the notes applied for. If the commercial paper offered is
satisfactory, the agent, acting under authority received from the Fed­
eral Reserve Board, will issue the notes to the applying bank. In
addition to the security afforded by the collateral deposited with the
Federal reserve agent the notes when issued must be protected by a
gold reserve of 40 per cent, at least 5 per cent of which must be
deposited with the Treasurer of the United States as a redemption
fund, the balance being held in the vaults of the Federal reserve bank.
Federal reserve notes are obligations of the United States and are
receivable on all accounts by all Federal reserve banks, national banks,
and other banks members of the Federal reserve system. They are
also receivable for all taxes, customs, and other public dues. They
are redeemable in gold on demand at the Treasury Department in
Washington or in gold or lawful money at any Federal reserve bank.
The notes are issued in denominations of $5, $10, $20, $50, and
$100, and the designs of each denomination for each Federal reserve
bank are uniform, the notes being distinguished only by the letter
and number designating the bank and a seal bearing the name of
the bank.
The first issue of these notes was made on November 16, 1914, and
on June 30, 1915, $80,374,650 were in circulation.
FEDERAL RESER VE BA N K NOTES.

Section 4, paragraph 8, and section 18 of the Federal reserve act
provide that Federal reserve banks may take out circulating notes
upon the deposit with the Treasurer of the United States of any bonds
of the United States in the manner provided by existing law relating
to national banks, in an amount equal to the par value of the bonds
so deposited, said notes to be issued and redeemed under the same
conditions and provisions of law as relate to the issue and redemption
of circulating notes of national banks secured by bonds of the United
States bearing the circulation privilege, except that the issue of such
notes shall not be limited to the capital stock of the Federal reserve
bank issuing them.
It is thus seen that Federal reserve bank notes are identical in
nature with national bank notes, the difference being that such notes
are taken out by Federal reserve banks instead of by national banks.'
No Federal reserve bank notes had been issued to date of this pub­
lication though the necessary arrangements for their issue have been
made by the department.




60
V I. S T A T IS T IC S OF C O IN A G E AN D P R O D U C T IO N OF T H E
P R E C IO U S M E T A L S .
T

able

N

o

. 1 . —Acts authorizing anddiscontinuing coinage, changes in weight andfineness,

and amount coined, for each coin.

Denominations.

A ct authorizing and
discontinuing
coinage.

Changes in weight
and fineness.
W eight
(grains).

Fineness.

Total coined to June 30, 1915.

Pieces.

Am ount.

GOLD COINS.

Jan. 16,1915......................
Eagle ($10)..........................

H alf eagle ($5)....................

Mar. 3, 1849.......................
Apr. 2, 1792.......................
June 28,1834.....................
Jan. 18, 1837......................
Apr. 2, 1792......................
June 28, 1834.. .............

1,290
516
270
258
135
129

Jan. 18, 1837......................
Quarter eagle ($2.50)........ Apr. 2, 1792......................
June 28, 1834.....................
Jan. 18, 1837......................
Quarter eagle1 ................... Jan. 16,1915.....................
Three-dollar piece..............

One dollar...........................

One dollar, Louisiana
Purchase Exposition.
Dollar, Lewis and Clark
Exposition.
One d ollar1 ........................

67.5
64.5

900

600
120,757,306
900
|
916§
899225 I 51,122,910
900
916§
899225

$30,000.00
2,415,146,120.00
511,229,100.00

■ 77,421,794

387,108,970.00

900
1
916§
899225 \ 17,250,490

43,126,225.00

900
25,000.00

64.5
77.4

900
900

10,000
539,792

1,619,376.00

25.8

900

19,499,337

19,499,337.00

25.8

900

250,000

250,000.00

Apr. 13, 1904.....................

25.8

900

60,000

60,000.00

Jan. 16,1915.....................

25.8

900

Feb. 21,1853 (act discon­
tinuing coinage Sept.
26,1890).
Mar. 3, 1849 (act discon­
tinuing coinage Sept.
26, 1890).
June 28, 1902.....................

Total gold.................

5,500

5,500.00

286,917,729

3,378,099,628.00

•2578,303,848

2 578,303,848.00

35,965,924

35,965,924.00

S IL V E R COINS.

D ollar................................... Apr. 2, 1792.......................
Jan. 18,1837 (act discon­
tinuing coinage Feb.

416
412^

8924
900

12, 1873).
Feb. 28,1878.....................
July 14,1890.....................
Trade dollar 8......................

Mar. 3, 1891......................
Feb. 12,1873 (act discon­

420

900

tinuing coinage Feb.
19, 1887).
1 Coined for Panama-Pacific International Exposition under authority of act approved Jan. 16, 1915.
2 Am ount coined to Feb. 12, 1873, $8,031,238.
Silver-dollar coinage under acts of—
Apr. 2, 1792................................................................................................................................... $8,031,238
Feb. 28, 1878......................................................................................................... $378,166,793
July 14, 1890.......................................................................................................... 187,027,345
Mar. 3, 1891...........................................................................................................
5,078,472
-------------------- 570,272,610
T otal.......................................................................................................................................... 578,303,848
3 Coinage limited to export demand, joint resolution July 22, 1876,




61
T a b le

N o. 1.— Acts authorizing anddiscontinuing coinage, changes in weight andfineness,

and amount coined, for each coin— Continued.

A ct authorizing and
discontinuing
comage.

Changes in weight
and fineness.
Weight
(grains).

Fineness.

Total coined to June 30, 1915.

Pieces.

Amount.

s i l v e r c o i n s — continued.

Lafayette dollar.................
Half dollar...........................

Mar. 3, 1899.......................
Apr. 2, 1792......................
Jan. 18, 1837......................
Feb 21, 1853

.............

192

Feb 12, 1873

.............

1192.9

900
8924
900

192.9
192.9
104

900
900
8924

Jan. 18, 1837......................
Feb. 21,1853.....................

103J
96

900

Feb. 12, 1873

<96.45
96.45

Jan. 16,1915.....................
Columbian half d o lla r ...,. Aug. 5, 1892......................
Apr. 2, 1792.......................

...............

Columbian quarter dollar. Mar. 3, 1893......................
Twenty-cent piece............. Mar. 3, 1875 (act discon­
tinuing coinage May
2, 1878).
Dim e..................................... Apr. 2, 1792......................

Half dim e............................

412J
208
206i

5 77.16

900
900

50,000

$50,000.00

[ 378,405,472

189,202,736.00

60,000
5,000,000

30,000.00
*2,500,000.00

I 410,951,308

102,737,827.00

40,000
1,355,000

10,000.00
271,000.00

733,837,547

73,383,754.70

41.6

8924

Jan. 18, 1837......................
Feb. 21, 1853
...............

411
38.4

900

.............
Feb. 12, 1873
Apr. 2, 1792.......................

6 38.58
20.8

Jan. 18, 1837......................

20f
19.2

900

• 97,604,388

4,880,219.40

12f
11.52

750
900

1
[ 42,736,240

1,282,087.20

2,285,672,277

989,298,671.30

Feb. 21,1853 (act discon­

8924

tinuing coinage Feb.
12, 1873).
Three-cent piece................. Mar. 3,1851......................
Mar. 3,1853 (act discon­
tinuing coinage Feb.
12, 1873).
Total silver...............
m in o r c o in .

Five-cent (nickel).............. May 16, 1866.....................
Three-cent (nickel)........... Mar. 3, 1865 (act discon­
tinuing coinage Sept.
26, 1890).

77.16
30

(7)
(7)

855,008,587
31,378,316

42,750,429.35
941,349.48

Two-cent (bronze).............

96

( 8)

45,601,000

912,020.00

Apr. 22,1864 (act discon­
tinuing coinage Feb.
12, 1873).

1 12§ grams, or 192.9 grains.
2 Coined for Panama-Pacific International Exposition under authority of act approved Jan. 16,1915.
3 Total amount coined.
^ 6J grams, or 96.45 grains.
6 5 grams, or 77.16 grains.
6 2\ grams, or 38.58 grains.
7 Composed of 75 per cent copper and 25 per cent nickel.
8 Composed of 95 per cent copper and 5 per cent tin and zinc.




62
T a b l e N o . 1 .—

Acts authorizing and discontinuing coinage, changes in weight andfineness,
and amount coined, /or each coin— Continued.

* Act authorizing and
discontinuing
coinage.

Denominations.

Changes in weight
and fineness.

Total coined to June 30, 1915.

Weight Fineness.
(grains).

Pieces.

Am ount.

m i n o r c o i n —continued.

Cent (copper)...................... Apr., 2 1792......................
Jan. 14, 1793......................
Jan. 26,17961 (act discon­
tinuing coinage Feb.

264
208

I 156,288,744

$1,562,887.44

168

21, 1857).
Feb. 21,1857 (act discon­
tinuing coinage Apr.
22, 1864).
Cent (bronze)...................... Apr. 22, 1864.....................
Half-cent (copper)............. Apr 2, 1792.......................
Jan 14, 1793......................

Cent (nickel)......................

Jan. 26,17961(act discon­

72

(2)

200,772,000

2,007,720.00

48
132
104

(3)

2,345,481,667

23,454,816.67

I

7,985,222

39,926.11

84

tinuing coinage Feb.
21,1857).
.......

3,642,515,536

71,669,149.05

Total coinage...........

6,215,105,542

4,439,067,448.35

Total minor

1 B y proclamation of the President, in conformity with act of Mar. 3,1795.
2 Composed of 88 per cent copper and 12 per cent nickel.
a Composed of 95 per cent copper and 5 per cent tin and zinc.




Table

N o. 2.— Coinage of the mints o f the United States from their organization, by calendar years.
R E C A P IT U L A T IO N .

2023°— 15-

GOLD C O IN A G E .

Calen­
dar
years.

1793-95
1796...
1797..
1798...
1799.
1800
1801
1802
1803
1804

Double
eagles.

Eagles.

$27,950
60,800
91,770
79,740
174,830
259,650
292,540
150,900
89,790

1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815

97,950

Half
eagles.




Quarter
eagles.

Dollars.

$43,535
$165.00

32,030
124,335
37,255

4.390.00
1.535.00

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

242,940
258,615
1,319,030

Trade
dollars.

Dollars.

$204,791

16,995

1816
1817
1818
1819
1820

Three
dollars.

SILV ER CO IN A G E .

1,959.00

15.144.50
1.057.50
8.317.50
4.452.50
4.040.00
17,030.00
6.775.00

Quarter
dollars.

220,920
54,454
41,650
66,064
19,570
321

Twenty
cents.

Dimes.

$161,572.00

72,920
7,776

$1,473.50
63.00

327,536
423,515

1.200.00

6.530.00

H alf dollars.

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
23,575.00
607,783.50
980.161.00
1,104,000.00
375.561.00

1,684.50
30,348.50
51,531.00
55,160.75

$2,213.50
2,526.10
2,755.00
2.176.00
3.464.00
1,097.50
3.304.00
826.50
12,078.00
16,500.00
4.471.00
635.50
6.518.00

42,150.00
17,308.00
5,000.75
90,293.50
36,000.00
31,861.00

94,258.70

H alf dimes.

$4,320.80
511.50
2,226.35

1,200.00
1.695.50
650.50
1.892.50
780.00

Three
cents.

T

able

No. 2. —Coinage of the mints of the

United Statesfrom their organization, by calendar years— Continued.

R E C A P IT U L A T IO N —Continued.
S ILV E R C O IN A G E .

GOLD C O IN A G E .

Calen­
dar
years.

Double
eagles.

Eagles.

H alf
eagles.

1821

$173,205

1822
1823
1824
1825
1826
1827
1828
1829

88,981

1833

1843
1844
1845
1846

Dollars.

Trade
dollars.

Dollars.

6.500.00
11,085.00
1.900.00
7,000.00

287,210
631,755
702,970
787,435

8,507.50
11.350.00
11.300.00
11,000.00
10.400.00
293.425.00
328.505.00

$72,000
382,480
473,380
656,310
1,089,070
2,506,240
1,250,610
736,530
1,018,750




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
$1,000

655,330
4,275,425

1,369,965.00
112.700.00
137.345.00
191.622.50
153.572.50
54.602.50
85.007.50
1,327,132.50

4,087,715

89.345.00

2,743,640
2,736,155

276.277.50

184,618
165,100
20,000
24,500

279.272.50

169,600

1,600,420
802,745
1,048,530
380,945

H alf dollars.

$652,898.50
779,786.50
847.100.00
1.752.477.00
1.471.583.00

$16,120.00

86,700
145,300
90,345
124,565
140,145

968,150
3,660,845
1,857,670
2,765,735
1,035,605

1834
1835
1836

1839
1840
1841
1842

Quarter
eagles.

72,425

1830
1831
1832

1837
1838

Three
dollars.

300
61,005
173,000

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

Quarter
dollars.

Twenty
cents.

Dimes.

$54,212.75
16,020.00
4,450.00

$118,651.20

42,000.00

51,000.00

1,000.00
25,500.00

121.500.00
12.500.00
77.000.00
51.000.00
77.135.00
52.250.00

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

H alf dimes.

1 0 ,0 0 0 .0 0

44,000.00

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

290.300.00

152.000.00
7.250.00

1.341.500.00

230.500.00

198.500.00

2.257.000.00

127.500.00

3.130.00

$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

Three
cents.

1847 . .
1848

.

1849 . .

14,337,580

5 ,3 8 2 ,6 8 5

482,060. CO

1,8 1 3 ,3 4 0

1 ,8 6 3 ,5 6 0

9 8 ,612 .50

6 ,7 7 5 ,1 8 0

1,1 84,6 45

111,147.50

3 ,4 8 9 ,5 1 0

860,160

895,547.50

140,750

1 ,8 7 0 ,0 0 0 .0 0

2 7 5,50 0.0 0

15,000

1 ,8 8 0 ,0 0 0 .0 0

3 6 ,5 0 0 .0 0

$936,789

62,600

1 ,7 8 1 ,0 0 0 .0 0

8 5 ,0 0 0 .0 0

511,301

47,500

1,3 4 1 ,5 0 0 .0 0

150,70 0.0 0

1850 . .

$2 6,22 5,2 20

1851 . .

4 8 ,043 ,10 0

4,3 9 3 ,2 8 0

2 ,6 5 1 ,9 5 5

3, 867,337.50 3,658,820

1 ,3 00

30 1,3 7 5 .0 0

6 2 ,0 0 0 .0 0

1 8 5 2 ...

4 4 ,860 ,52 0

2 ,8 1 1 ,0 6 0

3 ,6 8 9 ,6 3 5

3j 283,82 7.5 0 2,201,145

1,1 00

11 0,56 5.0 0

68 ,265 .00

1853 . .

2 6 ,646 ,52 0

2 ,5 2 2 ,5 3 0

2 ,3 0 5 ,0 9 5

3j 519,615.00 4,384,149

46,110

2 ,4 3 0 ,3 5 4 .0 0

4,1 4 6 ,5 5 5 .0 0

1 8 5 4 ...

1 8 ,052 ,34 0

2 ,3 0 5 ,7 6 0

1 ,5 1 3 ,2 3 5

$491,214

1,8 9 6 ,3 9 7 .5 0

1,657,016

33,140

4 ,1 1 1 ,0 0 0 .0 0

3 ,4 6 6 ,0 0 0 .0 0

1 8 5 5 ...

25 ,0 4 6 ,8 2 0

1 ,4 8 7 ,0 1 0

1 ,2 5 7 ,0 9 0

171,465

60 0,70 0.0 0

824,883

2 6 ,000

2 ,2 8 8 ,7 2 5 .0 0

85 7,35 0.0 0

24.500.00
45.150.00
113.900.00
244.150.00
142,650.00
196,550.00
1,327,301.00

1 8 5 6 ..-

30,437 ,56 0

1 ,4 29,9 00

1,8 06,6 65

181,530

1,213,117.50

1,788,996

63,500

1 ,9 0 3 ,5 0 0 .0 0

2 ,1 2 9 ,5 0 0 .0 0

1 8 5 7 ...

2 8 ,797 ,50 0

481,060

1 ,2 32,9 70

104,673

796,235.00

801,602

94,000

1 ,4 8 2 ,0 0 0 .0 0

2 ,7 2 6 ,5 0 0 .0 0

1 8 5 8 .-.

21 ,873 ,48 0

343,210

439,770

6,399

144,082.50

131,472

5 ,9 9 8 ,0 0 0 .0 0

2,0 0 2 ,2 5 0 .0 0

624,000.00
207,500.00
703,000.00
712,000.00
189,000.00

1 8 5 9 ...

