The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1878-12-19
The Resumption Law.
The text Of the Resumption act is a.
follows:

4uo t0At VI t00 Ro0uAA psAVn u0s 10 -
follows:
szcr1ox 1. Provides that the Secretary Of the
rapidly ss precsica6le to canse to be coined q the
mnts Of the United States, silver coins Of the de-
nominations Of 10. rs and 50 cente, Of standard
value and to issue them In redemption Of an equal
number and amount Of fractional currency of sim
liar denominations, or, at his discretion, he may
issue such silver coins through the %iats the sub
the United States; and, upon such issue, he ie
hereby authorised and required to redeem an equal
such until ass
shall be redeemed.
SIC. 3. That 90 much Of Sec. 1924 Of the Re-
sss. the q
pealed, and hereafter no charge shall be made for
Z SEQ g. Tnat Sec. SLIT of the Revised Statutes
OF the United States, limiting the aggregate
amount Of circulating notes Of National Banking
each existing banking association may increase its
circulating notes in accordance with existing law
without respect to said aggregate limit: and new
cordance with existing law without respect to said
aggregate limit; and the provisions Of law for the
withdrawal and redistribution Of National Bank
are hereby repealed. And whenever aud 80 often
as circulating notes shall be issued 10 any such
banking association, 50 increasing it's capital or
said, shan be duty u the Secretary Of the Treas.
in excess only Of $500 600 600 to the amount Of
notes 70 issued to any such banking associa-
ton as aforesaid, and to continue such re-
demptiOn as such circulating notes are Is
sum sum Of sso0,oSo,ooo of such Iesai.sender
United States notes and no more. And ON and
after the first day Of January, A: d: 1879, the
the United States legal tender notes then outstand-
ing, ON their presentation for redemption, at the
Office Of the Assistant Treasurer Of the United
the G Of s sss. ora Re ct
ion BY this act authorizedr required he is author
to s S%
and to issue, sell and dispose Of ut not less than
par, in COIN either Of the descriptions of bonds Of
the United States DESCRIBED the act Of Congress
thorize the refanding Of the National debit" with
like qualities, privileges and exemptions, to the
ss to nr at @
with the provisions 81 this act are hereby repealed
Approved Jan. IA, 1876.
This act provided that the legal
tender circulation should not be con-
tracted below $500, OOO,O 900. On the
S1st of May, 1873, q bill was approved,
which has had the effect of fixing the
legal tender circulation at $346, 681 ,O16.
The text of this bill is as follows:
That from and after the passage of this act ii
shall not be lawful for the Secretary of the Treas
ury or other officer under him to cancel or retire
any more Of the United States legaltcnder notes.
And when any Of said notes may be redeemed or
be received into the Treasury. under any law from
any source whatever and shall belong to the
United States, they shall not be RETIRED cancelled
or destroyed, but they shall be reissued and paid
out again and kept in circulation: Provided, That
nothing herein shall prohibit the cancellation and
destruction of mutilated notes and the issue Of
other notes of like denomination in their stead, al
now provided by law. All acts and parts of acts
IN conflict herewith are hereby repealed