paper money

Comm.: Paper-money may be either with or without forced currency enacted by law in the country of its i ue and circulation. In the former case, the holder has no right to claim coin in exchange, as the paper supersedes the coinage and common use of metallic money. In the latter case, it is simply a promise to pay coin, voluntarily accepted at the calculated current estimate of its financial value. Of forced currency, otherwise called inc on vertible paper-money, there have been abundant examples in the past century. France i ued its a ignats between 1789 and 1796, during which years they fluctuated between par, or an equal value with silver coin, and a depreciation of 99-100 per cent., thus utterly canceling their value in exchange. England restricted its specie payments, wholly or partially, from 1797 to 1821, with a resulting fluctuation between an equal or par value of paper-money and gold coin and a depreciation of 25 per cent. at the lowest point. The financial history of all other countries of Europe and America presents exactly similar examples down to the present time. In the case of paper-money without forced currency, such as bank-notes promising to pay, on demand, a given sum in coin, the chance of lo to holders is guarded against by the nece ity, enforced by law or prudence, of keeping up such a reserve of coin as experience proves to be generally sufficient. paper-mulberry, s. Bot.: Bro us so net i a papyri fer a , a tree of the order Moracese, cultivated in Japan, China, ., as we do osiers, for the young shoots from which paper is manufactured in the East. The bark being detached from the wood, is steeped in water, next the outer and inner barks are separated, the former making better paper than the latter. The bark is then boiled, washed, beaten into a pulp, and put in water, an infusion of rice and the root of manihot being added. From this the sheets of paper are made. In Tahiti the bark is made into fine cloth; in China the juice is used as glue. paper-muslin, s. Fabric : Glazed muslin used for linings, . IMG:content-0620.png:[blocks in formation] "To secure favor by well papering the house." -Referee, May 1, 1887. pā-per-ỹ, *pā-per-ię, a. [Eng. paper; -y.] I. Ordinary Language: 1. Like paper; having the consistency of paper. "A living animal might be... immured within that papery tomb."-Corn hill Magazine , Jan. 1884, p. 85. 2. Occupied by persons who have come in with free orders of admi ion. ( The at . slang.) "The stalls were partly papery and partly empty." Referee , Nov. 8, 1885. II. Bot . Of the consistence of paper and quite opaque, as most leaves. †pa-pěsç'-ent, a. [Eng. pap; -escent.] Containing pap; resembling pap. "The cooling, lactescent, papes cent plants."- Arbuth not: On Aliments , ch. vi. *pā-pě , *pa-pe e, s . [ Lat.papa =a bishop, the pope; Eng. suff. -e .] A female pope. "Was that history of that their monstrous pape e of our making?"-Bp. Hall: Honour of the Married Cler gie, § 9.