13 ,782 ,84 0

253,930

361,235

46,914

142,220.00

193,431

636,500

2 ,0 7 4 ,0 0 0 .0 0

42 1,000.00

97,000.00

42,465

164,360.00

78,700.00
209,650.00
102,830.00

51,234

733,930

1,0 3 2 ,8 5 0 .0 0

31 2,350.00

527,499

78,500

2 ,0 7 8 ,9 5 0 .0 0

1,2 3 7 ,6 5 0 .0 0

30 0,882.50

1,326,865

12,090

802,175.00

249,88 7.5 0

15,117

2 7 ,075 .00

6,2 50

2 7 ,660

709,830.00

48 ,015 .00

8 ,0 4 0

7 ,1 8 5 .0 0

5,950

31,170

518,78 5.0 0

28 ,5 1 7 .5 0

144,535

3,495

62 ,3 0 2 .5 0

3,725

47 ,000

59 3,450.00

2 5 ,075 .00

237,800

253,200

12,090

105,175.00

7,180

49 ,625

89 9,81 2.5 0

11,381 .25

121,400

179,600

7,950

78,125 .00

5,250

60,325

81 0,16 2.5 0

17,156 .25

18 ,722 ,00 0

241,550

288,625

14,625

94 ,0 6 2 .5 0

10,525

182,700

76 9,100.00

3 1 ,5 0 0 .0 0

1 8 6 9 ...

17 ,238 ,10 0

82,850

163,925

7,575

84 ,612 .50

5,9 25

424,300

725,950.00

2 3 ,150 .00

1 8 7 0 ...

22 ,8 1 9 ,4 8 0

164,430

143,550

10,605

5 1 ,387 .50

9,3 35

445,462

829,75 8.5 0

2 3 ,935 .00

1 8 7 1 ...

2 0 ,456 ,74 0

254,650

245,000

3,990

68 ,375 .00

3,9 30

1 ,1 17,1 36

1 ,7 4 1 ,6 5 5 .0 0

5 3 ,255 .50

1 8 7 2 ...

2 1 ,230 ,60 0

244,500

275,350

6,090

52,575 .00

3,5 30

1 ,1 18,6 00

86 6,77 5.0 0

6 8 ,762 .50

1 8 7 3 ...

55 ,456 ,70 0

173,680

754,605

75

512,562.50

296,600

1 ,5 9 3 ,7 8 0 .0 0

414,19 0.5 0

1 8 7 4 ...

33,917 ,70 0

799,270

203,530

125,460

9 ,8 50.0 0

198,820

4 ,9 1 0 ,0 0 0

1 ,4 0 6 ,6 5 0 .0 0

1 8 7 5 ...

32 ,7 3 7 ,8 2 0

78,350

105,240

60

3 0 ,050 .00

420

6 ,2 7 9 ,6 0 0

5 ,1 1 7 ,7 5 0 .0 0

1 8 7 6 ...

4 6 ,386 ,92 0

104,280

61,820

135

23,052 .50

3 ,2 45

6,1 9 2 ,1 5 0

7 ,4 5 1 ,5 7 5 .0 0

1 8 7 7 ...

43 ,504 ,70 0

211,490

182,660

4,464

92 ,630 .00

3,920

13,092,710

7 ,5 4 0 ,2 5 5 .0 0

1 8 6 0 .-.

22 ,584 ,40 0

278,830

352,365

1 8 6 1 ...

74,989 ,06 0

1,2 87,3 30

3 ,3 3 2 ,1 3 0

1 8 6 2 ...

18 ,926 ,12 0

234,950

69,825

17,355

1 8 6 3 ...

22 ,1 8 7 ,2 0 0

112,480

97,360

1 8 6 4 ...

19 ,958 ,90 0

60,800

40,540

1 8 6 5 ...

27 ,8 7 4 ,0 0 0

207,050

1 8 6 6 ..-

30 ,8 2 0 ,5 0 0

1 8 6 7 ...

23 ,436 ,30 0

1 8 6 8 ...

18,216 3 ,2 41,2 95 .0 0 !

125,125 $1 ,225 ,00 0

14,662.50
72,625.00
70,660.00
52,150.00
109,371.00
261,045.00
443,329.10

319,151.70
$265,598 2.406.570.00
5,180 3.015.115.00
7 ,8 3 9 ,2 8 7 .5 0
102 1.735.051.00
6 ,0 2 4 ,9 2 7 .5 0
187,880.00
120
849,20 0.0 0
215,975.00

1 ,2 7 8 ,3 7 5 .0 0

1 8 7 8 ...

45,916 ,50 0

1,0 31,4 40

1 ,4 2 7 ,4 7 0

246,972

1 ,1 60,6 50 .0 0

3,0 20

4 ,2 5 9 ,9 0 0

2 2 ,495 ,55 0

726,200.00

1 8 7 9 ...

2 8 ,889 ,26 0

6 ,1 2 0 ,3 2 0

3 ,7 2 7 ,1 5 5

9,090

331,225.00

3,030

1,541

2,950.00

3 ,6 7 5 .0 0

1880...
1881...

17,749,120 21,715,160 22,831 ,76 5
14,585,200 48 ,796,250 33,458,430

3,108

7 ,4 90.0 0

1,636

1,987

27,560,100
27,397,355

4,8 7 7 .5 0

1,650

1,7 00.0 0

7,660

960

27,927,975

5,487.50

3,738.75
3,243.75




17,196.00
26,907.00
18,550.00
14,372.50

1,510.00
3.735.50
2.497.50

63.700.00
63.400.00
72.450.00
82.250.00
82.050.00
63,025.00
785,251.00

$185,022.00
559,905.00
342,000.00

365,000.00
117,500.00
299,000.00
433,000.00

20,130.00
4,170.00
43,740.00
31,260.00

258,000.00
45,000.00
92,950.00

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

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

123.00
153.00
120.00
127.80
58.50
18.00

T a b l e No. 2.— Coinage o f the mints o f the United States from their organization, by calendar years— Continued.
RECAPITULATION—Continued.
GOLD COINAGE.

Calen­
dar
years.

1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897.
1898.
1899.
1900.
1901.
1902.
1903.

Double

Half

$23,295,400 $24,740,640 $17,831
24,980,040 2.595.400 1,647,
19,944,200 2,110,800 1,922,
13.875.560 4,815,270 9,065,
22,120 10,621,600 18,282,
5,662,420 8,706,800 9.560,
21.717.320
16.995.120
19,399,080
25,891,340

8,030,310
4,298,850
755,430

1.560,
37,
290,

Three
dollars.

Quarter

$4,620

$ 10, 100.00

2,820

4,900.00
4.982.50
2.217.50

3,318
2,730

,

6,016
8,543
16,080

7,287

44.120.00

30,729

22.032.50

228.307.50
334.332.50
503.142.50

37.440.220

27.600.00
6.362.50
75.265.00

Trade
dollars.

Dollars.

$1,097 $27,574,100
979 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

10.305.00
15.297.50

862,880
19,876,762
12,651,731

48.005.00
74.760.00
60.412.50

14.426.735
15,182,846
425,010,912
22,566,813
5 75,000

18,160,777

5 175,000
6 25,000
6 35,000

10,343,755
8,812,650

H alf dollars.

$2,750.00
4.519.50
2.637.50
3.065.00
2.943.00
2.855.00
6.416.50

Quarter
dollars.

$4,075.
3,859.
2,218.
3,632.
1,471.
2,677.
306,708.

6.355.50
3,177.
6.295.00
20,147.
100,300.00 1,551,150.
U ,6 5 2,136.50 2.960.331.
24,002,896.00 12,583,831.
3.667.831.00 2,233,448.
2.354.652.00 2,255,390.
1.507.855.00 1,386,700.
2.023.315.50 2,524,440.
3.094.642.50 3.497.331.
4.474.628.50 3,994,211.
5.033.617.00 3,822,874.
3.119.928.50
4.454.723.50
3.149.763.50
2.331.654.00

2,644,369.
4,617,589.
3,551,516.

1.830.863.50

3,011,203.
2,020,562.

441.225.00

5.426.414.50

2,248,108.

841.120.00

5.825.587.50

3,899,143.

2,709,880

2,445,

402.400.00

5,703,280
55.113.800 16,903,920
96,656,620 26,838,790

5,915,
6,334,

544.860.00

7,570,




6,206
12,205

15.705.00
40.245.00

34,150,520 46,036,160 21,320,
35,697,580 5,520,130 5,557,
24.828.560 7,766,970 10,410,

1905.
1906.

$5,040
10,840

10 220.00

68.375.00
168.012.50

227,819,440

Dollars.

3,426
18,480
15,873

1,956,000 1,347,
19.238.760 9.817.400 5,724,
27.178.320 20,132,450 9,610,
48.350.800 26,032,780 5,152,
45.163.120 7,148,260 7;
43.931.760 2,000,980 1,072,
57.070.220 12,774,090 6,109,
54,912,900 12,857,970 10,154,
73.593.680 21,403,520 16,278.
86.681.680 3,749,600
673.

1904.

1907.

Eagles.

SILVER COINAGE.

Twenty
cents.

Dimes.

$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
2.477.918.20
2,507,350.00
2.795.077.70
2.829.405.50
1.540.102.70
2.480.754.90
2.976.504.60
3.453.704.50

H alf dimes.

Three
cents.

1908... 109,263,200 14,813,360 6,149,430
1909... 59,774,140 5,987,530 21,910,490
1910... 60,788,340 34,863,440 7,840,250
1911... 36,392,000 5,866,950 12,018,195
2,996,480 7,050,830 5,910,720
1912...
1913...
11,926,760 5,080,710 6,620,495
1914... 40,926,400 7,025,500 3,785,625

1.412.642.50
1.104.747.50
1,231,705.00
1.899.677.50
1.540.492.50
1.805.412.50
1.720.292.50

5.819.686.50
2.529.025.00
1.183.275.50
1.686.811.50
2.610.750.00
663,313. 50
558,305.00

4,262,136.25
4.110.662.50
936,137. 75
1,410,535. 75
1,277,175.00
493,853.25
2.388.652.50

2,309,954. 50
1.448.165.00
1,625,055.10
3,359,954.30
3.453.070.00
2,027,062.20
3,136,865. 50

Total 2,405,831,120 511,229,100 386,288,970 1,619,376 43,126,225.00 19,809,337 35,965,924 578,353,848 191,936,811.00 102,535,767.00 $271,000 73,287,754.70 $4,880,219.40 $1,282,087.20
1 Includes $475,000 in Columbian coins.
2 Includes $2,025,000 in Columbian coins.




3 Includes $10,000 in Columbian coins.
4 Includes 50,000 Lafayette souvenir dollars.

5 Louisiana Purchase Exposition.
6 Lewis and Clark Exposition.

T a b l e N o. 2 . — Coinage o f the mints of the United States from their organization, by Calendar years— Continued.
R E C A P IT U L A T IO N —Continued.
TOTAL COINAGE.

MINOR COINAGE.

TOTAL VALUE.

Calendar years.
Five cents.

Three cents.

Tw o cents.

Cents.

.......................................

$10,660.33
9,747.00
8,975.10
9,797.00
9,045.85
28,221.75

1801.............................................
1802.............................................

13,628.37
34,351.00

1803.............................................
1804.............................................

24,713.53
7,568.38
9,411.16

1793-1795....................................
1796.............................................
1797.............................................
1798
.....................................
1799.............................................
1800

1805.............................................
1806.............................................
1807.............................................
1808 .........................................
1809
.......................................
1810.............................................
1811
.......................................
1812
1813

...............................
.......................................

1814.............................................
1815
1816
1817

3,480.00
7,272.21
11,090.00
2,228.67
14,585.00
2,180.25
10,755.00
‘ 4,180.00
3,578.30

H alf cents.

$712.67
577.40
535.24
60.83
1,057.65
71.83
489.50
5,276.56
4,072.32
1,780.00
2,380.00
2,000.00
5,772.86
1,075.00
315.70
•

Gold.

$71,485.00
77,960.00
128,190.00
205,610.00
213,285.00
317,760.00
422,570.00
423,310.00
258,377.50
258,642.50
170,367.50
324,505.00
437,495.00
284,665.00
169,375.00
501,435.00

....

1818
.................
1 8 1 9 ...........................................
1820.............................................
1821.............................................




87,118.00
100,340.50
149,388.50
471,319.00
597,448.75
684,300.00
707,376.00

497,905.00
290,435.00
477,140.00

814,029.50
620,951.50

77,270.00
3,175.00

561,687.50
17,308.00
28,575.75

39,484.00
31,670.00
26,710.00
44,075.50
3,890.00

$370,683.80
77,118.50
14,550.45
330,291.00
423,515.00
224,296.00
74,758.00
58,343.00

638,773.50
608,340.00

28,209.82
.

Silver.

242,940.00
258,615.00
1,319,030.00
189,325.00

607,783.50
1,070,454.50
1,140,000.00
501,680.70
825,762.45

Minor.

$11,373.00
10,324.40
9,510.34
” 9,797.00
9,106.68
29,279.40

$453,541.80
165,402.90
152,250.79
545,698.00

13,628.37
34,422.83
25,203.03
12,844.94

645,906.68
571,335.40
510,956.37
516,075.83
370,698.53
371,827.94

13,483.48
5,260.00
9,652.21
13,090.00

333,239.48
801,084.00
1,044,595.96
982,055.00

8,001.53
15,660.00

884,752.53
1,155,868.50
1,108,740.95

2,495.95
10,755.00
4,180.00
3,578.30

1,115, 219.50
1,102,271.50

28,209.82
39,484.00

56,785.57
647,267.50

31,670.00
26,710.00

1,345,064.50
1,425,325.00

44,075.50

1,864,786.20

3,890.00

1,018,977.45

642,535.80
20,483.00

1822.
1823.
1824.
1825.
1826.

20,723.39

1829.
1830.

620.00
611.00
174.25
577.32
606.24
145.00
115.00

1831.
1832.

592.60
620.00

1833.
1834.

390.00
551.00
784.00

1827.
1828.

1835.
1836.
1837.
1838.
1839.
1840.
1841.
1842.
1843.
1844.
1845.
1846.

110.00

3.030.00
2.435.00

770.00
600.00
705.00
1,990.00

583.00
702.00

836.69
157.99
785.00
268.44

1853.
1854.

411.31
361.56

1855.

748.29

897.07
630.94

805,806.50
895,550.00
1,752,477.00
1,564,583.00
2,002,090.00

20,723.39

131,565.00
140,145.00

2,869,200.00

23,577.32
25,636.24
16,580.00

295,717.50
643,105.00
714,270.00
798.435.00

17,115.00
33,603.60

978,550.00
3,954,270.00

3,415,002.00

19,151.00

2,186,175.00
4,135,700.00

3,443,003.00
3,606,100.00
2,096,010.00
2,333,243.40
2,209,778.20

39,489.00
23,100.00
55,583.00
63,702.00
31,286.61
24,627.00
15,973.67
23,833.90
24,283.20
23,987.52

8,108,797.50

199.32
199.06
738.36

5,427,670.00
3,756,447.50
4,034,177.50
20,202,325.00
3,775,512.50
9,007,761.50
31,981,738.50
62,614,492.50
56,846,187.50

648.47
276.79
282.50

1,575,600.00
1,994,578.00

12,620.00
14,926.00
16,344.25

2,495,400.00
3,175,600.00
2,579,000.00
2,759,000.00

1,148,305.00
1,809,765.00
1,376,847.50
1,675,482.50
1,091,857.50
1,829,407.50

286.61
627.00
973.67
833.90
283.20
987.52
948.04
208.00

1847.
1848.
1849.
1850.
1851.
1852.




315.00
1,170.00

88,980.00
72,425.00
93,200.00
156,385.00
92,245.00

39,377,909.00
25,915,962.50
29,387,968.00

1,726,703.00
1,132,750.00
2,332,750.00
3,834,750.00
2,235,550.00
1,873,200.00
2,558,580.00
2,374,450.00
2,040,050.00
2,114,950.00
1,866,100.00
774,397.00
999,410.00
9,077,571.00
8,619,270.00
3,501,245.00

23,620.00
28,160.00

38,948.04
41,208.00
61,836.69
64,157.99
41,984.32
44,467.50
99,635.43
50,630.94
67,059.78
42,638.35
16,030.79

915,509.89
967,975.00
1,858,297.00
1,735,894.00
2,110,679.25
3,024,342.32
1.741,381.24
2,306,875.50
3,155,620.00
3,923,473.60
3,401,055.00
3,765,710.00
7,388,423.00
5,668,667.00
7,764,900. CO
3,299,898.00
4,206,710.40
3,617,912.31
3,426,812.50
2,240,581.17
4,185,991.40
11,967,830.70
7,687,207.52
5,668,595.50
6,633,965.54
22,638,611.69
5,879,720.49
11,164,695.82
33,892,306.00
63,488,524.93
57,896,228.44
48,522,539.7S
34,577,870.85
32,905,243.79

T a b l e N o. 2 .—Coinage

of the mints of the United States from their organization, by calendar years— Continued.
R E C A P IT U L A T IO N —Continued.
TOTAL COINAGE.

MINOR COINAGE.

TOTAL VALUE,

Calendar years.
Five cents.

Three cents.

Tw o cents.

1856.
1857.
1858.

1868.
1869.
1870.
1871.
1872.

