Treasury note. A note (money) issued by the United States Treasury in payment for silver bullion
purchased under the so-called Sherman act or silver-purchase act passed July 14, 1890.  An
important clause of this act was the one declaring it to be the "established policy of the United
States to maintain the two metals (gold and silver) on a parity with each other upon the present
legal ratio (15.988 to 1), or such ratio as may be provided by law." In order to comply with the law it
was necessary when Treasury notes were presented for redemption to pay on demand either gold
or silver as the holder of the notes might prefer.