Government and Administration of the United StatesWilloughby, Westel Woodbury
History
Government and Administration of the United States
Willoughby, Westel Woodbury
United States -- Politics and government
3. _#Subsidiary and Minor Coins.#_--All coins of a lower denomination
than $1 belong to one or the other of these two classes. There are three
subsidiary coins, the fifty cent, the twenty-five cent, and the ten cent
pieces. The three cent piece is no longer coined. All other coins are
minor coins. The peculiarity of the subsidiary and minor coins is that
they are, as compared with the standard coins (gold and silver dollars),
of a greater value than the value of the metal they contain. The
subsidiary coins are legal-tender to the amount of $10, the minor to
the extent of twenty-five cents. By legal-tender is meant that the
government has ordered that it must be received in payment of all debts
and articles bought. Gold coin and the silver dollars and certificates
are legal-tender to any amount.
4. _#Treasury Notes.#_--Under this head are included that form of money
ordinarily known as "greenbacks," from the color of their backs. They
were originally issued during the civil war, and are promissory notes on
the part of the government, and as such constitute a portion of the debt
of the government. They are paper, which of itself is of no value, and
no coin is deposited in the Treasury which they represent, as in the
case of the gold and silver certificates. They thus cost the government
nothing, and, as they are made legal-tender, and paid out by the
government, they were just so much clear gain to it. At first they were
not redeemable, i.e., exchangeable for coin at the Treasury, but since
1879 they are, and are therefore just as valuable now as any other form
of money, though formerly worth much less than their face value. One
hundred million dollars in gold is kept on deposit in the Treasury for
their redemption.
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