$737,125.00
1.545.475.00
1.440.850.00

144.030.00
117.450.00

819.750.00
240.300.00
28,050.00

48.120.00
40.050.00

301.800.00
227.500.00
176.900.00
104.850.00

1876.

126.500.00

1881.




175.90

.

1873.
1874.
1875.
1877.
1878.
1879.
1880.

$202.15

177,834.56
246.000.00

101 000.00

$341,460.00

117.50
1,455.00
997.75

97.560.00

18.120.00
25.860.00
35.190.00
23.700.00
6.840.00
4.860.00
70.50
1,236.00

3,618.75

748.65
32,417.25

573,830.00

759.00

$396,950.00
272,800.00
63.540.00
58.775.00
56.075.00
30.930.00
17.225.00
14.425.00
1,300.00

H alf cents.

$26,904.63

364.000.00
205.660.00

1859.
1860.
1861.
1862.
1863.
1864.
1865.
1866..
1867.

Cents.

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
57,998.50
162.312.00
389,649.55
392,115. 75
385.811.00

Gold.

Silver.

Minor.

$36,857,768.50
32,214,040.00

$5,142,240.00
5,478,760.00

$27,106.78
178,010.46

$42,027,115.28
37,870,810.46

22,938,413.50

8,495,370.00

14,780,570.00
23,473,654.00
83,395,530.00
20,875,997.50
22,445,482.00
20,081,415.00

3,284,450.00
2,259,390.00
3,783,740.00
1,252,516.50
809,267.80
609,917.10

246,000.00
364,000.00

31,679,783.50
18,429,020.00

205,660.00
101,000.00
280,750.00
498,400.00
926,687.14

25,938,704.00
87,280,270.00
22,409,264.00
23,753,149.80
21,618,019.24

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

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

968,552.86

29,954,665.36
33,461,314.25
26,557,411.25

21,812,645.00

2,504,488.50
4,024,747.60
6,851,776.70

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

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

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
342,475.00
246,970.00
210,800.00
8,525.00
58,186.50
165,003.00
391,395.95
428,151.75
960,400.00

22,142,880.50
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
78,363,088.50
66,814,859.00
90,111,368.70
125,219,205.50
94,821,217.00

O

188
188
188
188
188
188
188
189
189
189
189
189
189

3
4
5
6
7
8
9
0
1
2
3
4
5

1,148,471.05
563.697.10
73,824.50
166.514.50
763.182.60
536,024.15

1,301,451.55
1.362.799.75
1.324.010.65
1.574.028.95
1.400.336.25
1,070,249.20
1,491,363.80
1.930.686.25
1,960,740.00
1,134,308.85
579,526.30
1.508.467.65
1,977,968.60

111,344,220.00
99,272,942.50
101,735,187.50
47,184,852.50
43,683,792.50
233,402,400.00
49,638,400.00
78,793,045.00
131,907,490.00
131,638,632.50
88,776,907.50
104,723,735.00
56,176,822.50

:
.
.

1,747,435.70
3.682.961.95

17,498,522.50
25,433,377.50
53,457,817.50

7,340,995.00
3,184,228.95

Total.

41,591,634.15

3,367,904,128.00

584.982.10
668,509. 75
270.656.60
498,994.20
442,146.00

190 0
1
2
3
4
5

190 6
190 7
190 8
190 9
191 0
1
2
3
4

29,246,968.45
28,534,866.15
28,962,176.20
32,086,709.90
35,191,081.40
33,025,606.45

1.021.436.75
626,604.35

794,068.05
812.963.60
841.717.50

189 7
189 8
189 9

191
191
191
191

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

189 6

190
190
190
190
190

318.27
169.26
143.70
128.70
238.83
1,232.49




1,402,386.90
941,349.48

912,020.00

35,496,683.15
39,202,908.20
27,518,856.60
12,641,078.00
8,801,739.05
9,200,350.85
5,698,010.25
23,089,899.05
18,487,297.30
23,034,033.45
26,061,519.90
36,345,321.45
30,838,460. 75
30,028,167.20
19,874,440.00
15,695,609.95
6,332,180.90
10,651,087.85

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
961,480.42
1,134,931.70
438,177.92
882,430.56
832,718.93
1,526,100.05
1,124,835.14

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
66,933, 690.75
i. 77
89,184
66,196, 798.31
70,975 677.98
96,041, 882.35
102,144, 626.09
139,243, 191.76
137,649, 401.34

1,837,451.86
2,031,137.39
2,120,122.08
2,447,796.17
2,251,281.18
1,683,529.35
2,298,555.43
2,890,908.80

134,693, 770.33
79,660, 815.87
65,809, 513.68
250,781, 539.30
58,269, 136.33
92,335, 041.65

6,083,823.00

3,042,126.18
1,468,738.72
1,756,388.93
3,036,929.83
3,156,726.47
2,577,386.30
4,667,335.47
2,208,071.22

148,128, 051.93
145,499, 148.47
98,621, 148.93
111,505, 073.18
65,790, 850.52
27,416, 903.80
33,284-, 941.92
61,749, 11. 72

988,513,411.30

70,322,101.85

4,426,739,641.15

13,178,435.75
12,391,777.25
8,087,852.50
3,744,408.35
6,457,301.55

72
T

able

No. 3 .—Coinage

of the United States, by pieces and values, during the fiscal year
ended June 30, 1915.
Denomination.

Fifty-dollar piece (octagonal)1 .......................„. . . . „ . . . . . . . . . . . . . . . . .
Double eagles.............................................................................................................

Pieces.

600
1,392,070

Value.

$30,000.00

Eagles..........................................................................................................................
H alf eagles..................................................................................................................
Quarter eagles1 ..........................................................................................................
Quarter eagles............................................................................................................

630,550
921,125

27,841,400.00
6.305.500.00
4.605.625.00

10,000
688,117

25,000.00
1,720,292.50

D ollars1 ......................................................................................................................

5,500

5,500.00

Total g old .........................................................................................................

3,647,962

40,533,317.50

H alf dollars1...............................................................................................................
H alf dollars................................................................................................................
Quarter dollars...........................................................................................................

30,000.00
681,275.00

Dimes...........................................................................................................................

60,000
1,362,550
1,594,950
22,430,200

398,737.50
2,243,020.00

Total silver.......................................................................................................

25,447,700

3,353,032.50

Five cents (n ick el)....................................................................................................
One cent (bronze).....................................................................................................

34,375,539

1,718,776.95

48,133,195

481,331.95

82,508,734

2,200,108.90

111,604,396

46,086,458.90

Total m inor..............................................................................................
Total coinage...................................................................................................




1 Panama-Pacific Exposition Co.

73

Additional coinages were made during the fiscal year 1915 at the
mints at Philadelphia and San Francisco as follows:
COINAGE B Y P H IL A D E L P H IA M IN T.

Denomination.

For Government
of—

Gold 2 colons.....................................

Pieces.

5,000
202,213

Silver 10 centavos............................
Silver 5 centavos..............................

Silver 20 centim es............................

Ecuador............

Salvador

Nickel 5 centimes.............................
N ickel 3 centimes.............................
Nickel 1 centim e..............................

Gold cinco pesos...............................

Cuba.........................

Value.

Colons.
5,000.00

Value in
United
States
subsidiary
silver coin.

$4,653.54

101,106.00
15,000.00

$80,885.06

25,360.60

20,288.67

859,425

141,467.10

113,173.73

2,500,000

Sucres.
500.000.00

500,000.00

150,000
507,212

1.500.000

Pesos.
75.000.00

2.700.000
5.008.000

81.000.00
50,080.00

9,208,000

206,080.00

12,000.00

368,000 1,840,250.00 1,840,250.00

Silver pesos.......................................
Silver 40 centavos............................
Silver 20 centavos............................

1.580.100 1,580,100.00
1.400.100 560.040.00
2.485.100 497.020.00

Silver 10 centavos.........................

5.300.100

Nickel 5 centavos.............................
Nickel 2 centavos.............................
Nickel 1 cen tavo..............................

Value in
United
States
money.

1,689,411.32
560.040.00
497.020.00

530.010.00

530.010.00

10,765,400 3,167,170.00

3,276,481.32

2.819.100

140,955.00

1.819.100
6.386.100

36.382.00
63.861.00

11,024,300

241,198.00

COIN AGE B Y SAN FRAN CISCO M IN T .

Philippines.............

Silver 20 centavos............................
Silver 10 centavos............................

Bronze 1 centavo.............................




950.000
920.000

Pesos.
190,000.00
92,000.00

$113,957.12
36,820. 76

1,870,000

282,000.00

150,777.88

500

5.00

74
T

able

N

o

. 4 . —Fine

ounces and value of gold and silver coinage of the United States, by
fiscal years, since 1873.
Gold.

Silver.

Fiscal years.
Fine ounces.
1873.....................................
1874.....................................
1875.....................................
1876.....................................
1877.....................................
1878.....................................
1879.....................................
1880.....................................
1881.....................................
1882.....................................

1,705,187
2,440,165
1,623,173
1,846,907
2,132,283
2,554,151
1,982,742
2,716,630
3,808,751
4,325,375
1,738,449

Value.
$35,249,337.00
50,442,690.00
33,553,965.00
38,178,963.00
44,078,199.00
52,798,980.00
40,986,912.00
56,157,735.00
78,733,864.00
89,413,447.00

Fine ounces
consumed.

Dollars coined.

2,179,833
4,558,526

$977,150
3,588,900
5,697,500

7,650,005
14,228,851

6,132,050
9,162,900

Subsidiary
coined.
$1,968,645.50
2,394,701.39
4,372,868.00
12,994,452.50

21,239,880
21,623,702

19,951,510

21,059,046

27,227,500

8,339,315.50
382.50

21,611,294
21,383,920

27,933,750
27,637,955

12,011.75

21,488,148

27,772,075
28,111,119

19,387,035.00

8,687.50
11,313.75
724,351.15
673,457.80
320,407.65
183,442.95
1,099,652.75
1,417,422.25

35,936,928.00
27,932,824.00

22,266,171
22,220,702

1,372,117
1,235,687
1,065,302

24,861,123.00
34,077,380.00
22,393,279.00
28,364,171.00
25,543,910.00
22,021,748.00

22,296,827
23,211,226
26,525,276
26,331,176

1891.....................................
1892.....................................

1,169,330
1,717,650

24,172,203.00
35,506,987.00

29,498,927

33,266,831
32,718,673
33,793,860
35,923,816
36,232,802

11,259,863

8,329,467

1893.....................................
1894.....................................
1895.....................................
1896.....................................

1,453,095

30,038,140.00

7,216,162.65

99,474,913.00
43,933,475.00
58,878,490.00

9,353,787
4,358,299
6,810,196

5,343,715

4,812,099
2,125,282

758

6,024,140.30
5,113,469.60

1883.....................................
1884.....................................
1885.....................................
1886.....................................
1887.....................................
1888.....................................
1889.....................................
1890.....................................

1897.....................................
1898.....................................
1899.....................................
1900.....................................
1901.....................................
1902.....................................
1903.....................................
1904.....................................
1905.....................................
1906
.............................
1907.....................................
1908.....................................
1909
...............................

1,351,250
1,202,657
1,648,493
1,083,275

26,659,493
28,430,092

28,099,930
28,528,552
29,838,905

8,651,384

3,956,011
7,500,822

18,659,623
12,426,024
20,966,979
23,464,817
26,726,641
22,756,781
19,705,162
13,396,894
6,600,068

21,203,701
10,002,780
18,254,709
18,294,984
24,298,850
19,402,800
17,972,785
10,101,650
310

2,563,976
3,581,730
9,541,406

71,646,705.00
64,634,865.00
108,177,180.00
107,937,110.00
99,065,715.00
61,980,572.00
45,721,773.00
208,618,642.00
79,983,692.00
53,002,097. 50
79,622,337.50
197,238,377.50

5,233,212

108,180,092.50

2,301,628
5,753,022

2,848,247
3,465,909
3,126,712
5,233,071
5,221,458
4,792,304
2,998,313
2,211,791
10,091,929
3,869,211

721,686.40
892,020. 70
2,039,218.35
6,659,811.60

2,905,340
9,385,454

3,939,819.20
3,124,085.65
6,482,804.00
9,466,877.65
12,876,849.15
10,966,648.50
10,713,569.45
8,023,751.25
7,719,231.00
9,123,660.60
4,016,368.10
12,974,534.25

11,957,734

16,530,477.25

47,578,875.00
118,925,512.50

8,024,984
3,108,753
2,311,709

1912.....................................

616,737

12,749,090.00

6,984,479

11,093,810.00
4,297,567.25
3,195,726.40
9,655,405.25

1913.....................................
1914.....................................
1915.....................................

1,454,067

30,058,227.50

2,494,341

3,448,199.75

1,288,024
1,960,809

26,625,810.00

4,514,018

6,240,219.45

40,533,317.50

2,760.803

3,353,032.50

T otal........................

125,533,606

2,595,009,654.50

644,047,228

1910.....................................
1911.....................................

1607,259,120

239,817,294.19

i Includes part of the $8,031,238 coined prior to Feb. 12, 1873, all trade dollars, 50,000 Lafayette souvenir
dollars and $500,000 coined for Hawaii.

The following table, adapted from department circular prepared
by the Director of the Mint, shows for each foreign country the legal
monetary standard, the year such standard was adopted, the mone­
tary unit and its value on June 30, 1915, in terms of United States
money:



75
T a b l e 5.- — Monetary standards o f foreign countries.

Country.

Date
Legal standard. adopted.

Argentine Republic

G old.

1881

Value in
terms of
U.S.
money.

Monetary unit.

10.965

Peso.

Remarks.1

Currency: Depreciated
paper, convertible at
44 per cent o f face
value.

Austria-Hungary.
Belgium.................

------d o .........
Gold and silver

1892

Crown.

.203

1865

F ra n c..

.193

Member of Latin Union;
gold is the
standard.

Bolivia.

G o ld ...

1908

Boliviano.

B razil..

------d o.

1849

Milreis___

actual

12J bolivianos equal 1
pound sterling.
.546

Currency: Government
paper; exchange rate
about 25 cents to the

4.8665

1910

Dollar.

1.000

.d o .
.d o .

1896
1894

C olon ..
Dollar.

1.000

.d o .

1912

Cordoba.

1.000

.d o .

Canada......................
Central American

.d o .

States:
Costa R ica.........
British Hondu­
ras.
Nicaragua.........
Guatemala........

Honduras.
S alvador..
Chile.

milreis.

Pound sterling.

British colonies in
Australasia and
Africa.

.465

'Currency. Inconvertible
paper; exchange rate
Silver.

Gold.

.367

1895

.365

.d o .

rA m o y ...........
Canton..........

Tael.
China.




Silver.

.602
.600
.576

Chefoo...........
Chinkiang. . .
F ooch ow ___
H aik w an
(customs).
Hankow.......
K ia och ow . . .
Nanking.......

.563
.583
.596

Newchwang.

.565

N ingpo.........
Peking..........

.579

Shanghai___
Swatow.

..

Takau...........
Tientsin
.Y uan.............
H ongkong...
...d o .- British..........
Mexican.......

.588
.557
.612

.587
.550
.556
.606
.583
.394
.396
.396
.399

about 40 pesos=$l.
Currency: Bank notes.
Currency: Convertible
. into silver on demand.
Currency: Inconvertible
paper; exchange rate,
approximately, $0.14.

76
T

5.— Monetary standards of foreign countries— Continued.

able

Country.

Date
Legal standard. adopted.

Value in
terms of
U .S.
money.

D ollar......................

G old.

C olom bia..

Monetary unit.

Rem arks.1

Currency: Inconvertible
paper; exchange rate,
approximately, $105
paper to $1 gold.

.d o .
.d o .
.d o .
.d o .

C uba........
Denmark.
E cuador..
E gypt------

1914
1873
1900
1885

Peso.......................... .
C rown...................... .

1.000

Sucre........................ .
Pound (100 piasters).

.487
4.943

The actual standard is
the British pound
sterling, w hich is legal
tender for 97£ piasters.

F inland.
F ra n ce..

____d o .........
Gold and silver

1877
1865

M ark................
Franc...............

.193
.193

Member of Latin Union;
gold is the
standard.

German E m pire___ G old ...............
Great Britain........... ........d o .............
Gold and silver
Greece..................
H a iti....................

G old ...........

India (British)..

____d o .........

Ita ly...................

Gold and silver

1871
1816

Mark................
Pound sterling

.238
4.8665

1883
1914

Drachm a........

.193
. 965

Gourde............

R u p ee.............
1865

L ira .................

.193

D o.
Currency: Inconvertible
paper; exchange rate,
approximately, $0.16.
(15 rupees equal 1 pound
sterling.)
Member of Latin Union;
gold is the
standard.

J ap a n ...
Liberia.

G o ld ...
____d o.

M exico.

.d o .

Netherlands___
Newfoundland.
N orw ay.............
Panam a.............
Paraguay...........

