In addition to the gold and silver coins, the United States has in circulation about $350,000,000 in "greenbacks"-the remnant of the forced paper currency of the civil war; about $155,000,000 in Treasury notes issued in payment for silver bullion; gold certificates in denominations of not less than $10, issued upon deposits of gold; silver certificates issued against standard silver dollars deposited in the Treasury; currency certificates issued in denominations of not less than $5,000 upon the deposit with the Treasury, by national banks, of United States legal tender notes; national bank notes of denominations of $5 and upward, issued by banks upon the deposit with the Treasury of United States bonds which are held as security for the ultimate redemption of the notes.

The currency of Great Britain in actual circulation includes the gold sovereign (value $4.8665) and half-sovereign; the silver crown (value $1.087), half-crown, shilling (value $0,217), sixpence, four-pence, and threepence. The paper money includes the notes of the Bank of England, the smallest denomination of which is £5, the notes of the Scotch and Irish banks, the smallest denomination of which is £l, and the notes of the joint-stock and private banks.

The currency of Canada is in form, at least, similar to that of the United States. Canada has no gold coinage of her own, but is considering (1910) the establishment of a gold coinage of $5 pieces on the same standard as the American coinage. The gold coins of the United States and Great Britain pass current and are legal tender. The silver coins are similar to those of the United States, except that there is no silver dollar, and a silver five-cent piece. The notes issued under the authority of the Dominion are of the denominations $1, 2 and $4, and are redeemable on demand in gold. Bank notes are issued by the chartered banks in denominations not smaller than $5. No special security in the way of deposit of bonds is required, but the notes in case of insolvency are a preferred claim against all the assets of the bank, including the double liability of the stockholders. The aggregate issue rarely exceeds sixty per cent of the paid-up capital of the bank and must not exceed one hundred per cent.

The monetary system of Australia is the same as that of Great Britain.

British India has a silver standard unit, the rupee (value $0.444). There are gold coins in value equal to five, ten, fifteen and twenty rupees respectively. The government issues notes ranging in value from five to ten thousand rupees secured by deposits of gold and silver. The money in circulation in India exceeds one billion dollars.

Germany has a gold standard with the mark (value $0.208) as the monetary unit. The smallest gold coin is the 5-mark piece. The silver coins are the 5-mark, 2-mark, 1-mark, 1/2-mark, and 1/5-mark pieces. The paper money includes the imperial treasury notes payable in gold, and the bank notes of the Reichsbank, an institution with individual shareholders, but largely under the control of the government. The issue of notes of less denomination than 100 marks is prohibited.

The government of Austria-Hungary has recently established a monetary system with the gold crown (value $0.203) as the unit. The gold coins consist of a 10-crown and a 20-crown piece, and the silver coins of a crown and a half-crown piece. As a matter of fact there is very little metallic money in circulation. The money most in use consists of an irredeemable paper currency issued by the Austro-Hungarian Bank in denominations of 10, 100, and 1,000 florins (two-crowns), and by the treasury in smaller denominations.

The Latin Union, which includes France, Belgium, Italy, Switzerland, and Greece, has now a single gold standard with the franc (value $0.1929) as the monetary unit. The smallest gold coin is the 5-franc piece; the silver coins are the franc, the 2-franc, the half-franc and the 20-centimes (one-fifth of a franc). The coins of one country are received at par in the others. France issues bank notes through the bank of France. Belgium issues bank notes through the bank of Belgium, payable to the bearer at sight, and the individuals and associations are free to issue bank notes on their own responsibility. Italy has no state bank, but there are in the country six banks which are authorized to issue notes payable on demand. The smallest denomination is 50-lire. Switzerland has now a state bank with central offices at Berne and branches throughout the country. Greece has three banks authorized to issue notes on such a very low gold and silver reserve that for many years gold has been at a premium.

Spain has the silver peseta, equivalent to the franc, as a monetary unit. It has the same gold and silver coins as the other countries of the Latin Union. The only bank of issue in the country is the bank of Spain, a private institution, with certain government restrictions. Its smallest note of issue has the value of 25-pesetas.

The Scandinavian Monetary Union embraces Sweden, Norway and Denmark. The krone or crown (value $0.268) is the monetary unit. The gold coins are 10-kronen and 20-kronen, and the silver coins are the 2-kronen, the krone, and the fractional currency. Sweden has a bank of issue entirely under the control of the state. Joint-stock banks are also permitted to issue notes under restrictions favorable to the monetary system. Norway has one bank of issue - a joint-stock bank with the state as principal shareholder. Denmark issues notes through a state bank.

The monetary unit of The Netherlands is the guilder or florin (value $0.402) of 100 cents. The gold coins are the 10-florin and 5-florin pieces. The bank of the Netherlands, situated in Amsterdam, has the exclusive right to issue notes.

The monetary unit of Russia is the gold ruble (value $0.52) of 100 kopecks. Other gold coins are the imperial equal to 10 rubles and the half-imperial. The National Bank of Russia is the only bank of issue in the empire. This bank issues paper money denominations of 1, 3, 5, 10, 25, and 100 rubles.

The gold milreis (value $1.08) is the monetary unit of Portugal.

The only bank of issue in Turkey is the Imperial Ottoman the notes of which are payable exclusively in gold.

The currency of China is made from an alloy of copper, iron, and tin. In all large transactions, silver by weight is the medium of exchange, the Mexican dollar being used in the South and ingots called shoes, in the North. There are large numbers of private banks which issue notes upon their own authority for local circulation.

The legal money of Japan is the yen of 100 sen. The yen is almost equal in value to our silver dollar. Trade among Japanese is carried on to a large extent by paper money issued under the authority of the government.

Mexico had a silver standard until 1905, when it adopted the gold standard. The Mexican dollar (el peso) is the unit, and under the name of piaster, is the current coin of several countries in America, Asia, and Africa. There are also gold coins in circulation, the smallest (1 peso) being almost equal in value to our gold dollar.

The Central American States have bank notes, but the metallic currency of these republics is largely Mexican.

Chile is on a silver basis, so far as specie is concerned. The real medium of exchange is a depreciated paper currency. The unit is the peso equal to the 5-franc piece of France.

The unit of the Argentine Republic is the same, but of gold. The actual currency is depreciated paper fluctuating greatly in value.