monetary system which will be thoroughly safe and good, and capable of growth to any extent that the country may require.

We cannot, within the limits of this preliminary report, go at length into the reasons which have led us to all the conclusions here expressed. A statement of those which relate to the more important points must suffice. Later a fuller and final report will be presented.

THE FACTS AS TO THE CURRENCY.

The people of the United States have ten different forms of currency: gold coins, silver dollars, subsidiary silver coins, minor coins, gold certificates, silver certificates, United States notes, currency certificates, Treasury notes of 1890, and national bank notes. The respective qualities of each, the amounts outstanding, the amounts in the Treasury, the amounts in circulation, and the respective denominations of the paper currency, were, on 1st November, 1897, as follows:

1. GOLD COINS of the denominations of $20, $10, $5, and $2.50, weighing 25.8 grains to the dollar and .900 fine. They are a "legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance provided by law for the single piece, and when reduced in weight below such standard and tolerance, a legal tender at valuation in proportion to their actual weight;" receivable for all public dues, and formerly exchangeable for gold certificates. Gold bullion is admitted to free coinage. The Treasury estimates that the stock of gold in the country is $729,661,110, of which $153,573,148 (in addition to $36,814,109 held against outstanding gold certificates) are held by the Treasurer, and $195,895,107 are held by the national banks.

2. STANDARD SILVER DOLLARS, each containing 412.5 grains of standard silver .900 fine, coined for government account, a "legal tender at their nominal value for all debts and dues, public and private, except where otherwise expressly stipulated in the contract; " receivable for all governmental dues, and exchangeable for silver certificates.

From 1793 to 1873, the Mint coined silver dollars to the

amount of $8,031,238.

From 1874 to 1878, none were coined. The act of 28th February, 1878, required not less than two million nor more than four million dollars worth of bullion to be purchased monthly and coined into standard silver dollars.

The act of 7th August, 1882, directs the Secretary of the Treasury "to transport, free of charge, silver coins when requested to do so, provided that an equal amount in coin or currency shall have been deposited in the Treasury by the applicant."

The act passed on 19th February, 1887, which became a law without President Cleveland's approval, on 3d March, 1887, directed that "trade dollars" received at the Treasury should be coined into standard dollars. The act of 14th July, 1890, required four million five hundred thousand ounces of fine silver bullion to be purchased monthly and Treasury notes to be issued in payment therefor. The act of 1st November, 1893, repealed the purchasing clause of the act of 14th July, 1890.

Under the act of 28th February, 1878, the government purchased 291,272,018 ounces of silver at a cost of $308,279,260. Under the act of 14th July, 1890, the government purchased 168,674,682 ounces at an average price per fine ounce of $0.9244, costing $155,931,002. The government coined to the Ist of November, 1897, $452,713,792, of which $392,715,014 are in the Treasury, and $60, 196,778 are in circulation. The free transportation of the silver dollar has cost $1,064, 106. The government now holds 115,361,079.54 ounces of silver bullion, which cost $104,853,851.55, and which, at the price of silver on 3d November, 1897, are worth $65,900,016.67. As against the 392,517,014 silver dollars now in the Treasury there are outstanding silver certificates to the amount of $372,838,919, leaving $19,678,095 in the Treasury uncovered by certificates.

As the silver bullion now in the Treasury and purchased under the act of 1890 cost $103,957,026.25, and there are outstanding Treasury notes of 1890 to the amount of $109,313,280, silver dollars to the amount of $5,356,254 must be held as against these Treasury notes of 1890, and this amount deducted from the amount of silver dollars uncovered by silver certificates

($19,678,095) leaves as the amount of silver dollars uncovered by either silver certificates or Treasury notes of 1890, and subject to disposal by the Treasury, $14,321,841. The act of 14th July, 1890, declared it to be "the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law." The act of 1st November, 1893, declared it "to be the policy of the United States to continue the use of both gold and silver as standard money and to coin both gold and silver into money of equal intrinsic and exchangeable value, such equality to be secured through international agreement, or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts."