1897
1906

1.000

Peso.................

....do.

1875

____do.
____do.

1887

____do.
Silver..

Y e n ..................
Dollar..............

F lorin..............
D ollar..............

actual

actual

Currency: Depreciated
silver token coins.
Customs duties are
collected in gold.
Mexican exchange rate
violently fluctuating
approximately, $0.15.

.402
1.014

1873
1904

Crown..............

.268

Balboa.............

1.000

1903

Peso.................

.367

Currency: Depreciated
paper; exchange rate

1877

K ran ................

.170

This is the value of the

1,550 per cent.
Gold and silver

gold kran. Currency
is silver circulating
above its metallic
value; exchange value
of silver kran, approx­
imately, $0.0875.
P eru.........................
Philippine Islands.
Portugal..................




G o ld ...
____d o.
____d o.

1897

L ib ra ..

4.8665

1903
1854

P e s o ...
Escudo

.500
1.080

Currency. Inconvertible
paper; exchange rate,
approxim ately, $0.70£.

77
T able

Country.

5.— Monetary standards offoreign countries— Continued.

Date
Legal standard. adopted.

G o ld ................
■RnUTnania., ,
R u ssia ...................... ........d o ..............
Santo Domingo. -. .
___ d o ..............
Siam.......................... ........d o ..............
Gold and silver

Spain.........................

Monetary unit.

1890

Leu.............................

1897
1901
1865
1902
1868

R uble..........................
D ollar.........................
Dinar..........................
T ical...........................
Peseta........................

Value in
terms of
U.S.
money.

R em arks.1

$0.193
.515
1.000
. 193
.371
. 193

Valuation is for the gold
peseta; currency is sil­
ver circulating above
its metallic value; ex­
change value, approx­
imately, $0.20.

1907

Dollar.........................
Crown.........................

.567
.268

Switzerland.............. ........d o ..............

1873
1865

Franc..........................

.193

Turkey...................... ........d o ..............

1844

Piaster........................

.044

Uruguay................... ........d o ..............
Venezuela................. ........d o ..............

1876
1912

Peso............................
Bolivar......................

1.034
.193

Straits Settlements. G old .................
Sweden..................... ........d o ..............

Member of Latin Union;
gold is the actual
standard.
100 piasters equal to the
Turkish £ .

i
i The exchange rates shown under this heading are recent quotations and given as an indication of the
values of currencies which are fluctuating in their relation to the legal standard.

The monetary systems of the world have been affected in recent
years through the greatly increased production of gold consequent
upon new discoveries and the development of new fields. The impor­
tant events in this respect are as follows:
Placer gold discovered at Sutter Creek, Cal., January 19, 1848.
Gold discovered in New South Wales, Australia, 1851.
Gold discovered on the Yukon, Alaska, in 1882, and in the Klon­
dike, Alaska, in 1896.
Gold discovered in South Africa in 1869 and on the Rand in 1885.
Gold discovered in Colorado in 1859 and at Cripple Creek in 1891.




T a b l e No. 6 . — Coinage of nations.

1913

1912

Silver.

Gold.
Monetary unit.

Country of coinage.

Gold.1

$17,498,523
Peso........................
Piaster....................
4,993,229

Austra-H ungary............................................................................

British Empire:
Australasia..............................................................................
British. East Africa B n d Ug8«nd8)

Pound sterling___

$7,340,995
465,500
10,000
8,313,251
1,737,000

5,510,29 2
470,836

53,945,669
6,000,000
3,314,000

7,490
2,749,424

18,183,203

3,683,916

103,640

56,623
44,808,138

1,726,998

46,540,291

1,212,795
95,000

838,261
28,500

9,207,467

278,550
32,443
12,705,458

193,244

1,986,480

P r ific li W^iQ^ A

....................

Canada
r,Avl nn

Great Britain..........................................................................

1,477,710
Dollar.....................
Rupee.....................
Pound sterling___ 162,687,479

29,989
6,782,201

1,327,139
500.000

27,586,817 134,251,245

1,693,228
500
5,000

PrrnrnQ
*

_

Dollar

D r ifio ll

at-vatir\nnaiaq

"Piilrpo rio

Chile




_ ...

Leva.......................

Fine ounces
consumed.

$3,184,229
162,891
230.200
10,929,392
1,158,000

2,303,392
157,315
374,900

1,810,438

956,593

875,970

605,454
52,500

56,777
3,245,955
1,327,139
162.200
8,240,094

7,240,937
805,358

2,243,563
920,703
449,988
5,695,403
1,681

2,433
24,332
318,922
55,551,112

58,858,610

27,280
337,940

983,116
171,225,047

100,000
310,860

16,113

1,566,693

9,733
889,412

7,040
916,515

6,000,000

1,158,000

743,589
36,726,850

271,335
15,829,272

805,358
149,324

20,000
........do......................
Pound sterling

SHroita fio t t lo m p r t ?

Value in
United
States
m oney.

11,134,352
45,275,375
69,375

14,274,810
42,731,174

....... d o.....................

180.000
175.000
667.000

1,986,480

fliiianc*

TTnn alrnnof

Unit value
of countries’
m oney.

3,184,229
325,782
500.000

53,268

Rupee.....................

Value in
United
States
m oney.

25,433,377 $25,433,377

1,208,036
915,214

Franc......................

■Rfilpinm

Silver.1

Fine ounces
silver con­ U nit value
sumed.
of countries’
money.

408,181

1,986,412

350,340

127,865

241,443

...............................
34,355,162

52,077,305

28,626,109

2023°— 150

Colombia..........................................
Costa R ica........................................
Denmark..........................................
Dutch East Indies.........................
Ecuador.......................................... .
E gy pt...............................................
Ethiopia...........................................
France..............................................
French colonies:
Indo-China...............................
Tunis.........................................
Germany..........................................
German East Africa (colony of)..
Honduras.........................................
Italy..................................................
I Italian Somaliland.........................
iJapan................................................
Liechtenstein..................................
M exico..............................................
M orocco............................................
Netherlands....................................
Nicaragua........................................
N orw ay............................................
Persia................................................
Peru..................................................
Portugal...........................................
Portuguese India............................
Roumania........................................
Russia...............................................
Salvador...........................................
Servia................................................
Siam..................................................
Bweden.............................................




Dollar...
C o lo n ...
Kronor..
Florin...

829,200
53,556
996,858

Sucre....
P oun d..
Talari...
F ranc...

43,655,764

Piaster..
F ranc...
Mark___

249
32,481,248

Rupee..
Peso___
Lira.......

350

Rupee..,
Y en .......
Crown..

448,428
14,720,1

106,907
4,020,000

14,411,778

Cordova..
Crown___
K ram ___
Libra___
E scudo...
Rupee___
Leu.........
R uble___
Peso........
Dinar___
Tical . . . .
Crown___

30,993
75,695
2,974,835

6,818

10,127

834,909

633,553

4,204,834

2,684,659 246,281,160

47,532,264

300,000

204,421
134,469
1,290
5,523,592 143,525,760

249
34,173,483

193,350
8,185,438
162,217
2,071
1,968,031
210,882
2,430,406

6,828,
321,
268,

171,875
1,390
1,368,711
223,438
2,560,520
1,621,
4 ,99o,
232,
175,

1,173,
51,
476,
195,
1,928,
6,593,
300,

298,072
1 Value in United States money.

12,000

17,870,000

4,000,000

5,335

8,906,408

1,607,800

157,
357,

221,

320,356

15,689,680

3,860,193

1 , 220,

R i a l .......
Florin___

512,638

76,
296,

73,373

1,042,385

1,042,385

686,738

707,740
15,000,000

189,462
6,030,000

4,800,317

17,546
25,000
21,654,148

39,487
11,550
4,179,250

65,812
18,841
2,906,555

3,979,063
1,810

3,979,063
349
12,168,426
681,240
5,766
3,122,143

4,698,403

51,106,369
2,100,000
12,970
16,176,910
375,000
4,289,983
100,008
4,438,000
4,004,679
800,000
268,000
2,740,000
6,891,000

107,457
2,138,127
20,261
2,211,899
1,739,853
321,600
268,000
245,220
515,462

133,412

243
8,215,335
721,667
8,744
2,171,365
113,865
2,234,350
13,423
3,102,878
2,847,191
243,054
175,135
175,063
784,608

357,070
2,329,110

863,655

1,563,139

11,925,000
500,000
10,000,150
2,685,410

6,135,412
222,300
1,930,028
995,752

6,899,501
361,687
1,138,850
1,167,618

1,120,373

300,260

214,957

603,
1,340,

5,
201,

212,981

CO

T a b le

N o . 6 .— Coinage of nations— C o n t in u e d .

1913

1912

Silver.

Gold.
Monetary unit.

Country of coinage.

Gold.1

. ..........................................

Switzerland
Turkey
VpnA7npla

_

Total
"Rd/winn (to

-

-

__ _

268,452

68,492

73,046

17,441,528

756,167

551,975

579,000

1,351,000

836,358

1Value in United States money.

Value in
United
States
money.

20,000,000

$3,860,000

2 1,317,376

5,791,975

Unit value
of countries’
money.

Value in
United
States
m oney.

Fine ounces
consumed.

$386,000

335,565

19,124

14,109

23,515

420,000

81,018

56,375
158,557,652

2,000,000

360,671,382 171,293,019 161,763,415

318,773,474

178,301,517

18,830,557

3,372,866

21,415,372

19,324,926

156,886,145

139,232,726

34,763,434

22,542,797

325,907,948 148,750,222 142,932,858

Mot r>nir)acrp




Fine ounces
silver con­ Unit value
sumed.
of countries’
m oney.

$386,000

Franc...................... $2,123,000

....................................................................
Bolivar...................
.

Silver.1

315,400,608

* 142,936.5 liras coined for ornaments.

81
T a b l e N o . 7 . —Coinage

of gold and silver of the mints of the worldfor the calendar years
since 1873.
Silver.

Gold.
Calendar years.
Fine ounces.

Value.

Fine ounces.

Coining value.

12,462,890
6,568,279
9,480,892

$257,630,802

101,741,421

135,778,387
195,987,428

79,610,875
92,747,118

1876...............................................................

10,309,645

213,119,278

97,899,525

119,915,467
126,577,164

1877...............................................................

9,753,196

201,616,466

88,449,796

114,359,332

1878...............................................................
1879...............................................................

9,113,202

188,386,611

124,671,870

161,191,913

4,390,167
7,242,951

90,752,811

81,124,555

149,725,081

104,888,313
84,611,974

$131,544,464
102,931,232

1881...............................................................
1882...............................................................

7,111,864
4,822,851

147,015,275
99,697,170

65,442,074
83,539,051
85,685,996

1883...............................................................
1884...............................................................
1885...............................................................

5,071,882
4,810,061

104,845,114
99,432,795

84,541,904
74,120,127

4,632,273

95,757,582

98,044,475

126,764,574

4,578,310
6,046,510
6,522,346
8,170,611

94,642,070
124,992,465

96,566,844
126,388,502

134,828,855
168,901,519

104,354,000
107,788,256

124,854,101
163,411,397
134,922,344

7,219,725

149,244,965
119,534,122

117,789,228
106,962,049

138,294,367

172,473,124

120,282,947

155,517,347

232,420,517
227,921,032

106,697,783

137,952,690
113,095,788
126,873,642

1886...............................................................
1887...............................................................
1888...............................................................
1889...............................................................
1890...............................................................
1891...............................................................
1892...............................................................
1893...............................................................
1894...............................................................
1895...............................................................
1896...............................................................
1897...............................................................
1898...............................................................
1899...............................................................
1900...............................................................
1901...............................................................
1902......................................................
1903...............................................................
1904...............................................................
1905...............................................................
1906...............................................................
1907.............................................................
1908...............................................................
1909...............................................................
1910...............................................................
1911...............................................................

5,782,463
8,343,387
11,243,342
11,025,680
11,178,855
9,476,639
21,174,850
19,131,244
22,548,101
17,170,053
12,001,537
10,662,098
11,634,166
22,031,285

231,087,438

87,472,523
98,128,832

195,899,517
437,722,992

123,394,239
129,775,082

395,477,905

115,461,020

466,110,614
354,936,497
248,093,787
220,405,125
240,499,547
455,427,085

11,898,037
17,721,058
19,921,014

245,954,257
366,326,788
411,803,902

15,828,573
15,153,116
22,004,542

327,205,649

128,566,167

108,010,086
110,785,934
109,306,705
95,832,084

139,362,595
152,293,144

159,540,027
167,790,006
149,282,936

143,362,948
107,439,666
149,826,725
161,159,508
136,518,406

166,226,964
185,358,156
138,911,891
193,715,362
211.795,829
176,508,646

134,062,314
120,339,501

173,333,093
155,590,466

171,561,490
151,352,824
87,728,951
78,786,842

221,816,876
195,688,499

18,002,444

313,242,714
454,874,248
372,143,555

17,447,478
15,420,666

318,773,474

161,763,415
158,557,652

171,293,019

1913...............................................................
T otal..................................................

475,108,283

9,821,359,945

4,606,944,339

5,898,949,184

1912...............................................................

360,671,382

117,237,838

113,427,331
108,915,627
148,156,282
178,301,517

N o t e .— This table includes recoinages. The amount of recoinage of gold coins in the United States
during the above period is $82,771,915 and of silver coins $76,409,580. 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 m uch 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 b y paper m oney.




T a b l e 8 .—

Production of gold and silver in the world since the discovery of America.

[From 1493 to 1885 is from a table o f averages for certain periods, compiled b y Dr. Adolph Soetbeer; for the years since the production is the annual estimate o f the Bureau of the Mint.]
Gold.
Annual average for period.

Silver.
Total for period.

Annual average for period.

Percentage of production.
Total for period.

B y weight.

Period.
Fine ounces.

1493-1520........
1521-1544........
1545-1560
1561-1580
1581-1600

186,470
230,194
273,596
219,906
237,267
273,918
266,845

1601-1620
1621-1640
1641-1660

$3,855,000
4,759,000
5,656,000
4,546,000
4,905,000
5,662,000
5,516,000

Fine ounces.

5,221,160
5,524,656
4,377,544
4,398,120
4,745,340
5,478,360
5,336,900

Value.

$107,931,000
114,205,000
90,492,000
90,917,000
98,095,000
113,248,000
110,324,000

Fine ounces.

1,511,050
2,899,930
10,017,940
9,628,925
13,467,635
13,596,235
12,654,240
11,776,545

5,828,000
6,154,000
7,154,000

5,639,110
5,954,180
6,921,895

116,571,000
123,084,000
143,088,000

10,834,550
10,992,085

8,243,260
12,268,440
15,824,230
13,313,315

170,403,000
*253,611,000
327,116,000

11,432,540
13,863,080
17,140,612

571,948
571,563

8,520,000
12,681,000
16,356,000
13,761,000
11,823,000
11,815,000

20,985,591
28,261,779
28,746,922

1821-1830

367,957
457,044

7,606,000
9,448,000

11,438,970
5,715,627
3,679,568
4,570,444

275,211,000
236,464,000

1831-1840

652,291

13,484,000

6,522,913

134,841,000

1841-1850
1851-1855

1,760,502
6,410,324

36,393,000
132,513,000

363,928,000
662,566,000

1856-1860
1861-1865

6,486,262
5,949,582

134,083,000

17,605,018
32,051,621
32,431,312

670,415,000

122,989,000

29,747,913

614,944,000

1661-1680
1681-1700
1701-1720,.
1721-1740
1741-1760
1761-1780
1781-1800.
1801-1810
1811-1820

.

281,955
297,709
346,095
412,163
613,422
791,211
665,666

Value.




118,152,000
76,063,000
94,479,000

17,385,755
14,807,004
19,175,867
25,090,342
28,488,597
29,095,428
35,401,972

Coining value.

$1,954,000
3,740,000
12,952,000

Fine ounces.

42,309,400

12,450,000

69,598,320
160,287,040
192,578,500

17,413,000
17,579,000

269,352,700
271,924,700

16,361,000
15,226,000
14,008,000
14,212,000

253,084,800
235,530,900
216,691,000
219,841,700
228,650,800
277,261,600
342,812,235

14,781,000
17,924,000
22,162,000
27,133,000
36,540,000
37,168,000
22,479,000
19,144,000
24,793,000
32,440,000
36,824,000
37,618,000
45,772,000

419,711,820
565,235,580
287,469,225
173,857,555
148,070,040
191,758,675
250,903,422
142,442,986
145,477,142
177,009,862

Coining value
in standard
silver dollars.

$54,703,000
89,986,000
207,240,000
248,990,000

11

89

66.4

33.6

92.6
97.3
97.8
98.3
98

55.9
30.4

44.1
69.6
73.3

2.1
2.3
2.7
3.1
3.5
4.2
4.4
3.1
2

730,810,000
371,677,000
224,786,000
191,444,000
247,930,000

1.9
2.1
3
3.3
6.6

324,400,000

228,861,000

Silver.

