Treasury

note. A note (money) i ued by the United States Treasury in payment for silver bullion purchased under the so-called Sherman act or silver-purchase act pa ed July 14, 1890. An important clause of this act was the one declaring it to be the “established policy of the United States to maintain the two metals (gold and silver) on a parity with each other upon the present legal ratio (15.988 to 1), or such ratio as may be provided by law.” In order to comply with the law it was nece ary when Treasury notes were presented for redemption to pay on demand either gold or silver as the holder of the notes might prefer. A refusal to do so would have made the notes silver notes. The notes are in denominations of $1, $2, $5, $10, $20, $50, $100, $1,000 and are redeemable in coin at the Treasury and at Sub-Treasuries; are exchangeable for all kinds of money except gold certificates and are unlimited legal tender except as. otherwise contracted. The amount of silver bought with Treasury notes during the three years before the repeal of the purchasing clause of the act on November 1, 1893, was. 168,674,682 fine ounces at a cost of $155,931,002 (an average of $0.92.44 per ounce), which represents the total of the note i ue. The bullion purchased was held as security for the notes. Up to August, 1893, the notes presented for redemption were rei ued whether they were paid in gold or silver. Since that date all notes redeemed in silver have been canceled and the bullion so released as security has been coined into silver dollars or subsidiary coins. = Under the act of March 14, 1900, Treasury notes redeemed in gold are rei ued only in exchange for gold deposited. Of the total i ue only a small part now remains in existence. The name Treasury notes was also applied to two i ues of legal tender notes emitted by the United States government early in the Civil War. One series bore simple interest, sometimes 5 per cent and sometimes 6 per cent, and the notes had a definite period of payment. The 5 per cent notes had interest coupons attached. The other series consisted of compound interest notes. These were payable in three years from date, with interest at 6 per cent compounded semi-annually and payable at maturity. On the back was printed a statement showing the value at the end of each six months. Neither of these i ues was a succe as a circulating medium, the accruing 1n- | terest naturally causing them to be hoarded. Trial of the pyx. The test of the finene and weight of coins reserved from each new minting for the purpose. The receptacle for the coins so reserved or selected is called the Pyx. Triangular operation in exchange. An operation in which three places are involved. For additional information see Arbitration of exchange.._ Triangular operation in gold. An operation in which three places (or three countries) are involved. As an example, an order may be sent from Paris to New York for the shipment of gold to Paris. If London is indebted to New York New York may order the amount of gold sent from London to. Paris instead of sending it from New York. Thus, a large part of the transportation charges, insurance and interest while in transit is saved. London often meets obligations in New York by ordering the forwarding of gold from Australia where London has a credit. On arrival in San Francisco the gold is deposited in the mint there which i ues for it a receipt or check payable in gold at the Sub-Treasury in New York. Thus, the transportation of the gold acro the continent is avoided. For additional information see Gold exports and imports. Trip pa . A ticket entitling the holder to a free ride between the points named in it on a railroad (or a steamboat or other conveyance). | f f True discount. If interest is deducted at the time a loan is obtained it is called true discount if the amount received plus the interest equals the amount to be paid at the maturity of the obligation. 529