3. SUBSIDIARY SILVER, coined for government account in denominations of 50, 25, and 10 cents, .900 fine, containing 385.8 grains to the dollar; "a legal tender in all sums not exceeding $10 in full payment of all dues, public and private ;" receivable for governmental dues to $10; and exchangeable for lawful money at the office of the Treasurer or any Assistant Treasurer of the United States in sums of $20 or any multiple thereof. The general stock of subsidiary silver amounts to $75,414,007, of which $11,981,078 are in the Treasury, and $63,432,929 are in circulation.

4. MINOR COINS, coined on government account in denominations of 5 cents and I cent; a "legal tender at their nominal value for any amount not exceeding 25 cents in any one payment;" receivable to the amount of 25 cents for all governmental dues; and redeemable in lawful money at the office of the Treasurer and the several Assistant Treasurers and depositories of the United States when presented in sums of not less. than $20.

5. GOLD CERTIFICATES, issued under the acts of March 3, 1863, and July 12, 1882, for gold coin deposited in the Treasury, in denominations of $10,000, $5000, $1000, $500, $100, $50,

125 grams.

and $20; not a legal tender; "receivable for customs, taxes, and all public dues," and redeemable in gold at the Treasury or any sub-treasury.

Certificates to the amount of $38,348,169 are outstanding, of which $1,534,060 are in the Treasury, and $36,814,109 are in circulation.

6. SILVER CERTIFICATES, issued against standard silver dollars deposited, in denominations of $1000, $500, $100, $50, $20, $5, $2 and $1; not a legal tender; receivable for customs, taxes, and all public dues; exchangeable for standard silver dollars (or smaller coin); and redeemable in standard silver dollars. There are outstanding silver certificates to the amount of $384,170,504, of which $11,331,585 are in the Treasury and $372,838,919 are in circulation.

7. TREASURY NOTES, issued under the act of July 14, 1890, in payment for silver bullion; a "legal tender for all debts public and private, except where otherwise expressly stipulated in the contract;" receivable for customs, taxes, and all public dues and "redeemable on demand in coin" at the office of the Treasurer or any Assistant Treasurer of the United States. There have been issued $155,931,002, of which $46,617,722 have been redeemed in silver and canceled; $7,553,325 are in the Treasury and $101,759,955 are in circulation.

8. UNITED STATES NOTES, issued under the acts of February 25, 1862, July 11, 1862, and March 3, 1863, in denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1000, $5000, and $10,000; a “legal tender in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt;" redeemed when presented since 1st January, 1879, in gold coin at the subtreasuries in New York and San Francisco, and reissued. The highest amount of these notes outstanding at any time was on January 3, 1864, when it reached $449,338,902. By the Public Credit Act of March 18, 1869, "the United States solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin." The Resumption Act of January 14, 1875, authorized the use of surplus

revenues and the issue of bonds for their redemption. The act of May 31, 1878, prohibited their further cancellation or retirement, and directed the reissue of such as might be received or redeemed by the Treasury. The amount outstanding has therefore since remained at $346,681,016, of which $87,684,018 are in the Treasury, $48,625,000 of these being held against outstanding currency certificates, and $258,996,998 are in circulation.

The aggregate amount outstanding of United States notes, Treasury notes of 1890, and silver dollars is $908,708,088, of which $61,274,184 are now in the Treasury, but liable to reissue,' and $842,077,650 are in circulation.

As against this large amount of that which is a credit currency, aside from the value of the silver bullion and dollars in the Treasury, the Treasury now holds. $153,573,148 in gold coin and bullion, after deducting the amount of the gold certificates.

9. CURRENCY CERTIFICATES, issued under the act of June 8, 1872, in denominations of $10,000, upon deposit of United States notes, payable to order, and not a legal tender, nor receivable in exchange for anything other than legal-tender notes. $48,625,000 are outstanding, of which $340,000 are in the Treasury, and $48,285,000 are in circulation.

10. NATIONAL BANK NOTES, issued by the national banks of the United States in accordance with the act of June 3, 1864, to the extent of 90 per cent. of the par of government bonds deposited by such banks with the Treasury; not a legal tender; receivable at par "in all parts of the United States in payment of taxes, excises, public lands and all other dues to the United States except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt and in redemption of the national currency;" receivable also by every national banking association for any debt or liability to it, and redeemable at the Treasury.

The national bank notes outstanding are $230,132,275, of

'Silver dollars to the amount of $5,356,254 are also in the Treasury, to be issued only upon the redemption and cancellation of an equal amount of Treasury notes.