thereafter any of the notes redeemed should be reissued. Greenbacks are receivable for all debts and public dues, and are redeemed in coin at the Treasury on demand. The Greenback party was a political organization which in 1876 demanded an increase in the amount of paper currency issued by the Government. This party developed considerable strength in the Western States. Eventually (1884) this party strongly advocated the issue of "fiat money,"—that is, paper money issued by decree or "fiat" of the National Government. General Benjamin F. Butler, nominated for the Presidency on its platform, said: "I desire that the dollar so issued shall never be redeemed." He added that there is no more reason for the redemption of a paper dollar than for the redemption of a yardstick or of a quart measure. Ch. XXVI.

Gresham's Maxim.-Sir Thomas Gresham states the law that every inferior currency tends to expel the superior currency from a country. Issues of paper and depreciated silver cannot enlarge the money volume because they not only displace gold, but also cause an increase in the price of everything that money buys. There is, under such circumstances, no real increase of the money volume of the country, but only an apparent one. There are more dollars than before, but they are cheaper, since the individual dollar buys much less than before the inflation. Under such conditions the creditor loses, and so does the workingman unless his wages rise in the same ratio as do the prices. The safeguard against inflation is a currency based upon gold, or certificates representing deposits of gold. The ideal currency would be one containing nothing else. In all sound-money countries, the bank note is in course of becoming a simple gold certificate redeemable on demand.

Ch. XXVI. National Bank Notes.-Any National bank may issue notes up to the amount of its capital stock, provided government bonds equal to the amount of the notes be deposited as security. In case the bank fails to pay its notes, the Treasurer of the United States will sell the bonds and make payment from the proceeds. The aggregate capital of the National banks, November 1, 1908, was

$893,932,010. The notes in circulation at that date amounted to $643,202,001. The banks pay a government tax of one per cent annually upon the amount issued. The National bank note circulation is the largest single item in our paper currency.

Ch. XXVI. Coinage of the United States.-The gold coinage of the country consists of double eagles ($20), eagles ($10), $5 pieces and $2.50 pieces. Certificates are issued against gold held in the Treasury. The gold in circulation November 1, 1908, amounted to $610,060,562, and the gold certificates to $807,246,389.

Our silver coinage consists mainly of one-dollar pieces each containing 412 grains of silver of nine tenths fineness. These are receivable for all public dues, and are a legal tender to an unlimited amount. They may be exchanged for silver certificates. The number of silver dollars in circulation, either in the coins or their representative certificates, amounts to $540,000,000.

The subsidiary silver coinage, consisting of half dollars, quarter dollars, and dimes, amounts to $133,000,000. These coins are legal tender to the amount of ten dollars. The Government will exchange them for paper money in sums of twenty dollars or multiples of the same.

The minor coins, nickels and cents, are not legal tender for more than twenty-five cents; but these coins can be redeemed at the Treasury in sums or multiples of twenty dollars. Ch. XXVI.

Rural Mail Carriers.-Rural prosperity has its shadow as well as its sunshine. The head of the Post Office Department is learning this to his sorrow. Many of the rural carriers receive $900 a year, but are not satisfied. And the rural carrier will insist on complaining about the roads. However, the rural mail delivery system has been a great factor making for good roads. As the Government does not require its rural carriers to traverse impassable roads, there was some incentive to improve the condition of the rural highways, and once begun the work was worth carrying on for its own sake. The rural carrier has been of inestimable value to the rural public in many ways. The rural delivery and the ex

tensions it has made to the postal facilities have done more than almost any other thing to promote intelligence in the country and to break down isolation. Ch. XXVI.

Postage Stamps.-The denominations of ordinary postage stamps now used by the Government range from one to six cents consecutively, and then go to eight, ten, thirteen, fifteen, and fifty cents; one dollar, two dollars, and five dollars. It will be observed that there are not many denominations to meet all the various weights of mail matter, but there are enough. The thirteen-cent stamp was especially designed to meet the old registry fee of eight cents and the regulation postage of five cents on foreign mail matter, and thousands have been sold to persons living in this country who send registered remittances abroad. Many foreigners within our limits even register their money orders. The thirteen-cent stamp is dark gray in color, and bears the vignette of the late President Benjamin Harrison. From time to time various exposition and special issues are made, and have an initial sale value according to their denominations. Stamps of the Columbian, Trans-Mississippi, Pan-American, Louisiana Purchase, and Jamestown series are no longer issued, and they have been withdrawn from sale, although stamps of these series in the hands of the public, as well as all other ordinary postage issued since 1869, will remain good for postage indefinitely. Ch. XXVI.

