The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-10-05
The RennmntIon act.

For the information Of the readers, Of
the IsrELL1oEsoER Ve repabliSh the act
Of Congress pissed January 14ths 1876,
providing for the resumption Of specie
payments on the first day Of January,
1879, as follows:
SEC. /. Be il enacted, de-, That the Sec.
retary OF the Treasury ia hereby author
lied and required, rs rapidly as practi-
cable, to cause to be coined at the mints
Of the United States, silver coins Of the
denomination Of ten, twenty-five and ffty
cents, Of standard value, Sand. 10 issue
them inresumptioh of an equal+number
and amount OF fractional currency OF
similar denominations, or, at his discre.
tion, he may issue such silver coins
through the minis, the sub.treasuries,
public depositaries and postofiicea Of the
United States; and upon such issue, he Is
hereby authorized to redeem an equal
amount Of such fractional currency un.
It'll thewhole amount of,slch fractional
currency outstanding shall be redeemed.
Sec. =. That so much Of section three
thousand five hundred and twenty-four
OF the Revised Statutes OF the United
States as provides for acharge Of one.tifth
OF one per centum for converting stand.
ard gold bullion into coin is-hereby re.
pealed, and hereafter no charge shall be
made for that service. 81 ~
sEc. g.. That section five thousand four
hundred and seventy.seven Of the Revised
Statutes Of the United States, limiting the
aggregate amount Of circulating notes OF
national banking associations, be, and Is
hereby repealed; and each existing bank.
ing association may increase its circulat.
ing notes in accordance with existing law
without respect 10 said limit; and
the provisions OF law for the with.
drawal and redistribution OF ma
tional banking currency among the
several States and territories are
hereby repealed. And whenever, and SO
often, as circulating notes shall be Issued
10 any such banking associations, so in.
creasing its capital or circulating notes,
or 80 newly organized as aforesaid, i shall
be the duty Of the Secretary OF the Treas.
ury to redeem the legal tender United
States notes in excess only OF three hun.
dred millions OF dollars, to the,amount.
of eighty per centum Of the sum OF. ma
tionai bank notes SO issued TO any. such
national banking association as aforesaid,
and to continue such redemption as such
circulating notes are issued, until there
shall be outstanding the sum OF three
hundred million dollars OF such legal
tender United States notes and no more.
And on and alter tue first day Of JAM
uary, d. eighteen hundred and seyens
ty.nine, 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 sums Of not less than $50. And
10 enable the Secretary Of the Treasury
10 prepare for the redemption in this act
authorized or required, he is authorized
10 use any surplus revenues, from time,
to time, In The Treasury not otherwise
appropriated, 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 ap.
proved July IA, 1870, entitled, "An act
10 authorize the refunding Of the Ma
tional debt" with like qualities, privi-
leges and exemptions necessary to carry
this act into full effect and to use the
proceeds thereof for the purposes afore!
said. And all provisions Of the law in.
consistent with the provisions Of this act
are hereby repealed.