The Republican. [volume] (Oakland, Md.) 1877-current, 1877-12-01
The Resumption Act.

The following is the full text of the
Resumption act which is now the subject
of discussion in the House of Representa-
tives at Washington:
"Be it enacted, etc., That the Secretary
of the Treasury is hereby authorized and
required, as rapidly as practicable, to
be caused to be coined at the minis of
the United States silver coins of the de-
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 discre-
ton, he may issue such silver coins
through the minis, the sub-treasuries,
public repositories and postoffices of the
United States; and, upon such issue, he
is hereby authorized and required to re-
deem an equal amount of such fractional
currency, until the whole amount of such
fractional currency outstanding shall be
redeemed.
"SEC. 2. That so much of section 1924
of the Revised Statutes of the United
States as provides for a charge of one
fifth of per cent. for converting stand
ard gold bullion into coin is hereby re-
pealed, and hereafter no charge shall be
made for that service.
"SEC. 3. That section 5,177 of the
Revised Statutes of the United States,
limiting the aggregate amount of circu-
lating notes of national banking associa-
tons, be and is hereby repealed; and
each banking association may increase
its circulating notes in accordance \
existing law, without respect to said ag
gregate limit; and new banking as
sociations may be organized in accord
ance 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and Territories are hereby repealed. And
whenever and so often as circulating
notes shall be issued to such banking as
ISOLATION, so increasing it's capital or cir
culating notes, or so newly organized, as
aforesaid, it shall be the duty of the Secre
tary of the Treasury to redeem the lega
tender United States notes in excess only
of $500, 000, 900, to the amount of 80 pei
cent. of the sum of National Bank notes
so issued to any such banking associa
ton, as aforesaid, and to continue such
redemption as such circulating notes are
issued, until there shall be outstanding
the sum of $500, 600, 600 of such lega
tender United States notes, and no more
: And on and after the 1st day of January
A. d. 1879, the Secretary of the Treas
ury shall redeem in coin the United
, States legal tender notes then outstand
ing on their presentation for redemption
., at the office of the Assistant Treasure
!. of the United States in the city of New
!. York, in sums of not less than fifty dol
lars. And to enable the Secretary 0
the Treasury to prepare and provide 70
the redemption in this act authorized o
required, he is authorized touse any SUI
plus revenue, from time to time, in tn
Treasury not otherwise appropriated
and to issue, sell and dispose Of at nc
: less than par in coin, either of the dc
scriptions of bonds of the United State
: described in the act of Congress ar
, proved July IA, 1870, entitled an act
authorize the refunding of the ma
tional debt with like qualities, priv
leges and exemptions, to the extent nee
essary to carry this act into full effec
d and to use the proceeds thereof for th
Of this act are hereby repealed"