The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-08-26

| tous OO the puDilc credltorB, ana 10 settle
conflicting questions and interpretations
OF the Law by virtue of which such obli0a-
tions have been contracted, it IL hereby
provided and declared that the faitl, of the
United States il solemnly pledged to the
payment in coin or its equivalent Of all the
obligations Of the United States not bear
ing interest known ~ United States notes.
and Of all the interest bearing obligations
Of the United States, except in cases
where the law authorizing the issue Of said
obligation has expressly provided that the
same may be paid in lawful money or other
currency than gold and silver. But none
Of said interest bearing obligations not al
ready due shall be redeemed or paid be-
fore maturity unless At such time United
I States notes shall be convertible into coin
at the option Of the holder, or unless at
such time bonds Of the United States bear
ing lower rate Of interest than the bonds
to be redeemed can be sold at par in coin.
And the United States also solemnly
pledges its faith to make provisions at the
earliest practical period for the rcdemp-
tion Of the United States notes in coin.
Section Is Of an act approved February
IL, 1873, provides
That the standard for both gold and
silver coins Of the United States shall be
such that OF one thousand parts bv weight
nine hundred shall be of pure metal and
one hundred of alloy"
Section IA Of the same'act provides
:" That gold coins of the United States
shall be a one-dollar piece, which. at the
standard weight Of 25.8 grains, shall be
the unit Of value q quarter eagle, or two
and-a-halt-dOllar piece a three-doIlar
piece . half-eagle, or hve-dollar piece !:
an eagle, or ten-dollar piece q double
eagle, or twenty dollar piece. And the
standard weight Of the gold dollar shall b,
25.S grains of the quarter eagle, or two
and-a-hAlf dollar piece, 64A grains Of the
three-dollar piece. ia grains /; Of the half
eagle, or five dollar piece, l29 grains of
the eagle, or ten-dollar piece, 25S grains !;
! OF the double eagle, or twenty-dOllar piece,
5l6 grains which coins shall be legal
tender in all payments at their nominal
value when not below the standard weight
and limit of tolerance provided in this
act.
Section 10 Of the same act il As follows !:
" That the silver coins Of the UaiIed
States shall be de-dollar, half-dollar.
or ffty-cent piece a quarter dollar, or
I INV CChb BtCCC u uAthACy VI bCu-CcHA
piece and the weight of the trade-dOllar
shall be twelve grams and one-h half Of
gram the quarter dollar and the dime shall
be respectively One-half and one-tifth Of
the weight Of said half dollar and said
coins shall be legal tender, at their no
minal value, for any amount not exceed
ing 70 in any one payment.
Section IL, same act, reads
That no coins, either Of gold, silver,
or minor coinage, shall hereafter be issued
from the Mint other than those of the de-
nominations, standards, and weights here
in set forth
ROUNDING OF THE NATIONAL DKBT.
BY the act Of July IA. 1870:
" fhe Secretary Of the Treasury il au-
thorized to issue 500, 600, 600 in coupon
or registered bonds of the United States,
in such form az he may prescribe, and Of
denominations W 40 Or some multiple of
that sum, redeemable in coin Of the pres
ent standard value, ut the pleasure of the
United States, after ten years from the
date of their issue, and bearing interest
seml-annually in coin at the rate Of per
cent per annum also a sum or sums not
exceeding IN the aggregate $500, 900, 900
Of like bonds, the same in all respects, but
payable at the pleasure Of the United
States after fifteen years from the date Of
their issue, and bearing interest at the rate
OF ~ per cent. per annum also a sum or
sums not exceeding in the aggregate
81 900, 600 Of like bonds, the same in MI
respects, but payable at the pleasure Of
the United States after thirty years from
the date of their issue, and bearing inter
est at the rate Of per cent. per annum !;
all OF which said several classes Of bonds
and the interest thereon shall be exempt
from the payment Of all taxes or duties Of
the United States, as well as from taxa
ton in any form by or under State, mu-
IIclpal or local authority and the said
bonds shall have set forth and expressed
upon their face the above specified condi-
tions, and shall, with their coupons, be
made payable at the Treasury of the
/ United States.
THE RESUMPTION ACT.
The latter part of the resumption act
reads
"And whenever and 50 often a. circu-
lating notes shall be issued to any such
banking association, 50 increasing its capi-
tai or circulating notes, or 20 newly organ
lied as aforesaid, il shall be the duty OF
the Secretary OF the Treasury to redeem
the legAl-tender United States notes in ex
cess only of $500, OOO, 900, to the amount
of 80 per cent. of the sum of national bank
notes so issued to any such banking asso-
ciation as aforesaid, and to continue such
redemption az such circulating notes are
issued until there shall be outstanding the
sum Of $500, 900, ,0O0 Of such legal-te
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 le-
gal-tender notes then outstanding, ON their
presentation for redemption at the Office Of
the Assistant Treasurer Of the United
Of not less than s50. AN And To- 70 enable The
Secretary Of the Treasury to prepare anG
provide for the redemption in this act au
thorized or required, he ia authorized to
\ use any surplus revenues from time to
time IN the Treasury not otherwise sppro-
priated, and to issue, sell and dispose 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 IA, 1870, entitled An act 10 author
ize the refundIng Of the national debt.
with hike qualities, privileges, and exemp-
tions TO the extent necessary to carry this
act into full effect, and to use the proceeds
thereof for the purposes aforesaid"
The foregoing are all the acts or parts Of
acts in relation to the currency and debt
about which there is, OF has been, any dis
pute. 1t will be seer that the language in
relation to the legal-tender quality Of the
United States notes or legal-tender cur
rency is the same in all the laws authOriz-
ing their issue, namely That they should
be receivable in payment Of all demands
due the United States, except duties or
imports, and Of all claims and demands
against the United States Of every kind
whatsoever, except for interest upon
bonds and notes, which shall oe paid in
n.,r, aud nh.ll nlm.. n. I..uk..l -