People's Pilot, Volume 3, Number 2, Rensselaer, Jasper County, 30 June 1893 — CRAZY QUILT CURRENCY. [ARTICLE]

CRAZY QUILT CURRENCY.

Ten Kind* of Money, No Two of Them of the Haiue Legal Staton The complex character of our circulation will be more fully understood by considering the qualities imparted by law to each of its constituent parts. 1. The gold coins of the United States are full legal tender to any amount when of standard weight; if below the standard weight they are legal tender at valuation in proportion to their actual weight. 2. .Standard silver dollars are legal tehder to any amount, except where otherwise expressly stipulated in the contract. 8. The subsidiary silver coin are legal tender to the amount of $10; they are redeemable in lawful money by the treasurer or any assistant treasurer of the United States, when presented in sums of 820 or multiples thereof. 4. Minor coins are legal tender to the amount of twenty-five cents; they also are redeemable in lawful money if presented in sums of not less than S2O. 5. United States notes were made a legal tender by the acts authorizing their issue, except for duties on imports and for payment of interest on the public debt. Since the resumption of specie payments on January 1, 187$*, they have been received for duties on imports. They are redeemable in. gold or silver coin .at the office of the assistant treasurer of the United States at New York, if presented: in sums, of not less than SSO.

6. The treasury notes issued in payment for silver bullion purchased under the act of July 14, 1800, ant a full legal tender except when otherwise expressly stipulated in the contract; they are redeemable in gold or silver coin at the discretion of the secretary of the treasury. It has been the policy of the department to redeem them in gold coin if so demanded by the holder. 7. Gold and silver certificates are receivable for customs duties, taxes and all public dues; they represent the kind of coin deposited and reserved in the treasury for their redemption; they are not made a legal tender by the acts of congress authorizing their issue. 8. Currency certificates are issued upon the deposit of United States notes in sums of £IO,OOO and are made payable to order of the depositors; they .are redeemed in the kind of money deposited and are not a legal tender. 9. National bank notes are secured by deposit of United States interest

bearing bonds with the treasurer of tha United Stotes; they are redeemable in lawful money bnt are not a legal tender, although receivable for all public dues except duties on imports; and also .for aU salaries and other debts and demands owing to individuals, corporations and associations within the United States, except interest on the public debt and in redemption of national currency. They are also receivable at par for any debt or Hability due to any national banking association. All of the various forms of money above described, excepting national bank notes, are available as part of the lawful money reserve held by national banking associations It is thus apparent that we have ten varieties of coin and paper circulating as money, no two of which are subject to the same requirements as to redemption nor clothed with the same legal tender and debt paying qualities.