Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1875-09-16
An Act to Provide for the Re-
sumption of Specie Payments.

BE it enacted By the Senate and House of
Representatives. Of the United States Of
America ia Congress assembled, That the
Secretary of the Trearury is hereby au-
thOrized and required, as rapidly rs prae-
ticable, to cause to be coined at the
mints of the United States, silver coins
of the denominations of ten, twenty
five and fifty cents, of standard value,
and to issue them in redemption of an
equal number and amount of fractional
currency of similar denominations, or,
at his discretion, he may issue such sill
yer coins through the mints, the SUBJ
treasures, public depOsitaries and post
Offices of the United States; and, upon
such issue, he is hereby authorized and
required to redeem an equal amount of
such fractional currency, until the
whole amount of such fractional curren-
cy outstanding shall be redeemed.
SIC. =. That so much of section three
thousand five hundred and twenty-four
of the Revised Statutes of the United
States as provides for charge of one
| fifth of one per centum for converting
| standard gold bullion into coin is hereby
repealed, and hereafter no charge shall
| be made for that service.
SEC. 3. That section five thousand one
hundred and scvcnty-seven of the Re-
vised Statutes of the United States,
limiting the aggregate amount of circu-
lating notes of national banking assOci-
atiQns be, and is hereby, repealed; and
each existing banking association may
increase its circulating notes i'll accord
ance with existing law without respect
to said aggregate limit; and the provis-
ions of law for the withdrawal and re-
distribution of national bank currency
among the several States and Territories
are hereby repealed. And whenever,
and so often, as circulating notes shall
he issued to any such banking associa-
ton, so increasing its capital or circu-
lating notes, or so newly organized as
aforesaid, it shall be the duty of the
Secretary of the Treasury to redeem the
legal-tender United States notes in eX-
cess only of three hundred millions of
dollars, to the amount of eighty per
centnm of the sum of national bank
notes so issued to any such banking as
sOciation us aforesaid, and To continue
| such redemption rs such circulating
notes are issued until there shall he out
standing the sum of three hundred mil
lion dollars of sUGh legal-tender United
States notes, and no more. And on and
aIper the llrSb u;ly OF 'tAf4adry. ammo
Domini eighteen hundred and seventy
nine, the Secretary of the Treasury
shall redeem, in coin, the United States
legal-tender notes then outstanding on
their presentation for redemption, at
New York, in sums Of not less than fif-
ty dollars. And to enable the Secretary
of the Treasury to prepare and provide
for the redemption In this act authorized
or required, he is authorized to use any
surplus revenues, from time to time, in
the Treasury not otherwise apprOpri-
ated, and issue, sell and dispose of, at
not less than par. in coin, either of the
descriptions of bonds of the United
States described in the act of Congress
apprpye9 July fourteenth, eighteen hum
dfed and seventy, entitled, '!!An apt to
authorize the reflIhdihg of tho NatiOn-
al debt" with like qualities, privileges
and exemptions, to the extent necessary
to carry this act into full effect, and to
use the proceeds thereof for the pur-
poses aforesaid. And all provisions of
law inoonslstent with the provisions of
this act are hereby repealed.
Approved, January II, 1873.
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