Knoxville journal. [volume] (Knoxville, Iowa) 1874-1986, 1876-10-11
The Resumption Act and It's
Exclamation.

The Resumption Act and iti
Explanation.
AN ACT 20 provide for the resupmtion ofspeci
| payment
Be IL enacted 6y the Senate asae
House Of Representatives Of the Utiitee
States Of america, in Congress assem-
6ied, That the Secretary OF the Treas
ury Is hereby authorized and requir.
ed, as rapidly as practicable, to cause
to be coined at the mints of the
/ United states, silver coins OF the de.
l nominations Of ten, twenty-five and
fifty cents of standard value, and to
] issue them in redemption OF an equal
number and amount of fractional
currency Of similar denominations
or at his discretion, he may issue
such silver coins through the mints,
the sui treasures, public deposita-
ries, and post-ofiices OF the United
States; and upon such issue, heis here
by authorized and required to redeem
an equal amount of such fractional
currency, until the whole amount
OF such fractional currency outstand-
ing shall be redeemed.
SEC. 2. That so much of section
three thousand five hundred and
twenty four of the Revised Statutes
of the United States as provides for
a 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bullion into coin, Is hereby repealed,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. 8. That section five thousand
one 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is hereby repealed; and each existing
banking association may increase its
circulating notes In accordance with
existing law without respect to said
aggregate limit; and new banking
associations may be organized In ac-
oordance with existing law without
respect to said aggregate limit; and
the provisions Of law for the with
drawai and redistribution Of nation
al bank currency among the several
| States and Territories are hereby re-
pealed. And whenever and 30 often
Al circulating notes shall be Issued
| 10 any such banking association, 90
| increasing Its capital or circulating
notes, or so newly organized as afore-
said, il shall be the duty Of the Sec
| retary OF the Treasury to redeem
the legal-tender United States notes
in excess only of three hundred mil
lion of dollars, to the amount OF
eighty per centum OF the sum OF
national bank notes 80 issued 70 any
such banking association as afore-
said. aud TO continue such redemp-
tion As such circulating notes are
issued until there shall be outstand-
ing the sum Of three hundred mil
lion dollars Of such legal-tender
United States notes, and no more.
And ON and after the first day OF
January, ammo Domini eighteen
hundred and seventy-nine, the Sec
retary of the Treasury shall redeem,
I'm coin, the United States legal-ten-
der 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 hfty
dollars. And to enable tho Secreta-
~ O. the Treasury to prepare and
provide for the redemption In this
act Authorized or required, he Is
authorized to use any surplus reve-
pues. from time To time, In the
Treasury not otherwiseappropriated,
and to issue, sell, and dispose OF, ut
not less than par, In coin, either or
the descriptions OF bonds OF the
United States described i'm the act
of Congress approved July four
teenth, eighteen hundred and seven
| ty. entitled, "An act 10 authorize
| the refunding OF the national debt, "
| with like qualities, privileges and
| exemptions TO the extent necessary
to carry this act into full effect, and
| to use the proceeds thereof for the
| purpose aforesaid. And all provis-
| Ions Of law inconsistent with the
| provisions Of this act are hereby re-
pealed.
Approved, January IA, 1875.
We re-publish the foregoing law In
order TO correct and remove the
many errors existing In the public
mind concerning its provisions, and
| its effect upon our greenback circula-
tion. Great efforts are being made
by some advocates Of the greenback
hobby 10 create the impression that
the resumption act Ii a direct attack
upon the legal tender notes OF the
government, and is intended for
their absolute destruction. Nothing
can be further from the truth. This
act is designed and directly calcula-
ted 10 increase the ratue OF the green
back circulation, so as to make IL
worth one hundred cents on the dol
lar, or equal TO gold dollar.
In order TO make this matter per.
fectly plain, let US briefly analyzs
the provisions Of this abused and
greatly misunderstood resumption
act.
The following comments, by
careful reading Of the act as abov'
given will be perfectly plain TO ever.
intelligent mind.
The lst Section of the act author
lies the Secretary OF the Treasury +
have silver Of the denominations Q
10, % and so cents coined, OF standar'
value, at the United States mints, 70
the purpose OF redeeming the frae
tlonal currency. This provision
right, and is giving universal salts
faction n the process goes on,
4 The ID Section repeals the law 10
paying per centum for convertin
standard gold bullion into coin, thu