1.7
2

443,232,000
542,658,000

184,169,000
188,092,000

Gold.

7.4
2.7
2.2

348,254,000
351,579,000
327,221,000
304,525,000
280,166,000
284,240,000
295,629,000
358,480,000

'

B y value.

97.9
97.7
97.3
96.9
96.5
95.8
95.6
96.9
98
98.1
97.9
97
96.7
93.4

Gold.

26.7
22
24.4
25.2
27.7
30.5
33.5
36.6
41.4
42.5
33.7
24.4
24.1
25.3
33
35.2
52.9

18.4

81.6

18.2

81.8

78.3
78.1

14.4

85.6

72.9

Silver.

78
75.6
74.8
72.3
69.5
66.5
73.4
58.6
57.5
66.3
75.6
75.9
74.7
67
64.8
47.1
21.7
21.9
27.1

1866-1870........
1871-1875.......
1876-1880........
1881-1885.......
1886-1890.......
1891-1895
1896-1900
1901-1905
1906.................

6,270,086
5,591,014
5,543,110
4,794,755
5,461,282
7,882,565
12,446,939
15,606,730

129,614,000
115,577,000
114,586,000
99,116,000
112,895,000
162,947,000
257,301,100
322,619,800

31,350,430
27,955,068
27,715,.550
23,973,773
27,306,411
39,412,823
62,234,698
78,033,650

648,071,000
577,883,000
572,931,000
495,582,000
564,474,000
814,736,000
1,286,505;400

43,051,583
63,317,014
78,775,602
108,911,431
157,581,331
165,693,304

55,633,000
81,864,000
101,851,000
118,955,000
140,815,000
203,742,000
214,229,700

316,585,069
393,878,009
460,019,722
544,557,155
787,906,656
828,466,522

167,995,408

217,206,200

839,977,042

92,003,944

215,257,914

1909.................

19,471,080
19,977,260
21,422,244
21,965,111

1,613,099,100
402,503,000
412,966,600
442,836,900
454.059.100

1910.................
1911.................
1912.................

22,022,180
22,348,313
22,549,335

455.239.100
461,939,700
466.136.100

221,715,673
226,192,923
202,178,314

T o t a l..

714,747,822

14,775,110,000

11,083,136,909

1907.................
1908.................




165,054,497
184,206,984
203,131,404
212,149,023

278,313,000
409,322,000
509,256,000
594,773,000
704,074,000
1,018,708,000
1,071,148,400
1,086,030,900

12.7
8.1
6.6
5
4.8
4.8

87.3
91.9
93.4
95
95.2
95.2

274.293.700
286.662.700

7
8.5
10.5
9.8
9.5
9.4
9

292.451.500

9

91
91

261,402,300

10

90

61.3
64

14,329,712,400

A
O

94

50.7

213,403,800
238,166,600
262.634.500

93
91.5

70
58.5
53
45.5
44.5
44.4

89.5
90.2
90.5
90.6

54.6

30
41.5
47
54.5
55.5
55.6
45.4
40.2

59.8
65.3
63.4
62.8

34.7
36.6
37.2

62.3
61.4

37.7
QQ 0
oo.
38.7
36
49.3

ft

84
T a b le

N o . 9 .— Production of gold and silver in the world since 1860.

[The annual production of 1860 to 1872 is obtained from 5-year period estimates, compiled b y D r. A dolph
Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint.]
Silver.

Gold.
Calendar years.
Fine ounces.

Value.

Fine ounces.

Commercial
value.

1860................................................................
1861................................................................
1862................................................................

6,486,262
5,949,582
5,949,582

$134,083,000

29,095,428

$39,337,000

122,989,000
122,989,000

35,401,972

46,191,000

35,401,972

47,651,000

1863................................................................

5,949,582

122,989,000

35,401,972

47,616,000

1864................................................................

5,949,582

1865................................................................
1866................................................................

5,949,582

122,989,000
122,989,000
129,614,000

47,616,000
47,368,000
57,646,000
57,173,000
57,086,000

1871................................................................
1872................................................................

6,270,086
6,270,086
5,591,014
5,591,014

129,614,000
129,614,000
115,577,000
115,577,000

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

T otal..................................................

78,766,630

1,628,252,000

547,997,231

729,563,000

1873................................................................
1874................................................................

4,653,675

96,200,000

4,390,023

90,750,000

63,267,187
55,300,781

70,674,400

4,716,563
5,016,488
5,512,196

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

1867............. .................................................
1868................................................................
1869................................................................
1870................................................................

1875................................................................
1876................................................................
1877................................................................
1878................................................................
1879................................................................
1880................................................................
1881................................................................
1882................................................................
1883................................................................
1884................................................................
1885..^ .........................................................
1886................................................................
1887................................................................
1888................................................................
1889................................................................

6,270,086
6,270,086
6,270,086

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

129,614,000
129,614,000

5,973,790
5,749,306

123,489,200

1890................................................................
1891................................................................
1892................................................................

6,320,194
7,094,266

130,650,000

1893................................................................
1894................................................................

8,764,362

1895................................................................
1896................................................................
1897................................................................
1898................................................................

7,618,811
9,615,190
9,783,914
11,420,068

118,848,700

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

57,043,000
57,173,000
83,958,000
83,705,000

82,120,800
70,578,100
78,322,600
75,278,600
84,540,000
83,532,700
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

146,651,500

137,170,000
153,151,762

157,494,800
181,175,600

165,472,621

129,119,900

164,610,394

104,493,000

167,500,960
157,061,370
160,421,082

109,545,600
105,859,300
96,252,700

198,763,600
202,251,600

135,500,200
133,404,400

13,877,806

236,083,700
286,879,700

1899................................................................

14,837,775

306,724,100

169,055,253
168,337,452

99,742,600
101,002,600

1900................................................................

12,315,135

254,576,300

173,591,364

107,626,400

1901................................................................
1902................................................................

12,625,527
14,354,680

173,011,283

1903...................... .........................................

15,852,620
16,804,372

260,992,900
296,737,600
327,702,700

162,763,483
167,689,322

103,806,700
86,264,700
90,552,200

347,377,200

1904................................................................
1905................................................................
1906................................................................




18,396,451

380,288,700

164,195,266
172,317,688

95,233,300
105,113,700

19,471,080

402,503,000

165,054,497

111,721,100

85
T a b l e 9.— Production o f gold and silver in the world since 1860— Continued.

Gold.

Silver.

Calendar years.
Fine ounces.

1907.....................................................

Value.

Fine ounces.

19,977,260
21,422,244

$412,966,600

184,206,984

442,476,900

1909..............................................................
1910................................................................
1911...............................................

21,965, 111
22,022,180

454.059.100
455.239.100

203,131,404
212,149,023

22,348,313

1912..............................................................

22,549,335

461,939,700
466.136.100

T o ta l.................................................

421,903,383

Grand total.......................................

500,670,013

1908.................................................

T

able

N o . 1 0 .—

Commercial
value.

$121,577,100
108,655,100
110,364,400
119,727,000

221,715,763
226,192,923

122.143.800

224,310,654

137.883.800

8,721,117,300

5,399,341,226

4,082,085,000

10,349,369,300

5,947,338,457

4,811,648,000

Production of gold and silver in United States from 1792 to 1844 and
annually since.

[The estimate for 1792-1873 is b y R . W . Raym ond, commissioner, and since b y Director of the Mint.]
Gold.

Silver.

Calendar years.
Fine ounces.

Value.

$14,000,000
7,500,000
1,008,000

Fine ounces.

Insignificant.
193,400
38,700
38,700

Commercial
value.

1792 to July 31, 1834...................................
July 31, 1834, to Dec. 31, 1844..................
1845...............................................................
1846...............................................................

677,250
362,812
48,762
55,341

1847...............................................................

43,005

1,140,000
889,000

38,700

50,600

T otal..................................................

1,187,170

24,537,000

309,500

404,500

1848...............................................................
1849...............................................................
1850...............................................................
1851-1855......................................................
1856-1860......................................................
1861-1865......................................................
1866-1870......................................................

483,750
1,935,000
2,418,750
14,270,625
12,384,000

10,000,000
40,000,000
50,000,000

38,700
38,700
38,700
193,500

50,500
50,700
50,900

$253,400
50,200
50,300

1871...............................................................
1872...............................................................

10,716,271
12,225,570
2,104,312
1,741,500

295,000,000
256,000,000
221,525,000
252,725,000
43,500,000
36,000,000

49,113,200
17,789,100
22,236,300

259,400
418,300
38,674,300
65,261,100
23,588,300
29,396,400

T otal..................................................

58,279,778

1,204,750,000

118,568,200

157,749,900

1873...............................................................
1874...............................................................
1875...............................................................

1,741,500
1,620,122

36,000,000
33,490,900

27,650,400
28,868,200

1,619,009
1,931,575

33,467,900
39,929,200

24,539,300
29,996,200

35,881,600
36,917,500
30,485,900

1877...............................................................
1878...............................................................

2,268,662

46,897,400
51,206,400

30,777,800

1879...............................................................
1880...............................................................

1,881,787
1,741,500

38,900,000

31,565,500
30,318,700

1881...............................................................
1882...............................................................

1,678,612
1,572,187

1876...............................................................




2,477,109

36,000,000
34,700,000
32,500,000

309,400
28,810,600

35,022,300

33,257,800
36,196,900

34,919,800
36,991,500
40,401,000
35,477,100
34,717,000
37,657,500
41,105,900

86
T

able

N o. 10.— Production o f gold and silver in United States from 1192 to 1844 and
annually since— Continued.
Gold.

Silver

Calendar years.
Fine ounces.

1887................................................................
1888...............................................................
1889...............................................................
1890...............................................................
1891................................................................
1892...............................................................
1893................................................................
1894...............................................................
1895...............................................................
1896...............................................................
1897................................................................
1898...............................................................
1899................................................................
1900...............................................................
1901...............................................................
1902................................................................

1,451,250
1,489,950
1,538,373
1,686,788
1,603,049
1,604,478
1,594,775
1,588,877
1,604,840
1,597,098
1,739,323
1,910,813
2,254,760
2,568,132
2,774,935
3,118,398
3,437,210
5°
OO
£
OO
3

1883................................................................
1884...............................................................
1885...............................................................
1886................................................................

3,805,500
3,870,000
3,560,000

Value.

$30,000,000
30,800,000
31,801,000
34,869,000
33,136,000

Fine ounces.

35,732,800
37,743,800
39,909,400
39,694,000
41,721,600

Commercial
value.

$39,618,400
41,921,300
42,503,500
39,482,400
40,887,200

33,167,500

45,792,700

32,967,000
32,845,000

50,094,500
54,516,300

57,242,100

33,175,000
33,015,000
35,955,000
39,500,000
46,610,000

58,330,000
63,500,000
60,000,000
49,500,000

57,630,000
55,662,500
46,800,000
31,422,100

55,727,000
58,834,800
53,860,000

36,445,500
39,654,600
32,316,000

54,438,000
54,764,500

32,118,400
32,858,700
35,741,100
33,128,400
29,415,000
29,322,000

53,088,000
57,363,000
64,463,000
71,053,400
79,171,000
78,666,700
80,000,000

57,647,000
55,214,000
55,500,000

43,045,100
46,838,400

54,300,000
57,682,800
56,101,600
56,517,900
56,514,700
52,440,800
54,721,500

1913................................................................

4,657,017
4,687,053
4,520,719
4,299,784

73,591,700
80,464,700
88,180,700
94,373,800
90,435,700
94,560,000
99,673,400
96,269,100
96,890,000
93,451,500
88,884,400

T otal..................................................

111,819,505

2,311,512,400

1,967,098,400

1,551,363,200

Grand total......................................

171,286,453

3,540,799,400

2,085,976,100

1,709,517,600

1903...............................................................
1904...............................................................
1905................................................................
1906...............................................................
1907................................................................
1908...............................................................
1909...............................................................
1910...............................................................
1911............................................................... 1
1912................................................................

3,892,480
4,265,742
4,565,333
4,374,827
4,574,340
4,821,701

57,137,900
60,399,400
63,766,800
66,801,500

33,456,000
34,222,000
38,256,400
37,299,700
28,050,600
28,455,200
30,854,500
32,615,700
39,197,500
40,348,100

N o t e . —The commercial value of the silver product is reckoned at the average yearly market price of
silver on the New York market.




87
T a b l e No. 11.—

World’s production of gold and silver, by countries.
C A L E N D A R Y E A R 1910.
Gold.

Silver.

Countries.
Kilos
(fine).

Ounces
(fine).

Value.

Kilos
(fine).

144,853
15,356

$96,269,100
10,205,800

1,777,229
1,022,372

57,137,900
32,869,264

37,482
263,602
98,511

4,657,017
493,707
1,205,051

24.910.600

2,219,975

71,372,194

17,749,400
38,541,000

8,474,809
3,167,140

175,189,900
65.470.600

32,260
670,165

1,037,160
21,545,828

560,100
11,634,700
832.000
385.000

Ounces
(fine).

Commercial
value.

North America:
United States........
Canada...................
Mexico....................
Africa.............................
Australasia...................
Europe:
Austria-Hungary.

3,269

105,101

2,172,600

47,925

1,540,808

France....................
Germany...............
Great B ritain........
Greece....................

2,569
95

82,580.
3,042

1,707,100

713,028
5,597,026

60

1,914

22,178
174,091
4,242

Italy........................
Norway..................

44
2

1,430
66

Portugal.................

4
53,535

133

Russia....................

62,900
39,600

1,721,163

29,600
1,400

2,800
35,579,600

3,022,400

136,370
881,539
468,566
229,989

73,600
476,700
253.000

394,000
140,632

212,800
75,900
2,242,300
10,700

53,434

4,152,430
19,823
1,717,896

27,419
,

$30,854,500

14,574
7,153
12,255
4,374

124,200

Servia.....................
Spain......................
Sweden..................

95

Turkey...................

23

2,000
500

8,372

173,100

8,188

263,255

142,200

129,158
616

927,700

South America:
Argentina...............
B olivia...................
Chile........................
Brazil......................
Colombia...............
Ecuador.................
Guiana—
British.............
D u tch .............
French............
Peru........................
Uruguay.................
Venezuela..............
Central Am erica..........
Asia:
British India.........
China......................
East Indies—
British.............
D u tch .............
Indo-China............
Japan......................
Korea.....................
Siam.......................
Total.




260

22,429

463.600

201,871

6,490,163

3,504,700

2,941
5,071
375

94,557
163,022

1.954.700
3,370,000

26,939

249,200

704

866,093
22,642

467,700

12.054

1,795
1,193
3,354
686
138
512

57,697
38,344
107,835
22.055
4,433
16,472
225,302

1.192.700
792.600
2.229.100
455,900
91,600
340,500

6,626,930

1,578,500

6,471

4,657,400

63,044

208,043
2,026,885

112,300
1,094,500

10,718,400
3.658.100

1,392

44,772

24,200

7,008

12,200

16,128
5,504

518,502

2,177
5,097

69,988
163,852

1,446,800
3.387.100

14,494

465,980

251,600

83
5,873
6,619
85

2,655
188,839
212,808

55,000
3,903,600

142,507

684,983

176,960

5,127

4,581,613
164,844

2,474,100

2,733

4.399.100
56,500

22,022,180

455,239,100

6,896,282

221,715,673

119,727,000

89,000

88
T

able

N

o

. 11.— World's 'production of gold and silver, by countries— Continued.
C A L E N D A R Y E A R 1911.
Gold.

Silver.

Countries.
Kilos
(fine).

Ounces
(fine).

Value.

Kilos
(fine).

Canada..........................

145,787
14,689

4,687,053
472,241

$96,890,000
9,762,100

1,878,675
1,018,375

60,399,400
32,740,748

$32,615,700
17,680,000

2,458,241

79,032,440

42,677,500

Ounces
(fine).'

Commercial
value.

N orth America:
United States...............
M exico...........................

37,436

1,203,573

24,880,100

Cuba...............................

30

20,000

Africa....................................
Australasia..........................

288,201

967
9,265,672

191,538,400

33,096

90,557

2,911,410

60,184,200

515,658

1,064,050
16,578,421

574,600
8,952,300

3,288
2,726

105,705

2,185,100
1,812,100

47,862

1,538,772

13,369

429,831

830,900
232,100

118

3,779
1,914

78,100
39,600

155,044
4,242
25,000
31,060
9,085

4,984,677
136,370
803,750

2,691,700

60

998,576
292,075

539,200

Europe:
AustriarHungary........
France...........................
Germany.......................
Great Britain...............

87,659

Greece............................
Italy...............................
Norway.........................

67

2,165

44,800

Portugal........................

4

115

2,400

Russia...................... - .

48,377
378

1,555,333

32,151,600

14,149

251,100

Servia............................
Spain.............................
Sweden..........................
Turkey..........................
South America:
Argentina......................
B olivia..........................
f
Chile...............................
Brazil.............................
Colombia.......................
Ecuador........................

