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9
If there hadn’t been a shortage of soya products, the price of vegetable oils
wouldn’t have risen.
Unreal condition in the Past: If + S + Past Perfect Verb Form,
Its Results: S + would + Perfect Infinitive Form
could
might
1. He was satisfied with their terms of payment. We signed the contract.
2. The goods were not loaded quickly. We have not received them by
now.
3. Your offer was not received last week. We did not accept it.
4. We did not sell the desired number of makes. We had a strike.
5. All the spare parts were not available by yesterday. We could not de-
liver them to our buyers.
6. The economic reform caused many difficulties. There was a great de-
mand for cheap goods from China.
X. Read the text and answer the question:
What are the three main classes of the U.S. paper currency in use at pre-
sent?
History of United States Currency
1. Early American colonists used English, Spanish, and French money
while they were under English rule. However, in 1775, when the Revolu-
tionary War became inevitable, the Continental Congress authorized the
issuance of currency to finance the conflict. Paul Revere made the first
plates for this "Continental Currency". Those notes were redeemable in
Spanish Milled Dollars. The depreciation of this currency gave rise to the
phrase “not worth a Continental”.
2. After the U.S. Constitution was ratified, Congress passed the "Mint
Act" of April 2,1792, which established the coinage system of the United
States and the dollar as our principal unit of currency. By this Act, we be-
came the first country in the world to adopt the decimal system for cur-
rency. The first U.S. coins were struck in 1793 at the Philadelphia Mint
and presented to Martha Washington.
3. The Government did not issue paper money as we know it today until
1861. In the interim years, however, the Government did issue "Treasury
Notes" intermittently during periods of financial stress, such as the War of
1812, the Mexican War of 1846, and the Panic of 1857.
4. During this same period (1793 - 1861), approximately 1,600 private
banks were permitted to print and circulate their own paper currency under
State Charters. Eventually, 7,000 varieties of these "State Bank Notes"
were put in circulation, each carrying a different design!
5. With the onset of the Civil War, the Government - desperate for money
to finance the war- passed the Act of July 17, 1861, permitting the Treas-
ury Department to print and circulate paper money. The first paper money
issued by the Government were Demand Notes commonly referred to as
"greenbacks." In 1862, Congress retired the Demand Notes and began is-
suing United States Notes, also called Legal Tender Notes.
6. Under Congressional Acts of 1878 and 1886, five different issues of
"Silver Certificates" were produced, ranging from I to 1,000 dollar notes.
The Treasury exchanged Silver Certificates for silver dollars because the
size and weight of the silver coins made them unpopular. The last series of
Silver Certificates was issued in 1923. However, the last series of modern
Silver Certificates produced were the series 1957B/1935H one dollar
notes, series 1953C five dollar notes, and 1953B ten dollar notes.
7. During the period from 1863 to 1929, the Government again permitted
thousands of banks to issue their own notes under the National Bank Acts
of 1863 and 1864. These were called “National Bank Notes,” but unlike
the earlier “State Bank Notes,” they were produced on paper authorized by
the U.S. Government and carried the same basic design.
In 1913, Congress passed the Federal Reserve Act, establishing this na-
tion's Federal Reserve System. This Act authorized the Federal Reserve
Banks to issue Federal Reserve Banknotes.
United States Paper Currency
8. Three types or classes of U.S. paper currency are in use today. The most
numerous - accounting for 99 percent of the total value in circulation - are
If there hadn’t been a shortage of soya products, the price of vegetable oils came the first country in the world to adopt the decimal system for cur-
wouldn’t have risen. rency. The first U.S. coins were struck in 1793 at the Philadelphia Mint
and presented to Martha Washington.
3. The Government did not issue paper money as we know it today until
1861. In the interim years, however, the Government did issue "Treasury
Unreal condition in the Past: If + S + Past Perfect Verb Form, Notes" intermittently during periods of financial stress, such as the War of
Its Results: S + would + Perfect Infinitive Form 1812, the Mexican War of 1846, and the Panic of 1857.
could 4. During this same period (1793 - 1861), approximately 1,600 private
might banks were permitted to print and circulate their own paper currency under
State Charters. Eventually, 7,000 varieties of these "State Bank Notes"
1. He was satisfied with their terms of payment. We signed the contract. were put in circulation, each carrying a different design!
2. The goods were not loaded quickly. We have not received them by 5. With the onset of the Civil War, the Government - desperate for money
now. to finance the war- passed the Act of July 17, 1861, permitting the Treas-
3. Your offer was not received last week. We did not accept it. ury Department to print and circulate paper money. The first paper money
4. We did not sell the desired number of makes. We had a strike. issued by the Government were Demand Notes commonly referred to as
5. All the spare parts were not available by yesterday. We could not de- "greenbacks." In 1862, Congress retired the Demand Notes and began is-
liver them to our buyers. suing United States Notes, also called Legal Tender Notes.
6. The economic reform caused many difficulties. There was a great de- 6. Under Congressional Acts of 1878 and 1886, five different issues of
mand for cheap goods from China. "Silver Certificates" were produced, ranging from I to 1,000 dollar notes.
The Treasury exchanged Silver Certificates for silver dollars because the
X. Read the text and answer the question: size and weight of the silver coins made them unpopular. The last series of
What are the three main classes of the U.S. paper currency in use at pre- Silver Certificates was issued in 1923. However, the last series of modern
sent? Silver Certificates produced were the series 1957B/1935H one dollar
notes, series 1953C five dollar notes, and 1953B ten dollar notes.
History of United States Currency 7. During the period from 1863 to 1929, the Government again permitted
thousands of banks to issue their own notes under the National Bank Acts
1. Early American colonists used English, Spanish, and French money of 1863 and 1864. These were called “National Bank Notes,” but unlike
while they were under English rule. However, in 1775, when the Revolu- the earlier “State Bank Notes,” they were produced on paper authorized by
tionary War became inevitable, the Continental Congress authorized the the U.S. Government and carried the same basic design.
issuance of currency to finance the conflict. Paul Revere made the first In 1913, Congress passed the Federal Reserve Act, establishing this na-
plates for this "Continental Currency". Those notes were redeemable in tion's Federal Reserve System. This Act authorized the Federal Reserve
Spanish Milled Dollars. The depreciation of this currency gave rise to the Banks to issue Federal Reserve Banknotes.
phrase “not worth a Continental”.
2. After the U.S. Constitution was ratified, Congress passed the "Mint United States Paper Currency
Act" of April 2,1792, which established the coinage system of the United 8. Three types or classes of U.S. paper currency are in use today. The most
States and the dollar as our principal unit of currency. By this Act, we be- numerous - accounting for 99 percent of the total value in circulation - are
9
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