The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-08-31
THE TRUE MEANING OF THE RE
SUMPTION ACT.
We have received the following from
valued correspondent:
MApIEroy July 36 1876

We have received the following from
a valued correspondent:
MAPLEToS. July &c, 1876.
Edior Anti-- --HonOpolist.
There seems to be some question in the minds
OF the people, as to whether according to the
! provisions OF the "Shernan act,' the national
banks will be required to redeem their bills in
specie.
Would it not be we'll to re-publish the bill
and give the people another opportunity to in
vestgate it for themselves!
Crops are looking poor ana the future under
contraction rule, very dark.
Very respectfully yours
W.N. P.
In answer we would say, that the Re-
publican programme OF resumption does
not contemplate that the national banks
shall do any more than they are now
doing, to wit, redeem their notes IN green
Jacks,. The nation is to redeem in gold,
not the banks. We give below the
Sherman law as requested:
Be it enacted, etc, That the Secretary of the
I! Treasury is hereby authorized and required, as
pidly practicable, to canse to be coined at
the mints OF the United States silver coins OF
! denominations of 10, -, and 80 cents OF stand
ard value ana to issue them III redemption Of
rency OF similar denominations, or, at his dis
cretion, he may issue such silver coins through
| the minis, suS-treasurieS, public repositories,
and post Offices OF the United States ,and, upon
such issue, he is hereby authorized and re-
qulred to redeem an eq ua amount OF such frac-
tlonal currency until the whole amount of such
fractional currency outstanding shall be re-
| deemed.
SEC. >. That so much Of section 1924 OF the
| Revised Statutes of the United States, as pro-
vides for charge OF one-slxth 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into coin is hereby repealed, and hereafter no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. ;. That section 5,777 of the Revised
Statutes OF the United Statess, limiting tae
aggregate amount otthe circulating notes OF the
! banking associations, be, and Is hereby, re-
pealed, and, each existing banking association
may increase It's circulating notes i'll accordance
with the existing law, without respect to sad
aggregate limit; and new banking associations
may b. organized in accordance with the exist
ing law, without respect to said aggre gate limit;
| the provisions OF the law for the withdrawal
and redistribution of national bank currency
among the several States and Territories are
| hereby repealed and whenever and SO otten as
circulating notes shall be issued to any such
| banking association, So increasing Its capital
or 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 $500,
900 900 to the amount of 50 per centum OF the
sum of national bank notes so issued to any
such banking association as aforesaid, and to
continue such redemption as such clrcu latlng
note, are issued until there shall be outstand-
ing the sum of $500 O00:000 OF such legal-ten-
der United States notes and no more. And on
and after the lst day OF January A. ID. 1879,
the Secretary of the Treasury shall redeem In
coin the United States legal-tender notes then
outstanding on their presentation tor redemp-
ton at the Office of the Assistant Treasurer ol
United States. in the city of New York, in sum:
of not less than ESQ. And to enable the Secre-
tary of the Treasury to prepare and provide fol
the redemption in this act authorized or re-
quired, h is authorized to use any surplu:
revenues from time to time in the Treasury mo-
otherwise appropriated, and to issue, sell, and
dispose OF at not less than par in coin, either
of the description of bonds OF the United State:
pescribed in the act of congress approved July
a. 1870, entitled IAN act to authoriz. the re-
funding of the national debt, with like privi
ileges aud exemptions, to the extent necessary
to carry this act into effect, and to use the pro-
ceeds thereof for the purposes aforesaid. Anc
al provisions of law inconsistent with tn.
provisions of this act are hereby repealed.
This simply means substitution o
national bank notes for greeabacks. to-
!, all the greenbacks above Sso0,000.000
and the redemption. and, OF course, can
collation. OF these $500 900, 900 with gold
The greenbacks will be thus totally
wiped cut of existence. the gold will b'
} shipped abroad or boarded. and the SOLE
currency will be national bank notes :or
; which we will not only pay interest bu
!: taxes to the tune of thirty odd million
: peryear. Thisis the programme from
which Hayes says we are TO '.take no ste]
Backward"