The treasury notes of 1890 are similar to the greenbacks in quality. They were issued under the Sherman Silver Law of that year to pay for the silver bought by the government. They created an additional demand upon the gold reserve against the greenbacks, which was already too small. The issues are:

Issue And Retirement Of Treasury Notes (In Millions)

Fiscal Year

Treasury Notes Issued

Silver Dollars

Coined from

Bullion of Act of 1890

Amount of Treasury Notes Redeemed in Silver and Canceled

Amount of Treasury Notes Outstanding

1891

$ 50.5

$27.3

$ 50.2

1892

51.1

34

....

101.7

1893

45.5

5.3

....

147.2

1894

8.7

.0

$ 3.3

152.6

1895

3.9

6.5

146.0

1896

7.5

16.4

129.7

1897

21.2

14.8

114.9

1898*

3.8

8.5

106.3

Total...

$155.9

$72.6

$49.6

* First 6 months only.

The Act of 1900 provided for the retirement of an amount equal to the amount of silver coined from that bought with the notes; this has now all been coined and as the notes are turned in for redemption, silver certificates are substituted for them. Of the $155.9 millions originally issued, only $1.7 millions were outstanding September 1, 1919; there are probably very few in existence, and most of these will be held as souvenirs and in numismatic collections. They are redeemable on demand in either gold or silver, at the discretion of the Secretary of the Treasury.