3,667
14,841
751
129,158

73,600
434,000
157,700

117,894

63,700

477,140

257,700
13,000

24,132
4,152,430
19,823
1,717,896

2,242,300
10,700

3

95

1

23

2,000
500

435

13,979

289,000

6,318

203,111

109,700

545

17,533

362,500

141,681

4,555,043

2,459,700

5,770
4,766
416

185,496
153,241
13,389

3,834,500
3,167,800

1,469
25,425

47,222
817,431
22,642

617
53,434

927,700

Peru...............................
U ruguay........................
Venezuela......................
Guiana—
British....................

740
106
549

23,813
3,422

276,800
492,300
70,600

704
259,768

8,351,563

25,500
441,400
12,200
4,509,800

17,648

364,800

13,589

436,903

235,900

1,342

43,149

D u tch .....................

788

25,320

892,000
523,400

French....................

3,354
5,056

107,835
162,558

3,360,400

37,690

1,211,747

654,300

16,633
4,987

534,744
160,344

11,054,100
3,314,600

3,245

104,323

56,300

D u tch.....................

2,015
5,096

64,791
163,852

3,387,100

14,494

465,980

251,600

Indo-China...................

112

Central A m erica.................
Asia:
British India................
China.............................
East Indies—
British....................

2,229,100

1,339,400
74,700

Japan.............................

6,197

3,600
199,239

4,118,600

138,696

4,348

139,774

2,889,400

294

4,459,087
9,446

2,407,900

Korea.............................
Siam...............................

85

2,733

56,500

T otal..........................

695,062

22,348,813

461,939,700

7,035,548

226,192,923

122,143,800




5,100

89
T a b le No. 11.— World's production of gold and silver, by countries— Continued.
C A L E N D A R Y E A R 1912.
Gold.

Silver.

Countries.
Kilos
(fine).

North America:
United States...........................
Canada........................................
Mexico........................................

Ounces
(fine).

Kilos
(fine).

Ounces
(fine).

Commer­
cial value.

63,766,800
31,625,451
74,640,300

$39,197,500
19,440,200

30,627

984,672

605,300

14,226,900

2,280
4,932

73,286
158,572

45,000
97,500

1,282,658

26,514,900

4,668

9,925,200
7,192,700

783
8,373

150,065
25,188

92,200

480,131
347,946
165,295
37,973
6,592

3,416,900
785,000
136,300

5,337
310,962

110,300 1
6,428,100

Value.

140,613
19,032

4,520,719
611,885

$93,451,500 1,983,415
12,648,800
983,684

36,864

1,185,187

24,500,000 2,321,626

Transvaal...................................
West Coast.................................
French Colonies........................

283,318

9,108,680

10,963
3,076

Rhodesia....................................

21,407

352,461
98,909
688,226

45,881,400

Africa:

Australasia:
Western Australia....................
Victoria......................................
Queensland...............................

39,896
14,934
10,823

New Zealand.............................

5,141
1,181
205
166
9,672

Europe:
Austria-Hungary......................

3,074

New South Wales....................
Tasmania...................................
South Australia........................
Northern Territory..................

Great B ritain............................

2,727
118
42

Greece........................................
Italy............................................

17

France........................................
Germany....................................

188,293,100
7,286,000
2,044,600

Portugal.....................................
Russia........................................
Servia.........................................
Spain..........................................
Sweden......................................

8,307,200

24,238

779,261

479,000

57,241

1,840,297
429,831

1,131,200
264,200
3,064,100
70,000

2,043,200
1,812,100

3,779
1,344

78,100

13,370
155,044

27,800

3,539

534

11,000

25,000

4
33,402

113
1,073,875
12,149

2,300
22,199,000
251,100

31
1

984

20,300
500

5,193
8,467
172,728

Colombia....................................
E cuador.....................................

162
263
5,373
4,471
612

Peru............................................
Uruguay.....................................

T urkey.......................................
South America:
Argentina...................................
Bolivia and Chile.....................
Brazil..........................................

420,350

98,840
87,659

N orway......................................

378

23

15,500
165,500

269,181
13,514,249

13,927
7,714
6,402
6,224
751
160,268
1,002
46,940

4,984,677
113,769
803,750
447,761
247,988
205,822
200,094
24,132
5,152,626
32,202
1,509,133

494,100
275,200
152,400
126,500
123,000
14,800
3,167,300
19,800
927,700

2,550
125,968
1,263

143,757

107,300
175,000
3,570,600
2,971,700

18,279

81,996
4,049,856
40,610
587,683

19,665

406,500

704

22,642

13,900

741

23,813

492,200

259,769

8,351,563

5,133,700

167
938

5,369
30,162

623,500

3,804

122,303

75,200

British.................................

1,324

22,527

724,235

445,200

613

42,560
19,702

879,800

Dutch..................................

Venezuela..................................
Guiana—

50,400
2,489,500
25,000
361,200

111,000

French.................................

4,590

147,571

407,300
3,050,600

Central America..............................
Asia:

4,560

146,594

3,030,400

88,521

2,845,954

1,749,400

16,635
5,505 1

534,822
176,999

11,055,700
3,658,900

2,913

93,649

57,600

British India.............................
China..........................................•




90
T a b le N o . 11. — Worlds production o f gold and silver, by countries— Continued.
C A L E N D A R Y E A R , 1912—Continued.
Silver.

Gold.
Countries.
Kilos
(fine).

Ounces
(fine).

Kilos.
(fine).

Value.

Ounces
(fine).

Commer­
cial value.

Asia—Continued.
East Indies—
2,034
5,096
112

British.................................
Dutch..................................
Indo-China................................
Japan..........................................
Korea..........................................
Siam............................................
Total.......................................

T

able

N o . 1 2 .—

65,402
163,852

$1,352,000
3,387,100

14,494

465,980

$286,400

6,721

3,600
216,092

74,700
4,467,000

153,432

4,932,852

4,292

137,993

2,852,600

380

12,224

3,032,200
7,500

85

2,733

466,136,100 6,977,002

224,310,654

137,883,800

701,379 22,549,335

56,500

Value of pure silver in a silver dollar at prices of silver perfine ouncefrom
$0.40 to $1.2929, or parity.

Price of
silver per
fine ounce.

$0.40
.41
.42
.43
.44
.45
.46
.47
.48
.49
.50
.51
.52
.53
.54

Value of
pure silver
in a
silver dollar.

Price of
silver per
fine ounce.

Value of
pure silver
in a
silver dollar.

$0,309

$0.71

$0.549

.317
.325
.333
.340
.348
.356
.364

.72

.557
.565
.572
.580
.588

.371
.379
.387
.394
.402

.73
.74
.75
.76
.77
.78
.79
.80
.81
.82
.83
.84

.596
.603
.611
.619
.626
.634
.642

Price of
silver per
fine ounce.

Value of
pure silver
in a
silver dollar.

$1.01
1.02

$0.781
.789

1.03
1.04
1.05
1.06

.797
.804
.812
.820
.828
.835
.843
.851
.859
.866
.874
.882

1.07
1.08
1.09
1.10
1.11
1.12
1.13
1.14

.410
.418

.85

.650
.657

.55

.425

.86

.665

1.15
1.16

.56

.433
.441

.87
.88

.673
.681

1.17
1.18

.905

.449

.89

.688

1.19

.456
.464

.90
.91
.92

.696
.704

1.20
1.21
1.22

.920
.928

.57
.58
.59
.60
.61
.62
.63
.64
.65
.66
.67
.68
.69
.70




.472
.480
.487
.495
.503
.510
.518
.526
.534
.541

.712

.889
'

.897
.913

.936
.944
.951

.727

1.23
1.24

.95
.96

.735
.742

1.25
1.26

.97
.98

1.27
1.28

.99

.750
.758
.766

.967
.975
.982

1.00

.773

.93
.94

.719

1 Parity.

1.29
1 1.2929

.959

.990
.998
1.00

91
Highest, lowest, and average price of bar silver in London, per ounce
British standard (0.925), since 1833, and the equivalent in United States gold coin of an
ounce 1,000 fine, taken at the average price.

T a b l e No. 13.—

Calendar

Highest
quota­
tion.

Value of
Lowest Avera fine ounce
quota­
at
average
quotation.
quotation.
tion.

Highest
quota­
tion.

Value of
Lowest Aver­
age
a fine ounce
quota­
quota­
at
average
tion.
tion.
quotation.
d.

d.

58f

59*

1.297

1874

59*

571

59|

59H

1875

57*
58*

55*
46!

1878
1879

581
551

531
49*

58*
56**
53*
54**
52*

53!

58*

d.
1833
1834

Calendar
years.

Dollars.

60|
60

59i

1836
1837
1838
1839
1840
1841

60f

59*

59H
60

60*
60*
60f
601
60*

59
59*

59*
59*

1.313
1.308
1.315
1.305
1.304

60
60*
59|

60*
60*
60*

1.323
1.323
1.316

1880
1881
1882

52**
52|
52*

51*
501
50

1842

60
59*
59f

59*
59
591

59*
59*

1.303
1.297
1.304

1883
1884
1885

51*
51*

50*
49*

50

461

59|

581

591
59*

1.298

1886
1887

47

42

51*1
50*
50**
48*
45*

47*

431

44**

44*
44*

41*

42*

1889
1890
1891
1892

54*
48!
43!

41*1
43*
43*
371

42**
47!

1893
1894
1895

38|

30*

45*
39!
35*

31|
31*

27

28*|

27*
29!
23*
25

29*|

1835

1843
1844
1845

59

1846
1847

58|

1848

60

1849
1850
1851

60

1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869

61*
61*
611

611
611
61*
62*
62|

611

591
60*
60|
60
601
61

59!

1.300
1.308
1.304
1.309

61*
61

1.316
1.337

60*
61*

1.326

59**
59*

61*
61*
61*
61!

1.328
1.326

1911
1912

60*
59*

1.322
1.29769

1913
1914

61i

61*
62*
61*
62*

60*
61
61

61H
60**

611
61*
61

60*
60*
60*
60

62i

60f
61

1872

61*
59**




60i
60*

59J
57|

1896
1897
1898

1.338
1.339
1.328
1.326
1.325

62*

61*

1.353
1.344
1.360
1.352
1.333
1.346
1.345
1.345

1888

61*
61*
60*
60*
60*
60*
60*

61*
62*

60*
60*

1.348
1.348
1.344
1.344

1877

1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910

621

60f
61|

1870
1871
1873

58*
59*
59*
60

59*

1876

61*
61*
61*

31**
29*1
28*
29
301
29*
26*
28*
28*
30*
33*
32*
27
24|
261
26*
29**
29*
271

26*
27
24*|

21 **
21**
24*
25*
29
241

511
521
51*

30*f
27*
26*f
27*
28*
27*
24*
24|
26*|
27**
30*
30*

Dollars.
1.27883
1.24233
1.16414
1.20189
1.15358
1.12392
1.14507
1.13229
1.13562
1.10874
1.11068
1.06510
.99467
.97946
.93974
.93511
1.04634
.87145
.78030
.63479
.65406
.67565
.60438
.59010
.60154
.62007
.59595
.52795
.54257
.57876
.61027

23*
23*
23**
25*

24*|

.66152
.53490
.52016
.54077
.53928

28*

.61470

26*
22*

27*
251

.60458
.55581

22

24*§

23f|
24**

92
T

able

No. 14.—

Calendar year.

Bullion value of the silver dollar [371\ grains of pure silver] at the annual
average price of silver each yearfrom 1837.

Value.

1837.
1838.

$1,009

1839.
1840.
1841.

1.023

1842

1.007
1.003
1.008

Calendar year.

1845
1846.
1847.

1.039
1.052

1859.
1860.
1861.

.46525
.47958
.46093

.45640

1881.................

.87575

1901.

1882.................

1902.

1863.
1864.

1.040
1.040

1883.................

.87833
.85754

1884.................

.85904

1.004
1.005

1865.
1866.

1.035
1.036

1885.................
1886.................
1887.................

.82379
.76931
.75755
.72683

1907.
1908.

.72325

1909.

1890.................
1891.................

.80927
.76416

1910.
1911.

1892.................
1893.................

.67401
.60351
.49097

1912.

.47543

1913.
1914.

.48760

1.027
1.025

1850.

1.018
1.034

1870.

1.027
1.025
1.022
1.00368

1.013

1853.
1854.

1.025
1.042
1.042

1855.

1.039

1856.

1.039

. 15.—

$0.46745

1.041

1868.
1869

o

1897.
1898.

1862.

1867.

N

Value.

.88564

1.008

able

1877................. $0.92958
.89222
1878.................
. 86928
1879.................

Calendar year.

1880.................

1.011

T

Value.

1.045
1.031

1848.
1849.
1851.
1852.

Calendar year.

1899.
1900.

1.023
1.018

1843
1844

$1,046

1857.
1858.

1.008

Value.

1.024

1871.
1872.
1873.
1874.

1888.................
1889.................

1894.................
1895.................

1875.
1876.

1896.................

1903.
1904.
1905.
1906.

.40835
.41960
.44763
.47200
.52353
. 51164
.41371
.40231
.41825
.41709

.42810

.50587
.52257

Coinage value in gold of an ounce offine silver at the ratios 1:15-1: 40.

Ratio.

1 to 15...............................
1 to 15*...........................

to 15.988 (United
States ratio)............. .
1 to 16............................. .
1 to 16*........................... .
1 to 17............................. .
1 to 17*........................... .
1 to 18.............................
1 to 18*............................
1 to 19............................. .
1 to 19*........................... .
1 to 20.............................
1 to 20*...........................
1 to 21...........................
1 to 21*............................
1 to 22.............................
1 to 22*...........................

Gold
coinage
value of
an ounce
of fine
silver.

$1.3780
1.3336

1 to 23..
1 to 23*.
1 to 24..

1




Ratio.

1.2929
1.2919
1.2527
1.2159
1.1811
1.1483

1 to
1 to
1 to
1 to

Gold
coinage
value of
an ounce
of fine
silver.

$0.8987
.8796
.8613

24*.
25..
25*.
26..

.8437

1 to 26*.

.7800

.8268
.8106
.7950

1 to 27..

.7656

1 to 27*.
1 to 28..

.7517
.7382
.7253

1.0335

1 to 28*.
1 to 29..

1.0083

1.1173

Ratio.

1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

32..
32*.
33..
33*.
34..
34*.
35..
35*.

1 to 36..
1 to 36*.

Gold
coinage
value of
an ounce
of fine
silver.

$0.6459
.6360
.6264
.6171
.6080
.5992
.5906
.5823
.5742
.5663

1 to 37..

.5587
.5512

.7109

1 to 37*.
1 to 38..

1 to 29*.

.7007

1 to 38*.

.5369

.9843

1 to 30..

.6890

1 to 39..

.5300

.9614
.9396

1 to 30*.

.6777

1 to 39*.

.5233

1 to 31..

.6668

1 to 40..

.5168

.9187

1 to 31*.

.6562

1.0879
1.0600

.5439

93
T a b le N o . 16.—Commercial

ratio of silver to gold each year since 1687.

[ N o t e .—From

1687 to 1832 the ratios are taken from Dr. A . Soetbeer; from 1833 to 1878 from P ixley a n d
A bell’s tables; from 1879 to 1894 from daily cablegrams from London to the Bureau of the Mint; andsince
that time from daily quotations in the public press.]
R atio.

Years.

R atio.

1687....

14.94

1688....

14.94
15.02
15.02

1725...
1726...

Years.

1689....
1690....
1691....
1692....
1693....
1694....

14.98
14.92
14.83

1763...

14.99

15.15

1764...

1801...
1802...

1765...
1766...

14.70
14.83

15.24

1730...
1731...
1732...

14.81

1733...

15.18
15.39
15.41

15.00

1734...

1697....

15.20

1735...

1698....

15.07

1736...

1699....

14.94

1700....

14.81
15.07
15.52

1737...
1738...
1739...

1706....
1707....
1708....
1709....

15.27
15.44
15.41

1743...
1744...
1745...
1746...

1710....

15.31
15.22

1747...
1748...

1711....
1712....

15.29
15.31

1749...

1713....
1714....
1715....
1716....
1717....
1718....
1719....
1720....
1721....
1722....

15.24

1750...
1751...
1752...
1753...
1754...
1755...
1756...
1757...
1758...
1759...
1760...
1761...
1762...




1843...
1844...

1807...

15.43
16.08
15.96

1845...
1846...

1810...
1811...

1775...
1776...
1777...
1778...

14.72

1779...

14.85
14.87
14.98
15.13
15.26

15.11

1783...
1784...
1785...

15.11

1786...

14.80
14.55

1787...
1788...

14.39
14.54
14.54
14.48
14.68
14.94
14.87
14.85
14.15
14.14
14.54
15.27

1789...
1790...
1791...
1792...
1793...
1794...
1795...
1796...
1797...
1798...
1799...
1800...

1879...

15.79
15.52

14.62
14.62

1780...
1781...
1782...

15.70
15.87

1805...
1806...

