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Specie Payments

Specie Payments image
Parent Issue
Day
13
Month
December
Year
1878
Copyright
Public Domain
OCR Text

(JiiAPTKit l. - An act to próvido tor the rcsumption of specie payments - Be it enacted by tlio Seoate and Houso of Kepresentatives of tho Uuited States of America in Congross assembied, Tbat tbo Secretary of -the Treasury ia hereby-Authoriasd and raquired, as rapidïy as practicable, to cause to be coiued at tlie minta of the tJmtéd States silver coins of the denominations of 10, 36 and 50 cents, of standard valr.i', and to issue them in redemption of an egaal numbar and ainonnl of fraction.il curroncy of similar donominations, or, at nis discretion, be may issue such silver coins through tlift rniiits, tite sub-troasuries, public dopositories and postoffices of tho United States ; and, n pon snen issue, ho is hereby authorizod and roqulre&to redeom ttn cqnaramount of such n ál enrrency, nntll the ivbole amount of snch fractioual currcücy outstauding shall bc redeomed. Si;c. 2. That o much of soction 3,524 of the Revisad Statutesof the United Htatoa as provides for a charge of one-ñfth of 1 per centnm for converting Standard gold bullion into coin is hereby repealed, and hereafter no charge shail be ïnado for that service. :;. That seotion ", 1 77 of tho Revised Statutee of tlio Quitad States, Htniting the aggregate ainount of circiilating notes of nationalbanking iissodations, be, and is hereby repealed ; andeacb oxisting banking assoi-iati.m may increase its circnlating notes in accordance ■vvitli existing law without respect to said aggregato limit ; and new banking associations may be organized in accordance with existing law without respect to said aggregate limit ; and th provieions of law for the withdrawal and re distribution of national-bank curreney among Beveral Htates and Territorios are hereby repealed. And whenever and so often aH cirouIating notea shall be issued to anv such banking a-n'iatitiii, so increasing it capital or circulafmg notos, or so newly organized a ai'oiesaid, it shall be the duty of the Secretary of tho Treasnry to redeem tho legal-tonder United States notes in excese only of S:j(X),0üO1(X)O, to tlie amount of 80 per centnm of the sum of nationalbank nulos ho issued to any snch banking association as aforesaid, and to continuo sueh redemptkm as snch eirenlaüng notes are issued anti] there shall bo outstandins? the snm of 8;i0U,0(Xi,ÜO0 of sucli logal-tcnder United States notes and no more. And on and after tbelstdayof January, A. I). 1879, the Secrotary of the Treasury sliall rodesm, in coin. the United Ktatcs legal-tendor notes then outstandid tbeir preseutation for redemptiou, at the ofiice of tbc AssSstant J'reaHiirer of the United i States in the city of New York, in sums of not I less than $5ü. And to enable the Sècretary of I lbo Treasury to preparo ajjdprovide for the redemption by tins ar. authorizod or required, he is authonzed to v-f any Bnrplns revengeg, froni tinii to time iïl the treasury not otborwise appropíráted, and to iapne, sel] and dispose of, not loss than psr, in coin: either of tlio desj oriptions of bonds of the ITnited Stetfs desi oribed in tbc act of Gougresa approved Jnly 14, 1870, on'itlod "An '.et to authonze the refunding of tho natimial dobt," with like qualities, privileges and exi api extent "ecessary to carry tbis act into full effect, and to ' uso the procesos thereof for thepnrposesaforoI said. And all provieiODS of law inconsistent with the provisions of tliis act aro hereby re' poaled. A]iprovod Jan. 14, l.S7". This actprowtlcd that the legal-tonder i circulatiou shonld not be contracted betew s:iüü,000,000. On tho 31st of May, 1878, i bill vns approved, wiúch has had the effect of iixiug the legal teHder oirculütion td fH-lG,C81,016. The textof this bill is as follows: II il enacted, etc, That froni and alter tho passage of this act it ehall not be lawful for the Becretary of tho Treasury or othero&loei ander him to oaneel or retire "any more of the i United States legal-tendcr notos. And when : any of said notes may bo redecmed or be received intn tlif treasury, under any law, froni any souree whatover, and shall bolong to the United State, they shall not 1ki retiredj canceled or dostroyed', hut thoy sball be v and paid out again and iept in circüi provided, That nothing beroin shall prohibit tbo oanci.llatinn and destructiou of mulilated notos and tho issue of other notes of like linominatiou in their tead, as now provided by law. All act and parta of acts in conflict herewith are hereby repealed

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Subjects
Old News
Michigan Argus