The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-07
ARE TIE GREENBACkS TO BE CAN.
Gel LED7
The Resumption Act.
An Act TO Provide for the Resumption Of
Specie Payment
a Few Authorities

! An Act 70 Provide for the Resumption Of
Specie Payment.
Be II enacted by the Senate and Hou Sc. Of
Representatives OF the United States OF
/ america IN Congress assembled,
That the secretary Of the treasury
is hereby authorized and required, as
rapidly as practicable, to cause TO be
coined at the minis Of the United
States, silver coins Of the denomina-
! ton 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 den0mi nations, or, at his dis
! erection, he may issue such silver
coins through the mints. the sub
treasures. public repositories, and
postofiices Of the United States; and,
upon such issue, he is hereby author
| lied and required to redeem an equal
amount Of such fractional currency,
until the whole amount OF such cur
rency outstanding shall be redeemed.
SEC. >. That 50 much OF section
/ three thousand five hundred and
I twenty-four OF the revised statutes of
the United States a. provides for q
CAGI- . vi Oilf-IiiIil VI OtAt DCl CttltA4iL
for converting standard gold bullion
into coin is hereby repealed, and
hereafter no charge shall be made
for that service.
SEC. 3. That section five thousand
one hundred and seventy-seven Of the
revised statutes Of the United states,
limiting the aggregate amount of cir
culating notes Of national banking
associations, be. and is hereby repeal
Ell, and each existing banking sSs0cia-
tion may increase its circulating
notes in accordance with existing law
without respect to said aggregate
limit; and new banking associations
may be organized in accordance with
existing law without respect to said
aggregate limit; and the provisions
Of law for the withdrawal and redis-
tTibutlOn Of national bank currency
among the several states and terrific
RES are hereby repealed. And when
ever, and so often as circulating notes
shall be Issued 10 any such banking
association, so increasing i IS capital Oh
circulating notes, or so newly orga-
nized as aforesaid. it shall be the duty
Of the secretary of the treasury to re-
deem the legal-tender United States
notes in excess only of three hundred
million Of dollars, to the amount Of
eighty per centum Of the sum Of IA
.ional bank notes so issued TO any
such banking association as afore-
said. and 10 continue such redemption
rs such circulating notes are issued
until there shall be outstanding the
. a.
of such legal teader United states
notes, and no more. Ana on and al
ter the first day Of January. Aano
Domini eighteen hundred and seven
ty-niue. The secretary Of the treasury
shall redeem, in coin, the United
States legal tender notes then out.
standing on their presentation for
redemption, at the office of the as
sistant treasury OF the United states
in the city Of New ork, in sums OF
less than fifty dollars. And 20 enable
the secretary Of the treasury 20 pre-
pare and provide cor the redemption
ia this act authorized or required. he
Is authorized u use any surplus reve-
nues. from time to time in the treas
ury not otherwise appropriated. and
W ISSUE. Sell stAfti ~ us k7tSt "a. a. f&Nl
less han par N coin. either OF The
description OF bonds of the United
States described in the act OF congress
approved July fourteenth. eighteen
hundred anu seventy, entitled An
act 10 authorize the Iefuuding Of the
national debt, with like qualities,
privileges. aud exemptions 10 the ex.
tent necessary 10 carry this act into
full effect. and 10 use the proceed
thereof FOR the purposes aforesaid
And I'll provisions If law inconsistent
with the provisions q this act are
hereby repealed.
Approved January IL. ISIS
Republican ana Democratic speak
ers and writer's sometimes try TO de-
Jude The people by The assertion that
resumption does not mean the retire
ment and destruction o. The legal ten
der currency of the country. Thev
clalm that the effect OF the resumption
act Viii nos lie % put the greenback +
cut Of existence: thai the ..redemp-
ton provided for in that act Is net a
practical redemption, hat a sort of
coincidence game. which. by some
mysterious and Gnexplainable process.
Is 10 bring how many 81 greanha1ks
% par with gold. W wish IA pre-
sent here a few facts which viii SLOW
plainly how false and absurd this
claim Is.