14.52

14.85

1877...
1878...

1803...
1804...

1773...
1774...

15.18
15.02

15.62
15.62

1839...

1769...

14.66

R atio.

1840...
1841...

1770...
1771...
1772...

1742...

1705....

14.80
14.72
14.62

Years.

15.46

14.94

1740...
1741...

15.17
15.22

1767...
1768...

14.80
14.85

Ratio.

15.26
15.41
15.41

15.09

14.91
14.91
14.94
14.92

1704....

1723....
1724....

15.11

15.11
14.92

1696....

15.05
15.17
15.20
15.11

Years.

1727...

1695....

15.13
15.11
15.09
15.13
15.11
15.09
15.04

R atio.

1728...
1729...

14.87
15.02

1701....
1702....
1703....

Years.

1808...
1809...

1842...

1847...

15.93
15.85
15.92
15.90

Years. R atio.

1880...
1881...
1882...
1883...
1884...

18.40
18.05
18.16
18.19
18.64
18.57
19.41

15.77
15.53

1848...

15.80
15.85

1886...

20.78

1849...

15.78

1887...

21.13

1850...
1851...
1852...
1853...
1854...

15.70
15.46

1888...
1889...

21.99

1815...
1816...

16.11
16.25
15.04
15.26
15.28

15.59
15.33
15.33

1890...
1891...
1892...

14.80
14.72

1817...
1818...

15.11
15.35

1855...
1856...

15.38
15.38

1893...
1894...

26.49

14.78
14.42
14.48

1819...

15.33
15.62

1857...
1858...

15.27

1895...
1896...

31.60
30.66

15.95

1897...
1898...

1823...
1824...

15.80
15.84

1859...
1860...
1861...

34.20
35.03
34.36

15.82

1862...

1825...

15.70

14.65

1826...

14.75
15.04
15.05
15.17
15.00
15.37
15.55
15.65
15.41

1827...
1828...
1829...
1830...
1831...
1832...

15.76
15.74

1863...
1864...

14.55
14.54
14.68

14.70
14.92
14.96
14.92

15.59
15.74
15.68

1812...
1813...
1814...

1820...
1821...
1822...

1833...
1834...
1835...
1836...
1837...
1838...

15.78
15.78
15.82
15.72
15.73
15.93
15.73
15.80
15.72
15.83
15.85

1865...
1866...
1867...
1868...
1869...
1870...
1871...
1872...
1873...
1874...
1875...
1876...

15.38
15.19
15.29

1885...

17.22
17.94

22.10
19.76
20.92
23.72
32.56

15.50
15.35
15.37

1899...

15.37
15.44

39.15
1903... * 38.10
1904...
35.70
1905...
33.87
1906...
30.54
1907...
31.24
1908...
38.64
1909...
39.74
1910...
38.22
1911...
38.33
1912...
33.62
1913...
34.19
1914...
37.49

15.43
15.57
15.59
15.60
15.57
15.57
15.63
15.92
16.17
16.59
17.88

1900...
1901...
1902...

33.33
34.68

94
T a b le N o . 17.— Amount,

cost, ant? average price paid each year and bullion value of a
silver dollar coinedfrom bullion purchased under the act of Feb. 28, 1878.

Fiscal years.

Fine ounces.

Cost.

Average
price per
fine
ounce.

1878..............................................................................

10,809,350.58

$13,023,268.96

$1.2048

1879..............................................................................
1880..............................................................................

19,248,086.09
22,057,862.64

21,593,642.99
25,235,081.53
22,327,874.75

1.1218
1.1440

1881..............................................................................
1882..............................................................................
1883..............................................................................
1884..............................................................................
1885..............................................................................
1886..............................................................................
1887..............................................................................
1888..............................................................................
1889..............................................................................
1890..............................................................................

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

Bullion
value o f
a silver
dollar.

$0.9318
.8676
.8848
.8761

24,054,480.47

1.1328
1.1351

25,577,327.58

1.1174

24,378,383.91
23,747,460.25
23,448,960.01
25,988,620.46
24,237,553.20

1.1120

.8600

1.0897
1.0334
.9810

.8428
.7992

24,717,853.81

27,820,900.05

26,899,326.33

1891..............................................................................

2,797,379.52

T otal................................................................

291,272,018.56

.9547
.9338

.8779
.8642

.7587
.7384
.7222
.7477

3,049,426.46

.9668
1.0901

308,279,260.71

1.0583

.8185

.8431

T a b le No. 18 .—Amount

and cost, also the average price and bullion value of a silver
dollar coinablefrom silver purchased under the act of July 14, 1890.

Fiscal years.

Fine ounces.

Cost.

Average
price per
fine
ounce.

Bullion
value of
a silver
dollar.

1891...%.......................................................................
1892..............................................................................
1893..............................................................................
1894....-.......................................................................

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

$1.0451
.9402
.8430
.7313

$0.8083
.7271
.6520
.5656

T otal................................................................

168,674,682.53

155,931,002.25

.9244

.7150




HjTDEX.
Acts quoted:
Page.
1869, March 18 (credit strengthening act)...............................................................
1898, June 13, section 33 (3 per cent loan, 1908-1918).......................................
1900, March 14, section 11 (2 per cent consols, 1930)..........................................
1902, June 28, section 8 (Panama Canal bonds)....................................................
1909, August 5, section 39 (Panama Canal bonds)................................................
1910, February 4, section 1 (United States bonds payable in gold)...............
1910, June 25, sections 10 and 11 (Postal Savings bonds)..................................
1911, March 2, section 1 (Panama Canal bonds)...................................................
Additional circulating notes of national banks:
Amount issued...................................................................................................................
Amount outstanding June 30, 1915............................................................................
Application for..................................................................................................................
Apportionment..................................................................................................................
Authorized by Aldrich-Vreeland Act (May 30, 1908)..........................................
Character of security required for issue of...............................................................
Commercial paper as security............... .......................................................................
Extension of act authorized..........................................................................................
Issues by national banks direct...................................................................................
Issues through national currency associations........................................................
Limit of issue.....................................................................................................................
Limitation suspended......................................................................................................
Methods of issuing (two).................................................................................................
National currency associations authorized for the issue of................................
Qualifications of a bank to receive.............................................................................
Restrictions as to acceptance of security for.......................................... ................
Retirement of............................................. ......................................................................
Security to be acceptable to........................................................................................
Taxation, rate of, originally and as amended........................................................
When to be issued............................................................................................................
Alloy in United States coins.................................................................................................
Associations. (See National banks; National currency associations.)
Board, Federal Reserve. (See Federal Reserve System, etc.)
Bonds:
Amount outstanding in—
1865...............................................................................................................................
1915...............................................................................................................................
Amounts refunded under circulars of 1900, 1903, 1905, and 1907....................
Average rate of interest paid on..................................................................................
Certain, not available as security for circulating notes................................. 17,
Continued at lower rates................................................................................................
District of Columbia........................................................................................................
Exchanges of, for gold notes and for gold bonds....................................................
Five per cent of 1904.................................................... ..................................................
Five-twenties.....................................................................................................................
2023°— 15-------7




(95)

9
13
15
18
18
19
19-20
19
55-56
55
53
54
53
53-54
53
54
53
53
54
54 53
54-55
54
54
54
53
54
54
34

7
22
lfr-17
23
21-22
10,17
25
22
12-13
8

96
Bonds— Continued.
Four per cent of 1925......................................................................................................
Funded loan of 1907 (4 per cent)................................................................................
Gold. (See 2 per cent consols 1930, Panama Canal, Postal Savings and
Refunding of 2 per cent bonds.)
History of............................................................................................................................
Insular..................................................................................................................................
Issues of 1894, 1895, and 1896......................................................................................
Pacific Railroad................................................................................................................
Panama Canal....................................................................................................................
Payable in ‘ ‘ coin’ ’ and in ‘ ‘gold’ ’.............................................................................
Philippine...........................................................................................................................
Porto Rican........................................................................................................................
Postal Savings...................................................................................................................
Purchases and redemptions for sinking fund..........................................................
Redeemed, under refunding act of 1870..................................................................
Refunding of—
Civil W ar....................................................................................................................
Under circulars of 1900, 1903, 1905, and 1907................................................
Under Federal reserve a c t ...................................................................................
Sold for refunding, act 1870..........................................................................................
Subscriptions for 3 per cent loan, 1908-1918...........................................................
Three per cent loan, 1908-1918....................................................................................
Two per cent consols of 1930........................................................................................
Bullion. (See Gold bullion; Silver bullion; Standard bullion.)
Certificates, gold and silver. (See Gold certificates; Silver certificates.)
Of indebtedness................................................................................................................
Circulation:
Additional. (See Additional circulating notes.)
Money in, consists of.......................................................................................................
1800 to 1859 (table)..........................................................................................................
1860 to 1915 (table)..........................................................................................................
July 1, 1915.........................................................................................................................
National-bank notes outstanding June 30 each year since 1864.......................
Per capita 1800 to 1915...................................................................................................
Retirement of national bank under Federal reserve a c t ....................................
Civil War:
Debt at close of........................................................... ......................................................
Debt, greater part sold for and how sold..................................................................
Debt, interest-bearing, outstanding June 30, 1915................................................
Refunding of, bonds........................................................................................................
Surplus revenues after close of, how used...............................................................
Coinage:
Acts authorizing and discontinuing (table).............................................................
Amount coined, for each coin to June 30, 1915 (table).......................................
By pieces and values, fiscal year 1915 (table)........................................................
Changes in weight and fineness (table).....................................................................
Fine ounces and value since 1873 (table)................................................................
Of gold coins, history......................................................................................................
Of mints of United States from organization (table)............................................
Of mints of the world since 1873 (table)............................................................ ..
Of nations 1912, 1913 (table)........................................................................................
Of silver coins, history....................................................................................................
Of subsidiary silver, history.........................................................................................




Page.
12-13
9-11

7-28
24-25
12
23
17-19
23
24
24
19-21
29-31
10
9-11
16-17
21-22
10
14
13-14
15

21

35
45
46-47
48
57
45-47
58
7-8
8,10
11
9-11
8
60-62
60-62
72
60-62
74
37
63-71
81
78-80
37-39
39

97
Coinage— Continued.
Of trade dollars.................................................................................................................
Of the United States for Costa Rica, Cuba, Ecuador, Philippines, Salvador,
year 1915.........................................................................................................................
Ratio between gold and silver....................................................................................
Value in gold of an ounce of fine silver (table).....................................................
Coin and paper circulation, statement of, from 1860 to 1915.....................................
“ Coin” obligations..................................................................................................................
Coins, history of........................................................................................................................
Foreign, not legal tender...............................................................................................
(See also Gold, silver, and minor coins.)
Commercial paper:
Acceptable under act May 30, 1908...........................................................................
Acceptable under Federal reserve act......................................................................
Rediscount of....................................................................................................................
Consols of 1930. (See Two per cent consols of 1930.)
Costa Rica, coinage for, by United States.......................................................................
Countries, foreign, monetary standards of.......................................................................
Credit-strengthening act:
Necessity for......................................................................................................................
Text of.................................................................................................................................
Cuba, coinage for, by United States..................................................................................
Currency:
Associations. (See National currency associations.)
Designs and portraits on paper....................................................................................
Emergency. (See Additional circulating notes and national currency
associations.)
Federal reserve. (See Federal reserve system and currency.)
Fractional...........................................................................................................................
History of............................................................................................................... 35-37,
National bank, history of..............................................................................................
Net cost in, purchase of certain bonds.....................................................................
Paper, each denomination, outstanding June 30, 1915.......................................
Regulations governing issue and redemption of................................................ .
Value of gold during suspension specie payments............ ...................................
Customs revenues collected in gold during suspension specie payments..............
Debt. (See Civil War debt and Public debt.)
Demand notes:
Amount outstanding at close of Civil War...............................................................
Amount outstanding June 30, 1915............................................................................
History of............................................................................................................................
Designs and portraits on paper currency..........................................................................
Discoveries of gold in recent years.....................................................................................
District of Columbia bonds...................................................................................................
Districts, Federal reserve. (See Federal Reserve System.)
Ecuador, coinage for, by United States............................................................................
Emergency currency. (See Additional circulating notes; National currency
associations.)
Exports of gold, fiscal years 1879 to 1915 (table)...........................................................
Faith of United States pledged to payments of its obligations.................................
Federal reserve bank notes:
Authority for......................................................................................................................
Conditions of issue...........................................................................................................




Page.
38
73
38
92
46-47
36
31-39
36

53
58
58
73
75-77
8
9
73

44

43
40-44
51-57
8
45
37
49
19

8
40
40
44
77
25
73

50
9
59
59

98
Federal reserve bank notes— Continued.
Identical with national bank notes............................................................................
Issue not limited to capital stock...............................................................................
Portraits and designs on.................................................................................................
Federal reserve notes:
Application for..................................................................................................................
Authority for......................................................................................................................
Collateral acceptable.......................................................................................................
Denominations...................................................................................................................
First issue............................................................................................................................
Gold reserve protection..................................................................................................
Not legal tender................................................................................................................
Obligations of United States.........................................................................................
Outstanding June 30, 1915, by denominations.......................................................
Portraits and designs on.................................................................................................
Purpose of issue.................................................................................................................
Receivable by and for....................................................................................................
Redemption fund............................................................................................ * ..............
Redemption quality of...................................................................................................
Reserve required against issues...................................................................................
Federal reserve system and currency:
Authorized under act of Dec. 23, 1913......................................................................
Board, Federal Reserve, consists of...........................................................................
Circulation of currency...................................................................................................
Districts, number of.........................................................................................................
Elasticity in note issues.................................................................................................
Federal reserve banks may purchase bonds............................................................
In operation, date of........................................................................................................
Location of each Federal reserve bank, with authorized and paid-in capital
(table)...............................................................................................................................
Membership in system....................................................................................................
Organization of system...................................................................................................
Reserves of member banks............................................................................................
Financial bill, act Mar. 14, 1900, known as....................................................................
Fineness. (See Weight and fineness of coins.)
Five-twenty bonds authorized by act of Mar. 3, 1865................................................
Foreign coins not legal tender...............................................................................................
Foreign countries, monetary standards of........................................................................
Fractional currency:
Amount authorized and outstanding.........................................................................
Amount outstanding at close of Civil War.............................................................
Funded loan of 1907 (4 per cent).........................................................................................
Gold:
Authority to borrow or buy to maintain parity.....................................................
Average currency value of, 1862 to Jan. 1,1879 (table)......................................
Coining value of ounce of...............................................................................................
Discoveries of, in recent years.....................................................................................
Exports and imports of (table).....................................................................................
Net cost in, purchase of certain bonds......................................................................
Premium on and value, United States notes, 1862 to January 1,1879 (table) .
Redemption of notes in, 1879 to 1915 (table)..........................................................
Sales of.................................................................................................................................
Gold bonds. (See Two per cent consols, Panama Canal, Postal Savings, and
Refunding of 2 per cent bonds.)




page
36. 59
59
44
58
58
58-59
59
59
59
36
59
45
44
58
59
59
36
55
57
57
58
/ 57
58
52
58
58
58
57
58
15
8
36
75-77
43
8
9-11
12,33
49
34
77
50
8
49
50
49

99
Gold bullion:
Page.
Amount in United States June 30, 1915...................................................................
37
Coined by mints of the world since 1873 (table)...................................................
81
Commercial ratio of silver to gold since 1687 (table)...........................................
93
Production of, in the United States since 1792 (table) ................................... 85-86
Production of, in world since—
Discovery of America (table)............................................................................ .. 82-83
1860 (table)................................................................................................................ 84-85
World’s production of, by countries, calendar year—
1910 (table)................................................................................................................
87
1911 (table).................................................................................................................
88
1912 (table)................................................................................................................ 89-90
Gold certificates:
Amount outstanding June 30, 1915, by denominations......................................
45
History of............................................................................................................................ 41-42
Issue authorized against deposits of gold bullion or foreign coin...................
42
Lawful reserve, may be held as..................................................................................
35
Not legal tender................................................................................................................
35
Portraits and designs on.................................................................................................
44
Receivable for...................................................................................................................
35
Redemption, quality of..................................................................................................
35
Gold coins:
Acts authorizing and discontinuing coinage of (table)........................................
60
Amounts coined, each coin, to June 30, 1915 (table)...........................................
60
Basis for estimate of.........................................................................................................
37
Changes in weight and fineness of (table)................................ ...............................
60
Coinage by pieces and values, fiscal year 1915 (table).........................................
72
Coinage of, by the mints of the United States (tables)....................................... 63-71
Coinage of, by the mints of the world, since 1873 (table)..................................
81
Denominations, fine metal, alloy, and weight.......................................................
34
Denominations now coined...........................................................................................
37
History of...................................................................................................................... 31-33, 37
Legal-tender quality of...................................................................................................
35
Not redeemable.................................................................................................................
35
Total coinage of.................................................................................................................
37
Unit of value............................................................................................................... 31-33, 37
Weight of $1,000 of...........................................................................................................
35
Gold notes. (See Refunding of 2 per cent bonds.)
Gold reserve:
Amount on June 30, 1915..............................................................................................
11
Certain taxes act May 30, 1908, to be credited to.................................................
11
How established...............................................................................................................
11
How to be restored...........................................................................................................
11
Limit of, under act July 12, 1882................................................................................
11
Limit of, under act March 14, 1900............................................................................
11
Replenished by bond issues of 1894, 1895, 1896....................................................
12
Strengthened by Federal Reserve act.......................................................................
12
Greenbacks. {See United States notes.)
History of coins and currency.............................................................................................. 31-44
Imports of gold each year, 1879 to 1915 (table)..............................................................
50
Important discoveries of gold...............................................................................................
77
Insular bonds:
Philippine .......................................................................................................................
24
Porto Rican........................................................................................................................
24




