A form of short time borrowing by the Government of Great Britain. It was first introduced in 1877. The bills are drawn in sums of 1,000, 5,000 and 10,000 each, either for three or for six months, and are issued - sold - to those who bid for them at the lowest rates. That is to say, they do not bear interest, but the purchaser obtains them at a price sufficiently less than their face value to cover the interest. In other words, the bills are sold " discontinued. "

Treasury Notes of Act of July 14, 1890. By an Act of Congress, known as the Sherman Act, the Secretary of the Treasury was instructed to buy at the market price during each month, or so much thereof as was offered, fine silver to the amount of 4,500,000 ounces, paying for the same with treasury notes, redeemable on demand in coin and legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. " It was provided in the act that when the notes should be redeemed or received for dues they might be reissued, but that no greater or less amount of such notes should be outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom, then held in the Treasury purchased by such notes."

The purchasing clause of this act was repealed by Act of November 1, 1893; in the meantime there had been purchased 168,674,682.53 fine ounces costing $155,931,002 in treasury notes.

From November 1, 1893, to July 1, 1894, there were coined from the bullion, 140,939,750 standard silver dollars, of which $94,897,110 represented the cost of the bullion coined, while the remainder, $46,042,640, constituted the gain or " seignor-age." On July 1, 1894, the total amount of silver bullion remaining uncoined was 5,607,238 fine ounces.

In the United States these "are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract." On October 1, 1909, there were outstanding $4,071,000 of these.