The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1876-12-08

Dure bnitstions % "a the suouns 10 be 20 funded
xssSssn sssamsl.,,ou Of s,,a !. .-.ua,. .uss.
sss 20 sss d.%ssa "a -, ,s.s ss.
Sis: wsie 70 ssca@ si,ss !. sasssss ~ ,kas ,ise
wes Re snass ss @sesssy Zoe. ~ Interest.
epbarra.s the funding Of our National securities
.sss .h ., q. syppfass ", ~
tbey would NOD he sr-etly missed trptn Ina c,rcu
is,ias @eciaS. ss their place VII readily bs sss-
ar ne .s e., o, January a. ,. ..u,-s "a. 90, 10
= .ssnoss ~ ss sa@o@p,i.smss,. s.ays"s sse
rsssmptisn Of the ostsissdnr frsctl,aai car.
>" '', ss, coin the 'sss.s.s q q.
cssssxe ~ gold bullion, The subsusuIioa. AZ the
:;.:.s s%s.s. :. q. ss.s,,, Nay require y
United ssos IN escrss ~ 1000 zoo con AMI Inc ult
.s.,s ssa;s.p,os . ,Ss ss.I. i.ssI,ssasS sc,s.
''s r r.,u.,.. q, n... ,r.,,.,.o. m. ,..,. .,
,i"ns e"rene, sSs ~, ?, ~
o0pcso Of siiver ersuso ass ssrn issnsa, and Os.
Ssss ire ,sa;. :qsssas, ,sd e me 4, "a
soirsx-, the present nscsi wear, Of the bsisnes
% iss ir.s,.aa cu,r.asy ss,-,sod,us' and tssy
ess sss o. ssss sane ao y
ieesi-seusers ssIsss,fis
1be cn,nsss Of ssid buIi,on for the past year hes
-
the prrv1ous yssr. ws,os Il an Iucres.~ compared
.s sss 3 ..r Of tbs .~oaa' o. gold op
A. the acmssd Tor Rational bank currency ts
ss.red. with slight prssssinly 81 he nm.
das,'as ''' sss.. s,,.. 'on,snp sssss, =,
eppsso.eo prior 10 JANUARY, isTp 10 not likely
s,os q ,ba vii g ,ns' ,,ms rsm.,s oass'sa1,ps
IL IN De Observed tps,: " contemplation Q, tue
: :s TIE 3, s y ;s y ,ss ss: e s,sr
deemes By u sud . rcductoa Of the iessi-tsnders
IN The amount 10 erces Of sscegoep Besides
and provision for Inc reasmption In eein Of legal
tender outsis ud " 81 ths rfbod period
msy be substifuisd fcr the fractional currency
and the gold coin increased, while ihcre u little
TENDERS 10 sxcess % the Ssoo.00Ooo II will
he observed tina; 10 h incumbent on
the eecret.ry 70 prep.re 20 provide tor the re-
preseuted on and aior that date. and that the
means nc tbs command. 70 this end. are the sur
sppiopriaied. and the proceeds Of the issue. sale
snd dirp0sal Of certain descriptions OF United
% carry inls sef into EJECT ms inyoiSes he
necessity % the accumulation OF eotn to tho
s - The s9 h demand lof ,ea,mp,los OF
There Will likely b ~ that time not less than
$1,000. 90 cu<tsDd,nf, and probably no ineonsid.
Here. ~ Will be seen, 10 an imperative require
meni OF the secretary TO redeem In coin. on q ry-
VI
o0ocoo, and authority TO prepare and provide for
H. lie may cell UUhed stafes bonds To Obtain the
sct ay inlo rs RI. 70 ssss me ,ss
socumulaiion Of tho needfai amount Of coin
sganst the day Of Resumption. hat a. the nsces-
eary amount 90 Eiyen day 10 deterininaio only
q the epuou Of the holders OF the notes 10 be ~
deemed. the amount 70 % provided for IL neccs-
event. o. condition o. Thug. over ws,sn he has
htlle OF no control impossible foe him to
AZ jsdsms., deemed s.sss.ss9 to carrs
The set info Effect 10 acoumulate 81 amount
q seld equal to lhe entire amount Of the legal.
topdsr- Outstanding on thai days but this, n II
were not ally ilnp0rsihie. would be 80 inex-
pedeni. a. dasncizl measure. tn.t u 10 not TO 10
snd 80 no, noameen, 90 ihs secrstars. siili he
Il expected aud required ~ meet the demand VI
in assaSsi ct hs dissrssn Win no certain data
foi MI. guidance 10 CD. exeruise Of H. What 10 es
sssns '9 o. hm 70 sn.. ~ o,nsa 20 ,hs perform,
cerlainly he prcsented tot redemption on the Let
q Jsr1ay. iss. A. tails u clearly not attsinaels
as y I'll 10 desl Win v.at proosols, deter.
a. val be lssly 20 alissd that event II would not
70 maze a pfobsble esIissts Of tho amount 70
CURED Al tse Redemption uefs 10 take place ~ Jan
an sast ~ com ss1s. 10 ,hs @els,s os iss ann =,
but whil. u =. TO DO hoped that the oredl. q our
thai ~ oibet respecis the situation wall favor suen
resnIt. u "a. however, deemed probable In anv
!
NO reduction Of the volume OF these
notes should - made in antoipatinn OF the
dempnon u ls1s. the preparation required by so
ecmuistioa Of COIN for the demands Of January.
isss and immsdis,ely thereafter. mlst be at lsast
an equal proporroa OF tue sum total Of the notes
outstsndina. A. ~ the surplus revenues - .
measure Of REDEMPTION. snoh 10 the present aud
probable future OF thess revenues and the do
uaDds upon them. that 70 10 NOT deemed at
all pfoba lie thai sny considerable suin not other
wise apprppriai ed could ba devoted 10 this end.
in this connection. however, ~ IA proper TO OBJ
carve that now. tar the nrst time In many years.
owinf 20 the large reduction OF currency pay-
nenis, the saies Of sold. obtain the equIya snt
currency tnefsfor. are no longer uecesssry. and
thus Considerable secnmuiation Of sald may be
anncipstei IRON ths surplus from tho customs
feyenne.
by the set OF January IL. ISIS. the limitation
upon the lssue " Ssiiun al hank notes was 70
pealed. aud The volume Of currency left TO be de
tsrnlped by the easiness dsmsnds Of the country.
The secretary Of the nsssary was required to
retire, Of lesal-tender neics. eighty per cent Of
ths suIn Of Nsttonai.eank notes then issucd IN
Gees Of tsoo oo,op. Tue amount OF additional eur.
xsncy issued since the pa-sAss of this act IA
eisososss. and leFsltender notes 20 the amount Of
els,lsa.2s9 have besn retired.
nv the act OF Juns "a is7A National banks
nIsht withdraw their circulation In whole OF IN
pArt by depositins 10 wfnl money with the Treas
urer, and withdraw proportional amount Of tae
10 Te,rr no,e- 10 M. :, ten, ~ e,ss,y
per eeut Of the bant notes thereafter issued.
49,. AmRa mRA