100
Interest:
Average rate paid since 1890........................................................................................
Debt, bearing—
In coin in 1865..........................................................................................................
In lawful money in 1865........................................................................................
On June 30, 1915......................................................................................................
Rates of, paid on Civil War debt................................................................................
Lawful money:
Debt bearing interest in ................................................................................................
Defined................................................................................................................................
(See also United States notes.)
Legal standard, foreign countries........................................................................................
l egal tender:
Defined................................................................................................................................
Foreign coins are not.......................................................................................................
‘ ‘Legal tenders. ” (See United States notes.)
Qualities of different kinds of money........................................................................
Loan of 1904. (See Bonds, issues of 1894, 1895, 1896.)
Loan of 1908-1918 (3 per cent). (See Three per cent loan, 1908-1918.)
Loan of 1925. (See Bonds, issues of 1894, 1895, 1896.)
Maintenance of parity.............................................................................................................
Metric weights:
Assigned to certain coins...............................................................................................
Troy weights are used.....................................................................................................
Minor coins:
Acts authorizing and discontinuing (table).............................................................
Amount coined, each coin, to June 30, 1915 (table)............................................
Coinage by pieces and values, fiscal year 1915 (table)........................................
Coinage of, by the mints of the United States (tables).......................................
Denominations, fine metal, alloy, weight................................................................
Legal-tender and redemption qualities of...............................................................
Mints:
Coinage by, for Costa Rica, Cuba, Ecuador, Philippines, and Salvador___
First mint established.....................................................................................................
Of nations, coinage by, 1912, 1913 (table)...............................................................
Of United States, coinage by (table).........................................................................
Of world, coinage by, since 1873 (table)..................................................................
Monetary standards of foreign countries...........................................................................
Monetary system of the United States..............................................................................
Monetary systems of the world affected b y .....................................................................

P age.

23
7
7
22
7
7-9
35
75-77
35
36
35-36

] 1-12
34
34
61-62
61-62
72
63-71
34
36
73
31-32
78-80
63-71
81
75-77
31
77

Money:
Amount in circulation June 30, 1915.........................................................................
48
General stock of, June 30, 1915....................................................................................
48
Lawful................................................................................................................................ 7-9,3 5
Legal-tender and redemption qualities of............................................................... 35-36
Paper.......................................................................................... .......................................... 40-44
Parity of, to be maintained.......................................................................................... 11-12
Standard.............................................................................................................................
35
Status of each kind of..................................................................................................... 35-36
National bank currency, history of..................................................................................... 51-57
National banking associations. (See National banks.)
National banking system, basic act and amendments. (See National bank
currency.)




101
National bank notes:
Additional circulation. (See Additional circulating notes.)
Amount of, outstanding June 30, 1915, by denominations...............................
Amount of, outstanding each year since 1864........................................................
Apportionment authorized and repealed.................................................................
Authority for......................................................................................................................
Certain bonds not available as security for....................................................... 17,
Issue to par value of bonds deposited.......................................................................
Limitation on aggregate amount repealed...............................................................
Limit of issue to a bank and in the aggregate........................................................
Limit to be retired...........................................................................................................
Not legal tender................................................................................................................
Portraits and designs on.................................................................................................
Profits on circulation of..................................................................................................
Receivable for...................................................................................................................
Redemption fund......................... ....................................................................................
Redemption by maceration..........................................................................................
Redemption quality of...................................................................................................
Retirement—
Under original acts..................................................................................................
Under Federal reserve act....................................................................................
Security for circulation..................................................................................................
Taxation on circulation......................................... ........................................................
National banks:
Aggregate capital of, on June 30, 1915......................................................................
Authorizing acts...............................................................................................................
Basic and amendatory acts...........................................................................................
Bonds offered by, may be purchased by Federal Reserve banks...................
Membership in Federal Reserve System..................................................................
Minimum capital of, based on population...............................................................
Number of, on June 30, 1915........................................................................................
Organizing, not required to deposit United States bonds..................................
Profits on capital invested in .......................................................................................
National currency associations:
Amount additional circulating notes issued through, and now outstanding.
Authority for......................................................................................................................
Organized with capital and surplus of each............................................................
Notes. (See Additional circulating; Demand; Gold; Federal Reserve; Federal
Reserve bank; National bank; Seven-thirty; Treasury; and United States.)
Obligations:
“ Coin” .................................................................................................................................
Payable in coin. (See Credit-strengthening act.)
Pacific Railroad bonds and settlements...........................................................................
Panama Canal bonds:
Amount issued, each series...........................................................................................
Authority for, acts of June 28, 1902, August 5, 1909, February 4, 1910,
March 2, 1911................................................................................................................
Prices realized...................................................................................................................
Refunding of 2 per cent.................................................................................................
Panama Canal statement of expenditures and reimbursements...............................
Paper currency. (See Currency; Paper money.)
Paper money:
Denominations outstanding June 30, 1915...............................................................
History of............................................................................................................................




page.
57
57
51
51-54
21, 22
52
51
51
52
36
44
53
36
51-52
52
36
52
52
51,52
51,52
57
51-52
51-55
52
57-58
51
57
52
53
55-56
54
55-56

36
23
17, 22
18-19
17
21
19

45
40-44

102
Paper money— Continued.
Page
Portraits and designs on.................................................................................................
44
•Statement of coin and paper circulation, 1860 to 1915........................................ 46-47
Statement of specie and bank-note circulation, 1800 to 1859............................ 45-46
Parity of various kinds of money to be maintained and how.................................... 11-12
Per capita circulation from 1800 to 1915........................................................................... 45-47
Philippine bonds:
Authority for......................................................................................................................
24
24
Not obligations of the United States.........................................................................
Total issued and outstanding........................................................................................
24
Philippines, coinage for, by United States......................................................................
73
Population from 1800 to 1915................................................................................................ 45-47
Porto Rican bonds:
Authority for......................................................................................................................
24
Not obligations of the United States.........................................................................
24
Total issued and outstanding........................................................................................
25
Portraits and designs on paper currency...........................................................................
44
Postal savings bonds (2J per cent), authority for, act of June 25, 1910, sections
10 and 11.................................................................................................................................. 19-20
Amount issued to June 30, 1915..................................................................................
22
Dates of issue.....................................................................................................................
20
How obtained....................................................................................................................
20
Obligations of the Government...................................................................................
21
When to be issued............................................................................................................
21
Production of precious metals. (See Gold and silver bullion.)
Public debt:
Average rate of interest since 1890.............................................................................
23
Interest-bearing, June 30, 1915....................................................................................
22
Premium paid on (tables).............................................................................................. 25-28
Principal of, from 1860 to 1915 (table).....................................................................
25-26
Principal of, from March 1, 1885, to March 1, 1915.............................................. 27-28
Refunding of.................................................................................................................. 9,16, 21
Statement of, on October 31, 1865.............................................................................
7-8
Ratio, coinage, between gold and silver...........................................................................
38
Redemption:
Of coin obligations............................................................................................................
36
50
Of notes in gold and exports and imports gold since 1879 (table)...................
Of the several kinds of money......................................... ! ......................................... 35-36
Of war debt. (See Refunding.)
Qualities of various kinds of money........................................................................... 35-36
Refunding, Civil War bonds:
Annual saving of interest b y ........................................................................................
10
Authority for......................................................................................................................
9
Classes of bonds sold for.................................................................................................
10
Classes of bonds redeemed with the proceeds........................................................
10
Operations included........................................................................................................
10
Proceed for redemption of war debt.........................................................................
10
Refunding under act March 14, 1900:
Authority for......................................................................................................................
15
Statement of, under department circulars of 1900, 1903, 1905, and 1907___
16
Refunding of 2 per cent bonds under Federal reserve act..........................................
21
Regulations, copies of:
As to bonds.........................................................................................................................
23
As to currency issue and redemption........................................................................
37




103
Beserve fund. (See Gold reserve; Resumption, etc.)
Resumption, gold reserve and maintenance of parity:
Authority for......................................................................................................................
Bonds of 1894, 1895, 1896, to restore gold reserve.................................. ..............
Certain taxes to be credited to reserve fu n d .........................................................
Federal reserve act provides for maintaining parity and strengthening
reserve.................................................. ...........................................................................
Gold reserve established................................................................................................
Gold-reserve fund June 30, 1915.................................................................................
Gold reserve, how to be restored................................................................................
Gold reserve increased....................................................................................................
How parity to be maintained and reserve strengthened.................................. ..
Limit of reduction of gold reserve.............................................................................
Parity to be maintained.................................................................................................
Purpose of the resumption act....................................................................................
Standard weights and fineness for coins same as at present..............................
Salvador, coinage for, by United States...........................................................................
Seven-thirty notes:
Amount of, at close of Civil War................................................................................
Kind of money payable in ............................................................................................
Silver bullion:
Annual average price of (table)...................................................................................
Authority to purchase.....................................................................................................
Bullion value of 371J grains pure silver since 1837 (table)................................
Coinage values of, at certain ratios (table)..............................................................
Coined by the mints of the world since 1873 (table)...........................................
Commercial ratio of silver to gold since 1687 (table)...........................................
Gold value of, since 1833 (table)................................................................................
Highest, lowest, and average price since 1833 (table).........................................
Price of, in London, since 1833 (table).....................................................................
Production of, in United States since 1792 (table)...............................................
Production of, in world since—
Discovery of America (table)...............................................................................
1860 (table)................................................................................................................
Value of pure silver in a silver dollar (table).........................................................
World’s production of, by countries—
1910 (table)............................................................................... .................................
1911 (table)............................................................................... '................................
1912 (table).................................................................................................................
Silver certificates:
Amount outstanding June 30, 1915, by denominations.................................. ....
History of............................................................................................................................
Not legal tender................................................................................................................
Portraits and designs on.................................................................................................
Receivable for...................................................................................................................
Redemption quality of...................................................................................................
Silver coins:
Acts authorizing and discontinuing (table).............................................................
Amount coined, each coin, to June 30, 1915 (table)............................................
Changes in weight and fineness of (table)...............................................................
Coinage by pieces and values, fiscal year 1915 (table)........................................
Coinage of, by mints of the United States (tables)...............................................
Coinage of, by mints of the world since 1873 (table)...........................................
Denominations, fine metal, alloy, and weight.......................................................




Page.
11
12
11
12
11
11
11
11
12
11
11-12
11
13
73
7
7
91
33
92
92
81
93
91
91
91
85-86
82-83
84-85
90
87
88
89-90
45
42
35
44
35-36
36
60-61
60-61
60-61
72
63-71
81
34

104
Silver coins— Continued.
Page.
History of.................................................................................................................. .......... 37-39
Legal-tender and redemption qualities of................................................................ 35-36
Silver dollars. (See Standard silver dollars.)
Silver, subsidiary. (See Subsidiary silver.)
Sinking fund:
Authority for......................................................................................................................
29
Purchases and redemptions for—
Prior to 1901...............................................................................................................
29
From 1901 to 1915.................................................................................................... 29-31
Spanish War loan. (See Three per cent loan of 1908-1918.)
Specie payments:
Average currency value of gold during suspension of (table)...........................
49
Average gold value of United States notes during suspension of (table)___
49
Exports and imports of gold since resumption of (table)....................................
50
Redemptions of notes in gold since resumption of (table).................................
50
Resumption of...................................................................................................................
11
Sales of gold during suspension of..............................................................................
49
Statement of specie and bank-note circulation, 1800 to 1859............................ 45-46
Suspension of, debt prior to..........................................................................................
8
United States notes depreciated during suspension of...................................... .. 40,49
Standard bullion, proportions of pure gold or silver and alloy.................................
34
Standard coins, history of...................................................................................................... 37-39
Standard money........................................................................................................................
35
Standard of value, history of................................................................................................. 31-33
Standard silver dollars:
Acts authorizing and discontinuing coinage of (table)........................................
60
Amount coined.................................................................................................................. 38, 60
Amount, cost, average price, and bullion value (tables)....................................
94
Bullion value of, since 1837 (table)...........................................................................
92
Changes in weight and fineness (table).....................................................................
60
Coining value in ...............................................................................................................
34
Disposition of.....................................................................................................................
38
Fineness and weight........................................................................................................
34
History of............................................................................................................................ 37-38
Legal-tender quality of...................................................................................................
35
N ot redeemable.................................. : ...........................................................................
35
Space for storage of..........................................................................................................
38
Value of pure silver at different prices per fine ounce (table).........................
90
Weight of $1,000 of...........................................................................................................
35
Standards, monetary, of foreign countries........................................................................ 75-77
Subsidiary silver:
Acts authorizing and discontinuing (table).............................................................
61
Amount coined, each coin to June 30, 1915 (table)..............................................
61
Changes in weight and fineness (table).....................................................................
61
Coinage by pieces and values, for fiscal year 1915 (table).................................
72
Denominations, fine metal, alloy, and weight.......................................................
34
History of............................................................................................................................
39
Legal-tender and redemption qualities of................................................................
36
Weight of $1,000 of...........................................................................................................
35
Suspension of specie payments. (See Specie payments.)




105
System:
Page.
Federal Beserve................................................................................................................
Monetary.............................................................................................................................
National Banking. (See National bank currency)..............................................
Systems, monetary, of the world, affected through increased production of gold.
Temporary loan:
Amount of, at close of Civil War................................................................................
Kind of money payable in ............................................................................................
Three per cent loan, 1908-1918:
Act authorizing, section quoted................................................................... ..
Amount issued..................................................................................................................
Amount outstanding June 30, 1915............................................................................
Information to the public relative to the issue......................................................
Kind of money payable in ............................................................................................
Subscriptions for...............................................................................................................
Three per cent 30-year gold bonds.....................................................................................
Three per cent 1-year gold notes........................................................................................
Trade dollars, history of.........................................................................................................
Treasury notes of 1890:
Amount issued..................................................................................................................
Amount outstanding June 30, 1915, by denominations......................................
Authority for......................................................................................................................
History of............................................................................................................................
Legal-tender and redemption qualities of...............................................................
Redemption of, in gold, since 1892 (table).............................................................
Replaced b y ............................................... .......................................................................
Troy weights:
Metric weights assigned to certain coins..................................................................
Number of grains of, equivalent to gram.................................................................
United States coins are measured b y ........................................................................
Two per cent bonds. (See Refunding under Federal reserve act.)
Two per cent consols of 1930:
Act authorizing, section quoted.................................................................................
Amount and classes of bonds surrendered for.........................................................
Amount issued..................................................................................................................
Amount saved through issue of...................................................................................
First bonds payable specifically in United States gold coin.............................
Premium received for.....................................................................................................
Unit:
Monetary, of foreign countries.....................................................................................
Of value, history of United States.............................................................................
Value of foreign, in United States money...............................................................
United States notes:
Acceptable for...................................................................................................................
Amount authorized.........................................................................................................
Amount outstanding at close of Civil War...............................................................
Amount outstanding June 30, 1915, by denominations.......................................
Certain obligations were sold for.................................................................................
Gold value of, from 1862 to 1879.................................................................................
History of............................................................................................................................
Known as “ greenbacks” and “ legal tenders” .......................................................
Lawful money...................................................................................................................




57-59
31-35
51-57
77
7
7
13-14
14
22
14
14
14
22
22
38-39
43
45
43
43
36
50
36
34
34
34

15
16-17
15
16-17
15
16-17
75-77
31-33
75-77
36
40
8
45
8
49
40-41
40-41
8-9

106
United States Notes— Continued.
Page.
Legal-tender and redemption qualities of................................................................
36
Portraits and designs on.................................................................................................
44
Redemption of, in gold (table)....................................................................................
50
Reserve fund for redemption of...................................................................................
11
Value:
*
Bullion value of silver dollar (tables).......................................................................
94
Of pure silver in silver dollar.......................................................................................
90
Standard unit of (act Mar. 14, 1900)..........................................................................
33
Unit of, history................................................................................................................. 31-33
War-revenue act of 1898. (See Three per cent loan of 1908-1918.)
Weight and fineness of coins:
Changes in (table)............................................................................................................ 60-62
History of............................................................................................................................ 31-34
Troy weight used for United States coins................................................................
34




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