Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1876-09-29
CHAPTER Is.
AN ACT TO PROVIDE FOR THE RESUMP-
TON OF SPECIE PAYMENT.

CHAPTER Is.
AN ACT TO PROVIDE FOR THE REsUMp-
TON OF SPECIE PAYMENT.
BE it enacted by the Senate md
House Of Representatives of the
United States Of america IN Con-
gress assembled, That the Secretary
of the Treasury is hereby authorized
and required as rapidly as practicable
to cause to be coined at the minis of
the United States. silver coins of the
denominations of 10, 25 and so cents,
of standard value, and to issue them
in redemption of an equal number
and amount of fractional currency of
similar denominations, OF, at his dis
erection he may issue such coins
through the mint, the sub-treasuries,
public repositories, and post offices
of the United States, and upon such
issue he is hereby authorized and re-
CURED to redeem an equal amount of
such fractional currency until the
whole amount of such fractional cur
rency outstanding shall he redeem
cd.
SEC. 2.-That so much of Section
1924 of the revised Statutes of the
United States AS provides for u
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into coin, is hereby repealed, and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 5,l77 of the
Revised Statutes of the United
States, limiting the aggregate amount
Of circulating notes of national bank
ing associations, be and is hereby re-
pealed, and each existing banking
association may increase its circula.
ting notes in accordance with exis-
ing law without respect to said ag-
gregate limit; and new banking as
sociations may be organized in accor-
dance with existing law without re-
spect to said aggregate limit; and
the provisions OF law for the with
drawal and redistribution of national
bank currency among the several
States and Territories, are hereby re-
pealed, aud whenever and so often
as circulating notes shall be issued
to any such banking association, so
increasing It's capital or circulating
notes or so duly organized as afore,
said, it shall be the duty of the Secre-
tary of the Treasury to redeem the
legal-tender notes in excess of $780,
100000 to the amount of so percent
UNI of the sum of national bank notes
so issued to any such banking asso-
citation as aforesaid, and continue
such redemption as such circulating
notes are issued until there shall be
outstanding the sum of $500, 1000, 900
of such legal.tender United States
notes and no more. And on and
after the first day of January, Ammo
Domini 1879, the Secretary of the
Treasury shall redeem in coin the
United States legal-tender notes then
outstanding on their presentation
for redemption at the Office of the
Assistant Treasurer of the United
States in the city of New York in
the sum of not less than $50. And
to enable the Secretary of the Treas
ury 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 appro-
priated, and to issue, sell and dis
pose of, at not less than par in coin,
either of the descriptions of bonds
of the United States described in the
act of Congress approved July 14th,
1870, can act to authorize the re-
funding of the national debit with
like qualities, privileges and excmp-
tons, to the extent necessary to car
ry this act into full effect, and to
use the proceeds thereof for the pur-
pose aforesaid. And all provisions
of law inconsistent with the pro-
visions of this act hereby repealed.