Page:The New International Encyclopædia 1st ed. v. 05.djvu/781

* CUKRANT-INSECTS. 673 CURRENT-METER. early in June, where there are soon hatched dard money. The silver dollars approach token tiny grubs that begin to bore into the stem itil currency in the lack of correspondence between they reach and feed upon the pith. When full llicir n'lctallic and nominal values and in the grown (before the close of the season) tlii'V are limitation of their iiuantitv. but they depart half an inch long, have brown heads, and whitish, from its principles in jwssessing full legal ten- pubescent bodies. When about to change to a der and in not being directly redeemable In gold, chrysalis, this larva gnaws a tunnel to, but not Two forms of jjajier currency appear in the quite through, the outer bark, and then pu- circulation of the United States— the certificates pates in this chamber, and sleeps through the and the legal-tender notes. The certificates, winter. As soon as it is revived by the spring wliclher of gold, silver, or currency, represent it makes its final change, and the beetle gnaws in another form a definite quantity of money de- its way out. The wa.y to destroy these beetles posited in the United States Treasury. Thcj' is to prune and burn all dead twigs on the arc not themselves endowed with the legal-ten- bushes early in spring. Compare Goosebebbt. dcr qualities of the money tlu-y represent, though CURRANT WINE. A wine made of the J?<"?"';1'^ .v the Governnien't as money. The juice of red or white currants, to which is added "^ '" '^'^'** "°*^** convertible into g(dd on de- water and a little spirits before it is set aside ""!','• '>'■<'/"■>■«' "o,^ .v an exactly wiuivalent to ferment. Fennentation requires several "olding of gold by the Treasury, but by a 're- weeks, and the wine is not fit for use for at f "* "^ *)'l^"-<'09-^lO(l, uhich is deemed sufficient least some months afterwards. Black currant ? '".*^ '^ "■■"'•"y demands for redemption. wine is made in the same way from black cur- i^^Vcnem-Q lias taught that all such oliligations j-ants. "^^^ °" demand will not be presented simultane- -j' ously. The Treasuiy notes of 1890, popularly CURRENCY (ML. cHrrc»/i«, current of a ,;„o„.n as 'Sherman notes,' were issued in pav- .stream, Irom Lat. currcre to rim). The c-ircu- ^ent for silver bullion bought between 1890 and lating medmm in which debts are paid and the iggg. xhey are full legal ten.ler and are re- busmess of the c-ountry transacted. This would ^leemable in gold like the United States notes, seem to be also the definition of the term money, j^^y ^^^ gradually being retired in exchange and indeed, among economic writers there IS no for "silver certificates based on silver dolla?s hard and fast line to distinguish the use^ of the ^.^inp^i j.-q,,, t|,p bullion purchased by the notes respective terms cun-ency and money. In gen- when first issued ■eral, however, the term currency applies more t>,.,i.;.,„ ,„,.,. ., „ • t i • •c II i *T it -1 i 'c 1-1 iianlcing currency is represented in our eircu- specifically to those attributes of money which ,_.,ji„„ ^,^- ^he national-bank notes. These are are included under the des_ignation medium of receivable at par by all national banks and by ^xchange as distinguished from those which at- jj^^ Government in payment of all dues except tach to Its function as a standard of value. customs duties, and are payable for all debts ■ M- ?' J'! exceptions, the money of ^^^i^ by the United States except interest on civilized States rests upon a metallic basis of ^^e public debt and in redemption of United gold and silver, the circulaing medium is often gj^j^ ^^ Treasury notes, for they rest, not on e.xeeedingly comp ex. Of this the statement of j^e credit of the issuing banks, but on Govern money in circuation in the United States fur- „,ent bonds, and their ledemption is guaranteed iiishes an excellent illustration: ,,^, the Government. Viewed in this light they Money in Circolation in the United States Septem- appear as a form of Government paper currency. BEE 1, 1901 The word currency is often used to include ■Gold coin ?630,037,7io such credit instruments as checks and drafts, ^f°inH^rH'lifJ?^Ann„;- -«itrma 'I"*! i=^ usually then designated 'deposit currency.' Standard Sliver aoliarB 68,0*21,039 r^ n. t^ .-,, ,■ • ,, X ,-t ' Silver eertiflcates 433,550,842 Consult: I'arrer, Hfudies in the Currenc!/ (Lon- Subsidiar.y silver 80,788,L>28 don, 1898) ; Sound Ciirrenci/ Red Book, published Treasury notes of 1890 „**'?"^JI by Reform Club (New York, 189(5): Horace United states notes 833,975,624 ,,-i,-i- ,r in,- / vV i- i «,%.-., Currency Certificates Act oJ June 8, 1872 White, Monei/ and Banlang (Nework, 1902). National Banli notes 347.773.315 See BaXKS; COIX.VGE; GkeESDACKS ; TkEASURY Total $2,197,780,824 ^'°™« ' ^'o^=^- m, i c i.1 -J c CURRENT, Electric. See Electricity. the aggregate of these various forms of money constitutes the currency of the nation; but CURRENT -METER. A device for mcasur- among them we can recognize one only — namely, ing the velocity of sul>surface currents, usually gold coin — as possessing all the attributes of for the purpose of ascertaining the discliarge of a money. It is in the relation of these other forms stream or channel. (See HYniiooRAPiiY.) Ciir- to the standard money that the questions touch- rent-meters are made in several patterns, but ing the currency arise. While a fuller discus- they are all of the same general form. A hori- sion of these questions must be reserved for other zontal metal frame or body carries at one end articles, a brief survey can be had in examining a yane-like tail, and at the other end a bladed the list here given. In it we recognize three wheel free to rotate, the whole being attached types — token currency. Government paper cur- at its centre of gravity to a vertical metal shaft reney, and bank currency. so as to have a free, rocking motion between The subsidiary silver and minor coinage of certain limits in the yertical plane. When sunk the United States (the latter not given in the in flowing water by attaching a suspending wire table) represent in the fullest sense token cur- or cord to the top of thf shaft and an anchor reney. The metallic value of the coins is in weight to the bottom, so as to hold the shaft ■contemplation of the law less than their nominal yertical and the meter-frame horizontal, the value: their legal-tender quality is limited, as cm rent acting on the vane-like tail, like the, is also their amount, while the Government un- wind on a weathercock, swings the instrument -dertakes the obligation to redeem them in stan- into coincidence with the direction of the eur-