|in sums or mul-|162,000,000
| |tiples of $20 |
4. Nickel | | Do. \
> 62,000,000[d]
5. Copper | | Do. /

Paper | | |
6. Gold certificates| Subsidiary and |Gold coin |1,172,000,000
| minor coins | |[e]
7. Silver | Silver and |Silver dollars | 482,000,000[f]
certificates | minor coins | |
8. US notes | Subsidiary and |Gold | 337,000,000
| minor coins | |
9. Treasury notes of| Silver and |Gold | 2,200,000
1890 | minor coins | |
10. National bank |Subsidiary silver|Lawful money[b]|761,000,000
notes |and minor coins | |
11. Federal reserve | Gold[c] |Gold[c] |133,000,000
notes | | |
-------------------------------------------------------------------
Total[g]...........................................3,792,200,000

[Footnote a: "Lawful money" includes gold coin, silver dollars, U.S.
notes, and Treasury notes.]

[Footnote b: Redeemable also in lawful money at bank of issue.]

[Footnote c: Redeemable also at Federal reserve banks in gold.]

[Footnote d: Not usually included in the estimates of total money
in circulation.]

[Footnote e: Represented dollar for dollar by gold kept in the U.S.
treasury.]

[Footnote f: Represented dollar for dollar by silver kept in the U.S.
treasury.]

[Footnote g: Besides, there were about $312,000,000 in the U.S.
Treasury not offset by outstanding paper. The total money stock (in
circulation and in the Treasury, eliminating certificates representing
gold and silver), was about $4,233,000,000, of which 70 per cent was
metal (largely represented in circulation by paper certificates) and
30 per cent was paper. Of the 70 per cent 50 was gold, 18 was silver,
and 2 was copper and nickel.]

Sec. 4. #Light-weight fractional coins.# The standard metal is usually
too valuable to be suitable for coins of the smaller denominations.
Therefore, when gold is the standard, copper, nickel, and silver
remain in restricted use. But when coins of