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1890, by the Congress of the United States.

1895. -Adoption of the gold standard by Chile.

1895.-Russia decides to coin 100,000,000 gold rubles in 1996.

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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 rure silver. This unit had its origin in the Spanish piaster or milled dollar, which constituted the basis of the metallic circulation of the English colonies 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 $10, $5 and $2.50, denominated, respectively, eagles, half eagles and quarter eagles; the silver dollar or unit, containing 371.25 grains of pure silver. А mint was established. The coinage was unlimited and there was no mint charge. The ratio of gold to silver in coinage was 1:15. 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 1:16.002. This latter act fixed the weight of the gold dollar at 25.8 grains, but lowered the fineness from 0.916 2-3 to 0.899225. The fine weight of the gold dollar was thus reduced to 23.2 grains. The act of 183+ undervalued silver as that of 1792 had undervalued gold, and silver was attracted to Europe by the more favorable ratio of 1:1512. 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 1:15.988-1

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 the 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 $2.50 plece: & $3 piece: a half eagle, or $5 piece; an eagle, or $10 piece, and a double

eagle, or $20 piece, all of a standard weight proportional to that of the dollar piece. These coins were made legal tender in all payments at their nominal valle 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 proportion to their actual weight. The silver coins provided for by the act were trade dollar, a half do.lar, 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, 12422 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 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.

The act of February 28, 1878, directed the coinage of silver dollars of the weight of 4122 grains troy, of standard silver,

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 nominal 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 $1,000,000 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, enacted 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 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 or the silver bullion purchased under the provisions of the act into standard silver dollars until the 1st day of July, 1891, and thereafter 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, 183, 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.

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77 Elections in various States....228 et seq. Episcopal Church bishops, etc........154 Erie Canal: Openir.g and closing dates. 164 Festival dates, etc...

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35 Population

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.....195 Army: Oticers, etc...

.135 et seq. Astronomical tables....

...1-7 Ballot Reform laws.

.. 99 Banking statistics...

......147 Bayard, Thos. F.: Censure. ......... 82 Brooklyn: City officials. ... Behring Sea Fisheries laws.

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..110 Calendar: For 1897.

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..195 Commercial Statistics: See "Foreign

Trade." Congregational Church officials... ..156 Congress: See "U. S. Government." Connect'cut: Area..

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38 Population

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..196 Flowers: State emblems.

..163 Foreign coins: Values, etc...

.190 Foreign Legations in U. S....

85 Foreign Nations: Heads of..

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149 et seq. Fur-bearing animals laws.

81 Georgia: Area...

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..12 Gold: Certificates issued.

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..138 Militia of the States.

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198 Monetary systems of the world.. . 143 Money: See "Gold" and "Silver."

Imports and exports of specie.......145
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192 Election tables.

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198 Municipal Reform League.

165 National Banks statistics.

148 National Guard of States.

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222 County Clerks and Sheriffs.. 226 Electoral vote by counties.

220 Forestry amendment.. Election tables..

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153 New-York City: Election returns....226 Municipal officials.

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193 Election tables.

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60 Population

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193 Election tables.

256 Party platforms.

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78 Politics: Election returns of States..

204 et seq. National Democrats.

..273 Polling precincts of States.

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20 et seq. Political miscellany. Populists: National platform..

29 Prohibition Party: Nat'l platform... 32 Prohibition Nat'l and State Com.'s..189 Republican League, National..

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31 Population of States...

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.115 Postal laws and regulations. President: Electoral vote.. .190, 271 Popular vote..

.269 Vote for each since 1789.

.275 Law as to succession..

82 Rainfall in United States.

.121 Railroad statistics.....

.117 Reform Bureau..

.163 and Almanac for 1896. Religious societies: See also page 166 African M. E. Church...

160 Baptist sccieties and officers.. ..155 Christian Endeavor Society.

..158 Congregational societies and officers. 156 Episcopal societies and officers......154 Grand Army of the Cross.....

.159 Presbyterian societies and officers. .154 Roman Catholic Hierarchy.

157 Theosophical Society...

159 Young Men's Christian Ass'n. 158

Young People's Christian Union. ....159 Republican League, Nat'l, platform.... 33 Republican National Platform..

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..145 Silver Party: Platform..

31 Smithsonian Institution..

108 Socialist-Labor Party: Platform...... 33 Societies: National bodies and officers

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16+ Founders and Patriots of America...161 Free Masons, Order of ...

. 161 Grand Army of the Republic.

.162 Military Order Loyal Legion, U. S...163 National Education Association......102 National League for Good Roads. ..165 Natioral bodies and officers...... 166-7-8 Naval Veterans, Nat'l Ass'n of.....164 Needlework Guild of U. S..

.270 Odd Fellows, Order of ..

..162 Smithsonian Institution.

.103 Soldiers' cemeteries.

.129 Soldiers' Homeg....

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...164 University Extension...

... 160 War of 1812 Society

.165 Young People's Patriotic Legion....164 South Carolina: Area.

.193 Election tables....

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64 Population

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.202 South Dakota: Area.

.193 Election tables.

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.202 Athletics

.170 Baseball

171 Bicycling

...176 Billiards

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..175 Chegg

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.174 Oxford-Cambridge rowing records....177 Rowing

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Page. State Government officials.....195 et seq. States: Area and population. Officials of States..

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131 Settlement dates.

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129 Telephone statistics....

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193 Election tables.

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202 Texas: Area.

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109 Transmississippi Exposition.

.194 Treasury debt statement.. Tribune Fresh-Air Fund..

.......153 U. S. Government

Agricultural Department officials....134 Bureau of American Republics....134 Congress, acts and resolutions..70 et seq. Congress, allotment from each State. 274 Congress, votes of States for

members Congress, members of.. ...19 et seg. Congress: Political complexion......194 Debt statement..

.....146 Diplomatic service.

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134 Executive officers..

...133 Expenditures of departments.. Geographical Names Commission...134 Immigration officials..

..133 Indian Commission..

134 Interior Department officials.

134 Intercontinetal Railroad Commis'n..134 Interstate Commerce Bureau........134 Judiciary and courts..

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....133 President: See. Printing Bureau..

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133 Soldiers' Home Commissioners. 134 Treasury Department officials. .133 Union Pacific R. R. Gov't directors. 134 War Department officials..

..135 United States Ambassadors, Consuls, etc.,

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