The act of February 28,1878, authorizing the issue of the standard silver dollars, provided that any holder of such dollars might deposit them in sums not less than $10 with the Treasurer or any assistant treasurer of the United States and receive-certificates therefor, in denominations not less than $10, said certificates to be receivable for customs, taxes, and all public dues. The act of August 4, 1886, authorized the issue of the smaller denominations of $1, $2, and $5. Silver certificates have practically taken the place in circulation of the standard silver dollars which they represent. The amount outside of the Treasury July 1, 1908, was $405,581,977, while the amount of standard silver dollars outside the Treasury was only $76,354,933. The act of March 14, 1900, provided that thereafter the issue of silver certificates should be limited to the denominations of $10 and under, except that 10 per cent of the total volume of such certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of $20, $50, and $100. Neither silver certificates nor silver dollars are redeemed in gold.