Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1875-09-09
An Act to Provide for the Resump-
ton of Specie Payment.

Be 1T enacted by the Senate and
House Of Representatives Of the INIT
ed States Of Anaerica, IN Congress as
senabzed, That the Secretary of the
Treasury is hereby authorized and re-
quired, as rapidly as practicable, to
cause to be coined at the mints of the
United States, silver coins of the de-
nominations of ten, twenty five and
fifty cents, of standard value, and to
issue them in redemption of an equal
number and amount of fractional cur
reney Of similar denominations, or, at
his discretion, he may issue such sill
yer coins through the mints, the sub
treasures, public depositaries and post
offices of the United States; and up
on such issue, he is required to redeem
an equal amount of such fractional
currency, until the whole amount of
such fractional currency outstanding
shall be redeemed.
SEC. 2. That so much of section
three thousand five hundred and TWEEN
ty-tour 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coin is hereby repealed, and hereafter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 ser
vice
SEC. 3. That section five thousand
one hundred and seventy-seven of the
Revised Statutes of the United States,
limiting the aggregate amount of Cir
culating notes of national banking as
sociations be, and IS hereby repealed
and each existing banking association
may increase its circulating notes in
accordance with existing law, without
respect to said aggregate limit and
the provisions of law for the withdraw
al and redistribution of national bank
currency among the several States and
Territories are hereby repealed. And
whenever, and SO often as circulating
notes shall be issued to any such bank
ing assoc citation, SO increasing its cap
ital of circulating 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 excess only of three
hundred millions of dollars, to the
amount of eighty per centum of the
sum of such bank notes so issued to
any such banking association as afore-
said, and to continue such redemption n
as such circulating notes are issued
until there shall be outstanding the
sum of three hundred millions dollars
of such legal tender United States
notes, and no more. And on and af-
ter the first day of January, Ammo
Demini eighteen hundred and seventy
nine, the Secretary of the Treasury
shall redeem, in coin, the United
States legal tender notes then out
standing on their presentation for re-
demption. at New York, in sums OF
not less than fifty dollars. And to en-
able the Secretary of the Treasury to
prepare and provide for the resump-
ton in this act authorized or required,
he is authorized to use any surplus
revenues, from time to time in the
Treasury, not otherwise appropriated
and issue, sell orIdispose of, at not less
than par, in coin, either of the deserip-
ton of bonds of the United States,
described in the act of Congress ap-
proved July fourteenth, eighteen hun
dred and seventy, entitled, 'An act au.
thorize the refunding of the national
debt" with like qualities, privileges
and exemptio ons, to the extent necessa-
ry to carry this act into full effect, and
to use the proceeds thereof for the
purposes aforesaid. And all provIs
ions of law inconsistent with the pro-
: visions of this act are hereby repeal
ed.
Approved January II, 1875.