Dominion notes are legal tender for any amount, and may be redeemed at the offices of the Assistant Receivers General situated in the various provincial capitals. They may be issued in any denomination, but the one and two dollar bills are practically the only denomination in active circulation, the larger bills being used principally by the banks for clearing and reserve purposes.
1 From this should be deducted about $11,000,000 representing the amount of bills in process of clearing between the banks, and held in the tills of the several banks as "bills of other banks."
The government statement of June 30, 1913, shows the following amounts outstanding:
Provincial and fractional
Legal tender between banks.......
Legal tender between banks .............
Legal tender between banks
It will be noted that $80,089,000 is given as "legal tender between banks"; this amount consists of special notes that are payable only to chartered banks in Canada and used by them as before stated.
From the figures given above it will be seen that $36,274,538 is available for public use, but the banks' statements to the government at the same date shows that the holdings of Dominion notes by the banks amounted to $94,544,199, or $14,455,199 in excess of the special bank legals, which leaves the amount actually in the hands of the public at that date as $21,-819,339.