Postal Savings Banks.-This is the name given to a system of banking to be carried on in connection with the Post Office Department. There is much to be said in favor of postal savings banks. They are of especial advantage to many foreigners who do not understand our institutions, and often fear the best banks. Indeed, many of them send their savings to Europe by international postal orders, and deposit the money in Europe, rather than here. Postal banks cannot, however, accept large deposits from single individuals; the deposit is limited. It is the duty of Congress to give to the people of this country the same opportunity for exercising thrift by means of the post

offices that the governments of other civilized countries offer their respective peoples. Ch. XXVI.

Library of Congress.-Among the libraries of the world the library at Washington ranks third. The annual report for 1907 shows that the library had 1,433,848 books and pamphlets, and 900,000 other articles. Among the recent additions is the Yudin library, a collection of works on Russia and Siberia of over 80,000 volumes. A large collection of works on Japan, mainly in the Japanese language, has also been acquired. Special attention has been devoted to developing the collection of foreign documents. The expenses of the library, exclusive of $205,000 for printing and binding, aggregated $576,000.

Ch. XXVI.

Powers of Congress to Establish Certain Courts: Court of Claims. The establishment of the Court of Claims by Act of Congress February 24, 1855, illustrates the creative power of the Legislative branch of the Government. The court originally consisted of three judges, appointed by the President, by consent of the Senate, to hold office during good behavior. Its jurisdiction extends to all claims founded upon any act of Congress, on any regulation of any executive department, or any contract, expressed or implied, with the Government of the United States, and all claims which might be referred to it by either of the houses of Congress. In cases where the amount in controversy exceeds $3,000, an appeal may be taken to the Supreme Court of the United States at any time within ninety days after judgment has been rendered. Where the judgment or decree may affect a Constitutional question or furnish a 'precedent affecting a class of cases, the United States may take an appeal without regard to the amount in controversy. Claims must be filed within six years after the claim accrues, except in cases of disability. The court must hold one session annually, commencing on the first Monday in October. By Act of March 3, 1863, the number of judges was increased to five, and a Chief Justice of the court chosen from the number. The jurisdiction was also somewhat extended. The court has served as a model for similar courts created in several commonwealths. Con

gress often refers to this court, for decisions upon disputed facts, the claims of paymasters, quartermasters, and other disbursing officers, as well as other claimants where the grounds of relief are not free from doubt. Congress makes appropriations to pay the awards rendered by this court. Ch. XXVI.

Relation of the United States to Immigration.-The thirteen colonies which asserted their independence and compelled England after a long war to recognize it, were chiefly populated by men of the English race, immigrants from England and the lowlands of Scotland. These people were in an overwhelming majority in all the colonies, and especially in New England. Of kindred race with the predominant English were the strong, vigorous Dutch who founded the colony of New York. In the eighteenth century there was an emigration of Huguenots to the various colonies, and these men were of admirable quality. There was also a considerable immigration of Germans from the Palatinate, and of Scotch-Irish from the north of Ireland. The Germans and Scotch-Irish settled chiefly in Pennsylvania, Virginia, and North Carolina. They were robust men, and were a most worthy addition to the population. Speaking broadly, the thirteen colonies at the time of the Revolution had an overwhelming majority of inhabitants who were English-speaking or who came from related stocks. These were the men who fought in the Revolution, and who adopted the Constitution. Our political institutions and our governments, State and National, were founded by and for these people and in accordance with their ideals and their traditions. They were a homogeneous people, and the institutions which they established were essentially their own, were thoroughly understood by them, and suited them in every respect. The soundness of the political system which they founded has been demonstrated by more than one hundred years of existence, and by the glorious record of the manner in which its perils have been triumphantly surmounted.

But there have been many changes in the immigration. After the great famine in Ireland (1845-46), large numbers of immi